MidAtlantic Farm Credit Releases 2013 Annual Report
MidAtlantic Farm Credit, a members-owned cooperative and an institution of the national Farm Credit System, recently published their 2013 annual report. This publication celebrates 97 years of serving agriculture.
The report also discloses 2013 financial information. MidAtlantic Farm Credit’s net income, which increased from $51.7 million in 2012 to $68.0 million in 2013, was a record high for the cooperative lender. Their loan portfolio also increased from $2.14 billion in 2012 to $2.20 billion in 2013, along with the acceptable credit quality, which increased from 94.7% in 2012 to 97.1% in 2013.
“We put great effort into our annual report each year to ensure that our borrowers get all of the information they need about our association,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “It is important that we communicate where we stand both financially and in the agriculture industry from year to year.”
MidAtlantic Farm Credit also reported an increase in the amount of patronage distributed to their borrowers. The cooperative distributed $38.1 million in patronage for 2013, a rise from the $28.5 million distributed for 2012. “Our patronage distribution sets us apart from other financial institutions,” says Frazee. “We’re proud to be able to distribute part of our earnings to our borrowers and are thrilled we could increase that distribution last year.”
To view MidAtlantic Farm Credit’s 2013 annual report, please visit mafc.com/financial-reports.