Sweet Berry Farms - Cape Fear Farm Credit

Transcription

Spring 2009
Sweet Berry Farms
Are blueberries one of your favorite summer fruits?
CFFC Announces 23% Patronage Refund
at Annual Stockholders’ Meeting
Cape Fear Country is published
quarterly for stockholders and friends
of Cape Fear Farm Credit.
President
Richard A. Eason
Board of directors
Ronald J. Allen, Chiarman
Arnold Drew Smith, Vice Chairman
Jimmy Frederick
Dr. James Harriss
Gary Hendrix
Jart Hudson, Jr.
Lyle Ray King
Daniel Lewis
Jon Pope
Jeff Simpson
Harold J. Smith, Jr.
Bo Stone
Terray Suggs
Alfred K. Wooten
Generation
to generation.
For more than 90 years, Cape Fear Farm Credit has been
helping farmers build their businesses. During that time,
generations of farmers have turned to us for superior
customer service and knowledge of the industry.
While the scenery may have changed, one thing
remains the same—Cape Fear Farm Credit’s
mission to service rural America.
Give us a call to see how we can help you.
800.368.5819
www.capefearfarmcredit.com
EDITOR
Skipper Jones
Publisher
AgFirst Farm Credit Bank
Publishing director
Donna Camacho
Design TEAM
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
Circulation
Kathi DeFlorio
Address changes, questions, comments or requests
for copies of our financial reports should be directed
to Cape Fear Farm Credit by writing P.O. Box 2405,
Fayetteville, NC 28302 or calling 910-323-9188.
Our quarterly financial report can also be obtained
on our Web site at www.capefearfarmcredit.com.
content s
Cape Fear Country Spring 2009
From our President
We’re Relationship Lenders. . . . . . . . . . 4
Feature
Sweet Berry Farms.. . . . . . . . . . . . . . . . 5
YBS Spotlight
James Lamb
A farmer since childhood. . . . . . . . . 8
FFA Student Perspective
5
8
Did you realize the nutritional
value of blueberries makes
them one of the best
foods we can eat?
So, how did James
become a Cape Fear
Farm Credit member?
When asked how Sweet Berry Farms in
Ivanhoe, North Carolina evolved, Chester
Barnhill chuckled as he began to reminisce.
Georgiana Carol Honeycutt. . . . . . . . 10
Kayle Corcoran . . . . . . . . . . . . . . . . . . 11
legislative update
Farm Credit–A Successful GSE. . . . . . 12
Well, Clinton Loan Officer Nelson Powell and
James both went through high school together
and were reacquainted during a Prestage
internship during college, but it was many
years later when James began doing business
with Cape Fear Farm Credit.
Community News & Events
AgForum with Congressman
McIntyre . . . . . . . . . . . . . . . . . . . . . 14
Murphy Brown Vendor Expo. . . . . . . 14
Southern Farm Days–Wholesome
Family Fun. . . . . . . . . . . . . . . . . . . . 15
Farm Credit Sponsors Annual N.C.
Minority Landowners and Farm
Conference. . . . . . . . . . . . . . . . . . . . . . . 16
Eastern North Carolina Farmers
Eligible for Grants. . . . . . . . . . . . . . 17
CFFC Sponsors the Three Rivers
Federation FFA. . . . . . . . . . . . . . . . 17
Elizabethtown Branch Volunteers at
Local Envirothon. . . . . . . . . . . . . . . 18
FFA Chapters Participate in the State
FFA Land Judging Event. . . . . . . . 19
17
22
Jay Smith was one of the
presenters for the event
and he discussed “Keys
to Preparing a Successful
Farm Loan Application”
with the group.
During the meeting, Cape
Fear Farm Credit was
excited to announce the
23% patronage refund!
The two day event was packed with other
educational topics, including alternative
energy, agronomy, conservation tools,
organic farming, food safety and livestock
opportunities.
association News
This all cash patronage refund represented
23% of the accrued interest on members’ loans
in 2008. Once again, we are able to share our
profits with our members by putting profits
in your pockets!
CFFC Announces 23% Patronage
Refund . . . . . . . . . . . . . . . . . . . . . . . 20
Members Elected to Serve on the
CFFC Board of Directors . . . . . . . . 22
2009 Customer Appreciation
Events. . . . . . . . . . . . . . . . . . . . . . . . 24
Tidbits
Newsworthy Members
and Employees . . . . . . . . . . . . . . . . 26
Baby Announcements. . . . . . . . . . . . . 28
RECIPES
Blueberry Recipes. . . . . . . . . . . . . . . . 29
financial report
First Quarter 2009. . . . . . . . . . . . . . . 30
3
F rom the P re s ident
We’re Relationship Lenders
Richard A. Eason
W
ith all the financial storm clouds
months, I’ve been very pleased to see that so
about relating to you, fully understanding your
looming, it’s easy to focus on the
many of you took the time to write additional
needs and operations and providing a level of
negatives, especially when new
comments to me about the service you receive.
customer service that exceeds your expecta-
Here are just a few:
tions. The unsolicited comments and positive
difficulties emerge weekly. However, over
the past couple of months I’ve had numerous
reminders of why I truly love my job.
My first reminder came in February at
“Such a great institution that I’ll continue
to borrow just to remain affiliated”
feedback that I receive stands as testament
to the strong relationships we share with our
members. Our members are like family; we
our Annual Stockholders’ Meeting when so
“you understand your customer’s needs
live in the same communities, go to the same
many of you made a special effort to come up
in good times and not so good times”
churches, shop at the same grocery stores and
to me and express your appreciation for our
send our children to the same schools. I thank
cooperative and more importantly for those
“…the very best to work with!
all of you for your feedback and comments.
who serve you in our branch offices. Many
You should be thankful to have
They are uplifting and very much appreciated.
of you raved about the extraordinary service
an employee like her.”
you receive and emphasized how obvious it
was that our team members really care about
your needs.
I must admit, I’ve always received many
positive comments but what made this year
so special were the numerous comments
regarding our newer, less experienced team
members. The accolades included words,
such as, professional, caring, smart, prompt,
courteous, respectful and passionate. One
member simply congratulated me on our
ability to find such nice, local, young people
to continue Cape Fear Farm Credit’s tradition
of great employees.
The second reminder came from a
process I began several years ago. Each time
you receive a loan from us, we send you
a customer satisfaction survey card. Your
comments are very important to me and are
taken seriously. The responses come straight
to my desk each morning. Over the last two
“Outstanding! Great company
and great staff.”
“...ya’ll are like family, you are great
to work with.”
The third reminder came from a letter
I received from a member. As I opened the
letter, I was expecting a complaint, but to my
surprise it was a letter full of accolades for
his loan officer. What was so impressive, was
the fact that the letter was commending the
loan officer for having done research on his
request and then being willing to raise areas
of risk and concern he felt the need to share.
In his letter, he stated, “It is assuring to know
I am dealing with a lender that’s committed
to me and my best interest, not just based on
my ability to repay a loan.”
Here at Cape Fear Farm Credit, we pride
ourselves on being relationship lenders. It’s
Cape Fear Farm Credit
4
Have a safe spring and summer!
Fe a tu re
Sweet Berry Farms
Are blueberries one of your favorite summer fruits?
D
id you realize the nutritional value
message the Barnhill and Benton families
any bushes.” Chester went
of blueberries makes them one
from Ivanhoe, North Carolina want to hear
on to say, “So as silly
of the best foods we can eat? Did
ring loud and clear across the United States.
as it might sound, my
you know that according to data from the
When asked how Sweet Berry Farms in
USDA Human Nutrition Research Center on
Ivanhoe evolved, Chester Barnhill chuckled
men if he could just pick
Aging, blueberries are among the fruits with
as he began to reminisce. Chester said, “Now
some berries. The men
the highest antioxidant activity? Using a test
this is a funny story! My grandfather became
agreed, he dried the berries
called ORAC (Oxygen Radical Absorbance
interested in raising blueberries many years
and planted the seeds. I’m
Capacity), researchers have shown that one
ago. He didn’t know much about the business,
sure those men laughed at
serving of fresh blueberries contains more
so he turned to two Virginians that came to
his idea, but he was successful
antioxidant activity than many other fruits
North Carolina and bought an adjoining
in growing blueberries. I even
and vegetables. Antioxidants protect your
farm and began producing blueberries.
remember those first berries…boy,
cells against the effects of free radicals and
Those gentlemen were hesitant to give my
they tasted awful! But that’s how it
cell damage. Well, that’s a fact and it is a
grandfather advice and unwilling to sell him
(From the left) Joey Benton, CFFC Burgaw Loan Officer Shannon Bell, Chester Barnhill and Kiah Barnhill
5
grandfather asked the
Continued on next page
Fe a tu re
Continued from page 5
all began. In fact, my grandfather was the
first “North Carolinian” to plant blueberries
in the state.”
Chester Barnhill’s father got into the
blueberry business several years later, and
then after 20 years in a public job, Chester
himself decided to come back to the farm and
expand the blueberry business. Chester and
Claudia Barhill’s children, Kiah and Amanda,
were small at the time but willing to help on
the farm. Amanda remembers her first job on
the blueberry farm was driving a tractor. Kiah
knew from the young age of 12 that Ivanhoe,
NC was where he wanted to work, live and
raise his family. Kiah said, “My father gave me
my own nine acres of blueberries when I was
Joey Benton (left) and Kiah Barnhill (right) standing in the blueberry field
only 12 years old, and from that point I knew
you get to see the results of the hard work that
to buy an adjoining farm to expand our
blueberry farming was what I wanted to do.”
you put into the business.” They have three
operation, and the seller asked me to make
He attended North Carolina State University’s
children: Emily, age 10, Elizabeth, age 8, and
it fast! Well, that’s just what Jim did; we had
Agricultural Institute and made his way back
Sarah, age 6. Now Sweet Berry Farms supports
the transaction closed in about twelve days.
to Ivanhoe, NC to join the family business. He
three families and produces over 500 acres
That’s got to be record time!” Joey and his
and his wife, Patsy, now have two children:
of blueberries each year with seven major
wife, Amanda, have been Cape Fear Farm
Caroline, age 4 and Christina, age 1. Amanda
varieties. Chester commented, “The Lord
Credit members since 2000 when they bought
graduated from Elon College and returned to
blessed us to be able to acquire property and
land to expand the blueberry business and
the family business as well. In 1997, Amanda
continue expanding. We are very fortunate.”
they refinanced their house at the same time.
married Joey Benton and about five years
All three families are Cape Fear Farm
“One of the best things about doing business
later, after many years as an electrician,
Credit members of the Burgaw office. Chester
with Cape Fear Farm Credit is they pay us to
Joey was excited to become actively involved
remembers his first loan from CFFC several
do business with them. I don’t even talk to
in the blueberry business as well. Joey said,
years ago. He said, “I went to Jim Fouche
other lenders anymore. CFFC gets an A+,”
“Being self employed is rewarding because
in the Burgaw office and told him I’d like
Joey said with confidence!
The blueberry industry is separated
into two market categories: fresh market
and process market. Currently, about eighty
five percent of Sweet Berry Farms’ crop
is dedicated to the fresh market and the
remaining to the process market for the food
processing industry. SunnyRidge Farm, Inc., a
marketer out of Florida, handles the marketing
and shipping of their fresh product. Chester
Barnhill was most impressed with SunnyRidge
Farm because they would buy their late berries
while many other brokers were not interested
in the late varieties. Most of their berries are
Be sure to look for the SunnyRidge Farm label the next time you are in your local supermarket!
6
consumed in the United States and Canada
A view of the migrant houses that were built in 2008
the implementation of these two technologies
“In 2008, Cape Fear Farm Credit
funded a project for Sweet Berry
Farms, along with several other
blueberry farmers in the area, to build
migrant houses to give some of their
key employees a clean, comfortable
and convenient place to stay while they
work on the farm.”
they are getting much better yields and it
allows them to harvest certain varieties
after only one year in the ground. Overhead
irrigation is advancement in technology that
is integral to the blueberry industry. When
used for Frost Freeze Protection the water
creates an insulated coat around the berries
keeping them above 32 degrees. Chester
commented that Kiah and Joey have done a
tremendous job irrigating during dry weather
and also during the winter. The effectiveness
of fungicides in eliminating disease has
been another instrumental advancement
and are even sold in some of the local grocery
Sweet Berry Farms, along with several other
that helped make the blueberry industry
stores and membership warehouses like
blueberry farmers in the area, to build migrant
consistent. Several years ago, they adopted
Costco and Sam’s Club. The blueberry season
houses to give some of their key employees a
a new clamshell package with hinged, snap
runs from mid-May to early August. During
clean, comfortable and convenient place to
fit lids. The plastic packages allow the
peak season, you will find upwards of 800
stay while they work on the farm.
berries to properly vent and help make the
contract workers at Sweet Berry Farms. These
Over the years, the blueberry industry
packing process much more efficient. They
workers, consisting of pickers in the fields,
has changed, there have been tremendous
now package between 800 and 900 flats per
tractor drivers and packing plant workers,
advancements in technology and the Barnhills’
hour, per assembly line! In 2008, Sweet Berry
are critical to the success of this blueberry
and Bentons’ have learned a lot through
Farms produced 20 percent of the total fresh
operation. They hand pick about 80 percent
this venture together. Some of the biggest
volume in the entire state of North Carolina.
of the berries that are harvested for the fresh
changes they have seen in the industry
As you enjoy fresh blueberries and
market, so it takes a considerable amount of
were the use of plastic mulch and the drip
homemade blueberry cobbler this summer,
hard workers to accomplish this task. In 2008,
irrigation system. Typically, blueberries are
remember the hard work that goes into getting
Cape Fear Farm Credit funded a project for
ready to harvest after three years, but with
those berries from the fields to your table!
7
YBS S potlight
James Lamb
A farmer since childhood
I
t’s more than just a job for this young
James said, “My mom worked at Black &
farmer in Sampson County… it’s a passion
Decker in Fayetteville, so my dad would
for the pork industry and agriculture as a
babysit me while she was at work. Babysitting
whole and a love for his family and community
back then meant tagging along with him on
that shines through after spending just a
the farm.” Their farming operation consisted
few minutes with James Lamb. He’s better
of corn, soybeans, tobacco, produce and a few
known as “Cookie” to many friends, family
hogs and cows. He loved driving a tractor and
and colleagues in Clinton, NC. His father gave
helping his father with the daily chores. In
him that nickname when he was just a baby.
fact, his mother, Thelma, still lives on the
No one knows exactly where it came from,
family farm where she raised her children.
but one thing is for sure, the nickname stuck!
Thelma commented, “Cookie was driving a
James is a young, beginning and small
tractor at eight years old. He was just a little
farmer in Clinton where he has held many
thing. His father passed away when he was
positions with Prestage Farms, Inc. since 1996
16, so he had to learn how to farm and tend
and has been a contract nursery grower for
to the animals.”
eleven years. James was the youngest of six
Upon high school graduation, James
kids and as a small child, James remembers
went off to North Carolina State University
working on the family farm with his father.
where he majored in Agriculture and Envi-
8
James Lamb (left) and his mother, Thelma Lamb,
holding two pigs from the nursery
ronmental Technology. In 1994, James began
an internship with Prestage Farms. “I knew I
wanted to stay in Sampson County, and I set
two goals for myself during that internship.
I wanted to become a service manager with
Prestage, and I wanted to build a nursery,”
said James. Since graduating from college in
1996, James accomplished his goals and has
certainly dedicated his professional career to
Prestage Farms. Right out of college, he began
his career with Prestage Farms as a farrowing
assistant, was promoted to an onsite nursery
manager, then spent time in the land manage-
CFFC Clinton Loan Officer Nelson Powell (center) with James Lamb and his mother, Thelma
ment division, became a finishing service
manager for six years and then moved back
to land management in 2003. Since 2003, his
role as environmental specialist has involved
an abundance of responsibilities. He performs
swine lagoon sludge surveys and was actively
involved in the design of a remote-controlled
boat. Typically, a job that would take two men
to perform now only takes one man about
five to ten minutes to complete. The remote-
“I’d heard other contract growers say
good things about Cape Fear Farm
Credit, Nelson was able to match the
bank’s rate and with the patronage
program it just made sense. I've had a
great experience so far.”
controlled boat, powered by a leaf blower,
has definitely made the job more efficient and
safer. He typically completes about 350 lagoon
about his experience as a member of the
Nelson stopped by and left a business card on
sludge surveys per year. He also handles all
2008 National Pork Board’s Pork Leadership
James’ pump house door. A year or so after
the calibrations for the company and contract
Academy, or lobbying in Raleigh, NC or Wash-
James found that business card, he became
farms, and he manages the pumping records
ington, DC. James said, “The goal is to put a
more and more frustrated with his current
for about 60 farms. Although his job probably
face on agriculture to help people understand
lender. The bank had recently gone through
seems overwhelming to most, James said
that contract growers are individual, smaller
several mergers, and when he called the bank
with a smile, “Yes, I stay busy, but it gives
family farms. It’s not just the big corporate
he would quickly get transferred to India for
me a chance to see all of our contract swine
farms that provide the pork; the small family
support. During that same time, James was
growers.”
farms have an important part in the process
also thinking about doing some remodeling
James married his high school sweet-
as well.” You will also see him promoting the
to his 3,040 head nursery facilities, so in
heart, Felecia Lamb, a fourth grade teacher at
“We Care” program that has become a national
May 2008 he decided to give a local lender
Sunset Avenue Elementary School. Together,
pork industry initiative to help build trust and
a try. James said, “I’d heard other contract
they have two wonderful daughters: Maegan,
social responsibility.
growers say good things about Cape Fear
So, how did James become a Cape
Farm Credit, Nelson was able to match the
In addition to his devotion to his family,
Fear Farm Credit member? Well, Clinton
bank’s rate and with the patronage program
his contract nursery and environmental
Loan Officer Nelson Powell and James both
it just made sense. I’ve had a great experi-
specialist role with Prestage, James has
went through high school together and were
ence so far.” Nelson said, “James is one of
become involved in the political and promo-
reacquainted during a Prestage internship
the neatest farmers in this area. He’s a very
tional aspects of the pork industry. You might
during college, but it was many years later
genuine person, and everyone always says
find him serving on the North Carolina Pork
when James began doing business with Cape
great things about him.”
Council Board of Directors, telling stories
Fear Farm Credit. One afternoon in 2006,
age 8, and Kensley, age 3.
9
F F A student pe rsp e ctive
What has FFA taught you about leadership and work ethic?
I
Name of student: Georgianna Carol Honeycutt
High School and grade: Midway High School,
Senior
FFA advisors’ name: Scott Jolly and Gerald
Barlowe
FFA involvement: I have been involved in FFA
all 4 years of high school and I currently serve as
chapter president. I have participated in several
CDEs such as parliamentary procedure, livestock
judging, and dairy judging. I have been to FFA
camp every summer and I traveled to National
Convention in Indianapolis twice. I have received
my Greenhand and my Chapter degrees and I was
named the FFA Outstanding Junior.
Other extra-curricular activities and academic/
athletic/community achievements:
Beta Club, History Club, Science Club, Foreign
Language Club, Journalism Staff, Junior Marshall,
Summer Ventures in Science and Mathematics participant, 2008 Rural Electric Summer Youth Tour
participant, Career and Technical Education Honor
Society member, Teen Miss Sampson County
Christmas, Sampson County Department of Aging
volunteer, Alzheimer’s Memory Walk team captain
Additional Information: My parents are Kenneth
and Regina Honeycutt. I have one brother, Brandon
Honeycutt. I am a member of Piney Green Baptist
Church.
joined FFA not really knowing what it
life. These workshops are a way for young
was or what it had in store for me. I had
people to help teach each other while being
no idea that I would one day be chapter
led by an officer who is around the same age
president! I went to the monthly meetings,
as the students. I believe that students learn
but what really got me hooked was when I
better and are more willing to learn when
attended the State Leadership Conference,
they are being taught by their peers. These
or SLC, that summer. I was amazed at all the
workshops are also a great way to meet other
things I learned and all the friends I made in
FFA members from around the state and
that one week at White Lake! I knew that this
even around the country who have some of
organization was something that everyone
the same goals and desires as you do. I have
needed to be involved in.
met many people in my four years in FFA and
Through my participation in FFA, I have
first and foremost developed leadership skills
some of them have become very good friends
and I still keep in touch with today.
that I will continue to use throughout my life.
Being elected as chapter president has
I have developed public speaking skills from
been a challenge for me, but I have also
reciting the FFA creed and making speeches
learned many things from it. This position
to the class as part of the curriculum in each
has strengthened my work ethic and my time
agriculture education class. The parliamentary
management skills because I have to work very
procedure career development event, or CDE,
hard to keep up with my presidential duties
has really helped me become a better leader
while also keeping up with my schoolwork.
and public speaker. As chapter president, I
The officer team and I have worked very hard
must lead the meetings and I do not want
to try to create fun and meaningful activities
to let my team members down. Other CDEs
for our members so they will hopefully be able
that I have participated in, such as livestock
to experience all the things that FFA has to
judging and dairy judging, have helped me
offer them.
develop study skills and problem solving skills.
Unlike a lot of students in the Midway
I learned study skills because there was lots
community, I am not your typical farm kid.
of information I needed to know about each
My parents do not own a farm; therefore, I did
animal in order to be successful at the contest
not know how important agriculture was until I
and my problem solving skills improved as I
joined the FFA as a freshman. I did not realize
had to determine how to place the animals.
that agriculture reaches far beyond the limits
By attending sessions and workshops,
of farming. I believe that the FFA is truly the
such as the ones at SLC and RLC, or Regional
greatest youth organization in the world and
Leadership Conference, I have learned lead-
it is my dream that every student will realize
ership skills that will help me succeed in
what FFA has to offer them and that they will
become members. I want others to have the
same amazing FFA experience that I have had
during my high school years.
I believe that the FFA is truly the greatest
youth organization in the world...
10
FFA Student Perspective
What is your opinion of the benefits and importance of having an
agriculture education program like FFA available to you at your
school?
T
Name of student: Kayle Corcoran
High School and grade: Overhills High School,
Junior
FFA advisor’s name: Bob Sherman
Other extra-curricular activities and academic/
athletic/community achievements: Beta Club,
Flag Team, Relay For Life, Overhills Leadership
Team, Girl Scouts
he future of our generation and
academic and personal goals in working with
those to come greatly depends on
the environment. This can also enable me to
our deeds and actions, not words.
help in my community with regulating the
It is important for everyone, especially the
cleanliness of air and water. I strongly believe
young, to strive and at least attempt to better
we must respect others and that American
ourselves, our community and our country
agriculture and natural resources can continue
through perseverance of helping in all
to be the world leaders that globally we need
aspects of agriculture. The FFA is aiding and
today, to make a difference of ours and future
preparing me as a person to achieve both my
generations.
…The FFA is aiding and preparing
me as a person to achieve both my
academic and personal goals in
working with the environment.
No purchase necessary. Promotion
ends 10/31/09. Must be at least 18
years old to enter. For Official Rules
and details visit www.ikeepitrural.
com. Void where prohibited
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11
legi s la tive u pd ate
Farm Credit Commentary
Farm Credit–
A Successful GSE
I
n the wake of the federal government’s
the rural sector. We obtain our funds from
misstatements. Significantly, it is regulated
takeover of the nation’s housing GSEs,
the sale of AAA-rated Farm Credit bonds to
by the Farm Credit Administration, an inde-
Fannie Mae and Freddie Mac, the Farm
investors in the nation’s money markets. And
pendent federal agency with strong and broad
Credit System stands as an example of every-
because Farm Credit is a network of coop-
enforcement, examination and oversight
thing that is right and working with GSEs
eratives, our stockholders are the people who
authorities.
(government-sponsored enterprises).
borrow money from us. Unlike the housing
GSEs that were publicly traded, our earnings
Self-Insured
are either retained for additional lending
Farm Credit has established its own insurance
to agriculture or they are returned to our
fund that is administered by the government,
borrowers in the form of patronage. Either
to serve as a first line of defense in the event
way, the benefit flows back to agriculture and
of financial difficulty. Farm Credit’s self-
rural America. Also, as cooperatives, Farm
imposed insurance fund is $2.7 billion on
Credit institutions operate under the direction
$208 billion worth of assets. The housing
of boards of directors elected by borrowers.
GSEs did not have such an insurance fund. In
As the nation’s first GSE, Congress
chartered the Farm Credit System in 1916
to ensure a permanent source of reliable
and competitive credit for the agriculture
industry and rural America. Over the years,
Farm Credit has accomplished that mission
and continues to play an important role in
the economic viability of agriculture and rural
addition, Farm Credit institutions are jointly
communities throughout the country.
Managed Growth
Why is Farm Credit different? There are
Farm Credit lending standards remain
if one institution gets in trouble, the other
several reasons:
conservative, so our credit quality is excep-
institutions — not the taxpayers — come to
Well Capitalized
tional. Moreover, the Farm Credit System is
the rescue.
very small compared to the housing GSEs.
Although Farm Credit is growing (at a rate of
Retail Lending
16 percent in 2007) and remains financially
Farm Credit, unlike the other GSEs, is a retail-
strong, we have managed that growth and
lending organization. Our local financing
are not outgrowing our ability to remain safe
cooperatives deal directly with individual
and sound. Farm Credit’s assets totaled $208
borrowers and have extensive experience and
billion at mid-year 2008. This compares to the
knowledge in agriculture and rural lending.
trillion-dollar housing GSEs.
Fannie and Freddie are wholesale institutions
Farm Credit’s mission is to support agriculture — not the nation’s housing industry — so
when people talk about the housing GSEs, they
are not talking about Farm Credit. Fannie
and Freddie were hurt because their capital
eroded due to delinquencies on mortgage
loans. Farm Credit is still well positioned, at
about 13 percent capital. Moreover, nonper-
and severally liable for each other’s debt, so
forming loans constituted only 0.55 percent
Independently Regulated
of the Farm Credit System’s loan portfolio at
Farm Credit’s regulatory structure is on solid
June 30, 2008, consistent with the continued
ground, with a longstanding record of having
strength of the U.S. agricultural economy.
and using many of the tools that Fannie and
No Public Trading
Freddie only recently started to implement
Farm Credit is structured differently than the
housing GSEs, and it is this structure that
plays a big role in how Farm Credit supports
as part of the housing reform legislation
adopted by Congress this year. Unlike Fannie
and Freddie, the Farm Credit System has not
experienced accounting irregularities and
12
that buy and secure mortgages from commercial banks and mortgage lenders throughout
the country.
Not all GSEs are alike. The Farm Credit
System serves as a shining example of how
government-sponsored enterprises can and
should work. Farm Credit remains sound, as it
continues to successfully fulfill its mission.
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13
C omm unit y N e ws & E vent s
AgForum with
Congressman
McIntyre
O
n Friday, March 27, 2009, the North
Carolina Agribusiness Council and
Cape Fear Farm Credit co-hosted
an AgForum, lunch and discussion with
Congressman Mike McIntyre. The event took
place at Allen Brothers Hunting Preserve in
Bladenboro, NC. Congressman McIntyre
(From the left) CFFC Directors Lyle Ray King and Ron Allen, Congressman Mike McIntyre, CFFC Marketing
Manager Skipper Jones, CFFC President and CEO Richard Eason
began the discussion with an update on
concerns of the ag leaders and told the group
Strickland, Elizabethtown Loan Officer Brook
several key ag issues, and then participated
that he would take their concerns back to
Hall, Lumberton Branch Manager Betty Kay
in a question and answer session on multiple
Washington, DC.
Williams, Directors Ron Allen and Lyle Ray
topics including immigration, the Farm Bill,
Representing Cape Fear Farm Credit at
alternative fuel development and other topics
the event were President and CEO Richard
that are impacting the agribusinesses in our
Eason, Marketing Manager Skipper Jones,
area. Congressman McIntyre listened to the
Elizabethtown Branch Manager Brandon
King and several Cape Fear Farm Credit
members were in attendance as well.
Murphy Brown Vendor Expo
O
n Tuesday, March 17, 2009, Cape
booth at the expo, and employees from several
latest technology, equipment and products.
Fear Farm Credit participated in the
Cape Fear Farm Credit branches attended
The turnout was impressive and overall the
expo was a great community event.
Murphy-Brown Vendor Expo. The
the event and spent time with members and
expo was held at the Duplin Events Center
prospective customers. The one day event
in Kenansville. Cape Fear Farm Credit had a
featured over 150 vendors that displayed their
CFFC Kenansville Branch Manager Robin Albertson (center) with CFFC
Kenansville members Rex Halso (left) and Yates Ivey (right)
Cape Fear Farm Credit Elizabethtown Branch Manager Brandon Strickland
(right) with Elizabethtown member Misael “Mitch” Aleman
14
Southern Farm Days
Wholesome Family Fun!
T
he Southern Farm Days Show was
held on March 21 – March 22 at the
NC Boys and Girls Home arena. An
estimated 6,000 people attended the two day
show and saw how farm life was long ago. The
weekend was filled with antique tractors, a
draft horse pull, old time farm demonstrations, a Civil War reenactment, wonderful
food, front porch music and so much more.
The Cape Fear Farm Heritage Association
organized the event and donated the proceeds
to the Boys and Girls Home of North Carolina.
The event was educational for children
and a time to reminisce for adults. The
Southern Farm Days Show will be held on a
yearly basis, so go ahead and make plans to
attend next year!
A view of the kids tractor pull
Whiteville members Mr. and Mrs. A.W. Clemmons enjoying the antique tractors
Singing from the “front porch”
15
c o mm unit y N e ws & E vent s
Farm Credit Sponsors Annual N.C. Minority
Landowners and Farmers Conference
T
he 6th Annual North Carolina Minority
Cape Fear Farm Credit also had a booth
a Successful Farm Loan Application” with the
Landowners and Farmers Conference
at the event where several CFFC employees
group. The two day event was packed with
was held on February 13 – 14, 2009
had the opportunity to visit with current
other educational topics, including alternative
at the North Raleigh Hilton in Raleigh, NC.
members and prospective customers. CFFC
energy, agronomy, conservation tools, organic
Over 300 farmers, landowners and exhibi-
Chief Relationship Manager Jay Smith,
farming, food safety and livestock opportuni-
tors attended this two day event. Cape Fear
Marketing Manager Skipper Jones and Dunn
ties. The conference brought educational and
Farm Credit along with AgCarolina Financial,
Loan Officer Kelly Christensen attended the
useful information to the minority landowners
Carolina Farm Credit and AgFirst Bank were
event. Jay Smith was one of the presenters for
and farmers and each year the event continues
platinum sponsors for this event.
the event, and he discussed “Keys to Preparing
to grow.
(From the left) CFFC Dunn member Donnie Williams, CFFC Marketing Manager
Skipper Jones, CFFC Dunn Loan Officer Kelly Pope and Lumberton member Ronnie
Hammonds
B u i l t
w i t h
CFFC Chief Relationship Manager Jay Smith (far right) was a presenter at the
conference
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Eastern North Carolina Farmers
Eligible for Grants
G
rants totaling $1.5 million over the
rience has shown that farmers utilize these
next three years will be awarded to
grants for innovative, resourceful and profit-
eastern North Carolina farmers and
able enterprises that can make a huge impact
clients in Cape Fear’s service area are strongly
encouraged to check out this innovative
opportunity.
The N.C. Tobacco Trust Fund Commission announced the funding recently and will
The ultimate impact is preservation of
on their farming operation.”
Former and current tobacco farmers are
the family farm. Grant recipients are encour-
the primary audience. However, farmers living
aged to explore crop diversification, new
in tobacco dependent communities are also
product/crop ventures, and test new ways to
eligible to apply.
replace lost tobacco income.
partner with Rural Advancement Foundation
Individuals or farm groups such as local
The N. C. Tobacco Trust Fund Commis-
International (RAFI-USA) to accept applica-
commodity organizations or farmers markets
sion was established in 2000 by the NC
tions and monitor the grant recipients.
may apply.
General Assembly to manage funds that
This state-wide grant program was
RAFI-USA will oversee the grants during
are part of the Tobacco Master Settlement
initiated to lessen the economic distress
the three-year program. Applications may be
Agreement. The Commission’s grants target
caused by soaring input and energy costs
obtained this spring from local cooperative
farm areas that have historically depended
and the lingering effects of the state’s drought
extension offices or online at www.rafiusa.org.
upon tobacco income through farming or
conditions.
A series of regional informational workshops
tobacco-related businesses. For more infor-
“We anticipate a large number of farmers
will be held across the region during the
mation visit www.tobaccotrustfund.org or call
benefitting from this unique opportunity,” said
summer months. Grant recipients will be
910-542-1396.
William Upchurch, Executive Director of the
announced this fall.
Tobacco Trust Fund Commission. “Our expe-
Cape Fear Farm Credit Sponsors the Three Rivers Federation FFA
T
he Three Rivers Federation consists
of West Columbus High School,
East Columbus High School, South
Columbus High School, East Bladen High
School, West Bladen High School and
Whiteville High School and the Federation
Advisor is Fred McPherson. The Whiteville,
Shallotte and Elizabethtown branches of Cape
Fear Farm Credit help sponsor this group of
students. Three Rivers FFA uses this sponsorship money to pay for their awards and
trophies that are given out to deserving
students at the yearly Federation Banquet
and throughout the year.
FFA students Scarlett Stanley, Olivia Strickland, Trent Bostic, Brandon McKee, Megan Malpass, Dustin
Matthews, Nick Powell, Donny Jernigan and Andrew Watts pictured with Advisor Fred McPherson,
CFFC Whiteville Loan Officer Becky Thompson, CFFC Elizabethtown Loan Officer Brook Hall and CFFC
Elizabethtown Branch Manager Brandon Strickland
17
c o mm unit y N e ws & E vent s
Elizabethtown
Branch
Volunteers at
Local
Envirothon
The students completing their test at the aquatic station.
T
wo employees of the Cape Fear Farm
resources—soils, forestry, wildlife, aquatics
students completed their tests at each station.
Credit Elizabethtown branch volun-
and current environmental issues. Students
Teams from Bladen, Columbus, Cumber-
teered at the Area VII Envirothon
visit the five test stations where written and
land, Harnett, Hoke, Richmond, Robeson,
held April 1, 2009. Jones Lake State Park in
hands-on problem solving is required. Branch
Sampson and Scotland counties competed
Bladen County was the setting for this year’s
Manager Brandon Strickland and Loan Officer
in the competition. The top seven teams for
event. Envirothon is a problem-solving natural
Brook Hall participated in the half day event
both middle and high school events advance
resource competition for middle and high
at Jones Lake State Park. Brandon Strickland
to the state competition which will be held in
school students. The event is designed to
helped with the written test at each station,
Burlington, NC.
test students on their knowledge of natural
and Brook Hall helped grade the tests as the
Students at the wildlife station listen to a lecture before taking their test.
CFFC Elizabethtown Branch Manager Brandon
Strickland and Elizabethtown Loan Officer Brook
Hall were volunteers for the event.
18
South Lenoir High School was the 2009 first place winner
FFA Chapters Participate in
State FFA Land Judging Event
T
he 55th Annual North Carolina FFA
about soils can be organized and applied in
Land Judging Career Development
the managing farms, fields and woodlands,
Event was held at Clinton High School
developing communities as well as engineer-
on April 3rd & 4th 2009.
ing work. Students are able to comprehend
In early April 1955, 188 FFA members
why soils respond differently to management
met on a parcel of land in Harnett County near
practices and how soil properties affect crop
Dunn, North Carolina where Interstate 95
growth and urban uses.
was being constructed. It was on this site that
This event is one of 42 different career
the first “Soil Appreciation and Soil Judging
development events offered to North Carolina
School” was held. Fifty-five years later,
FFA members on the state level. South Lenoir
hundreds of FFA members from across the
High School was the winning team at this
state traveled to Sampson County to partici-
year’s Land Judging Career Development
pate in this year’s event. This event encour-
Event. Cape Fear Farm Credit Clinton Loan
ages students to analyze land characteristics
Officer Nelson Powell was one of the judges
such as soil type, erosion and drainage to
for this year’s event.
determine the best possible use. Knowledge
19
A group of students participating in the FFA Land
Judging Career Development Event
ass oci ation ne ws
Cape Fear Farm Credit Announces 23%
Patronage Refund at Annual Stockholders’ Meeting
T
he 2009 Annual Stockholders’ Meeting
was held on February 19, 2009 at the
Fayetteville Crown Expo Center. A
chicken and barbeque dinner was enjoyed
by over 800 members, guests and employees.
Congressman Bob Etheridge shared a few
words about the future of Southeastern North
Carolina agriculture, the business session
was held and the meeting concluded with a
drawing for cash door prizes.
During the meeting, Cape Fear Farm
Credit was excited to announce the 23%
patronage refund! This all cash patronage
refund represented 23% of the accrued
interest on members’ loans in 2008. Once
again, we are able to share our profits with
our members by putting profits in your
pockets! We have paid patronage refunds for
21 consecutive years, distributing more than
$153 million to our borrowers.
Lillington Branch Manager Joan Daughtry (right) giving one of the cash door prizes to CFFC members
Durwood and Peggy Barefoot
Left: Lumberton Loan Officer Kevin Kinlaw (left)
with Lumberton members Harold and Sallie Chavis
Below: CFFC Principal Appraiser Wayne Strickland
(middle) with CFFC Dunn members
Jeff and Cindy Sessoms
20
Left: (From the left) CFFC Raeford/Laurinburg
Branch Manager Will Maxwell, CFFC member
Rob Miles, CFFC Raeford/Laurinburg Loan
Officer Rebecca Wood
Bottom Left: CFFC members waiting in line to
enjoy Bill Ellis’ BBQ!
Bottom Right: FFA students from Cape Fear
High School helped assist with the Annual
Meeting
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ass oci ation ne ws
Members Elected to Serve on
CFFC Board of Directors
Ronald J. Allen
Jimmy Frederick
S
Jonathan A. Pope
Arnold D. Smith
hortly after the 2009 Annual Stock-
serves as President of Border Belt Quail
His 950 acre farming operation includes
holders Meeting, two new members
Unlimited and as Supervisor of the Bladen
tobacco, soybeans, Bermuda hay and
and two incumbents were elected to
County Soil and Water District.
timber. His livestock operation includes 10
serve on the Cape Fear Farm Credit Board
of Directors.
Ronald J. Allen
Mr. Allen, age 61, is a life-long resident of
Bladen County where he has been involved
in farming for 22 years. Mr. Allen’s 650
acre farming operation includes row crops,
timber, and a hunting preserve. In addition,
his livestock operation includes 8 swine
nurseries, 12 poultry houses, and a 150-head
beef cow/calf operation. He has been a Farm
Credit member for 16 years during which he
has served as a director for 6 years. In addition
to farming, Mr. Allen was Executive Director
of Materials Management for Southeastern
Regional Medical Center in Lumberton, N.C.
where he retired in April 2008. Mr. Allen
poultry houses and a 50 head brood cow/calf
Jimmy Frederick
operation. Mr. Pope has been a Farm Credit
Mr. Frederick is a lifelong resident of Duplin
member for 11 years. He is a member of Coats
County where he has been farming for 28
United Methodist Church where he serves as
years. His 550 acre farming operation consists
President of the United Methodist Men.
of corn, soybeans and tobacco. In addition, his
livestock operation consists of eight turkey
Arnold D. Smith
houses. He has been a Farm Credit member
Mr. Smith is a life-long resident of Cumber-
for 15 years. Mr. Frederick serves on the board
land County where he has farmed for 29
of Duplin County Farm Bureau. He also is a
years. His 1,576 acre farming operation
member of Warsaw United Methodist Church,
includes tobacco, row crops and timber. He
where he serves as a Trustee and a member
also manages 1,200 acres leased for cotton
of the Finance Committee.
production. Mr. Smith has been a Farm Credit
member for 28 years during which he has
Jonathan A. Pope
served as a director for three years. He is a
Mr. Pope is a lifelong resident of Harnett
member of Beaver Dam Baptist Church.
County where he has farmed for 13 years.
22
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A ss oci
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Around Cape Fear Country...
2009 Customer Appreciation Events
Take Place for Several CFFC Branches
M
arch was a busy time for several
Cape Fear Farm Credit branches
as they held Customer Appreciation
events. The end of March was also an exciting
time for Cape Fear Farm Credit members…
the patronage checks arrived! The Lumberton
branch hosted a steak dinner at the Southeastern NC Agricultural Center and Farmers
Market in Lumberton on Monday, March 30,
2009. Members picked up their patronage
checks and enjoyed a delicious steak dinner.
On Tuesday, March 31, 2009, the Elizabethtown branch held their Customer Appreciation Dinner at Lu Mil Vineyard. The evening
was filled with wonderful food, fellowship,
patronage checks and door prizes!
CFFC Elizabethtown members Channing and Lauren Gooden with their children
Connor Smith helps CFFC Elizabethtown Loan
Officer Brook Hall draw names for the door
prizes. Connor is the son of CFFC members David
and Ashton Smith and the grandson of members
Wayne and Susan Smith.
CFFC Elizabethtown members Jimmy and Silvia Smith with grandson Kirkland Smith
24
(From the left) CFFC Lumberton Loan Assistant Vickie Walters, CFFC member Ida Pearl Sutton, Lumberton
Loan Officer Ginny Martin and CFFC member Horace Sutton
CFFC members had the chance to pick up their
patronage checks!
CFFC Lumberton Branch Manager Betty Kay Williams (left) with members Elsie and Bruce Faulk
CFFC Elizabethtown members Richard and Gloria Allen getting their patronage refund check!
CFFC member David Dent and his grandson, Tyler
Andrews
CFFC Lumberton Loan Officer Kevin Kinlaw (right) with member Mark Roberts and his son, Dalton
25
tid bit s
Newsworthy Members and Employees
S
everal Cape Fear Farm Credit Members
on Sunday, March 29, 2009. Corey began the
were recognized at the Duplin Agri-
performance-based achievement seven years
second place with 90.84 bushels per acre.
business Council Annual Meeting on
ago. Only 5% of Scouts achieve the goals for
Third place went to CFFC member Tommy
January 29, 2009. CFFC Kenansville member
the Eagle Badge based on citizenship training,
Lynn Stone who produced 88.96 bushels
Jack Alphin of Mount Olive was awarded the
character development, and personal fitness.
per acre.
2009 Melvin Cording Service to Agriculture
Corey’s final Eagle Scout Service Project
The Soybean Yield Contest winners were
Award for his leadership in agriculture. The
was titled “Flames of Freedom” where he
also announced. First place went to CFFC
2008 Corn Yield Contestant winners were
performed a Flag Retirement Ceremony and
Director Bo Stone with 63.06 bushels per
also announced. Third place went to CFFC
led a Fire Prevention Day for the community.
acre. Member Ken Rogers was the second
Kenansville member Lee Swinson for
At the closing of the Eagle Scout Court of
place winner with 59.40 bushels per acre and
producing 177.62 bushels of corn per acre.
Honor, Corey pinned his mother with a
member Carey Brixey won third place with
Henry and Edward Dail received second
Mother’s pin, and pinned his grandmother
57.03 bushels of soybeans per acre.
place in producing 177.82 bushels per acre.
and grandfather with a Mentor pin.
First place went to Ralph Britt, Jr. who
produced 224.60 bushels per acre.
The Robeson County Crop Promotion
Association’s Annual Awards Banquet was
acre. CFFC Director Bo Stone received
CFFC Raeford member Henry Forbis
was the recipient of the Robeson County
Young Farmer of the Year Award.
Patrick “Corey” Fields, son of Taylor
held on February 10, 2009. Several Cape
The Pete Roberts Family was named
Fields of Red Springs, NC and grandson of
Fear Farm Credit Members were recognized
the Robeson County Family Farm of the Year.
CFFC Lumberton member Corbett Fields,
for the accomplishments at the event. The
Pete and Barbara Roberts have two sons,
Sr. of Evergreen, NC, received the highest
Wheat Yield Contest winners were announced.
Kevin and Mark. Kevin and his wife Paula
advancement rank of Eagle Scout at Trinity
First place went to CFFC Lumberton member
have two children: Kelly and Cameron. Mark
United Methodist Church in Red Springs, NC
Roger Oxendine with 102.26 bushels per
and his wife Kristina have two children as
Corey Fields
CFFC Lumberton Branch Manager Betty Kay Williams (holding award) with Pete Roberts and his family
26
Kay McGirt (right) receiving the Farmer of the Year award from David Hodge
with Pioneer
Rhett is pictured with his father, Jay, and new yellow lab puppy, Rocky
well: Taylor and Dalton. They are all CFFC
spirit of liberty and freedom. During Chase’s
Lumberton members.
speech at the ceremony, he proudly said,
The Robeson County Farmer of the Year
“I hope that when you pass by this location
was awarded to Kay McGirt. He is also a
you will appreciate all the hard work that has
member of the Lumberton CFFC branch.
been put in to the standing of this flag pole.”
The Distinguished Service to Agriculture
Chase is also active in the Sampson County
Award recipient was Ronnie Hammonds
4-H and recently earned 4-Her of the Year
who is President of the Robeson County
for 2008.
Livestock Association and he is also a member
Trooper R.E. Cannaday received the
of the Lumberton CFFC branch.
Patrol’s Samaritan Award and a Commen-
CFFC Lumberton Branch Manager Betty
dation Award for his heroic action. The
Kay Williams was elected President of the
Commendation Award is the NC Department
Robeson County Crop Promotion for 2009
of Crime Control and Public Safety’s second-
– 2010.
highest award for heroism. Trooper Cannaday
Chase Piercy is the son of Clinton
saved a woman from a submerged vehicle in
CFFC members Jammie and Kim Piercy.
Lillington on October 14, 2008. He is a Dunn
Chase is 13 years old and is active in Boy
branch member.
Scouts of America and is working to earn
Rhett Burney, age 9, killed his first
his membership to the Order of the Arrow
turkey on the opening day of 2009 turkey
in the fall of 2009. On March 19, 2009,
season. He is the son of Elizabethtown
Chase presented his Eagle Scout project to
members Jay & Tina Burney.
his fellow scouts, parents, employees from
the Cooperative Extension Office and others
in the community. Chase chose to repair the
flag pole at the Sampson County Cooperative
Extension because to Chase, the flag shows the
Chase Piercy (center) with CFFC Clinton Branch
Manager Jay Darden (left) and CFFC Clinton Loan
Officer David Sutton (right)
Cape Fear Country Winter
Spring 2009
27
tid bit s
Baby Announcements
Weston Keith Hilburn was born on
February 28, 2008. He weighed 7 pounds
and 3 ounces. He is the son of Elizabethtown
members Keith and Sonja Hilburn of Bladenboro. He is pictured with his big sister Kinley
Dru Hilburn.
Elizabethtown members Lee and Karen
Elizabethtown members Ryan and Shanna
Johnson are the proud parents of Ashten
Harrelson are proud to announce the birth of
Willard Johnson. Ashten was born on
their first child, Levi Judson Harrelson.
February 6, 2009 and weighed 7 pounds and
Levi was born on July 25, 2008 and weighed
5 ounces. He is the grandson of Elizabethtown
6 pounds and 13 ounces and was 19 inches
members Greg and Barbara Johnson.
long. He is the first grandson of Elizabethtown members Buster and Connie Harrelson.
Levi already loves to drive his Case IH pedal
tractor that Papa Buster got him! The family
is gearing up for Levi to be the next generation
Jenna Melane Pate was born on January
24, 2009. She is the daughter of CFFC
members Michael and Jennifer Pate of
Lumberton. Jenna received a warm welcome
home by her sisters and brothers (Sydney,
Hannah, Rebecca and Jonathan). Her proud
grandparents, Herman and Doris Madden of
Lumberton, are also Cape Fear Farm Credit
members.
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28
re ci pe s
Fresh Blueberries
It’s that time of year
Blueberry Cobbler
2 1/2 cups fresh or frozen blueberries
1 teaspoon vanilla extract
1/2 lemon, juiced
1/2 cup white sugar, or to taste
1/2 teaspoon all-purpose flour
1 tablespoon butter, melted
Old Fashioned Blueberry
Streusel Muffin
1 3/4 cups all-purpose flour
4 teaspoons baking powder
6 tablespoons white sugar
5 tablespoons butter
1 cup milk
1 cup milk
2 teaspoons sugar
1/4 cup vegetable oil
1 pinch ground cinnamon
1/2 teaspoon vanilla
1 egg
DIRECTIONS:
2 cups all-purpose flour
Lightly grease an 8 inch square baking dish. Place the blueber-
1/3 cup sugar
ries into the baking dish, and mix with vanilla and lemon juice.
3 teaspoons baking powder
Sprinkle with 1 cup of sugar and 1/2 teaspoon of flour, then stir in
1/2 teaspoon salt
the tablespoon of melted butter. Set aside. In a medium bowl, stir
1 cup fresh blueberries or 3/4 cup frozen (thawed and drained)
together 1 3/4 cups of flour, baking powder, and 6 tablespoons
sugar. Rub in the 5 tablespoons butter using your fingers, or cut in
Heat oven to 400°. Prepare streusel topping (listed below). Grease
with a pastry blender until it is in small pieces. Make a well in the
the bottoms of 12 medium muffin cups or insert paper muffin cups.
center, and quickly stir in the milk. Mix just until moistened. You
Beat milk, oil, vanilla, and egg. Stir in flour, sugar, baking powder,
should have a very thick batter, or very wet dough. You may need
and salt and mix just until flour is moist. Batter will be lumpy. Fold
to add a splash more milk. Cover, and let batter rest for 10 minutes.
in blueberries. Divide evenly among muffin cups. Sprinkle with 2
Preheat the oven to 375 degrees F (190 degrees C). Spoon the batter over
teaspoons of the streusel topping and bake 20 - 25 minutes until
the blueberries, leaving only a few small holes for the berries to peek
golden brown. Makes 12 muffins.
through. Mix together the cinnamon and 2 teaspoons sugar; sprinkle
over the top. Bake for 20 to 25 minutes in the preheated oven, or until
Streusel Topping:
the top is golden brown. A knife inserted into the topping should come
1/4 cup all purpose flour
out clean - of course there will be blueberry syrup on the knife. Let cool
2 tablespoons packed brown sugar
until just warm before serving.
2 tablespoons firm butter or margarine1/4 teaspoon ground
cinnamon
Mix all ingredients until crumbly.
29
Cape Fear Farm Credit, ACA
Cape Fear Farm Credit, ACA
Consolidated Balance Sheets
Balance Sheets
Fin an cia l re
po rt
Consolidated
March 31,
200931,
March
(dollars in thousands)
(unaudited)
2009
Assets
Cash
Assets
(audited)
2008
(unaudited)
Cash
Loans
Less: allowance for loan losses
Loans
(audited)
$
1,332
$
1,819
$
1,332
761,058
6,939
761,058
$
1,819
762,501
5,986
762,501
Less:loans
allowance for loan losses
Net
Net investments,
loans
Other
held to maturity
Accrued
interest receivable
Other
investments,
held to maturity
Investment
in other
Farm Credit institutions
Accrued interest
receivable
Premises and
net institutions
Investment
in equipment,
other Farm Credit
Other
property
owned
Premises
and equipment,
net
Due from
AgFirst
Farm Credit Bank
Other
property
owned
Otherfrom
assets
Due
Consolidated
Balance
Sheets
December 31,
2008 31,
December
6,939
754,119
5,986
756,515
754,119
23,678
7,474
23,678
11,682
7,474
3,345
11,682
268
3,345
1,628
268
5,537
1,628
756,515
28,847
9,826
28,847
11,682
9,826
3,453
11,682
313
3,453
6,482
313
5,832
6,482
Other assets
Total assets
$
5,537
809,063
$
5,832
824,769
Total assets
Liabilities
Notes
payable to AgFirst Farm Credit Bank
Liabilities
Accrued
interest
Notes
payable
to payable
Patronage
refundpayable
payable
Accrued interest
Other liabilities
Patronage
refund payable
$
809,063
$
824,769
$
682,235
2,175
682,235
952
2,175
17,984
952
$
695,160
2,524
695,160
11,400
2,524
9,711
11,400
$
$
Other liabilities
Total liabilities
17,984
703,346
9,711
718,795
Total liabilities
Commitments
and contingencies
703,346
718,795
Commitments
and contingencies
Members' Equity
Protected
Members'borrower
Equity equity
Capital stock
and participation
certificates
Protected
borrower
equity
Retained
earnings
Capital stock
and participation certificates
Allocated
Retained
earnings
Unallocated
Allocated
Accumulated
Unallocatedother comprehensive income (loss)
59
2,632
59
2,632
13,444
89,903
13,444
(321)
89,903
Accumulated
other
income (loss)
TTotall members'
b comprehensive
' equity
i
73
2,634
73
2,634
17,699
85,891
17,699
(323)
85,891
(321)
105,717
(323)
105,974
TTotall liabilities
members'
b 'and
equity
i
members'
equity
$
105,717
809,063
$
105,974
824,769
Total liabilities and members' equity
$
809,063
$
824,769
Consolidated Statements of Income
(unaudited)
Consolidated Statements
of Income
(unaudited)
For the three months
ended
March
31,
For
the three
months
2009
ended March 31,
2009
Interest Income
Loans
Interest Income
Other
Loans
Consolidated
Statements
of Income (unaudited)
$
$
11,706
354
11,706
$
$
2008
2008
13,952
395
13,952
Other Total interest income
354
12,060
395
14,347
Total
interest income
Interest
Expense
Notes
payable
to AgFirst Farm Credit Bank
Interest
Expense
12,060
14,347
6,628
8,396
Notes
payable
to AgFirst Farm Credit Bank
Net
interest
income
Provision
forincome
(reversal of allowance for) loan losses
Net
interest
6,628
5,432
1,006
5,432
8,396
5,951
—
5,951
Provision
forincome
(reversal
of allowance
for) loan losses
Net interest
after
provision for
(reversal
of income
allowance
for)provision
loan losses
Net
interest
after
for
1,006
—
4,426
5,951
(reversal of allowance
Noninterest
Income for) loan losses
Loan
fees
Noninterest
Income
Fees for
Loan
feesfinancially related services
Equity
in
earnings
other services
Farm Credit institutions
Fees for financiallyof
related
Gains
on other
property
owned,institutions
net
Equity (losses)
in earnings
of other
Farm Credit
Other noninterest
income
Gains
(losses) on other
property owned, net
4,426
5,951
821
55
821
1,620
55
1,6207
527
1,370
57
1,370
1,561
57
(2)
1,561
(15)
(2)
Other noninterest income
Total noninterest income
52
2,555
(15)
2,971
Total noninterest
Noninterest
Expense income
Salaries
and employee
Noninterest
Expense benefits
Occupancy
equipment
Salaries andand
employee
benefits
Insurance Fund
Occupancy
and premium
equipment
Guarantee
fee
Insurance Fund premium
Other
operating
Guarantee
fee expenses
2,555
2,971
1,977
210
1,977
304
210
3040
5780
1,512
198
1,512
259
198
2590
6330
Other operating expenses
Total noninterest expense
578
3,069
633
2,602
noninterest
expense
IncomeTotal
before
income taxes
Provision
(benefit)
for income
Income before
income
taxes taxes
3,069
3,912
—
3,912
2,602
6,320
—
6,320
Provision
(benefit) for income taxes
Net income
$
—
3,912
$
—
6,320
Net income
$
3,912
$
6,320
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.
30
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Sweet Berry Farms - Cape Fear Farm Credit

Transcription

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