Farm Credit of the Virginias Reports First Quarter Performance
Farm Credit of the Virginias, ACA (Association) recently released its’ 2021 first quarter financial report providing documentation, discussion and analysis of its’ quarterly performance.
The first quarter financial report indicates as of March 31, 2021, the gross loan volume of the Association was $1.90 billion compared to $1.87billion at December 31, 2020. Gross loan volume increased by $28.9 million or 1.55 percent when compared to gross loan volume at December 31, 2020. The increase in loan volume was mainly due to an increase in real estate mortgage loans during the first three months of 2021. Portfolio credit quality continues to be maintained at an acceptable level and credit administration remains satisfactory.
Chief Financial Officer, Justin Weekley, shared, “The Association continued the loan volume growth experienced in 2020 in the first quarter of 2021. Our team continues to navigate challenging economic conditions brought on by the pandemic. We will continue to monitor the impacts that this pandemic will have on the agricultural and business landscape, while remaining dedicated to our mission.”
Farm Credit of the Virginia’s quarterly and annual financial reports are available on the Association’s website. To access the most recent and past full reports, visit farmcreditofvirginias.com/about/financial-reports.aspx
About Farm Credit of the Virginias
Farm Credit of the Virginias provides over $1.8 billion in financing to more than 11,000 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. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for over 100 years. 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 www.FarmCreditofVirginias.com.