Colonial Farm Credit reported net income of $16.1 million for the year ending Dec. 31, 2023. The agricultural lending cooperative also noted an ending loan volume of $805.6 million, which was a $32.1 million increase on loan volume from 2022.
Paul Franklin, President and CEO of Colonial Farm Credit, noted, “2023 was a year of continued challenges and unknowns for many people and many industries, including agriculture. Overall, average month-end loan principal was 2.27 percent higher than 2022. At year-end, non-earning assets were 0.21 percent of total assets which indicated that overall risk is very manageable. Credit quality remained very sound, and we are well positioned to support our customers.”
As a result, the board of directors approved a patronage refund of $13.0 million that was distributed in early April to members of the agricultural lending cooperative.
Jennifer Cuthbertson, a Southampton County farmer and chair of the Colonial Farm Credit board of directors, noted, “This i...