“Last year was one of growth for our Association,” says Tom Truitt, CEO of MidAtlantic Farm Credit.
WESTMINSTER, Md. (PRWEB) May 15, 2018
MidAtlantic Farm Credit, a members-owned cooperative association and part of the national Farm Credit System, recently announced their year-end financial results for 2017. The Association reported a net income of $76.6 million in 2017, up from $57.3 million in 2016. Their loan portfolio also increased from $2.6 billion in 2016 to $2.7 billion, with acceptable credit quality remaining steady at 98 percent.
“Last year was one of growth for our Association,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Not only did our net income increase, but we added staff members to our team and have started exploring new market opportunities. We’re excited to continue that path in 2018 and identify new ways in which we can help our members and the agricultural industry thrive.”
Throughout 2017, MidAtlantic Farm Credit distributed $28.6 million in cash through their patronage program. “Our patronage program is something unique to Farm Credit, and one of the many benefits of being a cooperative,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “The over $28 million in cash we were able to gave back to our members and their families last year is an accomplishment we are very proud of.”
For more information about MidAtlantic Farm Credit’s financials, and to view the Association’s 2017 annual report, please visit mafc.com/about/financial-reports.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has over 11,400 members and over $2.71 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.