Summer 2012
Tri-State Land & Timber, LLCYoung Farmers Attend
Emerging Entrepreneurs’ ConferenceLocal Student Named Park Scholar
Cape Fear Country is published for stockholders and friends of Cape Fear Farm Credit.
PreSideNtMichael R. Jackson
Board of directorS Ronald J. Allen, Chairman Arnold Drew Smith, Vice Chairman Dr. James Harriss Gary Hendrix Jart Hudson, Jr. Lyle Ray King Daniel LewisJon PopeJeff Simpson Harold J. Smith, Jr. Bo Stone Terray SuggsGene S. West, Jr.Alfred K. Wooten
editorSkipper Jones
PuBLiSherAgFirst Farm Credit Bank
PuBLiShiNg directorAmanda Wagasky
deSigN teaMAthina EargleDarren Hill Amanda Simpson Travis Taylor
circuLatioNKathi DeFlorio
address changes, questions, comments or requests for copies of our financial reports should be directed to cape fear farm credit by writing P.o. Box 2405, fayetteville, N.c. 28302 or calling 910-323-9188. our quarterly financial report can also be obtained on our Web site at www.capefearfarmcredit.com.
A Great Way to Get Loan Information … Anytime!
With Account Access you can:
• MakeyourCapeFearFarmCreditpaymentonline.
• Checkyourprincipalbalance,accruedinterest,interestpaidyear-to-date,interestrate,nextpaymentdateandamount,andmore.Accountinformationisupdatedeverybusinessday.
• Viewallofyourloaninformationononepage—nopagingbackandforth.Accessyourloaninformationanytimeoftheday,anytimeoftheyear.It’sherewhenyouneedit.
Account Accessisfast,easyandconvenient.Tryittoday,andmakeyourlife—andyouraccountant’slife—mucheasier!
“Where your interest pays dividends!”
www.CapeFearFarmCredit.com
Signing up for Account Access is easy:
1. Go to www.CapeFearFarmCredit.com
2. Click on “Account Access” on the top left of the screen
3. Click on the “Sign Up” button on the top left
4. Follow the online instructions
7the Beatty family from Bladen county, N.c. was recently named the 2012 Nc Small farmer of the Year by Nc a&t State university.
coNteNtS
Cape Fear Country Summer 2012
21tobacco barns across North carolina represent an industry that has been an important part of the state’s economy for many, many years.
18cape fear farm credit recently participated in the 2012 community tour along with many cooperatives across North carolina.
16The first Heifer Showdown, coor-dinated by the Sampson county cooperative extension, was held on april 28, 2012, at the Sampson county Livestock facility in clinton, N.c.
cape fear country Summer 2012 3
From ThE PrESidEnTHeat of the Summer . . . . . . . . . . . . . . . 4
FEATurETri-State Land & Timber, LLC . . . . . 5
AA&S Farms, Inc. . . . . . . . . . . . . . . . . 7
YBS SPoTLiGhTYoung Farmers Attend Emerging
Entrepreneurs’ Conference . . . . . 8
dr. KohL’S CornErThe 21st Century Legacy
of Agriculture . . . . . . . . . . . . . . . . . 12
CommuniTY nEwS & EvEnTSLocal Students Awarded Cape Fear
Farm Credit Scholarships . . . . . . 14
First Heifer Showdown Held in Sampson County . . . . . . . . . . . . . . 16
Local Student Named Park Scholar . . . . . . . . . . . . . . . . . . 17
Cape Fear Farm Credit Participates in 2012 Community Tour . . . . . . 18
Edgewood Elementary School Teaches Students about Agriculture . . . . . 18
ASSoCiATion nEwSMembers Celebrate in Cape Fear
Farm Credit’s Success! . . . . . . . . . 19
Local Farmers Elected to CFFC Board of Directors . . . . . . . . . . . . . 20
Tobacco Barn—A Piece of North Carolina History . . . . . . . . . . . . . . 21
Welcome New Employee . . . . . . . . . 22
Employee Promoted . . . . . . . . . . . . . 22
TidBiTSBirth Announcement . . . . . . . . . . . . . 23
Newsworthy Members and Employees . . . . . . . . . . . . . . . 23
rECiPESSummertime Meals . . . . . . . . . . . . . . 24
FinAnCiAL rEPorT First Quarter Results . . . . . . . . . . . . . 27
froM the PreSideNt
cape fear farm credit 4 cape fear farm credit 4
Heat of the Summer
Michael r. Jackson
froM the PreSideNt
As we are in the heat of the summer
months, we look back over the
winter and spring and celebrate in
the successes of Cape Fear Farm Credit and
our members. Due to a healthy cooperative,
we were able to return over $7.6 million back
to our stockholders in patronage refunds in
April. Each branch held a celebration event
to distribute patronage checks and thank our
members for their support and dedication.
Over the last few months, we have
also held various seminars and conferences
for young, beginning, small and minority
farmers and agribusiness owners in our Cape
Fear region. Most recently, the 3rd Annual
Emerging Entrepreneurs’ Conference was
held in Wilmington, N.C., where some of
our most innovative and forward thinking
members and prospects gathered for three
days of networking and educational seminars
with Dr. Dave Kohl, Virginia Tech professor
emeritus.
In May, nine high school seniors were
awarded scholarships for their academic
excellence and dedication to southeastern
North Carolina agriculture and rural devel-
opment. The applicants were all very impres-
sive with many in the top five percent of their
class and very well-rounded. Many of these
students have the desire of pursuing careers
in agriculture or fields where they can come
back to the rural areas of southeastern North
Carolina to live and work.
The weather has been a bit of a roller
coaster for us over the last several months
with extreme heat and, in some areas, the
need for additional rainfall. As your lender,
we are here to talk through situations that
you see arising, and we hope that you feel
confident in sharing with us the successes and
struggles you experience with your farming
operations. Cape Fear Farm Credit employees
strive to have a strong relationship with each
borrower and the success of this cooperative
goes far beyond the loan process. The success
of Cape Fear Farm Credit is dependent on the
success of each of you, our stockholders.
We value our relationships, and thank
you for your continued business and support.
I am wishing you the best as we are quickly
approaching the harvest season.
feature
cape fear country Summer 2012 5
When you combine the experience
of all the partners of Tri-State
Land & Timber, LLC, you have
approximately 186 years of experience in
timber procurement.
In July 2007, six men in the timber
industry came together to form Tri-State
Land & Timber, LLC. The owners and
members of Cape Fear Farm Credit who
established Tri-State Land & Timber are
Tommy Norris of Castle Hayne, John
“Dean” Alsup III of Elizabethtown, Thomas
Brantham III of Wilmington, Lacy White, Jr.
of Creedmoor, Ryan Norris of Rocky Point,
and Charles “Charlie” Marshburn of Harrells.
The company is headquartered in Rocky
Point, N.C., and has two regional offices
located in Jacksonville, N.C., and Creedmoor,
N.C. Tri-State is a timber procurement
company serving North Carolina, South
Carolina and Virginia. They have expertise
in buying timber tracts and contracting with
independent loggers to supply mills with
forest products. Currently, the majority of
their production is in North Carolina and
South Carolina with about 15 percent of
production taking place in Virginia.
Cape Fear Farm Credit has been doing
business with Tri-State Land & Timber since
the business’ inception. Loan Officer Sharon
Smith states, “We were very impressed with
their years of experience, and they had so
many connections in the industry. They are
very professional and manage a successful
business.” When asked about their expe-
rience with Cape Fear Farm Credit, Dean
Alsup replied, “Farm Credit understands our
business better than most banks. It has been
a good relationship over the last few years.”
Tri-State Land & Timber has 15
employees, and they work with approximately
25 independent contractors. “Our foresters
handle jobs from start to finish. We are
proud to show any of our jobs,” declares Ryan
Norris, one of the partners. There are many
details that go into this business; it’s more
than just buying tracts of timber. “Buying
a tract of timber is just a small piece of it,”
Tommy Norris, president of Tri-State says.
He went on to say, “To be a good business
manager in the timber business, a forester
has to be able to select the best crew type for
the job. For instance, some crews specialize
in thinning, so you have to keep that in mind.
tri-State Land & timber, LLc experience over a century
From the left: Sharon Smith, Capital Markets loan officer; Tri-State Land & Timber business partners Dean Alsup III, Tom Brantham III, Charlie Marshburn, Tommy Norris, and Ryan Norris; and Randy Pope, Capital Markets relationship manager. Not pictured: Tri-State Land & Timber business partner Lacy White, Jr.
cape fear farm credit 6
feature
You also have to match the right equipment
to the area.” To ensure they are working
with the most environmentally conscious
and safest loggers in the business, Tri-State
Land & Timber only works with loggers that
hold their Pro Logger State Certification from
the North Carolina Forestry Association. “We
really work with the best logging contractors
around,” Ryan Norris states. He continues,
“They are experienced and seasoned and have
great relationships with the mills.”
This company prides itself on leaving
the land clean and in the proper condition
for reforestation. They aggressively seek out
opportunities, and a large portion of their
business is focused on land management in
conjunction with the timber harvesting. The
foresters provide replanting advice based
on the landowner’s needs as well as long
term management techniques in regards to
road placement, wildlife corridors, food plot
locations and much more to meet the land-
owner’s objectives. The business partners
of Tri-State Land & Timber are looking for
long-term relationships and want to partner
with landowners to leave the land in the best
condition possible for the next generation of
trees. “Each forester has his own strengths
and we rely heavily on those strengths. We
do our best to match the right landowner with
the right forester,” states Tommy Norris.
In addition to managing Tri-State Land
& Timber, many of these men are very active
in their communities through timber industry
groups, church, recreational activities, boy
scouts, or spending time with family and
especially their children and grandchildren.
For more information about Tri-State
Land & Timber, LLC, visit them online at
www.tristatelt.com.
tri-State Land & timber owners in front of a timber tract in Bladen county
Some of the tri-State owners overseeing a job in Bladen county
cape fear country Summer 2012 7
feature
The Beatty family from Bladen County,
N.C., was recently named the 2012
NC Small Farmer of the Year by N.C .
A&T State University. Today, the family still
farms the land where Albert Beatty grew up
in Harrells, N.C. “I’ve been farming all my life
here in Bladen County. The only time I was
away was when I was in the military,” Albert
Beatty said with passion. After spending time
with this family for only a few minutes, one
can tell farming is near and dear to Albert, his
wife, Ada, and their daughter, Sonya.
After Albert returned from service in
1968, he and his father raised tobacco, corn,
soybeans and hay, and Albert also worked
a public job. About 10 years later, Albert
retired from his public job with DuPont
and took over the farming operation full
time. He got out of the tobacco business and
decided to construct two swine nurseries on
contract with Prestage Farms. Albert says, “I
remember building those hog houses; we got
our first pigs on Thanksgiving Day in 1996.”
AA&S Farms, Inc.2012 N.c. a&t State university Small farmer of the Year
albert and ada Beatty
from the left, ada and albert Beatty with Brook gillis, elizabethtown branch manager
In addition to the hog houses, the Beatty’s have approximately 370 acres of plantation timber, vegetables grown on black plastic,
30 head of cattle, and goats.
Continued on page 23
In addition to the hog houses, the Beatty’s
have approximately 370 acres of plantation
timber, vegetables grown on black plastic, 30
head of cattle, and goats.
A fairly recent venture has been growing
crops on plastic, and it has been very success-
ful for this family. “Growing vegetables on
black plastic yields about twice as much as the
traditional method. We’ve been able to sell
the vegetables mostly by word of mouth. Most
of the okra is sold before we even harvest it,”
stated Albert.
When Albert was asked what he enjoys
most about farming, his wife, Ada, quickly
responded, “Tractors. He’s always loved
tractors.” He definitely likes tractors but also
enjoys the daily changes that come along with
farming. Each day is different, he gets to be
his own boss, and he loves to see things grow.
He remembered his days spent at DuPont;
he enjoyed his job but could not wait to get
home from a day’s work, get on his tractor,
and smell the dirt. Ada said that she grew up
on a farm in Autryville, and farming gives
the family time to spend together. “It doesn’t
matter what we’re doing, as long as we’re
together,” she said with a big smile.
Not only is this family passionate
about farming, Albert, Ada and Sonya are
also passionate about sharing the story of
agriculture to those in their community and
cape fear farm credit 8
YBS SPotL ight
Cape Fear Farm Credit’s third Annual Emerging Entrepreneurs’ Conference was held at the Hilton Riverside in Wilmington, N.C., in March.
A group of innovative and talented young farmers gathered from across our 12-county territory to attend this three-day conference. This
educational opportunity is one way Cape Fear Farm Credit is supporting this young group of farmers who are the future of agriculture.
Below are highlights of each participant that was in attendance.
Young farmers attend emerging entrepreneurs’ conference
Jantzen & natalie Brantley Jantzen and Natalie Brantley were nominated by Jay Darden, relationship and related services
manager for the Assocation. Natalie is a native of Duplin County, and she is the daughter of
Dennis Beasley and granddaughter of Marvin Johnson, owner of Nash Johnson and Sons’ Farm,
Inc. The Brantley’s have been Cape Fear Farm Credit members for one year, and they have a
12-house broiler facility. In addition to the poultry facility, Jantzen owns a real estate appraisal
business, and Natalie works as a pregnancy care specialist in Burgaw.
Jay & Tina BurneyJay and Tina Burney were nominated by Jared Johnson, loan officer in the Elizabethtown branch.
Jay and his wife live in Elizabethtown and have been Cape Fear Farm Credit members for approxi-
mately four years. They have two brooder houses on contract with Prestage Farms, three finishers
on contract with Murphy Brown, a cow/calf operation, and a row crop operation that consists of
corn and soybeans. Jay and his brother Mike Burney are involved in the turkey operation. Tina
works off the farm as an administrative assistant with the Bladen County government. They are
members of Wesley Chapel Methodist Church, and they have two children, Rhett Austin and
Maegan Faith.
cape fear country Summer 2012 9
Bradley & Susan FrederickBradley and Susan Frederick were nominated by Robin Albertson, lending manager for the asso-
ciation. Bradley and Susan have been Cape Fear Farm Credit members for nine years, and they
currently live in Warsaw. Their farming operation consists of tobacco, corn, soybeans, wheat, and
a brooder hub on contract with Nash Johnson and Sons’ Farm, Inc. Susan is a nurse practitioner
at East Carolina Physicians in Beulaville. They are members of Warsaw Baptist Church, and they
have two children, Brayden and Brantley.
russell mcPherson Russell McPherson was nominated by Ginny Martin, branch manager of the Whiteville and
Shallotte branches. Russell lives in Chadbourn and is the farm manager for McPherson Farms.
The family farming operation consists of corn,
wheat and soybeans. They are also involved in
commercial cattle production. Russell’s uncle,
Buddy McPherson, also attended the conference.
Buddy is actively involved in the operation and
is also owner of Southeastern Livestock Market.
Although Russell is not currently a Farm Credit
member, his father, Fred McPherson, has been
a member for more than eight years.
Bradley & Kay Leigh ParkerBradley and Kay Leigh Parker were nominated by Gerald Wilson, branch manager of the Kenans-
ville branch. Bradley and Kay Leigh live in Teachey and have been Cape Fear Farm Credit
members for five years. The farming operation consists of eight broiler houses on contract
with Nash Johnson & Sons’ Farm, Inc., and Black Angus cows. Kay Leigh works as a teacher at
Southwest Onslow High School, and they have one daughter, Sylva Leigh.
cape fear farm credit 10
feature
ryan and Sarah PattersonRyan and Sarah Patterson were nominated by Stuart Betts, branch manager of the Lillington
office. Ryan and Sarah live in Lillington and have been Cape Fear Farm Credit members for
five years. The farming operation consists of tobacco, soybeans, corn, wheat and greenhouse
tomatoes. They have three children, Reece, Rylan and Addison.
Tripp and Kristina QuinnTripp and Kristina Quinn were nominated by Cliff Kilpatrick, loan officer in the Kenansville
branch. Tripp and Kristina currently live in Beulaville, and have been Cape Fear Farm Credit
members for 11 years. Tripp is a first genera-
tion farmer, and his operation consists of
swine finishers on contract with Murphy
Brown, four broiler houses on contract
with Nash Johnson & Sons’ Farm, Inc.,
and butterbeans. His wife, Kristina, is a
loan assistant with Cape Fear Farm Credit,
and they are expecting their first child
in December.
Jeffrey & April StoneJeffrey and April Stone were nominated by
Shawn Hunt, loan officer in the Lumberton
branch. Jeffery and April live in Proctor-
ville and have been Cape Fear Farm Credit
members for two years. They manage several
timber tracts, have a hay operation, and they
also market and sell timber tracts. April is
a teacher for the Robeson County School
System. Jeffrey and April have three children,
Jeffrey, Jr., Noah and Leki, with one on the
way.
cape fear country Summer 2012 11cape fear country Summer 2012 11
Bartley warrenBartley Warren was nominated by Nelson Powell, branch manager of the Clinton office. Bartley
lives in Newton Grove and is actively involved in his family’s farming operation, WF Partner-
ship. The row crop operation consists of corn, soybeans, wheat, sweet potatoes and tobacco.
The livestock portion of the family farm consists of swine finishing floors, brood cows and 3,300
sows, and they sell wean pigs to Murphy Brown.
Shannon & April TannerShannon and April Tanner were nominated by Brook Gillis, branch manager of the Elizabeth-
town office. They currently live in Garland and have been Cape Fear Farm Credit members
for five years. Their farming operation
consists of two brooder hubs on contract
with Prestage Farms and a swine nursery on
contract with Murphy Brown. They also help
on the family’s blueberry farm which consists
of acreage in Bladen and Sampson counties.
Shannon and April have two children, Noah
and Allie.
cape fear farm credit 12
dr . KohL ’S corNer
Many of you know that I travel
to the far reaches of the United
States, and in some instances
other countries, to deliver educational experi-
ences for young producers and others aspiring
to be involved in the great industry of agricul-
ture. Despite recent misconceptions on social
media about future opportunities in the agri-
culture industry, there are many reasons to be
optimistic, as an industry that is the founda-
tion of the American economy and lifestyle.
Here are my top 10 reasons to be excited
about agriculture, in no particular order.
First, growing emerging markets in
the world are demanding more food, fiber
and fuel. Jeff Simmons, one of my former
students at Cornell University and president
of Elanco Animal Health, provides evidence
for this hypothesis in his research. Simply
put, it is called the 50-100-70 Rule. By the
year 2050, the world population will need
100 percent more food, fiber and fuel, and
70 percent will be produced by technology-
enhanced efficiencies. As emerging nations’
standards of living rise, agricultural indus-
tries aligned with these nations have a
splendid opportunity to capitalize on these
trends. Producers also have an opportunity
to be part of something bigger by fulfilling
these demands to feed and clothe the nation
and world.
Second, agriculture is five dimensional,
providing food, fiber, fuel, products for the life
sciences, and life experiences or agri-enter-
tainment. Thinking outside the box will be a
critical skill. It will be important to understand
that one must think globally and then bring
that relevance to your operation and apply it
with the resources and talent available.
Third, there will be more opportunity in
the next 10 years than the last 40 years. That
being said, there will be more opportunity to
fail as well because the stakes are higher, with
more volatility at the extremes. This volatil-
ity will actually create opportunity. The key
is to have a business positioned to proac-
tively capitalize on opportunities. Timing is
important in any business’ success.
The intergenerational transfer of farm
businesses provides opportunities for young
people in farm and non-farm families.
Twenty-one percent of farm families have
no next generation of farm management,
providing the opportunity for young aspiring
agriculturalists to align with an older gener-
ation producer outside the family. Both
models can be successful for producers who
are willing to give up control in order to
continue the legacy of the farm and nurture
the next generation.
The future of agriculture is very exciting
because there is not “one size that fits all.”
There will be a growing market in certain
areas for the business model that provides
local, natural and organic products. Many of
these businesses will be entrepreneurial, with
a need for flexibility, efficiency, and systems
management with strong business planning
skills and execution. The traditional midsized
farm that focuses on efficiency in agriculture
with a modest living withdrawal supple-
mented by non-farm income will be prevalent
as well. Of course, the large complex agribusi-
ness with multiple owners and parties will
require high business management acumen.
Agriculture can be very profitable. An
examination of the top 20 percent of agri-
cultural producers on farm record databases
finds that the average return on assets every
year since 1995 is above 10 percent. This
group includes a wide range of commodi-
ties operating in all types of economic and
weather cycles. However, on the downside,
The 21st Century Legacy of Agriculture By: Dr. David M. Kohl, Professor Emeritus at Virginia Tech
cape fear country Summer 2012 13
the low 20 percent showed a negative return,
suggesting a widening gap of profitability
between the “status quo” producers and those
who strategize and implement best manage-
ment practices.
Young producers have access to strong
networks of support and education. The
young producer educational programs
offered by Farm Credit associations on
business and financial topics are classic
examples. Others in the industry are support-
ive on either a group or one-on-one basis by
forming strategic alliances to provide educa-
tional experiences to improve the industry.
Being able to network via technology
using social media, and receive training via
video conferencing or webcast, along with
traditional face-to-face methods facilitates
leadership. It also equips leaders not only
for the business, but for community policy,
decision making, and public relations at the
local, state and national level. These opportu-
nities are only limited to one’s time, imagina-
tion and energy.
Speaking of technology, the convergence
of biotechnology, engineering and informa-
tion technology will provide opportunities
for the younger generation who have a good
advantage in the adoption of new methods.
The key will be to adopt practices and tech-
nology consistent with your resources and
business philosophy.
Finally, being a young producer who is
successful in the new era will require balance.
That is, business success will be measured
by return on assets, while lifestyle success is
measured by “return on life” with proper allo-
cation of “return on energy” in business and
life. Many producers in face-to-face learning
programs will tell me that the best crop they
raise is their children or others they mentor.
These 10 perspectives on the agricul-
tural industry truly create an attractive envi-
ronment to carry on the legacy of agriculture
and the lifestyle it can provide.
Snipes Insurance Service, Inc.“Nothing but Insurance since 1952.”
Poultry
Cattle
Hogs
Crops
Horse
Dairy
Produce
Dunn, NC • 910.892.2121 • 800.849.8032John Snipes | [email protected] • Dal Snipes | [email protected]
Bradford Brown | [email protected]
We can lower your farm insurance cost and provide better coverage. Don’t pay your next premium bill without calling us for a quote!
We Specialize in Farm Insurance!
Being able to network via technology using social media, and receive training via video conferencing or webcast, along with traditional
face-to-face methods facilitates leadership.
cape fear farm credit 14
CoMMuNITy NEwS & EVENTS
Nine high school graduates from across south-
eastern North Carolina have been awarded
scholarships from Cape Fear Farm Credit.
Cape Fear Farm Credit bases its scholarship
program on academic excellence, extracur-
ricular activities, work experience and the
student’s commitment to southeastern North
Carolina agriculture and rural development.
One FFA Scholarship was awarded in
the amount of $2,000 per year for up to four
years. Cape Fear Farm Credit also awarded
seven At-Large Scholarships in the amount
of $500 each and one Diversity Scholarship
in the amount of $500. To be eligible for the
At-Large and Diversity Scholarships, the
student must be the child or grandchild of a
Cape Fear Farm Credit member.
“Cape Fear Farm Credit sees the impor-
tance of supporting our youth and investing
in the future of agriculture and our rural
communities. These young students are
extremely bright, and we look forward to the
impact they will have on the rural areas of
southeastern North Carolina,” stated CFFC
President Michael Jackson.
Local Students awarded cape fear farm credit Scholarships
“Cape Fear Farm Credit sees the importance of supporting our youth and investing in
the future of agriculture and our rural communities.”
—CFFC President Michael Jackson
Caroline Clement,
daughter of CFFC
m e m b e r s S t e w a r t
and Allison Clement,
g r a d u a t e d f r o m
Midway High School.
She plans to attend
North Carolina State University where she
will major in agriculture education.
At-Large Scholarship Recipients:
Michael Bailey ,
grandson of CFFC
members Tommy and
Bonnie Stone, is a
graduate of Lumberton
Senior High School. In
the fall, he plans to
attend North Carolina State University where
he will major in chemical engineering.
C o r e y C a i s o n ,
grandson of Elon and
Gail King, graduated
from West Brunswick
High School. He plans
to attend Cape Fear
Community College
in the fall where he will major in radiography.
Caroline Clement,
daughter of CFFC
m e m b e r s S t e w a r t
and Allison Clement,
r e c e i v e d t h e F F A
Scholarship and is
also the recipient of
an At-Large Scholarship.
FFA Scholarship Recipient: Diversity Scholarship Recipient:
Kayla Locklear ,
member Pete Locklear
and Kendra Deese-
Locklear, graduated
from Purnell Swett
High School. In the
fa l l , she plans to
attend the University of North Carolina at
Pembroke where she will major in biology.
cape fear country Summer 2012 15
David Dail, grandson
of CFFC member
Norwood Dail, grad-
uated from East Duplin
High School. He plans
to attend the Univer-
sity of North Carolina
at Pembroke in the fall where he will major in
environmental science or environmental studies.
Ashtin Ferrell, daughter of CFFC member
Joe Ferrell, is a graduate of Cape Fear
Christian Academy. In the fall, she plans to
attend the University of North Carolina at
Wilmington where she will major in biology.
Gary Greene, son
of CFFC members
Randy & Nena Greene,
graduated from West
C o l u m b u s H i g h
School. He plans to
attend the University
of North Carolina at Chapel Hill in the fall
where he will major in biology and chemistry.
Bryan Lewis, son
of CFFC members
Robert & Jo Ann
Lewis, graduated from
Fairmont High School.
He plans to attend the
University of North
Carolina at Chapel Hill where he will major
in pre-pharmacy.
Erin Strickland ,
daughter of CFFC
member Thomas G.
Strickland, Jr., is a
graduate of Midway
High School. She will
attend the University
of North Carolina at Wilmington in the fall
and major in biology and pre-dentistry.
Always thankful for the opportunity to serve our customers, our friends!Always thankful for the opportunity to serve our customers, our friends!MatthewsMatthewsMatthews
MATTHEWS HEALTHMART“Caring for you and about you.”
Matthews Gifts“Always something new for you!”
YOUR TEAM@Matthews“Find your team @ Your Team!”
College & Pro
408 NE Blvd. • Clinton, NC910-592-3121
matthewsdrugs.com
352 NE Blvd. • Clinton, NC910-592-5100
matthewsgift s.com
cape fear farm credit 16
CoMMuNITy NEwS & EVENTS
The first Heifer Showdown, coordi-
nated by the Sampson County Coop-
erative Extension, was held on April
28, 2012, at the Sampson County Livestock
Facility in Clinton, N.C. This Cape Fear
Farm Credit sponsored event was attended
by youth from 10 counties. Forty-one heifers
were exhibited by 22 youth ages 5–18 in
breeding and showmanship classes. All
exhibitors were given a choice of an imprinted
“Heifer Showdown” bucket or hat for a prize
in completion of the showmanship classes.
Highlights for the show were Holly
Price of Johnston County, awarded Grand
Champion Heifer, and Wyatt Kendall of
Sampson County receiving Reserve Grand
Champion Heifer. Champion Showmanship
winners receiving $50 cash were: Junior-
Logan Murphy of Jones County, Intermedi-
ate-Jordan Kennedy of Lenoir County and
Senior-Carlie Piercy of Sampson County.
First Heifer Showdown Held in Sampson County
When you begin talking to Carlie Piercy
about showing cattle she just lights up,
and her passion for showing and caring
for her heifers is very evident. Carlie is
the daughter of Clinton Cape Fear Farm
Credit members Jammie and Kim Piercy
of Sampson County.
Carlie has a set routine every day
to precondition her heifers, so they are
ready for each show. There are many
factors that go into livestock shows, and
for this young lady, she takes it seriously.
Unlike the majority of showmen who
begin around eight or nine years old,
Carlie was 12 years old when she took up
the hobby. So she could grow and develop,
she learned through doing research and
talking to older showmen and friends in
the circuit that were willing to pass along
their knowledge and share techniques.
She enjoys every minute of it and has
been very successful in the two years she
has been showing. She was thrilled that
Sampson County was holding its very
first heifer show, and she and her family
were very instrumental in finding a show
sponsor. Carlie did not want money to
hinder an opportunity for youth to partici-
pate in the spring show.
Currently, Carlie is active in the 4-H
livestock program, a member of the North
Carolina Junior Gelbvieh Association and
is currently serving as vice president of the
North Carolina Junior Red Angus Asso-
ciation. For this young lady, showing and
taking care of her heifers is not work; it is
a hobby that has taught her a great deal
about responsibility and dedication.
Youth Spotlight – carlie Piercy
carlie Piercy (right), champion Showmanship winner for the senior division, pictured with Nelson Powell, clinton branch manager
the clinton branch presents carlie Piercy with a sponsorship check for the first Heifer Showdown in Sampson county. (L-r) Sylvia Fryar, Brad Bass, Vickie Giddens, Gloria Chalk, carlie Piercy and Nelson Powell
cape fear country Summer 2012 17
Union High School Senior Blake
Thompson was recently selected as a
Park Scholar. He is one of 45 scholars
that received the scholarship amongst a pool of
nearly 1,500 applicants. His parents, John and
Deborah Thompson, are Cape Fear Farm Credit
members and are extremely proud of their son
and look forward to seeing what he will achieve
while attending North Carolina State Univer-
sity. Blake plans to double major in agricultural
and mechanical engineering, and his long-term
plans are to land a career with John Deere and
design specialty agricultural equipment.
The first recipient from Union High
School and one of the youngest scholars at 16
years old, Blake believes that a great deal of
his dedication and desire to succeed is a direct
result of growing up on a farm in Sampson
County. As a youngster, his father would
always tell him working in the turkey houses
and around the farm would make him a better
person in the future. Blake also feels that his
school, community and church involvement
helped mold and guide him to success.
About three years ago, the Thompson’s
decided to embark on a new family venture
and started a vineyard to sell table grapes.
The vineyard came to fruition as a result of
the family exploring retirement options and
looking at a way to stabilize a field from wind
erosion. They are using organic production
methods, and they have even made some of
the equipment used for the vineyard. Blake
enjoyed designing and welding the vineyard
sprayer and said that has always been his
passion, which led him to choose the career
path that he will be pursuing in the fall.
John and Deborah both grew up on
farms and thought it was important to raise
their sons on a farm as well. John stated,
“There’s nothing I like better than farming.
I thank God every day for putting us in this
country, this county and this rural setting.”
Blake will embark on the next chapter of his
life in a few short months, but he will take
with him all the lessons learned on the farm
and in his community and church.
a view of the thompson family’s vineyard in Sampson county
(L-r) Blake thompson, Park Scholar, with parents deborah and John thompson, and Nelson Powell, Clinton branch manager, and Brad Bass, Clinton loan officer
Local Student Named Park Scholar
cape fear farm credit 18
CoMMuNITy NEwS & EVENTS
Cape Fear Farm Credit recently partici-
pated in the 2012 Community Tour along
with many cooperatives from across North
Carolina. The bike tour began on May 12
in Miami, Fla., and continued up the East
Coast to Portland, Maine, on July 7 with eight
major stops along the way. Durham, N.C.,
was included in one of the major stops where
various cooperatives across the state joined
to celebrate the cooperative business model,
the importance of community, and a day full
of fun for the whole family. This community
tour coincides with the 2012 International
Year of Cooperatives which was recognized
by the United Nations.
The children of Edgewood Elementary School
were thrilled to have their own chicken
coop. Katherine Hyatt, science lab teacher at
Edgewood Elementary School, was instru-
mental in having a chicken coop built for the
Junior FFA chapter members at the school.
This Junior FFA chapter is part of FFA’s
PALS Program that partners with the White-
ville High School FFA chapter, where White-
ville High School FFA members help teach
the elementary students about agriculture.
Katherine Hyatt states, “This is a tremen-
dous benefit to the elementary children and
the high school members have to volunteer
their time.” She hears a lot of parents talk
about growing up on a farm, and they fear
that their children would not know about
farm life. Through their studies and hands-on
learning, the children had always hatched
eggs and always wanted to keep them. To
see that the children could raise the chickens,
Cape Fear Farm Credit’s Whiteville branch
donated funds to build a chicken coop. Now
the children are able to continue to watch
the lifecycle of the chicken. After the chicken
coop was built, one of the PALS meetings was
focused on “The Hen Dance,” educating the
students on the lifecycle of chickens.
cape fear farm credit Participates in 2012 community tour
Rod Lusk, CFFC loan officer, talking to a representative from Cabot Creamery
edgewood elementary School teaches Students about agriculture
(From the left): Hayleigh Fisher, Anett Maldonado, Becky Thompson, consumer loan officer in the cffc Whiteville branch, Qrana McKay, Katherine hyatt, science lab teacher, omarion richardson, christopher elkins, and Jonathan hammond. Mrs. hyatt is holding rocky, one of the school’s chickens.
cape fear country Summer 2012 19
aSSociatioN NeWS
A big benefit of doing business with Cape
Fear Farm Credit is patronage time where our
members get to share in the success of the
cooperative. In celebration of our members
and the ability to share in the profits of Cape
Fear Farm Credit, each branch office held a
local patronage celebration event. Branches
held breakfast, lunch or dinner events, and
the highlight of the events was the chance to
pick up patronage checks!
Members Celebrate in Cape Fear Farm Credit’s Success!
!"#$%&&'()*$+*,(-./()&//$01(&)2/$23,".*3".2$045&$6&4,$0".)2,789
:;<$=>$?(@()&$%2>$9?.))A$!0$BC::D9
EFG(H&$IJ;<K$CJ;L0M+%IBNBNK$$$$64O$IJ;<K$CJBLBJDD9###>*/#H54/>H"P$$$$$$$*/#Q*/#H54/>H"P9
9$$R3&$0M+>$!&@&,$S)T&,&/2(P42&$23&$U41.&>V9
•!!"#$%&'()*'•!+##$,"-".'•!/$$00&&12".'•!345)5&46(7,454'•!8)97$::'
•!;$%12:)-$"4'•!<&=2&>4'•!+,?254'•!@)").&%&"5'''';$"4,:-".'
!!?(@&,/&$W)H"P&$R4O$X$+HH".)2()*$Y4H'*,".)T$$9
!!;J$7&4,/$()$M.-1(H$+HH".)2()*9!!%4P5/")$0".)27$!42(@&9
9
!!0"L"#)&,$Z$M".12,7$X$["#$0,"5$E5&,42(")9
!!045&$6&4,$64,P$0,&T(2$\&P-&,9!!%4P5/")$0".)27$[&/(T&)29
$9
["T)&7$\>$=4,,&)A$0M+9 ]4.,4$^")&7H.22A$0M+9
cape fear farm credit 20
aSSociatioN NeWS
Three southeastern North Carolina agribusiness leaders were recently elected to fill positions on the board of directors of Cape Fear Farm Credit.
Ronald J. Allen of Bladenboro, P. Jart Hudson, Jr., of Turkey, and Gene S. West, Jr., of Newton Grove were elected to serve four-year terms as
directors for the Association.
Local farmers elected to cffc Board of directors
Ronald Allen is
a lifelong resident
of Bladen County
w h e r e h e h a s
f a r m e d s i n c e
1990. His farming
operation consists
of swine, poultry,
cattle, hay and a hunting preserve. Allen is
retired from Southeastern Regional Medical
Center. He has been a Farm Credit member
for 21 years, and has served as a director for
nine years. He is a member of Hickory Grove
Baptist Church. Allen also serves on the
boards of the Four County Electric Member-
ship Cooperative and the Bladen County Soil
and Water Conservation District.
Jart Hudson, Jr.,
i s a n a t i v e o f
Sampson County
where he has been
f a r m i n g f o r 2 9
years. Hudson’s
farming operation
cons is ts o f row
crops, tobacco, cotton, swine, sweet potatoes
and peanuts. He has been a Farm Credit
member for 20 years, and he has served as
director for nine years. Hudson serves on the
boards of Tri-County Gin and the Tobacco
Growers Association of N.C. He is also a
member of First Baptist Church.
Gene West, Jr., is
a lifelong resident
o f S a m p s o n
County and has
b e e n f a r m i n g
for 30 years. His
operation consists
of row crops, swine,
cotton, and he is the owner of a cotton gin.
West has been a Farm Credit member for 27
years and director for one year. He is also a
member and deacon at Oak Grove Free Will
Baptist Church.
Need new equipment, a vehicle, or a building? Consider a Lease.
Leasing is an excellent way to• Reduceexpenses• Lowertaxes• Giveyoumorecontrolofyourbalancesheet
“Where your interest pays dividends!”
Call today for more details!
For more information contactJay Darden
800.368.5819 [email protected]
cape fear country Summer 2012 21
Tobacco barns across North Carolina
represent an industry that has been an
important part of the state’s economy
for many, many years. These barns also
represent family, hard work, dedication, live-
lihood, passion and the list goes on. With the
changes in curing tobacco, traditional flue-
cured tobacco barns are rapidly disappearing.
To help preserve part of our history,
we will be collecting photos of traditional
flue-cured tobacco barns from across our
12-county territory (Bladen, Brunswick,
Columbus, Cumberland, Duplin, Harnett,
Hoke, New Hanover, Pender, Robeson,
Sampson and Scotland). Take
part in this project and send in
your tobacco barn photo with
the location (county and town)
of the tobacco barn, brief history and your
contact information.
Are you using your tobacco barn in a
creative way? If so, be sure to share that with
us too. We plan to use some of these photos
in an upcoming issue of Cape Fear Country,
so be sure to send in your photo. A piece of
your family history might be featured in our
magazine.
The deadline to submit tobacco barn
photo(s) is November 1, 2012.
Ways to submit your photo(s):
• via email to:
• mail to:
Cape Fear Farm Credit
Attn: Marketing Department
PO Box 2405
Fayetteville, NC 28302
Tobacco Barn—A Piece of North Carolina History
Farmers are our business…We speak your language.
Crop insurance (multi-peril and crop hail) Poultry and livestock houses • Life insurance
Health insurance • Annuities
384 West Depot Street PO Box 158 • Angier, NC 27501
919-639-2025 • 1-800-655-8106
www.stuartsurlesinsurance.com
Serving local farmers and ranchers in NC, SC, VA, MD and DE.
aSSociatioN NeWS
Evan Kleinhans joined Cape Fear Farm
Credit as the chief financial officer on
December 1, 2011. He attended East Carolina
University where he obtained his Bachelor
of Science in Business Administration with
a concentration in management in May
2005. He also attended graduate school at
East Carolina University and obtained his
Master of Business Administration with a
concentration in finance in May 2009. Prior
to joining Cape Fear Farm Credit, Evan was
vice president of finance and accounting for
Information Sciences Consulting, Inc. He is
a member of The American Finance Asso-
ciation and Financial Management Associa-
tion International. Evan and his wife, Katie
Kleinhans, currently reside in Stedman, N.C.
Evan enjoys spending time with family and
friends, fishing, boating and playing golf.
Sharon Smith has been promoted to the
position of loan officer/controller. Sharon
has been employed with Cape Fear Farm
Credit since 2005, and served as a credit
analyst and loan officer during her tenure
with the Association. She will continue to
serve as a loan officer in the Capital Markets
Division and is also serving as a controller
in the Finance & Operations Division of the
Association. Sharon received a bachelor’s
degree in accounting from Fayetteville State
University as well as an associate’s degree
from Sampson Community College. She
lives in Clinton with her husband, John, and
their two sons, Peyton and Preston. She is
a member of the Sampson County Partners
for Healthy Carolinians and leader of Fitness
Pals through the Sampson County Extension
Volunteer Organization.
Welcome New Employee
Employee Promoted
cape fear farm credit 22
Cape Fear Farm Credit is now accepting applications for Ag Biz Planner, an online educational opportunity for young, beginning, small, and minority farmers
offered by Farm Credit University and partially funded through a grant from the N.C. Tobacco Trust Fund Commission. If you are interested in applying or learning more, visit our website at capefearfarmcredit.com, and click on the link under the Announcements section. Application deadline is September 3, so apply today!
cape fear country Summer 2012 23
t idBitS
Baby Announcement
Newsworthy Members and Employees
Raeford members Zach Walton and April
Dederick welcomed a son Hucks Leon
Walton on March 7, 2012. He weighed 9
pounds 3 ounces and was 22 inches long.
Congratulations on the newest addition!
Congratulations to Kenansville members
Bradley and Kay Leigh Parker. They welcomed
a daughter Sylva Leigh Parker on November
18, 2011. Sylva weighed 7 pounds 9 ounces and
was 20 ¼ inches long.
Sylva Leigh Parker
Clinton member William Bullard was recognized by Butterball as the Brooder of the Year
in 2011. Congratulations!
Karli Moore, daughter of Lumberton members Eddie and Tyra Moore, was recently
awarded a Park Scholarship to attend N.C. State University. Congratulations for this great
accomplishment! william Bullard
surrounding areas. This family offers tours
of their operation multiple times a year
to church groups and children in hopes of
educating these groups about the importance
of agriculture and how their food makes it to
the dinner table.
The family is honored to receive the
2012 NC A&T State University Small Farmer
of the Year award. Ada restated some of the
comments she shared at the Small Farms
Week Banquet at A&T in Greensboro where
they were presented with the award. She said
that receiving the award was not about any of
them individually; it was about the blessings
that God had given them. They have asked
God for guidance in all they have done over
the years.
The Beatty’s have been doing business
with Cape Fear Farm Credit since 2004, and
they expressed what a great relationship they
have with the Elizabethtown office. “We’ve
never asked for anything we didn’t get, when
we needed it. They are always timely,” Albert
stated. Ada went on to say, “It is so pleasant
to walk in the office in Elizabethtown. They
always take a minute to chat with you. We
appreciate Cape Fear Farm Credit; I don’t
know any other way to put it.”
Congratulations to the Beatty family
of Bladen County for this outstanding
recognition!
coNtiNued froM Page 7
albert Beatty (center) with daughter Sonya (left) and wife, ada (right)
cape fear farm credit 24
reciPeS
Summertime Mealsrecipes courtesy of family features
When it’s time to fire up the grill, go beyond
the bun this season with succulent pork
ribs. Armed with these juicy tips and a great
recipe, you’ll be ready to grill with the best—
and that could mean big prizes for you.
the rib Basics Need a rundown on ribs? The National Pork
Board has the tips and tricks you need to know
to take your grilling game to the next level:
• Back ribs originate from the blade and
center section of the pork loin, which is
known for the “finger meat” between the
bones. Back ribs also are referred to as
“baby” back ribs because they are smaller
than spareribs.
• Spareribs, usually larger and heavier than
back ribs, are known for their delicious,
meaty pork flavor.
• Dry rubs are a mixture of herbs and spices
applied to ribs just before barbecuing to
create an intensely flavorful, smoky crust.
• Ribs are often basted with sauces during
the barbecuing process to enhance flavor
and to create a sweet and savory glaze. For
best results, brush ribs generously during
the last 30 minutes of cooking.
• Always use tongs, not a fork, to turn ribs as
they cook—piercing the meat causes juices
to escape.
• When grilling ribs, adding aromatic wood
chips like hickory, apple or oak to the
preheated coals infuses the meat with
the distinctive smoky flavor prized in
authentic barbecue.
Think you have a winning rib recipe? Enter the “Dibs on My Ribs Pork Recipe
Cookoff.” Visit www.porkbeinspired.com/dibsonmyribs and enter your original
sparerib recipe before August 12, 2012. All entries must use a minimum of three
ingredients, including pork spareribs, at least one McCormick spice or seasoning
product, and at least one Kraft Foods BBQ sauce (if recipe requires a sauce).
Two Grand Prize winners will receive a one-year supply of groceries and the
chance to attend the 2013 Memphis in May BBQ Event in Memphis, Tenn. Visit the
website for complete rules and entry form.
cape fear country Summer 2012 25
Sweet, Spicy and Smoky SpareribsServes 6
Prep Time: 10 minutes
Cook Time: 2 hours
Ingredients:
5 pounds spareribs, cut into 4-rib slabs
1 tablespoon smoked sweet paprika
1 tablespoon kosher salt
2 teaspoons dried oregano
2 teaspoons cumin, ground
1 teaspoon ground chipotle chiles or
chili powder
1 teaspoon garlic powder
1 teaspoon onion powder
1/2 cup honey, heated until liquid
Directions:
1. Mix paprika, salt, oregano, cumin,
chipotle or chili powder, garlic powder
and onion powder together in small bowl.
Sprinkle generously over both sides of
ribs. Let stand at room temperature while
preparing grill.
2. Prepare outdoor grill for indirect
medium-hot grilling. For a gas grill,
remove cooking grates. Preheat grill on
high. Turn 1 burner off. Place disposable
aluminum foil pan over off burner and
add 2 cups water to pan. Replace grates.
Adjust heat to 350°F. For a charcoal
grill, place disposable aluminum foil pan
on 1 side of charcoal grate. Build fire on
opposite side, and let burn until coals
are coated with white ash. Spread coals
in grill opposite pan and let burn 15 to
20 minutes. Add 2 cups water to pan.
Position cooking grate in grill.
3. Lightly oil cooking grate. Place ribs over
foil pan and cover grill. Cook, adding
water to pan as needed, until ribs are
browned, fork-tender, and meat pulls
away from end of bone, about 2 hours.
(For charcoal grill, add 10 briquettes to
fire every 45 minutes to maintain heat.)
During last 20 minutes, occasionally
brush both sides of ribs with warm honey.
4. Let stand 5 minutes, cut into ribs, and
serve hot.
cookout PotatoesServes 8
Prep Time: 30 minutes
Grill Time: 60 minutes
Ingredients:
Non-stick cooking spray
1 medium onion, halved and thinly sliced
1 1/2 pounds Yukon gold potatoes, very
thinly sliced
1 1/3 cups shredded low-fat sharp
cheddar cheese
1/3 cup real bacon bits
1/3 cup chopped bell pepper (any color)
1/2 teaspoon garlic salt
Directions:
1. Spray 9 x 9 x 2-inch foil pan liberally with
nonstick cooking spray.
2. Place half the onions, potatoes, cheese,
bacon bits, bell pepper and garlic salt in
pan. Repeat layers.
3. Cover tightly with foil; grill over medium
heat for 1 hour, rotating pan occasionally
to avoid hot spots.
Nutrition Facts: Calories: 140; Fat: 2.5g;
Cholesterol: 10mg; Sodium: 370mg; Vitamin
C: 45% daily value; Fiber: 1g; Protein: 10g;
Potassium: 720mg
cape fear farm credit 26
reciPeS
frozen grape and Banana Skewers with chocolate drizzleThese delightful frozen treats are healthy, too.
Serves 4
Ingredients:
2 firm ripe bananas
2 tablespoons orange juice
1/2 cup red grapes (about 16)
1/2 cup green grapes (about 16)
8 10-inch wooden skewers
1 1/2 ounces dark chocolate (60 to 70 percent
cocoa solids), finely chopped
Directions:
1. Line a baking sheet with wax paper. Cut
the banana into 1/2-inch-thick rounds.
Place in small bowl and toss gently with
the orange juice.
2. Skewer fruit, alternating two grapes for
each piece of banana, and place fruit
skewers onto lined tray.
3. Place chocolate in small microwave safe
bowl. Microwave for 1 minute, then stir
well, and microwave another 10 seconds
if necessary to melt chocolate.
4. Using a spoon, drizzle melted chocolate
onto fruit skewers.
5. Place the tray in the freezer for at least 2
hours. Once frozen, skewers may be trans-
ferred to a sealable plastic bag where they
will keep in the freezer for up to a week.
Allow to soften at room temperature for 5
minutes before eating.
f iNaNciaL rePort
cape fear country Summer 2012 27
The shareholders’ investment in the association is materially affected by the financial condition and results of operations of AgFirst Farm Credit Bank. Copies of AgFirst’s quarterly and annual financial reports to shareholders are available free of charge at www.agfirst.com, or by writing to AgFirst Farm Credit Bank, Financial Reporting Department, P.O. Box 1499, Columbia, SC 29202-1499.
Consolidated Statements of Income
(unaudited)
Consolidated BalanceSheets
March 31, December 31,
(dollars in thousands) 2012 2011
(unaudited) (audited)
AssetsCash 176$ 334$ Investment securities: Held to maturity (fair value of $2,548 and $2,565 respectively) 2,392 2,392
Loans 1,317,777 1,298,556 Less: allowance for loan losses 7,380 8,088
Net loans 1,310,397 1,290,468
Accrued interest receivable 5,896 5,539 Investments in other Farm Credit institutions 27,147 27,573 Premises and equipment, net 3,698 3,661 Other property owned 2,140 2,276 Due from AgFirst Farm Credit Bank 3,021 14,620 Other assets 4,830 5,474
Total assets 1,359,697$ 1,352,337$
LiabilitiesNotes payable to AgFirst Farm Credit Bank 1,074,975$ 1,075,338$ Accrued interest payable 1,999 2,136 Patronage refunds payable 761 14,339 Other liabilities 25,523 13,029
Total liabilities 1,103,258 1,104,842
Commitments and contingencies
Members' EquityCapital stock and participation certificates 10,869 10,924 Surplus Allocated 129,471 128,951 Unallocated 116,120 107,637 Accumulated other comprehensive income (loss) (21) (17)
Total members' equity 256,439 247,495
Total liabilities and members' equity 1,359,697$ 1,352,337$
(dollars in thousands) 2012 2011
Interest IncomeInvestment securities 37$ 37$ Loans 17,018 16,902
Total interest income 17,055 16,939
Interest ExpenseNotes payable to AgFirst Farm Credit Bank 6,446 6,921
Net interest income 10,609 10,018 Provision for (reversal of allowance for) loan losses (731) 204
Net interest income after provision for (reversal of allowance for) loan losses 11,340 9,814
Noninterest IncomeLoan fees 483 478 Fees for financially related services 297 199 Patronage refunds from other Farm Credit institutions 3,021 3,261 Gains (losses) on other property owned, net (59) (997) Gains (losses) on sales of rural home loans, net 40 82 Gains (losses) on sales of premises and equipment, net 30 13 Other noninterest income (expense) 136 (10)
Total noninterest income 3,948 3,026
Noninterest ExpenseSalaries and employee benefits 4,299 4,123 Occupancy and equipment 307 307 Insurance Fund premiums 133 158 Other operating expenses 1,449 1,401
Total noninterest expense 6,188 5,989
Income before income taxes 9,100 6,851 Provision for income taxes 70 48
Net income 9,030$ 6,803$
ended March 31,
AgChoice Farm Credit, ACA
Consolidated Balance Sheets
Consolidated Statements of Income(unaudited)
For the three months
March 31, December 31,
(dollars in thousands) 2012 2011
(unaudited) (audited)
AssetsCash 176$ 334$ Investment securities: Held to maturity (fair value of $2,548 and $2,565 respectively) 2,392 2,392
Loans 1,317,777 1,298,556 Less: allowance for loan losses 7,380 8,088
Net loans 1,310,397 1,290,468
Accrued interest receivable 5,896 5,539 Investments in other Farm Credit institutions 27,147 27,573 Premises and equipment, net 3,698 3,661 Other property owned 2,140 2,276 Due from AgFirst Farm Credit Bank 3,021 14,620 Other assets 4,830 5,474
Total assets 1,359,697$ 1,352,337$
LiabilitiesNotes payable to AgFirst Farm Credit Bank 1,074,975$ 1,075,338$ Accrued interest payable 1,999 2,136 Patronage refunds payable 761 14,339 Other liabilities 25,523 13,029
Total liabilities 1,103,258 1,104,842
Commitments and contingencies
Members' EquityCapital stock and participation certificates 10,869 10,924 Surplus Allocated 129,471 128,951 Unallocated 116,120 107,637 Accumulated other comprehensive income (loss) (21) (17)
Total members' equity 256,439 247,495
Total liabilities and members' equity 1,359,697$ 1,352,337$
(dollars in thousands) 2012 2011
Interest IncomeInvestment securities 37$ 37$ Loans 17,018 16,902
Total interest income 17,055 16,939
Interest ExpenseNotes payable to AgFirst Farm Credit Bank 6,446 6,921
Net interest income 10,609 10,018 Provision for (reversal of allowance for) loan losses (731) 204
Net interest income after provision for (reversal of allowance for) loan losses 11,340 9,814
Noninterest IncomeLoan fees 483 478 Fees for financially related services 297 199 Patronage refunds from other Farm Credit institutions 3,021 3,261 Gains (losses) on other property owned, net (59) (997) Gains (losses) on sales of rural home loans, net 40 82 Gains (losses) on sales of premises and equipment, net 30 13 Other noninterest income (expense) 136 (10)
Total noninterest income 3,948 3,026
Noninterest ExpenseSalaries and employee benefits 4,299 4,123 Occupancy and equipment 307 307 Insurance Fund premiums 133 158 Other operating expenses 1,449 1,401
Total noninterest expense 6,188 5,989
Income before income taxes 9,100 6,851 Provision for income taxes 70 48
Net income 9,030$ 6,803$
ended March 31,
AgChoice Farm Credit, ACA
Consolidated Balance Sheets
Consolidated Statements of Income(unaudited)
For the three months
Cape Fear Farm CreditP.O. Box 2405Fayetteville, NC 28302
PrSrt Stdu.S. PoStage
P a i dcoLuMBia ScPerMit 1160
Keep your family afloat.
WithCapeFearFarmCredit’slifeinsuranceoptions,youcanrestassuredthatyourfamilyisprotected.Giveusacalltolearnmoreandfindouthowtokeepyourfamilyafloat! “Where your interest pays dividends!”
800.368.5819 | www.CapeFearFarmCredit.com
Top Related