2022 First Quarter Financial Results

MidAtlantic Farm Credit, a members-owned cooperative and an institution of the national Farm Credit System, recently reported their first quarter financial results for 2022. Accruing loan volume for the first three months of 2022 was $3.0 billion, an increase of 5.0 percent compared to the same 2021 period.

Net interest income for the first quarter of 2022 was $19.2 million, a 0.8 percent increase from the same time period in 2021. Net income for the quarter was $17.1 million, a 40.8 percent increase compared to the first quarter of 2021.

“We are proud to have had a strong start to the New Year, bringing hope and security to our borrowers through reliable credit,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “As we head into the second quarter of 2022, we’re continuing to support our members as they may face uncertainty in the industry due to inflation and supply chain disruptions.”

Nonaccrual loans decreased $681 thousand in the first quarter of 2022 to $37.0 million, compared to $37.6 million at December 31, 2021 and $45.6 million at March 31, 2021. The association’s nonaccrual loans as a percentage of total loans decreased to 1.22 percent at the end of the first quarter of 2022, compared to 1.24 percent at the end of 2021 and 1.57 percent at the end of the first quarter of 2021.

Members’ equity at March 31, 2022 totaled $678.2 million, up 1.02 percent from December 31, 2021, and the Total Capital Ratio was 20.96 percent. That number is compared with the 10.5 percent minimum mandated by the Farm Credit Administration (FCA), the Association’s independent regulator. The Association paid a record-breaking cash patronage distribution of $83.9 million to its member-borrowers in March 2022.