AgSouth Farm Credit recently reported second quarter earnings totaling $11.09 million, bringing year-to-date income, as of June 30, for the cooperative to $21.5 million. This compares to $9.0 million for the second quarter of 2011 and $17.07 million year-to-date on June 30, 2011.
“Earnings as of June 30, 2012, are significant,” AgSouth CEO Bill Spigener said, “and the association is poised to generate record profits in 2012. The association’s directors and staff continue to focus on delivering credit in a safe and sound manner in our chartered territory.”
As a cooperative, AgSouth returns its profits to its customers through patronage refunds, a form of profit sharing, to its member-borrowers. Chief Financial Officer Alisa Gunter reported that the association has returned more than $324 million in cash to its borrowers, more than $28 million of that in 2012 alone. The association has $1.576 billion in total assets and $254 million in total capital. AgSouth has almost 7,650 borrowers in its territory.
AgSouth is headquartered in Statesboro, Ga., with administrative offices in Spartanburg and Orangeburg, as well as 26 branches serving 59 Georgia and 34 South Carolina counties.