“Our strong financial results over the past several years reinforce Farm Credit East’s ability to serve Northeast agriculture and rural communities and the strength of our cooperative model,” said Mike Reynolds, CEO of Farm Credit East.
In 2024, Farm Credit East’s net income grew to $337 million. Following more than two decades of growth, the cooperative closed out the year with $12.9 billion in loan volume and $2.4 billion in capital. This level of equity allows Farm Credit East to maintain competitive interest rates, while returning a portion of earnings to eligible customer-owners through patronage dividends.
Farm Credit East Board Chair John Knopf commented, “Given the Association’s success in 2024, the board was pleased to approve a special patronage to members. This reflects our commitment to returning value to customer-owners while ensuring the long-term strength of the cooperative.”
The $140 million total patronage paid to members in February is a combination of $131.6 million in patronage dividends based on 2024 cooperative earnings, along with a $8.4 million special patronage payment the board of directors approved, resulting from the Association’s strong results which exceeded financial targets.
Farm Credit East’s 2024 Annual Report is available on Farm Credit East’s website. Visit FarmCreditEast.com to learn more.
Farm Credit East is a member-owned cooperative serving businesses involved in agriculture, forest products and commercial fishing throughout its eight-state territory of New York, New Jersey and New England. 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 a 15-person board of directors, comprised of 13 customer elected, one customer appointed and one outside appointed director. For more information, visit FarmCreditEast.com.
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