The first quarter has set up 2012 to be a positive and productive year. In the past two quarters we’ve seen more loan activity than we have in the past two years. This is a marked improvement and it is more of a normal growth trend than we have seen in recent years.
As of the end of the third quarter, your Association is above earnings based on last year’s totals. Our credit quality has strengthened and we’re continuing to move good credit into the System. Total assets as of Q3 stand at $4.5 billion with net income for the nine months ending September 30 at $77.5 million.
2010 proved to be a banner year for American AgCredit. Following the successful merger with Farm Credit of the Heartland, ACA, in late 2009, the Association’s full-year earnings and net interest income reached record highs, loan quality remained stable throughout the year, and customer dividend payments topped $26.3 million.
Heading into the second half of the year, we can safely predict that 2010 will be a strong income year.