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.

Patronage Stats

$100.1 million icon
Paid in 2022
For the full year 2021, customer-owners received a cumulative total of $100.1 million in patronage dividends. This was paid to customers in February 2022 based on 2021 earnings.
1.25% icon
Of average eligible loan volume
In 2021, customer-owners received a 1.25% reduction in their effective interest rate as a result of this patronage distribution.
$1.1 billion icon
Paid since inception
Since the patronage program began, Farm Credit East (and its predecessor cooperatives) have paid over $1.1 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
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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