September 2012

Transcription

September 2012

Ag Credit ACA • www.agcredit.net • September 2012
Traits of a Winning
producer-Lender Team
Appreciation Days
Meet the Ag Credit Team
We’re lenders you
can depend on.
Contents
Leader
Message from the President
Land Value Trends Driven
by Profitability
4
The Lighter Side
Fairs, 4-H and a Sense of Not
Quite Getting It
6
Neil Jordan
A Rural Perspective: My Job
7
Board Of Directors
Industry News
Recent Land Sales
8
is published quarterly for stockholders, directors
and friends of Ag Credit, Agricultural Credit
Association.
President
Jerry Layman, Chairman
Keith Roberts, Vice Chairman
Paul Aley
Deborah Johlin-Bach
Gary Baldosser
Charles Bostdorff
Lauren Kamm
Scott Schroeder
Mike Stump
Page 10
Editor
Constance Ruth
Publisher
AgFirst Farm Credit Bank
Publishing Director
Traits of a Winning
Producer-Lender Team
10
Association News
Appreciation Days
12
Around Ag Credit
16
Meet the Ag Credit Team
20
The Lighter Side
Closing the Gap
30
Financial Report31
Amanda Wagasky
Designers
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
Printer
Spectra True Colour
Circulation
No other lender understands your dreams the way we do. We’ve been
Kathi DeFlorio
financing homes and farms—large and small—for more than 95 years,
Address changes, questions, comments or requests
for copies of our financial reports should be directed
to Ag Credit, ACA by writing 610 W. Lytle Street,
Fostoria, Ohio 44830 or calling 800-837-3678. Our
quarterly financial report can also be obtained on
our website: www.agcredit.net.
and we can finance everything you need to live the life you love.
Call us about financing for:
• Home purchase
• First-time home buyers
• Lot financing
• Refinance
• Construction
• Investment properties
• No acreage limitations
Page 14
Advertisements
If you are interested in advertising in the Leader
magazine, which goes to more than 7,000
households in 18 Ohio counties, please call the
Norwalk office for more information at
1-800-686-0756.
Cover Photo
The cover photo was taken by Connie Ruth.
Page 16
www.agcredit.net
September 2012, Ag Credit ACA | 3
Message from the President
Neil Jordan
Land Value Trends Driven
by Profitability
In 2012, those with adequate crop revenue insurance will not have an interruption in their
operation’s profitability trend. Similarly, their land investment plans may not be interrupted
by our 2012 growing season’s adversity.
Farmland values within our Corn Belt have
risen rapidly in the past five years and
continue to show strong potential. Our land
values are increasing to a new stratosphere
supported by continuing favorable profits
from corn and soybean commodities.
What has changed? What has caused
this surge in land values? Increased farm
profitability is directly underwriting this
surge. We believe there are numerous
fundamentals for increased profitability and
the resulting investment in land:
Past Land Value Trend
Looking back, we see a strong and
unmistakable upward trend of Corn Belt land
values marred for only one year after the
banking crisis of 2008.
Looking back is the easy part. What
about the future? Where are we headed?
The future will be influenced by the
profitability factors affecting the price of
our commodities. Other unknown positive
influences or negative “black swan” events
may occur. For example, the 2012 drought
• World supply and demand of corn and
soybeans because of a desire for higher
protein diets worldwide
• Significant domestic demand for ethanol in
past 10 years
6,000
• Increased farm balance sheet liquidity
equals more profit for investment
5,000
might slow down land value escalation for
some, but maintaining current commodity
fundamentals improves the overall
short-term outlook.
Investor Influence
We sometimes wonder who is purchasing
our farmland—farmers or investors—as if
farmers aren’t investors. In reality, farmers
are the biggest investors in farmland. Farmers
are aggressively investing their newfound
liquidity, putting their profits into farmland.
Average Land Values Within Ag Credit’s District
from 1994–2011
Average (low)
Average (middle)
Average (high)
• Historically low interest rates
• Favorable tax depreciation rules allowing
more profits to be retained
4,000
• Improved crop revenue insurance coverage
reducing risk
3,000
• Uncertainty and volatility of alternative
investments, (stocks, bonds, etc.) making
land a desired investment
2,000
4 | September 2012, Ag Credit ACA
Future Trend
We believe land values will continue to rise
due to continuing favorable fundamentals, in
spite of the current drought. In 2012, those
with adequate crop revenue insurance will
not have an interruption in their operation’s
profitability trend. Similarly, their land
investment plans may not be interrupted
by our 2012 growing season’s adversity,
especially if interest rates remain low.
Land will someday experience a
correction just like any other market or
commodity. While the long-term trend in
land values has been upward there will
always come a time when the underlying
fundamentals will falter. When this happens,
land values will moderate or decline.
Thankfully, there are ways to reduce the
impact of a land market reversal.
Ag Credit Can Help Reduce
Your Risk
1,000
• Generation transfer of family farmland
Alternative investments such as stocks,
bonds or gold do not have the natural “pull”
or familiarity to get farmers’ dollars. The
current uncertainty in alternate investments
encourages farmers to plow their profits
back into land. The 2008 stock market
plunge clearly impacts stock investment
decisions. The fact that land will produce
income regardless of trends adds investment
incentive.
There are some “outside” investment
firms in the game, but we have not witnessed
any significant pattern or amount of these in
northwest Ohio.
1994 1995 1996 1997 1998 1999 2000 2001 2002200320042005 200620072008200920102011
Many of us experienced the most recent major
correction to land value trend in the 1980s.
Values dropped by more than 50 percent in
most of our northwest Ohio territory. Land
worth $2,500/acre dropped to $1,200/acre
and in some counties it slipped down to $700/
acre. Gone were the profits of the mid-70s, so
the Fed attempted to slow down murderous
inflation, and interest rates skyrocketed. In the
80s, variable interest rates were the norm for
farm loans. In June 1981, borrowers were left
exposed when Fed Chairman Volker raised
Fed Funds to more than 19 percent.
Compare that to today’s 0.25 percent
Fed Fund rate! When rates rose and world
demand for commodities faltered, farm profits
were nonexistent. Farm income statements
and balance sheets hemorrhaged and the FSA
Loan Guarantee program was implemented
for our members’ survival.
Today, we have taken steps to help
reduce the impact of these adversities and
assist farm business growth by:
• Reducing long-term loan amortizations
to 20 years with a minimum increase in
principal installments. Borrowers save
thousands of dollars over the life of the loan
and gain equity in their investment faster.
• Providing fixed-rates up to the life of the
loan. Borrowers can now capitalize and
protect themselves during this low interest
rate environment.
• Offering fixed-rate products. We can also
re-price the loan to a lower interest rate
without rewriting it if the opportunity
presents itself.
Words of caution: Always cover as
many risks as prudently as possible to ensure
you can weather the economic downturns or
corrections we know are inevitable.
Ag Credit has financed farmland for
more than 95 years and has always believed
farmland is an excellent long-term investment.
Seeing current land sale prices, most members
would agree! n
The Lighter Side
Fairs, 4-H
Pat Leimbach
Pat Leimbach is a farm widow who
still farms with her son Orrin at
End o’ Way Farm near Vermilion,
Ohio. Her late husband, Paul, and
her father-in-law, Henry, were both
directors of the Production Credit
Association at Ashland, Ohio during
the 1960s. Pat wrote “A Country
Wife” column for the Elyria, Ohio,
Chronicle Telegram for many
years, as well as for farm magazines
nationwide. She has shared her lively
wit with audiences in 48 states and
five Canadian provinces. Among
those audiences have been dozens of
Farm Credit groups.
She is also the author of three
books, A Thread of Blue Denim,
All My Meadows, and Harvest of
Bittersweet. Pat’s books can still be
obtained by contacting her at End o’
Way, 8888 Bank Street, Vermilion,
Ohio 44089.
and a Sense of Not Quite Getting It
I came to my rural marriage with a few handicaps I
have never overcome.
Each year as the county fair rolls around I am
newly reminded of one of them. I never belonged
to a 4-H Club. There, I’ve made a public confession
of the fact and I shall try to get on with my life; stop
pretending that given the time and the opportunity, a
little klatch of girls under my tutelage could do great
public service, sweep the classes at the county fair and
earn the distinction of Banner Club. I am simply not
capable of that sort of thing.
Oh, I tried once. What choice did I have? My
husband’s parents had established the 4-H programs
in Lorain County years earlier, and my husband
was leader of the Brownhelm Boys’ Club when we
married. Shortly thereafter, the women who had
a firm grip on the Brownhelm Girls’ Perfection
Sewing Club for a decade or so gave it up in
martyred exhaustion.
Enter the naïve young farm wife and an equally
naïve young minister’s wife who could distinguish
between flat fell seams and French seams, but knew
nothing of small community politics. The first mistake
we made was in changing the name of the club.
What? No more Perfection Sewing Club? Phones
were ringing off the hook all over the township. That
got me off on the wrong foot with my mother-in-law
who had chosen the name in the first place. (Perfection
has never been one of my favorite nouns and I fear
she knew it. I was already disrupting her son’s wellordered life, and now I was corrupting her old 4-H
club.) Eleanor rather favored cooking and this had
never been a cooking club. That idea didn’t set well.
We preferred the girls work on their projects
during meetings so we could be sure their work was
their own. We were quickly advised that they’d never
done things that way before. It was a phrase we heard
a lot. A couple of girls whose mothers didn’t like our
departures from the norm picked up their projects
and left, as I recall, destroying our hopes for a Banner
Club. (Losing members was a no-no.)
We had a junior leader who had towed the
Perfection line and, in looking back, I think she was a
traitor in our midst. The specter of the retired leaders
hung heavily over everything we attempted.
We made grand plans for our fair booth. It would
have a braided rug, a rocking chair and a quilt frame
along with our projects. Our allotted space was the
size of a phone booth and our plan did not miniaturize
well. It was utter disaster when the judge came around.
Our perfect little junior leader had a smug “I-told-youso” look about her. We did produce some champion
biscuits, a mess of blue ribbons and a couple of
winners in the county style show.
The morning following junior fair nights in
Wellington, I had a phone call from the mother of
one of our little members who had somehow been left
behind at the fairgrounds.
I had neither taken the girl to the fair, nor
contracted to take her home; none-the-less, she read
me up one side and down the other and effectively
terminated my career as a 4-H leader. The minister’s
wife left that year; the old leaders (who had gained
a second wind) took over again. Perfection was
restored to the Brownhelm Girls’ 4-H Club where it
still prevails.
I wander among the booths at the county fair
and I marvel there are willing leaders who succeed at
this endeavor year in, year out and I nurse my abiding
sense of failure. n
A Rural Perspective
My Job
By James McConnell
James McConnell is a member of Ag Credit who farms 2,500 acres in southern Lorain County with his two brothers.
If you read these
columns, even
occasionally, you
probably can tell I
like being a farmer.
Living in the country
and working as
a family to grow
the business that
James McConnell
has sustained this
branch of the McConnell clan for more than
a century suits me just fine. Once in a while
there are frustrating days and sometimes even
frustrating years, but taken as a whole, the
tougher times are easily obscured by the
good times.
It dawned on me recently this is the 40th
year I’ve been back on the farm. How many
people can say they’ve stayed with the same
job in the same location for 40 years? I grew
up here, but that wasn’t voluntary. Coming
back to the farm after a few years in college
and the military was. Saying I’ve been at the
same job for 40 years conjures up images of
someone at the same machine on an assembly
line punching the same buttons and pulling
the same levers day after day after day. This is
grossly inaccurate.
Certainly we have repetitive tasks, but
even with tending to cows twice a day when
we were a dairy farm, it was seldom the same
each time. We plant crops and harvest those
crops every year, but not in the same locations
or under the same conditions. We change
machinery, change landlords, explore new
technology and farming techniques. Yearly
crop plans and budgets are made and then
adjusted when the weather changes. Grain
markets must be monitored and decisions
made for selling what we produce. Our daily
tasks can range from repairing a door hinge or
fixing a tire, to negotiating a six-figure land
purchase. Seldom do I know in the morning,
when I make my two-minute commute to
work, what challenges or decisions I will face
today. Certainly, my job is not routine.
The challenges we face can be
intimidating and seem insurmountable, but
they are also stimulating. If we are successful
in meeting those challenges the rewards can
be very gratifying. If we aren’t successful,
at least we learned something from the
experience. A beautiful field of corn or
soybeans or a healthy, vigorous newborn calf
doesn’t happen just by chance. Both show we
made some right decisions along the way and
presented Mother Nature with the opportunity
to do the rest.
It isn’t just the challenges we face and
meet, or the gratification that comes from
harvesting a good crop and being successful
as a business making the past 40 years
enjoyable. I love the little things; the hard
to describe perks which present themselves
unexpectedly but make me smile and
feel good.
How many office professionals or shop
workers have to slow down what they are
doing or change course to allow baby killdeer
chicks to skitter out of the way while the
adult killdeer put on their fake broken wing
ruse. I’m sure this act may be effective to
draw a fox or neighborhood dog away from
their babies, but it is comical to see them
trying to distract a 20-ton tractor. I’m sure the
encounter is temporarily traumatic for them,
but I try my best to avoid them hoping they’ll
be there next year when I’m back.
It is always a “feel good” treat to spot a
four-leaf clover. My dad was good at finding
them and I think my training as a pilot helps
me to spot the one unusual shape different
from the rest. Finding one unexpectedly while
I’m working isn’t big enough to make me
jump for joy, but it can brighten an otherwise
blah day.
I feel privileged to watch the hawks as
they soar so gracefully before they dive for a
field mouse I’ve disturbed while mowing hay.
It is fun to watch coyote pups frolic near their
den on the edge of a field I’m working or deer
fawns scatter for cover.
On occasion, my grandchildren can
spend time with me at work. Perhaps we are
just doing something around the farmstead
or maybe they can ride with me on the jump
seat in the tractor cab. Wherever it is, it is a
precious opportunity most jobs don’t offer.
I’ve yet to mention beautiful sunrises
and sunsets I experience in their panoramic
entirety—not just through a window. The
fragrant smells of curing hay or fresh turned
soil could never penetrate an office or shop
building wall.
I’m wrapping this up knowing I’ve only
scratched the surface trying to explain why I
feel fortunate to have spent most of my life as
a farmer. I watch the glow of this morning’s
sunrise being diffused through the mist above
the alfalfa. It is a beautiful, quiet, almost-soft
time. It is also time to lace up my shoes, grab
my hat and head off to see what this day will
bring. I’m looking forward to it. n
Industry News
Recent Land Sales
The information provided in this column is
only a sample of recent land sales around
Ohio. Since there are many factors taken
into consideration when a buyer and seller
establish a price, these sales may or may
not reflect the current market value in any
particular area and should not be used in
lieu of a formal appraisal by a state certified
real estate appraiser to establish a value for a
particular tract of land.
Ag Credit’s certified specialists are qualified
to prepare appraisals for residences, land,
dairies, hog confinement operations, grain
farms, and other specialty operations.
For more information about Ag Credit’s fee
appraisal service call Bill Eirich, ARA, Senior
Appraiser, 419-523-6677 or 1-800-837-3678,
Ext. 1107. Bill will put you in touch with the
appraisal specialist for your county.
The following information was provided by:
Schrader Real Estate & Auction Co.
950 North Liberty Drive
Columbia City, IN 46725
www.schraderauction.com
260-244-7606
Location 1
Acres: 98
County: Union
Township: Taylor
Date of Sale: 04-19-12
Selling Price: $340,000
Unimproved
The following information was provided by:
Walter Bros. Inc.
901 N. Main St.
Findlay, OH 45840
www.walterbrosinc.com
419-424-0944
Location 1
Acres: 95
County: Hancock
Township: Madison
Unimproved
16 acres of woodland
Location 2
Acres: 40
County: Hancock
Township: Van Buren
Unimproved
7.29 acres woodland
Location 3
Acres: 77.90
County: Hancock
Township: Big Lick
Unimproved
All tillable
Location 4
Acres: 159.36
County: Wood
Township: Freedom
Selling Price: $1,003,968
Improved
Old farm buildings; long time tenant has right
to live in the house as long as he wishes
Location 5
Acres: 120
County: Hancock
Township: Van Buren
Unimproved
44 acres woodland to rear; balance of land
is tillable
Location 6
Acres: 61.45
County: Hancock
Township: Amanda
Unimproved
11.4 acres woodland to the rear; drainage is
well tiled
Location 7
Acres: 93.251
County: Hancock
Township: Orange
Unimproved
87.84 acres tillable, wooded fence row and
open ditch along border; drainage is well tiled
Location 8
Acres: 119.95
County: Hancock
Township: Washington
Unimproved
Sold in 2 parcels to 2 buyers
Location 11
Acres: 103.353
County: Hancock
Township: Amanda
Selling Price: $640,788.60
Unimproved
Mostly tillable
Location 9
Acres: 50.05
County: Hancock
Township: Big Lick
Unimproved
Mostly tillable
Location 12
Acres: 317.179
County: Hancock
Township: Big Lick
Selling Price: $1,458,901
Improved
Older farm buildings with 2-story brick tenant
house, 90 acres woodland
Location 10
Acres: 67.503
County: Hancock
Township: Big Lick
Unimproved
13.8 acres woodland
Attention Auctioneers: Would you like to be
featured in a future column? It’s easy. Visit
our website at www.agcredit.net and click
on the Auctioneers & Realtors link under the
Community tab. You’ll find the Auctioneer’s
“Recent Land Sales” form at the bottom of the
page. Fax the completed forms to 419-663-4120.
Industry News
About the Author
David Kohl received his M.S. and Ph.D.
degrees in Agricultural Economics from
Cornell University. For 25 years, Kohl
was Professor of Agricultural Finance
and Small Business Management and
Entrepreneurship in the Department of
Agricultural and Applied Economics
at Virginia Tech, Blacksburg, Virginia.
He was on special leave with the Royal
Bank of Canada working on advanced
initiatives for two years, and also
assisted in the launch of the successful
entrepreneurship program at Cornell
University. Kohl is Professor Emeritus in
the AAEC Department at Virginia Tech.
Kohl has traveled over 7 million
miles throughout his professional career!
He has conducted more than 5,000
workshops and seminars for agricultural
groups such as bankers, Farm Credit,
FSA, and regulators, as well as producer
and agribusiness groups. He has
published four books and over 1,000
articles on financial and business-related
topics in journals, extension, and other
popular publications. Kohl regularly
writes for Ag Lender and Corn and
Soybean Digest.
Traits of a Winning
Producer-Lender Team
... lenders, even experienced ones, will say that certain producers have been invaluable in
keeping them current on the latest changes and trends in the industry.
By: Dr. David M. Kohl
Over the years working with producers and
ag lenders, I have observed a wide range
of producer-lender relationships. The other
day, a group asked me if I could discuss the
effective traits of a winning producer-lender
team. I have had numerous ag lenders state
that the most enjoyable part of their job is
working with producers and watching their
business, family and personal goals being met.
On the other side, producers have told me that
without their lender being there in good times
and challenging times, they would not be
where they are today.
Whether it is a young farmer or
rancher starting from scratch, a growing and
expanding business, a business in transition
or a business that is scaling down or exiting,
a team approach between the borrower and
lender is a vital element for success. Let
us examine the attributes of a “cut above”
producer-lender team.
Both the borrower and lender bear
the responsibility of assuring sound use of
agricultural credit. One of the traits of a
winning team is that the individuals seeking
credit must approach the lender prepared to
demonstrate that the proposed financing is
feasible and consistent with business, family
and personal goals. This usually requires
some semblance of a written business plan
and reasonably well-thought-out proposed
financial plan. For an existing business,
accurate past financial and production
performance records may be necessary to
provide a baseline for expectations. The
lender, on the other hand, needs to complete
an analysis of financial and business
information in order to present an informed,
timely, customized financial package to the
producer. The lender can provide the valueadded service of financial and management
benchmarking to internal or external
databases. This gives a producer a sense of
the financial health of their operation, allows
them to see how they stack up to peers and
shows how they can improve performance.
Another trait of an effective team
relationship is that the lender is not a “yes or
no” lender, but a “but what if” lender. A key
attribute of the lender is being a good listener,
understanding the goals and motivation of the
borrower and asking the tough “but what if”
questions to find the strengths and the blind
spots of the business. The lender can provide
options and alternatives, but not specific
advice or actions because of legal limitations.
On the other side, the borrower must follow
through using the HUT principle. That is, hear
what is being said, understand how it impacts
their situation and, most importantly, take
action, monitor results and be accountable for
decisions. The producer must select the option
best suited for their situation in a
negotiated action.
Another trait of an effective winning
team is a “two-way street” learning
environment. Many associations provide
educational opportunities for producers by
sponsoring seminars with experts in the
fields of production, financial, legal and risk
management, as well as other pertinent topics.
On the other side, lenders, even experienced
ones, will say that certain producers have been
invaluable in keeping them current on the
latest changes and trends in the industry. I find
some of the greatest gratification and reward
comes in sessions such as the Ag Leadership
Institutes and the Ag Biz Planner sessions,
watching lenders and producers work sideby-side in a learning environment developing
business plans, conducting analysis of the
business or personal financial situation and
assessing different communication styles.
The final attribute of a successful team
is open communications. Both borrowers
and lenders do not like surprises. From a
borrower’s standpoint, do not inform your
lender of a major decision after the fact.
Allow your lender time to analyze your
requests, inform them about changes or
problems, and be honest and straightforward
all the time. Inaccurate information and
failure to honor commitments jeopardizes
the producer-lender relationship. On the
other hand, a lender should have a reputation
of honesty, maintain confidentiality of
information and objectively evaluate
situations.
In today’s volatile, uncertain global
environment, the cooperative spirit and bond
is vital for success. Collaborative effort
between the lender, with a role as a teacher,
coach and facilitator, and the producer, who
implements a business game plan, working
side-by-side, can make dreams come true. n
Association News
Marion Office
Appreciation Days
On July 5, the Marion branch team hosted more than 400 members and guests at their appreciation day at the Marion County Fair. The evening was
hot with temperatures in the high 90s. In spite of the heat, members, families and friends enjoyed pork loin, beef brisket or shredded barbeque pork
dinners with ice cream cookies for dessert. The Marion Ag Credit team says “Thank you! We value our relationships with you!” n
Bowling Green Office
On July 23, the Bowling Green team hosted 300 members and guests at Fifth Third Field in Toledo for a buffet picnic and baseball game. The heat
didn’t keep the group from coming to see the Toledo Mud Hens vs. the Indianapolis Indians. The Indians scored a run in the third inning and then the
Mud Hens scored a run in the fifth. They were tied until the Indians scored another run in the 14th inning and ended up winning the game. A good
time was had by all. n
Howard Radel looks forward to his ice cream
dished out by Lisa Shumaker
Chuck Hoile with grandson, Reed Hanna
Deb and Scott Apple
The Hartman family
Heather Neidhart and Avla like the t-shirt
Director Chuck Bostdorff (left) with Ryan Miller
The group enjoys the game
Deb and Josh Hause enjoy their meals
Great day for a game
Ellie Bratton, granddaughter of Max and
Janet Strine
Members and friends enjoy food and fellowship
Mary Ann and Martin Myerholtz hold the welcome sign
Randy Leib and family go through the serving line
Garrett Vetter with Jackson
Association News
Tiffin Office
Wellington Office
Tiffin’s appreciation day was July 25 at the Seneca County Fair. Members were given passes for fair admission and food. Door prizes, pop, water,
popcorn and ice cream cone coupons were handed out. The scavenger hunt winners were Aaron and Joline Humbert. They won five tickets to a Mud
Hens game along with a $50 gift card to Pizza Papalis.
August 8 was a beautiful night for Wellington’s barbeque picnic. More than 200 members and friends gathered at the American Legion Pavilion. Big
Dog Catering served BBQ ribs, chicken and all the fixin’s. The kids enjoyed the bounce house, corn hole and the playground. After dinner everyone
enjoyed the door prizes, pie and fellowship. n
Tiffin Team: Linda Dye, Sandy Coppus, Amanda Fruth, Mandy Stacy, Ashley Reinhart, John Orians, Craig
Buskirk and Brian Snavely
Stacey Dvorak with the Woodrums
Tractor winner
Emilee Stolcals likes the balloons
Loan Originator Craig Coughlin and family
Dave Coppus and Craig Buskirk make popcorn
for members
Enjoying the ice cream
Zeke and Libby Dvorak model their new “Boots for
Farmin” shirts
Kids cashing in their tickets
Courtney and Miranda Hessick and family enjoy
the fair
Mandy passes out free ice cream cone tickets
Jim McConnell keeps an eye on grandson, David
Beekman
Linden Coe with Mary Josephine Dvorak
Diane Mesenburg serves pie
Section Heading
Association
News
Workshop Opportunity: Coming this Winter
Calendar
October 8
Columbus Day - offices closed
November 22–23 Thanksgiving holiday - offices closed
Members of AgriPOWER Class V listed with their county: Carrie Schlechter,
Erie; Cindy Cassell, Clermont; Kevin Flax, Clark; Jason Fogt, Shelby; Christie
Haines, Washington; Anna Hall, Pickaway; Brad Heimer, Licking; Jordan
Hoewischer, Franklin; Dusty Knapke, Auglaize; Mark Longenecker, Darke;
Elizabeth Mead, Madison; Kelly Moore, Delaware; Monica Schemrich,
Franklin; Derek Schmitt, Fairfield; Joy Sizemore, Huron; Anthony Stateler,
Hancock; Laura Sutherly, Miami; Callie Wells, Franklin; Steve Wickersham,
Marion; and Sam Wildman, Franklin.
New Employees
Customer Service Representatives
Schlechter Attends AgriPOWER
Institute Class V
Diane Mesenburg
Dave Starner Retires
Teresa Smith
Diane Mesenburg joined the Wellington branch on June 18, and Teresa
Smith started June 25. Both Diane and Teresa are enjoying learning
about Ag Credit, meeting members and helping with their agricultural
related needs.
Country Mortgages
Allison Ashcraft, former mortgage loan
processor, accepted the position of home loan
originator as of July 1. Allison will work in
Findlay and Kenton branch offices and service
Hancock and Hardin Counties. Call Allison
for your new home purchase, building lots,
construction, refinance or home
improvement needs.
Allison Ashcraft
Thank You Interns!
Friends and family gathered July 20 to honor Dave Starner, chief credit
officer, on his retirement. Dave retired July 31, 2012, after more than 34
years of working for the Farm Credit System. These years were spent
serving farm families throughout northwest Ohio. Dave said, “Helping
farm families reach their farming dream by making them their first loan
or assisting in time of stress by restructuring debt after a loss have all
been gratifying and rewarding.” We wish Dave the best as he begins to
enjoy his retirement!
Farm Rescue 2012
Firefighters attended Farm Rescue 2012, August 4 in Wakeman, Ohio.
The training sessions included Farm Hazards (anhydrous ammonia
response, electrical danger, propane emergencies), Grain Entrapment
(silo rescues and tour of facility to identify possible entrapment
locations and conditions), Farm Extrication (entanglements with handson tools and equipment in farm equipment entanglement scenarios,
auger entrapment challenges).
Training Funded by: Northern Ohio Fraternal Order of
Leatherheads Society
CE Provided by: EHOVE Fire Academy
Sponsors: Sunrise Cooperative and Ag Credit/Country Mortgages
Jodie Crawford
Amanda Fruth
Kenneth Gyan
Carrie Schlechter, account officer in the Norwalk office, along with 19
other future Ohio leaders and advocates for Ohio agriculture, gathered
in Columbus after being selected by the Ohio Farm Bureau Federation
to participate in its 2012–2013 AgriPOWER Institute. Topics include
public policy issues facing local communities, the state of Ohio, the
nation and the world. Ag Credit is one of the institute’s many
proud sponsors.
Three day-long workshops focusing on
topics related to business entities and
trucking compliance will be offered for
members across our region this winter.
Legal issues and liability surrounding
farming activities continue to increase
as we find ourselves farming in more
populated areas with larger equipment
and more dollars involved. Farmers
are required to be well-versed in a growing number of areas and to
be knowledgeable about an increasing number of regulations. Some
regulations farmers were once exempt from have changed.
Steve Plummer, of Tri-State Transportation Consulting, will help
our members learn the ins-and-outs of trucking compliance for their
farm trucks. Business entity topics will be discussed by Robert Moore
of Wright Law Co. Both speakers are experts in their areas.
The Ag Credit workshops are provided through a grant awarded by
the North Central Risk Management Education Center. Workshops will
be held in the Norwalk area, Upper Sandusky area and Ottawa area from
10 a.m. to 3 p.m. Specific dates and locations will be announced later.
For more information, contact Julia Woodruff (Wellington office) at 440647-6611 or 866-685-4446. The next issue of the Leader will have more
information and registration details.
At the Ohio State Fair
Scholarship Winners Announced
Congratulations to the following students who were named
recipients of the Joe Leiser Memorial Ag Credit ACA Scholarship:
• Heidi Blubaugh (Seneca County) - A senior at Purdue University;
Heidi is majoring in Horticulture Science.
• Sarah Harder (Ottawa County) - A senior at The Ohio State
University; Sarah is majoring in Agribusiness/Applied Economics.
• Derek Snider (Hardin County) - A junior at The Ohio State
University; Derek is majoring in Agricultural Business/
Applied Economics.
Each student received a $1,000 scholarship. The selection
committee continues to be impressed with the number and the quality
of the applicants. We congratulate all the students who applied for the
scholarship on their scholastic accomplishments and wish them well
in their endeavors. We encourage them to apply next year if they
are eligible.
The Spring 2013 Leader will contain information on the
2013–2014 scholarship program. Since 1989, Ag Credit has given
more than $69,000 in scholarships.
Joe Erb, Mt. Gilead AVP, presents six new hog hurdles to Dave Runyan,
Swine Dept. Director for the 2012 Ohio State Fair.
S
e’s Loggi
ltPandora,
u
ng
h
Ohio
c
419-384-7373
John Schulte
Buyer of standing timber
Low impact logging
“Harvesting Quality Trees with Care”
Association News
Bike-to-the-Bay Fundraiser
Group Helps Others With Bin Raising
In June, Tom Schneider, credit
department relationship manager, rode
in the 2012 Multiple Sclerosis (MS)
Bike-to-the-Bay fundraiser. “This year
the riders had mostly favorable weather
conditions,” said Tom. “We did fight
some wind against us both days. God has
a way to test you.” But, Tom was able
to meet his mileage goal by riding 160.2
miles during the two-day event. This was his fourth year participating
and he raised $1,091, by far, the most he has raised in a single year.
Donations fund research and offer support programs for people
with MS and their families. More than 3,000 people are fighting this
central nervous system disease in northwest Ohio.
This year Tom dedicated his ride to Doug Gruber, husband of
Michele Gruber, customer service representative at the Mt. Gilead branch.
Tom rode with a sign attached to his back that read, Riding for Doug.
“At times on the ride (especially the end of the second day) when
I wanted to stop riding, when my 54-year-old legs were screaming,
my back was cramping, my neck was stiff and my feet were burning, I
thought of Doug and what he is going through with MS and that gave
me the strength to carry-on to the end,” said Tom. Tom thanks everyone
for their thoughts, prayers, encouragement and donations supporting
him and the cause to fight the battle against Multiple Sclerosis.
For more information visit: www.nationalmssociety.org
Your Vote Counts
“Nobody will ever deprive the American people of the right to vote,
except the American people themselves and the only way they could do
that is by not voting.” - Franklin D. Roosevelt (1882-1945)
“Few things are as pathetic and irresponsible than
someone who complains about government but
who refuses to voice that opinion where it most
matters—in the voting booth.” - Gary Ryan Blair
From the booklet, Why Every Vote Counts!
Understanding the Privilege of Democracy.
To download it for free go to:
www.WhyEveryVoteCounts.com
by Connie Ruth
The Watsons
Producing Excellence
In celebration of the Farm Credit System’s 95th anniversary, Farm
Credit is honoring 95 agricultural producers through the Producing
Excellence website.
Ag Credit Members, Lee and Connie Watson and their son and
daughter-in-law, Dusten and Ruth, were selected to be featured as
one of the profiles. The Watsons forward-looking view extends to
transitioning their farming operation from one generation to the next
with a detailed succession plan.
The story was also picked up by USA Today on July 9. Ag Credit,
ACA is pleased to support farmers like Watson Farms, Inc.
E. Gordon Gee’s 2012 Tour
Joe Erb and Andrea Bayles were
honored to be part of the Morrow
County greeting committee to
welcome E. Gordon Gee’s 88
County Ohio OSU-Extension Tour
for 2012.
Joe Erb, E. Gordon Gee and Andrea Bayles
Pee Wee Shows
Ottawa County
Seneca County
Wood County
It is no small task to install a 54 foot diameter,
18 ring, 100,000 bushel grain bin. But, a
group of farmers in Morrow County are going
at the task like pros raising this bin for Bill
and Vicki Goodman of Cardington. Bill is
part of the core group of farmers working in
synchronized order putting in hundreds of
bolts in the third tier in 98 degree sunshine.
In spite of the heat, it is clear they each know
their job and enjoy working together.
Bill is one of 12 area farmers who have
been working together to help each other
since 2000, when they constructed their first
200,000 bushel grain bin for Don Denton.
Since then more have joined the group to help
raise approximately 20 new bins. They have
also moved six or seven bins to new locations.
Everyone in the core group has had
help from the others putting up at least one
bin. The group works well together and goes
from farm to farm. They have put up bins
in Morrow, Marion and Delaware Counties.
“We’ll go where we are needed,” said one,
adding with a laugh, “We only deal with
round, we don’t do corners!”
When I asked who is in charge they
replied in unison, “Everyone,” then explained
how it works. The recipient of the bin does
the ordering of supplies and after the materials
and jacks arrive he gets the word out of the
project start date. On that date, whoever can
make it shows up at 7 a.m. and works as long
as he can, sometimes until 9 p.m. Each comes
Time for lunch
Bill and Vicki Goodman
Field view
Bin raising group
back to help whenever his schedule permits
until the project is complete. Sometimes they
bring their friends, kids and hired workers.
Vicki says, “Whoever is getting the bin
feeds the group. In the summer of 2003, the
guys put up another bin for us and unlike
today, it was so cold we had to get out
space heaters. We sure would like a happy
medium.” If the weather cooperates, this bin
will be a five day job. “Our crew is getting
older so it takes us a little longer.” adds Bill.
There has never been a major problem or
catastrophe since the group started out. Some
of the newer designs have more complicated
roofs with rafters but they have constructed
more bins than many paid bin raisers so they
can handle a variety of designs. They’ve
learned a lot from helping each other.
Wellington Ladies Day
On June 5, 24 members and staff were treated to a cooking class, “The Cook’s Herb Garden,”
compliments of the Wellington team. The morning class was held at Laurel Run, The Cooking
School in the Country™, with a stop afterwards at Mill Hollow Nursery. Several recipes featuring
fresh or preserved herbs were sampled. Each guest was given a special recipe book containing
recipes for items they tasted at the class so they could recreate the dishes at home.
Marcia DePalma, Laurel Run owner and
cooking instructor
Jody Frimel, Mill Hollow Nursery owner and
herbalist instructor
Laurel Run Cooking School
Association News
Meet the Ag Credit Team!
Information Management
Appraisal
Fostoria Administrative Office
610 W. Lytle Street | Fostoria, OH 44830 | 419-435-7758
Allan Campbell
Director of Information
Management
Ext. 1015
Mark Roberts
Bill Eirich
Information Technology
Specialist
Ext. 1016
Senior Appraiser
Ext. 1107
Greg Siebenaller
Logan Kreais, CPA
Lisa Shumaker
Appraiser
Ext. 1604
Kurk Ziegler
Appraiser
Ext. 2107
Annette Benich
Appraisal Admin Assistant
Ext. 2107
Operations
Dan Ebert
Chief Financial Officer
Ext. 1023
Management
Neil Jordan
President and CEO
Ext. 1019
Dan Ebert
Chief Financial Officer
Ext. 1023
Mark Pepple
VP Corporate Services
Ext. 1104
Clem Prenger
Risk Management
Officer
Ext. 1606
Pat Bils
Tammy Glick
Internal Auditor
Ext. 1811
Office Assistant
Ext. 1047
Credit
Tom Schneider
Relationship Manager
Ext. 1021
Controller
Ext. 1022
Assistant Controller
Ext. 1048
Dean Recker
Brian Ricker
Senior Credit Officer
Ext. 1046
Jeff Rickenbacher
Ext. 1054
Dawn Shaw
Credit Admin. Assistant
Ext. 1000
Carol Bickner
Credit Admin. Assistant
Ext. 1044
June O’Neill
Human Resources
Administrator
Ext. 1026
Jessie Kerr
Associate Accountant
Ext. 1012
Terri George
Office Assistant
Ext. 1030
Chris Rose
Training Manager
Ext. 1043
Human Resources
Ext. 1039
Julie Reinhart
Branch Operations
Coordinator
Ext. 1029
Marketing
Karen Welter
HR Assistant
Ext. 1024
Pam Holman
HR Assistant
Ext. 1001
Connie Ruth
Marketing Coordinator
& Leader Editor
Ext. 2105
Association News
Bucyrus Office
Country Mortgages Office
3113 State Route 98 | Bucyrus, OH 44820 | 419-562-7926
419-435-7758
Vicki Baker
Karen Frederick
Denise Kin
Allison Ashcraft
Country Mortgages
Supervisor
Ext. 1033
Country Mortgages
Loan Specialist
Ext. 1901
Country Mortgages
Assistant
Ext. 1037
Home Loan Originator
Ext. 1106
Emily Lucke
Mandy Stacy
Mike Kleinknecht
Jessica Cooley
Ext. 2209
Ext. 1406
Ext. 1607
Craig Coughlin
Ext. 2109
Matt Gray
Darrell Swinehart
Ext. 1503
AVP - Branch Manager
Ext. 1703
Jennifer Stirm
Account Officer
Ext. 1702
Mortgage Loan Processor
Ext. 1042
Marla Scheffler
Customer Service Rep
Ext. 1700
Mike Kleinknecht
Ext. 1607
Findlay Office
7868 CR 140 Suite A | Findlay OH 45840 | 419-422-7632
Bowling Green Office
111 E. Gypsy Lane Road | Bowling Green, OH 43402 | 419-352-5178
Tom Moser
AVP - Operations
Ext. 1501
Matt Gray
Ext. 1503
Steve Weihl
AVP - Marketing
Ext. 1504
Mary Garay
Ext. 1500
Shane Vetter
Account Officer
Ext. 1505
Danna Myerholtz
Ext. 1502
Mark Pepple
VP Corporate Services
Ext. 1104
Felicia Knepper
Ext. 1105
Farrah Sherman
Ext. 1101
Hannah Crane
Account Officer
Ext. 1110
Andrea Kuenzli
Account Officer
Ext. 1103
Allison Ashcraft
Ext. 1106
Association News
Marion Office
Fremont Office
2155 Oak Harbor Road | Fremont, OH 43420 | 419-332-2639
1100 E Center St. | Marion OH 43302 | 740-387-2270
Karl Orians
Richard Schweinfurth
Ext. 1302
Sandy Lenke
Account Officer
Ext. 1305
Lauren Martikan
Account Officer
Ext. 1306
Laurie Mierke
Ext. 1300
Kathy Talbert
Ext. 1301
Mary Groweg
Office Assistant
Ext. 1307
Mandy Stacy
Ext. 1406
Kenton Office
Ext. 1602
Phyllis Butler
Ext. 1600
Lisa Shumaker
Appraiser
Ext. 1604
Annette Benich
Appraisal Admin Assistant
Ext. 2107
Mike Kleinknecht
Ext. 1607
Mt. Gilead Office
871-W. Marion Rd, Suite 204 | Mt. Gilead, OH 43338 | 419-947-1040
P.O. Box 203 | 12923 SR 309 | Kenton, OH 43326 | 419-675-2303
Ranae M. Sherman
Branch Manager
Ext. 1804
Josh McBride
Account Officer
Ext. 1805
Melva Roof
Ext. 1801
Allison Ashcraft
Ext. 1106
Joe Erb
Ext. 1902
Clem Prenger
Risk Management
Officer
Ext. 1606
Chuck Yoder
Account Officer
Ext. 1603
Andrea Bayles
Account Officer
Ext. 1903
Michele Gruber
Customer Service Rep.
Ext. 1904
Barb Diebler
Ext. 1900
Mike Kleinknecht
Ext. 1607
Association News
Napoleon Office
Ottawa Office
315 W Williamstown Road | Ottawa, OH 45875 | 419-523-6677
1485 Scott St., Suite 210 | Napoleon, OH 43545 | 419-599-8656
Kathy Schnipke
Ext. 2202
Lynn Geitgey
Ext. 2501
Jane Petersen
Loan Assistant
Ext. 2502
Anne Taylor
Ext. 2500
Matt Gray
Heather Brickner
Account Officer
Ext. 2203
Ext. 1503
Bec Diemer
Retail Ag Officer
Ext. 2201
Janice Kohls
Ext. 2204
Betty Leap
Ext. 2200
Connie Ruth
Marketing Coordinator
& Leader Editor
Ext. 2105
Kurk Ziegler
Appraiser
Ext. 2107
Craig Coughlin
Ext. 2109
Frank Van Dresser
Account Officer
Ext. 2103
Ext. 1107
1200 N. SR 53 | Tiffin, OH 44883
419-447-0787
735A US Highway 20 East | Norwalk, OH 44857 | 419-663-4020
Jeff Hoepf
Bill Eirich
Senior Appraiser
Tiffin Office
Norwalk Office
Ext. 2106
Emily Lucke
Ext. 2209
Hugh Storer
AVP - Account Officer
Ext. 2104
Michelle Ebersole
Ext. 2101
Carrie Schlechter
John Orians
Account Officer
Ext. 2108
Stephanie Service
Ext. 2102
Ext. 1403
Ashley Reinhart
Account Officer
Ext. 1408
Brian Snavely
Account Officer
Ext. 1402
Sandy Coppus
Ext. 1401
Paula Duran
Ext. 1400
Linda Dye
Ext. 1404
Craig Buskirk
Account Officer
Ext. 1407
Mandy Stacy
Ext. 1406
Association News
Upper Sandusky Office
Wellington Office
97 Houpt Dr., Rm E | Upper Sandusky, OH 43351 | 419-294-4933
Rick Leitzy
Ext. 2002
Steven McCartney
Account Officer
Ext. 2001
Jan Kocher
Ext. 2000
116 West Herrick Avenue | Wellington, OH | 440-647-6611
Melissa Stephan
Ext. 2003
Van Wert Office
1195 Professional Drive | Van Wert, OH 45891 | 419-238-6838
Doug Fedak
Ext. 1203
Aaron Stoller
Ext. 2402
Kendra Heffelfinger
Account Officer
Ext. 2404
Melissa Mefferd
Emily Lucke
Account Officer
Ext. 1201
Julia Nolan Woodruff
Account Officer
Ext. 1202
Michelle Wyers
Credit Analyst
Ext. 1206
Bernadette “Bunny”
Ziska
Ext. 1205
Teresa Smith
Ext. 1207
Karen Martin
Ext. 2400
Diane Mesenberg
Ext. 2405
Stacey Dvorak
Ext. 1200
Craig Coughlin
Ext. 2109
Ext. 2209
Ag Credit Agricultural Credit Association
The Lighter Side
Financial Report
Consolidated
Balance
Sheets
Ag Credit
Agricultural
Credit Association
Consolidated Balance Sheets June 30,
Consolidated
Balance
Sheets
Compiled by Connie Ruth, aka Agatha Credit
Note: Agatha Credit is the nickname my late husband, Dan, bestowed upon me when I first started working at
Ag Credit. He enjoyed the enthusiasm I had for my new job.
Closing the Gap
Can you guess what I have in common with
Elton John, Madonna, Jamie Fox, David
Letterman, Eddie Murphy and Condoleezza
Rice? Need another hint? Add Howdy Doody
and Lauren Hutten to the list. By now I
bet you’ve figured it out. We all have gaps
between our two front teeth.
I can’t speak for Howdy Doody, but my
gap has always been the one thing I would
change about my appearance if I could. It’s
the thing I’ve often thought about but never
had the nerve or money to change.
I am a sensible, fairly frugal woman.
I am not vain—just ask my friends who
sometimes need to remind me to look in the
mirror as they smooth my hair down. I have
plenty of physical flaws but my gap has
affected my self-esteem since I was young.
When I was in grade school, my friend,
Donna, got braces so I asked my dad if we
should talk to the dentist about getting braces
for me. Dad said he thought my teeth
were fine.
When I was in my 20s, I had my wisdom
teeth pulled and the gap grew even bigger. By
this time, I had two babies and a husband who
claimed he adored my gap; I countered that
he was fond of the gap because he didn’t want
to have to pay for its elimination. I consulted
an orthodontist who told me what the cost
was (way too expensive) and that the process
would take three years. I knew my family had
more pressing financial needs than braces
for me. No big deal, I would live with my
space—after all, everyone said it was “ME!”
(Who would I be without it?)
Over the years when I half-heartedly
complained about “my gap,” my sisters and
friends would tell me how endearing it was,
how the famous model Lauren Hutton had
one, how cute Woody Harrelson on Cheers
was with his, and how I would just not “be
me” without it. They thought it was sweet
but when I looked in the mirror the gap was
the most prominent feature I saw. I could live
with it, but I sure didn’t think it was endearing
or cute.
Years later, my friend, Michelle, got
Invisalign™ braces and I watched her
sweet (but crooked) smile be amazingly
transformed. Last March, she said, “Why
don’t you just check it out? Maybe the price
has come down.”
A week later, I sat in the orthodontist’s
office waiting for the verdict. After checking
to see that my bite was good, Dr. Lindsey said
we could start the process immediately. She
explained I would be fitted for the series of
clear, hard plastic trays. I would need to wear
each set for four weeks only removing them
to eat or brush my teeth. Then after my teeth
moved into alignment in about seven months,
I would need to wear a retainer at night.
There would be a bit of pain when each new
tray was put in place and maybe a little bit of
speech difficulty.
The price had come down. She asked
me if I would like to think about the pros and
cons and let her know my decision the next
day. “Sign me up,” I replied.
That night I heard the evening
newscaster launch into a story about how
having a space between your two front teeth
is the latest fashion trend. He explained how
models are going to extreme lengths even
having their front teeth sanded to create a gap.
I laughed to think I waited over 30 years so I
could do the opposite of what is fashionable!
I am now on tray five of seven. Some
people notice my shrinking space and tell me,
“I always liked your gap.” I believe them, but
don’t think they would trade their nice smiles
for my unique one.
What is the moral of the story? We do so
much to nurture others; sometimes it’s good
to nurture ourselves if it is in our power and
in our budget. For me, closing the gap feels
great. I did this just for myself and now I just
can’t help smiling.
Is there something you’ve wanted to
do just for yourself? Maybe it’s time to give
yourself permission and do it.
Keep smiling! n
Assets
Cash in thousands)
(dollars
Investment securities:
Held to maturity (fair value of $9,055 and $8,006 respectively)
Assets
Loans
Cash
Less: allowance for loan losses
Investment securities:
Net loans
Held
to maturity (fair value of $9,055 and $8,006 respectively)
Accrued interest receivable
Loans
Investments in other Farm Credit institutions
Less: allowance
for loannet
losses
Premises
and equipment,
Other property owned
Net loans
Due from AgFirst Farm Credit Bank
Accrued
interest receivable
Other assets
Investments in other Farm Credit institutions
Total
assets
Premises and
equipment, net
Other
property owned
Liabilities
Due
from
AgFirst
Farm Credit
Notes payable to AgFirst
FarmBank
Credit Bank
Other assets
Accrued
interest payable
2011
(unaudited)
(audited)
Total members' equity
June 30,
20122,031
December 31,
$ 20112,308
(unaudited)
8,356
(audited)
7,277
$
$
$
Patronage
Totalrefunds
assets payable
Advanced conditional payments
Liabilities
Other
liabilities
Notes payable to AgFirst Farm Credit Bank
Total
liabilities
Accrued
interest
payable
Patronage refunds
payable
Commitments
and contingencies
Advanced conditional payments
Members'
Equity
Other
liabilities
Capital stock and participation certificates
Total
liabilities
Retained
earnings
Allocated
Commitments and contingencies
Unallocated
Members' Equity
equity certificates
CapitalTotal
stockmembers'
and participation
Retained earnings
Total liabilities and members' equity
Allocated
Unallocated
$
$
Consolidated Statements of$
Comprehensive Income
Consolidated Statements of
For the three months
Comprehensive
Income
ended June
30,
Total liabilities and members' equity
Consolidated
Statements of
Income
(UNAUDITED)
Interest Income
Expense
Investment
securities
Notes payable
to AgFirst Farm Credit Bank
Loans
Net interest income
Total
income
Provision
forinterest
loan losses
Agatha
The shareholders’ investment in the
association is materially affected by the
financial condition and results of operations
of AgFirst Farm Credit Bank. Copies of
AgFirst’s quarterly and annual financial
reports to shareholders are available free
of charge at www.agfirst.com, or by writing
to AgFirst Farm Credit Bank, Financial
Reporting Department, P.O. Box 1499,
Columbia, SC 29202-1499.
2012
(dollars in thousands)
Interest Income
Investment securities
Loans
Total interest income
1,217,611
8,356
17,626
1,228,460
17,037
10,849
3,525
40
1,217,611
4,284
17,626
627
17,037
1,271,137
3,525
40
4,284
1,055,393
627
2,134
61
1,271,137
1,720
7,171
1,055,393
1,066,479
2,134
61
1,720
7,171
18,254
1,066,479
109,654
76,750
$
$
$
$
$
1,271,137
109,654
76,750
1,239,158
7,277
17,490
1,250,075
17,037
10,917
2,389
40
1,239,158
10,091
17,490
1,913
17,037
1,297,703
2,389
40
10,091
1,089,419
1,913
2,371
8,049
1,297,703
451
9,974
1,089,419
1,110,264
2,371
8,049
451
9,974
17,577
1,110,264
109,753
60,109
187,439
17,577
$
1,297,703
109,753
60,109
$
1,297,703
204,658
1,271,137
1,250,075
2,308
10,917
187,439
For the six months
ended June 30,
2012
2011
(unaudited)
15,200
$
$
Net income (loss)
Comprehensive income
2011
For the three months
$
124
$
81
ended June 30,
15,076
15,046
2012
2011
Interest
Expense
Net
interest
income after provision for loan losses
Notes payable to AgFirst Farm Credit Bank
Noninterest Income
Net
Loaninterest
fees income
Provision
for loan losses
Fees
for financially
related services
Patronage refunds from other Farm Credit institutions
Net interest income after provision for loan losses
Gains (losses) on other property owned, net
Noninterest
Income
Insurance
Fund
refunds
Loan fees
Other
noninterest income (expense)
Fees for financially related services
Total noninterest income
Patronage refunds from other Farm Credit institutions
Gains
(losses)Expense
on other property owned, net
Noninterest
Insurance
Fund
refundsbenefits
Salaries and
employee
Other
noninterest
income (expense)
Occupancy
and equipment
Insurance Fund premiums
Total noninterest income
Guarantee fees
Noninterest
Expense
Other
operating
expenses
Salaries and employee benefits
Total noninterest expense
Occupancy and equipment
Insurance
Fundincome
premiums
Income before
taxes
Guarantee
fees
Provision for
income taxes
Other operating expenses
Net income (loss)
Total noninterest expense
Other comprehensive income
Income before income taxes
Provision
for income
taxes
Comprehensive
income
1,228,460
2,031
10,849
204,658
18,254
$
Other comprehensive income
$
December 31,
2012
$
124
6,440
15,076
8,760
15,200
—
$
15,127
(unaudited)
$
81
7,055
15,046
8,072
15,127
522
$
For the six months
235
$
157
ended June 30,
30,223
29,902
2012
2011
30,458
235
12,990
30,223
17,468
30,458
—
30,059
$
157
13,993
29,902
16,066
30,059
673
8,760
6,440
7,550
7,055
17,468
12,990
15,393
13,993
8,760
155
—
33
2,771
8,760
(5)
972
155
(3)
33
3,923
2,771
8,072
138
522
63
2,556
7,550
—
—
138
3
63
2,760
2,556
17,468
398
—
80
4,838
17,468
(13)
972
398
42
80
6,317
4,838
16,066
243
673
80
4,460
15,393
3
—
243
32
80
4,818
4,460
(5)
972
2,167
(3)
192
84
3,923
284
512
2,167
3,239
192
84
9,444
284
47
512
9,397
3,239
—
9,444
47
9,397
—
—
2,033
3
189
98
2,760
276
486
2,033
3,082
189
98
7,228
276
39
486
7,189
3,082
—
7,228
39
7,189
(13)
972
4,331
42
391
168
6,317
843
1,150
4,331
6,883
391
168
16,902
843
86
1,150
16,816
6,883
—
16,902
86
16,816
3
—
4,110
32
375
196
4,818
542
1,058
4,110
6,281
375
196
13,930
542
78
1,058
13,852
6,281
—
13,930
78
13,852
$
$
9,397
7,189
16,816
—
—
—
9,397
$
7,189
$
16,816
$
13,852
—
$
13,852
PRSRT STD
US POSTAGE
PAID
COLUMBIA SC
PERMIT 1160
610 W. Lytle Street
Fostoria, OH 44830
What a Difference a Year Makes
Norwalk’s retired Account Officer, John Fries, has planted corn in late April for the past several years in Monroeville, Huron County. For
the past 12 years we have noted how tall the corn has grown in two months and compared the “bushels per acre.” This year the corn was
2001 Bushels per acre 87
2012
www.agcredit.net

September 2012

Transcription

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