Farm Credit of the Virginias Reports Third Quarter Financial Performance
Farm Credit of the Virginias, ACA (Association) released its 2020 third quarter financial report providing documentation, discussion and analysis of its’ quarterly financial performance.
The third quarter financial report indicates as of September 30, 2020, the gross loan volume of the Association was $1.82 billion, compared to $1.78 billion at December 31, 2019. Gross loan volume increased by $29.4 million or 1.64% 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 nine months of 2020.
Farm Credit of the Virginias’ Chief Financial Officer, Justin Weekley, shared, “The Association again grew our loan volume during the third quarter while remaining focused on our customer-owners during this challenging economic environment. We remain dedicated to the health and wellbeing of our members and employees in response to the COVID-19 pandemic and will continue to be responsive to changes in the agricultural and business landscape."
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 www.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.FarmCreditofVirginias.com.