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Compeer Financial®, a member-owned Farm Credit cooperative based in the Upper Midwest, announced financial results for the third quarter of 2018. Compeer Financial® performance remains strong, allowing the organization to continue to support clients even in today’s volatile agriculture environment.
Net after-tax earnings were reported at $281.4 million to date, which is 11.3 percent higher than budgeted due to solid expense control and better than expected credit quality. An $11.9 million refund from Farm Credit System Insurance Corporation in the first quarter also had a positive impact. Compeer Financial’s® cash patronage program is designed to pay out 20 percent of adjusted earnings. As a result, this strong income performance is expected to deliver higher cash patronage checks to member-owners in 2019.
Total assets grew to $20.3 billion as of Sept. 30, 2018, compared to $18.8 billion one year ago. This increase was largely due to loan growth of $1.4 billion in the cooperative’s capital markets, and food and agribusiness sectors, as well as Compeer’s Agri-Access department.
“The diversity of our portfolio combined with in-house industry expertise and resources enables Compeer Financial® to work with clients of all sizes and in all the industries we serve,” said Rod Hebrink, President and CEO. “Our focus is on supporting clients – regardless of the current economic climate – as well as the other individuals, organizations and communities that define rural America.”
The credit quality of Compeer Financial’s® portfolio has remained unchanged compared to one year ago, with only 0.6% nonaccrual loans as a percentage of total loans. Compeer Financial’s® support to clients includes guiding them to develop risk management and marketing plans and encouraging them to consider alternate financial strategies – particularly during volatile times.
Earlier this month, Compeer Financial® announced the results of its Board of Directors election. Stockholders reelected Kaye Compart of Nicollet, Minn.; Lori Meinholz of Middleton, Wis.; and Greg Nelson of Spring Valley, Wis., to four-year terms. Incumbents reelected to three-year terms are Dan Zimmerman of Rosendale, Wis., and Stephanie Wise of Joliet, Ill. Roger Newell of Williamsfield, Ill., was elected to his first four-year term in place of Michael R. Pratt of Dixon, Ill., who opted not to seek another term.
Community Giving Efforts
Through the organization’s Fund for Rural America, Compeer Financial’s® Board of Directors has dedicated one percent of annual net earnings to support education, youth engagement, rural development, community enrichment, agricultural advocacy and development, client development and team member giving. Compeer Financial® recently awarded $450,000 in total grants to 160 rural emergency services agencies and $150,000 in total grants to 66 high schools to support agriculture programs and equipment. This is in addition to other giving initiatives that took place earlier this year, including $157,000 in college scholarships to high school seniors and $60,000 in grants for county fairground maintenance and enhancements. General use grants to support rural communities and agriculture are expected to be announced before year’s end.
In addition to its formal grant programs, Compeer Financial® also extended $50,000 to support those impacted by flooding in Wisconsin.
“Weather significantly hindered many across our territory during and after the growing season,” Hebrink said. “As a partner to those in agriculture, it’s important that we help out our neighbors where and when we can.”
About Compeer Financial®
Compeer Financial® is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. For more information about Compeer Financial, visit Compeer.com.
Total assets grew to $20.3 billion as of Sept. 30, 2018, compared to $18.8 billion one year ago. This increase was largely due to loan growth of $1.4 billion in the cooperative’s capital markets, and food and agribusiness sectors, as well as Compeer’s Agri-Access department.
“The diversity of our portfolio combined with in-house industry expertise and resources enables Compeer Financial® to work with clients of all sizes and in all the industries we serve,” said Rod Hebrink, President and CEO. “Our focus is on supporting clients – regardless of the current economic climate – as well as the other individuals, organizations and communities that define rural America.”
The credit quality of Compeer Financial’s® portfolio has remained unchanged compared to one year ago, with only 0.6% nonaccrual loans as a percentage of total loans. Compeer Financial’s® support to clients includes guiding them to develop risk management and marketing plans and encouraging them to consider alternate financial strategies – particularly during volatile times.
Earlier this month, Compeer Financial® announced the results of its Board of Directors election. Stockholders reelected Kaye Compart of Nicollet, Minn.; Lori Meinholz of Middleton, Wis.; and Greg Nelson of Spring Valley, Wis., to four-year terms. Incumbents reelected to three-year terms are Dan Zimmerman of Rosendale, Wis., and Stephanie Wise of Joliet, Ill. Roger Newell of Williamsfield, Ill., was elected to his first four-year term in place of Michael R. Pratt of Dixon, Ill., who opted not to seek another term.
Community Giving Efforts
Through the organization’s Fund for Rural America, Compeer Financial’s® Board of Directors has dedicated one percent of annual net earnings to support education, youth engagement, rural development, community enrichment, agricultural advocacy and development, client development and team member giving. Compeer Financial® recently awarded $450,000 in total grants to 160 rural emergency services agencies and $150,000 in total grants to 66 high schools to support agriculture programs and equipment. This is in addition to other giving initiatives that took place earlier this year, including $157,000 in college scholarships to high school seniors and $60,000 in grants for county fairground maintenance and enhancements. General use grants to support rural communities and agriculture are expected to be announced before year’s end.
In addition to its formal grant programs, Compeer Financial® also extended $50,000 to support those impacted by flooding in Wisconsin.
“Weather significantly hindered many across our territory during and after the growing season,” Hebrink said. “As a partner to those in agriculture, it’s important that we help out our neighbors where and when we can.”
About Compeer Financial®
Compeer Financial® is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $20.3 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial® is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. For more information about Compeer Financial, visit Compeer.com.
