MECHANICSBURG, Pa. — AgChoice Farm Credit, a customer-owned financial services cooperative, and a member of the national Farm Credit System, reported its 2021 first quarter financial results.
First quarter earnings were $10.8 million, slightly lower than the $11.1 million from the same period in 2020. While net interest income improved due to volume growth and the provision for loan losses was lower than the prior year, those favorable variances were more than offset by the effects of some non-recurring items relative to the Farm Credit System Insurance Corporation (FCSIC).
Through March 31, the Association’s loan volume grew 2.0% to $2.4 billion. An increase in loans to land and rural home buyers and agribusinesses that service farmers helped drive the first quarter growth. A Small Business Administration (SBA) approved lender, AgChoice also offered Paycheck Protection Program (PPP) loans in the first quarter for new and existing customers.
Acceptably-rated loan volume improved to 95.6%, as compared to 95.0% in the previous quarter, while the Association’s total capital remained strong at 17.32%
“We experienced a surge in land and country property financing requests in 2020, fueled by the pandemic,” said Darrell Curtis, AgChoice President and CEO. “That interest in rural living continues into 2021. Combined with strong demand for agricultural loans as the economy recovers, and our exclusive loan and financial services offers for members this year, the cooperative is positioned for growth.”
Find and read first quarter financial results at https://www.agchoice.com/about/financial-statements
AgChoice Farm Credit specializes in providing farm and country property loans and financial services to help customers confidently reach their dreams. To learn more about AgChoice, contact us at 800-998-5557 or visit AgChoice.com.
–AgChoice Farm Credit