“The Association experienced overall growth during a year of many challenges, including unpredictable weather patterns, new technological advancements, and turbulent market conditions – just to name a few,” says Tom Truitt, CEO of MidAtlantic Farm Credit.
WESTMINSTER, Md. (PRWEB) April 09, 2019
MidAtlantic Farm Credit, a members-owned cooperative association and part of the national Farm Credit System, recently announced their year-end financial results for 2018. Loan volume grew to $2.8 billion, an increase of approximately three percent compared to $2.7 billion in 2017. The Association reported a net income of $67.9 million in 2018, down from $76.6 million in 2017. The Association’s portfolio quality overall remains very strong with acceptable credit quality at 96.9 percent for 2018.
“The Association experienced overall growth during a year of many challenges, including unpredictable weather patterns, new technological advancements, and turbulent market conditions – just to name a few,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Farm Credit is committed to working with our members and industry representatives to chart a new course for our future. Producers and their families are what make Farm Credit so great, and why we don’t take our business decisions lightly.”
Throughout 2018, MidAtlantic Farm Credit distributed $37.8 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 Truitt. “The over $37 million in cash we were able to give 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 2018 annual report, please visit mafc.com/about/financials.
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 11,500 members and over $2.8 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.