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Source: Farm Credit Mid-America news release

To view the complete report, click here.

Farm Credit Mid-America, an agricultural lender in the nationwide Farm Credit System, announced its financial results for the second quarter of 2014. Net income for the first six months totaled $149.0 million, compared with $139.7 million during the same period in 2013.

This represents a 6.7 percent increase. Permanent capital increased to 16.7 percent, providing additional security for customer investments.

The customer-owned cooperative also reported stable assets at $20.0 billion and a slight increase in loan volume to $17.8 billion from $17.7 billion during that same time period 2013. Credit quality improved since the end of 2013, with adversely classified loans dropping to 2.3 percent from 2.4 percent.

The association's risk assets continued at acceptable levels, with non-accrual loans unchanged at 1.2 percent of total loans.

"While grain prices are down from last year, earnings have been good for livestock, dairy and poultry," said Bill Johnson, president and CEO, Farm Credit Mid-America. "We expect most customers will have a profitable year.

This in turn will further enable us to continue experiencing the growth and strength needed to provide the financial tools and services they need to be successful."

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