Farm Credit of the Virginias Reports First Quarter Performance
Farm Credit of the Virginias, a lending cooperative serving Virginia, West Virginia and western Maryland, recently released its 2022 first quarter financial report providing documentation, discussion and analysis of its’ quarterly performance.
The first quarter financial report indicates as of March 31, 2022, the gross loan volume of the Association was approximately $2.05 billion compared to $2.03 billion at December 31, 2021. Gross loan volume increased by $17.8 million or 0.88 percent when compared to gross loan volume at December 31, 2021. The increase in loan volume was mainly due to an increase in real estate mortgage loans made during the first three months of 2022. Portfolio credit quality continues to be maintained at an acceptable level and credit administration remains satisfactory.
Farm Credit of the Virginias’ Chief Financial Officer, Justin Weekley, shared, “We started 2022 from a position of strength and look forward to continuously leveraging that strength to serve agriculture and our rural communities. Farm Credit of the Virginia’s remains dedicated to supporting our members through the ongoing economic disruption and heighted inflation, and remains well capitalized and ready to serve our customer-owners.”
Farm Credit of the Virginia’s quarterly and annual financial reports are available on the Association’s website. To access the most recent and past full reports, visit the following link: https://www.farmcreditofvirginias.com/about/financial-reports
About Farm Credit of the Virginias
Farm Credit of the Virginias provides over $2 billion 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.