AgCarolina Farm Credit Reports 2018 Net Earnings of $28.7 Million
Release date: 3/26/2019
AgCarolina Farm Credit experienced another successful year in 2018.
[Raleigh, NC] AgCarolina Farm Credit, a member-owned cooperative, experienced another successful year in 2018. Net earnings of $28.7 million, along with a 2.2 percent increase in loan volume from the previous year were reported. Continued loan growth, and a special distribution from AgFirst Farm Credit Bank, the Association’s funding bank, contributed to the stellar earnings for 2018.
As owners of their financial cooperative, AgCarolina’s members have the opportunity to share in the financial success of the cooperative through patronage dividends. In February, the Association distributed $19.0 million, equal to 34% of the accrued interest on member loans during 2018, in total patronage refunds to members.
“For 31 consecutive years, AgCarolina has generated enough earnings to return over $264 million back to our members, in the form of a patronage refund,” said AgCarolina Farm Credit President and CEO Dave Corum. “Our Association is proud to serve the rural residents and agricultural communities of eastern North Carolina. Our board of directors, management team, and employees are proud to return these patronage dollars back to the communities in which we live and serve. Returning a portion of the profits of the Association to our members is a cornerstone of our cooperative and differentiates us from our competition. Over the last 10 years, customers have received an average annual interest rate discount of over 1.00% from patronage. It has truly never been better to be a member of the AgCarolina Farm Credit cooperative,” he adds.
AgCarolina Farm Credit is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $1.5 billion in loans and commitments outstanding to nearly 3,000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit.