Horizon Farm Credit recently announced their second annual Farmers on the Rise program, awarding up to ten $10,000 prizes to young, beginning, small, minority, and/or veteran farmers in their footprint.  

“This award program was created to honor ten outstanding farm owner-operators within the diverse agricultural community looking to expand their existing agricultural business,” says Tom Truitt, CEO of Horizon Farm Credit. “Those selected to receive an award will be recognized based on their efforts in agriculture, financial character, leadership, community involvement, and environmental stewardship.”

The contest is open to applicants that identify with at least one of the following categories:

• between 18 and 35 years of age,
• minority operator,
• veteran operator,
• operate a small farm with annual gross ag income less than $250,000,
• or a beginning farmer with at least two years of farming experience, but no more than 10 years.

In 2021, Farm Credit awarded six recipients with Farmers on the Rise awards. “Farm businesses ranged from livestock and grain to aquaponics and produce for urban communities and CSAs,” says Johanna Rohrer, Member Education & YBS Program Specialist at Horizon Farm Credit. “Our panel of judges is looking forward to reviewing the applications this year and seeing the inspiring dreams of our region’s producers.”

This program is open to all farmers. You do not need to be a Farm Credit customer to apply, but must reside in Horizon Farm Credit’s footprint. The deadline to submit an entry is September 30, 2022. For more eligibility requirements and to apply, visit farmersontherise.com. If you have any questions about this program or application, please email learning@horizonfc.com.

Ellie Grossnickle, Ag Relationship Manager, Horizon Farm Credit

We are officially in the heat of the summer, which means it’s nearly impossible to drive anywhere without passing a roadside market with fresh produce. I could make a meal off of fresh-picked sweet corn. In Maryland, where there are more than 90 famers markets to choose from (according to Maryland Department of Agriculture’s 2022 Farm Market Directory), getting my sweet corn fix is no problem. Whether you’re stopping by the farmers market, on-farm store, or roadside stand, buying local is a perfect way to support your local community’s economy while getting the freshest product.

Aside from a delicious taste and friendly staff, one of the best parts of buying local is knowing exactly who you are buying from, and having the satisfaction that everything you are paying for is going directly into a farmer’s pocket. As a fellow farmer and neighbor, I’m able to see the countless hours spent and sacrifices made to get their product from farm to table, so even if I do pay a little more than I might somewhere else, it’s worth knowing who it’s helping. Astronomical input costs have created a trying first half of 2022 for all farmers, so I feel good knowing my contribution goes a long way.

A couple that is serving up some of the best locally grown food is Jamie and Robin Enders of Glen Arm, Maryland. The Enders own and operate Willow Valley Farm where they raise beef, pork, chicken, and eggs, which they sell in a small store located at the entrance of their farm. Along with their own products, they also sell a variety of goods sourced from other local farmers. When asked why the Enders believe in buying local, Robin says, “By supporting local farmers, you are enriching your community by keeping resources local. Willow Valley Farm employs many local teenagers that are often looking for first time jobs. Buying local also reduces travel costs, which helps not only our wallets, but our environment.”

Buying local doesn’t mean you can’t also support farmers that don’t have the ability to sell to a direct market, but it’s a convenient way to get a fresh product while supporting local communities. My family ships milk to the Maryland and Virginia Milk Producers Cooperative, which eventually ends up in grocery stores. While I firmly believe in the quality and freshness of that milk product, I still love to support our local creameries and enjoy some freshly churned ice cream when I have the chance. And, if you’re searching for locally grown food in Pennsylvania, look for the PA Preferred checkmark logo on products in grocery stores like Giant, ShopRite, Walmart, Wegmans, and Weis.

Supporting both markets is important to the viability of our food system. With National Farmers Market week being celebrated August 7 through 13, be sure to check out what the farmer next door to you has to offer. To find a market in your area, check out the 2022 National Farmers Market Directory: ams.usda.gov/local-food-directories/farmersmarkets.

If you’re dreaming of growing local products for your community to enjoy, or currently raising products and need financial assistance, reach out to me or a member of our team today by calling 888.339.3334 or visiting HorizonFC.com. Farm Credit is ready to help you take the next step in your farming business.

Horizon Farm Credit has announced the 2022 second quarter financial results from its two legacy Associations, AgChoice Farm Credit and MidAtlantic Farm Credit. The two Associations merged on July 1, 2022, at the conclusion of the second quarter, forming Horizon Farm Credit.

“AgChoice Farm Credit and MidAtlantic Farm Credit had strong second quarter financials, resulting in the start of a consistent, reliable new cooperative this July as Horizon Farm Credit,” says Tom Truitt, Horizon Farm Credit CEO. “Both legacy Associations saw increases in net accruing loan volume and net interest for the first half of 2022, proving the strength of the agricultural industry and our cooperative despite the economic challenges we all continue to face.”

AgChoice Farm Credit’s net accruing loan volume for the first six months of 2022 was $2.7 billion, an increase of 12.8 percent compared to the same 2021 period. Net interest income for the second quarter of 2022 was $16.3 million, an 8.8 percent increase from the same time period in 2021. Net income for the quarter was $4.4 million, a 66.8 percent decrease compared to the second quarter of 2021, principally related to a donation of $3 million to the Farm Credit Foundation for Agricultural Advancement in 2022, as well as one-time merger related costs.

Nonaccrual loans decreased $1.2 million in the second quarter of 2022 to $5 million, compared to $6.2 million at December 31, 2021 and $7.6 million at June 30, 2021. The association’s nonaccrual loans as a percentage of total loans decreased to 0.18 percent at the end of the second quarter of 2022, compared to 0.24 percent at the end of 2021 and 0.31 percent at the end of the second quarter of 2021.

Members’ equity at June 30, 2022 totaled $477.5 million, up 1.1 percent from December 31, 2021, and the Total Capital Ratio was 16.03 percent. That number is compared with the 10.5 percent minimum mandated by the Farm Credit Administration (FCA), the Association’s independent regulator. The Association paid a record-breaking cash patronage distribution of $50.2 million to its member-borrowers in March 2022.

MidAtlantic Farm Credit’s net accruing loan volume for the first six months of 2022 was $3.1 billion, an increase of 7.1 percent compared to the same 2021 period. Net interest income for the second quarter of 2022 was $19.6 million, a 3.6 percent increase from the same time period in 2021. Net income for the quarter was $11.9 million, a 10.2 percent decrease compared to the second quarter of 2021, principally related to the Paycheck Protection Program (PPP) loan fees received in 2021, as well as one-time merger related costs.

Nonaccrual loans decreased $2.1 million in the second quarter of 2022 to $35.5 million, compared to $37.6 million at December 31, 2021 and $40.1 million at June 30, 2021. The association’s nonaccrual loans as a percentage of total loans decreased to 1.14 percent at the end of the second quarter of 2022, compared to 1.24 percent at the end of 2021 and 1.36 percent at the end of the second quarter of 2021.

Members’ equity at June 30, 2022 totaled $672.0 million, up 0.10 percent from December 31, 2021, and the Total Capital Ratio was 20.55 percent. That number is compared with the 10.5 percent minimum mandated by the Farm Credit Administration (FCA), the Association’s independent regulator. The Association paid a record-breaking cash patronage distribution of $83.9 million to its member-borrowers in March 2022.

For more information about the financial results and Horizon Farm Credit, visit horizonfc.com.

Tom Truitt, Horizon Farm Credit CEO

The summer months bring growth for us all, crops included. School is out and kids are practicing sports, working a new job, or attending camp. Families are spending quality time together, recharging on vacation and outdoors. And our cash grain crops, fruits, and vegetables are all finishing their growing season, gearing up for harvest in the weeks and months to come.

Your local Farm Credit associations are also in the midst of a significant growing season, as AgChoice Farm Credit and MidAtlantic Farm Credit merged on July 1 to form Horizon Farm Credit. I have the honor of serving as the Chief Executive Officer of this new association, and I will be the first to say that growing seasons can be challenging, but reaping those rewards at the end is what makes the effort so sweet!

Our member-owners and customers will find value in the growing knowledge and network of Horizon Farm Credit, while still maintaining the local contacts they know and trust. And, a growing team means more specialized areas of expertise for our agricultural relationship managers, ensuring you work with a lender that knows your farm business and its unique needs.

We know there have been other challenges outside of the normal growing season, like supply chain disruptions, rising gas prices, input costs, and labor shortages. Our mission remains the same here at Horizon Farm Credit – to support agriculture and our local farmers through the good times and the trying times, with consistent and reliable credit.

While you may be facing ‘growing pains’, or disruptions to your growing season, I challenge you to keep the following in mind as you embrace this moment:

• Consult with your network for guidance
• Take diligent notes and detailed recordkeeping
• Don’t be afraid to innovate and try new things
• Keep your eyes on the horizon, and work with your lender to ensure you’re prepared for what lies ahead

When growing season has ended and you look at your bountiful harvest, remember the resources and dedication it took to get there. As you’re reflecting, we encourage you to conduct an analysis on the year or season to determine what worked, what didn’t, and any opportunities for growth moving forward.

AgChoice Farm Credit and MidAtlantic Farm Credit jointly announced their merger, forming Horizon Farm Credit, on July 1, 2022. The merger was voted on and approved by the membership of each Association in May and received final regulatory approval from the Farm Credit Administration.

Horizon Farm Credit serves 100 counties in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia, and is made up of more than 20,000 member-borrowers. The merged entity has 25 offices across its five-state footprint and is headquartered in Mechanicsburg, Pennsylvania.

Former MidAtlantic Farm Credit Chief Executive Officer, Tom Truitt, serves as Chief Executive Officer of Horizon Farm Credit, bringing more than 25 years of experience in the Farm Credit System to the new Association. “The merger of these two highly respected and successful Associations strengthens our commitment to agriculture and our rural communities,” says Truitt. “The name Horizon Farm Credit is significant as we look ahead to the future of our industry with optimism, where innovation meets tradition, to help champion the dreams of our members.” 

Shawn Wolfinger, Horizon Farm Credit’s Chairman of the Board, is excited to work with the many diverse commodities in the agriculture industry across the new Association’s footprint. “As a unified cooperative, we are prepared to serve our borrowers with a higher level of specialized service and localized decisions,” says Wolfinger. “Our team at Horizon Farm Credit is leveraging the strengths of the two original Associations, while providing expanded capital to support our membership.”

Horizon Farm Credit’s mission ‘to support rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow’ is in line with the strength of the national Farm Credit System. The association is committed to supporting the future of the agriculture industry, as the Farm Credit Foundation for Agricultural Advancement will reach the entire footprint of Horizon Farm Credit. The Foundation was founded in 2016 as part of Farm Credit’s centennial celebration to create a lasting legacy by providing agriculture education funding to MidAtlantic Farm Credit’s community. 

The offices will be closed from July 1 – 4, 2022 to ensure a seamless transition as they integrate systems to form Horizon Farm Credit. No office closures or staffing changes will occur as a result of the merger.

For more information about the merger and Horizon Farm Credit, visit horizonfc.com.