2011 Annual Report - Carolina Farm Credit

Carolina Farm Credit 2011 Annual Report
Carolina Farm Credit, ACA
consolidated statements of income
Consolidated Statements of Income
For the year ended December 31,
(dollars in thousands) 2011 2010 2009
Interest Income
Investment securities $ 130 $ 133 $ 92
Loans 68,019 68,533 72,457
Other investments 1,737 2,312 2,875
Total interest income 69,886 70,978 75,424
Interest Expense
Notes payable to AgFirst Farm Credit Bank 29,604 33,518 39,384
Other 4 — —
Total interest expense 29,608 33,518 39,384
Net interest income 40,278 37,460 36,040
Provision for loan losses 12,023 2,501 7,125
Net interest income after provision for
loan losses 28,255 34,959 28,915
Noninterest Income
Loan fees 2,669 2,946 2,993
Fees for financially related services 356 469 657
Patronage refund from other Farm Credit institutions 18,577 19,260 15,359
Gains (losses) on other property owned, net (1,201) (1,533) (234)
Gains (losses) on sales of rural home loans, net 1,902 1,627 828
Gains (losses) on sales of premises and equipment, net 107 73 247
Insurance Fund refund — 1,480 —
Other noninterest income 234 258 323
Total noninterest income 22,644 24,580 20,173
Noninterest Expense
Salaries and employee benefits 21,185 19,533 18,992
Occupancy and equipment 2,959 2,888 2,796
Insurance Fund premiums 604 514 1,978
Other operating expenses 5,796 5,029 4,600
Total noninterest expense 30,544 27,964 28,366
Income before income taxes 20,355 31,575 20,722
Provision for income taxes 7 19 530
Net income $ 20,348 $ 31,556 $ 20,192
The accompanying notes are an integral part of these financial statements.
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2011 Annual Report