Patronage Dividends

Farm Credit East is a financial cooperative owned by the customers we serve. That means along with a share of voice, our customer-owners get a share of our earnings in the form of a direct payment called patronage.

About the Program

As a cooperative, Farm Credit East is owned by the customers we serve, governed by a customer-elected Board of Directors and our customer-shareholders can benefit from a patronage dividend program that returns a share of our net earnings.
Green co-op visualization graphic of Farm Credit East’s logo centered with varying shoots coming out from it showing different human icons.

Patronage Stats

$117 million
Paid in 2023
For the full year 2022, customer-owners received $117 million in patronage dividends. This was paid to customers in February 2023 based on 2022 earnings.
1.25% icon
Of average eligible loan volume
In 2022, customer-owners received a 1.25% reduction in their effective interest rate as a result of this patronage distribution.
$1.3 billion
Paid since inception
Since the patronage program began, Farm Credit East (and its predecessor cooperatives) have paid $1.3 billion in cash dividends to our customer-owners.
From the Board Chair

“The board of directors is committed to maintaining a cooperative that combines in-depth expertise with financial strength to be a long-term partner to our members. The board’s philosophy is that funds not needed to operate or capitalize the business should be returned to members.”

– Laurie Griffen, Farm Credit East Board Chair

2023 marked the 27th consecutive annual patronage payment

In February 2023, members received $117 million in patronage dividends. This is equivalent to 1.25% of average eligible loan volume.

Learn more about patronage dividends by contacting your local office.
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Patronage paid 2018-2022
From the CEO

“Paying patronage dividends is an essential component of our cooperative’s value proposition. Farm Credit East has the capacity to invest in technology and our people, while continuing to pay patronage dividends and meet our members’ capital needs as the leading financial partner to the Northeast agriculture, commercial fishing and forest products industries.”

– Mike Reynolds, Farm Credit East CEO

Patronage Dividends FAQs

Our earnings are either returned in the form of patronage dividends or retained on our balance sheet to help us continue serving agriculture through all its ups and downs. Paid entirely in cash, patronage payments are equivalent to a percentage of the interest Farm Credit East customers paid that year.

Patronage dividend payments are taxable. We encourage recipients to consult with their tax advisors about their specific situations.

The Farm Credit East Board will evaluate a variety of business factors, including earnings, growth and economic conditions to determine the appropriate amount of patronage dividends each year.

Have Additional Questions?

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