Sun Prairie, Wis., March 16, 2018 (GLOBE NEWSWIRE) -- Compeer Financial, a member-owned Farm Credit cooperative based in the Upper Midwest, announced financial results for year-end 2017, including record income, stable credit quality, and solid liquidity and capital. Compeer Financial began doing business on July 1, a result of a merger between 1st Farm Credit Services, AgStar Financial Services and Badgerland Financial. Due to the merger, earnings reflect the performance of AgStar Financial Services prior to July 1, 2017 and Compeer Financial after July 1, 2017.
Compeer Financial reported net after-tax earnings of $264.9 million for the year. The cooperative reported year-end total assets of more than $19.5 billion. Net income increased 105% and the year-end assets increased 118% from 2016 primarily due to the merger.
Economic and agricultural conditions changed modestly throughout 2017. Compeer Financial’s credit portfolio includes several diverse sectors in agriculture with primary industries of grain, dairy, and swine production. Additionally, rural housing, energy, and food processing and distribution comprise significant portfolio segments. The credit quality of the portfolio remains sound with only 0.5% nonaccrual loans as a percentage of total loans and Compeer Financial recorded no material net loan charge-offs for the year. Their total regulatory capital level also remains well above regulatory standards at 15.1% creating a strong foundation to support clients while working through the difficult industry economics.
“In July 2017, three Farm Credit cooperatives united with a shared purpose to strengthen our commitment to advance agriculture and to serve rural communities like never before. In these first six months of Compeer Financial, our financial results have been positive, by creating a diverse portfolio in a wider marketplace, all while sustaining credit quality. The Board of Directors, leadership and team members of Compeer Financial know that what we achieved in 2017 is just the start of how we will continue to champion rural America,” stated Rod Hebrink, president and CEO of Compeer Financial.
“From our products and services, to our patronage program, to our Fund for Rural America, we are delivering on our strong commitment to agriculture and the rural communities we serve with the same dedication to service, and with a greater scope of industry knowledge, resources and financial expertise,” said Hebrink.
Strong financial performance, stable credit quality, and a sound capital position allowed Compeer Financial to approve patronage allocation payments of $118.6 million to nearly 39,000 member-owners and they look forward to sharing cash patronage for 2017 business later this summer.
“We’re committed and proud to share the success of our cooperative with our member-owners by offering this additional value,” concluded Hebrink.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $19.5 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. For more information about Compeer Financial, visit Compeer.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/58dad986-76ad-4570-8ff7-ab6df02b8761
Rochelle Ripp Schnadt Compeer Financial 6083706908 Rochelle.Schnadt@compeer.com
Source: Compeer Financial