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Moments that Matter
2023 Annual Report
As ag continues to change, it’s clear that farmers’ most precious commodity is time — more time for business decisions, more time to plan for the future, and more time with family. More time for moments that matter. After all, these moments aren’t just time well spent; they’re an investment in the future.
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Financial Summary with Chief Strategy & Financial Officer Jerry Rose
We maintain a healthy loan portfolio by serving all segments of agriculture. Risks that may be associated with a particular geographic region—such as adverse weather, land pricing, or commodity markets—may be offset by stronger performance in our other regions, thereby reducing pressure on the overall portfolio. Hear from Chief Strategy and Financial Officer Jerry Rose as he reviews our financial results.
Key Financial Data
Commodities Financed
We maintain a diverse loan portfolio to reduce risks associated with a downturn in any single agricultural commodity. By serving a wide range of commodities and operation types, we are able to mitigate risk and ensure that any material stress on the entire portfolio is minimized.
- 12%
- BEEF
- 7%
- FOREST
- PRODUCTS
- 13%
- DAIRIES
- 14%
- TREE FRUITS
AND NUTS
- 23%
- OTHER
- 4%
- VEGETABLES
- 12%
- FIELD CROPS
- 15%
- VINEYARDS
AND WINERIES
Patronage Report
In 2023, our Board again voted to approve our patronage distribution at a full 1% resulting in nearly $214 million back to you, our loyal customer owners.
Our efforts to maintain a diversified loan portfolio, balanced across commodities and locations, have helped maximize the impacts of stress on any individual sector. We also continue to improve our business processes and operating efficiency.
As a result of these efforts, we are able to share more profit with our members than ever before. Again, we did this by finding efficiency gains in the business–not by charging you more. In fact, we lowered the spread between interest rates charged to borrowers and our own cost of funds.
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In Millions
Peña's Pecan Nursery
In Mesilla Park, about five miles south of Las Cruces, New Mexico, Peña's Pecan Nursery plays the long game in producing pecan trees and sustaining their generational family farm. Since 1958, the Peña's have harnessed “Mother Nature at her best” to create a thriving nursery and long-term plan.
Cold Creek Buffalo Company
When prices looked favorable Boyd Meyer grasped the opportunity to jump into the bison business. Today, on the Colorado border near Cheyenne, Wyoming, Boyd runs Cold Creek Buffalo Company with his four sons and has created one of the largest bison operations in the nation.
Ippolito International
Joel Ippolito and Ron Mondo founded Ippolito International in Salinas, California, in 2000 with a humble vision: to grow and sell Brussels sprouts, green onions, and leeks. Since then, they’ve become a fully integrated shipper selling nearly 50 different products with both conventional and organic options. Pushing toward zero waste through a renewable, environmentally friendly business model is at the heart of their operation.
Cline Family Cellars
Fred and Nancy Cline combine a passion for winemaking with deep agricultural knowledge to bring multiple successful wine labels, popular tasting rooms and direct-to-consumer channels to Sonoma County–and all over the world. Cline Cellars is also one of California’s largest wineries to be completely powered by renewable energy.
Basinger Land & Cattle
From the time he was 12, Chad Basinger knew he wanted to have a herd of beef cows. What he started then by renting from a neighbor has grown into a cow-calf operation, backgrounding operation and direct-to-market beef business in Pretty Prairie, Kansas. Family is at the center of it all, as Chad’s wife and four children all contribute in their own ways.
Calivirgin Olive Oil
The Coldani family has farmed the same area in Lodi, California, for more than 100 years. Cattle and row crops were focuses of the past before pivoting to olives in 2005, which has now grown into a direct-to-consumer olive oil business and modern guest experience at Coldani Olive Ranch.
View more customer stories
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