Amid a tough year for many in agriculture, it was more important than ever to reinforce one of our key priorities: delivering the best customer experience.
While the coronavirus pandemic brought unprecedented challenges, it also ushered in new opportunities. Texas Farm Credit emerged as an even stronger company, positioned to create greater value for our customers.
In 2020, we saw record earnings, loan growth, strong credit quality, and cash returns for our member-owners. We exceeded the financial projections of our business plan by more than $4.2 million. Our net income of $34.2 million was the highest on record. Total loan volume grew by 19.0%. Credit quality remained strong, with 97.9% of loans classified as acceptable or special mention.
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Passion Forward Initiatives |
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In 2017, our team launched Passion Forward, a charitable giving initiative formed in response to our Board’s challenge to give back 2% of our annual net income to local charitable organizations.
In 2020, our final donated percentage came to 1.84%. Although slightly less than the 2% goal, we are still proud of employee donations of time, money, and volunteerism despite facing a global pandemic.
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Texas Farm Credit Employee Honored As 2021
Tommy Dean Shearrer Community Champion
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Joni Woodall received Texas Farm Credit's 2021 Tommy Dean Shearrer Community Champion Award, which includes a $2,500 donation to a charity of her choice.
Woodall selected Trooper Damon C. Allen Memorial Foundation, a non-profit organization established in 2019 by Kasey Pickett Allen in honor of her husband, Trooper Damon C. Allen. The foundation helps the lives of first responders by raising funds for various needs such as finances, physical, mental, or emotional assistance or other support during or after a tragedy occurs in their lives or the lives of an immediate family member.
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Farm Credit Associations Join Together to Support
Texas Winter Storm Relief
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Following the recent destructive winter storms that impacted the entire state of Texas, Farm Credit organizations from across the nation partnered together to support relief efforts for rural communities and residents across the Lone Star State.
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Texas Farm Credit Makes $10,000 Donation to Alba-Golden ISD |
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Texas Farm Credit made a $10,000 donation to Alba-Golden ISD following a fire that destroyed the school's ag barn the day after Christmas.
"Thanks to Texas Farm Credit for donating $10,000 to Alba-Golden FFA for the repurchase of equipment lost in fire at our project center over the holidays," noted Alba-Golden ISD's Facebook caption. "We appreciate their support to help our agricultural science program!"
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Youth Ag Video Showcase Winners |
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Texas Farm Credit announced the winners of their Youth Ag Video Showcase and recipients of the $20,000 cash pot prize.
The showcase encouraged local youth to submit a 2-3 minute video spotlighting their agricultural project. This contest was developed by Texas Farm Credit in order to support the passion of ag students in lieu of canceled stock shows and other ag-related events due to COVID-19.
Judging committee chair members Sarah Franklin and Jess Yeaman said, "The future of agriculture is bright! We were very impressed with the quality of videos we received, and we are so proud of the youth. We wish them the best in all of their future endeavors and encourage them to continue working hard."
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Customer Spotlight: Pennington Farms, Inc. |
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A full-time farmer and a part-time Air Force Reservist, Spence Pennington has found community among Farmer Veteran Coalition members and support from Texas Farm Credit.
“I know that I can not only trust the people I've been doing business with at Texas Farm Credit, but if something were to happen to them, I can trust Texas Farm Credit as a whole to be there for me in something that is so critical. I mean, this is the difference in farming next year or not.”
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Texas Farm Credit is an agricultural lending cooperative that specializes in rural financing by providing competitive rates, flexible terms, and personal service to farmers, ranchers, rural residents, and agribusiness firms from the Red River to the Rio Grande Valley.
We make loans for:
- farm and ranch real estate
- hunting and recreational property
- poultry operations
- refinancing of land and equipment
- dairy operations
- livestock
- production inputs such as feed, seed, and fertilizer
- machinery, vehicles, and equipment
- timber
We also offer:
- home loans
- insurance services
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