MESSAGE FROM THE CHAIRPERSON OF THE BOARD AND CHIEF EXECUTIVE OFFICER
On behalf of the Board of Directors, Senior Management Team, and employees, we are pleased to present the Farm Credit Services of Western Arkansas, ACA 2021 Annual Report. The Association again set financial records for the year ending December 31, 2021, and we invite you to review the results in detail. The Association’s record earnings translated into record patronage paid to members. Patronage on 2021 profits totaled $11.5 million. Pretax net income came in at $31.4 million. Interest rates remained low in 2021, but unusual challenges to the supply chain and inflationary pressures proved challenging for members who planned to build a new home or expand a poultry operation. Additionally, new COVID-19 variants appeared, raising questions about how that may further challenge members’ operations, the home and construction sectors, and supply chain issues. Nevertheless, it was great to have lobbies open again and offices fully staffed in 2021. Despite the challenges of the continued pandemic, staff and management pushed forward and can be proud of another record year for the Association. As always, a large part of our success is undoubtedly due to our members and member referrals. Members embracing our cooperative spirit is a key contributor to continued success. 2022 includes a continued commitment to updating technology to ensure not only strong member services, but also a strong office presence across western Arkansas. We thank you, again, for your continued support as we look forward to the promises and goals of a new year.
Cody Jones Chairperson of the Board Farm Credit Services of Western Arkansas, ACA
Brandon Haberer President and Chief Executive Officer Farm Credit Services of Western Arkansas, ACA
March 11, 2022
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