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 $52 billion national banking partner; Farm Credit Leasing, our national leasing company; and Financial Partners, Inc., our jointly owned operations center. These partners are key to our success.

The table below summarizes some of our key financial performance measures for the first quarter of 2008. Our board measures financial performance quarterly.

• Total loan commitments at March 31, 2008 were $532.8 million.
• Total loan volume outstanding at March 31, 2008 of $362.7 million is $34.3 million or 10.5 percent higher than last year.  
• After-tax net income of $934,425 at March 31, 2008 yielded an ROA (return on assets) of 1.6 percent. Our profit plan goal for 2008 is 1.6 percent.
• Our permanent capital ratio was 15.5 percent at March 31, 2008.
• In January of this year, the cooperative's board declared a 2008 patronage dividend totaling $1,600,000. Distribution to eligible stockholders was 50 percent in cash this Spring ($800,000 distributed) and the remaining 50 percent to allocated surplus funds for planned distribution in 2014.
   

* Includes a one-time benefit to income from a reversal of Allowance for Credit Losses in the amount of $2.5 million in 2004, and $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