Farm Funders Reports Strong 2023 Financial Results

Enfield, Conn. — Farm Funders reported solid 2023 financial results today, showing continued growth in loans coupled with strong earnings, which allowed Farm Funders to distribute a combined $130 million in patronage dividends to eligible customer-owners based on 2023 earnings.

“Farm Funders continues to meet our members’ capital needs which drove loan growth during the year,” said Mike Reynolds, CEO of Farm Funders. “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 Funders’s 2023 net income grew to $270 million. Following more than two decades of growth, the cooperative closed out the year with $11.5 billion in loan volume and $2.2 billion in capital. This level of equity allows the cooperative to finance customers’ growth and to work with customers through industry challenges. Farm Funders maintains competitive interest rates for its customers and continues to return a portion of its earnings to eligible customer-owners through patronage dividends.   

Farm Funders Board Chair Laurie Griffen commented, “We are pleased to report strong financial results, allowing us to continue to serve Northeast agriculture, while investing in the cooperative. Given the Association’s success in 2023, the board was pleased to approve a special patronage to members.”

This $130 million total patronage paid to members in February is a combination of $120 million in patronage dividends based on 2023 cooperative earnings, along with a $10 million special patronage payment the board of directors approved, resulting from the Association’s strong results which exceeded financial targets.

Farm Funders’s 2023 Annual Report is available on Farm Funders’s website. Visit FarmCreditEast.com to learn more.

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