American AgCredit reports net income of $104.5 million and record dividends for 2016

American AgCredit, one of the largest agricultural lending cooperatives in the country, has reported a net income of $104.5 million for the year 2016. This marks a $4.8 million increase from the $99.7 million in net income the company reported for 2015, due to a $26.8 million increase in net interest income.

“Despite facing a variety of challenges in 2016—low commodity prices, weather patterns and global supply and demand—American AgCredit realized another successful year,” CEO Byron Enix said. “Our growth in loan volume and resulting cash dividend disbursement this year directly represent our success.”

In addition to the net income increase, American AgCredit also announced $212.5 million in net interest income, up from $185.6 million the previous year, and a record $50.2 million in dividends distributed to shareholders. Since 2005, American AgCredit reports that it has returned more than $350 million in dividends. 

Founded in 1916 and part of the nationwide Farm Credit System, American AgCredit provides financial services to agricultural and rural customers from Kansas, Nevada, California, Oklahoma, Colorado and New Mexico. 

“The 2016 year was one of exceptional performance for American AgCredit,” Chief Financial Officer Vern Zander said. “And we anticipate continued success moving forward as the Association is well capitalized and continues to experience strong loan growth.”