In the second quarter of 2012, we received a one-time refund from our insurance carrier of $3.8 million which is the major difference in our net income for 2013 as compared to 2012, said John Wheeler, CFO of MidAtlantic Farm Credit.
Westminster, MD (PRWEB) August 23, 2013
MidAtlantic Farm Credit, a members-owned cooperative and an institution of the national Farm Credit System, recently reported their second quarter financial results for 2013.
Net income for the quarter was $12.1 million, a 23.5 percent decrease compared to the second quarter of 2012. Net interest income for the second quarter was $17.1 million, a 2.7 percent increase from the same time period in 2012. For the first six months of 2013, net income was $22.1 million compared to $26.5 million for the same period in 2012. Average accruing loan volume for the first six months of 2013 was $2.126 billion, compared to $2.120 billion for the same period in 2012.
“In the second quarter of 2012, we received a one-time refund from our insurance carrier of $3.8 million which is the major difference in our net income for 2013 as compared to 2012,” said John Wheeler, CFO of MidAtlantic Farm Credit.
Nonaccrual loans decreased to $34.5 million in the second quarter of 2013, compared to $44.7 million at December 31, 2012 and $62.3 million at June 30, 2012. The Association’s nonaccrual loans as a percentage of total loans also decreased to 1.61 percent at the end of the quarter, compared to 2.09 percent at the end of 2012 and 2.89 percent at June 20, 2012. Both credit administration and the overall credit quality of the Association’s portfolio remains satisfactory.
The Association recorded a provision for loan losses and commitments of $2 million in the second quarter of 2013 and 2012.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has over 10,400 members and approximately $2.141 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.