The Fresno Madera Farm Credit announced Tuesday it is distributing $10.4 million in dividends to members based on 2018 earnings.
In 2018, the cooperative financing institution earned $20 million in net income. Thus, the dividend to members constituted 50 percent of net earnings on the year.
Farm Credit announced its 2018 results and dividend was a slight increase over 2017.
“We’re very pleased about our financial results, and the amount of our earnings we’re able to return to the members,” Farm Credit chairman Jeff Jue said in a release.
In a five year span, the cooperative has issued $40 million in cash dividend to its member customers.
“Our cooperative structure enables us to return a portion of our earnings back to the membership in the form of a 100 percent cash distribution,” Farm Credit President and CEO Keith Hesterberg said in a release.
Fresno Madera Farm Credit currently operates with a loan volume of more than $1.3 billion invested in agricultural enterprises in the region.