Farm Credit of the Virginias Releases 2021 Annual Report
In March, Farm Credit of the Virginias, a financial cooperative serving Virginia, West Virginia, and western Maryland, released its 2021 annual report, highlighting strong financial positioning. The Association made great strides in carrying out its mission to support agriculture and its rural communities, and remained focused on helping customer-owners navigate a difficult agricultural and economic environment.
Farm Credit of the Virginias' 2021 annual reports were mailed to stockholders and customer-owners in March. To view the report, visit https://www.farmcreditofvirginias.com/about/financial-reports
According to the report, Farm Credit of the Virginias’ total loan volume at the conclusion of 2021 was $2.03 billion. In December, the cooperative surpassed $2 billion in loan volume, marking a major growth milestone. The total loan volume was $159.2 million greater than the previous year, representing an 8.51% growth margin. Net income at the conclusion of 2021 was approximately $49.6 million, of which $20.4 million is attributable to special patronage from AgFirst. In 2021, net income was $16.6 million greater than budget projections.
Each year, the Farm Credit of the Virginias Board of Directors approves an appropriate level of patronage dividends, carefully balancing the operational goals of the cooperative with the desire to return as much cash to members as possible. In April 2021, the association distributed a considerable patronage dividend resulting from the strong financial positioning of 2020. Farm Credit of the Virginias delivered $40 million to customer-owners in Virginia, West Virginia, and western Maryland in 2021, providing customer-owners a source of stability during a time of uncertainty.
Farm Credit of the Virginias CEO, Brad Cornelius, said, “Looking ahead, our number one priority remains to meet the lending needs of our agricultural constituents and the rural communities we serve, come what may. Farm Credit of the Virginias will remain leaders in our field, through good times and bad, by providing extensive local knowledge and agricultural expertise, competitive rates, excellent customer service and leveraging our strong financial position to provide attractive patronage dividends. We are grateful for our loyal customer-owners and the great industry we serve.”
About Farm Credit of the Virginias
Farm Credit of the Virginias provides over $2 billion dollars in financing to more than 12,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for over 100 years. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditofVirginias.com.