AgFirst returns record patronage of $468 million for 2021
AgFirst Farm Credit Bank’s board of directors approved a total patronage distribution of $468 million for 2021. As a cooperative, AgFirst returns the majority of its profits to its customers – the lending institutions that provide funding to rural America and agriculture.
This record amount is the result of a strong operating performance and increased interest income resulting from lower rates paid on debt in 2021.
“The AgFirst board and I are very pleased to announce this distribution. We work diligently every day to remain a reliable and strong source of financing for our Association partners, and this record distribution reinforces our dedication to that goal,” said AgFirst President and CEO Tim Amerson.
Patronage ultimately reduces the cost of funds and services for Farm Credit borrowers – America’s farmers and ranchers, farmer-owned cooperatives and other agribusinesses.
“During these challenging times, returning a significant portion of our earnings to our District is important as we work to fulfill our mission of supporting rural communities and agriculture to ensure farmers and agribusinesses can continue to perform their vital function,” Amerson said.