Central Texas Farm Credit returned a record $8.6 million patronage refund to its stockholders in March, thanks to the cooperative’s strong financial results in 2023.
“We are pleased to report that we sent out another record patronage check,” Zach May, CTFC chief executive officer, said. “We know that putting cash in our member-borrowers’ pockets is the best way to deliver value.”
This patronage refund equates to approximately 77 percent of the net income earned by the co-op during 2023, reducing the net interest paid by borrowers. Central Texas Farm Credit retains only the portion of its earnings needed for growth and stability with the rest returned to stockholders through the patronage program.
“As a cooperative lender, our patronage program is the driving force behind our business model and something our board, management, and staff focus on all year,” Robby Halfmann, chairman of the cooperative’s board said. “Our cash patronage program makes us different than other lenders and is a clear advantage of doing business with us.”
