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Lone Star Ag Credit Reports Loan and Asset Growth in First Quarter

Lone Star Ag Credit, an agricultural and rural land lender headquartered in Fort Worth, reported strong earnings and asset growth in the first quarter of 2017.

Loan and asset volumes increased 1.8 percent in the first quarter to record levels. At March 31, 2017, Lone Star had $1.68 billion in loans and $1.72 billion in total assets. The lender reported strong credit quality, with 98.6 percent of the portfolio classified as acceptable or special mention.

"Demand for financing in agriculture and rural areas remains strong," said Troy Bussmeir, Lone Star's chief executive officer. "Our continued growth positions us to provide the dependable credit our customers need to achieve their goals."

Net income for the first quarter of 2017 was $8.2 million, compared with $7.3 million in the same period in 2016. As a customer-owned cooperative, Lone Star shares its earnings with eligible borrowers through its patronage program. Earlier in March, Lone Star distributed $13.8 million of its 2016 earnings to customers.

Lone Star Ag Credit provides financing for rural land, rural homes, agribusinesses, livestock, and agricultural equipment and operating expenses. Headquartered in Fort Worth, it has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Hillsboro, Lampasas, New Boston, Paris, Round Rock, Sherman, Stephenville, Sweetwater, Temple, Waco and Weatherford.

It is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916.

Published May 8, 2017