Release date: 4/10/2015
STATESVILLE, NC – Vance C. Dalton, Jr., CEO of Carolina Farm Credit announces that the association recently published its 2014 annual report. The report’s theme celebrates young, beginning, and small farmers. The report highlights the AG Biz Planner and Ag Leadership programs.
The report also discloses Carolina Farm Credit’s 2014 financial performance. Carolina Farm Credit reported net earnings of $38.6 million in 2014. These earnings generated a strong return on assets of 2.68%. Loan volume grew at just under 2% in 2014 and acceptable credit quality was 95.21% acceptable.
Carolina Farm Credit returned $18.8 million in cash to members in 2014: $5.7 million in patronage refunds paid in in the spring and $13.1 million paid as surplus allocated refunds in the fall. This marked the 27th consecutive year of patronage refunds. Members received these checks at customer appreciation events held by each of the 36 Carolina Farm Credit branch offices.
“2014 was a very good year for Carolina Farm Credit,” said Carolina Farm Credit CEO, Vance C. Dalton, Jr. “Operating as a cooperative enabled us to return a significant portion of our earnings to the farmer members to be invested back into their operations and local communities.”
Carolina Farm Credit’s 2014 annual reports were mailed to each stockholder/member at the end of March. Visit Carolina Farm Credit’s website to view the report online.
Carolina Farm Credit is a stockholder-owned cooperative providing financing to full and part-time farmers and agricultural-related businesses and also provides financing for the construction and purchase of homes in 54 counties through 36 branch offices. Other financial services available are credit life insurance, crop insurance, appraisal services, leasing programs and financial planning.
Carolina Farm Credit serves over 9,200 members with loans outstanding totaling more than $1.4 billion. The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, Boone, Browns Summit, Burnsville, Carthage, Concord, Conover, Ellerbe, Graham, Hendersonville, Hillsborough, Jefferson, Lenoir, Lexington, Lincolnton, Marshall, Mocksville, Monroe, Murphy, Pilot Mountain, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Wadesboro, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Carolina Farm Credit was recognized as a 2015 Best Employer in North Carolina. The list of the Best Employers in North Carolina was created by Business North Carolina, the Society for Human Resource Management (SHRM) – NC State Council and Best Companies Group.
Directors for Carolina Farm Credit are Mark A. Bray, Chairman, Lawsonville; L. Kim Starnes, Vice-Chairman, Salisbury; John M. Barnard, Statesville; E. Bernard Beck, Seagrove; W. Rex Bell, Statesville; David M. Coltrane, Pleasant Garden; Susie J. Gambill, Sparta; Joseph A. Lail, Shelby; Clark M. Newlin, Haw River; Thomas E. Porter, Jr., Concord; Tony L. Ragan, Sanford; D. Kaleb Rathbone, Waynesville; Lewis E. Smith, Lincolnton; Vickie N. Smitherman, East Bend; Dr. Alton Thompson, Summerfield.
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