Farm Credit of the Virginias releases 2020 annual report
The 2020 report highlights strong financial positioning. The association made great strides in carrying out its mission to support agriculture and its rural communities, and remained focused on helping customer-owners navigate a difficult agricultural and economic environment.
Farm Credit of the Virginias’ net income in 2020 was $49.2 million, which was $16.9 million above budget projections. The overall net income was approximately $3.3 million higher than in 2019. The net income was significantly impacted by the special patronage received from the AgFirst Farm Credit Bank, which totaled $16.0 million in 2020. The Association ended the year with $1.87 billion in loan volume, an increase over last year.
Each year, the Farm Credit of the Virginias Board of Directors approves an appropriate level of patronage dividends, carefully balancing the operational goals of the cooperative with the desire to return as much cash to members as possible.
In April 2020, the association distributed a considerable patronage dividend resulting from the strong financial positioning of 2019. Farm Credit of the Virginias delivered $35 million to customer-owners in Virginia, West Virginia, and western Maryland in 2020.
“Looking ahead to 2021 and beyond, our number one priority remains to meet the lending needs of our agricultural constituents and the rural communities we serve, come what may,” Farm Credit of the Virginias CEO Brad Cornelius said.
“Farm Credit of the Virginias will remain leaders in our field, through good times and bad, by providing extensive local knowledge and agricultural expertise, competitive rates, excellent customer service, and leveraging our strong financial position to provide attractive patronage dividends. We are grateful for our loyal customer-owners and the great industry we serve,” Cornelius said.
Farm Credit of the Virginia’s 2020 annual reports were mailed to each stockholders and customer-owners in March.
To view the report, visit farmcreditofvirginias.com/about/financial-reports.aspx.