2023 Annual Report

Grain Bins

Annual Reports are now available.

Alabama Farm Credit is pleased to provide our 2023 annual report. This has been another great year for the association, with growth of the association and value added for our members.

Members who have e-consented to digital communication will receive an emailed report on March 15th. If you have not previously e-consented, your copy will be delivered by mail.

View the Report

In a year of higher interest rates and economic uncertainty, Alabama Farm Credit continued to grow and serve the financial needs of our members. Alabama Farm Credit’s loan portfolio grew by over $24 million, in a year that many lenders across the Farm Credit System saw slower growth or reduced loan volume. Alabama Farm Credit earned over $15 million in profits in 2023 and will be giving approximately 60 percent of that amount back to our members in March of 2024.

Like all other Farm Credit associations, Alabama Farm Credit gets its funds from one of the four district funding banks. Alabama Farm Credit is one of 14 associations across 5 states that receives funding from the Farm Credit Bank of Texas, and they have been our source of funds for decades. Farm Credit Bank of Texas is a federated co-op or a “cooperative of cooperatives”. 

Alabama Farm Credit is a member in Farm Credit Bank of Texas and receives a patronage based on our level of borrowing from Farm Credit Bank of Texas, just like our members receive a patronage from us.  This year, Farm Credit Bank of Texas reduced their patronage payment to all its member associations in the district. For Alabama Farm Credit, this resulted in a reduction of our Income from Farm Credit Bank of Texas.

Alabama Farm Credit continues to share our success with our members.

Alabama Farm Credit’s Board voted on patronage payment of $9.4 million (or about 60 percent of profits from 2023) which will be paid out in March 2024. The remainder of the earnings are held by the association to support our continued loan growth.