April 1, 2022
Farm Credit East reported solid 2021 financial results today, showing continued growth in loans coupled with strong earnings, which allowed the Farm Credit East to distribute a record $91 million in patronage dividends to eligible customer-owners based on 2021 earnings.
“Farm Credit East continued 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 2021 net income grew to $205 million. Following more than two decades of growth, the cooperative closed out the year with $9.1 billion in loan volume and $1.8 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, “Despite 2021’s ongoing challenges, our members continue to show resilience. We are pleased to report strong financial results, allowing us to continue to work with customers during these uncertain times. These strong results also enabled the board to return $91 million in patronage dividends on 2021 earnings to Northeast farmers, commercial fishermen and forest products operations.”
During 2021, Farm Credit East and Yankee Farm Credit completed a successful merger which became effective January 1, 2022. Yankee Farm Credit paid a record $9.1 million in patronage dividends based on its 2021 earnings, meaning current Farm Credit East customers received over $100 million in combined patronage based on Farm Credit East and Yankee Farm Credit’s 2021 results.
Farm Credit East’s 2021 Annual Report was mailed to customers in March and is also available on Farm Credit East’s website. Visit FarmCreditEast.com to learn more.