News

Illinois farm lender saw growth in 2016

Farm Credit Illinois is seeing a lesser than expected extent of low commodity prices versus inflated input costs, said Tom Tracy, President and CEO of the agriculture lender.  There is pressure on the agriculture economy, but Tracy says some of that is offset by the high degree of business acumen among the cooperative’s members.

“They appear to making adjustments,” Tracy told Brownfield Ag News.  “We’ve seen expenses coming down; we’ve seen some very savvy marketing, taking opportunities of moments in the marketplace where various commodities can be marketed at better values.”

The cooperative’s 2016 financial results are highlighted by stable loan volume and increased net income for the lender, according to Tracy.  Borrowers take advantage of opportunities presented by the market, he said.

“And due to the business acumen of today’s producer, they don’t wait to pull the trigger very long on taking advantage of those opportunities,” said Tracy.

Farm Credit Illinois’s loan portfolio grew 3.1 percent to $3.94 billion.  Net income grew by 13.9 percent to $69.6 million for the year ending December 31, 2016.

AUDIO: Tom Tracy (8 min. MP3)