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Farm Credit News
Farm Credit News
Panhandle Ag Leader Inducted Into Farm Credit Academy of Honor
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Mike Garnett and his wife, Marti
Spearman, Texas, farmer and rancher Jon “Mike” Garnett was inducted into the Farm Credit Bank of Texas (FCBT) Academy of Honor at the bank’s 2018 annual stockholders meeting on April 5.
The award establishes a $10,000 scholarship that will be presented in his name to a student attending Texas Tech University, the college of his choice.
Established in 1968, the Academy of Honor recognizes outstanding individuals for their service and contributions to agriculture and to Farm Credit. To date, 60 people have been inducted into this prestigious group.
A former FCBT director for 18 years, Mike Garnett and his wife, Marti Garnett served the Farm Credit System for four decades. During his tenure, he represented the Texas Farm Credit District on the national Farm Credit Council Board of Directors, chairing the council from 2011 to 2013. He also was a director of the Pampa-High Plains Federal Land Bank Association, now Plains Land Bank, for 23 years.
“Mike was always diligent and mindful of the needs of his fellow agricultural producers,” said Jimmy Dodson, FCBT board chairman. “He was always willing to consider and support new policies, and with an open mind he welcomed our current business model, which has served our owners and our mission well.”
Dodson and Little Re-Elected to Lead Bank Board
Jimmy Dodson
Lester Little
The Farm Credit Bank of Texas (FCBT) Board of Directors re-elected James F. “Jimmy” Dodson of Robstown, Texas, board chairman and Lester Little of Hallettsville, Texas, board vice chairman of the Austin-based bank for 2018.
The two South Texas farmers were re-elected to one-year terms in January. They have held their current positions since 2012.
Dodson farms and owns a seed sales business near Robstown. He is past chairman of the Texas AgFinance Board of Directors and the National Cotton Council of America, among other organizations. Little owns and operates a farming business that is headquartered in Lavaca County, Texas, and also offers custom farming services. He is a past chairman of the Capital Farm Credit Board of Directors.
Glen R. Smith Appointed to FCA Board
Iowa farmer Glen R. Smith was sworn in on Dec. 14 as a board member of the Farm Credit Administration (FCA), which is the government entity that regulates the Farm Credit System. He was appointed to a term that expires in 2022.
“It gives me great pleasure to welcome Glen to this board,” said FCA Chairman and CEO Dallas Tonsager. “His many years of experience in farm management and land appraisal will be a great asset to the FCA board. I look forward to working with Glen to ensure a safe, sound and dependable source of credit to farmers and other rural Americans.”
A native of Atlantic, Iowa, Smith is a co-owner of Smith Land Service, a land appraisal, farmland brokerage and farm management company, and owner of Smith Generation Farms, a 2,000-acre corn and soybean operation.
Bank Distributes Majority of Earnings to Stockholders
Based on its solid earnings and capital position, the Farm Credit Bank of Texas (FCBT) returned $154.2 million in patronage and other dividends, or 78.7 percent of 2017 earnings, to its affiliated lending cooperatives and other patrons at year end.
“Patronage is a unique benefit of doing business with a cooperative,” said Larry Doyle, FCBT chief executive officer. “As a result, the lending institutions that we fund pay no more for funding than the bank pays, and can pass that value along to farmers, ranchers, agribusinesses and other local customers.”
The bank reported record net income of $196 million in 2017 and record loan volume of $17.1 billion at year end. Credit quality remained strong, with 99.7 percent of loans classified as acceptable or special mention.
Capital and liquidity were also strong, providing opportunity for growth and protection from adversity. The bank finished the year with shareholders’ equity of $1.7 billion. Cash and investments totaled $5.4 billion, providing 227 days of liquidity.
Nationally, the Farm Credit System reported combined net income of $5.2 billion in 2017.
LANDSCAPES: Summer 2018
