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Farm Credit of the Virginias, a customer-owned financial cooperative, reported second quarter 2014 net income of $7.5 million.
Staunton, Virginia (PRWEB) August 29, 2014
Farm Credit of the Virginias, a customer-owned financial cooperative, reported second quarter 2014 net income of $7.5 million. This brings the net income of the cooperative for the first six months to $16 million. We are pleased with our second quarter and year-to-date financial results, which reflect positive trends across most areas of our operations, said David Lawrence, Chief Executive Officer of Farm Credit of the Virginias. We experienced increased loan demand across our markets, which resulted in the strongest quarterly loan growth we have experienced in several years.
We are also pleased to pay out our 2013 patronage dividend totaling $21 million in cash to our customer-owners during the second quarter. This demonstrates how the cooperative model works by having our customer-owners share in the cooperatives earnings, said Mr. Lawrence.
Farm Credit of the Virginias loan portfolio increased $34 million during the second quarter and totaled over $1.528 billion at June 30, 2014. Credit quality of the loan portfolio remained strong, with 95% of the loans classified as acceptable. Improved profitability in the livestock, poultry and dairy industries and a strengthening of the general economy has helped the cooperative maintain the credit performance of its loan portfolio.
Farm Credit of the Virginias provides over $1.5 billion dollars in financing to more than 10,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit http://www.FarmCreditKnowledgeCenter.com or http://www.FarmCreditofVirginias.com.
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