farm credit of central florida

$3.5 Million Patronage Refund Bill Braswell Finds Thrills on Blueberry Hill!

Bee All You Can Bee!

july 2014

Features

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Leaderis published quarterly for stockholders, directors and friends of Farm Credit of Central Florida.

PresidentReginald T. Holt

BOArd OF direCtOrsDavid J. Stanford, ChairmanW. Rex Clonts, Jr., Vice ChairmanAl Bellotto, Chairman EmeritusC. Dennis CarltonHomer E. Hunnicutt, Jr.Michelle G. HurstJohn S. LangfordKeith D. MixonRobert R. RobersonRonald R. Wetherington

editOrsRon O’Connor, Director of Marketing & Governmental AffairsTory Boyd, Marketing Coordinator

PUBlisherAgFirst Farm Credit Bank

PUBlishing direCtOrAmanda Krok

designersAthina EargleDarren HillAmanda SimpsonTravis Taylor

PrinterProfessional Printers

CirCUlAtiOnKathi DeFlorio

Address changes, questions, comments or requests for copies of our financial reports should be directed to Farm Credit of Central Florida by writing P.O. Box 8009, Lakeland, FL 33802-8009 or calling 863-682-4117. Our quarterly financial report can also be obtained on our website: www.FarmCreditCFL.com

Cover photo: Florida FFA President Megan Stein Shows her Patriotism

Table of ConTenTs

July 2014 | 3

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ASSOCIATION NEWSEligible Farm Credit of Central Florida Members Share in $3.5 Million Patronage Refund 4Referring Friends to Farm Credit Can Give You a Warm Feeling! 9KeeLee Tomlinson is SASSI! 10Chablee & Jorge Rivera Honeymoon 10Jennifer Parrish Chosen for Wedgworth Class IX 10Hannah Martin Reaches Sweet 16! 10In Memoriam: Jerry Shoop 11In Memoriam: James M. Knox, Jr. 11A New Addition! 11Shane & Carol Platt Earn Two Prestigious Awards! 12Ron O’Connor Has Another Grandson! 12The Smith Family Shares Two Proud Moments! 12Joanne Allred’s Daughter Weds 13Marisela & Alberto Medina’s Boys Love Baseball! 13Farm Credit Sponsors Farm Ladies’ Breakfast 14Farm Credit of Central Florida Stockholders Meeting 20Farm Credit Employees Spread the Good Word of Florida Agriculture 22Farm Credit of Central Florida Names Michelle G. Hurst to Board 27Welcome Aboard New Employees 27Charlie Grimes Celebrates His 80th Birthday! 27Farm Credit Employees Recognized for Loyalty & Excellence 28Farm Credit/Ag Institute Candidates Forum 30

INDUSTRY NEWSHere’s the Beef! 6Farm Credit Members Key to Creating New 4-H Chapter 8Share Your 4-H Experiences! 9Farm Credit Strawberry Salute Breakfast Draws Huge Crowd 17Farm Credit Directors & Members Work With Legislators on Ag Issues 24Taste of Florida 29

MEMBER NEWSBill Braswell Finds Thrills on Blueberry Hill! 15Bee All You Can Bee! 16Farm Credit Members Win Coveted FNGLA Awards 21Wish Farms Strawberry Picking Challenge 26

FINANCIAL NEWSLoan or Lease: What Makes the Most Sense for Your Business? 18First Quarter 2014 Consolidated Financial Reports 31

4 | July 2014 Farm Credit oF Central Florida

assoCiaTion news

Farm Credit of Central Florida Chairman of the Board, David J. Stanford, a Winter Garden citrus grower, announced the association’s eligible Member/Borrowers will benefit from patronage refunds, or profit-sharing, of $3.5 million, significantly lowering their cost of borrowing. As part of the Farm Credit System, created in 1916, Farm Credit of Central Florida is a Member-Owned cooperative lending funds to ranchers, growers, farmers, and rural homeowners. Eligible Members will receive their patronage refund 100 percent in cash.

“The patronage refund is a reward to our Members for their loyalty and is proof positive of our adherence to cooperative principles. The patronage refund is a

critical component of the Farm Credit Advantage,” Stanford said.

“This s t rong pat ronage ref und continues the tradition of Putting our Profits in our Members’ Pockets.” I am pleased to report 100 percent of this patronage refund will be paid in cash and represents a return of more than 16 percent of earned interest. The resilience and perseverance of our Farm Credit Members through one of the most devastating depressions since the 1930s has helped our association to grow and prosper,” said Reggie Holt, Farm Credit of Central Florida, President and CEO.

Since 1988, Farm Credit of Central Florida’s board of directors has declared

patronage refunds exceeding $145 million. The coop’s service area spans from the Gulf of Mexico to the Atlantic coast serving 13 central Florida counties including, Citrus, Hernando, Pasco, Sumter, Hillsborough, Pinellas, Polk, Lake, Orange, Osceola, Seminole, Volusia, and Brevard.

For perspective, the $145 million would pay the entire Tampa Bay Rays team payroll for two and a half seasons, buy 2,400 John Deere Model 613D tractors, or 15 Lear Jets! Stretched end to end, $145 million dollars would stretch from Lakeland, Florida to Los Angeles almost six times, or halfway around the globe at the equator! ■

Eligible Farm Credit of Central Florida Members Share in $3.5 Million Patronage Refund

Sabrina Smothers (L) & Farm Credit Loan Officer, Joseph Sweat (R)

Ryan Atwood

Cammy Hinton (L) & Farm Credit Loan Officer, Joseph Sweat (R)

Larry Black, Jr. Steve Hollister

Farm Credit oF Central Florida July 2014 | 5

Antonio “Tony” Chavez

Joe (L) & Ryan Keel (R) Clark (L) & Todd Sherwood (R) with Farm Credit Loan Officer, Joseph Sweat

Thomas (L) and Callum Townsend FCCF Relationship Manager, Chris Witmer (L) and Dr. Frank Vrionis (R)


indusTry news

The origin of the hamburger is shrouded in mystery and intrigued with countless suitors chasing the elusive t it le of “Inventor of the Hamburger.” Undaunted by the myste r ies su r rou nd i ng the American culinary icon, Farm Credit of Central Florida (FCCF) analysts Jason Will iams, “Burger” Bill Glass, and Michael Sicignano, took the bull by the horns, concocting the FCCF Burger Tour to consume as much nutritious beef, support the Florida cattle industry and determine who serves the best hamburger in Lakeland, Florida!

Fittingly enough, Williams, Glass, and Sicignano hatched the idea at lunch one day when they recalled a similar quest called the Taco Tour. Thus, the Burger Tour was born and will soon conclude. The tour recently sampled the wares of numerous burger emporiums and rated them from 1 to 13, with one being the highest score. So far, only three have attained an average rating as high as 5 from the discriminating panel and their fellow employees and aficionados.

“A Great Hamburger is … The sensation of AAAAAAHHHHHH after every bite! The sound of ‘AAAAAAHHHH’ would be similar to lowering yourself in a pool of cool water, or a sip of an ice cold beer on a hot day,” said “Burger” Bill Glass!

Jason Williams added, “A great hamburger is …? Unique. It has to have a particular flavor or ingredient that makes it stand out above the rest, also, bacon, pretty much every great burger has to have bacon.”

“The per fect bu rger is cooked medium, first of all. The burger should not need excessive spices or condiments

to be delicious; however, the meal is not complete without mustard and ketchup. The bun is also crucial; too much or too little bread can ruin the whole burger. Melted cheese is the last necessary component,” said Michael Sicignano.

The hamburger is more than a fad, it has been a staple of American diets for decades and no restaurant symbolizes

this affinity more than McDonalds. Ray Kroc, a 52 year-old milk shake machine salesman sold 8 machines to the McDonald brothers for their restaurant in San Bernadino, California. and was stunned by the efficiency of their operation. They produced a limited menu, concentrating on a few items, allowing them to focus on quality at every step.

From those humble beginnings an empire was built. Today, McDonalds sells 75 hamburgers every second, retailing more than one billion pounds of beef a year, and purchasing 5.5 million head of cattle. Wendy’s bought 275 million pounds of North American beef in 2013!

If McDonalds was a country, its $32 billion sales from franchise stores would be the world’s 68th largest economy; larger than Ecuador! Farm Credit of Central Florida Chairman Emeritus, Al Bellotto, said, “The popularity of the hamburger in America has greatly benefitted the cattle industry. Polk County is one of the three largest cattle producing counties in our state, along with Osceola and Okeechobee.”

Farm Credit of Cent ral Flor ida Director Dennis Carlton, Sr., who grows citrus and raises cattle, said, “Twice as much ground beef is produced as steak from beef cattle; therefore, hamburger drives the value.”

No food is more symbolic or deeply imbedded in American culture than the hamburger. The History Channel recently voted the hamburger as the #1 American fast food and estimates place American consumption between 40 and 50 billion burgers annually, an average of about three to four for every American weekly. Despite its exalted position in American culinary history, a self-appointed, three judge panel of Farm Credit employees plan to render a verdict on the best hamburger in the Lakeland area within the year! Stand by and monitor national newscasts! ■

Here’s the Beef!

Interesting Facts from the Florida Department of Agriculture:• CattlewerefirstintroducedtoNorthAmericainFloridain1521bySpanishexplorerJuanPoncedeLeon.• OneFloridaranchownsthelargestbroodcowherdintheUnitedStates.• FloridaishometofouroftheUnitedStates’10largestcow-calfoperations.• Floridaranks12thinthenationinnumberofbeefcows.• Nearlyone-halfofallFloridaagriculturallandisinvolvedincattleproduction.Floridahasfourmillionacresofpastureland

and one million acres of grazed woodland.• Muchof“NaturalFlorida”remainsintheworkinglandscapeofFlorida’scattleindustry.• Wildlifeandplantsystemsarewell-balancedandthrivingonFlorida’sranchlands.

“The popularity of the hamburger in America has greatly benefitted

the cattle industry. Polk County is one of the three largest cattle

producing counties in our state, along with Osceola and

Okeechobee.” – Al Bellotto


(From the left) Farm Credit of Central Florida Burger aficionados, Jason Williams, Michael Sicignano, “Burger Bill” Glass, and Kevin Taylor.

Fun facts about beef From Michigan Farmers Care• 160degreesFisthecorrectcookingtemperaturetoensuresafeandsavorygroundbeef.• Twenty-ninecutsofbeefmeetgovernmentguidelinesforlean.• Cattlehavefourpartstotheirstomachandcandetectsmellsuptosixmilesaway.• Cattleareherbivoressotheyonlyhaveteethonthebottom.• RaisingbeefcattleisthesinglelargestsegmentofAmericanagriculture.• Beefisanutrient-densefoodandisthe#1sourceofprotein,vitaminB12andzinc.• Beefisthe#3sourceofironbehindfortifiedcerealandgrains.• Cattlefarmersconservethelandbyimplementingnaturalresourcemanagementpracticesthatincludesoiltests,brushandweed

control programs, grazing management plans, minimum or no-till systems, and range quality and grass utilization monitoring.• A3-ounceservingofleanbeefisanexcellentsourceofprotein,supplyingmorethanhalfoftheproteinmostpeopleneedeachda.y• Theproteininbeefisacomplete,high-qualityprotein,whichmeansitsuppliesalloftheessentialaminoacids,orbuilding

blocks of protein, the body needs to build, maintain and repair body tissue.• TheU.S.supplies25percentoftheworld’sbeefwith10percentoftheworld’scattle.


indusTry news

Farm Credit of Central Florida Member, Jenny Black (R), daughter, Julia, son Varn, and St. Paul Lutheran teacher, Deb Wagner (L).

Farm Credit of Central Florida Members Larry and Jenny Black have instilled a deep appreciation for agriculture and the importance of conserving our natural resources upon their son, Varn, and daughter, Julia. They have played a critical role in creating a new 4-H chapter at their children’s school in Lakeland, Florida.

Larry and Jenny manage the family’s Peace River Packing Company in Ft. Meade, which was founded in 1928. The company manages more than 1,800 acres of citrus groves in Polk, Highlands and Hillsborough counties and employs more than 180 people. They are well versed in agriculture and conservation, so it was a natural fit for them to help youngsters learn more about Florida’s second largest industry, agriculture, and the $100 billion impact it has on our state’s economy.

St . Pau l Lut he r a n School i n La keland i s i nc reasi ng awa reness about conservation and creating a new generation of agricultural enthusiasts. During a recent visit, the Farm Credit Leader was introduced to a number of innovative programs being used at the

school to teach children in preschool through 8th grade about the importance of recycling, sustainable agriculture, and water conservation.

Starting with the youngest classrooms, students are introduced to agricultural concepts in their classroom gardens and in first grade use mathematics and planning skills to map out their own plot of winter vegetables, herbs and f lowers. In fourth grade, Ms. Deb Wagner incorporates science lessons into the s t udents’ hydroponic garden and students take 100 percent responsibility for a garden of squash, arugula, cucumbers, blueberries, strawberries and other delicious fruits and vegetables. Rain barrels are used throughout the campus to collect water for the many classroom gardens and teach the students about the importance of water conservation.

Agriculture and the importance of knowing where your food comes from is a key part of the curriculum at St. Paul. In addition to growing their own food, students learn hands on lessons about sustainable agriculture by touring a local citrus packing house and the surrounding

g roves , p ick i ng s t r awbe r r ie s a nd blueberries at local farms, participating in Agri-Fest and touring the State Fair.

In 2013, St. Paul Lutheran School was designated a Green Ribbon School – a national award presented by the U.S. Department of Education. This award recognizes St. Paul’s extensive recycling and terra-cycling program as well as the school’s designation as a National Wildlife Schoolyard Habitat. The money raised from recycling efforts was used to stock the ponds on campus with fish and other animals that will encourage more wading birds to take up residence at the school.

Students are well schooled in the principles of ecology and eager to share their knowledge in the community. Through 4-H, the students have been able to share their respect for the environment and the results of their conservation projects in the Youth Fair and County events competitions. By encouraging the importance of respect for our natural surroundings, St. Paul Lutheran School students are equipped with the skills to become better stewards of our environmental resources. ■

Farm Credit Members Key to Creating New 4-H Chapter


indusTry news

Carré Saunders IFAS- Associate Director of Development

Florida 4-H is excited to be participating in a pilot alumni engagement program, led by National 4-H Council. Our engagement efforts are currently focused on reconnecting with Florida 4-H’ers as well as creating new relationships with 4-H alumni who have relocated to Florida from other states. For many people, their 4-H years are full of treasured memories and the foundations of lifelong friendships. We want to hear your stories and the ways 4-H, in Florida or in another state, impacted your life.

For more than 100 years, Florida 4-H has served as the premier youth development program in the state of Florida. Through youth adult partnerships and university research-based curricula, 4-H currently serves more than 220,000 young people across the state and provides opportunities to youth in a variety of areas, from animal sciences to robotics.

We know Florida 4-H alumni are as varied as the project areas offered, producing youth who go on to be leaders in their communities, country, and world in agriculture, the sciences, politics, engineering,

the arts, and technology. 4-H has produced forward-thinking leaders who are committed to making the world a better place!

If you were once a 4-H’er either as a youth participant, a supportive parent, or a caring volunteer please contact us and tell us about your experiences. We would love to hear from you and share updates on the great things our Florida youth are doing in 4-H!

To share your 4-H story and join our mailing list, please visit the Alumni and Friends section of our website at ht tp://f lorida4h.org or contact Annie Muscato, Florida 4-H State Resource Development Coordinator. She can be reached at: afmuscato@uf l.edu or by calling Florida 4-H State Headquarters at (352) 846-4444.

The Florida 4-H program wouldn’t survive without support from the people it has impacted most. If you are interested in making a meaningful contribution to the Florida 4-H Youth Development Program, please contact Carré Saunders at: csaunders@uf l.edu or by calling (352) 392-1975. ■

Share Your 4-H Experiences!

When you refer your friends and neighbors to Farm Credit of Central Florida, you get not only the comfort of knowing you have sent them to the premier agricultural lender in America, but you get a Farm Credit fishing shirt!

To get a Farm Credit fishing shirt, just refer your friend or neighbor to Farm Credit of Central Florida and when their loan of $10,000 or more closes, you get a Farm Credit fishing shirt! Ask your loan officer for details. ■

Farm Credit of Central Florida Loan Officer, Joseph Sweat (L) presents Fidel Castillo (Center) with a Farm Credit fishing shirt as Hilda Castillo (Right) looks on. Refer a friend to Farm Credit and when their loan of $10,000 or more closes you get a shirt!

Referring Friends to Farm Credit Can Give You a Warm Feeling!


assoCiaTion news

KeeLee Tomlinson (daughter of Information & Training Officer Glenda Tomlinson) and her business partner, Roxanne Fulwood, have opened a holiday and gift boutique at 314 S. Collins Street in Plant City. SASSI, which is an acronym for Stylish And Simply Stunning Interiors, desires to help home and business owners decorate for every major holiday as well as everyday life and is the place to go for unique gifts and decorating items.

While it will always be Christmas at SASSI, the other merchandise will change with the seasons. SASSI is a vendor for Mark Roberts, Michael Amini and Lenox to name just a few and their inventory along with the seasonal and home decor items includes shoes, handbags, jewelry, candles and many other items for men, women and children.

SASSI also offers services such as in-home holiday decorating, gift certificates and gift wrapping. The store is open 9 a.m. to 6 p.m. Monday through Thursday, 9 a.m. to 7 p.m. Friday and Saturday 9 a.m. to 4 p.m. Call (813) 704-6896 for questions or in-home design quotes or like them on their Facebook page. ■

KeeLee Tomlinson (L) & business partner Roxanne Fulwood (R)

KeeLee Tomlinson is SASSI!

Hannah Martin, daughter of Chief Credit Officer Courtney Eelman, celebrated her 16th birthday on February 13. This sweetest of birthdays was made even sweeter when Hannah was presented with keys to a VW Jetta the following week as she celebrated with her family and friends. This deserving teenager was truly surprised and even shed a few tears of joy. Congratulations and Happy Birthday Hannah! ■

Chablee & Jorge Rivera Honeymoon

Farm Credit of Central Florida Loan Officer, Jennifer Parrish has been chosen for the prestigious Wedgworth Leadership Class IX. She started the 22-month program in November which includes:

• 11study/travelseminars• 9threetofive-dayseminars

held in locations throughout Florida

• 110to12-dayseminarinWashington D.C.

• 115to17-dayinternationalseminar in developed and developing countries

The intent of this program is to develop and refine the leadership capabilities of young leaders who, in turn, will be prepared to become increasingly involved in policy formation – be it policy that directly applies to all segments of Florida agriculture and natural resources, or public policy that will affect the future of Florida agriculture and natural resources either in a direct or indirect manner. ■

Chablee & Jorge Rivera celebrated their Weddingmoon … Wedding and Honeymoon at the beautiful island of Antigua. They ar r ived at the resort on November 25, 2013 and were married on November 27, 2013, followed by five more glorious days at the resort where they enjoyed caving, hiking, snorkeling, pool s , beach , excel lent restaurants, and most of all the spending time together. ■

Hannah Martin Reaches Sweet 16!

Jennifer Parrish Chosen for Wedgworth Class IX


Farm Credit of Central Florida Member, Jerry Shoop was called home to Heaven on February 21, 2014. He was a loving father, husband, and grandfather. Jerry was an outgoing man with a herculean work ethic and an astute businessman who made his own way in business. He will be missed by the legions of friends and admirers he left behind. Included is a poem written by Nancy Kraayenhof which was read at Jerry’s funeral:

Jim Knox and his wife Nada started Knox Nursery in t he i r ba ck ya rd in 1962. Today it is a f lour ishing business respected all over the state of Florida as one of our state’s best. ■

In Memoriam: James M. Knox, Jr. February 10, 1927–May 5, 2014

Jim Knox (L) with son, Monty (R) claiming the 2012 FNGLA Landscape Show Best in Show Booth Award.

In Memoriam: Jerry Shoop June 2, 1955–February 21, 2014

Close The GateFor this one farmer the worries are over, lie down and rest your head,Your time has been and struggles enough put the tractor in the shed.

Years were not easy, many downright hard, but your faith in God transcended,Put away your tools and sleep in peace, the fences have all been mended.

You raised a fine family, worked the land well and always followed the Son, Hang up your shovel inside of the barn; your work here on earth is done.

A faith few possess led your journey through life, often a jagged and stony way,The sun is setting, the cattle are all bedded, and here now is the end of your day.

Your love of God’s soil has passed on to your kin; the stories flow like fine wine, Wash off your work boots in the puddle left by blessed rain one final time.

You always believed that the good Lord would provide and He always had somehow, Take off your gloves and put them down, no more sweat and worry for you now.

Your labor is done, your home now is heaven; no more must you wait,Your legacy lives on, your love of the land, and we will close the gate.

“Close the Gate” was written by Nancy Kraayenhof. She was gracious enough to allow us to reprint her work to honor Jerry Shoop. Below is some more information on Nancy.

Column title is “Close the Gate” and I have been writing freelance for eight years. My weekly column is featured in the Hills Crescent and the West Lyon Focus. I run a small childcare service in Sioux Falls, South Dakota a short half hour trip from the farm. I am involved in the local community theater year around and the Catfish Bay Water Ski Show in the summers as writer, costume mistress, actress, prop finder and techie. I used to be a show skier until the years caught up with me.

My husband occasionally travels with his job as a sales specialist with Raven Industries Ag Division and, though I was raised in the city, I do chores and handle the farm when he is gone. It is always a learning experience.

Our three children are all grown and married. We have three grandchildren (and two more due in a month!) and we see them as often as we can! I love to sew and cook and in my spare time I sleep!

You can contact Nancy at [email protected].

Jenny and Jason Williams were blessed with their first child, a son, Brooks Matthew, on September 17, 2013. Jason is a credit analyst with Farm Credit of Central Florida.

A New Addition!


assoCiaTion news

Shane and Carol Platt of Kissimmee Park Properties in St. Cloud were honored as the 2013 Commissioner’s Ag-Environmental Leadership Award by the Florida Cabinet at their meeting held in Osceola County on January 22, 2014. Since 1994, the Florida Department of Agriculture and Consumer Services has recognized agricultural enterprises that demonstrate leadership in developing and implementing innovative techniques to safeguard the environment and conserve natural resources.

Commissioner Putnam honored Shane and Carol as pioneers in sustaining the environment by reducing water use, protecting the land and maximizing efficiency of their cattle and citrus ranch. They serve as outstanding examples of agricultural guardianship. ■

Shane & Carol Platt Earn Two Prestigious Awards!

(From the left) Jeff Atwater, Chief Financial Officer, Mike La Rosa, Florida House Representative District 42, Governor Rick Scott, Shane Platt, Carol Platt, Pam Bondi, Florida Attorney General and Adam Putnam, Commissioner Florida Department of Agriculture and Consumer Services

Florida Commissioner of Agriculture Adam Putnam (L) congratulates Carol & Shane Platt (R) on winning the Commissioner’s Ag Environmental Award.

Judson Smith was awarded the Greenhand Award at the 2014 Florida Strawberry Festival. This was his first time showing an animal and he showed his heifer Firecracker. He was given this award by the festival’s beef committee for his hard work while at the show. He was given a belt buckle and cash prize. Judson said that he is hooked on showing and he can’t wait to show Firecracker again.

The Smith Family Shares Two Proud Moments!

Abigail Sue Smith was born on January 3, 2014. She weighed 7lbs 5oz and was 21 inches long.

Harrison James Finkbeiner was born March 22 to Chris & Brittany Finkbeiner. Brittany is the daughter of Farm Credit of Central Florida Director of Marketing & Governmental Affairs, Ron O’Connor.

Ron O’Connor Has Another Grandson!

Kelli Smith, a loan closing specialist/paralegal and her husband, Thomas, enjoy some big family moments.


Farm Credit of Central Florida Receptionist, Marisela Medina & husband, Alberto, are busy following their boys as they play baseball in the Mulberry Dixie Youth League. Eonnie Sevilla and Alberto Medina Jr. (AJ) started playing baseball last year for the first time in Mulberry, Florida. They played a great season so much so that AJ’s T-ball team made it to Districts placing 2nd in Fort Meade and making it to the State Tournament in Sebring, Florida. They are both playing baseball this year and are doing very well, exhibiting not only talent on the field, but excellent sportsmanship. ■

Marisela and Alberto Medina’s Boys Love Baseball!

Eonnie SevillaAJ Medina

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Farm Credit of Central Florida employee, Joanne Allred, is happy to share this photo of her oldest daughter’s wedding which took place in Houston, Texas on January 4, 2014. The ceremony was held on beautiful Clear Lake outside Houston. This picture includes all four of her children (from left, Emilie Dyer, Zachary Dyer, Allison Dyer Huston and f lower girl Zoe Anne-Marie Martin). Allie and her husband, Sean Huston, honeymooned in Paris, London and Edinburgh and will continue to live in Houston where they are both employed. In their spare time they play in several local orchestras, Allie on the oboe and Sean on the bassoon. Congratulations to the happy couple! ■

Joanne Allred’s Daughter Weds

assoCiaTion news


On March 29, a group of about 30 women came together for the first Farm Ladies’ Breakfast. This event was presented jointly by Farm Credit of Central Florida and the University of Florida’s Institute of Food and Agricultural Sciences (UF/IFAS) Development Off ice. Debbie Swindle graciously hosted the event at The Home Place in Dover, Florida.

Farm Credit of Central Florida and UF/IFAS Development collaborated to provide this educational opportunity for women involved in agriculture. Representatives from UF/IFAS and the University of Florida Foundation (UFF) gave presentations on farm succession and estate planning. Dr. Michael Gutter, Interim Family and Consumer Sciences Program Leader and financial expert from the UF/IFAS Department of Family, Youth and Consumer Sciences, presented information on the importance of planning for the future of the family farm and creating estate plans. Paul Caspersen, Executive Director of the UFF Gift Planning Department, provided information on philanthropic giving through estate planning.

Farm Credit of Central Florida and UF/IFAS Development look forward to hosting future educational events for Central Florida’s women in agriculture. ■

Farm Credit Sponsors Farm Ladies’ Breakfast

Betty Grimes (L) & Faye Wetherington (R) Debby Grimes (L) & Farm Credit of Central Florida Loan Officer, Debbie Simpson (R)

Farm Credit of Central Florida Chief Development Officer, Regina Thomas (L); Carré Saunders; FCCF Loan Officer, Debbie Simpson; Hostess, Debbie Swindle (R)

(From the left) Alicia Whidden, Griselda, Lizet, & Dee Chavez


MeMber news

Farm Credit of Central Florida Member, Bill Braswell, is a native Floridian, born in Bartow, who graduated from the University of Florida with a degree in agronomy. He has packed a lot of living into his life, including 22 years of military service as a pilot, and a career as an airline pilot who was in the air during the tragedy of September 11, 2001. Following his notable service as a military and civilian pilot, he has also distinguished himself as a leader, serving four years as President of the Florida Blueberry Growers Association.

“Bill Braswell has exhibited a passion and energy for the blueberry industry, that will have a lasting impact. His leadership has certainly had a positive inf luence on the growth of the Florida Blueberry Growers Association,” said Farm Credit of Central Florida Director, Keith Mixon.

The Flor ida blueber ry indust ry has grown from a cottage industry with scattered acreage, mostly in north central Florida, to a f lourishing business with 5,000 acres spread across most of the state. Once unknown except to a handful of industry insiders, blueberries are a viable commodity and important contributor to Florida’s economy.

Bill Braswell Finds Thrills on Blueberry Hill!

Bill Braswell (L), & Farm Credit of Central Florida, Loan Officer, Brad Rhoden (R)

Bill Braswell’s New Greenhouse

“Just 15 years ago the Blueberry Association meetings drew about 70 participants, while the February winter meeting in Plant City had more than 400 registrants! The industry has grown from producing about 3 to 4 million pounds in 1999 to 25 million pounds forecast for 2014. The Florida blueberry industry has gone from virtually anonymous to being known globally,” said Bill Braswell.

Bill became interested in growing blueberries after talking to Jerry Mixon and started out with two acres in 1999, before expanding his operation to his current 40-acre farm. He became a Farm Credit Member in 2002 saying, “Farm Credit knows agriculture, it is where you go for financing if you farm.”

Bill has lived a very exciting life, f lying C-5 transport planes in the U.S. Air Force, serving eight years on active duty followed by 14 years in the Air Force Reserve. His military career included everything from flying combat missions to delivering pizzas to troops. He continued flying as a commercial airline pilot and was in the air on 9/11, flying out of Orlando to New York.

“When we first learned a plane had hit one of the World Trade Center towers we thought it was an accident, but when we learned of attacks on the Pentagon and another plane hitting the second tower, we knew then it was more than an accident. We turned around and headed back to Florida. I was hoping to get back to our home base of Orlando, but when we got notice if we didn’t land immediately, we would be shot down, we decided to land in Jacksonville, Florida, the nearest airport,” Bill said.

Comparing being an airline pilot to farming, Bill said, “Pilots have it easy compared to farming. Farming requires constant attention and there’s no such thing as a day off. ”As a pilot I always paid a lot of attention to the weather, but the weather never affected my income,” he said.

As Bill Braswell completes his presidency of the Florida Blueberry Growers Association it is clear, he has made a difference and immersed himself totally on behalf of the blueberry industry and Florida agriculture. To show their appreciation, the growers presented him with a custom shotgun at his last meeting. ■


MeMber news

At age 18, Farm Credit of Central Florida Member, Andrew Moore, came to the United States from Jamaica with little more than a suitcase in his hand. Andrew may not have had financial riches, but he was armed with a wealth of determination and drive to succeed. Thirty-five years ago he started raising bees with about 80 hives. Today his apiary located near Umatilla, Florida has some 5,000 hives which he ships all over the country pollinating everything from Florida blueberries to California almonds!

Moore’s Honey produces honey and beeswax, as well as leasing his bees to pollinate crops, increasing their yields. Blueberries are believed to increase their yield from 20 to 30 percent with the presence of bees. A 55-gallon drum of honey sells for more than $1,300, while the coveted orange blossom honey can go as high as $1,800 per barrel. Honey sales account for about half of an apiary’s income with pollination bringing in most of the other half of the revenue.

Everyone associates bees with honey production, but millions of acres of U.S. fruit, vegetables and legume seed crops depend on insect pollination, including honey bees. Cornell University estimated the increase in production in ag crops

resulting from honey bee pollination is valued at more than $19 bil l ion! The California almond crop is entirely dependent on honey bee pollination. More than 80 percent of the world’s almonds are produced there and without pollination from bees, there would be no almonds.

The USDA estimates 80 percent of insect crop pollination is accomplished by honey bees. Approximately 1/3 of the total human diet is derived directly or indirectly from insect-pollinated fruits, vegetables, or legumes.

If you are thinking of raising bees be ready to get stung. “I have probably been stung more than 100,000 times in 35 years. You build up immunity, and eating early in the day, and then just snacking and drinking lots of Gatorade helps me. It is an occupational hazard, you just learn to cope,” Andrew said. The tools of the trade, a helmet or netting and a sting-proof suit can get pretty warm during Florida’s steamy summers, so proper hydration is a must!

“I found out about Farm Credit from another beekeeper. The funds I borrow from Farm Credit help me fill in the financial gaps and give me more flexibility,” Andrew said.

Farm Credit of Central Florida Member and Professional beekeeper, Andrew Moore (L) & Farm Credit Loan Officer David McDonald (R)

Bee All You Can Bee!

Andrew Moore in his work uniform.

Accord ing to Lau rence Cut t s , Emeritus Apiary Inspector, with the Florida Department of Agriculture and Consumer Services, honey bees are not native to the Americas. They were brought over from Europe by the colonists in 1622. It isn’t known when they were introduced to Florida, but the first reports indicate almost everyone in the Daytona area kept several hives in 1879.

Florida beekeeping reached its peak in the late 70s and early 80s with more than 360,000 colonies, but recently that number has dropped to approximately 250,000. Today, most bees in the state are moved from two to six times annually. According to the 2012 Ag Census, Florida’s beekeepers produced 12.736 million pounds of honey valued at $23 million. Florida honey production ranks third nationally behind North and South Dakota.

The USDA’s Economic Research Service states, in 2010 it is estimated U.S. consumption of honey reached 410 million pounds. Honey demand requires importing about 61 percent of the total. ■


indusTry news

The Farm Credit Strawberry Salute Breakfast has become a time honored tradition as Plant City observes Parade Day for the Strawberry Festival. This year’s breakfast featured Florida Commissioner of Agriculture, Adam Putnam, as the keynote speaker and attracted more than 225 people to salute the luscious red berries that play a pivotal role in Plant City’s history and economy. ■

Farm Credit Strawberry Salute Breakfast Draws Huge Crowd

Dale McClellan (L) Faye Wetherington (Center L), Alvin & Mary Jo Futch (R) at the Farm Credit Strawberry Salute Breakfast.

Farm Credit of Central Florida Member-Debbie Swindle (L), granddaughter, Anna Conrad, & Florida Commissioner of Agriculture, Adam Putnam (R) enjoyed some tasty Florida strawberries!

Strawberry Festival Director Lane Wetherington (L) and his father, Ron, (R), a Farm Credit of Central Florida Director, talk ag issues with Congressman Dennis Ross (Center).

Farm Credit of Central Florida Chairman of the Board David Stanford (Center Right) & Florida Commissioner of Agriculture Adam Putnam (Center Left) with the Florida Strawberry Queen & her court.

Florida Commissioner of Agriculture Adam Putnam (Center), with Farm Credit of Central Florida Directors, Dennis Carlton, Sr. & Homer Hunnicutt, Jr. (R).

Farm Credit Members Betty (L) & Charlie Grimes (R) talk politics with Congressman Dennis Ross (Center).

Florida Commissioner of Agriculture Adam Putnam (L) with Farm Credit Members Debby (Center) & Chuck Grimes (R).


finanCial news

Proper resource management is crucial to any successful business operation. You need to utilize your people, equipment, materials and cash flow effectively. Farm Credit offers a variety of loans and leases to meet the needs of today’s farm businesses. Financing options like equipment leasing can be another tool to help manage your business. Leasing equipment, vehicles and facilit ies can be a great way to maximize tax benefits, preserve capital and manage capital expenditures in the most efficient way.

Tax implications Tax implications are a key driver for the loan vs. lease decision. With a “true lease,” the lessee may deduct all of the lease payments as a business expense. This often allows for a quicker tax write-off in

comparison to depreciating the asset. Take a building, for example. A general-purpose farm building on a farm would typically be depreciated over 20 years. However, if the asset is financed with a true lease, usually the entire lease payment would be a deductible business expense, essentially accelerating a 20-year depreciation cycle into a seven to 10 year period.

A big tax benefit from leasing has typically been the ability to accelerate depreciation. However, Section 179 and bonus depreciation has taken some of the wind from leasing’s sails in recent years, as it has reduced some of the tax benefits of leasing things like tractors and other equipment. For tax years 2012 and 2013, businesses in many situations could deduct up to $500,000 worth of new and used

equipment through Section 179, although not all purchases qualify.

Still, some leases can qualify you for a Section 179 deduction, and can bring several new tax strategies to the table. For starters, a “conditional sale lease” allows you to take full depreciation, including Section 179, to the limits allowed by the IRS. In some cases, the amount saved in taxes may exceed the total of the first year’s payments.

Things may change in 2014. Section 179 reverts to a limit of $25,000 if action is not taken to reauthorize the higher limits businesses have enjoyed in recent years. Given the current status of Congress, it is difficult to predict whether the limit will be raised or left at $25,000. Given this uncertainty, leasing suddenly looks much more attractive from a tax standpoint.

Loan or Lease: What Makes the Most Sense for Your Business?


Less impact on the balance sheet A lease typically requires a smaller (or no) down payment, often requires no additional collateral and generally does not contain restrictive covenants that can limit the lessee’s ability to borrow future funds. Accounting standards require traditionally f inanced equipment to appear on the balance sheet along with a corresponding liability, until the outstanding balance is fully repaid. Operating leases can remain off the balance sheet.

Leases are often a more flexible way to finance business investments, and can make a deal happen where a loan might not work. This can often be true when a business is young or fast-growing. Leasing can preserve your credit line for future needs rather than tie it up with an equipment purchase.

A good option for assets you want to keep current Leasing may also make a great deal of sense for assets that you plan to turn over regularly, such as trucks that put on a lot of miles. If you plan to trade those vehicles in at regular intervals, leasing may be your best option. You may have lower monthly payments for the period you are using the trucks as you are not buying the full value of the asset, but only financing the depreciation of the asset. In other words, you’re not paying for the residual value of the trucks after you’re done with them. You can simply roll into another lease for new trucks. A planned replacement cycle ensures access to reliable, low maintenance equipment at all times.

Flexible financing While a loan may have a fixed or variable rate, leasing is always fixed-rate, eliminating the risk of rising interest rates. Leases also typically offer 100 percent financing.

Benefits to estate planning The father or mother in a family farm may lease a tractor. He or she can write off the payments or take depreciation during the lease term. The next generat ion

can then buy the asset at the end of the lease, at a reduced value, allowing them to purchase equipment they know. This can also mitigate estate taxes in some circumstances.

Maximum flexibility In summary, leasing can provide: 100 percent financing; flexibility over the type of lease to best fit business and tax needs; the ability to utilize a desired supplier or vendor; and control of the asset at the end of the lease, whether the farmer wishes to purchase the equipment, renew the lease, trade up to a newer asset or walk away.

Misconceptions As leasing is less understood than loans, there are several misconceptions about leasing. One is that leasing is too complicated. On the contrary, the approval process and paperwork involved may be less burdensome with a lease than a loan. A customer can even be pre-approved for a lease to enable them to shop for equipment with confidence.

Another is that if you have a line-of-credit, you don’t need to consider leasing. Leasing can preserve your line-of-credit for future needs, planned or unplanned.

Some customers aren’t sure what can be leased, or think leasing is just for trucks and tractors. The reality is that nearly any asset can be f inanced

with a lease. Trucks and tractors are the most common, but processing and fixed equipment, buildings or other permenent faci l it ies , and even computers and software are eligible for leasing.

Some customers, particularly those who have had a good year, want to pay cash for their equipment. This can be a smart choice in some circumstances, but it may also make sense to maintain a strong cash position for a “rainy day” and use leasing at a low fixed rate to preserve liquidity.

A big misconception is that dealer financing is always cheaper. It’s easy to be drawn in by offers of below-market or even zero percent interest, but there’s no free lunch. Usually the financing cost is embedded in the cost of the equipment. When shopping, you may get your best deals by being pre-approved for leasing, and asking for a cash price. Compare this with the total cost of the “free financing” offer when making your decision.

Summary Farm Credit offers many possibilities when it comes to financing your business. Traditionally, most of our financing has taken the form of loans. Increasingly, however, some farm business owners are choosing to lease their new investments. When planning your next equipment purchase or business investment, consider all your options and what’s best for your business. Ask yourself the following questions: • What’sthetotalcostofthevarious

financing options? Compare each option based upon your current and future situation.

• What’stheeffectofadownpayment or full purchase on your current cash flow?

• Couldanycashplannedfortheequipment purchase be used elsewhere in the operation?

• HowlongdoIplantousetheequipment? Is there a planned replacement?

• AmImaximizingtaxincentivesthis year and in future years? ■

1 Taxes are complicated, and will vary according to your individual circumstances. This article is intended as general information only, and does not constitute tax advice. Be sure to consult with your tax advisor before making major decisions that could affect your tax liability.2 Non-operating leases should be disclosed on balance sheets according to GAAP. Operating leases are usually included in the footnotes of the business’ financial statements.


assoCiaTion news

Farm Credit of Central Florida Stockholders MeetingA crowd of about 250 members, employees, dignitaries, and prospects enjoyed a scrumptious steak luncheon and heard a keynote address from Ken Spearman, one of three Farm Credit Administration Directors, discussed the group that regulates Farm Credit associations across the United States. ■

Farm Credit of Central Florida President & CEO, Reggie Holt had a positive report to the stockholders on the Association’s performance.

FCCF Chairman of the Board David Stanford introduced his fellow Directors.

Farm Credit of Central Florida Directors John Langford (L) & Keith Mixon (R) joined Association President & CEO, Reggie Holt (2nd from Right) in welcoming, Ken Spearman, Farm Credit Administration Director (2nd from Left) and Lakeland Mayor, Howard Wiggs (3rd from Right).

FCCF Loan Officer, Joseph Sweat, presents the $100 gift card won by Renata Walker (R) in the drawing at the annual meeting.

Farm Credit Members re-elected directors, Ron Wetherington (L), and Keith Mixon (R) as well as board chairman, David Stanford (Center).

MeMber news

Farm Credit Members, Frances (L) and David (R) Hardy celebrated the Association’s strong profits which are shared by the Members, significantly lowering their effective rate of funds.

Longtime Farm Credit Members, Milton, Joanne, & Perry Varn came over from Plant City to celebrate the Association’s success.

Elias (L) and Lorena (R) Gutierrez celebrate the announcement of Farm Credit of Central Florida’s patronage refund.

Farm Credit of Central Florida Members Ty St rode and Chet Pecket t were presented with prestigious awards at the Florida Nursery, Growers and Landscape Association (FNGLA) convention in June. Ty, who is Vice President and Director of Marketing at Agristarts, was presented with the Farm Credit/FNGLA Young Nursery Professional Award. This award is presented to an FNGLA member who is under 39 and has made an outstanding contribution to the industry. This award is sponsored annually by Farm Credit.

“It is a huge honor to be recognized by the people I work with. The same people who voted on this award are people I admire and emulate,” said Ty.

Chet received the Wendell Butler Award at the associat ion’s an nual convention at Ponte Vedra Beach on June 21. The Butler award is recognized as FNGLA’s most prestigious award. This award recognizes an individual who serves FNGLA and the industry by providing leadership, service, contributions and has shown a sincere interest in the advancement of the association and the industry. “I am honored to be recognized by my peers,” said Chet. ■

Farm Credit Members Win Coveted FNGLA Awards

Chet PeckettTy Strode



assoCiaTion news

Farm Credit Employees Spread the Good Word of Florida Agriculture

Farm Credit of Central Florida Special Assets Loan Officer, Jessica Slaughter (R), reads to her nephew, Riley Phillips and his classmates.

A book of notes from the students in Ms. Hastings’ class for Farm Credit of Central Florida Special Assets Loan Officer, Jessica Slaughter

Farm Credit of Central Florida employees Jessica Slaughter, Judy Waters, and Ron O’Connor participated in Florida Agriculture Literacy Day on Tuesday, April 29. The annual reading event is a chance for farmers, ranchers, University of Florida IFAS extension, 4-H agents, master gardeners, FFA teachers, students and agriculture industry representatives to read a children’s book about the Florida agriculture industry to students in kindergarten through fifth grade. This year’s book is titled Florida Farms at School.

Florida Agriculture in the Classroom, Inc. encourages volunteers to read its agricultural themed storybook to elementary school children showcasing the variety of agricultural projects in our schools. ■

Farm Credit of Central Florida Credit Support Specialist, Judy Waters (L) reads to her granddaughter, Jessica Browning and her classmates.


A collection of thank you notes to Farm Credit of Central Florida Director of

Marketing & Governmental Affairs, Ron O’Connor, for reading to a class.


indusTry news

Informing your legislators about the issues that affect you is critical to familiarizing them with the challenges faced by Florida agriculture. Farm Credit Members and Directors take leadership roles all over our service area meeting with state and federal legislators.

Farm Credit Directors & Members Work With Legislators on Ag Issues

Florida Representative Ricardo Rangel (Center) discusses ag issues with Farm Credit Members Dale (L) and Leon McClellan (R)

Farm Credit of Central Florida Member Herb Harben (L) with Florida Representative Neal Combee (R)

Farm Credit of Central Florida Member Leeann Adams Simmons & Congressman Tom Rooney (R)

Farm Credit of Central Florida Vice Chairman of the Board Rex Clonts, Jr. (L) Congressman Tom Rooney, & FCCF President & CEO Reggie Holt (R).

Florida Representative Ben Albritton (L) discusses ag issues with Farm Credit Member Dale McClellan (R)


Florida state Senator Darren Soto (L) enjoys some scrumptious Florida beef along with Farm Credit Member Lee Adams (R)

Brevard County cattleman Billy Kempfer (L), incoming Florida Speaker of the House Steve Crisafulli, Florida Commissioner of Agriculture Adam Putnam & Farm Credit Member Henry Kempfer (R)

Anna Conrad (L) granddaughter of Farm Credit of Central Florida Members, Larry & Debbie Swindle, Florida Representative Lori Berman (Center), & Farm Credit Member, Mark Gould (R)

Farm Credit of Central Florida Members Dean Evans (L), John Strang (2nd from Left) & Larry Black, Jr. (R), discuss ag issues with Congressman Dan Webster (2nd from Right)

Farm Credit of Central Florida President & CEO, Reggie Holt (L), Congressman Rich Nugent, FCCF Director Homer Hunnicutt, Jr. & Farm Credit of Florida’s David Bridges (R).

Farm Credit of Central Florida President & CEO Reggie Holt (L), Congressman Dennis Ross, FCCF Vice Chairman of the Board Rex Clonts, Jr. (R)


MeMber news

Wish Farms Strawberry Picking Challenge to Benefit Redland Christian Migrant Association. RCMA provides quality childcare and early education for children of migrant farmworkers and rural, low-income families throughout Florida.

Wish Farms Strawberry Picking Challenge

Clayton Grimes, son of Farm Credit Members Buddy & Melissa Grimes, grandson of Chuck & Debby, & great grandson of Betty & Charlie Grimes is clearly enjoying a delicious strawberry!

Shaz Simmons, son of Leslie & Shad Simmons, & grandson of Farm Credit Member, Billy Simmons enjoys a delicious strawberry.

Strawberry Challenge Host & Farm Credit Member, Gary Wishnatzki

RCMA Farm Credit Strawberry Picking Team: (From the left) David Barber, Jr., Jeff Phillips, Geoff Simon, Coach Kim Stickles, and Dawn Tuten (Far right). Joining the team photo is Florida Commissioner of Agriculture Adam Putnam (2nd from Right). This dedicated group of strawberry pickers got up early on a cold and rainy Saturday morning to compete in the Wish Farms Strawberry Challenge to raise money for the Redlands Christian Migrants Association.

assoCiaTion news

Far m Cred it of Cent ral Flor ida Chairman of the B o a r d , D a v i d J . S t a n f o r d , a n n ou n c e d t h e appoi nt ment of

Michelle G. Hurst to the cooperative’s board as an outside director. “We are elated to have Michelle’s expertise in accounting, trust, and estate planning as a resource to our Association,” Stanford said. Michelle is a CPA and a partner at Bunting, Tripp & Ingley LLP in Lake Wales. “I look forward to being a part of the Farm Credit Board, a team of sophisticated, warm and highly intelligent businessmen who really understand the complexities and challenges their customers face today and want to help make their Association “The Lender of Choice,” Michelle said.

R a i s e d i n B av a r i a G e r m a ny, Michelle, is bilingual, and earned her Bachelor of Science in accounting from

the University of South Carolina. She and her husband of 27 years, Stewart W. Hurst, live in Babson Park and have two grown children, Charlie and Jacqueline. Michelle and Stewart enjoy exercising, spending time together, and volunteering in their church and community as much as possible.

Michelle has an extensive background in accounting and has been with her current firm since 1992, after working with firms in Vero Beach, Florida and Greenville, South Carolina. She has been an active member of her community, serving in numerous positions of authority including, Past President of Lake Wales Breakfast Rotary Club, Florida Institute of CPA’s, Lake Wales YMCA Service Club, and the Heartland Estate Planning Council to name a few. “Michelle is well respected throughout the area and her skills will greatly enhance the strength of our board of directors,” said Reggie Holt, President & CEO of Farm Credit of Central Florida. ■

Farm Credit of Central Florida Names Michelle G. Hurst to Board

Welcome Aboard New Employees

Kevin Taylor

Alyssa Davis

Steven Sherman


Charlie Grimes Celebrates His 80th Birthday!

(From the left) Farm Credit of Central Florida Directors Ron Wetheringthon, Dennis Carlton, Sr., Mr. Grimes, FCCF President & CEO Reggie Holt, and Sr. Vice President Jeff Phillips

An estimated crowd o f 3 0 0 f r i e n d s swelled the building n a m e d f o r t h e Grimes family at the Strawberry Festival grounds to celebrate Cha rl ie G r imes’ 8 0 t h b i r t h d a y. Happy Bi r thday, Mr. Grimes from your friends at Farm Credit of Central Florida! ■

Alyssa Davis graduated from the University of Central Florida with a degree in finance and began working as a credit analyst for Farm Credit in January. In her spare time, Alyssa likes to craft and rock climb with her fiancé; they are planning their wedding for December of this year.

Steven Sherman, from Toledo, Ohio, was hired as a credit analyst in September 2013. He earned his degree in accounting at Alabama A&M University. In his spare time Steven enjoys traveling and scuba diving, one of the reasons he moved to Florida.

Lakeland native Kevin Taylor joined the Farm Credit family in January as a credit analyst. He graduated from Florida A&M University with his degree in business administration and finance. Kevin likes to play and watch sports, go to the movies and spend time with his 16-month old son.


assoCiaTion news

2014 Employment Anniversaries1 YearJames R. LewisGerald S. ShermanMarta I. VegaJason M. Williams

5 YearsCarolyn C. CowenJanet L. HarrisonDavid S. McDonaldJennifer D. Parrish

15 YearsWalker Lyle

20 YearsJoy D. RegisterRegina W. Thomas

30 YearsVonda K. Fulwood

Farm Credit Employees Recognized for Loyalty & Excellence

Farm Credit of Central Florida Chief Lending Officer Craig Register (L) presents Plant City Sr. Loan Officer Debbie Simpson the Outstanding Service Award.

Farm Credit of Central Florida Chief Lending Officer Craig Register (L) presents the Outstanding Lender Award to FCCF Relationship Manager Chris Witmer.

Farm Credit of Central Florida Chief Lending Officer Craig Register (L) presents the Outstanding Team Award to Brooksville Loan Officer Thomas Dalton. Thomas accepted the award on behalf of himself and Loan Specialist, Mary Cay Sasser.

2013 Fall Awards for Farm Credit of Central FloridaAward of Excellence

debra shepherdOctober 14, 2013

2014 Spring Awards for Farm Credit of Central FloridaOutstanding Service Award

debbie simpsonFebruary 17, 2014

Outstanding Lender AwardChris WitmerFebruary 17, 2014

Outstanding Team AwardBrooksville service CenterFebruary 17, 2014

Twice a year Farm Credit of Central Florida has staff meetings for training and to reward employees for their tenure and present awards for excellence. Listed below are the recipients of that recognition.


Industry news

Florida Commissioner of Agriculture Adam Putnam (R) was the keynote speaker at the FNA’s Industry Seminar, Commodity, & Equipment Expo in Orlando. With Commissioner Putnam are Dale McClellan, Ida Daniels, Immediate past President of the Florida Nutrition Assoc., & Maggie Green, current President of the FNA.

Farm Credit of Central Florida President & CEO Reggie Holt (L) & Farm Credit Members Dale & Andrea McClellan enjoy some of M&B Dairy’s delicious flavored milk with Florida Commissioner of Agriculture Adam Putnam (R) at the Taste of Florida Breakfast.

On January 22, Florida Congressman Dennis Ross (R) presented Farm Credit of Central Florida Business Analyst Maria Hernandez (Center) a flag that flew over the U.S. Capitol to recognize her for earning her U.S. citizenship. She was accompanied by her husband, Roy (L) and son, Javi.

Florida Governor Rick Scott (L) & Farm Credit of Central Florida President & CEO Reggie Holt (R) sampled the menu produced by Florida agriculture at Taste of Florida breakfast.

Taste of Florida

Farm Credit of Central Florida Board Chairman Emeritus, Al Bellotto (Center) reminisces with past Florida Cattlemen Association Presidents, Woody Larsen (L) and Alto “Bud” Adams (R). Past Presidents of the FCA met at the association’s headquarters to talk about their industry, enjoy some tasty Florida beef, and to remember the past and look to the future.

“Maria Hernandez is truly an inspiration. Her hard work and dedication showcase the attributes that make this country great. I was honored to present her with a flag flown over the U.S. Capitol and I wish Maria, Roy, and Javi the best in all of their future endeavors,” Congressman Ross said.

assoCiaTion news


September 25, 2014

Orange County Convention Center

11:30 a.m.

Gubernatorial & Florida Cabinet Candidates

Present Their Ag Platforms

More Information Soon!

Farm Credit/Ag Institute Candidates

Forum

Disclosure to StockholdersNotice of Significant or Material EventsThe Board of Directors accepted the resignation of board member Lewis S. Stidham effective May 1, 2014. Mr. Stidham held the position of Outside Director since 1995. During his term with Farm Credit of Central Florida, Mr. Stidham served as past Chairman of the Audit Committee, and was currently assigned to the Audit and Legislative Committees.

Effective May 1, 2014, the Board of Directors appointed Mrs. Michelle G. Hurst to the position of Outside Director for the remaining portion of the 3-year term previously held by Mr. Stidham which will expire in April 2016. Mrs. Hurst as been assigned to serve on the Audit and Compensation Committees. Mrs. Hurst is a Certified Public Accountant and Partner with Bunting, Tripp & Ingley, LLP in Lake Wales, Florida. She has been with the firm since November 1992.

The undersigned certify that we have reviewed the Notice of Significant or Material Events, that the disclosure has been prepared under the oversight of the governance committee of the Board of Directors 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.

David J. StanfordChairman of the Board

Reginald T. HoltChief Executive Officer

D. Scott FontenotChief Financial Officer

June 25, 2014


finanCial reporTs

Copies of the Association’s Annual and Quarterly reports are available upon request free of charge by calling 1-800-533-2773 or writing D. Scott Fontenot, Chief Financial Officer, Farm Credit of Central Florida, ACA, P.O. Box 8009, Lakeland, FL 33802 or accessing the web site, www.FarmCreditCFL.com. The Association prepares an electronic version of the Annual Report which is available on the Association’s web site within 75 days after the end of the fiscal year and distributes the Annual Reports to Shareholders within 90 days after the end of the fiscal year. The Association prepares an electronic version of the Quarterly report within 40 days after the end of each fiscal quarter, except that no report need be prepared for the fiscal quarter that coincides with the end of the fiscal year of the institution.

Consolidated Balance Sheets

Consolidated Statements of Income(unaudited)

March 31, December 31,

(dollars in thousands) 2014 2013

(unaudited) (audited)

AssetsCash 54$ 277$

Investment securities: Held to maturity (fair value of $38,396 and $40,417, respectively) 37,618 39,511

Loans 370,153 374,964 Allowance for loan losses (7,707) (8,095)

Net loans 362,446 366,869

Loans held for sale 232 245 Accrued interest receivable 1,848 1,665 Investments in other Farm Credit institutions 7,159 7,303 Premises and equipment, net 793 747 Other property owned 1,396 1,108 Accounts receivable 2,145 11,381 Other assets 3,572 3,696

Total assets 417,263$ 432,802$

LiabilitiesNotes payable to AgFirst Farm Credit Bank 322,296$ 337,140$ Accrued interest payable 534 574 Patronage refunds payable 122 3,539 Accounts payable 423 1,508 Other liabilities 7,622 5,624

Total liabilities 330,997 348,385

Commitments and contingencies

Members' EquityCapital stock and participation certificates 885 902 Retained earnings Allocated 34,167 34,167 Unallocated 51,623 49,767 Accumulated other comprehensive income (loss) (409) (419)

Total members' equity 86,266 84,417

Total liabilities and members' equity 417,263$ 432,802$


Interest IncomeLoans 4,169$ 4,059$ Investment securities 202 242

Total interest income 4,371 4,301

Interest ExpenseNotes payable to AgFirst Farm Credit Bank 1,577 1,586

Net interest income 2,794 2,715 Provision for (reversal of allowance for) loan losses — (133)

Net interest income after provision for (reversal of allowance for) loan losses 2,794 2,848

Noninterest IncomeLoan fees 65 101 Patronage refunds from other Farm Credit institutions 1,366 1,354 Gains (losses) on sales of rural home loans, net — 40 Gains (losses) on other transactions 4 5 Other noninterest income 42 57

Total noninterest income 1,477 1,557

Noninterest ExpenseSalaries and employee benefits 1,608 1,545 Occupancy and equipment 162 162 Insurance Fund premiums 86 72 (Gains) losses on other property owned, net 51 49 Other operating expenses 508 463

Total noninterest expense 2,415 2,291

Net income 1,856$ 2,114$

ended March 31,

(unaudited)

Farm Credit Of Central Florida, ACA


Consolidated Statements of Income

For the three months

March 31, December 31,


(unaudited) (audited)

AssetsCash 54$ 277$

Investment securities: Held to maturity (fair value of $38,396 and $40,417, respectively) 37,618 39,511

Loans 370,153 374,964 Allowance for loan losses (7,707) (8,095)

Net loans 362,446 366,869

Loans held for sale 232 245 Accrued interest receivable 1,848 1,665 Investments in other Farm Credit institutions 7,159 7,303 Premises and equipment, net 793 747 Other property owned 1,396 1,108 Accounts receivable 2,145 11,381 Other assets 3,572 3,696

Total assets 417,263$ 432,802$

LiabilitiesNotes payable to AgFirst Farm Credit Bank 322,296$ 337,140$ Accrued interest payable 534 574 Patronage refunds payable 122 3,539 Accounts payable 423 1,508 Other liabilities 7,622 5,624

Total liabilities 330,997 348,385

Commitments and contingencies

Members' EquityCapital stock and participation certificates 885 902 Retained earnings Allocated 34,167 34,167 Unallocated 51,623 49,767 Accumulated other comprehensive income (loss) (409) (419)

Total members' equity 86,266 84,417

Total liabilities and members' equity 417,263$ 432,802$


Interest IncomeLoans 4,169$ 4,059$ Investment securities 202 242

Total interest income 4,371 4,301

Interest ExpenseNotes payable to AgFirst Farm Credit Bank 1,577 1,586

Net interest income 2,794 2,715 Provision for (reversal of allowance for) loan losses — (133)

Net interest income after provision for (reversal of allowance for) loan losses 2,794 2,848

Noninterest IncomeLoan fees 65 101 Patronage refunds from other Farm Credit institutions 1,366 1,354 Gains (losses) on sales of rural home loans, net — 40 Gains (losses) on other transactions 4 5 Other noninterest income 42 57

Total noninterest income 1,477 1,557

Noninterest ExpenseSalaries and employee benefits 1,608 1,545 Occupancy and equipment 162 162 Insurance Fund premiums 86 72 (Gains) losses on other property owned, net 51 49 Other operating expenses 508 463

Total noninterest expense 2,415 2,291

Net income 1,856$ 2,114$

ended March 31,

(unaudited)

Farm Credit Of Central Florida, ACA


Consolidated Statements of Income

For the three months

Have you considered leasing?

Leasing can reduce taxes, improve cash flow, provide lower down payments, reduce maintenance costs, free up capital, and offer quick approvals on transactions.

Leases Available for:

• Tractors,Harvesters,Sprayers orSemiTrailers

• CitrusBins,IrrigationSystems andJuiceStorageTanks

• MetalBuildings,PoleBarns,GreenhousesandHorseBarns

• PickupTrucks,Vans,TractorTrailers andCars

For more information, contact

Regina Thomas 800-560-1718 or

[email protected]

FarmCreditCFL.com

PRSRT STDU.S. POSTAGE

PAIDCOLUMBIA SCPERMIT 1160

Farm Credit of Central FloridaP.O. Box 8009Lakeland, FL 33802-8009

farm credit of central florida

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