MidAtlantic Farm Credit, a members-owned cooperative association and part of the national Farm Credit System, recently published their 2015 annual report. The association reported a net income of $53.1 million in 2015. Their loan portfolio has grown from $2.28 billion in 2014 to $2.46 billion, with acceptable credit quality increasing from 96.9 percent to 97.8 percent.
MidAtlantic Farm Credit also reported their total cash patronage distribution as $35.6 million for 2015. “Our patronage program is something we are extremely proud of,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Being able to return over $35 million in cash directly to our customers and local agriculture communities is truly unique to the Farm Credit System.”
With the Farm Credit System celebrating its centennial this year, MidAtlantic Farm Credit’s annual report theme highlights the past successes and future plans that both the System and the association have within the agriculture community. “As we start to think about what the future holds for our association, it is important to reflect back on our past accomplishments, as well as challenges,” says Truitt. “Our annual report not only gives a financial overview of our association, but it also provides information on the various programs we offer, and what we are setting out to do in the coming year.”
To view MidAtlantic Farm Credit’s 2015 annual report, please visit mafc.com/financial-reports.php.