MidAtlantic Farm Credit, a members-owned cooperative and part of the national Farm Credit System, recently published their 2014 annual report. The association reported a net income of $67.0 million in 2014. Their loan portfolio has grown from $2.20 billion in 2013 to $2.28 billion in 2014, with acceptable credit quality remaining at 97 percent.
MidAtlantic Farm Credit also reported their total patronage distribution as $25.9 million for 2014. “We are very proud of our patronage program and couldn’t be happier to give back directly to our customers and communities,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “Patronage truly sets us apart from other agricultural lenders, and to be able to distribute millions once again is very exciting.”
This year’s report highlights the deep roots that both the Farm Credit system and the association have within the agriculture community. “Our annual report not only provides our stockholders with important financial information, but it also gives them an update on all of the programs we offer and highlights some of the successes we’ve experienced from the past year,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “As we approach Farm Credit’s centennial celebration, we find ourselves looking back on years past and we took this opportunity to thank all our member-borrowers for helping our roots in agriculture flourish at a local level.”
To view MidAtlantic Farm Credit’s 2014 annual report, please visit mafc.com/financial-reports.