Horizon Farm Credit Announces Annual Results for 2022
Horizon Farm Credit reported strong financial positioning in its 2022 Annual Report. Horizon Farm Credit was formed July 1, 2022, with the merging of AgChoice Farm Credit and MidAtlantic Farm Credit--both successful and respected Associations. Horizon Farm Credit showed continued growth in loans and strong earnings from the point of its establishment throughout the remainder of 2022.
As a result of the merger, loan volume grew to just over $6.0 billion, an increase of approximately 99.2 percent compared to $3.0 billion in 2021. Net income grew over $31.4 million, a 35.3 percent increase compared to $89.0 million in 2021. Credit quality continues to remain strong with acceptable credit quality at 97.0 percent for 2022. The merger also created a positive shift in the commodity concentration and strengthened the agricultural diversification of the Association’s loan portfolio.
“Our Association grew significantly in 2022, with respect to our footprint, membership, and our ability to serve agriculture,” said Tom Truitt, Chief Executive Officer of Horizon Farm Credit. “The formation of Horizon Farm Credit and its strong financial performance has positioned us to continue to meet the needs of producers in our territory, grow our industry, and support our rural communities for years to come.”
In 2023, Horizon Farm Credit will be distributing a combined total of $91 million of its 2022 earnings in cash patronage directly to its member-borrowers. “Our patronage program is something unique to Farm Credit, and one of the many benefits of being a cooperative,” says Truitt. “It’s gratifying to be able to share the Association’s success with our members and their families.”