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    Financial Highlights
 
The cooperative's primary source of earnings is loans to members throughout the State of Maine. Our business plan sets annual targets for loan volume growth, earnings and patronage dividends to our customers.

An important part of our strategy is our ongoing business relationships with a number of business partners in Maine and Farm Credit businesses nationwide. Farm Credit businesses include: CoBank, our $60 billion national banking partner; Farm Credit Leasing, our national leasing company; and Financial Partners, Inc., our jointly-owned operations and technology center. These partners are keys to our success.

The table below summarizes some of our key financial performance measures for the third quarter of 2009. Our board measures financial performance quarterly.

  • Total loan commitments at September 30, 2009 were $555.3 million..
  • Total loan volume outstanding at September 30, 2009 of $398.0 million is $31.8 million or 8.7 percent higher than last year.
  • After-tax net income of $3,405,782 at September 30, 2009 yielded an ROA (return on assets) of 1.7 percent. Our profit plan goal for 2009 is a return on assets of 1.5 percent
  • Our permanent capital ratio was 15.4 percent at September 30, 2009.
  • In January of this year, the cooperative's board declared a 2009 patronage dividend totaling $1,600,000. Distribution to eligible stockholders was 50 percent in cash this past spring ($800,000 distributed) and the remaining 50 percent to allocated surplus funds for planned distribution in 2015.
     

FINANCIAL PERFORMANCE
( $ in millions)


Full Year

Quarterly
Data for Q3

  2005
2006
2007
2008
2008
2009
Total Loan Commitments
466.1
493.9 511.6 538.6 527.8 555.3
Total Loan Volume
331.9
335.2 332.4 375.0 366.2 398.0
% Acceptable 99.3 98.9 98.6 98.7 98.5 98.0
After-Tax
Net Income
5.4* 4.1** 3.8 3.8 2.8 3.4
% Permanent Capital Ratio
16.7
15.4 16.2 14.9 15.7 15.4

* Includes a one-time benefit to income from a reversal of Allowance for Credit Losses in the amount of $1.8 million in 2005 due to the adoption of a refined methodology for calculating loss reserves.

** Includes a one-time benefit to income of $469,000 due to a change in accounting for deferred income taxes

The Annual Report contains more detailed financial information.

You can download our selected financial reports in Adobe Acrobat format. Downloads may take several minutes to complete, depending on
the speed of your Internet connection.

Click here to download the 2009 3rd Quarter Report

Click here to download the 2008 Annual Report

Click here to download the 2007 Annual Report

The Adobe Acrobat Reader is available free. You must install this reader on your machine before you can read our financial reports.

Download the Adobe Acrobat© Reader

 

 
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