MidAtlantic Farm Credit reported net income for Q1/18 was $13.6 million, a 15.0% increase compared to Q1/17. Net interest income for the quarter was $17.6 million, a 0.51% decrease from the same time period in 2017. Average accruing loan volume for the first three months of 2018 was $2.69 billion, an increase of 3.1% compared to the same 2017 period. Outstanding accruing loans at the end of the quarter were flat as compared to year end 2017.
“The late spring in our market area has delayed crop and vegetable planting, delaying the normal operating line draws by our borrowers,” said John Wheeler, CFO of MidAtlantic Farm Credit.
Tom Truitt, CEO of MidAtlantic Farm Credit, added, “While the credit quality of our portfolio has remained strong, current trade discussions and the pending Farm Bill are creating some concern within the industry. As a result, many farmers are being more cautious when it comes to enhancing or expanding their operations.”
Nonaccrual loans increased $2.2 million in Q1/18 to $25.0 million, compared to $22.8 million at December 31, 2017 and $19.9 million at March 31, 2017. The association’s nonaccrual loans as a percentage of total loans increased to 0.92% at the end of Q1/18, compared to 0.84% at the end of 2017 and 0.75 percent at the end of Q1/17.
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member/borrowers. It provides farm loans for land, equipment, livestock and production as well as crop insurance and rural home mortgages.
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