Horizon Farm Credit Announces Strong 2024 Third Quarter Financial Results

Horizon Farm Credit sees growth in 2024 third quarter, announcing strong financial results. Net accruing loan volume for the first nine months of 2024 was $7.0 billion, an increase of 7.0% compared to the same 2023 period. Net interest income for the third quarter of 2024 was $49.8 million, a 17.6% increase from the same period in 2023. Net income for the quarter was $30.1 million, a 3.2% increase compared to the third quarter of 2023. The favorable impact of the 2024 third quarter results is principally related to increased loan volume.

Nonaccrual loans increased $1.2 million in the third quarter of 2024 to $29.2 million, compared to $28.0 million at December 31, 2023, and decreased $1.5 million compared to $30.7 million at September 30, 2023. The Association’s nonaccrual loans as a percentage of total loans decreased to 0.41% at the end of the third quarter of 2024 compared to 0.42% at the end of 2023 and compared to 0.48% at the end of the third quarter of 2023.

“The success we’ve seen in 2024, and especially the third quarter, is a direct result our of member-borrowers’ resilience,” said Tom Truitt, Horizon Farm Credit’s Chief Executive Officer. “Our mission is to support rural America with consistent and reliable credit that allows borrowers achieve their dreams. Horizon Farm Credit’s strong financial position reflects the accomplishments of our members, and we’re proud to support them in their journeys.” 

Members’ equity as of September 30, 2024, totaled $1.3 billion — up 8.1% from December 31, 2023. Total Regulatory Capital Ratio was 15.68% 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, click here.