Farm Credit East Reports Strong 2023 Financial Results

Farm Credit East reported solid 2023 financial results today, showing continued growth in loans coupled with strong earnings, which allowed Farm Credit East to distribute a combined $130 million in patronage dividends to eligible customer-owners based on 2023 earnings.

“Farm Credit East continues to meet our members’ capital needs which drove loan growth during the year,” said Mike Reynolds, CEO of Farm Credit East. “Our financial strength also allows us to continue to invest in our team and technology to provide the best possible service to customers into the future.”

Farm Credit East’s 2023 net income grew to $270 million. Following more than two decades of growth, the cooperative closed out the year with $11.5 billion in loan volume and $2.2 billion in capital. This level of equity allows the cooperative to finance customers’ growth and to work with customers through industry challenges. Farm Credit East maintains competitive interest rates for its customers and continues to return a portion of its earnings to eligible customer-owners through patronage dividends.

Farm Credit East Board Chair Laurie Griffen commented, “We are pleased to report strong financial results, allowing us to continue to serve Northeast agriculture, while investing in the

cooperative. Given the Association’s success in 2023, the board was pleased to approve a special patronage to members.”

This $130 million total patronage paid to members in February is a combination of $120 million in patronage dividends based on 2023 cooperative earnings, along with a $10 million special patronage payment the board of directors approved, resulting from the Association’s strong results which exceeded financial targets.

Farm Credit East’s 2023 Annual Report is available on Farm Credit East’s website. Visit FarmCreditEast.com to learn more.

Farm Credit East is a member owned cooperative with 24 locations in its eight-state service area. In addition to loans and leases, the organization also offers a full range of specialized financial services, such as tax preparation, payroll, record keeping, appraisal and consulting for farming, forest products and commercial fishing businesses. Farm Credit East is governed by an 18-person board of directors, comprised of 15 customer-elected, one customer appointed and two outside appointed directors. For more information, visit  FarmCreditEast.com.