2022 Annual Report

Success in agriculture takes vision. And a lender who shares yours. We understand what agricultural industry leaders, innovators, and experts need to succeed — and we’re committed to their success. More than simply meeting our customers’ immediate needs, we anticipate what’s next. Our products, services, and technologies will add value and growth to our customers’ operations today and for years to come.

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A Message from CEO Curt Hudnutt

American AgCredit experienced a landmark year in 2022 with strong financial results for customer owners, the launch of new services to increase speed and efficiency, and the execution of growth strategies for the future. CEO Curt Hudnutt reflects on a year of progress and a promising future.

Financial Summary with Chief Strategy and Financial Officer Jerry Rose

We maintain a healthy loan portfolio by serving all segments of agriculture. Risks that may be associated with a particular geographic region — such as adverse weather, land pricing, or commodity markets — may be offset by stronger performance in our other regions, thereby reducing pressure on the overall portfolio. Hear from Chief Strategy and Financial Officer Jerry Rose as he reviews our financial results.

Key Financial Data

Net Income

$358,689

$351,018

$247,329

$200,718

$188,221

Patronage Declared

$185,747

$162,855

$141,970

$115,410

$105,069

Patronage as % of net income

51.78%

46.40%

57.40%

57.50%

55.82%

Loan Volume

$17,431,808

$15,934,730

$14,170,874

$11,844,790

$10,214,774

Return on Average Assets

2.05%

2.25%

1.82%

1.75%

1.68%

Shareholders' Equity as % of Total Assets

15.25%

15.70%

17.59%

19.39%

Commodities Financed

We maintain a diverse loan portfolio to reduce risks associated with a downturn in any single agricultural commodity. By serving a wide range of commodities and operation types, we are able to mitigate risk and ensure that any material stress on the entire portfolio is minimized.

10%
BEEF

8%
FOREST
PRODUCTS

12%
DAIRIES

14%
TREE FRUITS
AND NUTS

23%
OTHER

4%
VEGETABLES

13%
FIELD CROPS

16%
VINEYARDS
AND WINERIES

Patronage Report

American AgCredit outperformed expectations and delivered record-setting financial results last year. In 2022, we once again experienced double-digit loan growth and exceeded net income compared to the prior year. Our solid financial position helps ensure that we can serve our mission in good times and bad — sustainably supporting all of agriculture, regardless of conditions in the marketplace. For 17 consecutive years, we’ve been able to return a portion of our earnings to our customers, totaling more than $1.2 billion. This is the fifth consecutive year our Board has chosen to return a full 1% to our customers, resulting in more than $185 million cash back.

MORE THAN $1.2 BILLION DOLLARS RETURNED TO OUR CUSTOMERS SINCE 2005

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

16.3

20.7

29.4

17.2

18.6

26.2

34.8

45.0

37.0

39.1

51.0

61.6

74.8

105.1

115.4

142.0

163.0

185.7

In Millions

Sierra Pacific Industries

Archie “Red” Emmerson and his father started Sierra Pacific Industries with a modest loan and an eye for an opportunity in the lumber industry. The third-generation, family-run business has since expanded into a multi-billion dollar organization that employs 6,000 people. Mark Emmerson, son of Archie and CEO/CFO of Sierra Pacific Industries, discusses how sustainability is at the core of their carbon-neutral business.

Villa Rose - Waialua Egg Farm

In 2021, egg producer Villa Rose launched Waialua Egg Farm to stimulate local agriculture and improve food security in the state of Hawaii. CFO Don Lawson explains how sustainability efforts reduce environmental impact, save money, and support the most advanced egg-processing machine in the world.

Triangle H / Hands Enterprises

Marisa Kleysteuber is a fifth-generation cattle farmer who manages Triangle H / Hands Enterprises with her father, Sam Hands. By using an index to track the health and quality of the herd, the cattle-feeding operation carved out a niche working with beef producers to deliver a high-quality product to consumers. Listen as Marisa describes how she’s progressing the family business forward with data-based strategies.

Spinaca Farms

Spinaca Farms, a family produce operation based in the fertile Santa Clara Valley in California, supplies national produce brands year round. Founders Rick and Jeannette Andrade’s son, Zack Andrade, now runs the operation as president. Zack has been instrumental in expanding the business with BoomVeg Fresh Powders, which make use of all the edible, nutritious parts of the plant that were previously discarded. Zack credits their success to innovative, sustainable ideas and creative marketing that builds relationships directly with consumers.

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