Donnie and Luke Blizzard - AgCarolina

Leader 

An AgCarolina Financial Member Publication—October 2008 

Donnie and Luke Blizzard 

Share Love for Farming and Hunting and Whitetail Deer, too! 

Explore North Carolina 

Must-See Signature Fall Events in North Carolina 

Scholars for 2008-09

There Were LOTS 

of Reasons Why 

I Borrowed From 

AgCarolina Financial 

“ When I needed an operating loan for farm land that I 

tend along with my dad and two uncles, I called on our 

AgCarolina Financial loan officer, who’s been working 

with my family since I was a little boy. AgCarolina 

Financial has been a valuable resource to the success of 

our family farming operation.” 

Noah Burgess 

Young Farmer/3000-acre 

Family Operation 

Northampton County 

800-951-3276 

www.agcarolina.com

Mission Statement 

To improve the quality of life 

on farms and in rural areas of 

eastern North Carolina through 

a financially strong cooperative 

structure and a commitment to 

provide competitive lending and 

financial services, ensuring a feeling 

of partnership with our customers. 

An AgCarolina Financial Member Publication 

is published quarterly for stockholders, friends, 

and business associates of AgCarolina Financial. 

If you have any questions or ideas for the editorial staff of the 

Leader, contact Linda Strickland at 800-951-3276, e-mail her at 

lstrickland@agcarolina.com or write her at AgCarolina Financial, 

4000 Poole Road, Raleigh, NC 27610. This publication is for 

you, our reader. We’d love to hear from you! 

Holiday Schedule 

The offices of AgCarolina Financial will be closed in observance of the following holidays: 

November 11 Veteran’s Day 

November 27-28 Thanksgiving 

December 24 All offices will close at Noon 

December 25 Christmas 

Vision Statement 

We will strive to be the customer’s 

first choice for service and 

reliability; providing sound, 

constructive credit and financial 

services with emphasis on 

customer service and 

increasing customer wealth. 

EDITOR & MARKETING MANAGER 

Linda Strickland 

PUBLIShER 

AgFirst Farm Credit Bank 

PUBLIShING DIRECTOR 

Donna Camacho 

DESIGNERS 

Athina Eargle, Darren Hill, 

Amanda Simpson, Travis Taylor 

PRINTER 

Spectra True Colour 

CIRCULATION 

Kathi DeFlorio 

PRESIDENT 

Eugene Charville 

BOARD OF DIRECTORS 

Dick Tunnell, Chairman 

Eldridge T. Westbrook, 

Vice Chairman 

Edward Bissette 

Lynn Daly 

Paul Drake 

Ralph Ellington 

Jack Finley 

October 2008 

Contents 

Strengthening Farmers and Rural 

America . . . . . . . . . . . . . . . . . . . . . . 4 

State Fair .....................6 

Explore North Carolina ...........8 

Donnie and Luke Blizzard . . . . . . . . 10 

Spotlighting our Scholars for ......12 

2008-09 

New Employees ................16 

AgCarolina Financial–Supporter of . . 18 

Progressive Agriculture Safety Days 

Grant Applications Being Accepted . . 18 

AgCarolina Hosts Financial . . . . . . . 18 

Seminars 

Organic vs. Conventional Debate ...19 

Life Insurance Planning Can ......20 

Rescue the Farm 

Customer Appreciation Events .....21 

Get Ready to Tailgate ............22 

Second Quarter Financials ........23 

Stephen I. Harris 

Cliff Keel 

Audie Murphy 

Stuart Pierce 

Stanley Roberson, Jr. 

Thomas Snider 

Ellis W. Taylor

Message from the president 

AgCarolina Financial… 

Strengthening Farmers and Rural America 

Eugene Charville 

At AgCarolina Financial, 

we believe in investing for 

our future. The success of 

farm families and American 

agriculture depends to a 

large extent on having strong, 

supportive rural communities. 

4 AgCarolina Financial • Autumn 2008 

North Carolina agriculture relies on a 

strong rural economy. In order to thrive, 

our communities need better and more 

reliable access to the capital that will support new 

investments. Investments in rural areas support 

farmers, necessary community facilities, and infrastructure 

improvements. 

At AgCarolina Financial, we make the bulk 

of our loans to farmers; from long-term farm 

and home loans to intermediate-term loans for 

buildings, machinery, and other farm equipment. 

Or, it could be to buy land, construction, livestock, 

and improvements. There are also short-term loans 

to cover the full- or part-time farmers’ production 

expenses during the growing season. And loans 

can also be obtained to, but are not limited to, 

finance automobiles and trucks, educational 

expenses, home improvements, vacation expenses, 

and much more. 

But as part of our effort to meet the credit 

needs of farmers, we have also financed a sod farm, a 

day care center, a hunting preserve, a custom wood 

construction firm, and a sweet potato processing 

facility! Farmers in eastern North Carolina have also 

needed financing for a car wash, a board stud facility, 

a mini-storage unit, a meat packing facility, and for 

constructing modular homes and classrooms. 

By investing in activities that sustain, revitalize, 

and develop rural communities, AgCarolina helps 

keep farmers on the land as well as attract new 

families to rural areas. Yes, funding from AgCarolina 

can be used for more that just the farm related needs 

of our customers. 

At AgCarolina Financial, we believe in 

investing for our future. The success of farm families 

and American agriculture depends to a large extent 

on having strong, supportive rural communities. 

Today, many farm families depend upon an off-farm 

job for income to supplement its farming operation. 

As a result, farmers are more dependent than ever 

upon the economic health of their rural communities 

for markets for their products, farm-related 

goods and services, and high-quality education and 

public services for their families. 

AgCarolina Financial can make loans possible 

for these vital services through ag loans and our 

new Investments in Rural Communities program. 

The Farm Credit System, of which AgCarolina 

Financial is a part, established the Investments in 

Rural Communities program to help meet the 

ever-expanding and changing needs of agricultural 

enterprises, agribusinesses, and rural communities 

by providing a flow of money to rural areas. 

Agriculture depends on rural communities to 

support the related businesses and markets critical 

to their farming success but also to provide off-farm 

employment critical for the economic success of 

many farm families. Unfortunately, rural communities 

often lag behind metropolitan areas in essential 

infrastructure, services and facilities, in areas such as 

transportation, health care, education, and others 

that would attract employment and economic 

opportunities to rural areas. 

In the Farm Credit Act, Congress specifically 

recognized the role of FCS in providing “an 

adequate and flexible flow of money into rural areas.” 

Together with extensive analysis from a variety of 

academic, governmental, and independent research 

services, a clear need has been established for greater 

capital resources in rural America. The ability of the 

Farm Credit System to help meet this need through 

a Rural Community Investment program has also 

been documented. 

While we will always maintain our focus on 

providing loans to farmers, we hope to find ways 

to provide financing that will help invigorate rural 

areas of eastern North Carolina. Contact your loan 

officer or one of our twelve conveniently located 

Branch offices for details on how we might assist 

with your financing needs. n

You don’t start with the foundation. 

You start with the financing. 

Picking the perfect spot to build your dream home is important. Which way does 

the sun come up in the mornings? Where are the best views? Where does the shade 

fall in the afternoons? 

Answering these questions starts after you call AgCarolina Financial. We 

understand the ins and outs of buying and building in the country and can help 

turn your dreams into the lifestyle you’ve always imagined. 

AgCarolina Financial has been financing land and homes for more than 90 years, 

and we can be at the foundation of creating your place in the country. 

800-951-3276 | www.agcarolina.com 

n Fixed-rate construction-to-permanent 

financing 

n 30-, 60- and 90-day rate lock-ins 

n Small or large tracts of land 

n Home purchases or construction 

n Home improvements 

n Mortgage refinancing 

n Recreational or investment property 

n Barns, fences and outbuildings

State Fair runs in Raleigh, October 16-26 

State Fair 

Offers Something for Everyone 

“The fair is such a popular 

event for many North 

Carolinians that we felt an 

additional day is warranted 

to allow people as much 

time as possible to enjoy the 

Fair,” said Wesley Wyatt, 

State Fair manager. 


The N.C. State Fair may be weeks away, but 

there’s already an excitement at the fairgrounds 

as preparations continue for the annual event. 

One reason for the flurry of activity is the Fair 

will open early for a Preview Day on Thursday, 

Oct. 16, giving fairgoers an additional evening 

of rides, food and games. 

“The fair is such a popular event for many 

North Carolinians that we felt an additional day 

is warranted to allow people as much time as 

possible to enjoy the Fair,” said Wesley Wyatt, 

State Fair manager. Preview Day will also feature 

discounted gate admission and a wrist band for 

unlimited rides, which will cost $25 and will 

only be available on this date. Gates will open 

on Preview Day at 3 p.m. and the exhibit halls 

and Midway will open at 4 p.m. 

The Fair is busy getting dust out of the air 

as well, as finishing touches are being placed 

on several construction projects. The parking 

lot between Dorton Arena and the Sam Rand 

Grandstand was refinished with new amenities 

for concessionaires and people. A seating area will 

provide a space for fairgoers to sit and relax while 

eating their favorite fair foods, and new electrical 

boxes and water line hookups will help make the 

area safer for vendors and visitors alike. There were 

other grounds improvements completed over the 

summer, such as water and sewage line upgrades 

and painting and landscaping projects. 

The grounds entertainment lineup has been 

finalized, with some favorites returning to the 

lineup and some new faces that are sure to become 

crowd favorites. The Circle C Racing Pigs will 

be back on the Hogway Speedway near Gate 9, 

and Smithfield the Painting Pig will wow the 

crowds in front of the Exposition Center. The 

King Action Sports Stunt Show will be in the 

grandstand, marking the 10th year since Keith 

King and friends first made an appearance at 

the State Fair. This year, a motor cross jumper 

will join the BMX stunt show. The tractor pull 

and demolition derby will also take place in 

the grandstand. 

It’s been several years, but he’s been missed, 

so Rock-it the Robot is making a comeback at the 

Fair. This 9-foot-tall robot may look imposing, 

but he steals hearts wherever he goes on the fairgrounds. 

At that height, he won’t have to look 

up to see Carrie McQueen, the stilt walker, when 

they pass each other on the grounds. 

The Wells Family Band will perform on the 

Waterfall Stage, along with several beach music 

groups. The Kenny and Amanda Smith Band will 

be on the Bluegrass Stage in Heritage Circle.

The State Fair will be going green this year 

with its exhibit Green NC. This exhibit will 

introduce fairgoers to easy and economical ways 

to help save the environment, as well as introduce 

future technologies. The fairgrounds will also 

expand its recycling program to include bottles 

and cans as part of this initiative. 

Green NC is sponsored by Duke Energy, 

Progress Energy, Advanced Energy and the N.C. 

Electric Cooperatives. 

The N.C. State Fair will be held at the N.C. 

State Fairgrounds in Raleigh Oct. 16-26. For 

more information and to buy tickets, go to www. 

ncstatefair.org. n 

For more information and to buy tickets go to 

www.ncstatefair.org. 

The nightly entertainment in Dorton Arena will keep things rocking, rolling and cooking. 

Performers include: 

Thursday, Oct. 16 Josh Turner $22 

Friday, Oct. 17 Jason Aldean $15 

Saturday, Oct. 18 Toby Mac $10 

Sunday, Oct. 19 Lady Antebellum and Heidi Newfield $8 

Monday, Oct. 20 Bobby Flay $22 

Tuesday, Oct. 21 Bucky Covington $5 

Wednesday, Oct. 22 TBA 

Thursday, Oct. 23 Mario $16.50 

Friday, Oct. 24 Skillet and Leeland $8 

Saturday, Oct. 25 Joe Nichols $11.50 

Sunday, Oct. 26 Montgomery Gentry $31.50 

AgCarolina Financial • Autumn 2008 

7

Community News 

Explore North Carolina 

Must-See Signature Fall Events in North Carolina 

Escape to small town jewels across North Carolina 

for the supreme fall color experience. Natural 

scenic beauty, adventure and relaxation, a dining 

experience for every taste, rich history, and warm 

Southern hospitality come together in North 

Carolina. Plan your getaway now at VisitNC. 

com. Check out attractions, accommodations, 

restaurants and more to plan your getaway. 

Fall’s signature events include local color on 

a national and regional scale—everything from 

woolly worm races to hot air balloon ascents to 

NASCAR racing and world famous barbecue. 

Whether the foliage is at peak or just getting 

started, this list offers a quick look at the fun 

cranking up across the state. 

5th Annual Southern Coastal 

Bluegrass Festival, Kure Beach 

September 20-21 

Enjoy the best of bluegrass music, clogging, 

square dancing and storytelling. Local artist and 

craftsmen will sell and demonstrate their work. 

www.coastalbluegrassfestival.org. 

Cycle North Carolina, Across the State 

September 27-October 4 

CNC 2008 will be an exciting tour from Black 

Mountain to Oak Island with overnight stops in 


Morganton, Lincolnton, Concord at Lowe’s Motor 

Speedway, Wingate, Laurel Hill, White Lake, and 

Oak Island. The ride will begin in the beautiful 

mountains of North Carolina and finish just yards 

away from the beach in Oak Island. Along the 

way, we will visit many historic sites, tourist attractions, 

wineries, etc. Please contact us for information 

on cost, registration, and overnight options. 

www.ncsports.org/nccyclemain.php. 

Colors of the Fall on the French 

Broad River, Rosman 

Saturdays in October 

Experience the fall leaf season from a different 

point of view. This guided three-hour canoe 

trip will take you down the valley with the 

explosion of color for your entertainment. 

Bring your lunch for a picnic along the way. 

www.headwatersoutfitters.com. 

Cherokee Indian Fair, Cherokee 

October 7-11 

This nearly century-old celebration includes 

artwork, crafts, agricultural items, and traditional 

food items made by local artisans. Vendors from 

throughout the region participate in craft sales 

and top entertainment complements the visual 

feast. www.cherokee-nc.com. 

Riverfest 2008, Wilmington 

October 4 

Wilmington’s annual riverfront celebration in 

historic downtown features live music, arts, 

crafts, food booths, ship tours, river events and 

children’s carnival. Also included are fireworks, a 

shag contest, wrestling, and Run the River races. 

www.wilmingtonriverfest.com. 

22nd Annual NC Seafood Festival, 

Morehead City 

October 3-5 

Get ready to walk down the waterfront with the 

sun shining on our face, and a North Carolina 

Shrimp Burger. Enjoy an array of exhibits

Natural scenic beauty, adventure and relaxation, a dining experience for every taste, 

rich history, and warm Southern hospitality come together in North Carolina. 

and the sound of music from jazz to the hand 

clappin’ rhythms of Down East. Come stuff up 

on shrimp, crab and oysters, stews, salads and 

sandwiches filled with various seafood delights. 

www.ncseafoodfestival.org. 

Southern Supreme Nutty Fruitcake 

Open House, Bear Creek 

October 9-12 

Visit North Carolina’s largest producer of fruitcakes 

for a very special open house for cakes, 

candies, and pickles. Southern Supreme began 

in 1984 with a fruitcake recipe and continues to 

be a family-oriented business that carries on the 

tradition of quality and service that is tasted in 

their products and reflected in praise from satisfied 

customers. www.sosupreme.com. 

Bank of America 500, Concord 

October 11 

Round five of the 10-race chase for the NASCAR 

Sprint Cup, the Bank of America 500 is sure to 

play a pivotal role in deciding the series championship. 

This 500-mile classic will once again 

run under the lights on Saturday night. www. 

low4esmotorspeedway.com. 

MUMfest Weekend, New Bern 

October 11-12 

Now in its 28th year, MUMfest is recognized as 

one of the finest award-winning family festivals in 

the state. MUMfest is a combination of fun and 

entertainment that annually attracts more than 

80,000 festival-goers to the revitalized beauty of 

New Bern’s historic downtown and waterfront. 

www.mumfest.com. 

28th Annual North Carolina Oyster 

Festival, Shallotte 

October 18-19 

Every year, over 30,000 people gather to pay 

homage to the mighty mollusk. There’s live 

entertainment, surfing contest, kids area, North 

Carolina Oyster Shucking Championships and 

an Oyster Stew Cook-off. Visit the Coastal 

Living tent with a wine tasting and a live cooking 

demonstration from foods editor Julia Rutland. 

www.brunswickcountychamber.org/OF-nc-oystershucking-championshuips.cfm. 

31st Annual Woolly Worm Festival, 

Banner Elk 

October 18-19 

Named one of the top Ten Fall Festivals in North 

America by the Society of American Travel Writers, 

this family event offers the chance for “your” 

woolly worm to win $1,000! More than 20,000 

attendees flock to the festival, looking for a good 

laugh. The fuzzy patterns on the woolly worms 

will forecast the winter weather to come. www. 

averycounty.com 

35th Annual Carolina BalloonFest, 

Statesville 

October 24-26 

Thousands of friends from around the country 

visit Carolina BalloonFest each and every 

year. Fun for the entire family with balloon 

rides, balloon watching, children’s activities, 

fine foods and great North Carolina wine. 

www.carolinaballoonfest.com. 

25th Annual Barbecue Festival, 

Lexington 

October 25 

Visit uptown Lexington, where more than 100,000 

people enjoy the finest exhibits, entertainment, 

and of course, the best barbecue in the world! 

www.barbecuefestival.com. n 

(Information courtesy of North Carolina Department 

of Commerce-Division of Tourism, Film, and Sports 

Development) 


9

Member Feature 

Donnie and Luke Blizzard 

Share Love for Farming and Hunting and Whitetail Deer, too! 

By: Jim haskins, ABC Communications Group 

Donnie Blizzard is passionate about growing flue-cured 

tobacco and hunting whitetail deer. Both of these skills 

he learned from his father and grandfather and has now 

passed them on to his son, Luke. 

“It’s in my blood…. 

and I’m enjoying it just as 

long as I can.” 


Donnie Blizzard, a farmer in the Snow Hill area of 

Greene County, has two passions in life: growing 

flue-cured tobacco and hunting whitetail deer. Of 

his passion for growing tobacco, Donnie says, “It’s 

in my blood….and I’m enjoying it just as long as 

I can.” Donnie’s love for hunting whitetail deer 

is something he also learned from his father and 

grandfather. And, now he’s passed both passions 

on to his son, Luke. 

Donnie’s passion for growing 

tobacco 

Donnie, who’s been farming for more than 

30 years, runs a 1,400-acre row crop operation 

where he grows tobacco, corn, soybeans, cotton, 

and wheat. This year Donnie is growing 400 acres 

of tobacco- the most he’s ever grown. He owns 

about 1/4 of his tobacco acres. He rents the rest 

of the acreage from several neighbors to grow the 

other half of his golden leaf crop. 

This year, Donnie started growing half of 

his tobacco a little differently. He’s growing 

PRC or “Pesticide Residue Clean” tobacco under 

contract to United Tobacco, who’s buying the 

crop exclusively for Sante Fe Natural Tobacco 

Co. of Oxford. 

Donnie is growing this tobacco more like his 

father and grandfather used to before chemicals 

were available to control suckers, a notorious 

problem in growing tobacco. What Donnie likes 

best about the environmentally-friendly grown 

PRC tobacco is the premium he makes from 

delivering a residue-clean crop of tobacco to the 

market. 

Though Donnie has three full-time employees 

helping him, his right-hand man on the farm is 

his son, Luke, now 20. A NC State sophomore 

studying agribusiness management and agronomy, 

Luke is there to help his dad farm on weekends, 

vacations, and during summer breaks. He’s looking 

forward to a future in farming or agribusiness. 

Says his dad, “His heart is tied to the farm, but he 

knows that he needs to get his degree.” 

Donnie’s passion-filled Whitetail 

Adventures 

Donnie started his Whitetail Adventures, 

Inc. deer-hunting business about 20 years ago 

when he made his first trip taking hunters to hunt 

whitetail deer in Canada and Mexico. “I started 

out making just one hunting trip a year, but after 

10 years of traveling to eight or nine different 

states and two countries, the light bulb came on 

for me,” says Donnie. 

When he expanded his tobacco acreage a 

couple years ago, Donnie had to change the way 

he ran his hunting business. For half of his current 

hunting business, Donnie does all the work and 

accompanies about 30 hunters on their hunting 

trip. For another 30 to 40 hunters, Donnie serves 

as a booking agent for four-to eight-man hunter 

parties, leaving reputable outfitters to work with 

them at their location. 

As a result, Donnie says, “Now, I don’t have 

to be on hunting trips all of the time.” Whether 

he’s with them or not, Donnie’s goal is to ensure 

that each of his clients receives a quality hunting 

experience. For more than two decades, Donnie’s 

company has provided several hundred adventures 

each year with an opportunity to live their dream 

of taking the biggest whitetail deer from places as 

far north as Saskatchewan to the sunny peninsula 

of Mexico. In addition to whitetail deer hunts, 

Donnie also books trips to hunt bear, turkey, and 

waterfowl. 

For the past three years, Donnie’s been introducing 

children to the outdoors through his family 

whitetail deer-hunting camps in Texas, Mexico, and 

North Carolina. Says Donnie, “The kids’ hunt is so 

popular that we fill up as soon as we start booking

When his dad’s health declined, Donnie remembers walking into his county FHA office to 

‘beg’ a loan. “I guess I convinced them I’d be a good risk. After farming with a supervised 

loan for a couple of years, they kicked me out to get the money on my own.” 

our trips, which occur from Nov. 1 to Dec. 20th. 

But my greatest satisfaction comes from working 

with these kids.” 

In 2007, Donnie took 20 kids hunting, 14 of 

them came from the local area. The program has 

been so successful that expansion is underway to 

accommodate the growing demand for parents and 

children to share the hunting experience. 

Donnie and Luke’s Borrowing 

History 

When his dad’s health declined, Donnie 

remembers walking into his county FHA office 

to ‘beg’ a loan. “I guess I convinced them I’d be a 

good risk. After farming with a supervised loan 

for a couple of years, they kicked me out to get 

the money on my own.” Today, Donnie has his 

operating loans for his sizable crop operation with 

AgCarolina Financial. 

Like his dad, Luke, who attended NCSU last 

year with an AgCarolina Financial scholarship, 

took out an equipment loan to buy a 140-HP 

tractor. Preparing for his future in farming, last 

Above: Luke with Tractor financed with loan from AgCarolina Financial 

Below: Donnie and Luke in front of “Blizzard Farms’ logo’d tobacco harvester 

year Luke obtained a USDA-FSA-sponsored 

‘Beginning Young Farmer’ loan to finance the 

purchase of 11 used tobacco barns, a sprayer, and 

other equipment. 

Of his start as a member of AgCarolina 

Financial, Donnie says, “I’ve known my loan 

officer, Danny Alexander, for a long time, and 

was really impressed when my friend and neighbor, 

Audie Murphy became a director of AgCarolina 

Financial. Of course, the Patronage Dividend 

program added another attractive dimension for 

me. It has been a good experience. Now we’re 

trying to expand our operation, so we’ll do even 

more business with AgCarolina Financial in 

the future.” n 


11


Spotlighting our Scholars for 2008-09 

Recipients of the AgCarolina Financial 

AgCarolina Financial Fund for Rural North 

Carolina FFA Scholarship, the Fund for Rural 

North Carolina At-Large Scholarship, and the 

North Carolina State University Scholarships 

were selected earlier in the summer. 

The At-Large and FFA Scholarship Program 

is a vital element of the Fund for Rural North 

Carolina, the association’s corporate giving 

program. Nine $1,000 scholarships were awarded 

to children and grandchildren of customers and 

employees who will be attending or are currently 

enrolled in a four year North Carolina college 

or university. Five $500 FFA scholarships were 

awarded to five young people who will be 

continuing their studies at a North Carolina 

college or university. 

Congratulations to each 

of these outstanding and 

talented recipients. 


Fund for Rural North Carolina 

FFA Scholarship 

Amanda Kiefer 

La Grange, NC 

Parent: 

Annette L. 

McCullough 

North Carolina State 

University 

Ag Education, Ag 

Communication 

Roderica Worrell 

Goldsboro, NC 

Parents: 

Adrian and Selena 

Worrell 

North Carolina 

A&T State 

University 

Landscape 

Architecture 

Andrew Balance 

New Bern, NC 

Parents: 

Michael and Audrey 

Balance 

Mount Olive College 

Ag Education 

Nicholas Bell 

Louisburg, NC 

Parents: 

Ricky and Tammy 

Bell 


State University 

Ag Institute 

Agribusiness 

Management-Field 

Crop Technology 

Jillian Casey 

Goldsboro, NC 

Parents: 

Lee and Pam Casey 


University 

Ag Education

Fund for Rural North Carolina 

At-Large Scholarship 

Parker Ray Brown 

Jackon, NC 

Parents: 

John and Joella 

Brown 


University 

Biology 

Morgan Ellington 

Henderson, NC 

Parents: 

Ralph and Kelly 

Ellington 

University of North 

Carolina – Chapel 

Hill Pre-Med 

Caitlin Wainright 

Greenville, NC 

Parents: 

Charles and Lisa 

Wainright 

Appalachian State 

University 

Speech and 

Language 

Pathology 

Sydney Edwards 

Wendell, NC 

Parents: 

Randy and Rhonda 

Edwards 


University 

Agricultural 

Business 

Management and 

Spanish 

Brittany L. James 

Robersonville, NC 

Parents: 

Charles and Tammy 

James 


University 

Animal Science 

Morgan Rodwell 

Seven Springs, NC 

Parents: 

Chris and Susan 

Rodwell 


University 



Joshua Trey Cash 

Snow Hill, NC 

Parent: 

Randy Allen 

East Carolina 

University 

Recreation and Park 

Management 

Clifton Holloman 

Princeton, NC 

Parents: 

Dennis and Sherry 

Holloman 


University 

Biology 

Amanda Parker 

New Bern, NC 

Parents: 

David and Brenda 

Parker 

East Carolina 

University 

Nursing 

Continuted on Next Page 


13


Continuted from Previous Page 

Five $2,000 

scholarships to 


State University for 

students currently 

enrolled in or who 

will be pursuing a 

degree in the ag 

curriculum were 

presented to the 

following: 

For more information 

on our Scholarship 

Program, go to 

www.agcarolina.com, 

select careers & then 

scholarships. 


Robert L. Vick, Jr. 

Wilson, NC 

Parents: Robert and 

Martha Vick 


University Biological 

and Agricultural 

Engineering with 

concentrations 

in Ag Engineering 

and Environmental 

Engineering 

Jessica E. Nixon 

Edenton, NC 

Parents: 

Michael and Amy 

Nixon 


University Poultry 

Science major with 

a minor in Animal 

Science 

Matthew P. Drake 

Pinetops, NC 

Parents: 

Paul and Melissa 

Drake 




and Ag Business 

Management 

Spencer B. Davis 

Wilson, NC 

Parents: 

Tim and Terry Davis 



Biological 

Engineering 

Charles W. Cahoon, 

Jr. 

Swan Quarter, NC 

Parents: 

Charles and 

Deborah Cahoon 



Agronomy

Special Farm Credit 

Member Savings! 

As a member of Farm Credit, you are eligible to participate in multiple 

National Discount Programs offered exclusively to Farm Credit customers. 

National, Alamo & 

Enterprise Car Rentals 

• Alamo – Visit www.alamo.com or call 800-462-5266 

& use Farm Credit Association ID: 308635. 

• National – Go to www.nationalcar.com or call 

800-328-4300 & use Corporate ID: 5700069. 

• Enterprise - Go to www.enterprise.com or call 

800-593-0505 & use Customer Number: XZ12G01 

Dell Computers 

Hard drive/monitor/keyboard/mouse. Save 

2-12% depending on the dollars spent & 

warranty timeframe. Go to www.dell.com/ 

farmcredit or call 877-289-9437. When calling 

you must use Member ID CS25031329 to get 

the discount. 

Sprint Wireless 

Sprint & Nextel Wireless Voice/Data Services & Equipment. 

Save up to 10% on your monthly service charges. Go to www. 

farmcreditsprintstore.com or call 877-263-5720 Mon-Fri., 8am-5pm 

Pacific Time. Existing Sprint or Nextel customers are also eligible by 

calling 877-263-5720 and tell the representative that you are with 

Farm Credit. 

1-800-Flowers 

Flowers, Plants, Gift 

Baskets, etc. Go to 

www.1800flowers.com 

or 888-755-7474. Use 

promotion code FCCS to 

receive a 15% discount. 

For more information on any of these Farm Credit programs, please visit www.fccservices.com and find the 

program you want under the National Discount Programs drop-down menu. Note that only the programs listed 

above are currently available to Farm Credit stockholders. Please take advantage of these savings and keep this 

information for your future reference. 


15

Association News 

AgCarolina Financial Welcomes 

New Employees 

Tiffany Gregory 

Tiffany Gregory 

Tiffany Gregory joined the association on June 

2 as a Financial Services Officer. She is a 2008 

Summa Cum Laude graduate of Elizabeth City 

State University where she received a BS degree 

in Business Administration with a concentration 

in marketing. She is a member of Sigma Beta 

Delta, a national business honor society. Tiffany 

worked as a summer intern during the summer of 

2007 with AgCarolina. She resides in Elizabeth 

City with her parents, Greg and Terrie Gregory. 

Tiffany enjoys horseback riding and spending time 

with her family. She has two Quarter horses and 

a Jack Russell Terrier. Tiffany says, “I am very 

passionate about agriculture and am grateful to 

have the opportunity of working with farmers 

and the rural community.” 

Kyle Koonce 

Kyle Koonce began his AgCarolina career 

on June 2. Kyle is a 2008 graduate of North 

Carolina State University receiving a BS Degree 

in Agricultural Business Management. Kyle is 

an Eagle Scout and also serves as a Lieutenant on 

the Trenton Volunteer Fire Department. He is a 

native of Trenton, NC where he currently resides. 

His parents are Timmy and Donna Koonce of 


Kyle Koonce Laura Martin 

Trenton. Kyle enjoys duck and deer hunting, 

fishing, golfing, and playing around with his five 

year old Black Lab, Molly. “I’m looking forward 

to developing my skills as a Financial Services 

Officer with AgCarolina,” he says. 

Laura Martin 

Laura Martin began her employment on June 2 as 

a Financial Services Officer. Laura is a graduate 

of North Carolina State University where she 

majored in Agricultural Extension Education. She 

is a native of Knightdale, N.C. and resides there 

with her parents, Eddie and Gail Martin. Laura 

says, “I live by one quote—“The one thing you 

can do better than anyone else is be yourself.” “I 

believe if you dream, dream big,” Laura has an 

aspiration to one day run for the office of the N.C. 

Commissioner of Agriculture. Laura is looking 

forward to working with AgCarolina Financial and 

the rural customers that the association serves. In 

her spare time, she enjoys relaxing at the beach or 

the lake and playing with her lab, Bailey. 

Miranda Matthews 

Miranda Matthews also joined the association 

on June 2 as a Credit Analyst. She was previously 

employed with BB&T in the Retail Services 

Department in New Bern, N.C. She is a 2006 

Summa Cum Laude graduate of East Carolina 

University with a Bachelors Degree in Business 

Administration and she was recognized as the 

Outstanding Senior in Finance in 2006. Miranda 

and her husband, Adam, reside in Cove City with 

their two labs, Hunter a 4 year old yellow lab, and 

Jasmine their two year old black lab. Adam is a 

farmer with R&W McCoy Farms in Cove City, 

producers of corn, wheat, and soybeans. Miranda 

enjoys spending time outdoors, and especially 

enjoys jet skiing, knee-boarding, and tubing. She 

also enjoys spending time with her family and 

friends. Miranda says, “I am enjoying building 

my career with AgCarolina. I feel privileged 

to be in a position where I can work with the 

agricultural and rural communities of eastern 

North Carolina.” 

Tina Ellington 

Tina Ellington joined AgCarolina on June 6 as a 

Customer Service Representative in the Raleigh 

office. Tina is a native Wake County girl, having 

grown up in Cary. Prior to joining AgCarolina, 

Tina was employed with the American Kennel 

Club as the Executive Administrative Assistant to 

the CEO. “This was a fun job,” says Tina, “plus 

you could take your dog to work every day!” Tina

Article Title 

Miranda Matthews Tina Ellington Candace Thompson 

resides in Garner, NC with her daughter, Lyda, age 

17, and her son, Jake, age 13. The family also has 

a fourteen year old Border collie, named Holly. 

Both of her kids are heavily involved in sports 

so when time allows, Tina enjoys relaxing at her 

vacation home in White Lake, NC. Tina says, 

“I love working at AgCarolina, mainly, because 

everyone is so very nice. I already feel like part of 

a very close family and that is a great feeling!” 

Candace Thompson 

Candace Thompson, Home Loan Specialist, joined 

AgCarolina on July 7. For the past eight years, 

Candace has worked in the mortgage industry 

and she is a licensed NC Mortgage Loan Officer. 

In addition, she has a lot of “know how” about 

the construction business, since she worked for 

several years with her father, who is a licensed 

general contractor. She is the daughter of Ted and 

Bonnie Thompson of Nash County. Candace is 

engaged to Jim Bennett of Smithfield, NC and is 

currently planning their wedding for next spring. 

She enjoys deep sea fishing and participated in 

a King Mackerel Tournament on Labor Day 

weekend where she fished alongside her father. 

In addition, she enjoys gardening and spending 

time at the beach. “I’m very excited about building 

a career with AgCarolina Financial. I feel that 

my background will allow me to offer the best 

service possible to our home loan customers,” 

says Candace. 

Amy Mustian 

Amy Mustian joined AgCarolina on July 14 as 

a Financial Services Officer in the Louisburg 

office. Amy will be servicing the Granville and 

Vance County areas. Before joining AgCarolina, 

Amy worked for Georgia-Pacific Corporation 

for fourteen years. She is a graduate of Syracuse 

University where she received a BS Degree in 

both Biology and Forestry. She is married to Alan 

Mustian, Operations Manager for Piedmont Pole 

& Piling in Oxford, NC. Amy and Alan reside 

in Warrenton where she enjoys gardening and 

reading. Amy says, “I grew up on a dairy farm in 

rural western New York so I am looking forward to 

getting back to my roots and working with farmers 

again. I also worked closely with loggers and wood 

suppliers during my career with Georgia Pacific. 

I can see a great deal of potential for AgCarolina 

to grow its business in that sector.” n 

Amy Mustian 



17


AgCarolina Financial—Proud Supporter 

of Progressive Agriculture Safety Days 

AgCarolina Financial was a sponsor of Progressive 

Agriculture Safety Day held at the Vernon E. 

James Center in Plymouth, NC. The safety 

day offers a unique safety day experience for 

youngsters living in rural areas. The goal of the 

Grant applications are being accepted through the 

association’s corporate-giving program, The Fund 

for Rural North Carolina. Grants are available 

up to $5,000 per organization for programs that 

specifically benefit farmers and rural residents. 

Applicants may request funding in one of 

the four focus areas: Education, Environment, 

Technology, or the Quality of Rural Life. 


safety day is to raise awareness on farm safety 

issues which impact the youngster’s health and 

safety. Topics covered included boating safety, 

fire safety, ATV safety, food safety, and sun 

sense safety. 

Above: Farm Safety Day participants learn how to be safe on the water. 

Top: North Carolina State Highway Patrol officers offer tips on highway safety. 

Grant Applications Being Accepted 

The grants will be group or organization 

based and will be considered for programs that 

are located within the thirty four county 

geographic areas in which the Association 

conducts business. Grants are generally not 

awarded to individuals. 

“Through our corporate-giving fund, we can 

impact a broad spectrum of organizations in our 

service area that support rural North Carolina,” 

1-800-951-3276 

1-800-951-3276 

AgCarolina hosts 

Financial Seminars 

AgCarolina Financial recently hosted seminars for 

customers in the Lenoir and Wayne County areas. 

Financial Services Officers David Herring, Preston 

Sutton, and Eric Shivar, along with AgCarolina’s 

Financial Advisor, David Hackney, worked 

with Kinston-based attorney, Gray Johnsey in 

presenting the seminars. 

Topics discussed at the seminars included 

ways to pass wealth, free from inheritance tax and 

the basics of the zero federal estate tax plan. 

If you have questions regarding estate 

planning or other financial planning matters, 

please contact David Hackney, Financial Advisor, 

AgCarolina Financial, at 1-800-951-3276, ext. 

229. If you would be interested in attending 

a seminar in your area, please contact your 

financial services officer or David Hackney at the 

number above. 

states Gene Charville, Association CEO. “At 

the same time, the grant program reinforces the 

commitment that AgCarolina Financial has for 

enhancing the quality of life and future opportunities 

for Eastern North Carolina rural residents 

and their communities.” 

Grant applications are available on the 

association website at www.agcarolina.com. The 

deadline is October 15. n

The debate over organically grown food 

versus conventionally grown food is not 

new. Some question the safety and quality 

of conventionally grown food, including the effects 

of pesticides, especially during fetal development 

and childhood. Others feel organically grown 

food is superior in quality and safety. There have 

long been claims of the nutritional superiority 

of plant-based organically grown foods. Until 

more evidence is provided by sound science, use 

common sense and individual preference (and 

affordability) to determine what products to serve 

at your dinner table. 

According to United States Department of 

Agriculture (USDA) “organic food is produced 

by farmers who emphasize the use of renewable 

resources and the conservation of soil and water 

to enhance environmental quality for future 

generations.” An organic food is one that is 

grown without: 

• Synthetic pesticides 

• Fertilizers made with synthetic ingredients 

or sewage sludge 

• Synthetic herbicides 

• Antibiotics 

• Bioengineering 

• Added hormones 

• Ionizing radiation 

The USDA has established an organic 

certification program requiring foods that claim 

to be organic meet strict government standards 

that regulate how such foods are grown, handled, 

processed, and transported. A USDA organic seal 

can be used for foods that meet these standards, 

but the use of the seal is voluntary. 

BOXED ITEM 

Guide to Organic Food: 

When buying organic foods, look for the 

“USDA Organic” label. Only foods in the 

categories “100% organic” and “organic” may 

display the USDA Organic Seal. Other foods 

with varying levels of organic ingredients may 

be labeled as follows: 

• “100% organic”—contains single 

ingredient, such as a fruit, vegetable, 

meat, milk, and cheese (excludes water 

and salt). 

• “Organic”—multiple ingredient foods 

which are 95 to 100% organic. 

• “Made with organic ingredients”— 

at least 70% of ingredients are organic. 

The organic seal cannot be used on these 

foods. 

• “Contains organic ingredients”—contains 

less than 70% organic ingredients. 

BOXED ITEM 

Shopping and preparation tips when 

purchasing produce whether organic or 

conventionally grown: 

• Wash all fresh fruits and vegetables 

thoroughly with cool, running water. 

Running water has an abrasive action that 

soaking does not provide. This may help 

remove contaminants from crevices. 

• Peel fruits and vegetables, and discard 

outer leaves of vegetables like lettuce 

and cabbage. 

• Scrub vegetables like carrots and potatoes 

with a brush if you plan to eat the skins. 

• Wash outside of melons before cutting. 

• Refrigerate fresh, cut produce promptly 

to reduce growth of harmful bacteria. 

• Buy locally grown produce in season 

to ensure highest quality. Small local 

farms are less likely to treat produce 

with pesticide waxes used to inhibit 

fungus growth. 

Health 

The Organic versus Conventional Debate Continues 

By: Carol S. Mitchell, PhD, RD, LDN 

Wake County Cooperative Extension Center 

Continuted on Page 21 

According to United States 

Department of Agriculture 

(USDA) “organic food 

is produced by farmers 

who emphasize the use 

of renewable resources 

and the conservation of 

soil and water to enhance 

environmental quality for 

future generations.” 


19

Financial 

Life Insurance Planning Can Rescue the Farm 

Insuring Your Most Valuable Asset...You... 

The most important asset 

on any family farm is 

not the equipment or the 

livestock or even the land. 

It’ s the farmer. Would 

your family business survive 

if something were to happen 

to you? Smart insurance 

planning can ensure 

that it will. 

n Life insurance proceeds can pay off your 

farm debts, giving your survivors precious 

time to decide how to move forward. If they 

decide to sell, they will have the freedom to 

seek the best price, rather than settle for less 

if they sold in a distressed situation. 

n Life insurance proceeds can be used to 

provide your estate with liquidity, cash to 

continue to operate the farm, while other 

issues are being decided. Often as estates 

are being settled, normal buying and selling 

are restricted and it becomes difficult to 

operate the farm in the most profitable 

manner. A source of cash then becomes 

enormously important. 

n Life insurance proceeds can be used to pay 

the estate taxes that may be due on your 

estate, usually within nine months after a 

death occurs. This can prevent the heirs 

from having to sell needed assets to pay 


the taxes. While the federal government 

continues to negotiate a Federal estate tax 

bill, no one can be certain where the level 

will be set that you can pass to your heirs 

free of estate taxes. 

n Life insurance proceeds can be used to 

fund a buy-sell agreement. Many family 

farms are managed as partnerships, and the 

death of one of the partners brings on special 

problems. A buy-sell agreement would allow 

the surviving partner the means to purchase 

the other share of the business at a fair price. 

A ready market for all shares would be established. 

This would allow fair treatment for 

your heirs if you should die first. If you were 

the surviving partner, it would eliminate the 

problem of new partners possibly coming 

in to run the business that you have helped 

build. The cost of this would be pennies on 

the dollar of benefit, and could be viewed 

as paying interest in advance on a loan, 

where the principal would never have to 

be repaid. 

n Life insurance proceeds could provide the 

farm owner flexibility to hire a replacement 

if a key employee should die. In many 

instances, a son has stayed on the farm and 

his father is highly dependent on him. Life 

insurance on that son or other key employee 

would allow the farmer flexibility in a time 

of crisis. It also provides a way of protecting 

the son’s family if that unfortunate event 

should occur. 

n Life insurance proceeds can help maintain 

fairness in estate planning. As in the 

situation above, many times one son or 

daughter has remained on the farm and 

worked, while the other children have 

moved off and found other employment. 

Preserving the future happiness of the family 

remains important, and is best not left to the 

children to “sort out” after the parents are 

gone. Providing the nonfarming heirs with 

some life insurance proceeds can be a means 

of making a fair and equitable division. 

At Money Concepts, we emphasize the need 

for thorough financial planning. Life insurance 

is but one tool among the equipment of good 

planning tools. Its many uses make it extremely 

valuable. We buy insurance not for ourselves, 

but for those we would leave behind, because 

we care. 

Call us today for a review of your life 

insurance or other financial planning needs. Money 

Concepts is proud to be endorsed by AgCarolina 

Financial and the Farm Credit System. n 

Providers of Financial Services Since 1979. 

All Securities through Money Concepts Capital Corp. Member 

FINRA/SIPC. Money Concepts Advisory Service is a Registered 

Investment Advisor with the SEC. All Non Securities and Non 

Advisory Products through Money Concepts International, Inc. 

11440 North Jog Road, Palm Beach Gardens, FL 33418 

David Hackney 

Money Concepts Financial Advisor 

1-800-951-3276, Ext. 229

Continuted from Page 19 

• Be aware that some produce has been 

found to have more pesticide contamination 

than others. The Environmental 

Working Group (EWG), a nonprofit 

research group, has used government 

data to compile a list of conventionally 

grown produce that carry the greatest 

amount of pesticides. The least contaminated 

include onions, avocados, sweet 

corn (frozen), pineapples, mango, sweet 

peas (frozen), asparagus, kiwi, bananas, 

cabbage, broccoli, and eggplant. Foods 

with the highest pesticide levels include: 

peaches, apples, sweet bell peppers, 

celery, nectarines, strawberries, cherries, 

lettuce, imported grapes, pears, spinach, 

and potatoes. 

Come Celebrate! 

What: Customer Appreciation 

Where: Elizabeth City, Greenville, 

Halifax, La Grange, Louisburg, 

Rocky Mount, New Bern, Raleigh, 

Smithfield, Swan Quarter, and 

Williamston 

When: See Schedule 

Check your mailbox for your invitation to attend. 

Make sure you RSVP by the date indicated on your 

invitation.We look forward to seeing you! 

Research shows little definitive evidence that 

organically grown food is nutritionally superior 

to conventionally produced food. More carefully 

controlled studies are needed to be conclusive. 

Often the decision to eat organic food comes 

down to a desire to eat foods produced without 

chemicals or synthetic pesticides. As far as 

researchers have been able to determine, conventionally 

grown produce is a healthy choice – and 

the benefits of eating fruits and vegetables far 

outweigh any risk of ingesting traces of pesticides. 

In addition, you can reduce the levels of some, 

but not all, pesticide residues by simply washing, 

and when possible peeling, fruits and vegetables 

before eating them. 


Continue to read nutrition labels and make 

wise selections to maintain an overall healthy 

diet. Keep in mind that the words “natural” and 

“organic” are not interchangeable. 

Another consideration is cost – organic foods 

can be more expensive. Organic food is often 

produced locally, resulting in lower production 

costs and potentially lowering the cost. Be sure to 

do comparative shopping -- occasionally organic 

foods are available at competitive prices. 

Use your best judgment and make sound 

decisions based on science when deciding between 

organic and conventionally grown food products. 

n 

Office Date Hours 

Louisburg October 7 5 pm – 7 pm 

Halifax October 9 12 pm – 2 pm 

Elizabeth City October 14 12 pm – 2 pm 

Greenville October 28 12 pm – 2 pm 

Rocky Mount October 30 12 pm – 2 pm 

Swan Quarter November 13 5 pm – 7 pm 

Williamston November 21 12 pm – 2 pm 

La Grange November 25 12 pm – 2 pm 

New Bern November 25 12 pm – 2 pm 

Smithfield November 26 12 pm – 2 pm 

Raleigh December 5 12 pm – 2 pm 


21

Recipes 

Get Ready to Tailgate! 

It’s that time of year, so grab tailgating gear and make some munchies to cheer on your team. 


Pretzel Dip 

1 pkg. Hidden Valley dip mix (original flavor) 

2 – 8 oz. pkgs. Cream cheese 

6 oz. beer 

6 oz. shredded cheddar cheese 

Pretzels 

Mix all ingredients and chill. 

No-Bake Classic Snack Mix 

3 cups Spoon Size Shredded Wheat Cereal 

2 cups popped popcorn 

1 cup small pretzels 

½ cup Cocktail Peanuts 

3 Tbsp. Butter or margarine, melted 

1 Tbsp. Worcestershire sauce 

½ tsp. Seasoned salt 

In large microwavable bowl, toss cereal with 

popcorn, pretzels, and peanuts. Mix butter, 

Worcestershire sauce and seasoned salt until well 

blended. Drizzle evenly over cereal mixture; toss 

to coat. Microwave on HIGH 2 to 3 mins. or 

until cereal is crisp, stirring after 2 mins. 

Nutty Chicken Salad Sandwich 

1 cup chicken breast, cooked and diced 

½ cup celery 

½ cup mayonnaise 

2 Tbsp. Chopped walnuts or pecans 

2 tsp. Lemon juice 

¼ tsp. Salt 

1/8 tsp. Pepper 

8 slices whole wheat bread 

In a mixing bowl, add the chicken, celery, 

mayonnaise, nuts, lemon juice, salt and pepper. 

Toss gently until thoroughly mixed. Spread the 

chicken salad on the bread. For easier eating, 

cut bread in half. Wrap each sandwich in plastic 

wrap, place in a plastic container and keep in ice 

chest. At the tailgate site, take out of ice chest 

just before serving. 

BarBQ Chicken Wings 

2 lbs. chicken wings 

2/3 cup ketchup 

¼ tsp. Red pepper 

½ tsp. Allspice 

2 Tbsp. Lime juice 

1/8 tsp. Garlic powder 

1 Tbsp. Brown sugar 

Preheat oven to 400˚ F. 

Cut off wing tips. Cut each wing in half at joint. 

Place wings on broiler rack. Bake for 50 to 60 

mins. Or until crisp (turn once). In a bowl, add 

ketchup, red pepper, lime juice, garlic powder, 

and brown sugar. Brush BBQ sauce on wings. 

Place under broiler and broil for 2 to 3 mins. 

Turn wings and brush with sauce. Broil for an 

extra 2 to 3 mins. Make before heading to your 

tailgate party. Place in thermal container and 

keep warm until ready to serve. 

Quick Peanut Butter Cup 

Brownie Cupcakes 

1 roll (16.5 oz.) Pillsbury refrigerated traditional 

chocolate fudge brownies 

10 minature chocolate-covered peanut butter 

cup candies 

Heat oven to 350˚ F. Place paper baking cup 

in each of 10 regular-size muffin cups. Divide 

brownie batter evenly among muffin cups, filling 

each 2/3 full. Press 1 candy into batter in each cup 

so half of candy shows above batter. Bake 23 to 

28 mins. Cool 30 mins. Before serving. n

AgCarolina Financial, ACA 

Consolidated AgCarolina Financial, Balance ACA Sheets 

Consolidated Balance Sheets 

June 30, December 31, 

(dollars in thousands) 2008 2007 

(unaudited) (audited) 

Assets 

Cash 

(dollars in thousands) 

June 30, 

$ 409 

2008 

December 31, 

$ 2,675 

2007 

Loans (unaudited) 889,460 

(audited) 785,202 

Less: allowance for loan losses 

Assets 

6,883 6,877 

Cash Net loans $ 882,577 409 

$ 778,325 2,675 

Other Loansinvestments, held to maturity 

Accrued Less: allowance interest receivable for loan losses 

889,460 65,235 

14,101 6,883 

785,202 66,939 

19,897 6,877 

Investment Net loansin other Farm Credit institutions 

Premises and equipment, net 

882,577 12,391 

8,408 

778,325 12,391 

8,734 

Due Other from investments, AgFirst Farm held Credit to maturity Bank 65,235 2,927 66,939 6,813 

Other Accrued assets interest receivable 14,101 8,817 19,897 8,785 

Investment in other Farm Credit institutions 

Total assets 

Premises and equipment, net 

12,391 

$ 994,865 

8,408 

12,391 

$ 904,559 

8,734 

Due from AgFirst Farm Credit Bank 2,927 6,813 

Liabilities Other assets 8,817 8,785 

Notes payable to AgFirst Farm Credit Bank 

Total assets 

Accrued interest payable 

$ 841,837 

$ 994,865 

3,002 

$ 745,813 

$ 904,559 

3,649 

Patronage refund payable 96 7,318 

Other Liabilities liabilities 11,373 20,597 

Notes payable to AgFirst Farm Credit Bank 

Accrued 

Total 

interest 

liabilities 

payable 

$ 841,837 

856,308 

3,002 

$ 745,813 

777,377 

3,649 

Commitments Patronage refund and payable contingencies 

96 7,318 

Other liabilities 

Members' Equity 

11,373 20,597 

Capital Total stock liabilities and participation certificates 856,308 14,227 777,377 12,092 

Retained 

Commitments 

earnings 

and contingencies 

Allocated 56,670 56,644 

Members' Unallocated Equity 

67,660 58,446 

Capital stock and participation certificates 

Retained 

Total 

earnings 

members' equity 

14,227 

138,557 

12,092 

127,182 

Allocated Total liabilities and members' equity $ 994,865 56,670 $ 904,559 56,644 

Unallocated 67,660 58,446 

Total members' equity 138,557 127,182 

Consolidated Statements of Income 

(unaudited) 

Total liabilities and members' equity $ 994,865 

$ 904,559 

Consolidated Statements of Income 

For the three months 

For the six months 

(dollars in thousands) 

ended June 30, 

(unaudited) 

2008 2007 

ended June 30, 

2008 2007 

Interest Income 

For the three months 

For the six months 

Loans $ 13,568 ended June $ 30, 15,356 $ 27,781 ended June $ 30, 29,317 

Other (dollars in thousands) 2008946 2007 896 2008 1,835 20071,737 

Interest 

Total 

Income 

interest income 14,514 

16,252 29,616 

31,054 

Interest Loans Expense 

$ 13,568 $ 15,356 $ 27,781 $ 29,317 

Notes Other payable to AgFirst Farm Credit Bank 8,923 946 

10,636 896 18,617 1,835 

20,405 1,737 

Net interest Total interest income income 14,514 5,591 

16,252 5,616 10,999 29,616 

10,649 31,054 

Provision 

Interest Expense 

for (reversal of allowance for) loan losses — — — — 

Net Notes interest payable income to AgFirst after Farm provision Credit for Bank 8,923 10,636 18,617 20,405 

Net 

(reversal 

interest 

of 

income 

allowance for) loan losses 5,591 

5,591 

5,616 

5,616 

10,999 

10,999 

10,649 

10,649 

Noninterest Provision for (reversal Income of allowance for) loan losses — — — — 

Loan 

Net interest 

fees 

income after provision for 

Fees 

(reversal 

for financially 

of allowance 

related 

for) 

services 

loan losses 

Equity in earnings of other Farm Credit institutions 

890 

5,591 

62 

1,530 

749 

5,616 

58 

1,404 

2,337 

10,999 

235 

2,925 

1,781 

10,649 

269 

2,687 

Gains Noninterest (losses) Income from sale of rural home loans 17 (5) 24 (4) 

Other Loan fees noninterest income 890 (4) 749 61 2,337 99 1,781 98 

Fees for financially related services 62 58 235 269 

Equity Total in earnings noninterest of other income Farm Credit institutions 2,495 1,530 2,267 1,404 5,620 2,925 4,831 2,687 

Noninterest 

Gains (losses) 

Expense 

from sale of rural home loans 

Salaries 

Other noninterest 

and employee 

income 

benefits 

17 

2,267 

(4) 

(5) 

2,256 

61 

24 

4,548 

99 

(4) 

4,359 

98 

Occupancy 

Total 

and 

noninterest 

equipment 

income 

Insurance Fund premium 

2,495 

253 

309 

2,267 

254 

282 

5,620 

541 

593 

4,831 

517 

544 

Other Noninterest operating Expense expenses 622 604 1,475 1,246 

Salaries and employee benefits 2,267 2,256 4,548 4,359 

Occupancy Total and noninterest equipment expense 3,451 253 3,396 254 7,157 541 6,666 517 

Income 

Insurance 

before 

Fund 

income 

premium 

taxes 

Provision 

Other operating 

(benefit) 

expenses 

for income taxes 

4,635 

309 

622 

2 

4,487 

282 

604 

— 

9,462 

593 

1,475 

2 

8,814 

544 

1,246 

— 

Net income Total noninterest expense $ 4,633 3,451 $ 4,487 3,396 $ 9,460 7,157 $ 8,814 6,666 

Income before income taxes 4,635 4,487 9,462 8,814 

Provision (benefit) for income taxes 2 — 2 — 

Net income $ 4,633 $ 4,487 $ 9,460 $ 8,814 

Second Quarter Financial Report 

Consolidated 

Balance Sheets 

Consolidated 

Statements of Income 

(unaudited) 


23

AgCarolina Financial 

P.O. Box 14789 

Raleigh, N.C. 27620 

Seems Like Such 

a Little Thing. 

But a lot of little things done right can 

make all the difference. 

Nothing grows on its own. It takes the right 

conditions and constant attention before 

anything can be the best it can be. AgCarolina 

Financial supports the growth and education 

of our youth in eastern North Carolina and all of 

rural America. 

800-951-3276 

www.agcarolina.com 

PRSRT STD 

U.S. POSTAGE 

PAID 

COLUMBIA SC 

PERMIT 1160

Donnie and Luke Blizzard - AgCarolina

Create successful ePaper yourself

Delete template?

Save as template?