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President's Message

Charles Thompson, CEO and President, has been with Farm Credit since 1970, starting as branch manager/loan officer in Belle Glade, FL. Next he was an appraiser/credit reviewer at the AgFirst Bank, followed by 6 years as CEO of Farm Credit of South Florida. He then went to AgFirst Farm Credit Bank as VP for 1 year, then 2 years as CEO of Farm Credit of Northwest Florida. He has been the CEO of Farm Credit of North Florida since February 1989. He spends his spare time with family, church, exercising, reading and cooking.

June 2009

Economic conditions in North Florida and across the country continue to adversely impact the 2009 performance of the Association. A depressed housing market leads to significant declines in new construction, causing depressed lumber prices, which drive real estate values down, resulting in lower tax revenues. Add all this together, and then what? We find higher unemployment, lower consumer and investor confidence, less private investment, and significant cuts in government spending. Yes, the economy has impacted our customers and therefore, the Association’s financial performance. Asset quality has declined and risk has increased, which in turn has caused management and the Board to increase loan loss reserves. The increase in reserves reduces earnings.

February 2008

2007 was another solid year for the association. Asset growth, although not at the rate achieved in previous years, met budget and finished the year at just over 4% above of the same point in time in 2006. Asset quality remained at an acceptable level, earnings were again over $10 million, and capital, our ability to manage risk, improved. The result? In December, the board of directors declared a patronage for 2007 and a return of a portion of the association’s allocated surplus. This will be the 19th consecutive year a patronage has been declared. Our mission, “To enhance the economic well being of our North Florida community by providing high quality financial services to all customers and above market returns to our stockholders”, has again been achieved.

November 2007

When I was reminded this would be the ‘Holiday’ edition of our Leader magazine, it was like a cold splash of water in my face. My first reaction was, “Wow!” Where did the time go? Then I thought to myself, it’s been that kind of year with so much going on, so many things to do and so many places to be. The calendar’s open, then it’s not. No wonder time passes so fast. And now, what do I say in this year–end message? What kind of year has it been? Our performance? Our people? The outlook for the future? Sounds good to me, so here goes.

February 2007

Here at Farm Credit of North Florida our corporate mission is, “To enhance the economic well being of our North Florida community by providing high quality financial services to all customers and above market returns to our stockholders”. We believe the association’s 2006 performance allows us to say with confidence “Mission Accomplished”. This will be the eighteenth consecutive year the association has declared, and will pay our patrons, a patronage refund, resulting in a lower cost of credit for our customers and placing capital back into our North Florida community.

March 2006

Our Cooperative form of business continues to produce positive economic benefits for our stockholders and our North Florida community. The 2005 financial performance will enable the Association to continue its record of paying a patronage since 1988, a patronage that helps reduce the member’s effective cost of borrowing and makes a positive contribution to the North Florida economy.

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