The Lima office of Citizens National Bank invites the public to join us for Customer Appreciation Day, which will be held on July 28, 2016 at its office located at 201 N. Main Street. From 11 am – 1 pm customers will be served free pulled pork or chicken sandwiches, macaroni & cheese, chips, and cookies as a thank you to its customers. Attendees may also register to win door prizes.
“We truly appreciate the longstanding relationships we hold with many of our customers and we use this day as a celebration of the success we’ve had in the Lima market,” states Lima City President, Ken Dysert. Beginning Monday, July 24 and running through August 4, the office will also be offering a special rate on a 12 month CD. See a customer service representative for details.
The Lima office is a full service financial center offering deposit accounts, mortgage and commercial lending as well as investments through Citizens Wealth Management Group. Visit us on the web at cnbohio.com to learn more.
Here are a few crop insurance updates to note for 2017. Information provided by Williamson Insurance Agency. Learn more at www.cropcoverage.com.
Prevent Plant – Crop insurance will now pay you 55% of your Revenue Guarantee (instead of 60%) if you qualify for a corn prevent plant payment. Popcorn and soybeans remain at 60%.
Replant – The policy now states that you must try to replant the first planted crop through the late planting period. Previously you could replant a different crop prior to the late planting period and still have coverage. The late period for corn now runs through June 30 so you must replant corn through that date if that was your original crop.
Entity Changes – Any entity name changes (LLC, DBA, etc.) had to have been filed with the Farm Services Agency prior to June 1, 2016 to be eligible for premium support on their 2017 crop insurance policy.
It’s important to keep good separate records for all farms in order to maximize potential payments for actual production. Otherwise, an average of all your farms may be used when figuring payments and only 75% of that will be figured as your farm production average.
Yields Projected Up but Production Costs Also Rising
Bryce Knorr, senior analyst with Farm Futures Magazine, recently presented at an event Citizens National Bank co-hosted with Williamson Insurance Agency. Knorr pointed out 2017 is the first year since 1983 that farmers plan to plant more soybeans than corn and pointed to increased production costs as the reason for lower profit margins than the 1980’s. Expected acreage of corn planted is projected to be down 3.7% while soybeans are projected to be up 8.5%. According to Knorr the USDA estimates yields for corn will be on average 174.6 bushels/acre and bean yields will be 15% higher than 2016 at 52.1 bushels/acre.
He predicts net farm income will be down again in 2017 and noted that the debt to asset ratio is trending upward – “although nowhere near the level of the 1980’s,” he assures. He feels rising interest rates may dampen land prices, although he was optimistic that there’s interest by money managers and hedge funds in buying more ag contracts. Average cash rent in Ohio is $150 per acre, which is flat from 2015-2016, which also plays into the cost of land prices not increasing.
Knorr’s advice to farmers was to remain cautious. He notes many farmers have purchased land or new equipment over the past few years when prices were at all-time highs. The difference he notes from the 1980’s crisis however was that most of them used excess cash to make those purchases rather than leveraging everything through loans. “This puts current farms in much better positions than in the past,” he notes.
In addition to analyzing and writing about the commodity markets, Knorr is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports.
As you’re probably gearing up for shopping for this year’s Christmas it’s hard to think about planning ahead for next year already. But by opening a Christmas Club account now, you’ll have 10 months to save for next year’s holiday! Parents are predicted to spend $495 per child and an average of $1700 this holiday season. According to Forbes, 20% of consumers reflected that they actually spent more than they’d planned on their 2015 holiday purchases. The stress of buying gifts, decorations and food during the holiday season can be overwhelming if you don’t have a plan to pay for it all. A CNB Christmas Club account is a separate savings account that you can build up throughout the year. The funds automatically sweep into your CNB checking or savings account in October, just in time for holiday shopping. There’s no minimum to open and it’s easy to set up an automatic transfer through online banking or you can make a deposit in person any time at a CNB office.
Yields 4-8 servings.
1 stick butter or margarine
1 cup white sugar
4 cups peaches, washed, pitted, peeled and sliced
1 cup self-rising flour
1 cup whole milk
Preheat oven to 375 degrees. Put the butter in a 9×6 baking dish and place in oven until melted. In a separate bowl, stir together flour and sugar. Add the milk all at once and stir to blend. Spread the melted butter evenly in the bottom of the baking dish. Pour half of the batter into the baking dish. Arrange prepared peaches on top of the batter. Add the remaining batter, spreading evenly over the peaches. Bake for 45 minutes or until lightly browned.
Note from the cook: This cobbler freezes well. Bake it in aluminum pie tins (the type with plastic lids), cover and wrap in aluminum foil. When ready to serve, remove the lid, thaw slightly and heat in the oven.
Recipe was submitted by Shelley K. from our “Cooking It Up with CNB” recipe contest.
– See more at: https://www.cnbohio.com/AboutUs/CNBNews/CNBConnection/