Farm Credit East Reports Strong 2024 Financial Results

ENFIELD, Conn. — Farm Credit East reported solid 2024 financial results at its recent annual meeting. Continued loan growth coupled with strong earnings allowed it to distribute a combined $140 million in patronage dividends to eligible customer-owners based on 2024 earnings.

“Our strong financial results over the past several years reinforce Farm Credit East’s ability to serve Northeast agriculture and rural communities and the strength of our cooperative model,” CEO Mike Reynolds said.

In 2024, Farm Credit East’s net income grew to $337 million. Following more than two decades of growth, the cooperative closed out the year with $12.9 billion in loan volume and $2.4 billion in capital. This level of equity allows it to maintain competitive interest rates, while returning a portion of earnings to eligible customer-owners through patronage dividends.

“Given the association’s success in 2024, the board was pleased to approve a special patronage to members. This reflects our commitment to returning value to customer-owners while ensuring the long-term strength of the cooperative,” said John Knopf, Farm Credit East board chair.

The $140 million total patronage paid to members in February is a combination of $131.6 million in patronage dividends based on 2024 cooperative earnings and a $8.4 million special patronage payment the board of directors approved, resulting from the association’s strong results, which exceeded financial targets.