Farm Credit of the Virginias Reports Second Quarter Financial Performance
Farm Credit of the Virginias, ACA (Association) released its 2020 second quarter financial report providing documentation, discussion and analysis of its’ quarterly financial performance.
The second quarter financial report indicates as of June 30, 2020, the gross loan volume of the association was $1.81 billion compared to approximately $1.79 billion at December 31, 2019. Gross loan volume increased by $20.2 million when compared to gross loan volume at December 31, 2019. The increase in loan volume was mainly due to an increase in real estate mortgage loans during the first six months of 2020. The association recorded net income of $7.5 million during the second quarter bringing year-to-date earnings to approximately $16.1 million.
Farm Credit of the Virginias’ Chief Financial Officer, Justin Weekly, shared, “The Association continued to grow our loan volume during the second quarter while navigating the challenging economic environment. In response to these challenges our Association implemented programs designed to support our members in meeting their liquidity needs, while also protect the health and wellbeing of our members and employees in response to the COVID-19 pandemic. While we continue to monitor the impacts that this pandemic will have on the agricultural and business landscape, we remain well capitalized and positioned to execute our mission of being agriculture’s and our rural communities’ lender of choice.”
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 farmcreditofvirginias.com/about/financial-reports.aspx
About Farm Credit of the Virginias
Farm Credit of the Virginias provides over $1.8 billion in financing to more than 11,000 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.FarmCreditKnowledgeCenter.com or www.FarmCreditofVirginias.com.