AgStar Financial Services announces mid-year results
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MANKATO, MN – AgStar Financial Services, a value-added financial services company owned by its client-stockholders, today reported earnings for mid-year ending June 30, 2015. The company reported net after-tax earnings of $56 million for the first half of 2015, a $3 million increase over last year’s first half performance.
“Increased earnings are attributed to the growth in our accrual loan volume from one year ago and our focus on managing expenses,” stated Rod Hebrink, President and CEO of AgStar Financial Services. “Credit quality, as measured by our adverse asset ratio, has continued to improve contributing to our strong results this year.” AgStar’s mid-year earnings is up nearly six percent above 2014 year to date earnings.
In addition to financial performance, AgStar continues to focus on opportunities to offer clients relevant information to help manage their operations. “Agriculture is continuously changing, having applicable, domestic and global information is imperative for our clients as they make decisions,” explained Hebrink.
“We’re facing shrinking margins across all industries. It’s important we provide guidance to help our clients manage through any situation they’re currently facing. We provide this expertise through the AgStar Edge, which offers one-on-one meetings, workshops, blogs, and e-newsletters.”
AgStar remains committed to enhancing life in rural America through the AgStar Fund for Rural America. During the first half of 2015, AgStar awarded about $459,000 in support to local communities through grant programs including county fair facility upgrades, high school senior scholarships and agriculture education and classroom equipment.
“Finally, I’m pleased to share that AgStar recently distributed allocation notices to stockholders for $60.1 million from 2014 earnings,” shared Hebrink. Since 1998, AgStar has allocated $513 million in patronage dividends and retired nearly $135 million in patronage dividends to eligible stockholders.
