Rural home, land & part-time farm borrowers continue to drive cooperative’s loan growth
Net income totaled $24.1 million, an increase of $793 thousand or 3.4% compared to the six months ended June 30, 2020, driven mostly by a reversal of allowance for loan losses and an increase in noninterest income, offset by an increase in noninterest expense.
During the second quarter, loan volume grew to $2.430 billion compared to $2.357 billion at December 31, 2020, an increase of $73 million or 3.1%. Rural home, land and part-time farm borrowers continued to drive the cooperative’s loan growth. Nonaccrual loan volume during the same period dropped from $9.5 million to $7.6 million.
“With the Association’s consistent growth and solid earnings, we can reinvest in agriculture’s future,” said Darrell Curtis, AgChoice Farm Credit CEO and President. “We’re leveraging our strong financial position to develop new programs to benefit young and beginning farmers and to improve our business services including consulting, accounting, records, tax preparation services and crop insurance. When customers initiate a new loan application or add a new accounting or consulting service engagement through December 31, we’re also offering exclusive savings.”
Find and read complete second quarter financial results at https://www.agchoice.com/about/financial-statements.
AgChoice Farm Credit specializes in providing farm and country property loans and financial services to help customers confidently reach their dreams. To learn more about AgChoice, contact us at 800-998-5557 or visit AgChoice.com.
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