"This is the eighteenth consecutive year we have returned a portion of our profits to stockholders."
Mechanicsville, Virginia (PRWEB) March 30, 2016
Agricultural lender Colonial Farm Credit reported excellent net income for the year ending December 31, 2015. Total net income was $13.8 million on loan volume of $638.3 million.
“Loan demand was strong across all sectors for working capital, equipment, real estate, and construction while credit quality remained very sound,” noted Greg Farmer, president and CEO of Colonial Farm Credit. “Excellent income and loan quality, combined with a strong capital position, allowed the board of directors to approve a cash patronage refund of approximately $7.3 million, the equivalent of 25% of the interest earned on loan accounts during the year.”
Hugh Jones, a Nottoway County, Virginia, dairy farmer and chairman of the Colonial Farm Credit board of directors said, “This is the eighteenth consecutive year we have returned a portion of our profits to stockholders. The coming year may be challenging for some of our farmers and the board is pleased to be able to send this money back to our farmers and their rural communities.”
Colonial Farm Credit has returned more than $95.7 million dollars in patronage refunds to the rural areas they serve in Virginia and Maryland since the program began in 1998.
This year, the Farm Credit system is celebrating the centennial of its creation in 1916. “Farm Credit was established nearly 100 years ago to help fund America's food, fuel, and fiber and support the rural communities America's farmers call home,” said Greg Farmer. “We will continue to support rural communities and agriculture with reliable and consistent credit, today and tomorrow.”
ABOUT COLONIAL FARM CREDIT
Colonial Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services. The cooperative has over 4,790 members and $630 million in loans outstanding, with 13 offices serving eastern Virginia and southern Maryland. The complete Colonial Farm Credit 2015 annual report is available at http://www.colonialfarmcredit.com.