july 2014
$3.5 Million
Patronage Refund
Bill Braswell Finds Thrills
on Blueberry Hill!
Bee All You Can Bee!
Features
Leader
is published quarterly for stockholders,
directors and friends of Farm Credit of
Central Florida.
President
Reginald T. Holt
6
BOARD OF DIRECTORS
David J. Stanford, Chairman
W. Rex Clonts, Jr., Vice Chairman
Al Bellotto, Chairman Emeritus
C. Dennis Carlton
Homer E. Hunnicutt, Jr.
Michelle G. Hurst
John S. Langford
Keith D. Mixon
Robert R. Roberson
Ronald R. Wetherington
EDITORS
Ron O’Connor, Director of Marketing &
Governmental Affairs
Tory Boyd, Marketing Coordinator
PUblisher
AgFirst Farm Credit Bank
PUblishing director
Amanda Krok
15
designers
Athina Eargle
Darren Hill
Amanda Simpson
Travis Taylor
PRINTER
Professional Printers
Circulation
Kathi DeFlorio
Address changes, questions, comments or
requests for copies of our financial reports
should be directed to Farm Credit of Central
Florida by writing P.O. Box 8009, Lakeland,
FL 33802-8009 or calling 863-682-4117.
Our quarterly financial report can also be
obtained on our website:
www.FarmCreditCFL.com
Cover photo: Florida FFA President
Megan Stein Shows her Patriotism
16
Table of Contents
ASSOCIATION NEWS
Eligible Farm Credit of Central Florida Members
Share in $3.5 Million Patronage Refund
4
Referring Friends to Farm Credit Can
Give You a Warm Feeling!
9
KeeLee Tomlinson is SASSI!
10
Chablee & Jorge Rivera Honeymoon
10
Jennifer Parrish Chosen for Wedgworth Class IX
10
Hannah Martin Reaches Sweet 16!
10
In Memoriam: Jerry Shoop
11
In Memoriam: James M. Knox, Jr.
11
A New Addition!
11
Shane & Carol Platt Earn Two Prestigious Awards!
12
Ron O’Connor Has Another Grandson!
12
The Smith Family Shares Two Proud Moments!
12
Joanne Allred’s Daughter Weds
13
Marisela & Alberto Medina’s Boys Love Baseball!
13
Farm Credit Sponsors Farm Ladies’ Breakfast
14
Farm Credit of Central Florida Stockholders Meeting
20
Farm Credit Employees Spread the Good Word
of Florida Agriculture
22
Farm Credit of Central Florida Names
Michelle G. Hurst to Board
27
Welcome Aboard New Employees
27
Charlie Grimes Celebrates His 80th Birthday!
27
Farm Credit Employees Recognized for Loyalty & Excellence
28
Farm Credit/Ag Institute Candidates Forum
30
INDUSTRY NEWS
Here’s the Beef!
6
Farm Credit Members Key to Creating New 4-H Chapter
8
Share Your 4-H Experiences!
9
Farm Credit Strawberry Salute Breakfast Draws Huge Crowd
17
Farm Credit Directors & Members Work With
Legislators on Ag Issues
24
Taste of Florida
29
MEMBER NEWS
Bill Braswell Finds Thrills on Blueberry Hill!
15
Bee All You Can Bee!
16
Farm Credit Members Win Coveted FNGLA Awards
21
Wish Farms Strawberry Picking Challenge
26
FINANCIAL NEWS
Loan or Lease: What Makes the Most Sense for Your Business? 18
First Quarter 2014 Consolidated Financial Reports
31
26
July 2014 | 3
Association News
Sabrina Smothers (L) & Farm Credit Loan Officer, Joseph Sweat (R)
Cammy Hinton (L) & Farm Credit Loan Officer, Joseph Sweat (R)
Eligible Farm Credit of Central Florida Members
Share in $3.5 Million Patronage Refund
Farm Credit of Central Florida Chairman
of the Board, David J. Stanford, a Winter
Garden citrus grower, announced the
association’s eligible Member/Borrowers
will benefit from patronage refunds, or
profit-sharing, of $3.5 million, significantly
lowering their cost of borrowing. As
part of the Farm Credit System, created in
1916, Farm Credit of Central Florida is a
Member-Owned cooperative lending funds
to ranchers, growers, farmers, and rural
homeowners. Eligible Members will receive
their patronage refund 100 percent in cash.
“The patronage refund is a reward to
our Members for their loyalty and is proof
positive of our adherence to cooperative
principles. The patronage refund is a
critical component of the Farm Credit
Advantage,” Stanford said.
“ T h is st rong pat ron age ref u nd
continues the tradition of Putting our
Profits in our Members’ Pockets.” I am
pleased to report 100 percent of this
patronage refund will be paid in cash and
represents a return of more than 16 percent
of earned interest. The resilience and
perseverance of our Farm Credit Members
through one of the most devastating
depressions since the 1930s has helped
our association to grow and prosper,”
said Reggie Holt, Farm Credit of Central
Florida, President and CEO.
Since 1988, Farm Credit of Central
Florida’s board of directors has declared
patronage refunds exceeding $145 million.
The coop’s service area spans from the Gulf
of Mexico to the Atlantic coast serving 13
central Florida counties including, Citrus,
Hernando, Pasco, Sumter, Hillsborough,
Pinellas, Polk, Lake, Orange, Osceola,
Seminole, Volusia, and Brevard.
For perspective, the $145 million
would pay the entire Tampa Bay Rays
team payroll for two and a half seasons,
buy 2,400 John Deere Model 613D tractors,
or 15 Lear Jets! Stretched end to end,
$145 million dollars would stretch from
Lakeland, Florida to Los Angeles almost
six times, or halfway around the globe at
the equator! ■
Ryan Atwood
Larry Black, Jr.
Steve Hollister
4 | JULY 2014
Farm Credit of Central Florida
Joe (L) & Ryan Keel (R)
Clark (L) & Todd Sherwood (R) with Farm Credit Loan Officer, Joseph Sweat
Antonio “Tony” Chavez
Thomas (L) and Callum Townsend
Farm Credit of Central Florida
FCCF Relationship Manager, Chris Witmer (L) and Dr. Frank Vrionis (R)
July 2014 | 5
Industry News
Here’s the Beef!
The origin of the hamburger is shrouded
in mystery and intrigued with countless
su itor s cha si ng t he elu sive t itle of
“Inventor of the Hamburger.” Undaunted
by t h e my s t e r ie s s u r r o u n d i n g t h e
American culinary icon, Farm Credit of
Central Florida (FCCF) analysts Jason
Williams, “Bu rger” Bill Glass, and
Michael Sicignano, took the bull by the
horns, concocting the FCCF Burger Tour
to consume as much nutritious beef,
support the Florida cattle industry and
determine who serves the best hamburger
in Lakeland, Florida!
Fittingly enough, Williams, Glass,
and Sicignano hatched the idea at lunch
one day when they recalled a similar quest
called the Taco Tour. Thus, the Burger Tour
was born and will soon conclude. The tour
recently sampled the wares of numerous
burger emporiums and rated them from 1 to
13, with one being the highest score. So far,
only three have attained an average rating
as high as 5 from the discriminating panel
and their fellow employees and aficionados.
“A G reat Hambu rger is … T he
sensation of AAAAAAHHHHHH after
every bite! The sound of ‘AAAAAAHHHH’
would be similar to lowering yourself in a
pool of cool water, or a sip of an ice cold
beer on a hot day,” said “Burger” Bill Glass!
Jason Williams added, “A great
hamburger is …? Unique. It has to have a
particular flavor or ingredient that makes it
stand out above the rest, also, bacon, pretty
much every great burger has to have bacon.”
“ T he p e r fe ct bu rge r is cooke d
medium, first of all. The burger should
not need excessive spices or condiments
to be delicious; however, the meal is not
complete without mustard and ketchup. The
bun is also crucial; too much or too little
bread can ruin the whole burger. Melted
cheese is the last necessary component,”
said Michael Sicignano.
The hamburger is more than a fad,
it has been a staple of American diets for
decades and no restaurant symbolizes
“The popularity of the
hamburger in America
has greatly benefitted
the cattle industry.
Polk County is one of
the three largest cattle
producing counties
in our state, along
with Osceola and
Okeechobee.”
– Al Bellotto
this affinity more than McDonalds. Ray
Kroc, a 52 year-old milk shake machine
salesman sold 8 machines to the McDonald
brothers for their rest au rant in San
Bernadino, California. and was stunned
by the efficiency of their operation. They
produced a limited menu, concentrating
on a few items, allowing them to focus on
quality at every step.
From those humble beginnings an
empire was built. Today, McDonalds sells
75 hamburgers every second, retailing
more than one billion pounds of beef a
year, and purchasing 5.5 million head of
cattle. Wendy’s bought 275 million pounds
of North American beef in 2013!
If McDonalds was a country, its $32
billion sales from franchise stores would
be the world’s 68th largest economy; larger
than Ecuador! Farm Credit of Central
Florida Chairman Emeritus, Al Bellotto,
said, “The popularity of the hamburger in
America has greatly benefitted the cattle
industry. Polk County is one of the three
largest cattle producing counties in our
state, along with Osceola and Okeechobee.”
Fa r m Credit of Cent ral Flor id a
Director Dennis Carlton, Sr., who grows
citrus and raises cattle, said, “Twice as
much ground beef is produced as steak
from beef cattle; therefore, hamburger
drives the value.”
No food is more symbolic or deeply
imbedded in American culture than the
hamburger. The History Channel recently
voted the hamburger as the #1 American
fast food and estimates place American
consumption between 40 and 50 billion
burgers annually, an average of about three
to four for every American weekly. Despite
its exalted position in American culinary
history, a self-appointed, three judge panel
of Farm Credit employees plan to render
a verdict on the best hamburger in the
Lakeland area within the year! Stand by
and monitor national newscasts! ■
Interesting Facts from the Florida Department of Agriculture:
•
•
•
•
•
Cattle were first introduced to North America in Florida in 1521 by Spanish explorer Juan Ponce de Leon.
One Florida ranch owns the largest brood cow herd in the United States.
Florida is home to four of the United States’ 10 largest cow-calf operations.
Florida ranks 12th in the nation in number of beef cows.
Nearly one-half of all Florida agricultural land is involved in cattle production. Florida has four million acres of pastureland
and one million acres of grazed woodland.
• Much of “Natural Florida” remains in the working landscape of Florida’s cattle industry.
• Wildlife and plant systems are well-balanced and thriving on Florida’s ranch lands.
6 | JULY 2014
Farm Credit of Central Florida
Fun facts about beef From Michigan Farmers Care
• 160 degrees F is the correct cooking temperature to ensure safe and savory ground beef.
• Twenty-nine cuts of beef meet government guidelines for lean.
• Cattle have four parts to their stomach and can detect smells up to six miles away.
• Cattle are herbivores so they only have teeth on the bottom.
• Raising beef cattle is the single largest segment of American agriculture.
• Beef is a nutrient-dense food and is the #1 source of protein, vitamin B12 and zinc.
• Beef is the #3 source of iron behind fortified cereal and grains.
• Cattle farmers conserve the land by implementing natural resource management practices that include soil tests, brush and weed
control programs, grazing management plans, minimum or no-till systems, and range quality and grass utilization monitoring.
• A 3-ounce serving of lean beef is an excellent source of protein, supplying more than half of the protein most people need each da.y
• The protein in beef is a complete, high-quality protein, which means it supplies all of the essential amino acids, or building
blocks of protein, the body needs to build, maintain and repair body tissue.
• The U.S. supplies 25 percent of the world’s beef with 10 percent of the world’s cattle.
(From the left) Farm Credit of Central Florida Burger aficionados, Jason Williams, Michael Sicignano, “Burger Bill” Glass, and Kevin Taylor.
Farm Credit of Central Florida
July 2014 | 7
Industry News
Farm Credit of Central Florida Member, Jenny Black (R), daughter, Julia, son Varn, and St. Paul Lutheran teacher, Deb Wagner (L).
Farm Credit Members Key
to Creating New 4-H Chapter
Farm Credit of Central Florida Members
Larry and Jenny Black have instilled a
deep appreciation for agriculture and the
importance of conserving our natural
resources upon their son, Var n, and
daughter, Julia. They have played a critical
role in creating a new 4-H chapter at their
children’s school in Lakeland, Florida.
Larry and Jenny manage the family’s
Peace River Packing Company in Ft.
Meade, which was founded in 1928. The
company manages more than 1,800 acres
of citrus groves in Polk, Highlands and
Hillsborough counties and employs more
than 180 people. They are well versed in
agriculture and conservation, so it was a
natural fit for them to help youngsters
learn more about Florida’s second largest
industry, agriculture, and the $100 billion
impact it has on our state’s economy.
S t . P a u l L u t h e r a n S c h o ol i n
L a kel a n d i s i n c r e a si n g aw a r e n e s s
about conservation and creating a new
generation of agricultural enthusiasts.
During a recent visit, the Farm Credit
Leader was introduced to a number of
innovative programs being used at the
8 | JULY 2014
school to teach children in preschool
through 8th grade about the importance
of recycling, sustainable agriculture, and
water conservation.
Starting with the youngest classrooms,
students are introduced to agricultural
concepts in their classroom gardens and in
first grade use mathematics and planning
skills to map out their own plot of winter
vegetables, herbs and f lowers. In fourth
grade, Ms. Deb Wagner incor porates
s cie nc e le s s on s i nt o t he s t u d e nt s’
hydroponic garden and students take
100 percent responsibility for a garden of
squash, arugula, cucumbers, blueberries,
strawberries and other delicious fruits and
vegetables. Rain barrels are used throughout
the campus to collect water for the many
classroom gardens and teach the students
about the importance of water conservation.
Agriculture and the importance of
knowing where your food comes from is
a key part of the curriculum at St. Paul.
In addition to growing their own food,
students learn hands on lessons about
sustainable agriculture by touring a local
citrus packing house and the surrounding
g r ove s , p i c k i n g s t r a w b e r r i e s a n d
blueberries at local farms, participating in
Agri-Fest and touring the State Fair.
In 2013, St. Paul Lutheran School
was designated a Green Ribbon School
– a national award presented by the U.S.
Department of Education. This award
recognizes St. Paul’s extensive recycling
and terra-cycling program as well as the
school’s designation as a National Wildlife
Schoolyard Habitat. The money raised
from recycling efforts was used to stock
the ponds on campus with fish and other
animals that will encourage more wading
birds to take up residence at the school.
Students are well schooled in the
principles of ecology and eager to share
their knowledge in the community. Through
4-H, the students have been able to share
their respect for the environment and the
results of their conservation projects in the
Youth Fair and County events competitions.
By encouraging the importance of respect
for our natural surroundings, St. Paul
Lutheran School students are equipped with
the skills to become better stewards of our
environmental resources. ■
Farm Credit of Central Florida
Industry News
Share Your 4-H Experiences!
Carré Saunders
IFAS- Associate Director of Development
Florida 4-H is excited to be participating
in a pilot alumni engagement program, led
by National 4-H Council. Our engagement
efforts are currently focused on reconnecting
with Florida 4-H’ers as well as creating new
relationships with 4-H alumni who have
relocated to Florida from other states. For
many people, their 4-H years are full of
treasured memories and the foundations of
lifelong friendships. We want to hear your
stories and the ways 4-H, in Florida or in
another state, impacted your life.
For more than 100 years, Florida
4-H has served as the premier youth
development program in the state of
Florida. Through youth adult partnerships
and university research-based curricula,
4-H currently serves more than 220,000
young people across the state and provides
opportunities to youth in a variety of areas,
from animal sciences to robotics.
We know Florida 4-H alumni are
as varied as the project areas offered,
producing youth who go on to be leaders in
their communities, country, and world in
agriculture, the sciences, politics, engineering,
the arts, and technology. 4-H has produced
forward-thinking leaders who are committed
to making the world a better place!
If you were once a 4-H’er either as a
youth participant, a supportive parent, or a
caring volunteer please contact us and tell
us about your experiences. We would love to
hear from you and share updates on the great
things our Florida youth are doing in 4-H!
To share your 4-H story and join
our mailing list, please visit the Alumni
and Friends section of our website at
http://f lorida4h.org or contact Annie
Muscato, Florida 4-H State Resource
Development Coordinator. She can be
reached at: afmuscato@uf l.edu or by
calling Florida 4-H State Headquarters at
(352) 846-4444.
The Florida 4-H program wouldn’t
survive without support from the people
it has impacted most. If you are interested
in making a meaningful contribution
to the Florida 4-H Youth Development
Program, please contact Carré Saunders
at: csaunders@uf l.edu or by calling
(352) 392-1975. ■
Referring Friends to Farm Credit
Can Give You a Warm Feeling!
When you refer your friends and neighbors
to Farm Credit of Central Florida, you
get not only the comfort of knowing you
have sent them to the premier agricultural
lender in America, but you get a Farm
Credit fishing shirt!
To get a Farm Credit fishing shirt, just
refer your friend or neighbor to Farm Credit
of Central Florida and when their loan of
$10,000 or more closes, you get a Farm
Credit fishing shirt! Ask your loan officer
for details. ■
Farm Credit of Central Florida
Farm Credit of
Central Florida Loan
Officer, Joseph Sweat
(L) presents Fidel
Castillo (Center)
with a Farm Credit
fishing shirt as Hilda
Castillo (Right) looks
on. Refer a friend
to Farm Credit and
when their loan of
$10,000 or more
closes you get a shirt!
July 2014 | 9
Association News
KeeLee Tomlinson
is SASSI!
Chablee & Jorge Rivera
Honeymoon
KeeLee Tomlinson (daughter of Information & Training Officer
Glenda Tomlinson) and her business partner, Roxanne Fulwood,
have opened a holiday and gift boutique at 314 S. Collins Street
in Plant City. SASSI, which is an acronym for Stylish And Simply
Stunning Interiors, desires to help home and business owners
decorate for every major holiday as well as everyday life and is the
place to go for unique gifts and decorating items.
While it will always be Christmas at SASSI, the other
merchandise will change with the seasons. SASSI is a vendor
for Mark Roberts, Michael Amini and Lenox to name just a few
and their inventory along with the seasonal and home decor items
includes shoes, handbags, jewelry, candles and many other items
for men, women and children.
SASSI also offers services such as in-home holiday decorating,
gift certificates and gift wrapping. The store is open 9 a.m. to 6 p.m.
Monday through Thursday, 9 a.m. to 7 p.m. Friday and Saturday
9 a.m. to 4 p.m. Call (813) 704-6896 for questions or in-home design
quotes or like them on their Facebook page. ■
Chablee & Jorge R ive r a
celebrated their Weddingmoon
… Wedding and Honeymoon
at the beautif ul island of
Antig ua. They ar rived at
the resort on November 25,
2013 and were married on
November 27, 2013, followed
by five more glorious days at
the resort where they enjoyed
caving, hiking, snorkeling,
p o ol s , b e a c h , e xc e l l e n t
restaurants, and most of all
the spending time together. ■
KeeLee Tomlinson (L) & business partner Roxanne Fulwood (R)
Jennifer Parrish Chosen
for Wedgworth Class IX
Farm Credit of Central Florida Loan Officer, Jennifer Parrish has
been chosen for the prestigious Wedgworth Leadership Class IX.
She started the 22-month program in November which includes:
• 11 study/travel seminars
• 9 three to five-day seminars
held in locations throughout
Florida
• 1 10 to 12-day seminar in
Washington D.C.
• 1 15 to 17-day international
seminar in developed and
developing countries
The intent of this program is to
develop and refine the leadership capabilities of young leaders
who, in turn, will be prepared to become increasingly involved in
policy formation – be it policy that directly applies to all segments
of Florida agriculture and natural resources, or public policy that
will affect the future of Florida agriculture and natural resources
either in a direct or indirect manner. ■
Hannah Martin Reaches Sweet 16!
Hannah Martin, daughter of Chief Credit Officer Courtney Eelman, celebrated her 16th
birthday on February 13. This sweetest of birthdays was made even sweeter when Hannah
was presented with keys to a VW Jetta the following week as she celebrated with her family
and friends. This deserving teenager was truly surprised and even shed a few tears of
joy. Congratulations and Happy Birthday Hannah! ■
10 | JULY 2014
Farm Credit of Central Florida
In Memoriam: Jerry Shoop
June 2, 1955–February 21, 2014
Farm Credit of Central Florida Member,
Jerry Shoop was called home to Heaven on
February 21, 2014. He was a loving father,
husband, and grandfather. Jerry was an
outgoing man with a herculean work ethic
and an astute businessman who made his
own way in business. He will be missed
by the legions of friends and admirers he
left behind. Included is a poem written
by Nancy Kraayenhof which was read at
Jerry’s funeral:
Close The Gate
For this one farmer the worries are over, lie down and rest your head,
Your time has been and struggles enough put the tractor in the shed.
Years were not easy, many downright hard, but your faith in God transcended,
Put away your tools and sleep in peace, the fences have all been mended.
You raised a fine family, worked the land well and always followed the Son,
Hang up your shovel inside of the barn; your work here on earth is done.
A faith few possess led your journey through life, often a jagged and stony way,
The sun is setting, the cattle are all bedded, and here now is the end of your day.
Your love of God’s soil has passed on to your kin; the stories flow like fine wine,
Wash off your work boots in the puddle left by blessed rain one final time.
You always believed that the good Lord would provide and He always had somehow,
Take off your gloves and put them down, no more sweat and worry for you now.
Your labor is done, your home now is heaven; no more must you wait,
Your legacy lives on, your love of the land, and we will close the gate.
“Close the Gate” was written by Nancy Kraayenhof. She was gracious enough to allow
us to reprint her work to honor Jerry Shoop. Below is some more information on Nancy.
Column title is “Close the Gate” and I have been writing freelance for eight years. My weekly column is featured in the Hills Crescent and the West Lyon
Focus. I run a small childcare service in Sioux Falls, South Dakota a short half hour trip from the farm. I am involved in the local community theater year
around and the Catfish Bay Water Ski Show in the summers as writer, costume mistress, actress, prop finder and techie. I used to be a show skier until the
years caught up with me.
My husband occasionally travels with his job as a sales specialist with Raven Industries Ag Division and, though I was raised in the city, I do chores and
handle the farm when he is gone. It is always a learning experience.
Our three children are all grown and married. We have three grandchildren (and two more due in a month!) and we see them as often as we can! I love
to sew and cook and in my spare time I sleep!
You can contact Nancy at [email protected].
In Memoriam: James M. Knox, Jr. A New Addition!
February 10, 1927–May 5, 2014
Jim Knox and his
wife Nada started
Knox Nursery in
their backyard
in 1962. Today it
is a f lou r ish i ng
business respected
all over the state of
Florida as one of
our state’s best. ■
Farm Credit of Central Florida
Jim Knox (L) with son,
Monty (R) claiming
the 2012 FNGLA
Landscape Show Best in
Show Booth Award.
Jenny and Jason Williams were blessed with
their first child, a son, Brooks Matthew, on
September 17, 2013. Jason is a credit analyst
with Farm Credit of Central Florida.
July 2014 | 11
Association News
Shane & Carol Platt Earn Ron O’Connor Has
Two Prestigious Awards! Another Grandson!
Shane and Carol Platt of Kissimmee Park Properties in St. Cloud
were honored as the 2013 Commissioner’s Ag-Environmental
Leadership Award by the Florida Cabinet at their meeting held
in Osceola County on January 22, 2014. Since 1994, the Florida
Department of Agriculture and Consumer Services has recognized
agricultural enterprises that demonstrate leadership in developing
and implementing innovative techniques to safeguard the
environment and conserve natural resources.
Commissioner Putnam honored Shane and Carol as pioneers
in sustaining the environment by reducing water use, protecting
the land and maximizing efficiency of their cattle and citrus ranch. They serve as outstanding examples of agricultural guardianship. ■
Harrison James Finkbeiner was born March 22 to Chris & Brittany
Finkbeiner. Brittany is the daughter of Farm Credit of Central Florida
Director of Marketing & Governmental Affairs, Ron O’Connor.
The Smith Family Shares
Two Proud Moments!
Kelli Smith, a loan closing specialist/paralegal and her husband,
Thomas, enjoy some big family moments.
Florida Commissioner of Agriculture Adam Putnam (L) congratulates
Carol & Shane Platt (R) on winning the Commissioner’s Ag Environmental
Award.
(From the left) Jeff Atwater, Chief Financial Officer, Mike La Rosa, Florida
House Representative District 42, Governor Rick Scott, Shane Platt,
Carol Platt, Pam Bondi, Florida Attorney General and Adam Putnam,
Commissioner Florida Department of Agriculture and Consumer Services
12 | JULY 2014
Judson Smith was awarded the
Greenhand Award at the 2014
Florida Strawberry Festival.
This was his first time showing
an animal and he showed his
heifer Firecracker. He was given
this award by the festival’s beef
committee for his hard work
while at the show. He was given
a belt buckle and cash prize.
Judson said that he is hooked
on showing and he can’t wait to
show Firecracker again.
Abigail Sue Smith was born on
January 3, 2014. She weighed 7lbs
5oz and was 21 inches long.
Farm Credit of Central Florida
Marisela and Alberto
Medina’s Boys Love Baseball!
Farm Credit of Central Florida Receptionist, Marisela Medina & husband, Alberto, are busy
following their boys as they play baseball in the Mulberry Dixie Youth League. Eonnie
Sevilla and Alberto Medina Jr. (AJ) started playing baseball last year for the first time in
Mulberry, Florida. They played a great season so much so that AJ’s T-ball team made it
to Districts placing 2nd in Fort Meade and making it to the State Tournament in Sebring,
Florida. They are both playing baseball this year and are doing very well, exhibiting not
only talent on the field, but excellent sportsmanship. ■
Joanne Allred’s
Daughter Weds
Farm Credit of Central Florida employee,
Joanne Allred, is happy to share this photo
of her oldest daughter’s wedding which
took place in Houston, Texas on January 4,
2014. The ceremony was held on beautiful
Clear Lake outside Houston. This picture
includes all four of her children (from left,
Emilie Dyer, Zachary Dyer, Allison Dyer
Huston and flower girl Zoe Anne-Marie
Martin). Allie and her husband, Sean
Huston, honeymooned in Paris, London
and Edinburgh and will continue to live in
Houston where they are both employed. In
their spare time they play in several local
orchestras, Allie on the oboe and Sean
on the bassoon. Congratulations to the
happy couple! ■
AJ Medina
Eonnie Sevilla
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[email protected] | 866.245.3637
Farm Credit of Central Florida
July 2014 | 13
Association News
Farm
Credit
Sponsors
Farm
Ladies’
Breakfast
On March 29, a group of about 30 women
came together for the first Farm Ladies’
Breakfast. This event was presented
jointly by Farm Credit of Central Florida
and the University of Florida’s Institute of
Food and Agricultural Sciences (UF/IFAS)
Development Office. Debbie Swindle
graciously hosted the event at The Home
Place in Dover, Florida.
Farm Credit of Central Florida and UF/
IFAS Development collaborated to provide
this educational opportunity for women
involved in agriculture. Representatives
from UF/IFAS and the University of Florida
Foundation (UFF) gave presentations
on farm succession and estate planning.
Dr. Michael Gutter, Interim Family and
Consumer Sciences Program Leader
and financial expert from the UF/IFAS
Department of Family, Youth and Consumer
Sciences, presented information on the
importance of planning for the future of
the family farm and creating estate plans.
Paul Caspersen, Executive Director of the
UFF Gift Planning Department, provided
infor mation on philanth ropic giving
through estate planning.
Farm Credit of Central Florida and
UF/IFAS Development look forward to
hosting future educational events for
Central Florida’s women in agriculture. ■
Farm Credit of Central Florida Chief Development Officer, Regina Thomas (L); Carré Saunders; FCCF
Loan Officer, Debbie Simpson; Hostess, Debbie Swindle (R)
Betty Grimes (L) & Faye Wetherington (R)
Debby Grimes (L) & Farm Credit of Central
Florida Loan Officer, Debbie Simpson (R)
(From the left) Alicia Whidden, Griselda, Lizet, & Dee Chavez
14 | JULY 2014
Farm Credit of Central Florida
Member News
Bill Braswell Finds Thrills
on Blueberry Hill!
Farm Credit of Central Florida Member,
Bill Braswell, is a native Floridian, born in
Bartow, who graduated from the University
of Florida with a degree in agronomy. He
has packed a lot of living into his life,
including 22 years of military service
as a pilot, and a career as an airline pilot
who was in the air during the tragedy of
September 11, 2001. Following his notable
service as a military and civilian pilot, he
has also distinguished himself as a leader,
serving four years as President of the
Florida Blueberry Growers Association.
“Bill Braswell has exhibited a passion
and energy for the blueberry industry, that
will have a lasting impact. His leadership
has certainly had a positive inf luence
on the growth of the Florida Blueberry
Growers Association,” said Farm Credit of
Central Florida Director, Keith Mixon.
T he Flor id a blueber r y i ndust r y
has grown from a cottage industry with
scattered acreage, mostly in north central
Florida, to a f lourishing business with
5,000 acres spread across most of the state.
Once unknown except to a handful of
industry insiders, blueberries are a viable
commodity and important contributor to
Florida’s economy.
Bill Braswell (L), & Farm Credit of Central Florida, Loan Officer, Brad Rhoden (R)
“Just 15 years ago the Blueberry
Association meetings drew about 70
participants, while the February winter
meeting in Plant City had more than 400
registrants! The industry has grown from
producing about 3 to 4 million pounds in
1999 to 25 million pounds forecast for
2014. The Florida blueberry industry has
gone from virtually anonymous to being
known globally,” said Bill Braswell.
Bill became interested in growing
blueberries after talking to Jerry Mixon and
started out with two acres in 1999, before
expanding his operation to his current
40-acre farm. He became a Farm Credit
Member in 2002 saying, “Farm Credit
knows agriculture, it is where you go for
financing if you farm.”
Bill has lived a very exciting life,
f lying C-5 transport planes in the U.S.
Air Force, serving eight years on active
duty followed by 14 years in the Air Force
Reserve. His military career included
everything from flying combat missions to
delivering pizzas to troops. He continued
flying as a commercial airline pilot and was
in the air on 9/11, flying out of Orlando to
New York.
“When we first learned a plane had
hit one of the World Trade Center towers
we thought it was an accident, but when
we learned of attacks on the Pentagon and
another plane hitting the second tower, we
knew then it was more than an accident. We
turned around and headed back to Florida.
I was hoping to get back to our home base
of Orlando, but when we got notice if we
didn’t land immediately, we would be shot
down, we decided to land in Jacksonville,
Florida, the nearest airport,” Bill said.
Comparing being an airline pilot to
farming, Bill said, “Pilots have it easy
compared to farming. Farming requires
constant attention and there’s no such thing
as a day off. ”As a pilot I always paid a lot
of attention to the weather, but the weather
never affected my income,” he said.
As Bill Braswell completes his
presidency of the Florida Blueber r y
Growers Association it is clear, he has made
a difference and immersed himself totally on
behalf of the blueberry industry and Florida
agriculture. To show their appreciation,
the growers presented him with a custom
shotgun at his last meeting. ■
Bill Braswell’s New Greenhouse
Farm Credit of Central Florida
July 2014 | 15
Member News
Bee All You Can Bee!
At age 18, Farm Credit of Central Florida
Member, Andrew Moore, came to the
United States from Jamaica with little more
than a suitcase in his hand. Andrew may not
have had financial riches, but he was armed
with a wealth of determination and drive to
succeed. Thirty-five years ago he started
raising bees with about 80 hives. Today his
apiary located near Umatilla, Florida has
some 5,000 hives which he ships all over the
country pollinating everything from Florida
blueberries to California almonds!
Moore’s Honey produces honey and
beeswax, as well as leasing his bees to
pollinate crops, increasing their yields.
Blueberries are believed to increase their
yield from 20 to 30 percent with the
presence of bees. A 55-gallon drum of
honey sells for more than $1,300, while
the coveted orange blossom honey can go
as high as $1,800 per barrel. Honey sales
account for about half of an apiary’s income
with pollination bringing in most of the
other half of the revenue.
Everyone associates bees with honey
production, but millions of acres of U.S.
fruit, vegetables and legume seed crops
depend on insect pollination, including
honey bees. Cornell University estimated
the increase in production in ag crops
resulting from honey bee pollination
is valued at more than $19 billion!
The California almond crop is entirely
dependent on honey bee pollination. More
than 80 percent of the world’s almonds are
produced there and without pollination
from bees, there would be no almonds.
The USDA estimates 80 percent of
insect crop pollination is accomplished by
honey bees. Approximately 1/3 of the total
human diet is derived directly or indirectly
from insect-pollinated fruits, vegetables,
or legumes.
If you are thinking of raising bees
be ready to get stung. “I have probably
been stung more than 100,000 times in 35
years. You build up immunity, and eating
early in the day, and then just snacking
and drinking lots of Gatorade helps me. It
is an occupational hazard, you just learn
to cope,” Andrew said. The tools of the
trade, a helmet or netting and a stingproof suit can get pretty warm during
Florida’s steamy summers, so proper
hydration is a must!
“I fou nd out about Far m Credit
from another beekeeper. The funds I
borrow from Farm Credit help me fill
in the financial gaps and give me more
flexibility,” Andrew said.
Farm Credit of Central Florida Member and Professional beekeeper, Andrew Moore (L) & Farm Credit
Loan Officer David McDonald (R)
16 | JULY 2014
Andrew Moore in his work uniform.
Ac c o r d i ng t o L a u r e n c e C u t t s ,
Emeritus Apiary Inspector, with the Florida
Department of Agriculture and Consumer
Services, honey bees are not native to the
Americas. They were brought over from
Europe by the colonists in 1622. It isn’t
known when they were introduced to
Florida, but the first reports indicate almost
everyone in the Daytona area kept several
hives in 1879.
Florida beekeeping reached its peak
in the late 70s and early 80s with more
than 360,000 colonies, but recently that
number has dropped to approximately
250,000. Today, most bees in the state are
moved from two to six times annually.
According to the 2012 Ag Census, Florida’s
beekeepers produced 12.736 million pounds
of honey valued at $23 million. Florida
honey production ranks third nationally
behind North and South Dakota.
The USDA’s Economic Research
Service states, in 2010 it is estimated U.S.
consumption of honey reached 410 million
pounds. Honey demand requires importing
about 61 percent of the total. ■
Farm Credit of Central Florida
Industry News
Farm Credit of Central Florida Chairman of the Board David Stanford (Center Right) & Florida
Commissioner of Agriculture Adam Putnam (Center Left) with the Florida Strawberry Queen & her court.
Farm Credit of Central Florida Member-Debbie
Swindle (L), granddaughter, Anna Conrad, & Florida
Commissioner of Agriculture, Adam Putnam (R)
enjoyed some tasty Florida strawberries!
Farm Credit Strawberry Salute
Breakfast Draws Huge Crowd
The Farm Credit Strawberry Salute Breakfast has become a time honored tradition as Plant
City observes Parade Day for the Strawberry Festival. This year’s breakfast featured Florida
Commissioner of Agriculture, Adam Putnam, as the keynote speaker and attracted more
than 225 people to salute the luscious red berries that play a pivotal role in Plant City’s
history and economy. ■
Strawberry Festival Director Lane Wetherington
(L) and his father, Ron, (R), a Farm Credit of
Central Florida Director, talk ag issues with
Congressman Dennis Ross (Center).
Florida Commissioner of Agriculture Adam Putnam (Center), with Farm Credit
of Central Florida Directors, Dennis Carlton, Sr. & Homer Hunnicutt, Jr. (R).
Farm Credit Members Betty (L) & Charlie Grimes (R) talk politics with
Congressman Dennis Ross (Center).
Florida Commissioner of Agriculture Adam Putnam (L) with Farm Credit
Members Debby (Center) & Chuck Grimes (R).
Dale McClellan (L) Faye Wetherington (Center L), Alvin & Mary Jo Futch
(R) at the Farm Credit Strawberry Salute Breakfast.
Farm Credit of Central Florida
July 2014 | 17
Financial News
Loan or Lease: What Makes the
Most Sense for Your Business?
Proper resource management is crucial to
any successful business operation. You
need to utilize your people, equipment,
materials and cash flow effectively. Farm
Credit offers a variety of loans and leases to
meet the needs of today’s farm businesses.
Financing options like equipment leasing
can be another tool to help manage your
business. Leasing equipment, vehicles
and facilities can be a great way to
maximize tax benefits, preserve capital and
manage capital expenditures in the most
efficient way.
Tax implications
Tax implications are a key driver for the
loan vs. lease decision. With a “true lease,”
the lessee may deduct all of the lease
payments as a business expense. This
often allows for a quicker tax write-off in
18 | JULY 2014
comparison to depreciating the asset. Take
a building, for example. A general-purpose
farm building on a farm would typically
be depreciated over 20 years. However,
if the asset is financed with a true lease,
usually the entire lease payment would be
a deductible business expense, essentially
accelerating a 20-year depreciation cycle
into a seven to 10 year period.
A big tax benefit from leasing has
typically been the ability to accelerate
depreciation. However, Section 179 and
bonus depreciation has taken some of the
wind from leasing’s sails in recent years,
as it has reduced some of the tax benefits
of leasing things like tractors and other
equipment. For tax years 2012 and 2013,
businesses in many situations could deduct
up to $500,000 worth of new and used
equipment through Section 179, although
not all purchases qualify.
Still, some leases can qualify you for a
Section 179 deduction, and can bring several
new tax strategies to the table. For starters,
a “conditional sale lease” allows you to take
full depreciation, including Section 179, to
the limits allowed by the IRS. In some cases,
the amount saved in taxes may exceed the
total of the first year’s payments.
Things may change in 2014. Section
179 reverts to a limit of $25,000 if action
is not taken to reauthorize the higher limits
businesses have enjoyed in recent years.
Given the current status of Congress, it is
difficult to predict whether the limit will
be raised or left at $25,000. Given this
uncertainty, leasing suddenly looks much
more attractive from a tax standpoint.
Farm Credit of Central Florida
Less impact on the
balance sheet
A lease typically requires a smaller (or no)
down payment, often requires no additional
collateral and generally does not contain
restrictive covenants that can limit the
lessee’s ability to borrow future funds.
Accounting standards require traditionally
f inanced equipment to appear on the
balance sheet along with a corresponding
liability, until the outstanding balance is
fully repaid. Operating leases can remain
off the balance sheet.
Leases are often a more flexible way to
finance business investments, and can make
a deal happen where a loan might not work.
This can often be true when a business is
young or fast-growing. Leasing can preserve
your credit line for future needs rather than
tie it up with an equipment purchase.
can then buy the asset at the end of the
lease, at a reduced value, allowing them
to purchase equipment they know. This
can also mitigate estate taxes in some
circumstances.
Maximum flexibility
In summary, leasing can provide: 100
percent financing; flexibility over the type
of lease to best fit business and tax needs;
the ability to utilize a desired supplier or
vendor; and control of the asset at the end
of the lease, whether the farmer wishes to
purchase the equipment, renew the lease,
trade up to a newer asset or walk away.
A good option for assets
you want to keep current
Leasing may also make a great deal of
sense for assets that you plan to turn over
regularly, such as trucks that put on a lot of
miles. If you plan to trade those vehicles
in at regular intervals, leasing may be your
best option. You may have lower monthly
payments for the period you are using
the trucks as you are not buying the full
value of the asset, but only financing the
depreciation of the asset. In other words,
you’re not paying for the residual value
of the trucks after you’re done with them.
You can simply roll into another lease for
new trucks. A planned replacement cycle
ensures access to reliable, low maintenance
equipment at all times.
Flexible financing
While a loan may have a fixed or variable
rate, leasing is always fixed-rate, eliminating
the risk of rising interest rates. Leases also
typically offer 100 percent financing.
Benefits to estate planning
The father or mother in a family farm may
lease a tractor. He or she can write off
the payments or take depreciation during
the lease ter m. T he next generation
with a lease. Trucks and tractors are the
most common, but processing and fixed
equipment, buildings or other permenent
fa ci l it ie s, a nd eve n comput e r s a nd
software are eligible for leasing.
Some customers, particularly those
who have had a good year, want to pay cash
for their equipment. This can be a smart
choice in some circumstances, but it may
also make sense to maintain a strong cash
position for a “rainy day” and use leasing at
a low fixed rate to preserve liquidity.
A big misconception is that dealer
financing is always cheaper. It’s easy to
be drawn in by offers of below-market or
even zero percent interest, but there’s no
free lunch. Usually the financing cost is
embedded in the cost of the equipment.
When shopping, you may get your best
deals by being pre-approved for leasing,
and asking for a cash price. Compare this
with the total cost of the “free financing”
offer when making your decision.
Summary
Misconceptions
As lea si ng is less u nder stood t ha n
loans, there are several misconceptions
about leasing. One is that leasing is too
complicated. On the contrary, the approval
process and paperwork involved may be
less burdensome with a lease than a loan.
A customer can even be pre-approved for a
lease to enable them to shop for equipment
with confidence.
Another is that if you have a line-ofcredit, you don’t need to consider leasing.
Leasing can preserve your line-of-credit for
future needs, planned or unplanned.
Some customers aren’t sure what
can be leased, or think leasing is just
for trucks and tractors. The reality is
that nearly any asset can be f inanced
Farm Credit offers many possibilities
when it comes to financing your business.
Traditionally, most of our financing has taken
the form of loans. Increasingly, however,
some farm business owners are choosing to
lease their new investments. When planning
your next equipment purchase or business
investment, consider all your options and
what’s best for your business. Ask yourself
the following questions:
• What’s the total cost of the various
financing options? Compare each
option based upon your current
and future situation.
• What’s the effect of a down
payment or full purchase on your
current cash flow?
• Could any cash planned for the
equipment purchase be used
elsewhere in the operation?
• How long do I plan to use the
equipment? Is there a planned
replacement?
• Am I maximizing tax incentives
this year and in future years? ■
1 Taxes are complicated, and will vary according to your individual circumstances. This article is intended as general information only, and does not
constitute tax advice. Be sure to consult with your tax advisor before making major decisions that could affect your tax liability.
2 Non-operating leases should be disclosed on balance sheets according to GAAP. Operating leases are usually included in the footnotes of the business’
financial statements.
Farm Credit of Central Florida
July 2014 | 19
Association News
Farm Credit of Central
Florida Stockholders
Meeting
A crowd of about 250 members, employees, dignitaries, and prospects enjoyed a scrumptious
steak luncheon and heard a keynote address from Ken Spearman, one of three Farm Credit
Administration Directors, discussed the group that regulates Farm Credit associations across
the United States. ■
FCCF Chairman of the Board David Stanford
introduced his fellow Directors.
Farm Credit of Central Florida Directors John Langford (L) & Keith Mixon (R) joined Association
President & CEO, Reggie Holt (2nd from Right) in welcoming, Ken Spearman, Farm Credit
Administration Director (2nd from Left) and Lakeland Mayor, Howard Wiggs (3rd from Right).
FCCF Loan Officer, Joseph Sweat, presents the $100 gift card won by Renata
Walker (R) in the drawing at the annual meeting.
20 | JULY 2014
Farm Credit of Central Florida President &
CEO, Reggie Holt had a positive report to the
stockholders on the Association’s performance.
Farm Credit Members re-elected directors, Ron Wetherington (L), and
Keith Mixon (R) as well as board chairman, David Stanford (Center).
Farm Credit of Central Florida
Member News
Ty Strode
Longtime Farm Credit Members, Milton, Joanne, & Perry Varn came over from Plant City to celebrate
the Association’s success.
Farm Credit Members, Frances (L) and David (R) Hardy celebrated the Association’s strong profits
which are shared by the Members, significantly lowering their effective rate of funds.
Chet Peckett
Farm Credit
Members
Win Coveted
FNGLA
Awards
Farm Credit of Central Florida Members
Ty St r o d e a n d C h e t Pe c ke t t we r e
presented with prestigious awards at the
Florida Nursery, Growers and Landscape
Association (FNGLA) convention in June.
Ty, who is Vice President and Director of
Marketing at Agristarts, was presented
with the Farm Credit/FNGLA Young
Nursery Professional Award. This award
is presented to an FNGLA member who
is under 39 and has made an outstanding
contribution to the industry. This award is
sponsored annually by Farm Credit.
“It is a huge honor to be recognized by
the people I work with. The same people
who voted on this award are people I
admire and emulate,” said Ty.
Chet received the Wendell Butler
Awa rd at t he a s s o ciat ion’s a n nu a l
convention at Ponte Vedra Beach on June
21. The Butler award is recognized as
FNGLA’s most prestigious award. This
award recognizes an individual who serves
FNGLA and the industry by providing
leadership, service, contributions and has
shown a sincere interest in the advancement
of the association and the industry. “I am
honored to be recognized by my peers,”
said Chet. ■
Elias (L) and Lorena (R) Gutierrez celebrate the announcement of Farm Credit of Central Florida’s
patronage refund.
Farm Credit of Central Florida
July 2014 | 21
Association News
Farm Credit Employees Spread the
Good Word of Florida Agriculture
Farm Credit of Central Florida employees
Jessica Slaughter, Judy Waters, and
Ron O’Connor participated in Florida
Agriculture Literacy Day on Tuesday,
April 29. The annual reading event is a
chance for farmers, ranchers, University of
Florida IFAS extension, 4-H agents, master
gardeners, FFA teachers, students and
agriculture industry representatives to read a
children’s book about the Florida agriculture
industry to students in kindergarten through
fifth grade. This year’s book is titled Florida
Farms at School.
Florida Agriculture in the Classroom,
Inc. encourages volunteers to read its
agricultural themed storybook to elementary
school children showcasing the variety of
agricultural projects in our schools. ■
Farm Credit of Central Florida
Special Assets Loan Officer,
Jessica Slaughter (R), reads to
her nephew, Riley Phillips and
his classmates.
Farm Credit of Central Florida Credit Support
Specialist, Judy Waters (L) reads to her
granddaughter, Jessica Browning and her
classmates.
A book of notes
from the students in Ms. Hastings’ class
for Farm Credit of Central Florida Special Assets Loan Officer, Jessica Slaughter
22 | JULY 2014
Farm Credit of Central Florida
A collection of thank you notes to Farm
Credit of Central Florida Director of
Marketing & Governmental Affairs, Ron
O’Connor, for reading to a class.
Farm Credit of Central Florida
July 2014 | 23
Industry News
Farm Credit Directors & Members
Work With Legislators on Ag Issues
Informing your legislators
about the issues that affect you
is critical to familiarizing them
with the challenges faced by
Florida agriculture. Farm Credit
Members and Directors take
leadership roles all over our
service area meeting with state
and federal legislators.
Florida Representative Ben Albritton (L) discusses ag issues with Farm
Credit Member Dale McClellan (R)
Farm Credit of Central Florida Vice Chairman of the Board Rex Clonts, Jr.
(L) Congressman Tom Rooney, & FCCF President & CEO Reggie Holt (R).
Farm Credit of Central Florida Member Herb Harben (L) with Florida
Representative Neal Combee (R)
Farm Credit of Central Florida Member Leeann Adams Simmons &
Congressman Tom Rooney (R)
Florida Representative Ricardo Rangel (Center) discusses ag issues with
Farm Credit Members Dale (L) and Leon McClellan (R)
24 | JULY 2014
Farm Credit of Central Florida
Farm Credit of Central Florida President & CEO, Reggie Holt (L),
Congressman Rich Nugent, FCCF Director Homer Hunnicutt, Jr. & Farm
Credit of Florida’s David Bridges (R).
Farm Credit of Central Florida Members Dean Evans (L), John Strang (2nd
from Left) & Larry Black, Jr. (R), discuss ag issues with Congressman Dan
Webster (2nd from Right)
Anna Conrad (L) granddaughter of Farm Credit of Central Florida
Members, Larry & Debbie Swindle, Florida Representative Lori Berman
(Center), & Farm Credit Member, Mark Gould (R)
Brevard County cattleman Billy Kempfer (L), incoming Florida Speaker
of the House Steve Crisafulli, Florida Commissioner of Agriculture Adam
Putnam & Farm Credit Member Henry Kempfer (R)
Florida state Senator Darren Soto (L) enjoys some scrumptious Florida beef
along with Farm Credit Member Lee Adams (R)
Farm Credit of Central Florida President & CEO Reggie Holt (L),
Congressman Dennis Ross, FCCF Vice Chairman of the Board
Rex Clonts, Jr. (R)
Farm Credit of Central Florida
July 2014 | 25
Member News
Wish Farms
Strawberry
Picking
Challenge
Wish Farms Strawberry Picking
Challenge to Benefit Redland Christian
Migrant Association. RCMA provides
quality childcare and early education
for children of migrant farmworkers
and rural, low-income families
throughout Florida.
Strawberry Challenge Host & Farm Credit Member, Gary Wishnatzki
Shaz Simmons, son of Leslie & Shad Simmons,
& grandson of Farm Credit Member, Billy
Simmons enjoys a delicious strawberry.
RCMA Farm Credit Strawberry Picking Team: (From the left) David Barber, Jr., Jeff Phillips,
Geoff Simon, Coach Kim Stickles, and Dawn Tuten (Far right). Joining the team photo is Florida
Commissioner of Agriculture Adam Putnam (2nd from Right). This dedicated group of strawberry
pickers got up early on a cold and rainy Saturday morning to compete in the Wish Farms Strawberry
Challenge to raise money for the Redlands Christian Migrants Association.
26 | JULY 2014
Clayton Grimes, son of Farm Credit Members
Buddy & Melissa Grimes, grandson of
Chuck & Debby, & great grandson of Betty &
Charlie Grimes is clearly enjoying a delicious
strawberry!
Farm Credit of Central Florida
Association News
Welcome
Farm Credit of Central Florida
Names Michelle G. Hurst to Board Aboard New
Employees
Fa r m Cr e d it of
Ce nt r al Flor id a
Chairman of the
Board, David
J. Stanford,
announced the
a p p oi nt m e nt of
Michelle G. Hurst to the cooperative’s
board as an outside director. “We are elated
to have Michelle’s expertise in accounting,
trust, and estate planning as a resource to
our Association,” Stanford said. Michelle
is a CPA and a partner at Bunting, Tripp
& Ingley LLP in Lake Wales. “I look
forward to being a part of the Farm Credit
Board, a team of sophisticated, warm and
highly intelligent businessmen who really
understand the complexities and challenges
their customers face today and want to help
make their Association “The Lender of
Choice,” Michelle said.
R a i s e d i n B a v a r i a G e r m a n y,
Michelle, is bilingual, and earned her
Bachelor of Science in accounting from
the University of South Carolina. She
and her husband of 27 years, Stewart W.
Hurst, live in Babson Park and have two
grown children, Charlie and Jacqueline.
Michelle and Stewart enjoy exercising,
spending time together, and volunteering
in their church and community as much
as possible.
Michelle has an extensive background
in accounting and has been with her current
firm since 1992, after working with firms
in Vero Beach, Florida and Greenville,
South Carolina. She has been an active
member of her community, serving in
numerous positions of authority including,
Past President of Lake Wales Breakfast
Rotary Club, Florida Institute of CPA’s,
Lake Wales YMCA Service Club, and
the Heartland Estate Planning Council to
name a few. “Michelle is well respected
throughout the area and her skills will
greatly enhance the strength of our board
of directors,” said Reggie Holt, President &
CEO of Farm Credit of Central Florida. ■
Charlie Grimes Celebrates His
80th Birthday!
An estimated crowd
of 30 0 f r iends
swelled the building
named for the
Grimes family at the
Strawberry Festival
grounds to celebrate
C h a rl ie G r i m e s’
8 0 t h b i r t h d a y.
Hap py Bi r t hd ay,
Mr. Grimes from
your friends at Farm
Credit of Central
Florida! ■
Alyssa Davis
Steven Sherman
Kevin Taylor
(From the left) Farm Credit of Central Florida Directors Ron
Wetheringthon, Dennis Carlton, Sr., Mr. Grimes, FCCF President & CEO
Reggie Holt, and Sr. Vice President Jeff Phillips
Farm Credit of Central Florida
Alyssa Davis graduated
from the University of
Central Florida with a
degree in finance and
began working as a
credit analyst for Farm
Credit in January. In
her spare time, Alyssa
likes to craft and rock
climb with her fiancé;
they are planning their
wedding for December
of this year.
Steven Sherman, from
Toledo, Ohio, was
hired as a credit analyst
in September 2013. He
earned his degree in
accounting at Alabama
A&M University. In
his spare time Steven
enjoys traveling and
scuba diving, one of
the reasons he moved
to Florida.
Lakeland native Kevin
Taylor joined the
Farm Credit family
in January as a credit
analyst. He graduated
from Florida A&M
University with his
degree in business
administration and
finance. Kevin likes to
play and watch sports,
go to the movies and
spend time with his
16-month old son.
July 2014 | 27
Association News
Farm Credit Employees Recognized
for Loyalty & Excellence
Twice a year Farm Credit of Central Florida has staff meetings for training and to reward employees for their tenure and present
awards for excellence. Listed below are the recipients of that recognition.
Farm Credit of Central Florida Chief Lending
Officer Craig Register (L) presents Plant City Sr.
Loan Officer Debbie Simpson the Outstanding
Service Award.
Farm Credit of Central Florida Chief
Lending Officer Craig Register (L) presents
the Outstanding Lender Award to FCCF
Relationship Manager Chris Witmer.
2014 Employment Anniversaries
1 Year
James R. Lewis
Gerald S. Sherman
Marta I. Vega
Jason M. Williams
5 Years
Carolyn C. Cowen
Janet L. Harrison
David S. McDonald
Jennifer D. Parrish
15 Years
Walker Lyle
20 Years
Joy D. Register
Regina W. Thomas
30 Years
Vonda K. Fulwood
28 | JULY 2014
Farm Credit of Central Florida Chief Lending
Officer Craig Register (L) presents the
Outstanding Team Award to Brooksville Loan
Officer Thomas Dalton. Thomas accepted the
award on behalf of himself and Loan Specialist,
Mary Cay Sasser.
2013 Fall Awards for
Farm Credit of Central Florida
Award of Excellence
Debra Shepherd
October 14, 2013
2014 Spring Awards for
Farm Credit of Central Florida
Outstanding Service Award
Debbie Simpson
February 17, 2014
Outstanding Lender Award
Chris Witmer
February 17, 2014
Outstanding Team Award
Brooksville Service Center
February 17, 2014
Farm Credit of Central Florida
Industry News
Taste of Florida
Farm Credit of Central Florida President & CEO Reggie Holt (L) & Farm
Credit Members Dale & Andrea McClellan enjoy some of M&B Dairy’s
delicious flavored milk with Florida Commissioner of Agriculture Adam
Putnam (R) at the Taste of Florida Breakfast.
Florida Governor Rick Scott (L) & Farm Credit of Central Florida President
& CEO Reggie Holt (R) sampled the menu produced by Florida agriculture
at Taste of Florida breakfast.
Farm Credit of Central Florida Board Chairman Emeritus, Al Bellotto
(Center) reminisces with past Florida Cattlemen Association Presidents,
Woody Larsen (L) and Alto “Bud” Adams (R). Past Presidents of the FCA
met at the association’s headquarters to talk about their industry, enjoy
some tasty Florida beef, and to remember the past and look to the future.
Florida Commissioner of Agriculture Adam Putnam (R) was the keynote
speaker at the FNA’s Industry Seminar, Commodity, & Equipment Expo
in Orlando. With Commissioner Putnam are Dale McClellan, Ida Daniels,
Immediate past President of the Florida Nutrition Assoc., & Maggie Green,
current President of the FNA.
On January 22, Florida Congressman Dennis Ross (R) presented Farm
Credit of Central Florida Business Analyst Maria Hernandez (Center) a
flag that flew over the U.S. Capitol to recognize her for earning her U.S.
citizenship. She was accompanied by her husband, Roy (L) and son, Javi.
Farm Credit of Central Florida
“Maria Hernandez is truly an
inspiration. Her hard work and
dedication showcase the attributes that
make this country great. I was honored
to present her with a flag flown over
the U.S. Capitol and I wish Maria, Roy,
and Javi the best in all of their future
endeavors,” Congressman Ross said.
July 2014 | 29
Association News
Disclosure to
Stockholders
Notice of Significant or Material Events
The Board of Directors accepted the resignation of board member Lewis S. Stidham
effective May 1, 2014. Mr. Stidham held the position of Outside Director since 1995. During
his term with Farm Credit of Central Florida, Mr. Stidham served as past Chairman of the
Audit Committee, and was currently assigned to the Audit and Legislative Committees.
Effective May 1, 2014, the Board of Directors appointed Mrs. Michelle G. Hurst to the
position of Outside Director for the remaining portion of the 3-year term previously held
by Mr. Stidham which will expire in April 2016. Mrs. Hurst as been assigned to serve on
the Audit and Compensation Committees. Mrs. Hurst is a Certified Public Accountant and
Partner with Bunting, Tripp & Ingley, LLP in Lake Wales, Florida. She has been with the
firm since November 1992.
The undersigned certify that we have reviewed the Notice of Significant or Material
Events, that the disclosure has been prepared under the oversight of the governance
committee of the Board of Directors and in accordance with all applicable statutory or
regulatory requirements, and that the information contained herein is true, accurate, and
complete to the best of our knowledge and belief.
Farm Credit/
Ag Institute
Candidates
Forum
September 25, 2014
Orange County
Convention Center
David J. Stanford
Chairman of the Board
Reginald T. Holt
Chief Executive Officer
D. Scott Fontenot
Chief Financial Officer
June 25, 2014
11:30 a.m.
Gubernatorial & Florida
Cabinet Candidates
Present Their Ag
Platforms
More Information Soon!
30 | JULY 2014
Farm Credit of Central Florida
Farm Credit Of Central Florida, ACA
March 31,
(dollars in thousands)
2014
Consolidated Balance Sheets
(unaudited)
Consolidated
Balance Sheets
Assets
Cash
(dollars in thousands)
Investment securities:
Held to maturity (fair value of $38,396 and $40,417, respectively)
Assets
Loans
Cash
Allowance for loan losses
Investment
Net loanssecurities:
Held to maturity (fair value of $38,396 and $40,417, respectively)
Loans held for sale
Loans
Accrued interest receivable
Allowance
Investmentsforinloan
otherlosses
Farm Credit institutions
Premises
and equipment, net
Net loans
Other property owned
Loans
heldreceivable
for sale
Accounts
Accrued
interest receivable
Other assets
Investments in other Farm Credit institutions
Total
assets
Premises
and
equipment, net
Other property owned
Liabilities
Accounts receivable
Notes payable to AgFirst Farm Credit Bank
Other assets
Accrued interest payable
Patronage
Totalrefunds
assets payable
Accounts payable
Liabilities
Other liabilities
Notes payable to AgFirst Farm Credit Bank
Total
liabilities
Accrued
interest
payable
Patronage refunds payable
Commitments and contingencies
Accounts payable
Other
liabilities
Members'
Equity
Capital stock and participation certificates
Total
liabilities
Retained
earnings
Allocated and contingencies
Commitments
Unallocated
Members' Equity
Accumulated
other comprehensive income (loss)
Capital stock and participation certificates
Total
members' equity
Retained
earnings
Allocated
Total
liabilities and members' equity
Unallocated
Accumulated other comprehensive income (loss)
$
$
$
$
$
$
$
Total members' equity
December 31,
2013
Financial
(audited) Reports
March 31,
54
2014
December 31,
$
277
2013
(unaudited)
37,618
(audited)
39,511
370,153
54
(7,707)
362,446
37,618
232
370,153
1,848
(7,707)
7,159
793
362,446
1,396
232
2,145
1,848
3,572
7,159
417,263
793
1,396
2,145
322,296
3,572
534
122
417,263
423
7,622
322,296
330,997
534
122
423
7,622
885
330,997
34,167
51,623
(409)
885
86,266
34,167
417,263
51,623
(409)
$
$
$
$
$
$
86,266
Consolidated Statements of
Income
$
417,263
$
Total liabilities and members' equity
Consolidated
Statements of
Income
(unaudited)
374,964
277
(8,095)
366,869
39,511
245
374,964
1,665
(8,095)
7,303
747
366,869
1,108
245
11,381
1,665
3,696
7,303
432,802
747
1,108
11,381
337,140
3,696
574
3,539
432,802
1,508
5,624
337,140
348,385
574
3,539
1,508
5,624
902
348,385
34,167
49,767
(419)
902
84,417
34,167
432,802
49,767
(419)
84,417
432,802
the three months
Consolidated Statements of For
Income
ended March 31,
2014
(dollars in thousands)
2013
(unaudited)
Interest Income
Loans
Investment
securities
(dollars in thousands)
$
Total interest income
Interest Expense
Income
Interest
Loans payable to AgFirst Farm Credit Bank
Notes
Investment securities
Net interest income
Total
income
Provision
forinterest
(reversal
of allowance for) loan losses
$
For the three months
4,169 March
$ 31, 4,059
ended
2014 202
2013 242
4,371
(unaudited)
4,301
4,169
1,577
202
2,794
4,371
—
4,059
1,586
242
2,715
4,301
(133)
$
Interest
Expense
Net
interest
income after provision for (reversal of allowance for)
Notes
loanpayable
losses to AgFirst Farm Credit Bank
1,577
2,794
1,586
2,848
Net
interest income
Noninterest
Income
Provision
Loan
feesfor (reversal of allowance for) loan losses
2,794
—
65
2,715
(133)
101
Patronage
Farmfor
Credit
institutions
Net
interestrefunds
incomefrom
afterother
provision
(reversal
of allowance for)
Gains
loan(losses)
losses on sales of rural home loans, net
Gains (losses) on other transactions
Noninterest
Income
Other
noninterest
income
Loan fees
Total
noninterest
Patronage refunds from income
other Farm Credit institutions
Gains
(losses)Expense
on sales of rural home loans, net
Noninterest
Gains (losses)
on otherbenefits
transactions
Salaries
and employee
Other
noninterest
income
Occupancy
and equipment
1,366
—
2,794
4
42
65
1,477
1,366
—
1,6084
42
162
1,354
40
2,848
5
57
101
1,557
1,354
40
1,5455
57
162
Insurance
premiums
TotalFund
noninterest
income
(Gains) losses on other property owned, net
Noninterest
Expense
Other
operating
expenses
Salaries and employee benefits
Total and
noninterest
expense
Occupancy
equipment
Insurance
Fund
premiums
Net income
(Gains) losses on other property owned, net
Other operating expenses
86
1,477
51
508
1,608
2,415
162
86
1,856
51
508
72
1,557
49
463
1,545
2,291
162
72
2,114
49
463
$
$
Total
noninterest
expense
2,291
Copies of the Association’s Annual and Quarterly reports are available
upon
request free
of charge by calling 1-800-533-2773 or writing D. 2,415
Scott Fontenot, Chief
Financial Officer, Farm Credit of Central Florida, ACA, P.O. Box 8009, Lakeland, FL 33802 or accessing the web site, www.FarmCreditCFL.com. The Association
Net income
$
1,856
$
2,114
prepares an electronic version of the Annual Report which is available on the Association’s web site 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 within 40 days
after the end of each fiscal quarter, except that no report need be prepared for the fiscal quarter that coincides with the end of the fiscal year of the institution.
Farm Credit of Central Florida
July 2014 | 31
Farm Credit of Central Florida
P.O. Box 8009
Lakeland, FL 33802-8009
PRSRT STD
U.S. POSTAGE
PAID
COLUMBIA SC
PERMIT 1160
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