Farm Credit Illinois released the cooperative’s audited financial results for the 2017 fiscal year, which were highlighted by strong credit quality, increased net income, and stable loan growth.
Credit quality strong: Acceptable credit quality remained strong at 97.50 percent for all loans owned and managed by the Association.
Net earnings growth: Increased patronage from the Association’s funding bank, AgriBank, and moderate increases in loan balances, net earnings increased 5.30 percent from $69.6 million in year-end 2016 to $73.3 million for the year ending Dec. 31, 2017.
Steady loan volume: The loan volume owned and managed by the Association grew 2.20 percent from 2016 despite current farm economic conditions.
“Farm Credit Illinois stayed committed to its mission of lending support to farm families, rural communities, and agribusinesses through both the prosperous and challenging economic cycles,” says Tom Tracy, President & CEO of Farm Credit Illinois. “Another year of strong credit quality and earnings at FCI is a direct reflection on the overall sound management skills of our cooperative members.”