MidAtlantic Farm Credit, a members-owned cooperative Association and part of the national Farm Credit System, recently announced their year-end financial results for 2021. Loan volume grew to over $3 billion, an increase of approximately 4.7 percent compared to $2.90 billion in 2020. The Association reported a net income of $89.0 million in 2021, up from $78.7 million in 2020. The Association’s portfolio quality continues to remain strong with acceptable credit quality at 97.3 percent for 2021.
“This past year gave us the ability to reconnect with each other and provide consistent and reliable lending for agriculture and rural America,” says Tom Truitt, Chief Executive Officer of MidAtlantic Farm Credit. “We are proud to have finished the year well-positioned to continue to fulfill our mission and serve our members and communities in exciting new ways.”
Throughout 2021, MidAtlantic Farm Credit distributed a record-breaking $54.7 million in cash through their patronage program. “Farm Credit’s unique cooperative structure allows us to share our profits with our borrowers,” adds Truitt. “The over $54 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 2021 annual report, please visit mafc.com/about/financials.