baylis carnes' ties to the land run deep behind every great

november 2008

Baylis Carnes’ Ties to the Land Run DeepBehind Every Great Woman is a Loving, Supportive Family!A Cutter’s Dance

FARM CREDIT

2 | november 2008 Farm Credit oF Central Florida

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

PRESIDENTReginald T. Holt

BOARD OF DIRECTORSAl Bellotto, ChairmanDavid J. Stanford, Vice ChairmanC. Dennis CarltonL. Baylis Carnes IIIW. Rex Clonts, Jr.Homer E. Hunnicutt, Jr.John S. LangfordRobert R. RobersonLewis S. StidhamRonald R. Wetherington

EDITORRon O’Connor, Vice President of Marketing

PUBLISHERAgFirst Farm Credit Bank

PUBLISHING DIRECTORDonna Camacho

DESIGNERSAthina EargleDarren HillAmanda SimpsonTravis Taylor

PRINTERSpectra True Colour

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 Web site: www.FarmCreditCFL.com

Features

4

10

14

You Can be a Cowboy But You Still Have to go to town 4

Bill Sellers, Farm Credit Members, Elected to Coastal Springs FNGLA Board 4

Elena Toro Wins Farm Credit/FACAA Young Professional Award 5

Josey Brown Wins FFA Award 5

Dan MacNair Honored for 25 Years of Service to Disney 5

Customer Survey Winners 6

Allison Dyer Earns Scholarship 6

Jessica Slaughter Receives MBA 6

Farm Credit Employees Fight Cancer 7

Welcome Aboard Rachel and Dan! 8

In Memory of Barbara Weckerly Clonts 8

Sharon Richards Retires After 27 Years of Loyal Service 9

Farm Credit of Central Florida Members Benefit from $11 Million Pat Refund 10

Farm Credit Meets With Korean Nursery Growers’ Group 12

AgFirst Farm Credit District Contributes Nearly $½ Million to Ag Youth Groups 12

Baylis Carnes’ Ties to the Land Run Deep 14

Hay Depot Meets Customers’ Needs 15

Using Farm Credit’s Online Services Make Every Day Casual Friday! 16

Farm Credit Hosts Batson Luncheon Honoring Tim Landers 17

Farm Credit/Plant City Chamber Ag Awards Breakfast Draws Huge Crowd 18

Farm Credit Staff and Directors Lobby Congress on Ag Issues 19

Farm Credit/AgFirst Welcome CARET Conference Delegates to Orlando 20

Polk County Sheriff Grady Judd Offers Ag Crime Prevention Tips 21

Abandoned Agricultural Property 22

Behind Every Great Woman is a Loving, Supoortive Family! 24

A Cutter’s Dance 26

Unique Aspects of Agricultural Closings and Loans 28

Around Town 29

Financial Statements 31

Table of ConTenTs

Farm Credit oF Central Florida november 2008 | 3


assoCiaTion news

This a r t icle’s title comes from Al Bellot to, a longtime board m e m b e r o f Farm Credit of Central Florida. This gentleman, who is full of wisdom, is 83 years of age, a

veteran of World War II, and was part of the team that fired the first shots on Iwo Jima. His comment is very thought provoking as agriculture undergoes considerable change and scrutiny worldwide.

As farmers and ranchers, we will be challenged to represent our industry at all levels, including local, regional, state, national and international.

Let’s start with the local level. This often entails dealing with issues such as property development rights and the urban/suburban producer interface. Some will look at this as a threat, but as Al says, “Maybe there is opportunity if one looks at the cup as half-full.”

At the regional and state levels, issues pertaining to water and mineral rights, and regulation including food safety and security, reporting, and paperwork are necessary evils. Keeping bureaucrats and technicrats within reason is an educational program in itself.

At the national level, a majority of our citizens and politicians have no connection with agriculture. Approximately 80 percent of Americans are now two generations away from the farm or ranch. They often see agri-culture as a contributor to challenges and

problems such as global warming, animal welfare, etc. Dialogue will not be an option but a requirement that hopefully empowers the younger generation.

Finally, at the international level, the food versus fuel and food scarcity issues are becoming headlines with no quick fix. A balanced approach will be necessary to prevent economic and social turbulence, both abroad and here on home soil.

Perhaps our biggest challenge will be finding the time to articulate a balanced perspective concerning our industry. If we don’t, future “Al’s” may be firing shots not only to protect our livelihood but our coun-try and way of life as well.

You Can be a Cowboy, But YouStill Have to go to TownBy: Dr. David M. Kohl

Farm Credit of Central Flor ida Brooksville Assistant Vice President/ Sr. Loan Officer, Bill Sellers has been

elected President of the Coastal Springs chapter of the Florida Nursery, Growers and Landscape Association (FNGLA).

“I am honored and appreciate the confi-dence the membership of the Coastal Springs FNGLA has exhibited in having me serve as their President. I look forward to work-ing with a great group of Coastal Springs Chapter members, directors, officers and the

State FNGLA to increase our membership and make a positive impact in the nursery/landscaping industry,” Sellers said.

The chapter’s remaining off icers also have a distinctive Farm Credit flavor. Vice President Cathy Seemann, Treasurer, Jimmy Seemann, Secretary Rebecca Grillo, FNGLA State Board Member, Danny Grillo, Past President and Director, Richard Whatley, and Director Pat Green are all affiliated with Farm Credit of Central Florida. Also elected as a Director was Bond Caldwell.

“Jimmy Jr. and I are very honored to be elected to the Coastal Springs Board. We both share the goal of trying to reach more youth in our community, and what greater opportunity but through our local chapter,” said Cathy Seemann.

Bill Sellers, Farm Credit Members, Elected to Coastal Springs FNGLA Board

Left: Farm Credit of Central Florida Brooksville, Senior Loan Officer, Bill Sellers (left), holding little Zachary Grillo, while Mom and Dad, Rebecca (second from right) and Danny (right) look on. Danny is a past Coastal Springs Chapter President and currently a state FNGLA Board Member, while Rebecca is chapter Secretary.


Josey Brown is a teen dedicated to excel-lence and achievement. The fifteen year-old daughter of Rick and Bryna Brown has been involved in activities ranging from competitive cheerleading to FFA. Josey maintained a 4.35 GPA her first year in high school, earning her an academic letter and a spot in the top ten of her freshman class. As an active member of FFA, Josey completed her first Supervised Agriculture Experience project showing a market hog

at The Polk County Youth Fair. She also competed in several other FFA competi-tions and leadership workshops helping her earn the titles of Star Green Hand and top ninth grade Agri-Science student. As a sophomore, Josey will continue her busy schedule, competing and attending FFA events, and working to maintain her status as an honor student. Join us in con-gratulating Josey in her drive for academic excellence!

Josey Brown Wins FFA Award

Josey Brown, daughter of Farm Credit of Central Florida, Loan Officer, Rick Brown and his wife, Bryna, has achieved a GPA of 4.35

Suwannee County Livestock Agent, Elena Toro is the 2008 recipient of the Farm Credit/ Florida Association

of County Ag Agents Young Professional Award. The award is sponsored by the five

Farm Credit Associations of Florida in con-junction with FACAA to recognize excel-lence among Florida’s county agriculture agents.

Elena Toro Wins Farm Credit/FACAA Young Professional Award

Farm Credit of Central Florida Vice President, Ron O’Connor (right) presents the Farm Credit/FACAA Young Professional award to Elena Toro (right).

Daniel MacNair, husband of Kathy MacNair, Lakeland Administrative Services Manager, was honored recently at a Service Celebration for his 25 years of employment with the Walt Disney Company. Dan’s numerous accomplishments include serv-ing as a member of the Opening Teams for EPCOT, Animal Kingdom, and California

Adventure theme parks. He currently works at Disney’s Animal Kingdom as a Ride & Show Technician/Electrician.

Dan and Kathy have been happily married for 35 years. Their daughter, Joanna Heerema and husband Jason live in Michigan.

Dan MacNair Honored for 25 Years of Service to Disney


The latest winners of a quarterly drawing are Larry and Debbie Swindle and Barbara Disrude. They each received a $100 gift card of their choice for responsding to the Farm Credit of Central Florida customer satisfaction survey.

Any Farm Credit Customer closing a new loan receives the survey. It is helpful to us to assess our service and gain feedback from our members.

Farm Credit Members, Debbie (left) and Larry Swindle (right) with granddaughter, Ava Grace Swindle, had their names selected from respondents to the Farm Credit of Central Florida Customer Satisfaction Survey. The drawings are conducted quarterly and the winner gets a $100 gift certificate to the store of their choice.

Customer Survey Winners

Farm Credit of Central Florida Residential Lending Manager, Vonda Fulwood (left) congratulates Farm Credit Member, Barbara Disrude (right) on being a winner in the quarterly drawing for a $100 gift card to the store of her choice. Winners are selected from respondents to the Customer Satisfaction Survey.

Allison Dyer, daughter of paralegal Joanne Martin from the Lakeland Service Center, graduated in May from The Lois Cowles Harrison Center for the Visual and Performing Arts. After four years of playing the oboe with the Harrison Symphony Orchestra, Allison received a scholarship to attend New York University this fall.

She will major in music performance and no doubt enjoy every minute of living and studying in the Big Apple. While there are still three siblings at home—Zach (14), Emilie (11) and Zoe (2)—Mom says no one can take Allie’s place and she will be sorely missed by everyone. Best wishes, Allison, for much success in your college career!

Allison Dyer Earns Scholarship

Allison Dyer, and Mom, Joanne Martin (right).

Jessica Slaughter, Associate Credit Analyst, has been with Farm Credit of Central Florida for 2 years. Before Jessica joined Farm Credit in May 2006 she graduated from the University of Florida with a B.S. in Food & Resource Economics, specializing in Agribusiness Management and a Minor in Agricultural Law. Recently, she reached

another milestone in her academic career by completing her MBA from Southeastern University in April 2008. She would like to thank her friends and family for their sup-port and encouragement throughout the program. We would like to congratulate her on all her accomplishments and a job well done.

Jessica Slaughter Receives MBA

Left: Jessica Slaughter and Husband Jay.

assoCiaTion news


On Friday, May 2, 2008, Farm Credit employees volunteered their time and sacrificed their

sleep to show their support of the American Cancer Society by participating in South Lakeland’s Relay for Life held at Lakeland High School. Relay for Life is a fun-filled overnight event designed to celebrate sur-vivorship and raise money for research and programs of the ACS. Participating teams are required to have a member of their team on the relay track throughout the entire event. This year’s theme was Viva La Cure and dedicated Farm Credit employees

generously donated their time, money, and stuffed animals to turn their team tent into a true “Circus Circus.” Employees and their spouses spent the evening and early morn-ing raising money for the ACS by selling

hot dogs, hamburgers, cotton candy, and tickets to homemade carnival games. This year’s event was Farm Credit’s most suc-cessful yet as employees helped raise over $3,000 for the ACS. Special thanks go out to employees Becky Carroll, Jacqui Cumba, Courtney Eelman, Gail Fulger, Brittany Lopez, Duane Mathis, Robin Mowell, Keat Pf leger, Joy Register, Michele Roberts, Debra Shepherd, Jessica Slaughter, Lisa Tackett, Chris Witmer and their families for turning out to show their support of this worthy cause.

Farm Credit Employees Fight Cancer

Farm Credit employees who participated in the Relay For Life to fight cancer included: (From the left): Front Row, Gail Fulger, Joy Register, Lisa Tackett, Courtney Eelman, Brittany Lopez, and Jessica Slaughter. Back Row: Debra Shepherd, Chris Witmer, and Duane Mathis.

This year’s event was Farm

Credit’s most successful yet

as employees helped raise

over $3,000 for the ACS.


Rachel Van Alstyne is a nat ive of Rochester, N.Y. where much of her family still resides. She attended Cornell University and received her bachelor’s deg ree in Animal Science. Rachel then received an assistantship from the University of Florida to study ruminant nutrition and environmental soil science research. Attending the University of Florida, Rachel received two separate master’s degrees. Rachel received a thesis-based master’s in Animal Science and research which lead to several publications in prominent scientific journals. Her second masters was in Business with a minor in management. Upon graduation from the

University of Florida, Rachel traveled to Tennessee where she began her career with Farm Credit Services of Mid-America as a loan officer. After almost three years of service with Mid-America, Rachel decided she wanted to move back to Florida, still pursuing her career as a loan officer with Farm Credit Services. In June 2008, she began her transition with Farm Credit of Central Florida. Rachel enjoys running, horse back riding and being outdoors. She is an active member of March of Dimes, and hopes to re-establish her memberships with the Junior League and Cattlemen’s here in Florida.

An Orlando native and lifelong resident, Dan Dunn graduated from Maynard Evans High School, where he was a proud member of Future Farmers of America. He began his mortgage career shortly after receiving his BSBA degree from the University of Florida, where he majored in Management. Dan brings more than 30 years of residential mortgage lending experience to Farm Credit of Central Florida, and takes much pride in helping to provide the American dream of home ownership to his customers. Throughout his career, he has served the

mortgage lending community through his active involvement with the Mortgage Bankers Association (MBA) and the Florida Association of Mortgage Brokers (FAMB). Dan has served as the President of both MBA and FAMB Central Florida Chapters, as well as President of MBA of the Florida State Association. He and his wife, Margie, live in Altamonte Springs and have a son, David.

Welcome Aboard Rachel and Dan!

Rachel Van Alstyne is Farm Credit of Central Florida’s newest Loan Officer.

Dan Dunn has brought his expertise to Farm Credit of Central Florida as a Loan Originator serving Orange, Brevard and Osceola counties.

On September 8, 2008 Barbara W. Clonts, loving wife of Farm Credit of Central Florida Director, W.

Rex Clonts, Jr. went to be with the Lord. Barbara was born in Rochester, New York and grew up in Dunedin, Florida, graduating from Dunedin High School in 1968 and attending the University of

South Florida where she graduated with a Bachelors degree in Special Education.

While attending college she met her husband, Rex and they were married and move to Apopka in 1972. In 1975 Barbara earned a Masters degree in Education at the University of Central Florida. She taught in the Seminole County public School

system for 21 years, the last six as a special education staffing specialist.

Rex and Barbara were blessed by the birth of their daughter, Tracy in 1979.

In 1995, Barbara took over as bookkeeper and secretary for the family agribusiness company, but her passion was always educating children. She volunteered

In Memory of Barbara Weckerly Clonts September 11, 1950–September 8, 2008

assoCiaTion news


Farm Credit of Central Florida Loan Specialist, Sharon Richards, retired earlier this year after 27 years of dedicated service. “I loved working for Farm Credit, it is a wonderful company. If I was sick, or one my family members was sick, my fellow employees were there for me, bringing food by the house, helping out with trans-portation, just showing genuine concern. In short, it is a family” she said.

When asked about the biggest changes she saw in her Farm Credit tenure, Sharon mentioned technology and how at the beginning of her career she would type loan documents on a typewriter with carbon paper to make the required four copies. “If there was a mistake they would be rejected so I became very handy with a razor blade to cut and paste,” she said!

Sharon also mentioned the consolida-tion of the Production Credit Association

(PCA) and the Federal Land Bank into to a single entity under the Farm Credit umbrella as a major change for the better. “Land Bank and PCA employees often competed for the same business and they sometimes had their differences,” Sharon said.

We wish Sharon and her husband of 31 years Ed, a long and happy retirement.

Sharon Richards Retires After 27 Years of Loyal Service

Sharon (left) and husband Ed Richards (right)

as a Mentor at Dream Lake Elementary School as well as doing private tutoring.

As a member of the First United Methodist Church of Apopka, she sang in the choir for over 20 years, wrote and directed several church plays and skits, was active in her Sunday school class, taught Vacation Bible School, was a member of the Circle of Women’s Group, made crafts with the Bazaar Ladies charity project, traveled to work alongside youth at summer Appalachian Service Projects, and served on several church committees.

During the last 2 ½ years, she was a volunteer puppy raiser for service dogs to assist persons with disabilities. She liked traveling, spending time outdoors at the family ranch, playing wallyball and most of all caring for her family. She was a devoted and loving mother and wife. She is survived

by her daughter, Tracy, and son-in-law Bill Shelby of Fairfax, Virginia, husband Rex, and mother Naomi Weckerly of Largo, Florida.

Barbara Clonts was an inspiration to those fortunate enough to know and interact with her. Her passing will leave a huge void in the hearts of those who knew and loved her.

Mrs. Betty Bellotto, wife of Farm Credit of Central Florida Chairman of the Board, Al Bellotto, said, ”Barbara Clonts’ warm, embracing manner and bright smile will be sorely missed at all of the meetings she used to attend with Rex. Barbara was one of the sweetest, most thoughtful and creative people I have known. She was a very gifted artisan, able to conceive and handcraft gifts, artifacts, and even clothing she had seen in stores.”

Farm Credit of Central Florida Director, Rex Clonts, Jr. (right) with his late wife, Barbara Weckerly Clonts (left).

Sharon Richards’ retirement cake


The Board of Directors of Farm Credit of Central Florida has declared a patron-age refund exceeding $11 million, allow-ing its member-borrowers to significantly lower their cost of funds. “The patronage refund is a form of profit sharing that dis-tinguishes Farm Credit from other lenders, said Chairman of the Board, Al Bellotto, a Lakeland rancher and citrus grower.

Farm Credit of Central Florida is a Customer-Owned lender providing funds

to agricultural operations, rural home resi-dents for lots to build on, refinancing, or new construction. The cooperative also offers crop insurance to area farmers. It has been serving 13 central Florida coun-ties including, Orange, Osceola, Lake, Sumter, Seminole, Volusia, Brevard, Polk, Hillsborough, Citrus, Hernando, Pasco, and Pinellas since 1917.

As a cooperative, Farm Credit of Central Florida Member/Borrowers share in the association’s profits, lowering its cus-tomers’ effective rate by as much as 2%. Since 1988, Farm Credit of Central Florida members have benefited from over $133 million of patronage refunds or profit-shar-ing declared by the Board of Directors.

“Farm Credit of Central Florida is

servicing almost 2,200 loans and approxi-mately $800 million in volume,” said Reggie Holt, President of the association. Eligible members will enjoy sharing in profits exceeding $11 million and a return of 40% of their earned interest from 2007. “This is tangible evidence of the power of cooperative principles at work,” he said.

“Agriculture is the second largest industry in the state, ranking behind only tourism. Ranchers, and agriculturists, pro-vide green space and water recharge areas to the state in the normal course of produc-ing the world’s safest, most affordable, and abundant supply of food and fiber. “Farm Credit of Central Florida is proud to pro-vide a stable, reliable source of credit to rural America,” said Al Bellotto.

The combined total of patronage refunds declared by all five Farm Credit associations statewide is almost ½ billion dollars and exceeds $499 million.

Farm Credit of Central Florida Members Benefit from $11 Million Pat Refund

Farm Credit Members, Dan Choi (left), Chaboon Hwang (third from left), Junsik Hwang (second from right), and Byung Hwang (right) receive their patronage refund checks from Farm Credit of Central Florida Sr. VP/Chief Business Development Officer, Regina Thomas (second from left).

Farm Credit Member, Jose Gracia (left) is presented his patronage refund check by Lakeland Loan Officer, Rick Brown (right).

Left: Farm Credit Lakeland Loan Officer, Rick Brown (left) presents a patronage refund check to Farm Credit Members, Dell (center) and Kenny Deeson (right).


Above: Farm Credit Members, Mr. Young (left), and Mr. Park (right) receive their pat check from Farm Credit of Central Florida Senior VP, Regina Thomas (center).

Farm Credit of Central Florida Lakeland Loan Officer, Rick Brown (left), presents Farm Credit Member, Bruce Rumph (right) with his patronage refund check.

Farm Credit of Central Florida Members, Lee (left), Scott (second from right), and Craig Roth (right) receive their patronage refund checks from Farm Credit Vice President, Tony Lopez (second from left).

Right: Farm Credit Member, Jimmy Allen (right) is presented his pat refund check by Lakeland Loan Officer, Rick Brown (left).


The 23 Farm Credit associations, including Farm Credit of Central Florida, in the AgFirst Farm Credit District contributed $463,002.85 to agricultural youth groups like 4-H and FFA in 2007.

AgFirst Farm Credit District Contributes Nearly $½ Million to Ag Youth Groups

President Gi Soo, Park and stock-holder/directors of the Korean Nongso Agricultural Cooperative pose after a deli-cious dinner of authentic Korean barbeque with Farm Credit’s Craig Register, Chief Lending Officer, and Regina Thomas, Sr.

VP/Chief Business Development Officer. The co-op members traveled to Apopka to visit with Byung Hwang, President and Dan Choi, Marketing Director for Korus Orchid included here. Korus Orchid specializes in all types of orchids with much of its liner

stock supplied by the Korean cooperative. While they were here they also took advan-tage of many of the attractions of Central Florida.

Farm Credit Meets With Korean Nursery Growers’ Group

The Korean Nursery Growers Group met Farm Credit Sr. VP Regina Thomas (fourth from left) and Executive Vice President, Craig Register (second from right) at the Korea House Restaurant near Orlando for a scrumptious meal of Korean delicacies.

Florida Small Farms and Alternative Enterprises Conference Sponsorship Opportunities

The Florida Small Farms and Alternative Enterprise Conference, August 1 & 2, 2009 at the Osceola Heritage Park, Kissimmee, Florida will provide sponsors with a unique opportunity to interact with producers, marketers, researchers, educators, policy makers, and allied industry representatives. We hope that you will choose to support our work to meet the information and policy needs of family farmers. By becoming a sponsor, your organization will:

Enhance its prominence as a leader in supporting family farms Increase awareness of the value of your organization’s products and services to clients Network with colleagues who make decisions in agriculture and natural resource management Apply innovative research findings to improve your business Cultivate partnerships to ensure the economic viability of family farms

Support the attendance of small farmers and their families by keeping the registration cost modest

Earn the opportunity for the donation to be tax-deductible as allowed by law

Sponsorship Levels

Opportunities to support the Florida Small Farms and Alternative Enterprise conference are available at various levels as described below. All benefits are subject to print deadlines.

Platinum — $10,000

150 word description about your organization on the conference website

Verbal recognition during the Opening Session at the conference, including recognition of the organization’s attending representative(s).

Visual acknowledgment via PowerPoint projection during breaks and prior to meals FOUR Complimentary Registrations ONE Complimentary 10’ wide x 20’ deep booth with a skirted 6’ table and two chairs to showcase

your organization as an exhibitor throughout the conference o PRIME location of the complimentary booth in the exhibit area o Electricity for booth (up to 5 amps)

Recognition as a Platinum Sponsor in the onsite program Recognition through sponsor name badge ribbons Acknowledgment through signage at the conference

Florida Small Farms and Alternative Enterprises Conference Sponsorship Opportunities

The Florida Small Farms and Alternative Enterprise Conference, August 1 & 2, 2009 at the Osceola Heritage Park, Kissimmee, Florida will provide sponsors with a unique opportunity to interact with producers, marketers, researchers, educators, policy makers, and allied industry representatives. We hope that you will choose to support our work to meet the information and policy needs of family farmers. By becoming a sponsor, your organization will:

Enhance its prominence as a leader in supporting family farms Increase awareness of the value of your organization’s products and services to clients Network with colleagues who make decisions in agriculture and natural resource management Apply innovative research findings to improve your business Cultivate partnerships to ensure the economic viability of family farms

Support the attendance of small farmers and their families by keeping the registration cost modest

Earn the opportunity for the donation to be tax-deductible as allowed by law

Sponsorship Levels

Opportunities to support the Florida Small Farms and Alternative Enterprise conference are available at various levels as described below. All benefits are subject to print deadlines.

Platinum — $10,000

150 word description about your organization on the conference website

Verbal recognition during the Opening Session at the conference, including recognition of the organization’s attending representative(s).

Visual acknowledgment via PowerPoint projection during breaks and prior to meals FOUR Complimentary Registrations ONE Complimentary 10’ wide x 20’ deep booth with a skirted 6’ table and two chairs to showcase

your organization as an exhibitor throughout the conference o PRIME location of the complimentary booth in the exhibit area o Electricity for booth (up to 5 amps)

Recognition as a Platinum Sponsor in the onsite program Recognition through sponsor name badge ribbons Acknowledgment through signage at the conference

OPERATION CLEANSWEEPStatewide Pesticide Pick-Up

FREE PICK–UP We want your old pesticides.

Cleansweep Partners and Representatives:Cleansweep Partners and Representatives:

Florida Peanut Producers AssociationFlorida Turf Grass AssociationFlorida Farm Bureau Florida Fertilizer and Agrichemical AssociationFlorida Fruit and Vegetable AssociationFlorida Soybean Producers AssociationCertified Pest Control OperatorsFlorida Pest Management AssociationFlorida Nursery, Growers & Landscape AssociationFlorida Tomato CommitteeFlorida Forestry AssociationIFAS/University of Florida Florida Citrus MutualFlorida Landscape Maintenance AssociationFlorida Department of Agriculture & Consumer Services Florida Department of Environmental Protection

CONTACT:

Robin Waddell

Florida Department of Agriculture & Consumer Services

[email protected]

or call Toll-Free

877-851-5285Deadline for requested pickup

Dec. 15, 2006

C L E A N S W E E P W E B S I T E : www.dep.state.fl.us/waste/categories/cleansweep-pesticides/

Revised Date 7/1/06

For more information contact: Robin Waddell, Florida Department of Agriculture & Consumer Services

[email protected] | 877-851-5285


Lemuel Baylis Carnes, III, Chairman and CEO of Standard Sand & Silica Company of Davenport, is

the newest Director for Farm Credit of Central Florida, having been elected by the Membership to serve a three-year term.

Born in Greenville, S.C., Baylis began his career working in the sand mine with his dad, L.B. Carnes, Jr., at the tender age of 10.

“In those days, all the holes dug to test a tract for sand deposits were put down manually, using a hand auger, followed by a pipe casing. My job was to stand on top of two 48-inch Stilson wrenches and fill the sample bucket. The whole process made for a long day of hard work, and my brother and I helped as much as we could. I was fascinated as I watched the plant being built

and the track being laid for the railroad. As I grew older, more of my summer vaca-tions were spent working at the sand plant

until I graduated from high school. After high school, I enrolled in the University of Alabama, the nearest mining school,” Baylis said.

While at school in Tuscaloosa, young Baylis played in the Crimson Tide’s Million Dollar Band. He also met a young freshman quarterback named Bart Starr, who would rise to prominence with Vince Lombardi’s Green Bay Packers and become Most Valuable Player of Superbowls I and II.

“My dad passed away in February, 1953, while I was away at college,” Baylis said. “I will never forget our last conver-sation. ‘Son,’ he told me, ‘just remember where one man leaves off, another has to begin.’ It proved to be a profound and pro-phetic statement from a bright, energetic and hard-working man,” Baylis remembered.

Baylis Carnes’ Ties to the Land Run Deep

“...I wanted to help farmers

have a better life and help

young people gain a better

understanding of agricul-

ture. I have great respect

for the independent nature

and nobility of those in the

farming community.”

Farm Credit of Central Florida Director, Baylis Carnes III (left) and Farm Credit of Central Florida Vice President, Johan Dam (right).

Farm Credit oF Central Florida oCtober 2008 | 15

Baylis Carnes III

Wanting to be closer to home after his father’s untimely death, Baylis transferred to the University of Florida to study eco-nomics and accounting.

“My mother was a very intelligent person with a boatload of common sense, and she took over the business. Dad’s part-ner found it difficult to accept a woman as a business partner, so eventually, she bought him out.” Baylis told us his mother kept a tight rein on the purse strings but always had faith in her sons’ ability to operate the busi-ness under her guidance. L.B. Carnes, Jr. had the foresight to diversify and invest in land and had purchased 1,200 acres at approxi-mately $100 per acre. The company not only purchased the land to mine for sand, but also began growing citrus in 1956. Additional lands were acquired to graze cattle. Today, the company’s holdings include citrus, cattle and timber tracts in Florida and Georgia. “I have always loved the land and agriculture, in general,” Baylis said.

That love of agriculture led Baylis to become a Farm Credit Director. “My expe-riences with my father as a young man helped me relate to the farmer. I wanted to help farmers have a better life and help young people gain a better understanding of agriculture. I have great respect for the independent nature and nobility of those in the farming community.”

Al Bellotto, Chairman of the Board for Farm Credit of Central Florida, had never met Baylis but knew and respected his brother. “Serving on this Board requires a certain level of business acumen and experience; it isn’t a classroom where a newcomer can learn the necessary skills. His extraordinarily successful business ventures spoke volumes about Baylis, and no doubt were a major contributing factor to his subsequent election by the associa-tion’s Membership to the board.

Baylis became a Farm Credit Member about six years ago after learning of the

Farm Credit Advantage from a friend. Baylis has three boys and two girls, as well as two stepchildren, 12 grandchildren and two great grandchildren. He and his wife, Valerie, reside in Winter Haven.

Phil Hicks, a native of Plant City, and co-owner of Hay Depot on Alexander Street in Plant City, has that rare ability to make a total stranger feel like a dear, old friend the first time you meet him. It isn’t surprising The Hay Depot has been very successful in supplying as many as 10 varieties of hay to their customers both wholesale and retail.

Phil’s brother, Donnie, grows most of the company’s product and their 76 year-old dad, Don, Sr., also works with them. “Dad is a born salesman, and always impressed upon us that a business has a great chance to be successful if you provide a good prod-uct at a fair price,” Phil said.

Hay Depot’s customers range from lifestyle farmers to stables, and ranches. Located on Alexander Street in Plant City, the 50,000 square foot warehouse is 75% filled with 8-10 varieties of hay stacked to the ceiling. Donnie Hicks grows most of it on his 500-acre farm near Trenton, Florida.

A real affinity for agriculture is easily discernible when you talk to Phil and he

credits his father for a love of the land and an appreciation of the importance of customer service. “Dad taught my brother and me the customer is always right. He always treated everyone with dignity and respect. He has always had a deep love for agriculture and we inherited it from Dad,” Phil said.

A Farm Credit Customer since 1995, Phil said he was referred to the coopera-tive by a friend. “Our loan officer, Vonda Fulwood, has been a sweetheart to deal with and created a fantastic lending relationship for me,” Phil said.

While the business is still in its first year of existence it is easy to see how they have already amassed a loyal and size-able customer base. While our economy is struggling in some sectors the Hay Depot is thriving because it is built on solid business principles.

Hay Depot Meets Customers’ Needs

Right: Phil Hicks

Here are some of the conveniences offered 24/7 by Farm Credit of Central Florida’s AccountAccess:

Check Loan Balances•Fast Cash Transfers from your •Line of CreditPay on your account•Check Line of Credit Balances•Payment Due Dates•View your account history•View Patronage Refunds and •Allocated Surplus

You can do all this in your jammies from your home computer if you wish! With AccountAccess from Farm Credit of Central Florida, every day is casual Friday! If you want to incorporate the ease of AccountAccess into your Farm Credit lend-ing experience contact Glenda Tomlinson at [email protected] or call 1-866-245-3637 ext. 412 to get your password and set up your account.

Farm Credit of Central Florida has a vast array of tools you can use to expedite the efficiency of monitoring your loan, and obtaining the funds you need to realize your dreams. Whether your dream is a home in the country miles from the hustle and bustle of city life, or expanding your nursery, cattle herd, blueberry, citrus, strawberry, or tropical fish operation, Farm Credit of Central Florida can provide the funds you need. You will get the Farm Credit Advantage, our friendly, professional lend-ers, prompt, local decisions and the comfort of knowing Farm Credit Puts Our Profits in Your Pocket.

As a Farm Credit Member you can share proportionately in the association’s profits giving you a lower effective rate on your loan.

AccountAccess is just one of Farm Credit of Central Flor ida’s products

designed to make your life easier.

More Member Services

LoanLineStay in the loop with LoanLine, Farm

Credit's 24-hour, toll-free access to your loan account. LoanLine puts you in touch

with up-to-date information on your loan balances,

interest rates, pay-ment information and more.

To reach LoanLine, dial 1-877-LoanLine (1-877-562-6546). The call is free. All you'll need is:

Your Social Security Number (or •for businesses, your Taxpayer Identification Number).Your four-digit Personal Identification •Number (PIN). Don't have a PIN or can't remember it? Just call your branch office today.

FastCashNeed money in a hurry? With just a phone call, FastCash can transfer funds from your Line of Credit loan into your personal or business checking account. When you need money fast—to make a purchase, cover a check or just pay operating expenses—FastCash delivers. Call us today and your check is in your account the next morning.

With FastCash you:Can do your banking from home, the •office or the cab of your tractor—wherever you have a phone.Save time. No more rushing to town to •pick up a check. Automated banking simplifies your busy life.Save money. Wire transfer fees become •a thing of the past. FastCash is free.Know your transactions are safe.•Get on with business while we take care •of the details

Cash Management ServicesSay goodbye to the proverbial crystal ball. Cash Management Services, AutoBorrow, through Bank of America, or AgSweep, through Wachovia, spares you the daily task of estimating your cash position.

Through an electronic link between your Farm Credit loan and your business check-ing account, AutoBorrow, or AgSweep automatically transfers funds between these accounts as appropriate, ensuring that your money achieves its maximum return on any given day.

What can AutoBorrow do for you?Save you time and money.•Accurately assess your cash position •each day.Initiate automatic transactions on a •same-day basis for maximum precision.Reduce your interest expense.•Eliminate expensive wire transfers.•Make your money work for you by •investing idle funds.

AutoDraftTired of writing checks or hunting for stamps? Want to skip those last-minute trips to the post office? AutoDraft automati-cally deducts your loan payments from your checking or savings account. It's safe, easy and free. No stamps. No stops. No sweat. Just sit back and relax.

With AutoDraft you:Get peace of mind knowing your pay-•ment has been made on time, every time.Maintain your good credit rating and •avoid late charges.Save money. You'll have one less stamp •to buy.Save time. You'll have one less check to •write each month.Choose your own draft date.•Make additional principal payments •with each draft.

Other Services

Crop InsuranceProtect your investment with a full range of crop insurance plans, including Multi-Peril, Hail and Group Risk crop insurance. Various plans are offered through private insurance companies sponsored and subsi-dized by the federal government.

Credit Life InsuranceYou have a choice of several plans—offered at competitive rates—that would pay all or a portion of your outstanding debts, depend-ing on the level of protection purchased.

Using Farm Credit’s Online Services Make Every Day Casual Friday!


Farm Credit of Central Florida recently sponsored the FNGLA Action Chapter’s Batson Award Luncheon to bestow the chapter’s highest honor, The Gene A. Batson Award to Tim Landers, owner of Benchmark Foliage. This is the 10th anniversary of Farm Credit of Central Florida and the Action Chapter joining forces to sponsor the meeting.

United States Senator Mel Martinez delivered the keynote address. The Senator spoke about the importance of the agriculture industry to Florida and his support of immigration legislation.

Landers, a member of the chapter since 1992, has served as a board member, and rose through the chairs to become President in

1997-1998. Tim and his wife, Maureen are highly active members of the Apopka community. Tim has been on the board and became President of the Apopka Chamber of Commerce in 2005. The couple are founding members of the American Cancer Society’s Hobson-Berry team that competes annually in the Relay for Life, raising over $70,000 for cancer research in five years.

Tim began working in the nursery industry at the age of 13, ironically in Anniston, Alabama for Gene Batson. Tim’s love of the industry led him to follow his mentor to Apopka where he worked through the Gene Batson Managerial/Owner Program and eventu-ally purchased Benchmark Foliage in 1996.

Farm Credit Hosts Batson Luncheon Honoring Tim Landers

Farm Credit Chairman of the Board Al Bellotto (second from right), association President, Reggie Holt (third from right), Florida House of Representative members Bryan Nelson (right) and Andy Gardiner (left) add their congratulations to 2008 Batson Award winner Tim Landers (center) and wife Maureen (second from left).

U.S. Senator Mel Martinez addresses the audience at the Batson Lunch. Farm Credit of Central Florida President, Reggie Holt (left), and Chairman of the Board, Al Bellotto (second from left) join FNGLA Executive Vice President, Ben Bolusky (right) in welcoming Batson Luncheon keynote speaker, U.S. Senator Mel Martinez (second from right).

Farm Credit of Central Florida Chairman of the Board, Al Bellotto (left) joins, Barbara and Gene Batson (right) in congratulating 2008 Batson Award winner, Tim Landers (second from left) and wife, Maureen (center).

18 | oCtober 2008 Farm Credit oF Central Florida

Farm Credit of Central Florida and the Greater Plant City Chamber of Commerce once again teamed up to honor the winners of the annual Agriculture awards. The 2008 breakfast drew in a record crowd of almost 250 attendees.

Retired Farm Credit President Richard Joyner was named Agriculturist of the Year, Farm Credit Members Maurice and Leslie Turgeau won recognition as the Young Agriculturists of the Year. Tomlin Middle School Ag Teacher, Jason Steward was named Ag Educator of the Year. “In the Field Magazine” was honored as the Agribusiness of the Year and Publix Super Markets was recognized for its strong support of our agricultural youth groups as the top Supporter of Youth in Agriculture.

Plant City Chamber of Commerce President, Marion M. Smith said, “We are pleased to be able to recognize these outstanding individuals and businesses. Their contributions make a significant impact on the agriculture industry in Plant City and Hillsborough County.”

Congratulations to all the winners!

Farm Credit/Plant City Chamber Ag Awards Breakfast Draws Huge Crowd

Retired Farm Credit of Central Florida President, Richard Joyner (left) was named Agriculturist of the Year by the Plant City Chamber of Commerce. Congratulating him are wife, Yolanda (center back), son Wesley (back right) and grandchildren, Clay (front left) and Ali (front right).

assoCiaTion news

Above: Tampa Bay Wholesale Growers Executive Director, Hugh Gramling (left) presents the Agribusiness of the Year Award to “In The Field Magazine” editor, Karen Berry (right).

Left: Jason Steward (left) receives his plaque recognizing him as the Ag Educator of the Year in Plant City from Wesley Joyner (right).

Farm Credit of Central Florida Members, Maurice (left) and Leslie Turgeau (second from left) and Michelle Williamson are congratulated by Florida House of Representatives member, Rich Glorioso on the Turgeaus’ being name Young Agriculturists of the Year by the Plant City Chamber.


The Directors and staff of Farm Credit of Central Florida frequently contribute Political Action Committee (PAC) funds to the cam-paigns of selected members of Congress on behalf of Farm Credit, AgFirst Farm Credit Bank and Florida agriculture. “It is one of the most important duties of a Farm Credit Director to inform those who govern us of issues impacting agriculture and to remind them of the importance of agriculture to our nation’s and state’s economic health,” said Al Bellotto, Chairman of the Farm Credit of Central Florida Board.

Farm Credit Staff and Directors Lobby Congress on Ag Issues

Farm Credit of Central Florida Director, Homer Hunnicutt, Jr. (right) presents U.S. Congresswoman, Ginny Brown-Waite (left) with a Farm Credit PAC check.

Farm Credit of Central Florida Chairman of the Board, Al Bellotto (left) and association President, Reggie Holt (right) present a Political Action Committee check to U.S. Congressman Adam Putnam (center).

Farm Credit of Central Florida Vice Chairman of the Board, David Stanford (left), Director Rex Clonts, Jr., and association President Reggie Holt (right) present a Farm Credit PAC check to U.S. Congressman Tom Feeney (second from left).


The state of Florida recently hosted the 2008 regional meeting of the southern agricultural heads and delegates for the Council for Agricultural Research, Extension and Teach ing (CA R ET) conference. CARET’s purpose is to generate support for the Federal USDA and agriculture and natural resource program issues and budgets appropriated by the U.S. Congress. Generally, two meetings occur

each year: A national meeting is held in Washington D.C. and a regional meeting is hosted by specific states and held in the summer. The national meeting usually focuses on national issues and budgets while the regional is more localized.

An estimated 100 representatives from the Land Grant universities in Virginia, Kentucky, Tennessee, Arkansas, North Carolina, South Carolina, Georgia, Florida,

Alabama, Mississippi, Louisiana, Texas, and Oklahoma attend this event. The group includes Deans and Vice Presidents, associates and assistants from each of the Southern 1862 and 1890 agricultural-natural resource colleges and institutes (26 institutions) throughout the Southern Region.

The Farm Credit Associations of Florida and AgFirst Farm Credit Bank joined forces to sponsor the Florida meeting.

Farm Credit/AgFirst Welcome CARET Conference Delegates to Orlando

Farm Credit of Central Florida Director, Robbie Roberson (left) and association President, Reggie Holt (right) joined UF IFAS Vice President, Jimmy Cheek (second from left) and Orange County Extension Director, Glinder Stephens (second from right) in welcoming the CARET Conference to Orlando.


It’s true. Agriculture is the foundation of America, though one of the greatest threats to that cornerstone is common crime.

Crime such as theft and vandalism are costly and often go undiscovered until it’s too late. Prevention is an effective tool and one that is easily implemented.

Polk County Sheriff Grady Judd offers the following tips in deterring Agriculture Crime:

Install audible alarms on 1. outbuildings to prevent illegal entry or theft.

Place identifiable markings on all 2. property.

Keep an accurate inventory of all 3. property, take photos of equipment.

Bring major equipment in from fields 4. and lock in barn or shed.

Patrol groves regularly—and check 5. livestock frequently by conducting daily counts if possible.

Make arrangements to have your 6. livestock checked when you are away.

Secure gas pumps, gas tanks, storage 7. bins and grain elevators with strong

locks, sturdy padlocks with hardened steel hasps, or dead bolts with a one-inch throw.

Mark or brand livestock with 8. registered state brands.

Use lighting and locks to secure 9. property left in fields or groves.

Never park machinery within 10. easy access to the road where it is vulnerable to theft and vandalism.

Do not leave tools or other equipment 11. in the back of a pickup truck. Locked toolboxes are a deterrent to thieves.

Participate in a local Ag Watch 12. program.

In March 2008, Sheriff Grady Judd, and deputies of the Polk County Sheriff’s Office Agricultural Unit, launched “Ag Alert,” an electronic messaging program in Polk County.

The electronic messages provide recipients with information on current farm crime trends and serve as an email Ag Watch program. Crimes such as equipment theft, diesel fuel theft and theft of livestock have been featured. Details about the crimes, suspect information, and tips for preventing future incidents are offered in the alerts.

“It’s a simple, user friendly method for a ler t ing ou r com munit y,” sa id Sheriff Grady Judd. “If your agricultural community doesn’t have an Ag Watch or Ag Alert, I challenge you to implement one—you are our eyes and ears. Law enforcement depends on residents to help them solve crime.”

For more information on the Polk County Sheriff’s Office “Ag Alert,” please contact the Ag Unit at 863.534.7205.

Polk County Sheriff Grady Judd Offers Ag Crime Prevention Tips“I know of no pursuit in which more real and important services can be rendered to any

country than by improving its agriculture, its breed of useful animals, and other branches

of a husbandman’s cares.”

~ George Washington


In the wake of the elimination of the Citrus Canker Eradication Program and Florida’s determination that the prevention of the spread of citrus canker and other similar diseases is impossible on a statewide basis, several grove owners have voluntarily abandoned or are considering abandoning their citrus grove operations and property. Other owners are considering abandoning their grove operations due to lack of trees to replant, economic considerations or long term damage resulting from the adverse weather conditions such as the 2004 and 2005 hurricanes. Regardless of the reason, there are several considerations of which grove owners should be aware before aban-doning their grove operation. This article discusses grove owners’ potential civil liability for creating a private nuisance by abandoning or failing to properly manage their grove operation. The article also dis-cusses the recommended best management practices for grove owners to employ for their active grove operations which prac-tices should also be applied once the grove operation has been abandoned, as well as potential liability under existing leases and mortgages associated with abandon-ment of these best management practices. Finally, the article addresses potential tax consequences associated with abandoned agricultural property.

Liability for Private NuisanceIn today’s litigious society, lawyers are often asked, “Can I get sued for that?” The response is almost always, “You can get sued for anything. The real question is, are you likely to lose?” Most of the time, this question is posed concerning the area of law known as Torts. A tort is any one of a multitude of claims where a wrong-ful act causes an injury to a party where that party is entitled to compensation for that injury. The most likely tort claim that may be brought against a grove owner that abandons a grove operation is a claim for private nuisance. Generally, a private nui-sance occurs when one interferes with the reasonable use and enjoyment of another’s private property and that interference causes damage to the property.

Abandoned citrus trees are more sus-ceptible to infestations and diseases than trees that are properly maintained. Since such abandoned trees are not quarantined from the nearby environment, the aban-doned trees can become the launching point to spread harm to nearby grove operations. Thus, the abandonment of a citrus grove operation could damage a neighbor’s rea-sonable use and enjoyment of his or her property. Florida case law provides little guidance concerning private nuisance claims brought by one agricultural owner against an adjoining land owner based on the adjoining land owner’s abandonment of his or her grove operation. One of the chal-lenges associated with a private nuisance claim is the fact that the abandoned grove owner’s actions may not have caused the harm to a neighbor’s land, but the damage may have been caused by an act of God. Even where an act of God is the direct cause of harm to a neighboring property, where the natural consequences of an act of God are reasonably foreseeable, and failure to take certain practical precautions to guard against the act of God may give rise to a private nuisance claim.

One possible defense against a private nuisance claim is contained in the Florida Right to Farm Act, §823.14, Florida Statutes (the “Act”). The expressed goal of the Act is to protect reasonable agricultural activi-ties from nuisance lawsuits. Pursuant to the Act, no farm operation which has been in operation for one year or more, since its established date of operation, and which was not a nuisance at the time of its estab-lished date of operation, can be or become a public or private nuisance if the farm operation conforms to generally accepted agricultural and management practices. Additionally, no farm operation can be or become a nuisance due to a change brought about to comply with best management practices recommended by the local, state or federal agencies.

The Act serves to protect active farm-ing operations but does not necessarily extend to abandoned or unmanaged farming operations. Despite this limitation, a grove owner could argue that if an abandoned

or an unmanaged farm operation, such as a citrus grove, is in compliance with the best management practices or procedures promulgated or recommended by federal, state or local agencies, than it should also be protected from public and private nui-sance law suits.

Government-Owned Agricultural PropertyFrom time to time, a governmental agency will purchase or use its power of emi-nent domain to condemn groves. One can strongly argue that the government-owner of any grove has a duty to properly main-tain or fully destroy remaining trees. Grove owners that are located near government-owned groves may wish to consult with an attorney about the possibility of writing the government-owner to put them on notice of concerns and issues related to improper management (or lack of management) related to such groves. Inverse condemnation or nui-sance issues may arise if the government’s failure to maintain its groves causes damage to nearby commercial groves.

Civil Liability Under Existing Loans or LeasesGrove owners who have or are considering abandoning their active grove operation or discontinuing the best management prac-tices that are currently recommended for such grove must review their existing lease and/or loan documents to make sure that such actions are not in direct violation of the cov-enants in their lease or financial covenants within the note, mortgage or loan agreement. Landlords, as well as lenders, institutional or private, who lease property, or loan funds, to agricultural operations, to secure their invest-ment or property, usually require the tenant or borrower to continue its operations and to use good husbandry practices. Abandoning ones grove or simply failing to manage the grove by utilizing good husbandry practices, which arguably equate with the current rec-ommended best management practices for particular grove operations, may be consid-ered in direct violation of a lease or loan cov-enant subjecting the grove owner to potential serious civil liability.

Abandoned Agricultural PropertyassoCiaTion news


Best Management PracticesIn response to the elimination of the Citrus Canker Eradication Program, and the continued management concerns of grove owners, the USDA, APHIS and FDACS/DPI in consultation with the Florida citrus industry and other stakeholders developed the Citrus Health Response Plan (“CHRP”). The CHRP provides very basic, general guidance for disease management of active groves. Each grove owner is charged with the responsibility of adequately managing its own groves based on practices recom-mended by the University of Florida’s Institute of Food and Agricultural Sciences (“IFAS”) and the local State extension offices. Best management practices are to be grove specific and set forth in the com-pliance agreement between the grove owner and the USDA, which agreement remains a requirement for active groves.

The CHRP specifically addresses the concern of abandoned or unmanaged citrus groves that become pests or agricultural nuisances. Among the directives for IFAS, USDA/APHIS and the citrus industry as a whole is to promulgate a set of criteria that can be used to determine when properties are considered abandoned or unmanaged and what regulatory actions are appropri-ate. The need for future legislation and rule making dealing with abandoned groves or feral citrus is foreshowed by the CHRP. New legislation will require a joint effort on the part of the citrus industry and state agency staff to determine the specific con-cerns of the individual property owner and the citrus industry as a whole and what measures are necessary to address these concerns for any proposed legislation. One suggested legislative incentive for abate-ment of such abandoned agricultural prop-erty is the ability of the owner to maintain the property classification of agricultural and the continued benefit of the agricultural exemption for a period of time after aban-donment of the agricultural operation.

In an effort to explore this incen-tive and other means of controlling the spread of citrus canker and greening from abandoned groves, representatives of the Indian River Citrus League recently met with property appraisers for Indian River, Martin and St. Lucie counties. The general consensus from the meeting was that the property appraisers were committed to assisting the citrus industry in its attempts to eradicate or control the spread of citrus

canker and greening. All parties agreed that abandoned/unmanaged citrus groves undoubtedly contribute to the spread of citrus canker and greening and that best management practices should remain in place, which include either eradication of trees or chemically killing dead, dying or infected trees, to prevent the risk of spread-ing the infection to healthy active groves.

The classification of agricultural is determined on a yearly basis according to Florida statutes. The representatives of the three counties discussed several scenarios for requiring or encouraging the continued implementation of best management prac-tices for abandoned or unmanaged groves. Among the scenarios were the following:

Unmanaged groves losing the agricul-1. tural classification for failing to continue utilizing best management practices.

Permitting abandoned groves to enjoy 2. the agricultural classification for a longer period of time if certain eradica-tion steps are being implemented. These efforts need to be codified in state leg-islation which will provide the property appraisers with the direction and ability to implement them.

The CHRP does not suggest specific best management practices for active or abandoned groves. IFAS has, however, made several recommendations that can be used for both active grove operations and abandoned/unmanaged groves. At this time, IFAS is not recommending that grove owners push or remove their citrus

trees that are infected with citrus canker or any other disease. For those areas where canker is not “widespread” or “endemic”, which are few in Florida, local elimination of infection sources can still be productive. With that it mind, the goal remains to avoid allowing citrus canker to spread unchecked. Some of the best management practices recommended by IFAS include, but are not limited to, the following:

Treating canker infection with copper 1. and other sprays to reduce infection;

Treating citrus leafminer populations to 2. reduce the leaf injury that allows canker to build up in higher levels;

Installing windbreaks to reduce aerial 3. spread of canker with rain and wind;

Continuing to monitor via surveys 4. and risk assessments of the location of canker to be aware of its spread; and

Continuing disinfection procedures to 5. reduce transport to neighboring groves.

Although the above practices recom-mended by IFAS are tailored to active grove operations, IFAS suggests that the same or similar measures continue to be used for unmanaged or abandoned groves so that they do not become nuisances to neighbor-ing properties and actively contribute to the spread of pests and diseases. Grove owners that are not managing their groves or have

Continued on page 30


Rosemary Warner is the fourth female President in the stor ied h istor y of the Flor ida Nu rser y, Growers and Landscape Association (FNGLA). All of her predecessors will tell you what an exhaustive, demanding, and time consuming task it is.

During the year long period a President serves they must have a loyal, supportive, and understanding partner who is willing to

“take one for the team” and perform double duty at the nursery while the President is frequently called away lobbying legislators and regulators on industry issues, visiting other chapters, presiding over critical meetings, or just representing Florida’s multi-billion dollar nursery industry.

Rosemary Warner is blessed with a full complement of supporting troopers, beginning with husband, Curtis, and

daughters, Ali, Rosemary, and Zoe. Ali is a University of Florida graduate and Rosemary is currently enrolled in the Pre-Med curriculum at the University of Florida. “I owe a lot to Curtis and the kids for their support,” she said. “She is enthusiastic and loves life and has a real passion for anything she believes in,” Curtis said.

A 2005 study financed in part by Farm

Behind Every Great Woman is a Loving, Supportive Family!

FNGLA President Rosemary Warner (top row second from right), Husband, Curtis (top right) and their daughters, Rosemary (left), Ali (second from left), and Zoe (front right).


“She is enthusiastic and

loves life and has a real

passion for anything she

believes in...”

Credit and conducted by FNGLA and the University of Florida estimates the industry impacts Florida’s economy at a whopping $15.2 billion! That should offer a clue as to how important the job of FNGLA President has become.

FNGLA executive Vice President, Ben Bolusky, said, “As FNGLA’s President, Rosemary Warner’s enthusiasm and energy are ingredients to what will be a solid year. Rosemary has enormous and genuine respect for our members. She will steer FNGLA effectively, with great finesse and great results!”

Immediate past President of FNGLA, Dave Self, said, “During my tenure as President, about 50% of my working hours were devoted to conducting FNGLA or related business. I probably averaged about 1,000 miles a month driving and averaged another 1,000 per month flying.”

Rosemary was born in Minneapolis, Minnesota and grew up in Indianapolis Indiana, where she met Curtis. They came to Florida in 1987. Curtis said, “There are a lot of people growing plants, but not many growing trees. Let’s grow trees, so we established the first tree farm in Volusia County! When we first heard about the Florida Nursery Allied Trade Show (FNATS) we said, that sounds like a great opportunity to market our product. Our kids grew up in our trade show booths with their baby swings a constant companion,” Rosemary said.

Rosemary’s late father, Tom is a legend in Minnesota coaching circles and later became the Athletic Director at Butler University in Indiana. Some of his most memorable achievements were accomplished coaching at Cretin-Derham Hall, a Catholic high school in Minneapolis, MN. Among his many accomplishments were winning numerous conference titles in both baseball and football, two State Football Championships, and three State Championships in baseball. In 1959 he was named “National Coach of the year.”

In a 15-year span, including a coaching

position in Marshall, MN. He became the first coach in Minnesota history to win both 100 football games and 200 baseball games.

After he became Athletic Director at Butler University, he was so well respected he was scheduled to be President of the National Collegiate Athletic Association (NCAA) before his untimely death in 1975.

Clearly leadership and excellence in the Warner family is a tradition. As the leader of FNGLA this year, Rosemary believes one of the most crucial issues facing the green industry are regulations and how to educate nursery growers on compliance. She also wants to continue to foster the close bond between the University of Florida’s Institute of Food and Agricultural Sciences (IFAS) to determine just how little water the industry can use and still grow a viable and marketable plant.

Some may wonder how a couple can work together so closely in their business and still be married? Curtis had a simple solution, “When we got married we agreed I would make all the large decisions and Rosemary would make all the small decisions. Evidently they have all been small decisions to this point because I am still waiting to make my first decision,” he said, tongue firmly planted in his cheek! Rosemary said, “Curtis and I define when

we will talk about work and try not to take it home with us.”

The couple currently lives and grows their material on 50 acres, but started out with just 30 acres. “Farm Credit made it possible for us to expand. We met Regina Thomas at an FNGLA Action Chapter meeting and she made it very easy to do business with Farm Credit,” Rosemary said.

“As FNGLA’s President,

Rosemary Warner’s enthu-

siasm and energy are

ingredients to what will be

a solid year. Rosemary has

enormous and genuine

respect for our members.

She will steer FNGLA effec-

tively, with great finesse

and great results!”

~ Ben Bolusky

Rosemary (left) and Curtis Warner (right) with man’s best friend, Moe.


There is nothing like the beauty of a horse in action, galloping through a field, kicking up its heels, reveling

in the beautiful day, or with it’s rider, doing a complicated dressage pattern, jumping tall fences, running a barrel pattern with blinding speed, and a myriad of other things people do with their horses. It really doesn’t matter what they are doing, a horse in action is beautiful to behold.

Now I assure you I am not biased, but if you have never seen a cutting horse in action, you don’t know what you are missing! A horse working a cow will get down in the dirt, face to face with its adversary, daring the calf to make a move back to the herd. He has to be light on his feet and be able to outsmart the calf. You can almost hear them say, “Bring it on!” For two and a half minutes this battle wages, with the horse and rider team separating at least two calves from the herd. Once the calf is separated the horse takes over and shows anyone interested in watching just what kind of moves it takes to keep a determined calf away from its friends.

Where can you see this dance take place? Right here in Hillsborough County, Plant City, to be exact. The Sunshine State Cutting Horse Association is here. It used to be if you wanted to compete in, or even view competitions aff iliated with the National Cutting Horse Association, you had to get in your truck and travel some distance. Now you can see cutting horses in action right here! Take a drive to Koren’s Quarters, located at 1120 Swilley Road to witness the ride of a lifetime!

Louise Koren has always loved horses, which comes as no surprise to the women reading this. It seems to be an inborn trait for females. “I wanted to be involved in

horses ever since I can remember,” said Louise. But her equine experiences didn’t really start until she was married. Her husband, Ed Koren, was in law school in Gainesville and she was teaching American History. “I found a stable where you could go rent a horse,” Louise explains. “The gentleman who owned it happened to be from my hometown up north.” From that chance meeting in 1970, years of equine involvement paved the way to the

development of the Sunshine State Cutting Horse Association.

After moving to Hillsborough County, her horses came with her, and it is only natural that she passed her love of horses on to her children. Her son, Dan, had a good friend just a few doors down, the son of Dr. Dale Fishbach, a veterinarian in Brandon. Reed’s family was and still is involved in cutting horses. “Danny would go out to their place,” said Louise. “He said, ‘Mom, I’ve got to get a cutting horse.’” Dan had been riding basically his whole life, but that first ride on a cutting horse sealed the deal for him. “They put me on Senor,” he said. “I came home and said Mom, no more of this western pleasure, this is fun!”

A Cutter’s Dancethe battle between horSe and CalfBy: Sarah Holt

They were total beginners in cutting when they embarked on the journey to purchase their first cutting horse. “We were neophytes, there was no question,” Louise says laughingly. “And I went in to sticker shock because my horses had always been given to me.” That first horse, Madam Dry Doc, was with them until last summer, when she was about 35 or 36 years old. “She pretty much taught the kids how to cut,” Louise explained. “And then they both graduated from her.”

The essential joy of being with horses is that it brings us in

contact with the rare elements of grace, beauty, spirit,

and fire.

~ Sharon Ralls Lemon

“I’ve always tried to pro-

mote the sport because I

find it to be something that

is more family oriented

than a lot of other things

out there.”

assoCiaTion news


Dan Koren

As time went on the Koren’s got more involved in cutting and the need arose for a place where they could keep their own cattle so they wouldn’t have to depend on others. They lived in Brandon, where they could have horses, but no cattle. “My husband, being the competitive spirit that he is, said if the kids want to be competitive, they’ve got to practice,” said Louise. So along with her daughter Susan, the hunt for the perfect location began. They found a perfect spot, but an offer had already been placed. They made a contingency offer and continued on

the search. “On my birthday in 1998,” Louise says with a smile, “we got the call that the contract on the land had fallen through.”

Now if you are envisioning the Koren’s coming on to their new land, ready to move cattle and horses in, think again. “This was all just raw land,” said Louise. “It was ugly.” But the more they worked and the more they invested, the more they learned about the industry. For some time Louise was also the secretary for the Gold Coast Cutting Horse Association, an association specializing in jackpot cuttings. “That’s sort of the springboard in learning more

...”When you are on that

cutting horse you’ve got to

be thinking about what’s

going on. And it’s never

the same.”

Continued on page 30


Below are some of the more common issues that we have found to have more of an influence on an agricultural transaction. The list is obviously not exhaustive because each and every transaction can be as unique as the real property itself. Regardless of the uniqueness of your transaction, North American Title Company will help make sure your agricultural closing goes smoothly. With our state-wide staff, national presence, staff attorneys, and superior underwriting support, we stand prepared to assist you in any way possible.

Survey Issues

Legal descriptions are routinely more •complex.

Nor ma l ly mee t s a nd bou nd s or •governmental survey descriptions are used as opposed to Plats.

Access issues are more common as •access can be harder to determine when smaller parcels are sold and easements are not created of record.

More easement and encroachment issues •occur when sheds or buildings are built with more concern for convenience than for future partition of land or clarification of existing easements.

Wells are more common and access to •them needs to be verified on surveys. Again, wells supplying many parcels can require easements if ownership changes.

Fencing and adverse possession issues •have more of an impact in agricultural situations. Florida law requires fencing in certain situations and if they do not follow established boundary lines,

adverse possession laws can result in loss or gain of land owned.

Commercial Aspects

Agricultural transactions are routinely •more commercial in nature in that business enterprises and inventory are common aspects of sales transactions. Ownership of crops and/or livestock may or may not be part of the contemplated transaction.

Valuation of non-real property can •present issues not common in many other types of transactions.

Non-Title Issues

Agricultural transactions present other •non title related issues not present in many residential and commercial transactions.

Zoning Issues

Agricultural zoning has tax advantages •and there is usually a desire to determine that no changes are proposed in how the land is considered with respect to area long term land use plans.

M a ny a r e a s h ave p e n d i n g a n d •proposed zoning changes due to recent development and accordingly the status of zoning is a critical issue.

Environmental Issues

Due diligence is more of a factor •when contemplating the purchase of agriculturally zoned land. The use of chemicals and storage of petroleum and other products are common and can

result in contamination giving rise to liability.

A Phase One environmental audit will •most likely be required when borrowing funds for purchase and they routinely lead to the need for a more extensive and more costly phase two audit.

Increased governmental concern with •respect to well contamination and the effect of chemical use on the aquifer present obvious issues that while not title related could be of concern in agricultural transactions.

Unique Aspects of Agricultural Closings and LoansBy Donald Black, Southeast Division ManagerNorth American Title Companyhttp://www.nat.com

assoCiaTion news

Chris Witmer, Farm Credit of Central Florida, Lakeland Credit Analyst, and wife Melissa are the proud parents of Isabelle Margaret Witmer who was born April 12, 2008. She weighed 8 lbs. And 7 oz. and was 21 inches long.

New Arrivals

Ron and Faye Wetherington Celebrate 50 Years of Marriage

Farm Credit of Central Florida Credit Analyst, Thomas Dalton and wife Maggie, are the proud parents of two children, son Michael, who will turn 6 months old on July 27, and their two year old daughter, Kristine.

The photos to the right are of Thomas (left) and Michael (right) at the family’s fishing/getaway home near Crystal River as Michael prepared for his first scalloping adventure. Michael is accepting scholarship offers from major college football powers around the country as he already weighs 21 lbs.! He has tested positive for performance-enhancing doses of bananas and sweet potatoes, his two favorite foods!

Kristine, who turned two on August 8, loves swimming, playing and reading books with Mom and Dad. She already knows her ABC’s and can count to ten. Her three favorite words are outside, no, and mine!

Thomas Dalton Family Adds a New Bundle of Joy

Thomas and Michael Dalton.

Chris Witmer Family Welcomes New Addition

Isabelle Witmer

Kristine DaltonDean and Cindy Wingate Welcome New AdditionFarm Credit of Central Florida Assistant Vice President, Dean Wingate and wife, Cindy, are the proud parents of a second child, Robert Andrew Wingate, born March 6, 2007 at 1:22 p.m. He weighed 7 lbs. 14 oz. and measured 19 ¾ inches long. He joins sister, Sydney in the Wingate family.

Susan and Bobby Jones Welcome Second GrandchildFarm Credit of Central Florida’s Susan Jones, and husband, Bobby, are proud grandparents for the second time after welcoming David Franklin Wagner into the world on May 2, 2008 at 3:05 p.m. He weighed 8 pounds and 5 ounces, joining sister Cathryn and Parents Dawnn and Chad in the Wagner family.

around Town

David Franklin Wagner

Congratulations to Farm Credit of Central Florida, Director, Ron Wetherington and wife Faye for 50 years of marriage! “The secret to our marriage is the love and trust we have for each other,” Ron said.

Left: Farm Credit of Central Florida Director, Ron Wetherington (right) and wife, Faye, recently celebrated 50 years of marriage. Congratulations!



abandoned the grove are encouraged to consider the risk that the abandoned/unmanaged property poses to the area and to respond to limit their potential liability.

Florida Citrus Mutual is currently exploring a “voluntary abandoned grove program” that would incorporate some form of continued management practices, includ-ing, but not limited to, the killing of diseased trees. As suggested in the CHRP and by Florida Citrus Mutual, one potential incentive being considered for this continued manage-ment by the owner is that the property is able to maintain its classification as agricultural for property assessment purposes for a cer-tain period of time. This particular type of incentive will require new legislative policy approved and implemented on the state and local levels. IFAS and the local citrus agencies will soon be releasing new developments and directives in relation to the proposed manage-ment of abandoned groves. It is critical that grove owners become informed in order to ensure compliance.

Potential Tax Consequences to ConsiderThere are certain tax incentives for grove owners who are considering abandoning or have already abandoned their grove operations. A grove owner who has aban-doned citrus trees may be entitled to a loss deduction for federal income tax purposes. Generally, where a taxpayer irrevocably discards depreciable property that was

used in an activity engaged in for profit, the taxpayer may take a loss measured by the amount of the taxpayer’s adjusted basis in the abandoned property.

To take the loss, the grove owner must have the intent to irrevocably discard the asset so that it will neither be used again by the grove owner nor retrieved by the grove owner for sale, exchange, or other disposition. At the very least, the grove owner should affirmatively establish an intent to abandon the citrus trees through corporate documents, for instance an act of the board evidenced by corporate minutes or a signed acknowledgement of abandon-ment by all members of a limited liability company. However, the clearest showing of intent would be to push the trees, clearly establishing that the use of the trees in the profit-venture has been abandoned. If the grove owner has the requisite intent to abandon the property, then in the year of abandonment a loss deduction may be claimed for federal income tax purposes. The loss is limited to the adjusted basis in the citrus trees abandoned.

At the state tax level, a grove owner must be aware that once the property is no longer used for a “bona fide” agricultural operation, the property assessor will reas-sess the property as non-agricultural unless the incentives discussed above are enacted. This reassessment may increase the real estate tax liability of the grove owner.

In conclusion, there are serious risks and concerns of which grove owners of abandoned/unmanaged groves, as well as active groves, need to be aware in rela-

tion to the operations on their properties themselves, in the form of significant tax liability and civil liability under existing lease and loan covenants, as well as how their actions are affecting the surrounding area, in the form of potential civil liability. Grove owners need to continually educate themselves about the current best manage-ment practices and taxation programs for active and abandoned/unmanaged groves, as they will be changing and evolving while the state and local agencies and the citrus industry work together to control the spread of citrus canker and other diseases in an effort to protect the viability of this neces-sary industry in Florida.

About Dean MeadDean Mead is a full-service law firm that represents businesses and individuals throughout Florida. The firm’s Agribusiness Team provides comprehensive legal repre-sentation to successive generations of agri-culture clients throughout the state. Dean Mead has more than 45 lawyers practicing in Orlando, Fort Pierce and Viera.

Regulatory Disclaimer: As required by United

States Treasury Regulations, please be aware

that this communication is not intended or writ-

ten by the sender to be used, and it cannot be

used, by any recipient for the purpose of (1)

avoiding penalties that may be imposed on the

recipient under United States Federal Tax Laws

or (2) promoting, marketing or recommend-

ing to another party any plan or arrangement

addressed herein.

about the sport and what goes on with it,” she explained. They also had support from others in the industry, including Ira and Doris Davis. “They became very involved when we bought this,” said Louise. Ira assisted in getting the place in shape, as well as instructing Dan and Susan in the fine art of cutting. “Everything I learned about riding was from Ira,” Dan explained. “He does not get the notoriety that he should.”

When asked why Koren’s Quarters made the leap to starting a cutting horse association, Louise doesn’t hesitate with an answer. “I’ve always tried to promote the sport because I find it to be something that is more family oriented than a lot of other

Continued from page 23

Continued from page 27 things out there.” And with the arena in place it just seemed the next logical step.

“I can remember my husband telling me when he was still in law school, he thought it was a phase I was going through,” laughed Louise. It also gave her something to focus on as he was finishing school. “It was a positive to our relationship because it gave me somewhere to focus because he was so focused on his schooling,” she explains. “It’s been a really good thing for both of us.”

Cutting is addicting. It truly is, and I can say that from first hand experience. “It’s a whole different mind set,” said Louise. “I’ve never ridden a horse that is as athletic and as well trained as a cutting horse. And this is a lot more intellectual. When you are on that cutting horse you’ve got to be thinking about what’s going on.

And it’s never the same.” “My mother will look at me and she

will say, where did all of this come from?” said Louise. “And I’ve laughingly given John Wayne the credit; because as a kid growing up I loved watching him in his westerns.” She goes on to say that, “There’s one of his movies where he’s sitting on a horse, back up on a hill looking over his holdings.” A feeling she now shares as she rides across the fields of Koren’s Quarters.

In addition to the competit ions, Koren’s Quarters hosts a practice most Thursdays at 7:00 PM. It is always entertaining and all are welcome! Head south on 39 to Keysville Road, take a right and look for Swilley Road. Give them a call at 813-650-0257 for more information. Hope to see you there!


finanCial reporT

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.

September 30, December 31,(dollars in thousands) 2008 2007

(unaudited) (audited)

AssetsCash 12$ 72$ Investment securities: Held to maturity (fair value of $44,678 and $30,148 respectively) 44,603 30,247

Total investment securities 44,603 30,247

Loans 382,022 369,663 Less: allowance for loan losses 3,839 1,473

Net loans 378,183 368,190

Accrued interest receivable 2,616 2,699Investment in other Farm Credit institutions 13,975 15,114Premises and equipment, net 1,059 999Other property owned 674 1,061Due from AgFirst Farm Credit Bank 4,888 7,360Other assets 3,279 4,297

Total assets 449,289$ 430,039$

LiabilitiesNotes payable to AgFirst Farm Credit Bank 364,730$ 343,677$ Accrued interest payable 1,419 1,688Patronage refund payable 39 4,703Other liabilities 5,066 6,218

Total liabilities 371,254 356,286

Commitments and contingencies

Members' EquityProtected borrower equity 39 64Capital stock and participation certificates 1,257 1,267Retained earnings Allocated 31,170 33,511 Unallocated 45,662 39,214Accumulated other comprehensive income (loss) (93) (303)

Total members' equity 78,035 73,753

Total liabilities and members' equity 449,289$ 430,039$

(dollars in thousands) 2008 2007 2008 2007

Interest IncomeInvestment securities 343$ 414$ 1,011$ 1,302$ Loans 6,265 7,209 19,717 21,506

Total interest income 6,608 7,623 20,728 22,808

Interest ExpenseNotes payable to AgFirst Farm Credit Bank 4,267 4,932 13,119 14,917

Net interest income 2,341 2,691 7,609 7,891 Provision for (reversal of allowance for) loan losses 1,460 (150) 2,520 (250)

Net interest income after provision for (reversal of allowance for) loan losses 881 2,841 5,089 8,141

Noninterest IncomeLoan fees 184 300 914 700Fees for financially related services 164 132 435 369Equity in earnings of other Farm Credit institutions 1,930 1,441 5,077 4,779Gains (losses) on other property owned, net 6 — (72) —Gains (losses) from sale of rural home loans 29 66 153 61Other noninterest income (4) 9 122 83

Total noninterest income 2,309 1,948 6,629 5,992

Noninterest ExpenseSalaries and employee benefits 1,081 1,141 3,421 3,356Occupancy and equipment 176 172 517 523Insurance Fund premium 119 129 397 390Other operating expenses 420 363 1,223 1,119

Total noninterest expense 1,796 1,805 5,558 5,388

Income before income taxes 1,394 2,984 6,160 8,745Provision (benefit) for income taxes — — — —

Net income 1,394$ 2,984$ 6,160$ 8,745$

ended September 30,

Farm Credit of Central Florida, ACA

Consolidated Balance Sheets

Consolidated Statements of Income (unaudited)

For the three months ended September 30,

For the nine months

September 30, December 31,(dollars in thousands) 2008 2007

(unaudited) (audited)

AssetsCash 12$ 72$ Investment securities: Held to maturity (fair value of $44,678 and $30,148 respectively) 44,603 30,247

Total investment securities 44,603 30,247

Loans 382,022 369,663 Less: allowance for loan losses 3,839 1,473

Net loans 378,183 368,190

Accrued interest receivable 2,616 2,699Investment in other Farm Credit institutions 13,975 15,114Premises and equipment, net 1,059 999Other property owned 674 1,061Due from AgFirst Farm Credit Bank 4,888 7,360Other assets 3,279 4,297

Total assets 449,289$ 430,039$

LiabilitiesNotes payable to AgFirst Farm Credit Bank 364,730$ 343,677$ Accrued interest payable 1,419 1,688Patronage refund payable 39 4,703Other liabilities 5,066 6,218

Total liabilities 371,254 356,286

Commitments and contingencies

Members' EquityProtected borrower equity 39 64Capital stock and participation certificates 1,257 1,267Retained earnings Allocated 31,170 33,511 Unallocated 45,662 39,214Accumulated other comprehensive income (loss) (93) (303)

Total members' equity 78,035 73,753

Total liabilities and members' equity 449,289$ 430,039$

(dollars in thousands) 2008 2007 2008 2007

Interest IncomeInvestment securities 343$ 414$ 1,011$ 1,302$ Loans 6,265 7,209 19,717 21,506

Total interest income 6,608 7,623 20,728 22,808

Interest ExpenseNotes payable to AgFirst Farm Credit Bank 4,267 4,932 13,119 14,917

Net interest income 2,341 2,691 7,609 7,891 Provision for (reversal of allowance for) loan losses 1,460 (150) 2,520 (250)

Net interest income after provision for (reversal of allowance for) loan losses 881 2,841 5,089 8,141

Noninterest IncomeLoan fees 184 300 914 700Fees for financially related services 164 132 435 369Equity in earnings of other Farm Credit institutions 1,930 1,441 5,077 4,779Gains (losses) on other property owned, net 6 — (72) —Gains (losses) from sale of rural home loans 29 66 153 61Other noninterest income (4) 9 122 83

Total noninterest income 2,309 1,948 6,629 5,992

Noninterest ExpenseSalaries and employee benefits 1,081 1,141 3,421 3,356Occupancy and equipment 176 172 517 523Insurance Fund premium 119 129 397 390Other operating expenses 420 363 1,223 1,119

Total noninterest expense 1,796 1,805 5,558 5,388

Income before income taxes 1,394 2,984 6,160 8,745Provision (benefit) for income taxes — — — —

Net income 1,394$ 2,984$ 6,160$ 8,745$

ended September 30,

Farm Credit of Central Florida, ACA

Consolidated Balance Sheets

Consolidated Statements of Income (unaudited)

For the three months ended September 30,

For the nine months

ConsolidatedBalanceSheets

ConsolidatedStatements of

Income(unaudited)

PRSRT STDU.S. POSTAGE

PAIDCOLUMBIA SCPERMIT 1160

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

Hope for the best,

prepare for the worst.

Planting crops is a risky proposition. You invest in seed, fertilizer and crop protectants. You work long hours planting…and then just hope for the best.

Unfortunately, no one can predict the weather.

Now is the time to talk to your crop insurance specialist at Farm Credit. It can mean the difference between financial success and disaster.

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Farm Credit Crop Insurance866-245-3637

FarmCreditCFL.com

baylis carnes' ties to the land run deep behind every great

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