66% of 2022 Net Income Returned to Member-Owners

The Heritage Land Bank board of directors has announced that it will return a cash dividend of $6.4 million to member-borrowers in north and east Texas.

“We will return more than $6.4 million of our 2022 net income to eligible customer-owners,” said Bill Tandy, chief executive officer of Heritage Land Bank. “This is equal to 66% of our net income, a record level of return that reflects our ongoing commitment to share our cooperative’s success with our member-borrowers.”

“As a member-owned cooperative, our members are also our owners,” said Kevin Sampson, board chairman of Heritage Land Bank. “When Heritage Land Bank is successful, our members share in that success through cooperative dividends.”

Heritage Land Bank has been returning a portion of its profits to borrowers for 29 of the last 30 years, a total of $64 million in cash dividends paid since 2000. Dividends are paid in full and in cash annually, effectively lowering the cost of a loan and enabling borrowers to invest in their operations, families, and communities.

A full summary of Heritage Land Bank’s 2022 financial performance is available in the 2022 Annual Report, now available for download.