We recently announced our year-end financial results for 2020. Loan volume grew to over $2.90 billion, an increase of approximately 2.1 percent compared to $2.84 billion in 2019. We reported a net income of $78.7 million in 2020, up from $63.8 million in 2019. Our portfolio quality continues to remain strong with acceptable credit quality at 95.6 percent for 2020.
“2020 brought new challenges to us all, and the agricultural industry was tested in many ways,” says Tom Truitt, Chief Executive Officer of MidAtlantic Farm Credit. “Our Association found its strength through our members who remained dedicated and persevered through the pandemic. We remained true to our mission by offering note modifications, payment deferrals, the Paycheck Protection Program, and patronage distribution to support our members during this extraordinary time.”
Throughout 2020, MidAtlantic Farm Credit distributed $50.8 million in cash through our patronage program. “Farm Credit’s unique cooperative structure allows us to share our profits with our borrowers,” adds Truitt. “The over $50 million in cash we were able to distribute to our members last year will help them continue to succeed.”
For more information about MidAtlantic Farm Credit’s financials, and to view the Association’s 2020 annual report, please visit mafc.com/about/financials.