STATESBORO—AgSouth Farm Credit CEO Bill Spigener recently announced that the customer-owned cooperative had net earnings of $10.5 million during the third quarter of 2010. Year-to-date earnings total $29.4 million and exceed the association’s earnings of Sept. 30, 2009, by more than $8.4 million.
“While the association’s loan portfolio has experienced some problems due to the economy, on the whole it is performing well,” Spigener said. “Our ability to refinance other lender loans in our territory has generated significant earnings.”
Earlier this year the association released nearly $36 million to its members in the form of patronage and allocated surplus refunds, more than $22 million of that in cash.
“This payout has gone directly to the counties we serve in Georgia and South Carolina, bolstering the economy in those areas,” said CFO Alisa D. Gunter.
As a cooperative, AgSouth provides patronage refunds, a form of profit sharing, to its member-borrowers. Since 1991, the association has returned more than $269 million in cash to its borrowers. As of Sept. 30, 2010, AgSouth had more than 7,100 members, $1.65 billion in assets and $250 million in capital and allocated accounts.
For more information, visit www.agsouthfc.com.