Horizon Farm Credit Announces 2024 First Quarter Financial Results

Horizon Farm Credit has announced its 2024 first quarter financial results. Net accruing loan volume for the first three months of 2024 was $6.6 billion, an increase of 6.7% compared to the same 2023 period. Net interest income for the first quarter of 2024 was $47.9 million, a 6.1% increase from the same period in 2023. Net income for the quarter was $32.7 million, a 4.4% decrease compared to the first quarter of 2023. The unfavorable impact of the 2024 first quarter results is principally related to a provision for allowance for credit losses recorded.

Nonaccrual loans increased $1.9 million in the first quarter of 2024 to $29.9 million, compared to $28.0 million at December 31, 2023, and decreased $4.2 million compared to $34.1 million at March 31, 2023. The Association’s nonaccrual loans as a percentage of total loans increased to 0.45% at the end of the first quarter of 2024 compared to 0.42% at the end of 2023, and decreased compared to 0.54% at the end of the first quarter of 2023.

“Horizon Farm Credit’s success is a direct reflection of our member-borrowers’ performance, and we are pleased to see continued growth,” said Tom Truitt, Horizon Farm Credit Chief Executive Officer. “Our mission is to provide consistent and reliable credit to rural America. We continue to be inspired by our members’ success, and we’re proud to support rural America as they make their dreams a reality.”

Members’ equity at March 31, 2024, totaled $1.2 billion — up 2.7% from December 31, 2023. Total Regulatory Capital Ratio was 15.84% as compared with the 10.5% minimum mandated by the Farm Credit Administration , the Association’s independent regulator. The Association paid a cash patronage distribution of $79.5 million to its member-borrowers in the first quarter of 2024.

For more information about the financial results and Horizon Farm Credit, visit horizonfc.com.