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National & World Ag News Headlines |
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Compeer Financial Posts Strong Second Quarter Earnings
USAgNet - 08/11/2020
Compeer Financial announced financial results for the second quarter of 2020, including strong net income levels, above-average asset growth and solid credit quality.
The cooperative reported net after-tax earnings of $201 million for the second three month period of the year. It also ended the quarter with total assets of more than $23.4 billion.
CEO Rod Hebrink explained that as the COVID-19 pandemic reached the United States and brought volatility to agricultural markets, the organization worked with clients to weather the storm.
"The impacts of COVID-19 and trade disruptions continue to affect agriculture and rural America," Hebrink said. "Our aim has always been to work in partnership with our clients to navigate whatever challenges they face. For some, this has meant a new
approach to the way they do business or a change in their management practices."
He adds that the net interest income and fee income increases were partially offset by increases in provisions for loan losses and salary expenses.
Earlier this year, the company distributed more than $177 million in patronage payments to about 30,200 of its members after seeing strong profits in 2019.
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