Farm Credit East Reports 2023 Second Quarter Financial Results

Farm Credit East posted strong financial results for the six months ending June 30, 2023. Net income was $134.8 million, a decrease of $15.6 million as compared with the same period in 2022 driven by a $35.9 million reversal recorded to the allowance for loan losses. The 2023 earnings reflect the favorable impact of increased loan volume year over year with net interest income increasing $18.0 million, along with continued stable operating expenses. The Association did record a $1.9 million provision for loan losses for the six months ending June 30, 2023, as compared to the $35.9 million reversal of loan losses for the same period, as discussed above and in the ‘Provision for Loan Losses and Allowance for Credit Losses’ section of this report.

View the June 2023 Quarterly Report here.