Halo Notch Vineyard by wuxiangyu


									              September 2006

Halo Notch Vineyard
preSident’S meSSage

                         Reaching New                                                          is published quarterly for stockholders, directors
                                                                                               and friends of Chattanooga AgCredit.

                         Milestones Together                                                   President
                                                                                               Gary Keith

                                                                                               BOArd OF direCtOrs
         hanks to you, your organization continues to grow in volume and earnings. Your        Howard A. Moore, Chairman
         support and assistance in telling the AgCredit story helped the association to        Ray F. Arnold, Vice Chairman
         reach another milestone with total assets exceeding $150 million for the first        Bobby Carter
time in our history.                                                                           Clark Garland
      We have been blessed with a good general economy and relative strength in most           Jerry Lay II
portions of the agricultural economy.                                                          David R. Singleton
      During the second half of the year, our lending staff will continue to seek new oppor-
tunities in each of your communities. A part of telling the AgCredit story involves our        AgFirst Farm Credit Bank
advertising campaign to reach out to those who do not know about our services. Look up
as you drive down the road. You may see one or more of our loan officers’ photographs          PUBlishing direCtOr
as a part of our recent billboard campaign. Let them know what you think by dropping           Donna Camacho
by the office.
      We live in an area that is blessed with natural beauty and good people, which attracts   designers
the attention of many who visit the area. If you have a financial need, please give us         Will Gettys
                                                                                               Darren Hill
a call. If you have friends, relatives, or neighbors who need our assistance, we would
                                                                                               Travis Taylor
greatly appreciate the effort if you would tell them about AgCredit. Let’s all keep telling    Cassandra Zimmerly
the AgCredit story.
      We all look forward to seeing you at the customer appreciation days scheduled in         Printer
September. Have a great summer.                                                                Spectra True Colour

                                                                                               Kathi DeFlorio

                                                                                               Address changes, questions, comments or
                                                                                               requests for copies of our financial reports
                                                                                               should be directed to Chattanooga AgCredit by
                                                                                               calling 423-624-4633 or writing P.O. Box 5220,
                                                                                               Chattanooga, TN 37406. Contact us by email:

 | September 006                                                                                      Chattanooga agCredit
                                                                                   table of ContentS
                                                                 Halo Notch Vineyard              4

AgCredit has money to lend.                                      Muscadine Recipes                5

      Call or visit one of our branches today.                   ASSOCIATION NEWS
                                                                 Customer Appreciation Days       6

 Athens Office                   Loudon Office                   Board Elections                  6
 204 Congress Parkway            2052 Highway 72
 Athens, TN 37303                Loudon, TN 37774
                                                                 Wanda Pittman Retires            7
 Loan Officer: Jason DeBusk      Loan Officer: Mike Goddard
 Loan Assistant: Cheryl Malone   Assistant: Judy White
 Phone: (423) 745-0323           Phone: (865) 458-5422           Meet the Dayton Office	          8
                                 Loan Assistant: Cheryl Malone
 Chattanooga Office              Phone: (423) 745-0323
                                                                 Money Concepts                   8
 2826 Amnicola Highway
 Chattanooga, TN 37406           Pikeville Office                			
 Loan Officer: Bruce Bradford    3270 Main Street                COMMUNITY NEWS
 Phone: (423) 624-4633           Pikeville, TN 37367             Spotlight on Agriculture         9
 Loan Assistant: Becky Higgins   Loan Officer: Beth Burns
 Phone: (423) 479-8553           Loan Assistant: Tammy Frady
                                 Phone: (423) 447-2154           4-H Thank You Notes             10
 Cleveland Office
 2596 Keith Street, NW           Commercial Loans                FINANCIAL REPORT
 Cleveland, TN 37311             204 Congress Parkway
                                                                 Second Quarter 2006             11
 Loan Officer: Bruce Bradford    Athens, TN 37303
 Loan Assistant: Becky Higgins   Loan Officer: Jim Roberts
 Phone: (423) 479-8553           Loan Officer: David Tallent
                                 Loan Assistant: Helen Moon
 Dayton Office                   Phone: (423) 745-8209
 230 Main Street
 Dayton, TN 37321
 Loan Officer: Eric Smith
 Loan Assistant: Barbara Locke
 Phone: (423) 775-1161

Holiday Closings
Labor Day                  September 4, 2006
Veterans Day               November 10, 2006
Thanksgiving               November 23-24, 2006
Chattanooga agCredit                                                         September 006 | 

Halo Notch–
    A Heavenly
 Muscadine Vineyard
By Susan Daniels

         he gently rolling hills of Southeast   mission field, traveling to the Republic of           If you’d like to experience a vineyard
         Tennessee are home to a myriad of      Malta. It was there, in the Mediterranean,       firsthand, then mark your calendar. For
         crops and livestock. Some crops,       where they saw vineyards firsthand. After        the first year ever, Halo Notch is offering
such as corn, occupy thousands of acres in      coming back to Tennessee, they lived             pick-your-own muscadines on each Friday,
the region, so it’s not uncommon to drive       in Gatlinburg, Ooltewah, then settled in         Saturday, and Sunday during the month of
by a sea of cornstalks, swaying gently in a     Madisonville.                                    September from 9 a.m. until 7 p.m. EST.
balmy, summer breeze. But when’s the last            The Frizzells knew they wanted                   After that, a mechanical harvester,
time you drove by a vineyard?                   to operate a farm, and after researching         one of only three in Tennessee, will be used
      Nestled in the midst of majestic moun-    strawberries, blackberries, apples, and          to harvest the remaining grapes for local
tain views and lush greenery lies Halo          grapes, they decided on muscadines. Once         wineries. Vine clippings for wreath mak-
Notch, a vineyard specializing in musca-        established, muscadines are hardier and          ing are available January through March.
dine grapes, which are indigenous to the        less susceptible to pests compared to the        Educational tours are also available by
southeastern United States. Owned and           other crops that the Frizzells considered.       appointment.
operated by Mike and Tina Frizzell, Halo        Their research also uncovered a Tennessee             Halo NotchVineyards, a blend of
Notch grows five varieties of muscadines,       law that requires Tennessee businesses to        Mayberry and Napa Valley, is located
Noble, Carlos, Doreen, Magnolia, and            purchase fruit from growers in Tennessee         at 140 Harrison Road in Madisonville,
Sterling, on thirty acres of land. With the     before they can purchase from out-of-state       Tennessee. For more information, log on to
average vineyard being only three to four       growers, assuming the fruit is of the same       the website at www.halonotch.com or call
acres, Halo Notch is one of the largest vine-   quality. Based on this law, they found that      423-519-5200. 
yards in Tennessee.                             Tennessee had a deficit of muscadines
      With a vineyard that sizeable, one        to the tune of 150 tons each year. So, the            Susan Daniels can be reached at sdan-
might think the Frizzells descended from a      Frizzells went for it. With the help of fam-     iels@agfirst.com.
long line of vineyard owners. Not so. The       ily and friends, they planted a thirty-acre           AgCredit has special programs for
Frizzells have led a rather adventuresome       vineyard by hand in 2004.                        young farmers (35 years and younger),
life. After graduating from the University           As the plants mature, the fruit pro-        beginning farmers (less than 10 years of
of Tennessee at Chattanooga, they moved         duced will increase each season. This sea-       farming experience), and small farmers
to Atlanta, Georgia for 8 years, then on to     son, the Frizzells expect to harvest 1 ton       (less than $250,000 gross income). Like
Destin, Florida for the next 5 years, where     of muscadines per acre. By 2008, the vine-       the Frizzells, your dreams of farming could
they were co-owners of a charter boat busi-     yard should be producing five to six tons        come true. Give us a call for more details.
ness that offered snorkeling trips and sunset   of muscadines per acre, for a total of 150       See page 3 for a complete listing of our
dolphin tours. From there, they joined the      to 180 tons.                                     branches.

                                                                         Fast Facts about Halo Notch
                                                                         • The vines were planted by hand and are fertilized by hand.
                                                                         • The vineyard covers 30 acres.
                                                                         • There are 21 miles of vines.
                                                                         • Mature vines will produce 5 to 6 tons of muscadines per acre.
                                                                         • Pick-your-own is scheduled each Friday, Saturday, and Sunday
                                                                           during September from 9 a.m. to 7 p.m. EST
                                                                         • After pick-your-own, Halo Notch uses a mechanical harvester,
                                                                           one of only three in Tennessee, to harvest muscadines for area

 | September 006                                                                                         Chattanooga agCredit

Muscadine Recipes

Muscadine Juice                                                           Muscadine Cheese Pie
3 pounds (about 9 cups) ripe muscadines                                   1-1/2 cups graham cracker crumbs
1 cup water                                                               6 tablespoons margarine, melted
                                                                          1 (8-ounce) package of cream cheese, softened
Thoroughly crush the grapes and add water; cover and simmer for           1/3 cup sugar
10 minutes. Strain through a jelly bag or cheesecloth. Refrigerate        2 eggs
and serve or may be used to make jelly (recipe follows).                  1/4 teaspoon almond extract
                                                                          1/2 pint dairy sour cream
                                                                          1-1/2 tablespoons sugar
                                                                          1/2 teaspoon vanilla
Muscadine Jelly
7 cups sugar                                                              Preheat oven 350 degrees. Combine graham cracker crumbs and
4 cups muscadine juice                                                    margarine in a bowl. Press evenly into a 9-inch pie plate. Bake 10
2 teaspoons lemon juice                                                   minutes and let cool.
1 box Sure-Jell
                                                                          Beat cream cheese until fluffy; add sugar, eggs and almond extract.
Measure sugar and set aside. Put muscadine juice and lemon                Beat until thick and thoroughly mixed. Fill a 9-inch pie plate and
juice in a large saucepan. Mix in Sure-Jell. Bring to a boil, stirring    bake for about 25 minutes. Cool. Mix together sour cream, sugar
constantly. Add sugar. Bring to a full rolling boil and boil hard for 1   and vanilla. Spread on top of baked layer and return to oven and
minute, stirring constantly. Remove from heat. Skim off foam with         bake for 10 minutes. Cool and top with Muscadine Glaze.
metal spoon. Pour at once into prepared jars. Makes 8 half-pints.
                                                                          Refrigerate and serve cold.

Sweet & Sour Glaze
2 cups muscadine jelly
2 tablespoons prepared mustard
2 tablespoons lemon juice
1/2 teaspoon ground cloves

Combine all ingredients in saucepan. Bring to a boil over medium
heat, stirring occasionally to desired consistency. Use as a glaze to
baste ham, chicken, fish or vegetables or serve as a sauce.

Muscadine Glaze
4-1/2 cups of muscadine grapes, seeded
Sugar to taste
1 tablespoon tapioca

Puree grapes in blender or press through a sieve; add sugar to taste.
Add tapioca, let stand 10 minutes. Cook mixture until thick. Cool
and spread on top of pie (recipe follows).

Chattanooga agCredit                                                                                               September 006 | 
aSSoCiation newS

                                                                Election Results
                                                                Incumbent Directors Re-Elected for Three-Year Term

                                                                Area 2                            Area 5
                                                                McMinn & Meigs Counties           Bledsoe & Sequatchie Counties

   Appreciation Days
    At AgCredit, we’re thankful for our members, and we’d
    like to show our appreciation by inviting you to Customer
    Appreciation Days! Come join us for fellowship, fun, and
    some mouth-watering barbecue. And because AgCredit                Bobby Carter                    David Singleton
    puts the profits in your pocket, patronage checks will be
    distributed, too!                                           2007 Nominating Committee Members and Alternates
                                                                Counties               Member                Alternate
    Athens                                                      Hamilton & Marion      Glenn Wagner          Chris Layne
    Wednesday, September 6        11:00 a.m. to 2:00 p.m.       Bradley & Polk         Rex Kenney Calfee     Michael P. Rymer
                                                                Bledsoe & Sequatchie Clay Myers              Terry W. Vanwinkle
    Loudon                                                      McMinn & Meigs         Steve Beaty           Douglas N. Ford
    Thursday, September 7         11:00 a.m. to 2:00 p.m.       Rhea & Roane           James E. Hampton, Sr. Jesse L. Messimer
                                                                Loudon                 Roy Bledsoe           John J. Goddard
    Cleveland                                                   Monroe                 Howard E. Millsaps    Joe Peak Bilderback, Sr.
    Tuesday, September 12          11:00 a.m. to 2:00 p.m.
    (at Tinsley Park, Pavilion #1)
                                                                Door Prize Winners

    Pikeville                                                   Blan Dougherty       $250
    Wednesday, September 13       11:00 a.m. to 2:00 p.m.       Chris Layne          $100
                                  (Central Time)                Ronald Swafford      $50

    Marion County
    Thursday, September 14        11:00 a.m. to 12:30 p.m.
    (at Crossroads Park)          (Central Time)

    Friday, September 15          11:00 a.m. to 3:00 p.m.

        Event will be held at our branch office at Eastern
            Standard Time, unless otherwise noted.

6 | September 006                                                                              Chattanooga agCredit
                                                                                                                      aSSoCiation newS

                                                                                              Flashback to 1962
Wanda Pittman                                                                                 Wanda started her tenure at AgCredit

                                                                                              President:                           John F. Kennedy
                                                                                              Vice President:                    Lyndon B. Johnson

                                                                    Wanda Pittman             Cost of a new home:                          $18,200
                                                                                              Cost of a gallon of regular gas:               $0.31

         he year was 1962. John F. Kennedy     also helped the Dayton office survive a        Cost of a dozen eggs:                          $0.54
                                                                                              Cost of a gallon of milk:                      $0.49
         was president. A first-class stamp    fire that struck during the wee hours of
         cost 4 cents. Diet Right, Tab, and    the night, causing enough damage to force
Polaroid color film were new products          the office to temporary relocate, and later,
                                                                                              BillBoard ToP 10
                                                                                              1.    Green Onion by Booker T & The MG’s
in the marketplace, and Wanda Pittman          she assisted once again when a leak from       2.    Duke of Earl by Gene Chandler
started her 44-year tenure at AgCredit.        the water heater greeted her one morning       3.    Soldier Boy by The Shirelles
      Wanda grew up on a farm in Rhea          with a miniature flood.                        4.    Sheila by Tommy Roe
County, where her family milked their                In the late 70’s, PCA decided to         5.    Peppermint Twist by Joey Dee & The Starliters
own cows and raised chickens and hogs.         construct its own building. It was Wanda       6.    The Loco-Motion by Little Eva
They sold and traded eggs to the rolling       who spotted the vacant lot that would          7.    The Wanderer by Dion
grocery store that stopped by their house      be the future site of AgCredit’s Dayton        8.    Breaking Up Is Hard To Do by Neil Sedaka
every week. Steering the truck for loading     branch. In 1980, the new off ice was           9.    Johnny Angel by Shelley Fabares
                                                                                              10.   Palisades Park by Freddy Cannon
and hauling hay was part of her driving        opened and is still in operation today.
lessons, and while reminiscing about                 In 1989, Wanda experienced another
those youthful days, Wanda commented,          change when the Association’s trade name
                                                                                              Fun FacTs
                                                                                              •     Diet Right, Polaroid color film, and Tab are new
“I laughed recently seeing young guys          changed to Chattanooga Agricultural                  products
hauling hay. One was sitting on a bale of      Credit Association.
                                                                                              •     My Fair Lady closes after 2,717 Broadway
hay on the back of a truck talking on a cell         During her tenure, Wanda worked
phone. When we hauled hay, we did not          with many loan officers and went from
                                                                                              •     Bart Star leads NFL in passing
have a phone in our house.”                    hand writing receipts with carbon paper
      It was a friend who mentioned to         to operating computers, printers, scanners,    •     The “Breakfast at Tiffany’s” look is fashionable
Wanda that Production Credit Association       fax machines, and copiers—a lot of             •     Jack Nicalus beats Arnold Palmer to win his first
(PCA) was going to open an office in           technological advances since that young              major tournament
Dayton and would be hiring a secretary.        farm girl took her adventurous trip to         •     Wilt Chamberland scores 100 points against New
Interested in obtaining that position,         Chattanooga in her $200 Ford.                        York
Wanda met with the local loan officer, Earl          With her recent retirement, Wanda        •     Sandy Koufax strikes out 18 hitters in regulation
K. Roberson, and was delighted when she        is starting yet another adventure, and we            nine-inning game
was invited to Chattanooga to meet with        all wish her well with the many endeavors
                                                                                              •     Douglas Edwards, CBS evening news, is replaced
the President, Russell Polston. “From          that will come her way. During the past              by Walter Cronkite
Evensville to Chattanooga on a two-lane        forty-four years, Wanda’s dedication to
                                                                                              •     Popular TV Shows: The Beverly Hillbillies,
highway was a long trip for a country girl.    the AgCredit family has been greatly
                                                                                                    Candid Camera, The Red Skelton Show
I left home mid-morning in my $200 Ford        appreciated.
car to be sure I would be on time for my             As she thinks back over the past         •     Popular Movies: Dr. No, How the West Was Won,
1:00 appointment,” recalls Wanda.              almost four-and-a-half decades, Wanda                Taras Bulba, State Fair, Girls! Girls! Girls!
      When she received a letter in the mail   has this to say, “I am thankful to the Good
stating that she could begin work on May       Lord for my health and a job and that I        news
15, 1962, Wanda was surprised, excited,        was able to raise my son after the death of    •     Kennedy orders blockade of Cuba to prevent
                                                                                                    Soviet missile deployment
and thankful!                                  his father in 1978.
      In those days, PCA rented office               “I appreciate and thank AgCredit         •     John Glen first American to orbit Earth, 3
space from Rhea County Farm Bureau,            and my co-workers for allowing me the                revolutions
and the loan officer served Rhea, Bledsoe,     opportunity to work forty-four years with      •     Marilyn Monroe dies of overdose
and Sequatchie Counties and shared his         and for the best group of people in the        •     Author William Faulkner dies
work week between the Pikeville and            world—FARMERS!”
                                                                                              •     Mariner II is first interplanetary probe, goes
Dayton offices, leaving Wanda to run the             Farmers, I think you’ll agree, Wanda           around Venus
office alone two-and-a-half days a week.       is pretty great, too! 
                                                                                              •     Cuba sentences Bay of Pigs invaders, asks for
      During the early 70’s, not only did
Wanda tend to daily office duties, she

Chattanooga agCredit                                                                                          September 006 | 
aSSoCiation newS

Welcome to
the Dayton Office

                                                                           775-1161. Ask Eric about our patronage program, too, where we
                                                                           put our profits in your pockets.
       Eric                    Beth                     Barbara                  Our newest loan officer, Beth Burns, has been training with
      Smith                    Burns                     Locke             AgCredit since January 2006. She is now under the tutelage of Eric
                                                                           Smith and is traveling between our Dayton and Pikeville offices.

           ayton, Tennessee is home of the Scopes Trial, where in                Dayton’s Loan and Marketing Assistant, Barbara locke, joined
           1925, John Scopes, a teacher at a local high school, chal-      AgCredit in 1987. For nineteen years, she’s been assisting with loans
           lenged a new law that made it illegal to teach evolution in     and overseeing the daily office duties of the Dayton branch. Barbara
public schools. It’s also home to the annual Tennessee Strawberry          would be happy to help you with small loans or service options, such
Festival, where festival goers can choose from a wide range of activi-     as automatic bank draft for your loan payments.
ties and events, buy crafts, and eat strawberry shortcake to their               Your dream of country living can be realized with AgCredit.
hearts’ content. And of course, it’s home to the Dayton office of          Whether it’s recreational land chock full of deer and quail, a pasture
AgCredit, located at 230 E. Main Street.                                   full of beef cows, or a small country home with a cozy patio, we can
      AgCredit has been the expert in agricultural lending since 1934.     help with the financing. Give Eric or Barbara at our Dayton branch
Our first Dayton branch was opened in 1962, and our current branch         a call or contact one of our other convenient branches. See page 3
on Main Street was built in 1980. We’ve been servicing the residents       for a complete listing of our branches. 
of Rhea County for 72 years, helping them finance their land, homes,
equipment, livestock, and much, much more. And our employees are                                                      Dayton Office
still here for you today.                                                                                             230 E. Main Street
      eric smith, our Dayton loan officer, has been helping AgCredit                                                  Dayton, TN 37321
members since 1993. If you need financing, give Eric a call at                                                        (423) 775-1161

                                                  Financial Planning is now available!
                                                  At AgCredit, we are very concerned for the
                                                  financial well being of our members, and
                                                  we believe that diversification of financial
                                                  assets is very important. To add to the ser-
                                                  vices that we offer, we have contracted with
                                                  Ron Harris and Money Concepts to offer
                                                  investment advice, financial, estate and
                                                  retirement planning, and other financial
                                                  services in our offices.
                                                        Ron worked for AgCredit for 15 years
                                                  in our Cleveland office and is now operat-
                                                  ing the Money Concepts Financial Planning
                                                  Centre from our Dayton office. Please give         Business Phone: 423-775-1161
                                                  Ron a call if you would like to schedule an        Cell Phone: 423-309-3050
                                                  appointment.                                       E-mail: rharris@moneyconcepts.com

                                                            All Securities Through Money Concepts Capital Corp. Member: N.A.S.D./S.I.P.C.
                                                             11440 N. Jog Road, Palm Beach Gardens, FL 33418-3764; Tel: (561) 472-2000
                                                                                                              Community newS

Spotlight on Agriculture:
Rhea County
Rhea County Agricultural Profile based on
2002 Census
                                                    Total cropland                      Farms by size
                                                    Farms                        397    1 to 9 acres                     13
    Number of farms 455 in 2002.                   Acres                      32,724   10 to 49 acres                  178
    Land in farms 60,762 acres.                    Harvested cropland farms     327    50 to 179 acres                 167
    Average size of farm 134 acres
                                                    Harvested cropland acres   17,578   180 to 499 acres                 77
    Estimated market value of land
     and buildings / Average per farm                                                   500 to 999 acres                 15

     Estimated market value of land and
                                                    Farms by value of sales             1,000 acres or more               5

     buildings / Average per acre $2,705.           Less than $2,500             222
    Estimated market value of all machin-          $2,500 - $4,999               57    2005 statistics
     ery and equipment / Average per farm           $5,000 - $9,999               55    Corn (acres)                  1,300
                                                    $10,000 - $24,999             65    Soybean (acres)               1,500
    M a r k e t Va l u e o f P r o d u c t i o n
     $17,578,000.                                   $25,000 - $49,999             19    Beef Cows                     5,000
    Market Value of Production, average            $50,000 - $99,999             11
     per farm $39,140.                              $100,000 or more              26

Chattanooga agCredit                                                                                     September 006 | 
Community newS

 Thank You
Featured on this page are a few of the thank you notes Chattanooga
AgCredit received from participants at the 2006 Tennessee State
4-H Congress.

10 | September 006                                                  Chattanooga agCredit
                                                                                                                                                           finanCial report
                                               Chattanooga Agricultural Credit Association

                                                        Consolidated Balance Sheets
                                                                                                           June 30,                  December 31,
                         (dollars in thousands)                                                              2006                       2005
                                                                                                       (unaudited)                        (audited)
                         Cash                                                                          $         457                  $          751
                         Investment securities, held to maturity                                               1,090                               —
                         Loans                                                                               143,739                        125,579
                           Less: allowance for loan losses                                                       698                            616
                           Net loans                                                                         143,041                        124,963
                         Other investments                                                                       119                              86
                         Accrued interest receivable                                                           2,170                           1,172
                         Investment in other Farm Credit institutions                                          2,726                           2,727
                         Premises and equipment, net                                                             446                             435
                         Prepaid retirement expense                                                              110                             180
                         Due from AgFirst Farm Credit Bank                                                       431                           1,011
                         Other assets                                                                            196                             179
                                Total assets                                                           $     150,786                  $     131,504

                         Notes payable to AgFirst Farm Credit Bank                                     $     126,568                  $     108,023
                         Accrued interest payable                                                                556                            443
                         Patronage refund payable                                                                 19                            454
                         Other liabilities                                                                     1,467                          1,397
                                Total liabilities                                                            128,610                        110,317
                         Commitments and contingencies
                         Members' Equity
                         Capital stock and participation certificates                                          3,856                           3,881
                         Retained earnings
                          Allocated                                                                            7,250                           7,177
                          Unallocated                                                                         11,070                          10,129
                                Total members' equity                                                         22,176                          21,187
                                Total liabilities and members' equity                                  $     150,786                  $     131,504

                                                    Consolidated Statements of Income

                                                                                         For the three months              For the six months
                                                                                            ended June 30,                   ended June 30,
                         (dollars in thousands)                                          2006           2005               2006          2005

                         Interest Income
                         Loans                                                       $         2,563   $       1,738   $     4,848    $        3,318
                         Investment securities                                                    14               —            14                 —
                         Other                                                                     2               —             4                 —
                                Total Interest Income                                          2,579           1,738         4,866             3,318
                         Interest Expense
                         Notes payable to AgFirst Farm Credit Bank                             1,603             985         2,990             1,852
                         Net interest income                                                    976              753         1,876             1,466
                         Provision for (reversal of allowance for) loan losses                   65               40            79                40
                         Net interest income after provision for
                         (reversal of allowance for) loan losses                                911              713         1,797             1,426
                         Noninterest Income
                         Loan fees                                                               73               81           149               133
                         Fees for financially related services                                    4               13             9                18
                         Equity in earnings of other Farm Credit institutions                   226              169           430               329
                         Gains (losses) on other property owned, net                              —               37             —                35
                         Other noninterest income                                                 1               77            12                88
                                Total noninterest income                                        304              377           600               603
                         Noninterest Expense
                         Salaries and employee benefits                                         447              400           895               768
                         Occupancy and equipment                                                 40               28            80                70
                         Insurance Fund premium                                                  49               10            94                19
                         Other operating expenses                                               156              140           286               272
                                Total noninterest expense                                       692              578         1,355             1,129
                         Income before income taxes                                             523              512         1,042               900
                         Provision (benefit) for income taxes                                     —                2             —                 2
                         Net income                                                  $          523    $         510   $     1,042    $          898

     The shareholders’ investment in the association is materially affected by the financial condition and results of operations of AgFirst Farm Credit
     Bank. Copies of AgFirst’s quarterly and annual financial reports to shareholders are available free of charge at www.agfirst.com, or by writing to
     AgFirst Farm Credit Bank, Financial Reporting Department, P.O. Box 1499, Columbia, SC 29202-1499.

Chattanooga agCredit                                                                                                                                  September 006 | 11
  Join the country club.

We can get you in.
Whether you’re looking for a place to hunt, fish, or simply want
to make a solid investment in the land, we know where to begin.
We’ve been lending money to rural America since 1934.                   423-624-4633
Call us, we’re the experts.                                        www.ChattanoogaAgCredit.com

                       Chattanooga ACA                                              PRSRT STD
                                                                                   U.S. POSTAGE
                       P.O. Box 5220
                       Chattanooga, Tennessee 37406                                 PAID
                                                                                   COLUMBIA SC
                                                                                   PERMIT 1160

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