Horizon Farm Credit Announces Third Quarter 2022 Financial Results
Net credit accruals for the first nine months of 2022 were $5.8 billion, up 98.4 percent from 2021.
Horizon Farm Credit announced financial results for the third quarter of 2022. Net credit accruals for the first nine months of 2022 were $5.8 billion, up 98.4 percent from the same period in 2021. Net interest income for the third quarter of 2022 was $42.8 million, an increase of 119.3 percent compared to the same period in 2021. Net income for the quarter was $34.7 million, an increase of 152.0 percent compared to the third quarter of 2021, primarily due to the favorable impact of the merger with legacy AgChoice Farm Credit. (photo from file)
MECHANICSBURG, Pa. — Horizon Farm Credit announced its third quarter 2022 financial results. Net credit accruals for the first nine months of 2022 were $5.8 billion, up 98.4 percent from the same period in 2021. Net interest income for the third quarter of 2022 was $42.8 million, an increase of 119.3 percent compared to the same period in 2021. Net income for the quarter was $34.7 million, an increase of 152.0 percent compared to the third quarter of 2021, primarily due to the favorable impact of the merger with legacy AgChoice Farm Credit.
“We at Horizon Farm Credit are excited to see continued growth, diversity and investment in agriculture, which in turn contributes to the financial success of our Association,” said Tom Truitt, Chief Executive Officer of Horizon Farm Credit. “Our operations reflect the productivity of our members as well as our commitment to serving farmers in our region. We are continually inspired by our mission to help members of the agricultural community obtain the capital they need to start, expand or improve their operations.”
Bad loans decreased by $2.0 million in the third quarter of 2022 to $35.6 million, compared to $37.6 million as of December 31, 2021 and $40.3 million as of September 30, 2021. Non-performing association loans as a share of total loans fell to 0.60 percent at the end of the third quarter of 2022, compared to 1.24 percent at the end of 2021 and 1.34 percent at the end of the third quarter of 2021.
Members’ equity as of September 30, 2022 was $1.1 billion, an increase of 66.9 percent compared to December 31, 2021, and the total capital ratio was 17.23 percent. This figure compares with a minimum of 10.5 per cent set by the Farm Credit Authority (FCA), the Association’s independent regulator. In March 2022, MidAtlantic Farm Credit distributed a record $83.9 million to members based on 2021 earnings. AgChoice Farm Credit paid a record $50.2 million in 2021 profit-based patronage cash distributions, meaning Horizon Farm Credit member borrowers received more than $134 million in combined patronage.
For more information on financial performance and Horizon Farm Credit, visit horizonfc.com.
– Horizon Farm Credit
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