Farm Credit Services reports income drop

GREELEY – Mountain Plains Farm Credit Services reported net income of $2.4 million for the second quarter of 2009 and $4 million for the first half of the year.

That compares to net income of $5.1 million for the second quarter of 2008 and $10.4 million for the first half of that year.

Terry Anders, president and CEO, said the decrease in net income was primarily due to economic stress being felt by dairy, cattle, hog and poultry producers.

SPONSORED CONTENT

How Platte River Power Authority is accelerating its energy transition

Platte River Power Authority, the community-owned wholesale electricity provider for Northern Colorado, has a history of bold initiatives.

“As we identify additional risk in certain loans, we are diligent to use a portion of our earnings to offset the potential for loan losses,” he said. “Since the beginning of this year, we have added $3.6 million to our provision for loan losses.”

Anders said net income has also been impacted by a decrease in interest income, lower patronage income from the association’s funding bank and increased operating expenses.

The organization is a member-owned lending cooperative serving farmers, ranchers, agribusinesses and rural families from offices in Greeley, Grand Junction, Montrose and Durango.