Agricultural loan demand increased in 2023 and ag lending by U.S. farm banks grew nearly seven percent reaching $110 billion. According to the American Bankers Association Annual Farm Bank Performance Report, over 98 percent of farm banks were profitable last year with 53.5 percent reporting an increase in earnings. Credit quality also remains strong. In the Cornbelt Region, which includes Minnesota, ag production loans increased nearly nine percent from 2022 and farmland loans increased nearly six percent. The Plains Region, including the Dakotas, saw ag production loan volume rise 14.5 percent and farmland loans increase more than five percent.
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