LEADER
LENDING SUPPORT FOR GENERATIONS
River Valley AgCredit
Autumn, 2015
Photo Calendar
Contest Winners
2015 Scholarship Winners
Farm Credit EXPRESS
River Valley AgCredit would like to announce that we have launched a
convenient and easy program to promote buying farm machinery through
Farm Credit EXPRESS. Farm Credit EXPRESS allows equipment financing
while at the dealership. “The new program provides fast, easy and convenient
on-the-spot financing,” CEO Elect Kyle Yancey said. Farm Credit EXPRESS
financing is available to all full-time and part-time farmers even if they don’t
currently do business with River Valley AgCredit. All loans made through
Farm Credit EXPRESS will get the benefit of our Patronage Program. With
the Patronage Program, you are not just a customer but a member-owner
of the Association. The Patronage Program provides a refund that puts
money back in the pockets of our customers. In 2015, River Valley AgCredit
designated $7.2 million in the form of Patronage back to our borrowers.
The next time you are in your local equipment dealership, ask if they
have Farm Credit EXPRESS available for your financing needs.
LEADER
is published for stockholders, directors
and friends of River Valley AgCredit.
PRESIDENT
Stan Brunston
BOARD OF DIRECTORS
David Richesin, Chairman
Joe Campbell, Vice Chairman
Blan Dougherty
Edsel Freels
Darren Grogan
Randall Heath
Curtis Hancock, Jr.
Tiffany Myers, Outside Director
Dr. Buddy Ray, Outside Director
Jack Sanders
David Singleton
Aaron Wilson
Eddie Workman
EDITOR
Shea Weaks
PUBLISHER
AgFirst Farm Credit Bank
PUBLISHING DIRECTOR
Angel Adams
EAST REGION
AgCentral Farmers Coop – Athens, TN (Branches in Sweetwater,
Madisonville, Maryville)
Chattanooga Tractor – Chattanooga, TN
Homestead Lawn and Tractor – Cleveland, TN
Pennine Farm Supply – Spring City, TN
Ritchie Tractor – Athens, TN (Branches in Athens, Maryville, Knoxville)
WEST REGION
CFI Equipment – Calvert City, KY
Dixon Equipment – Murray, KY
Horizon Lawn and Tractor – Hickory, KY
Hutson Inc. – Murray, KY (Branches in Mayfield, KY, Clinton, KY, Hopkinsville,
KY, Morganfield, KY, Princeton, KY, Russellville, KY, Evansville, IN,
Jasper, IN, Newberry, IN, Poseyville, IN, Clarksville, TN, Cypress, IL)
KY Lake Trailer Sales – Calvert City, KY
M-M Irrigation – Murray, KY
Tri County Equipment – Clinton, KY
For a listing of all Farm Credit EXPRESS participating dealers, please go
to farmcreditexpress.com and review the complete dealer listing.
DESIGNERS
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
PRINTER
Professional Printers
CIRCULATION
Kathi DeFlorio
Copies of the Association’s Annual and
Quarterly reports are also available upon
request free of charge on the Association’s
website, www.rivervalleyagcredit.com, or by
calling 1-270-247-5613, extension 2020, or
writing Beth Barkley, River Valley AgCredit,
ACA, PO Box 309, Mayfield, KY 42066. The
Association prepares an electronic version of
the Annual Report, which is available on the
website within 75 days after the end of the
fiscal year and distributes the Annual Reports
to shareholders within 90 days after the end
of the fiscal year. The Association prepares
an electronic version of the Quarterly report,
which is available on the internet, within 40
days after the end of each fiscal quarter, except
that no report needs to be prepared for the
fiscal quarter that coincides with the end of the
fiscal year of the Association.
In This Issue
PRESIDENT’S MESSAGE
Message From the President4
ASSOCIATION NEWS
Photo Calendar Contest Winners 5
FEATURE
Kough Farms
11
6
SCHOLARSHIPS
2015 Scholarship Winners
8
ASSOCIATION HAPPENINGS
Oink Oink
10
Meet the Senator
10
Lunch with Retirees
10
Down on the Farm
10
Retiring after 36 Years of Service 11
12
2015 Annual
Meetings
Holiday
Schedule
Train Ride Anyone?
11
Ladies Outing
11
Behind the Scenes
11
Donating for a a New Building
12
Homegrown by Heroes
12
Partnership with McCracken
County High School
12
2nd Annual Spring Celebration
13
Batter Up …
13
Shop ‘til You Drop
13
COMMUNITY NEWS
Young Leaders are ‘cooperatively
building a better Tennessee’
14
FINANCIAL REPORTS
Third Quarter 2015
Upcoming Annual Meeting
invitations will be mailed soon:
Service Centers will be closed
on the following holidays:
November 16
Thanksgiving Day
McMinn County High School
Athens, TN
Thursday, November 26
Day after Thanksgiving
November 17
Friday, November 27
Bledsoe County High School
Pikeville, TN
Thursday, December 24
November 19
Graves County High School
Mayfield, KY
Christmas Eve
Christmas Day
Friday, December 25
New Year’s Day
Friday, January 1, 2016
15
PRES I DENT ’S M ES S A GE
Message From the President
Stan Brunston, President/CEO
S
eeds are sown to see them germinate,
grow and thrive, mature and be
harvested. People are no different.
It is God’s cycle of life. I have matured but
am not ready physically to be harvested. Most
of us want to hang on as long as possible,
and I am no exception. As most of you are
aware, I announced my retirement plans
in June 2014. I will be leaving a place of
I got to see many farmers begin their
careers and succeed in farming. Many
initially struggled but stayed the course,
and by being conservative in their
management styles, they persevered.
employment where I have grown up over
the past 39 years. It is time to allow the
younger, more energetic minds to take over.
the documents needed to close a loan and
You are the only group that has to be the
I started as a loan officer in 1976 in a small
they would never allow me to take shortcuts.
best producer, the best mechanic, the best
office in LaCenter, Ky. Fresh out of college,
I have been blessed to work for a great
marketer, the best record keepers, yet you
I went into the LaCenter PCA Office to ask
Board of farm borrowers who have kept
still are at the mercy of the weather and the
for a loan to start my own business and the
your best interests at heart. The Board has
world markets. You have enabled this country
branch manager told me I needed a job, not
given great direction to your Association and
to prosper, to engage in activities other than
a loan. Four weeks later, I went to work for a
has given me the freedom to develop and
putting meat and vegetables on the table. You
great organization. Little did I realize at the
implement tools to meet their expectations.
are less than 2 percent of the population and
time I would learn to cherish serving the farm
Your Board had the insight to appoint Kyle
that is working against you as the government
borrowers of River Valley and stay here my
Yancey as the CEO Elect in August of 2014.
continues to pile on rules and regulations that
entire career. I got to see many farmers begin
This has allowed Kyle to shadow me until
are costly to you. As always, you will take this
their careers and succeed in farming. Many
June of this year to learn to some degree
in stride and find ways to adjust.
initially struggled but stayed the course, and
what is expected of a CEO. As of June 1 of
This will be my last message to you. I
by being conservative in their management
this year, I have been in a consulting role
am forever grateful to be an employee of this
styles, they persevered.
and allowed Kyle to be in the CEO seat to
organization and for a Board that allowed
I have been blessed to work with a
continue his training prior to my departure.
me to become their CEO. Good luck to all
great staff who cared for and still care for
I can attest that the Board made an excellent
and may God continue to bless you in all the
those they serve. My training came from
decision in appointing Kyle as your CEO.
endeavors you undertake.
those grizzled branch managers who had
He is conservative, innovative, and has
seen it all and were willing to share their
a servant’s heart. The transition upon my
experiences. Yet, I would have to say that
departure will be seamless.
the best training came from the ladies that
Most of all, I have been blessed to work
Stan Brunston
take your payments, close your loans and
with the greatest group of people on God’s
President/CEO
write your receipts. They seem to know
earth and that is the American Farmer. You
River Valley AgCredit
everyone and everything about loans and
produce more for less than any other country.
River Valley AgCredit
4
A S S OC I A T I ON NEW S
Photo Calendar Contest Winners
2nd place – $200
Linda Gross, Windmill Sunset
1st place – $300
3rd place – $100
Adam Kough, Rooster in Flowers
Krissie Tallent, The Winter Bell
Congratulations to our winners.
Thank you to everyone who participated.
Our 2017 Photo Contest will run
Jan. 1, 2016, through May 31, 2016.
Leader Autumn 2015
5
F EA T URE
Kough Farms
F
or Candice Kough, what started
out as a way for her to contribute
financially while remaining a stay-
at-home mom has evolved into a profitable
business involv ing the entire family.
Candice, her husband Adam, and their
two children, Johnathan, 11, and Addison,
7, each have responsibilities around their
quickly-adapting farmstead, Kough Farms
White Dorpers. Adam takes care of most of
the heavy lifting, develops feed rations, and
selects the breeding stock. In the meantime,
Candice is busy planning the family’s
showing schedule and preparing the family
for the events by packing everything they
need. Johnathan and Addison take care of the
daily chores—both waking up each morning
to milk their Nubian dairy goats and gather
The Kough’s pride themselves in working together and
keeping their herd management a family operation.
eggs. In addition, Johnathan and Addison
prepare the lambs for exhibition at fairs and
marketing advantages of having registered
hardy. White Dorpers are also known for
shows, and Johnathan is trying his hand this
breeding stock. On top of those benefits,
mild tasting meat, consistently high quality
fall at selecting the breeding stock that will
White Dorpers also have a proven track
carcass, and 60 percent dressing weight.
produce his show string for next year.
record of being docile and cold weather
Due to those traits, they also do well on the
The Koughs began with a herd of mixed
terminal sire market, which creates a unique
commercial ewes, but chose to transition to
niche for the Koughs’ high quality ram lambs.
registered White Dorpers because of the
As with any breeding operation, they always
Johnathan with ‘Penny’ at the 2015 State
Fair. She won Reserve Grand Champion
overall and Grand Champion Kentucky Proud
Ewe in the All other Breeds division.
Raising sheep is a year round project, no
matter the weather.
River Valley AgCredit
6
Addison takes a short nap after a hot
afternoon and evening of showing at the
Graves County Fair.
Make it a full
family team
effort.
have several lambs that do not make the
breeding stock cut each year, and those lambs
are sold at the graded sale in Mayfield. Having
a graded market so close to their operation is
another advantage that helps to reduce fuel
cost, shrinkage, and time wasted delivering
animals over a long distance.
The whole family works together preparing their lambs for the Livingston County Fair.
However, the Koughs have discovered
that the real value of raising sheep is not
market animals. Over the showing season,
how to “let go”—an essential lesson often
the selling of replacement breeding stock
Johnathan and Addison develop bonds with
undervalued in today’s world.
or selling market lambs for slaughter—it’s
their show stock through wins and losses,
While their flock remains the primary
the education that they are providing for
but at the end of the season, they have to be
livestock enterprise, the Koughs have also
their children. Their f lock has become a
sold just like the other market lambs. These
diversified their farm over time, but every
tool to help instill values such as hard work,
experiences help the children understand
new species added has a defined purpose.
responsibility, record-keeping, organization,
The family maintains a few Nubian dairy
and decision-making. They have also
goats to provide milk for lambs that have to
experienced both the thrill of victory and
be bottle-fed, and after lambing season is
the heartbreak of loss through showing
over, they utilize the goat milk to create soap.
They also have a small flock of laying hens
to provide the family with eggs. They utilize
the assistance of guardian dogs to protect the
flock. You can also find a few rabbits and pigs
Addison shows how starting the season
early with halter breaking a lamb may be
hard work, but by the end of the summer it
pays off in the showmanship ring.
around the farm for both showing and eating.
Johnathan and Addison are acquiring
values each day that will prove important
for the rest of their lives, while also learning
valuable direct job skills such as calculating
feed rations, selecting breeding stock, culling
inadequate animals, and keeping accurate
records. The Koughs have two pieces of
advice for anyone considering starting their
own family farming operation: first, make it a
full family team effort, which will bring your
family together and unite them in a common
Johnathan feeds a marshmallow to his
market hog, summer showing projects like
Johnathon and Addison’s market hogs,
teach children a lot of valuable lessons
throughout the summer.
cause, and second, seek out a mentor.
Leader Autumn 2015
7
S C HOL A RS HI PS
2015 Scholarship Winners
Chad Arnold
Caleb Brannon
Anita Calfee
Chad Arnold was a recipient of a $1,500
Caleb Brannon was a recipient of a $1,500
Anita Calfee was a recipient of a $1,500
scholarship. Chad is the son of Farrell and
scholarship. Caleb is the son of Tony and Lisa
scholarship. Anita is the daughter of Ray and
Deanna Arnold and the grandson of Ray
Brannon. Caleb is a sophomore at Murray
Sylvia Calfee. Anita is a senior at Tennessee
Arnold. Chad is a junior at the University
State University majoring in agricultural
Tech majoring in animal science.
of Tennessee majoring in mechanical
business with an emphasis in crop
engineering, focusing on ag machinery.
production.
Cassidy McConkey
Cooper Myatt
Cody Ray
Cassidy McConkey was a recipient of a $1,500
Cooper Myatt was a recipient of a $1,500
Cody Ray was the recipient of a $1,000
scholarship. Cassidy is the daughter of Travis
scholarship. Cooper is the son of Trevarr
scholarship. Cody is the son of Keith and
McConkey. Cassidy is a freshman at North
and Melanie Myatt. Cooper is a freshman
Debbie Ray. Cody is a junior at West Kentucky
Eastern Oklahoma A&M majoring in animal
at Murray State University majoring in
Community and Technical College and is
science.
agronomy.
majoring in agronomy with an emphasis in
sales.
River Valley AgCredit
8
Seth Carter
Daniel Harper
Dixie Major
Seth Carter was a recipient of a $1,000
Daniel Harper was a recipient of a $1,000
Dixie Major was a recipient of a $1,500
scholarship. Seth is the son of Greg and Lou
scholarship. Daniel is the son of Thomas and
scholarship. Dixie is the daughter of Richard
Carter and the grandson of Rayburn and
Anita Harper. Daniel is a senior at Murray
and Amanda Major. Dixie is a freshman at
Martha Brittain. Seth is a junior at Murray
State University majoring in agricultural
Western Kentucky University majoring in
State University majoring in agriscience/
business.
agriculture with a minor in Spanish.
agribusiness.
Emilee Smith
Kyle Wooden
Emilee Smith was a recipient of $1,500
Kyle Wooden was a recipient of a $1,500
scholarship. Emilee is the daughter of Laura
scholarship. Kyle is the son of Robert and
Smith. Emilee is a freshman at Chattanooga
Crystal Wooden. Kyle is a freshman at
State majoring in veterinary technician.
Chattanooga State majoring in welding.
Leader Autumn 2015
9
Be sure to
watch for
our 2016
scholarship
information
in your local
branch!
A SS OC I A T I ON HA PPENI NGS
Oink Oink
Meet the Senator
River Valley AgCredit and Tosh Pork partnered together to provide
A meeting was held at the George Jones Museum with Tennessee Sen.
our local farmers a Swine Grower’s Meeting. The meeting was held at
Bob Corker; CEO Elect Kyle Yancey; Marketing Specialist Shea Weaks
the UK Extension Office and we had over 100 people in attendance.
and board members Blan Dougherty and Edsel Freels. The discussion
A pork chop dinner was served by Potsy’s Place followed by a brief
concerned current legislative bills and Sen. Corker was provided a
question and answer meeting.
$2,500 check on behalf of the PAC Fund.
Lunch with Retirees
Down on the Farm
A retiree luncheon was held at the Administrative Office in Mayfield,
We would like to thank the Moss Family for allowing all of our
Ky. We had several in attendance. It is always a pleasure to spend
agriculture loan officers to visit their farms to be further educated
time with the retirees who helped make this company the success
on the swine industry.
it is today.
River Valley AgCredit
10
Retiring
after 36
Years of
Service
Ja c k i e Wa t k i n s ,
Ladies
Outing
The Annual Ladies Outing was held in
Train Ride
Anyone?
along w ith fellow
employees, family,
friends and borrowers
celebrated
her
retirement. Jackie was
employed by River
Franklin, Tenn., this year. The event is held
for all female employees. This year the event
was kicked off with lunch and shopping in
downtown Franklin. In the evening we went
to Puckett’s Boathouse for dinner and later
had fellowship and games.
The Annual Rhea County Strawberry
Festival was held downtown on Main Street
in Dayton. River Valley AgCredit sponsored
a booth and held train rides for the kids.
Valley AgCredit for
36 years. Jackie was vital part of the Mayfield
Service Center and will be truly missed.
Behind the
Scenes
We would like to thank everyone who has
participated in our TV commercials. As you
can see, our actors go the extra mile.
Leader Autumn 2015
11
A S S OC I A T I ON NEW S
Donating for a
New Building
Homegrown
by Heroes
River Valley AgCredit recently sponsored Homegrown by Heroes on
May 22 at the Rhea County Fair Grounds. The event was to educate
both farmers and veterans on programs available to benefit both groups
through Homegrown by Heroes. Speakers included Gary Matteson
of FCC Services, Representative Ron Travis, CEO Elect Kyle Yancey,
and Vice President of Mid-America David Lynn.
In May, River Valley AgCredit donated $5,000 to the Rhea County Fair
Board for a new building on the fairgrounds. CoBank, an affiliate of
River Valley, matched our funds and also donated $5,000.
Partnership with McCracken County High School
We are excited to announce our partnership
with McCracken County High School.
River Valley has partnered with the school
for the naming rights to the high school’s
new greenhouses, which are called River
Valley AgCredit Greenhouses. “R iver
Valley AgCredit was privileged to invest
in the educational opportunity to expand
agricultural knowledge for the Future
Farmers of America,” said Shea Weaks,
Marketing Specialist.
River Valley AgCredit
12
2nd Annual Spring Celebration
The Mayfield Service Center hosted their 2nd annual Spring
Celebration. Our borrowers enjoyed lunch, prizes, patronage checks
and fellowship. This year our company designated $7.2 MILLION in
the form of a Patronage Refund. Patronage puts our profits back into
our borrower’s pockets.
Batter Up…
Shop ‘til You Drop
We sponsored the Chattanooga Lookouts Ballgame recently. Our
The 1st Annual Ladies Banquet was held in Tennessee this year.
employees set up a booth and let fans spin the prize wheel.
Our female borrowers enjoyed shopping, delicious food and a short
presentation giving away hundreds of dollars in door prizes.
Leader Autumn 2015
13
C OM M UNI T Y NEW S
Young Leaders are ‘cooperatively building a better Tennessee’
River Valley Ag Credit gives local members opportunity to learn
about co-ops, agriculture, and rural issues at annual conference
A
group of River Valley Ag Credit
and discuss current issues facing rural
to issues facing rural Tennessee to an
members from Hamilton, Marion,
Americans. This year’s event, themed
overview of Farm Bureau’s Ag-in-the-
Polk, and Rhea counties were
“Cooperatively Building a Better Tennessee,”
Classroom program. Middle Tennessee
selected to participate in the Young Leaders
covered a variety of subjects aimed at
State University’s Dr. Alanna Vaught led a
Conference Friday and Saturday, Feb. 27 and
educating leaders about cooperatives and
breakout on “Preparing the Next Generation,”
28, at the Drury Plaza Hotel in Franklin. They
agricultural issues.
and University of Tennessee Institute of
joined more than 300 others from across the
The Tennessee Council of Cooperatives
Agriculture’s Lisa Stearns discussed “Raising
state for the annual weekend of motivational,
(TCC) co-sponsors the annual conference with
the Profile of Tennessee Agriculture.” Bill
recreational and educational segments.
Tennessee Farm Bureau Federation’s Young
Johnson, chief executive officer of Farm
Representing River Valley Ag Credit
Farmers and Ranchers organization. River
Credit Mid-America, addressed the group
were Brooke McClain, Stanton and Brianna
Valley Ag Credit, part of the nationwide Farm
in a general session, and Cowboy Dan and
Gilliam, Allen Young, Fred and Nicki Bentley
Credit System serving 12 counties in Tennessee
his band entertained attendees.
and son Tyler, and James and Stephanie
as well as Western Kentucky, is a member of
Conference participants also toured
Housley and their children, Walker and Lexi.
TCC, an organization composed of a variety
Second Harvest Food Bank in Nashville,
Also attending was River Valley loan officer
of cooperatives across the state. Along with
where they donated 211 pounds of food
and council vice-president Bruce Bradford.
Farm Credit banks, the membership includes
and volunteered to pack boxes for families
The Young Leaders Conference brings
electric, dairy, farm supply, telephone and
struggling with hunger.
couples and individuals together from rural
tobacco co-ops as well as the Farm Bureau.
Dan Wheeler, for mer Tennessee
communities to learn about cooperatives,
The 2015 conference offered a wide
Commissioner of Agriculture, was presented
sha re t heir v iews about ag r icu lt ure
range of sessions, from leadership skills
an annual award given by TCC to an
individual who has shown dedication to the
cooperative cause in Tennessee. TCC made
a $1,000 contribution in Wheeler’s honor to
the John Willis Memorial Scholarship fund,
which provides financial aid to deserving
college agriculture students in the state.
T C C P re sident K eit h Ha r r i son,
Tennessee Farmers Cooperative marketing
manager, said delegates to the Young
Leaders Conference are the future leaders
of cooperatives across the state.
“It’s humbling and inspiring to see a
new group of young leaders every year at
this conference,” said Harrison. “Our future
Representing River Valley Ag Credit at the 2015 Young Leaders Conference in
Franklin are (from the left) James and Stephanie Housley and children Walker
and Lexi of Rhea County; Allen Young of Polk County; Brooke McClain of Hamilton
County; Nicki Bentley of Rhea County; Stanton and Brianna Gilliam of Marion County;
and Bruce Bradford, Vice-President, Tennessee Council of Cooperatives.
River Valley AgCredit
14
is in the hands of these incredibly bright
young people who want to make their mark
in improving our state’s rural economy.”
F I NA NC I A L REPORT S
River Valley AgCredit, ACA
Consolidated Balance Sheets
September 30,
(dollars in thousands)
Assets
Cash
Investment securities:
Held to maturity (fair value of $24 and $96, respectively)
Loans
Allowance for loan losses
Net loans
Consolidated
Balance Sheets
486,829
—
December 31,
5,056
20147,108
5,698
(audited)
919
8,283
$
2,933
1,223
$
$
$
Consolidated Statements of
Comprehensive Income
For the three months
ended September 30,
2015
2014
5,667
—
$
5,676
—
$
5,667
5,676
Consolidated Statements
of
2,299
2,251
Comprehensive16Income17
Interest Expense
Notes payable to AgFirst Farm Credit Bank
Other
For 2,315
the three months2,268
ended September 30,
3,352
3,408
2015 68
2014 252
Total interest expense
Net interest income
(dollars
in for
thousands)
Provision
loan losses
Net interest income after provision for loan losses
Interest Income
Noninterest Income
Loans
Loan fees
Investments
Fees for financially related services
Totalrefunds
interestfrom
income
Patronage
other Farm Credit institutions
Gains (losses)
on sales of rural home loans, net
Interest
Expense
Gains
onAgFirst
sales ofFarm
premises
equipment, net
Notes (losses)
payable to
Creditand
Bank
Other noninterest income
Total noninterest
income
interest expense
Consolidated
Statements of
Comprehensive
Income
Noninterest
Expense
Net interest income
Salaries
Provisionand
for employee
loan lossesbenefits
Occupancy and equipment
Net interestFund
income
after provision for loan losses
Insurance
premiums
(Gains)
lossesIncome
on other property owned, net
Noninterest
Other
operating
expenses
Loan fees
Fees for
financially
related
services
Total
noninterest
expense
Patronage refunds from other Farm Credit institutions
Income
before income
Gains (losses)
on salestaxes
of rural home loans, net
Provision
(benefit)
for income
taxes and equipment, net
Gains
(losses)
on sales
of premises
Other noninterest income
Net income
Total noninterest income
Other comprehensive income
Noninterest Expense
Salaries
and employee
Comprehensive
incomebenefits
Occupancy and equipment
Insurance Fund premiums
(Gains) losses on other property owned, net
Other operating expenses
$
Total noninterest expense
5,667
113
—
143
5,667
1,138
90
—
2,299
1
16
$
15,817
492,035
36,582
393,998
31,429
775
88,611
205
423
492,035
4,163
3,860
$
$
$
$
$
97
518,146
492,869
(6,040)
411,161
806
486,829
2,683
—
483
5,056
5,936
7,108
10,398
5,698
431,467
919
8,283
1,223
4,872
15,817
518,146
38,301
411,161
27,689
806
86,679
2,683
483
518,146
5,936
10,398
403,424
431,467
4,783
15,817
4,872
15,817
5,676
151
—
192
5,676
1,062
74
—
2,251
—
17
492,035
$
518,146
16,775
—
$
16,238
2
16,775
16,240
6,740
43
6,288
57
For 6,783
the nine months6,345
ended September 30,
9,992
9,895
2015 140
2014 155
(unaudited)
3,156
3,284
$
24
492,035
473,352
(5,829)
393,998
775
467,523
205
732
423
6,287
4,163
6,619
3,860
5,657
403,424
1,158
2,778
356
4,783
38,301
For36,582
the nine months
31,429
27,689
ended
September 30,
2015
2014
88,611
86,679
(unaudited)
$
$
97
492,869
(6,040)
467,523
$
Additional
Totalpaid-in-capital
assets
Retained earnings
Liabilities
Allocated
Notes
payable
Unallocated to AgFirst Farm Credit Bank
Accrued interest payable
Totalrefunds
members'
equity
Patronage
payable
Accounts payable
Total liabilities and members' equity
Advanced conditional payments
Other liabilities
2,933
September732
30,
6,287
20156,619
5,657
(unaudited)
1,158
2,778
901
$
356
$
Total liabilities and members' equity
Interest Income
Loans
Investments
$
473,352
(5,829)
Consolidated Balance Sheets
(dollars
in thousands)
Total
members' equity
901
24
Loans
Liabilities
Allowance
for loan
lossesFarm Credit Bank
Notes payable
to AgFirst
Accrued interest payable
Net loans
Patronage refunds payable
Loans heldpayable
for sale
Accounts
Accrued
interest
receivable
Advanced
conditional
payments
Investments
in other Farm Credit institutions
Other liabilities
Premises and equipment, net
liabilities
Other Total
property
owned
Accounts
Members'receivable
Equity
Other
assets
Capital stock and participation certificates
Total interest income
(audited)
$
Loans held for sale
Accrued interest receivable
(dollars
in thousands)
Investments
in other Farm Credit institutions
Premises and equipment, net
Other property owned
Assets
Accounts receivable
Cash
Other assets
Investment securities:
Held Total
to maturity
assets(fair value of $24 and $96, respectively)
Total liabilities
2014
(unaudited)
River Valley AgCredit, ACA
Members' Equity
Capital stock and participation certificates
Additional paid-in-capital
Retained earnings
Allocated
Unallocated
December 31,
2015
$
9,852
16,775
387
—
330
16,775
2,750
240
(55)
6,740
62
43
9,740
$
16,238
409
2
309
16,240
2,496
174
—
6,288
55
57
1,485
2,315
1,479
2,268
3,714
6,783
3,443
6,345
3,352
1,952
68
135
3,284
109
70
656
113
143
2,922
1,138
1,847
90
—
1
1,847
1,485
—
3,408
1,881
252
152
3,156
102
23
569
151
192
2,727
1,062
1,908
74
—
—
1,908
1,479
—
9,992
6,115
140
423
9,852
319
78
1,946
387
330
8,881
2,750
4,685
240
—
(55)
62
4,685
3,714
—
9,895
5,842
155
452
9,740
286
(240)
1,757
409
309
8,097
2,496
5,086
174
(8)
—
55
5,094
3,443
—
1,952
1,847
135
109
70
656
$
1,881
1,908
152
102
23
569
$
6,115
4,685
423
319
78
1,946
$
5,842
5,094
452
286
(240)
1,757
2,922
2,727
8,881
8,097
Income before income taxes
Provision (benefit) for income taxes
1,847
—
1,908
—
4,685
—
5,086
(8)
Net income
1,847
1,908
4,685
5,094
—
—
—
Other comprehensive income
Comprehensive income
Leader Autumn 2015
$
15
1,847
$
1,908
$
4,685
—
$
5,094
River Valley AgCredit
P.O. Box 309
Mayfield, KY 42066
Honoring Those
with Fresh
Perspectives
July 2016 marks Farm Credit’s centennial celebration!
To gear up for the big event, Farm Credit is holding a
nationwide search to find the people who are helping
to shape the future of agriculture in America. Now
through Dec. 18, applications are being accepted
to honor 100 people throughout the country who
are making strides in the ag community. These
individuals will be announced in March 2016. The
top 10 honorees—one from each of the nomination
categories to the right—will receive $10,000!
Are you or someone you know a fit? Please fill out
the nomination form at farmcredit100.com to enter.
Good luck!
PRSRT STD
U.S. POSTAGE
PAID
COLUMBIA SC
PERMIT 1160
Nomination Categories:
1
YOUTH LEADERSHIP (21 AND UNDER)
Including officials in local FFA/4-H groups,
or other rockstar youth ag leaders!
2
LEADERSHIP (OVER 21)
Extension agents, 4-H leaders, and
others leading by example.
3
RURAL POLICY INFLUENCE
Those making a difference in our communities through
policy change, including legislators or ag advocates.
4
BEGINNING FARMER OR RA NCHER ACHIEVEMENT
These nominees may be new to the game,
but they are off on the right foot!
5
ENTREPRENEURSHIP AND INNOVATION
Producers who are constantly looking to
dive into the newest trends in ag.
6
SUSTAINABILITY AND NATURAL CONSERVATION
The farmer down the street whose main concern
is conserving our natural resources. Or maybe
you, who has a passion for sustainable ag.
7
FINANCING STEWARDSHIP
Doesn’t have to be Farm Credit! This could be a grant
program provided by an agency close you to.
8
MENTORING AND VOLUNTEERISM
These generous people give back by sharing their knowledge
and experiences with the new generation of farmers.
9
10
RURAL EDUCATION AND COMMUNITY IMPACT
Ag teachers, workshop hosts and others who inspire learning.
RURAL AND URBAN CONNECTION
This category can include chefs, farm market directors
and others who bring rural living to urban dwellers.