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.
The Association’s performance is the result of outstanding efforts by our staff, our directors, the staff of our discount bank, the AgFirst Farm Credit Bank, and most of all, by our stockholders/borrowers. Our record is something all of us should be proud of.
2005 Performance
2005 was a year in which the Association exceeded our goals in all categories. Earnings, asset quality, asset volume, performance quality, each exceeded business plan projections and in most cases, prior year results. Please review the financial statements and accompanying notes for the details, I am sure you will be pleased with the numbers.
2006 Focus and Objectives
Quality customer service, competitively priced products, appropriate risk management, and efficient operations will always be the focus of North Florida, ACA. Our 2006 objectives include increased productivity and improved efficiency. We will be working with The AgFirst Bank to initiate CRM (Customer Relationship Management) and Imaging Systems to improve the management and storage of data. This initiative should help lighten the “paper” load on our professional lending teams, creating more time for value added customer service and marketing.
North Florida, ACA is blessed with an outstanding, dedicated staff and board of directors. Our record of success is clear evidence of the commitment of the board and staff. While market competition and financial products are continuously changing, education has been an important annual initiative for many years. Because we will never be satisfied with our performance, 2006 will be no different in our commitment to continuing corporate education and to improving all facets of our business.
Serving Rural North Florida and Rural America
Farm Credit of North Florida is committed to enhancing the economic well being of our North Florida community. The Farm Credit System is committed to doing so throughout America. We are the only privately owned financial institution with this as our primary mission. Through our lending products, our Young, Beginning, and Small Farmer Program, and through our cooperative system of paying patronage (over $80 million declared since 1988) we are carrying out our mission. However, economic returns are only part of our mission. Backing up our commitment through hours of community involvement given by our staff and directors cannot be measured in monetary form. This is our culture; we are committed to serving all of our community, young, beginning, small, large, rural, or urban, we are here to “enhance the economic well being of our North Florida community”. We’ve been doing so since 1933.
J. Charles Thompson
President
March 1, 2006
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