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The Farm Credit System today reported that combined net income decreased 1.4% to $1.78 billion and 1.7% to $3.51 billion for the three and six months ended June 30, 2023, as compared with net income of $1.81 billion and $3.57 billion for the same periods of the prior year.

Farm Credit East, a customer-owned cooperative lender and financial services provider, has announced the results of its recent director elections and board reorganization meeting. The 18-member board represents the diversity of Northeast agriculture and forest products.

Farm Credit East, ACA, the Northeast’s largest agricultural lending cooperative, announced its distribution of a record $117 million in cash patronage dividends to 12,250 farm, fishing and forestry business owners and operators across the Northeast. On average, eligible customers received a 1.25% reduction in their effective interest rate as a result of this patronage distribution. 

The Farm Credit System today reported combined net income of $7.3 billion for the year ended December 31, 2022, as compared with $6.8 billion for the prior year. The System also reported combined net income of $1.8 billion for the fourth quarter of 2022, as compared with $1.6 billion for the fourth quarter of 2021.