American AgCredit, an agricultural lending cooperative based in Santa Rosa, on Tuesday reported net income of $159 million for the year ending Dec. 31.
“Strong loan growth and our merger with the former Farm Credit of Southwest Kansas put us in a position to realize significant gains in net interest income in 2017,” said Byron Enix, CEO.
The association had $105 million in net income for the full year in 2016. American AgCredit’s net interest income in 2017 was $255 million, up from $213 million in 2016. Average earning assets grew by $1.3 billion in 2017, up 17 percent.
The organization, founded in 1916 as part of the nationwide Farm Credit System, distributed nearly $60 million in cash dividends to customers in 2017.
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