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.
We are very pleased to present our annual report for 2004, another outstanding year for the association. Asset quality, earnings, as well as all other performance measures met or exceeded business plan expectations. The board and staff are very proud of the Association’s quality performance and encourage you to study the information contained in this year’s report. We invite your comments and questions.
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Farm Credit of North Florida experienced another good year in 2003. Our gross loan portfolio grew by over 6.8 percent to $485,637,838. Asset quality remained strong while earnings of over $7,000,000 exceeded our business plan projection. These positive results allowed management to recommend and the board to approve a patronage distribution for 2003. Since 1988 over $70 million has been returned to our membership.
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Farm Credit of North Florida — over 80 years of service to the North Florida agriculture and rural community and getting better! 2002 was another outstanding year for the Association with over $200,000,000.00 advanced to our member/borrowers resulting in a growth in net accruing loan assets of slightly over 18 percent. Asset quality remained stable and earnings exceeded both the business plan projections and prior year results. When the 2002 estimated patronage distribution is added to the patronage declared from 1988 through 2001, the association will have returned approximately $65 million to its members over a 14-year period. $46 million will have been paid in cash!
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