MECHANICSVILLE, Va. (April 09, 2018)—Colonial Farm Credit reported excellent net income for the year ending December 31, 2017. Total net income was $19.4 million on loan volume of $636 million which was an increase from 2016 earnings. As a result, the board of directors approved a patronage return of $11.0 million to members of the agricultural lending cooperative. This represents a return of almost 60% of earnings.
Paul Franklin, president and CEO of Colonial Farm Credit said "Continued excellent credit quality and robust capital combined with one-time accounting actions helped produce this level of income. Our farmers' good yields, combined with their wise marketing and risk management decisions overcame lower than normal commodity prices."
John Bickford, a Buckingham County farmer and forester and chairman of the Colonial Farm Credit board of directors noted, "This is the 20th consecutive year in which we have been able to return a portion of our profits to our customer-owners. We are pleased to be in the financial position to return this money to the rural communities we serve."
For more than 100 years, Farm Credit has been financing and supporting rural America. "As evidenced by the Farm Credit System's long history, we have been and will continue to be here in both the good times and the bad," said Franklin. "From food, to fuel, to fiber, rural America matters, and we will always be here to support those who live and work here."
About Colonial Farm Credit
Colonial Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services. The cooperative has over 4,750 customers and $636 million in loans outstanding, with 13 offices serving eastern Virginia and southern Maryland. The complete Colonial Farm Credit 2017 annual report is available at www.colonialfarmcredit.com.