Our Mission

Our mission is to provide competitive and dependable credit and related services - We Understand!

Our Values

• Customer success = our success

• Extraordinary customer service

• Celebration and reward for quality performance

• Visionary leadership for FCS customers

• Strength and value of relationships

• Agriculture knowledge and expertise

• Business discipline and operations efficiency

Each year at this time we pause to look back on the events, issues, challenges and opportunities that formed the basis for our achievements
during the year. With the majority of our customers devoted to production agriculture, any review of the past year must include some discussion
about the weather. Finally, in 2010 we encountered a year where weather was not a critical factor. With the exception of a short hot and dry period
toward the end of the growing season that did impact corn yields, the year was favorable and harvest weather was exceptional. Nationally, the
agricultural sector is very diversified, however, here in the mid-west we are concentrated in grain production and that has been a blessing for the
owners of this cooperative. Our success is a direct reflection of the owners' success and 2010 was a great year for your association. Once again,
we are pleased to provide you with an exceptional report of operations.

During the first quarter of 2010, most producers were facing a tough spring planting season as much of the previous year's fall tillage was deferred due to a very wet and late harvest. Commodity prices were soft and declining and input costs remained high. Not the most optimistic scenario, but by mid-summer commodity prices had rebounded and all the hard work left over from the previous year had been completed. We were well on the path for another year of exceptional farm earnings, particularly for grain producers. With more than 63% of our portfolio devoted to cash crops, our portfolio quality has remained favorable. Ethanol, livestock, and dairy operations, which represent a small percentage of the portfolio fared a little better during the year but remain susceptible to escalating grain prices. Overall our portfolio quality improved during the year from 96.8% at December 31, 2009 to 97.5% at 2010 year end. With this level of credit quality and a permanent capital position of 14.9%, your association remains safe, sound and financially strong. Given the sluggish general economy and stress in some sectors of the agricultural economy, we have truly been blessed during these times.

The most significant financial accomplishments for the year were favorable portfolio growth and record net earnings. Portfolio growth during the year was primarily the result of strong loan demand from our traditional loan service area. Overall the portfolio grew $362 million or 17.1%, with more than 61.0% of new loans coming from our branch offices. We experienced record loan demand during the month of December with more than $133 million of FLCA loans closed and more than $65 million of growth in the operating and equipment loans during that month alone. The exceptional portfolio growth, a favorable interest rate environment and several unique, non-recurring transactions resulted in record net earnings for us. Most analysts expected interest rates to rise during the year, but the sluggish economy and continued monetary easing by the Federal Reserve kept interest rates at historical lows. We followed the direction set by the board of directors to keep interest rates low. We offered competitive interest rates and provided many interest rate conversions as customers moved from higher fixed and adjustable rates to lower short term and variable rates. Each year there are unexpected transactions that occur, some favorable and some not so favorable. During 2010 we experienced many favorable non-recurring transactions that added to the record earnings. Among those transactions was a refund from the Farm Credit System Insurance Corporation, a profit sharing distribution from our crop insurance operations, and a substantial increase in patronage income from AgriBank. These transactions along with a favorable operating expense variance resulted in record net earnings of more than $61 million.

We are constantly reminded of how fortunate we are to be involved in mid-west agriculture. While there remains considerable stress, volatility and uncertainty in much of the agricultural economy, your association is safe, sound and standing strong. The consistent quality of our loan portfolio, our strong capital position and the efficiency of our operations puts us in a very enviable position. We are constantly mindful that our strength and viability comes from you, our stockholders. Your board of directors, management and our professional staff are all dedicated to you and this exceptional cooperative. Together we are well positioned to manage our way through difficult times.

On behalf of the board of directors and staff we want to thank you for your continued support. We are truly blessed and there is much to be thankful for!

Annual Reports (pdf versions)

Quarterly Reports (pdf versions)

2009