2011 Annual Report - Carolina Farm Credit

Carolina Farm Credit, ACA
Consolidated Five - Year five-year Summary summary of Selected
of selected Financial financial Data data
December 31,
(dollars in thousands) 2011 2010 2009 2008 2007
Balance Sheet Data
Cash $ 2,757 $ 2,853 $ 2,678 $ 2,121 $ 4,080
Investment securities 2,433 2,019 2,200 ——
Loans 1,171,504 1,217,254 1,180,060 1,303,778 1,289,966
Less: allowance for loan losses 5,046 10,291 9,277 10,257 4,287
Net loans 1,166,458 1,206,963 1,170,783 1,293,521 1,285,679
Investments in other Farm Credit institutions 36,236 36,790 38,166 29,463 21,856
Other property owned 6,825 6,188 2,604 1,032 140
Other assets 99,542 112,109 114,969 122,538 122,171
Total assets $ 1,314,251 $ 1,366,922 $ 1,331,400 $ 1,448,675 $ 1,433,926
Notes payable to AgFirst Farm Credit Bank* $ 1,040,877 $ 1,101,458 $ 1,083,521 $ 1,206,784 $ 1,197,840
Accrued interest payable and other liabilities
with maturities of less than one year 28,786 27,627 28,319 29,997 32,715
Total liabilities 1,069,663 1,129,085 1,111,840 1,236,781 1,230,555
Protected borrower stock 6 119 187 234 327
Capital stock and participation certificates 7,833 7,893 7,713 7,734 7,899
Retained earnings
Allocated 137,891 126,490 113,492 104,671 100,372
Unallocated 99,863 104,335 98,306 99,384 95,087
Accumulated other comprehensive income (loss) (1,066) (1,000) (138) (129) (314)
Total members' equity 244,588 237,837 219,560 211,894 203,371
Total liabilities and members' equity $ 1,314,251 $ 1,366,922 $ 1,331,400 $ 1,448,675 $ 1,433,926
Statement of Income Data
Net interest income $ 40,278 $ 37,460 $ 36,040 $ 37,331 $ 37,262
Provision for loan losses 12,023 2,501 7,125 5,959 1,102
Noninterest income (expense), net (7,907) (3,403) (8,723) (7,375) (9,679)
Net income $ 20,348 $ 31,556 $ 20,192 $ 23,997 $ 26,481
Key Financial Ratios
Rate of return on average:
Total assets 1.54% 2.40% 1.50% 1.71% 1.94%
Total members' equity 8.23% 13.53% 9.22% 11.32% 12.93%
Net interest income as a percentage of
average earning assets 3.39% 3.18% 2.97% 2.87% 2.90%
Net (chargeoffs) recoveries to average loans (1.443)% (0.126)% (0.669)% 0.001% (0.025)%
Total members' equity to total assets 18.61% 17.40% 16.49% 14.63% 14.18%
Debt to members' equity (:1) 4.37 4.75 5.06 5.84 6.05
Allowance for loan losses to loans 0.43% 0.85% 0.79% 0.79% 0.33%
Permanent capital ratio 17.47% 15.71% 14.54% 13.59% 14.32%
Total surplus ratio 16.80% 15.05% 13.88% 12.99% 13.68%
Core surplus ratio 13.82% 12.59% 11.71% 10.44% 11.24%
Net Income Distribution
Estimated patronage refunds:
Cash $ 4,623 $ 4,924 $ 4,651 $ 4,946 $ 5,507
Qualified allocated retained earnings 3,284 11,489 2,751 2,125 3,800
Nonqualified allocated retained earnings 7,502 —8,102 9,417 9,173
Nonqualified retained earnings 9,696 9,750 5,462 2,499 4,225
2011 Annual Report Carolina Farm Credit
* General financing agreement is renewable on a one-year cycle. The next renewal date is December 31, 2012.
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2011 Annual Report
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