AgriBank, FCB and Affiliated Associations
|
|
- Baldric Barnett
- 5 years ago
- Views:
Transcription
1 Quarterly Report June 30, 2007 Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 375 Jackson Street, St. Paul, Minnesota or by calling (651) Reports are also available at MANAGEMENT'S DISCUSSION AND ANALYSIS The following discussion is a review of the combined financial position and results of operations of AgriBank, FCB and Affiliated Associations. This information should be read in conjunction with the accompanying financial statements, the notes to the financial statements and the 2006 annual report. We serve customers in states across America s heartland. AgriBank provides funding to and is owned by its affiliated Associations and other financial institutions. AgriBank and its affiliated Associations are collectively referred to as the District. The Associations are chartered to service customers in substantially all of Arkansas, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee, Wisconsin and Wyoming. The Associations provide credit and services to farmers, ranchers, rural residents and agribusinesses. RESULTS OF OPERATIONS Our net income for the six months ended June 30, 2007 totaled $359.3 million compared to $303.9 million for the same period in The return on average assets decreased to 1.30% for the six months ended June 30, 2007 from 1.33% for the comparable period in The following table illustrates changes in the significant components of net income (in millions): Increase (decrease) in net income 2007 vs Six months ended June Net interest income $74.3 Provision for loan losses (7.2) Non-interest income 12.5 Operating expenses (18.5) Income taxes (5.7) Total change in net income $55.4 Net interest income for the six months ended June 30, 2007 increased $74.3 million or 13.2% compared to the six months ended June 30, The increase in net interest income was due to the effects of changes in volume of $69.9 million and changes in rates of $4.8 million and a $0.1 million increase in nonaccrual income. Information regarding the year-to-date average daily balances (ADBs) and annualized average rates earned and paid on our portfolio follows (dollars in millions): Six months ended June 30, 2007 ADB Rate Earning assets: Accrual loans $43, % Nonaccrual loans % Investments and federal funds 10, % Other earning assets % Total earning assets 53, % Total interest bearing liabilities 45, % Total interest rate spread 1.59% Impact of equity financing $8, % Net interest margin 2.36% Six months ended June 30, 2006 ADB Rate Earning assets: Accrual loans $37, % Nonaccrual loans % Investments and federal funds 8, % Other earning assets % Total earning assets 46, % Total interest bearing liabilities 38, % Total interest rate spread 1.67% Impact of equity financing $7, % Net interest margin 2.42% Net interest margin has decreased by 6 basis points compared to the same period last year due to a 8 basis point decline in interest rate spread partially offset by a 2 basis point increase in the impact of equity financing. Equity financing represents the benefit of noninterest bearing funding. Equity financing is positively impacted by an increase in interest rates and increased volume of equity; accordingly, the impact of equity financing in 2007 is greater than in The average interest rate spread on earning assets was 1.59% for the first six months of 2007, compared to 1.67% during the same period in The decreased interest rate spread was primarily due to the decline in accrual spreads, reflecting the increasingly competitive market. The competition is resulting from increased liquidity in the large loan market, active insurance company competition and strong competition from large international banks. Investment spreads also declined, further reducing the overall interest rate spread. Net interest income has been positively impacted by the increased volume of our investment portfolio. Changes in loan volumes are discussed in the Loan Portfolio section of this discussion. Other significant changes in net income are as follows: The increase in non-interest income was primarily due to increased financially related services income reflecting an increase in multi-peril crop insurance income. This increase reflects a combination of additional emphasis on marketing and sales of the related services and the higher value of key commodities insured. The increase in operating expenses is due primarily to the increased salaries and benefits resulting from increased staffing at the associations. The increase in operating expenses is also due to an increase in Farm Credit System Insurance Corporation premiums, reflecting increased loan volume. The increase in income taxes is related to an increase in income at the taxable entities. 1
2 LOAN PORTFOLIO The following table presents the components of loan volume at June 30, 2007 and December 31, 2006 (in millions): Production agriculture: Real estate mortgage $25,298.0 $24,124.0 Short and intermediate term 11, ,950.2 Agribusiness 4, ,857.7 Rural home loans 1, ,592.0 Finance leases Other Nonaccrual Total loan volume $44,818.4 $41,987.1 District loan volume totaled $44.8 billion at June 30, 2007, a $2.8 billion increase from December 31, This growth is resulting from strong marketing activities, competitive rates and products, and participation activity. The components of risk asset volume follow (in millions): Nonaccrual $164.5 $172.1 Accruing restructured Past due 90 days or more still accruing Total risk loans $206.1 $200.1 Other property owned Total risk assets $212.8 $203.3 Risk loans as % of total loans 0.45% 0.48% Delinquencies as a % of total loans 0.60% 0.56% The District s total risk assets have increased since December 31, 2006, but remain at acceptable levels. Loans 90 days or more past due and still accruing interest were adequately secured and in the process of collection. The increase in loans 90 days or more past due and still accruing interest is reflective of the seasonal payment patterns. Loans 90 days or more past due and still accruing interest at June 30, 2006 were $19.4 million. At June 30, 2007, 53.6% of nonaccrual volume was current in payment. Comparative allowance coverage of various loan categories follows: Allowance as a percentage of: Loans 0.22% 0.22% Nonaccrual loans 58.73% 52.67% Total risk loans 46.86% 45.31% The District s allowance for loan losses is an estimate of losses on loans in the AgriBank and Association portfolios as of the financial statement date. AgriBank and Association managements determine the appropriate allowance levels based on periodic evaluation of factors such as loan loss history, portfolio quality and current economic and environmental conditions. AgriBank and Association managements consider the allowance for loan losses at June 30, 2007 to be reasonable in relation to the risk in the loan portfolios. lives. However, in the event a security is downgraded, we may be required by our regulator to dispose of the security. AGRICULTURAL CONDITIONS Net farm income for 2007 is forecasted by USDA to increase over 2006 net farm income by 10%. USDA reported 2006 net farm income of $60.6 billion, down significantly from 2005 levels, but slightly above the 10-year average. The 2005 and 2004 years were the two highest net farm income years on record. Strong agricultural economic conditions were the result of generally favorable prices and the continued positive impact of government programs. In addition, the interest rate environment in recent years allowed many District borrowers to lower their borrowing costs, which improves their profitability. The six year Farm Security and Rural Investment Act of 2002 completed its fifth year. The Act includes significant federal financial support for wheat, feed grains, cotton, rice, and oilseeds, and expanded assistance to certain specialty crops and certain livestock operations (particularly smaller dairy farms). The Act provides a high degree of income support for major crops, which helps support credit quality and decreases the volatility of overall farm income over the term of the program. The U.S. House and Senate are currently working on their respective versions of the Farm Bill. It is expected the new Farm Bill may reduce government support. FUNDING, LIQUIDITY AND MEMBERS EQUITY AgriBank is responsible for meeting the District's funding, liquidity and asset/liability management needs. Association funding is provided through loans from AgriBank. Total members equity at June 30, 2007 was $8.7 billion, compared to $8.4 billion at December 31, The increase in members equity of $347.3 million primarily reflects net income for the first six months of At June 30, 2007, AgriBank and each Association exceeded the regulatory minimum capital ratios, which are further discussed in Note 3 to the financial statements. The undersigned certify that the June 30, 2007 quarterly report of has been prepared under the oversight of the audit committee 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. Roy Tiarks L. William York Chairperson of the Board Chief Executive Officer AgriBank, FCB AgriBank, FCB July 31, 2007 July 31, 2007 INVESTMENT PORTFOLIO At June 30, 2007, AgriBank s investment portfolio included $1.1 billion of asset-backed securities supported by first and second lien home equity mortgages. In view of the recent economic conditions and volatility related to these types of securities, the Bank is actively monitoring the creditworthiness of these securities, which are all currently rated AAA. These securities are supported by credit enhancements including insurance wraps, favorable priority of payments, and over collateralization. Based on our evaluations, we believe these securities do not pose a significant risk of loss given the credit enhancements and their relatively short expected average 2
3 COMBINED STATEMENT OF CONDITION (Dollars in thousands) (Unaudited) Assets Loans $44,818,355 $41,987,120 Allowance for loan losses 96,604 90,655 Net loans 44,721,751 41,896,465 Investment securities - AgriBank, FCB 8,494,031 8,624,856 Investment securities - Associations 764, ,917 Other earning assets 354, ,081 Cash 29, ,569 Federal funds 434, ,200 Accrued interest receivable 740, ,182 Premises and equipment, net 227, ,538 Assets held for lease, net 296, ,361 Derivative assets 1,927 4,561 Deferred tax assets, net Other assets 193, ,067 Total assets $56,258,459 $53,506,432 Liabilities Bonds and notes $46,617,607 $44,152,111 Accrued interest payable 456, ,087 Derivative liabilities 70,579 84,140 Deferred tax liabilities, net 50,522 56,420 Other liabilities 316, ,053 Total liabilities 47,511,510 45,106,811 Contingent liabilities Members' equity Protected capital stock and participation certificates 5,670 6,380 Capital stock and participation certificates 206, ,937 Allocated surplus 173, ,621 Unallocated surplus 8,367,275 8,045,527 Accumulated other comprehensive loss (6,196) (19,844) Total members' equity 8,746,949 8,399,621 Total liabilities and members' equity $56,258,459 $53,506,432 The accompanying notes are an integral part of these combined financial statements. 3
4 COMBINED STATEMENT OF INCOME (Dollars in thousands) (Unaudited) Three months Six months Period ended June 30, Interest income Loans $769,468 $641,844 $1,506,873 $1,235,285 Other earning assets 4,762 4,530 9,363 8,288 Investment securities and federal funds 141, , , ,018 Total interest income 915, ,103 1,795,843 1,453,591 Interest expense 591, ,778 1,159, ,657 Net interest income 323, , , ,934 Provision for loan losses 9,752 2,279 11,636 4,387 Net interest income after provision for loan losses 313, , , ,547 Non-interest income Financially related services 20,682 14,344 36,976 26,772 Loan prepayment fee income ,655 2,194 Miscellaneous income and other gains, net 7,085 7,310 19,434 16,613 Total non-interest income 28,724 22,340 58,065 45,579 Non-interest expense Salaries and employee benefits 91,450 87, , ,363 Other operating 62,962 57, , ,379 Total non-interest expense 154, , , ,742 Income before income taxes 187, , , ,384 Provision for income taxes 8,035 5,638 18,228 12,495 Net income $179,832 $155,368 $359,335 $303,889 The accompanying notes are an integral part of these combined financial statements. 4
5 COMBINED STATEMENT OF CHANGES IN MEMBERS' EQUITY (Dollars in thousands) (Unaudited) Capital Stock and Accumulated Other Comprehensive Comprehensive Protected Participation Allocated Unallocated Income (Loss) Income Capital Certificates Surplus Surplus Investments Derivatives Total Balance at December 31, 2005 $8,335 $192,352 $137,023 $7,499,212 $(28,252) $10,808 $7,819,478 Comprehensive income Net income $303, , ,889 Other comprehensive loss, net of tax: Change in net unrealized losses on investment securities, net of reclassification adjustment of $0 (34,166) (34,166) (34,166) Change in net unrealized gains on cash flow hedges, net of reclassification adjustment of $(584) 17,398 17,398 17,398 Other comprehensive loss, net of tax (16,768) Total comprehensive income $287,121 Patronage reserve (22,828) (22,828) Surplus allocated under patronage programs 12,191 (12,191) -- Distribution of allocated surplus (11) (11) Capital stock/participation certificates issued 14,014 14,014 Capital stock/participation certificates retired (1,314) (9,383) (10,697) Balance at June 30, 2006 $7,021 $196,983 $149,203 $7,768,082 $(62,418) $28,206 $8,087,077 Balance at December 31, 2006 $6,380 $200,937 $166,621 $8,045,527 $(30,059) $10,215 $8,399,621 Comprehensive income Net income $359, , ,335 Other comprehensive income, net of tax: Change in net unrealized losses on investment securities, net of reclassification adjustment of $0 11,515 11,515 11,515 Change in net unrealized gains on cash flow hedges, net of reclassification adjustment of $2,226 2,133 2,133 2,133 Other comprehensive income, net of tax 13,648 Total comprehensive income $372,983 Patronage reserve (23,058) (23,058) Surplus allocated under patronage programs 14,529 (14,529) -- Distribution of allocated surplus (7,807) (7,807) Capital stock/participation certificates issued 13,167 13,167 Capital stock/participation certificates retired (710) (7,247) (7,957) Balance at June 30, 2007 $5,670 $206,857 $173,343 $8,367,275 $(18,544) $12,348 $8,746,949 The accompanying notes are an integral part of these combined financial statements. 5
6 COMBINED STATEMENT OF CASH FLOWS (Dollars in thousands) (Unaudited) Six months ended June Cash flows from operating activities Net income $359,335 $303,889 Adjustments to reconcile net income to cash flow from operating activities: Depreciation on premises and equipment 13,431 12,887 Depreciation on assets held for lease 27,117 25,336 Provision for loan losses 11,636 4,387 Increase in accrued interest receivable (11,961) (51,820) Increase in other assets (12,780) (11,226) Increase in accrued interest payable 37,321 56,705 Decrease in other liabilities (20,397) (45,339) Gain on derivative activities (2,332) (1,026) Loss on sale of premises and equipment Loss (gain) on sale of other property owned 88 (382) Gain on disposal of assets held for lease (487) (512) Total adjustments 41,828 (10,721) Net cash provided by operating activities 401, ,168 Cash flows from investing activities Increase in loans, net (2,460,308) (2,652,383) Decrease (increase) in other earning assets 21,449 (118,400) Proceeds from sale of other property owned 2,030 3,460 Increase in investment securities (653,963) (1,729,824) Purchases of assets held for lease, net (33,434) (34,074) Purchases of premises and equipment, net (17,991) (15,027) Net cash used in investing activities (3,142,217) (4,546,248) Cash flows from financing activities Consolidated bonds and notes issued, net 2,458,956 4,214,656 Cash patronage paid (95,026) (92,681) Capital stock/participation certificates issued, net 5,210 3,317 Net cash provided by financing activities 2,369,140 4,125,292 Net decrease in cash and federal funds (371,914) (127,788) Cash and federal funds at beginning of year 835,769 1,069,189 Cash and federal funds at end of period $463,855 $941,401 Supplemental schedule of non-cash activities Decrease (increase) in derivative assets $2,634 $(2,140) (Decrease) increase in derivative liabilities (13,561) 24,833 Increase (decrease) in bonds and notes related to hedging activities 6,540 (41,400) Increase in members' equity from cash flow derivatives 2,134 17,398 Increase (decrease) in members' equity from investments 11,515 (34,166) Loans transferred to other property owned 5, Patronage distributions payable to members 30,701 23,503 Loans securitized to investments 382, Supplemental information Interest paid $1,122,304 $834,952 Taxes paid 30,089 21,805 The accompanying notes are an integral part of these combined financial statements. 6
7 NOTES TO COMBINED FINANCIAL STATEMENTS NOTE 1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES A description of the organization and operation of the District, significant accounting policies followed, and combined financial condition and results of operations as of and for the year ended December 31, 2006 are contained in the 2006 annual report. These unaudited second quarter 2007 combined financial statements should be read in conjunction with the annual report. The accompanying combined financial statements include the accounts of AgriBank combined with its 18 affiliated Associations. All significant transactions and balances between AgriBank and the Associations have been eliminated in combination. The accompanying combined financial statements contain all adjustments necessary for a fair presentation of the interim financial condition and results of operations and conform to generally accepted accounting principles and prevailing practices within the banking industry. NOTE 2 ALLOWANCE FOR LOAN LOSSES A summary of changes in the combined allowance for loan losses is presented in the following table (in thousands): Six months ended June Balance at beginning of period $90,655 $85,361 Provision for loan losses 11,636 4,387 Charge-offs (8,095) (3,528) Recoveries 2,408 1,809 Balance at end of period $96,604 $88,029 NOTE 3 CAPITAL Farm Credit Administration's capital adequacy regulations require AgriBank and the Associations to maintain permanent capital of at least 7% of risk-adjusted assets. In addition, each System institution is required to maintain a total surplus to risk-adjusted assets ratio of at least 7% and a core surplus to risk-adjusted assets ratio of at least 3.5%. At June 30, 2007, AgriBank exceeded these requirements with a 19.69% permanent capital ratio, 19.60% total surplus ratio, and 11.78% core surplus ratio. All District Associations exceeded the regulatory minimums at June 30, Farm Credit Administration regulations also require AgriBank to maintain a net collateral ratio of at least 103.0%. At June 30, 2007 this requirement was exceeded with a net collateral ratio of %. NOTE 4 EMPLOYEE BENEFIT PLANS Net periodic benefit costs included the following components (in thousands): Pension Other Six months ended June 30, 2007 Benefits Benefits Components of net periodic benefit cost Service cost $9,859 $295 Interest cost 17,441 1,106 Expected return on plan assets (20,690) (207) Amortization of prior service cost 424 (312) Amortization of loss or (gain) 5,174 (63) Net periodic benefit cost $12,208 $819 The amount of employer contributions expected to be paid during 2007 is $10.5 for pension benefits and $1.5 million for other postretirement benefits. On September 30, 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 158 Employers Accounting for Defined Benefit Pension and Other Postretirement Plans. The Standard requires an employer to recognize the overfunded or underfunded status of a defined benefit pension or other postretirement plan as an asset or liability in its statement of financial position and recognize changes in that funded status in the year in which the changes occur through other comprehensive income. The Standard is effective for employers with publicly traded securities for the fiscal year ending after December 15, 2006 and for employers without publicly traded securities for the fiscal year ending after June 15, We will be required to implement the Standard for the year ended December 31, In addition, this Standard requires that the funded status of a plan be measured as of the date of the year-end financial statements. Currently, we use a measurement date of September 30th. The requirement to measure the funded status as of the fiscal year-end is effective for fiscal years ending after December 15, The implementation of this Standard will have no impact on the Combined Statement of Income. Based on the current funded status of the defined benefit and other postretirement benefit plans, implementation of this Standard will reverse our prepaid pension asset and record a prepaid pension liability in the amount of the underfunded status of the plans. The offset to this transaction will be a decrease to equity (through other comprehensive income) by approximately $155.2 million at December 31, Regulatory capital ratios will not be impacted by the implementation of this standard as other comprehensive income does not impact the calculation of these ratios. NOTE 5 CONTINGENT LIABILITIES AND LITIGATION Actions are pending against certain Associations in which claims for money damages are asserted. Based on current information, management and legal counsels are of the opinion that resulting liability, if any, would be immaterial in relation to the combined financial position of AgriBank, FCB and the affiliated Associations. 7
8 NOTE 6 INCOME TAXES In June 2006, the Financial Accounting Standards Board released Interpretation No. 48 Accounting for Uncertainty in Income Taxes. This Interpretation clarifies the accounting for uncertainty in income tax positions recognized in an enterprise s financial statements in accordance with Statement of Financial Accounting Standard No. 109 Accounting for Income Taxes. This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition of an uncertain tax position taken or expected to be taken in a tax return. Our election under this Interpretation is to recognize interest and penalty accruals in the provision for income taxes. This Interpretation is effective for the 2007 calendar year. Upon adoption of this Interpretation during the first quarter of 2007, we had no uncertain income tax positions for which a contingency reserve had not already been established in our financial statements. Prior to adoption of this Interpretation one District Association had recognized a $1.6 million contingency reserve related to uncertainty around cost allocations. A second District Association had recognized a $5.9 million contingency reserve related to uncertainty around the deductibility of certain patronage accruals. NOTE 7 AGRIBANK ONLY DATA (in thousands) Statement of Condition Loans, net $40,046,604 $37,087,054 Other assets 9,540,487 9,920,317 Total assets $49,587,091 $47,007,371 Liabilities $47,224,133 $44,754,393 Members' equity 2,362,958 2,252,978 Total liabilities and members' equity $49,587,091 $47,007,371 Six months ended June 30 Statement of Income Interest income $1,250,568 $970,572 Interest expense 1,159, ,577 Net interest income 91,243 78,995 Other, net (8,887) (3,259) Net income $82,356 $75,736 Patronage $51,697 $42,252 Substantially all patronage is paid to the Associations and is eliminated in combination. 375 Jackson Street St. Paul, Minnesota (651) Visit us at
AgriBank, FCB and Affiliated Associations
Quarterly Report June 30, 2005 Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 375 Jackson Street, St. Paul, Minnesota 55101-1810 or by calling (651) 282-8800.
More informationAgriBank, FCB. Quarterly Report September 30, 2007 MANAGEMENT'S DISCUSSION AND ANALYSIS
Quarterly Report September 30, 2007 Copies of quarterly and annual reports are available upon request by contacting, 375 Jackson Street, St. Paul, Minnesota 55101-1810 or by calling (651) 282-8800. Reports
More informationIncrease (decrease) in For the six months ended June 30, net income
Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 30 E. 7th Street, Suite 1600, St. Paul, MN 55101 or by calling (651) 282-8800. Reports are also available
More informationIncrease (Decrease) in For the nine months ended September 30, Net Income
Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 30 E. 7th Street, Suite 1600, St. Paul, MN 55101 or by calling (651) 282-8800. Reports are also available
More informationQ UA R T E R LY R E P O R T MARCH
QUARTERLY REPORT MARCH 31, 2010 Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 375 Jackson Street, St. Paul, Minnesota 55101-1810 or by calling (651) 282-8800.
More informationHarnessing Our Strengths. Redefining Tomorrow. SEPTEMBER 30, 2012 QUARTERLY REPORT
Harnessing Our Strengths. Redefining Tomorrow. SEPTEMBER 30, 2012 QUARTERLY REPORT Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 30 E. 7th Street, Suite
More informationAgriBank, FCB. Amended Quarterly Report September 30, 2009 MANAGEMENT'S DISCUSSION AND ANALYSIS
AgriBank, FCB Amended Quarterly Report September 30, 2009 Copies of quarterly and annual reports are available upon request by contacting AgriBank, FCB, 375 Jackson Street, St. Paul, Minnesota 55101-1810
More informationFOCUS ON FUNDAMENTALS. Strength and Stability for Farm Credit Associations
FOCUS ON FUNDAMENTALS Strength and Stability for Farm Credit Associations AGRIBANK 2018 QUARTERLY REPORT MARCH 31, 2018 FA R M C R E D I T B A N K Copies of Quarterly and Annual Reports are available upon
More informationFarm Credit Southeast Missouri, ACA
Quarterly Report June 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationMISSION POSSIBLE. Supporting Farm Credit Associations that serve rural communities and agriculture.
MISSION POSSIBLE Supporting Farm Credit Associations that serve rural communities and agriculture. AGRIBANK DISTRICT 2017 QUARTERLY REPORT SEPTEMBER 30, 2017 AGRIBANK, FCB AND DISTRICT ASSOCIATIONS FA
More informationProgressive Farm Credit Services, ACA
Quarterly Report September 30, 2016 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of (the parent) and
More informationQuarterly Report March 31, 2018
Quarterly Report March 31, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationFOCUS ON FUNDAMENTALS. Strength and Stability for Farm Credit Associations
FOCUS ON FUNDAMENTALS Strength and Stability for Farm Credit Associations AGRIBANK DISTRICT 2018 QUARTERLY REPORT SEPTEMBER 30, 2018 AGRIBANK, FCB AND DISTRICT ASSOCIATIONS FA R M C R E D I T B A N K Copies
More informationFarm Credit Southeast Missouri, ACA
Quarterly Report September 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationFarm Credit Midsouth, ACA
Quarterly Report March 31, 2014 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of (the parent) and Farm
More informationFOCUS ON FUNDAMENTALS. Strength and Stability for Farm Credit Associations
FOCUS ON FUNDAMENTALS Strength and Stability for Farm Credit Associations AGRIBANK 2018 QUARTERLY REPORT SEPTEMBER 30, 2018 FA R M C R E D I T B A N K Copies of Quarterly and Annual Reports are available
More informationFOCUS ON FUNDAMENTALS. Strength and Stability for Farm Credit Associations
FOCUS ON FUNDAMENTALS Strength and Stability for Farm Credit Associations AGRIBANK DISTRICT 2018 QUARTERLY REPORT JUNE 30, 2018 AGRIBANK, FCB AND DISTRICT ASSOCIATIONS FA R M C R E D I T B A N K Copies
More informationProgressive Farm Credit Services, ACA
Quarterly Report June 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationQuarterly Report March 31, 2017
Quarterly Report March 31, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of Farm Credit Mid-America,
More informationDelta Agricultural Credit Association
Quarterly Report June 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries,
More informationFarm Credit Services of North Dakota, ACA
Quarterly Report March 31, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationQuarterly Report June 30, 2017
Quarterly Report June 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of Farm Credit Mid-America,
More informationQuarterly Report September 30, 2017
Quarterly Report September 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of Farm Credit Mid-America,
More informationR E C L A I M I N G T H E R A N C H
R E C L A I M I N G T H E R A N C H 2 0 0 5 F I R S T Q U A R T E R R E P O R T M A R C H 3 1, 2 0 0 5 T E N T H F A R M C R E D I T D I S T R I C T FIRST QUARTER 2005 Table of Contents Management s Discussion
More informationQuarterly Report June 30, 2018
Quarterly Report June 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationFarm Credit Services of Mandan, ACA
Quarterly Report June 30, 2016 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of (the parent) and Farm
More informationFarm Credit Services of Mandan, ACA
Quarterly Report March 31, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationQuarterly Report September 30, 2018
Quarterly Report September 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationTHIRD QUARTER First South Farm Credit, ACA
THIRD QUARTER 2004 Management s Discussion and Analysis of Financial Condition and Results of Operations...2 Consolidated Financial Statements Consolidated Balance Sheets...4 Consolidated Statements of
More informationFarm Credit Services of Mandan, ACA
Quarterly Report June 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationFarm Credit Services of Mandan, ACA
Quarterly Report September 30, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of and its subsidiaries
More informationFarm Credit Services of Western Arkansas, ACA
Quarterly Report September 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of Farm Credit Services
More informationColonial Farm Credit, ACA FIRST QUARTER Paul B. Franklin, Sr. Chief Executive Officer. Diane S. Fowlkes Chief Financial Officer
Colonial Farm Credit, ACA FIRST QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationDistrict Connected District Annual Report AgriBank, FCB and Affiliated Associations
District Connected 2013 District Annual Report AgriBank, FCB and Affiliated Associations TABLE OF CONTENTS AgriBank, FCB and Affiliated Associations Combined Five-Year Summary of Selected Financial Data...
More information2018 Annual Report Delta Agricultural Credit Association
2018 Annual Report Delta Agricultural Credit Association TABLE OF CONTENTS Delta Agricultural Credit Association CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA... 1 MANAGEMENT S DISCUSSION AND
More informationFIRST QUARTER 2009 Table of Contents
FA R M CR ED IT 2OO9 TENTH F OCUS FI R ST FA R M Q UA RTER CR ED IT M A R C H 31, 2 0 0 9 R EP O RT D I STR I C T FIRST QUARTER 2009 Table of Contents Management s Discussion and Analysis of Combined Financial
More informationThird Quarter 2016 Report to Shareholders Farm Credit West
Third Quarter 2016 Report to Shareholders Farm Credit West 1478 Stone Point Drive, Suite 450 Roseville, CA 95661 Voice: 916-780-1166 Fax: 916-780-1820 Website: www.farmcreditwest.com Management s Discussion
More informationFarm Credit of Western Oklahoma, ACA
Farm Credit of Western Oklahoma, ACA Quarterly Report June 30, 2018 The shareholders investment in Farm Credit of Western Oklahoma, ACA is materially affected by the financial condition and results of
More informationSecond Quarter 2016 Report to Shareholders Farm Credit West
Second Quarter 2016 Report to Shareholders Farm Credit West 1478 Stone Point Drive, Suite 450 Roseville, CA 95661 Voice: 916-780-1166 Fax: 916-780-1820 Website: www.farmcreditwest.com Management s Discussion
More informationYankee Farm Credit, ACA THIRD QUARTER 2018
Yankee Farm Credit, ACA THIRD QUARTER 2018 November 8, 2018 Dear Shareholder: Enclosed are the Association s consolidated financial statements for the third quarter of 2018. These statements should be
More information2012 Annual Report December 31, 2012
2012 Annual Report December 31, 2012 Part of the Farm Credit System Dear Legacy Stockholders: Letter from the Chairman and the President/CEO As yet another year passes, let us pause to reflect on the achievements
More informationWe Understand. annual report
We Understand annual report TABLE OF CONTENTS Farm Credit Services of Illinois, ACA Message from the Chairperson of the Board and Chief Executive Officer 1 Consolidated Five-Year Summary of Selected Financial
More informationAgCountry Farm Credit Services, ACA
Quarterly Report March 31, 2016 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of (the parent) and AgCountry
More informationFarm. Credit of. Analysis of. of Income of Changes CERTIFICATION. Committee of the. Reginald T. Holtt. D. Scott Fontenot
Farm Credit of Central Florida, ACAA THIRD QUARTER 2 013 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results
More informationAgChoice Farm Credit, ACA SECOND QUARTER 2018
AgChoice Farm Credit, ACA SECOND QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationFarm Credit of Central Florida, ACA THIRD QUARTER 2009
Farm Credit of Central Florida, ACA THIRD QUARTER 2009 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results
More informationFarm Credit of Northwest Florida, ACA THIRD QUARTER 2018
Farm Credit of Northwest Florida, ACA THIRD QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results
More informationCoBank District 2016 Financial Information
CoBank District 2016 Financial Information Introduction and District Overview CoBank, ACB (CoBank, the Bank, we, our, or us) is one of the four banks of the Farm Credit System (System) and provides loans,
More informationFarm Credit of Southern Colorado Second Quarter Report to Shareholders. As of June 30, 2018 (unaudited)
20 18 Farm Credit of Southern Colorado Second Quarter Report to Shareholders As of June 30, 2018 (unaudited) NOTICE TO STOCKHOLDERS The shareholders investment in Farm Credit of Southern Colorado, ACA
More information2nd QUARTER REPORT
2nd QUARTER REPORT 2018 1 MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in Thousands, Except as Noted) (Unaudited) The following discussion summarizes the
More informationSecond Quarter 2018 Report to Shareholders
Second Quarter 2018 Report to Shareholders Farm Credit Services of Colusa-Glenn, ACA 310 6th Street, P.O. Box 449 Colusa, California 95932 Phone: (530) 458-2163 Fax: (530) 458-2614 201-B North Tehama Street,
More information2018 THIRD QUARTER STOCKHOLDERS REPORT
2018 THIRD QUARTER STOCKHOLDERS REPORT MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited) The following discussion summarizes the financial position and results
More informationFirst Quarter 2018 Report to Shareholders Farm Credit West
First Quarter 2018 Report to Shareholders Farm Credit West 3755 Atherton Road Rocklin, CA 95765 Phone: 916-780-1166 Fax: 916-780-1820 Website: www.farmcreditwest.com Management s Discussion and Analysis
More informationTABLE OF CONTENTS Progressive Farm Credit Services, ACA
TABLE OF CONTENTS Progressive Farm Credit Services, ACA MESSAGE FROM THE CHIEF EXECUTIVE OFFICER... 1 CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA... 2 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationFARM CREDIT OF NEW MEXICO, ACA. March 31, 2018 SHAREHOLDER QUARTERLY REPORT
FARM CREDIT OF NEW MEXICO, ACA March 31, 2018 SHAREHOLDER QUARTERLY REPORT The shareholders investment in Farm Credit of New Mexico, ACA, is materially affected by the financial condition and results of
More information2012 Annual Report AGRIBANK, FCB AND AFFILIATED ASSOCIATIONS
AA 2012 Annual Report AGRIBANK, FCB AND AFFILIATED ASSOCIATIONS TABLE OF CONTENTS AgriBank, FCB and Affiliated Associations Combined Five-Year Summary of Selected Financial Data... 1 Management's Discussion
More informationTABLE OF CONTENTS. Progressive Farm Credit Services, ACA
TABLE OF CONTENTS Progressive Farm Credit Services, ACA MESSAGE FROM CHIEF EXECUTIVE OFFICER... 3 CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA... 4 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationFarm Credit of Northwest Florida, ACA THIRD QUARTER 2010
THIRD QUARTER 2010 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations... 3 Consolidated Financial
More informationAGFIRST FARM CREDIT BANK & DISTRICT ASSOCIATIONS
AGFIRST FARM CREDIT BANK & DISTRICT ASSOCIATIONS 2018 THIRD QUARTER REPORT THIRD QUARTER 2018 Table of Contents Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis
More informationFarm Credit of Northwest Florida, ACA FIRST QUARTER 2011
Farm Credit of Northwest Florida, ACA FIRST QUARTER 2011 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results
More informationFarm Credit Midsouth, ACA 3000 Prosperity Drive Jonesboro, Arkansas Visit us at
2013 Annual Report TABLE OF CONTENTS Farm Credit Midsouth, ACA MESSAGE FROM THE CHIEF EXECUTIVE OFFICER... 1 CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA... 2 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationQUARTERLY REPORT TO STOCKHOLDERS
QUARTERLY REPORT TO STOCKHOLDERS AS OF JUNE 30, 2018 The shareholders investment in American AgCredit, ACA is materially affected by the financial condition and results of operations of CoBank. The CoBank
More informationFARM CREDIT OF NEW MEXICO, ACA. June 30, 2017
FARM CREDIT OF NEW MEXICO, ACA June 30, 2017 SHAREHOLDER QUARTERLY REPORT The shareholders investment in Farm Credit of New Mexico, ACA, is materially affected by the financial condition and results of
More informationAgChoice Farm Credit, ACA THIRD QUARTER 2018
AgChoice Farm Credit, ACA THIRD QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationYosemite Farm Credit. Quarterly Financial Report
Yosemite Farm Credit Quarterly Financial Report March 2018 TABLE OF CONTENTS A Message to Members 1 Consolidated Statements of Condition 2 Consolidated Statements of Comprehensive Income 3 Consolidated
More informationFarm Credit Services of Western Arkansas, ACA
Quarterly Report March 31, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results of operations of Farm Credit Services
More informationH E R I T A G E L A N D B A N K
2018 Annual Report H E R I T A G E L A N D B A N K ANNUAL REPORT 2018 I 0 2 Let s cultivate the future. For more than a century, Heritage Land Bank s mission has been and will always be to serve people
More information$477M. commodity in TIMBER. Did you know more timber is being grown than is being harvested in Alabama?
2017 annual report 8.5 million AMOUNT OF PATRONAGE BEING PAID OUT TO OUR BORROWER-STOCKHOLDERS BASED ON OUR 2017 FINANCIAL GOALS THAT WERE ACHIEVED ALABAMA AG CREDIT S NET INCOME FOR 2017 16,841, PERCENT
More informationYosemite Farm Credit. Quarterly Financial Report
Yosemite Farm Credit Quarterly Financial Report June 2018 TABLE OF CONTENTS A Message to Members 1 Consolidated Statements of Condition 2 Consolidated Statements of Comprehensive Income 3 Consolidated
More informationFirst South Farm Credit, ACA SECOND QUARTER 2018
First South Farm Credit, ACA SECOND QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationAgCarolina. Analysis of. of Changes CERTIFICATION. Board. Chairman of the. David W. Corum. Matthew J. Currin. August 7, 2013
AgCarolina Farm Credit, ACA SECOND QUARTER 2013 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationCENTURY. Over a. of Support
2016 ANNUAL REPORT Over a CENTURY of Support In 2016, Farm Credit celebrated 100 years of supporting rural communities and agriculture with reliable, consistent credit and financial services. We ve been
More informationFarm Credit of the Virginias, ACA FIRST QUARTER 2018
Farm Credit of the Virginias, ACA FIRST QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of
More information2017 Annual Report. Farm Credit Services of North Dakota, ACA
2017 Annual Report Farm Credit Services of North Dakota, ACA TABLE OF CONTENTS Farm Credit Services of North Dakota, ACA MESSAGE FROM THE CHIEF EXECUTIVE OFFICER... 1 CONSOLIDATED FIVE-YEAR SUMMARY OF
More informationQUARTERLY REPORT TO STOCKHOLDERS
QUARTERLY REPORT TO STOCKHOLDERS As of March 31, 2018 Page 1 of 16 American AgCredit, ACA The shareholders investment in American AgCredit, ACA is materially affected by the financial condition and results
More informationNOTICE. Oklahoma AgCredit, ACA 601 East Kenosha St. Broken Arrow, Oklahoma
Stea NOTICE The shareholders investment in Oklahoma AgCredit, ACA is materially affected by the financial condition and results of operations of CoBank, ACB, (CoBank). The 2017 CoBank Annual Report to
More informationMISSISSIPPI LAND BANK, ACA Quarterly Report Third Quarter
MISSISSIPPI LAND BANK, ACA 2013 Quarterly Report Third Quarter For the Quarter Ended September 30, 2013 REPORT OF MANAGEMENT The undersigned certify that we have reviewed this report, that it has been
More informationCarolina Farm Credit, ACA SECOND QUARTER Vance C. Dalton, Jr. Chief Executive Officer. Christopher H. Scott Chief Financial Officer
Carolina Farm Credit, ACA SECOND QUARTER 2017 TABLE OF CONTENTS Report On Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q. HSBC USA Inc. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationAgChoice Farm Credit, ACA THIRD QUARTER 2017
AgChoice Farm Credit, ACA THIRD QUARTER 2017 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationMISSISSIPPI LAND BANK, ACA Quarterly Report Third Quarter
MISSISSIPPI LAND BANK, ACA 2014 Quarterly Report Third Quarter For the Quarter Ended September 30, 2014 1 REPORT OF MANAGEMENT The undersigned certify that we have reviewed this report, that it has been
More information2017 Quarterly Report SEPTEMBER 30, 2017
2017 Quarterly Report SEPTEMBER 30, 2017 Dear CoBank Customer-Owner: We re pleased to report that CoBank recorded solid financial performance in the third quarter of 2017. Though quarterly net income declined
More informationReport to Stockholders 2nd Quarter 2015
Report to Stockholders 2nd Quarter 2015 Frontier Farm Credit, ACA Administrative Office 2009 Vanesta Place Manhattan, Kansas 66503 877-744-7144 Administrative Office 2009 Vanesta Place Manhattan, KS 66503
More informationMississippi Land Bank, ACA
2 0 1 4 A N N U A L R E P O R T Mississippi Land Bank, ACA Part of the Farm Credit System Table of Contents Report of Management... 2 Report of Audit Committee... 3 Five-Year Summary of Selected Consolidated
More informationMISSISSIPPI LAND BANK, ACA Quarterly Report First Quarter
MISSISSIPPI LAND BANK, ACA 2015 Quarterly Report First Quarter For the Quarter Ended March 31, 2015 REPORT OF MANAGEMENT The undersigned certify that we have reviewed this report, that it has been prepared
More informationQUARTERLY REPORT TO STOCKHOLDERS
QUARTERLY REPORT TO STOCKHOLDERS As of September 30, 2017 Page 1 of 17 American AgCredit, ACA The shareholders investment in American AgCredit, ACA is materially affected by the financial condition and
More informationAgCountry Farm Credit Services, ACA
AgCountry Farm Credit Services, ACA Quarterly Report September 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS The following commentary reviews the consolidated financial condition and consolidated results
More informationFARM CREDIT OF SOUTHWEST KANSAS, ACA QUARTERLY REPORT TO STOCKHOLDERS
FARM CREDIT OF SOUTHWEST KANSAS, ACA QUARTERLY REPORT TO STOCKHOLDERS AS OF JUNE 30, 2016 Farm Credit of Southwest Kansas, ACA DISCLOSURE OF IMPACT OF BANK OPERATIONS ON SHAREHOLDERS' INVESTMENT IN THE
More informationAgCarolina Farm Credit, ACA THIRD QUARTER 2018
AgCarolina Farm Credit, ACA THIRD QUARTER 2018 TABLE OF CONTENTS Report on Internal Control Over Financial Reporting... 2 Management s Discussion and Analysis of Financial Condition and Results of Operations...
More informationQUARTERLY REPORT TO STOCKHOLDERS
QUARTERLY REPORT TO STOCKHOLDERS As of March 31, 2017 Page 1 of 15 American AgCredit, ACA The shareholders investment in American AgCredit, ACA is materially affected by the financial condition and results
More informationCultivating. Relationships. first quarter 2013 quarterly report
Cultivating Relationships gr wing partnerships first quarter 2013 quarterly report FIRST QUARTER 2013 Table of Contents Report on Internal Control Over Financial Reporting... 2 Management s Discussion
More informationBNCCORP, INC. (OTCQX: BNCC)
Quarterly Report For the quarter ended September 30, 2018 BNCCORP, INC. (OTCQX: BNCC) 322 East Main Bismarck, North Dakota 58501 (701) 250-3040 BNCCORP, INC. INDEX TO QUARTERLY REPORT September 30, 2018
More informationLONE STAR, ACA Quarterly Report Second Quarter
LONE STAR, ACA 2011 Quarterly Report Second Quarter For the Quarter Ended June 30, 2011 REPORT OF MANAGEMENT To meet its responsibility for reliable financial information, management depends on the Farm
More informationAGFIRST FARM CREDIT BANK & DISTRICT ASSOCIATIONS
AGFIRST FARM CREDIT BANK & DISTRICT ASSOCIATIONS 2018 FINANCIAL INFORMATION 2018 Financial Information INTRODUCTION AND DISTRICT OVERVIEW The following commentary reviews the Combined Financial Statements
More informationFarmer Mac Reports Second Quarter 2018 Results
Farmer Mac Reports Second Quarter 2018 Results Outstanding Business Volume of $19.5 Billion WASHINGTON, August 9, 2018 The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today
More informationFarm Finance Update. Nate Kauffman Omaha Branch Executive and Economist Federal Reserve Bank of Kansas City. March 17, 2017
Farm Finance Update March 17, 2017 Nate Kauffman Omaha Branch Executive and Economist Federal Reserve Bank of Kansas City The views expressed are those of the author and do not necessarily reflect the
More informationMW Bancorp, Inc. Consolidated Financial Statements. June 30, 2018 and 2017
Consolidated Financial Statements June 30, 2018 and 2017 June 30, 2018 and 2017 Contents Independent Auditor s Report... 1 Financial Statements Consolidated Balance Sheets... 2 Consolidated Statements
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q. HSBC USA Inc. (Exact name of registrant as specified in its charter)
(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationValue through. InnovatioN. AgFirst Farm Credit Bank. Third Quarter 2015 Quarterly Report
Value through InnovatioN AgFirst Farm Credit Bank Third Quarter 2015 Quarterly Report THIRD QUARTER 2015 Table of Contents Report on Internal Control Over Financial Reporting... 2 Management s Discussion
More informationTrustmark Corporation (Exact name of registrant as specified in its charter)
Section 1: 10-Q (10-Q) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the
More information