Northwest FCS News
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Reports First Quarter Earnings
Spokane, Washington - May 1, 2015 – Northwest Farm Credit Services, the Northwest’s largest agricultural lending cooperative, announced 2015 first quarter earnings of $63.1 million, an increase of 16.3 percent, compared to $54.2 million for the same quarter of 2014. Increased earnings were primarily driven by 5.3 percent growth in the average loan portfolio compared to the same period of 2014. Total capital increased 2.5 percent during the quarter to $2.0 billion.
In 2015, $64.1 million has been returned to eligible members in the form of cash patronage, based on the association’s strong financial performance in 2014 and their business with the association.
“We are pleased with the continued strong financial performance of our association and our overall customer base,” said President and CEO Phil DiPofi.
“Drought conditions in select areas of the Northwest and lower prices for some commodities are causing concern in the agricultural industry,” DiPofi said. “However, most of our customers are well positioned to deal with these challenges.”
For more information about current market conditions, see Northwest FCS Industry Insights.
Northwest FCS is a customer-owned financial cooperative providing financing and related services to agricultural, forestry and fisheries business owners in Montana, Idaho, Oregon, Washington and Alaska. Northwest FCS provides approximately $13 billion in loans and is a member of the Farm Credit System, a nationwide network of borrower-owned lending institutions that provide approximately $217 billion in loans to rural America.
Public Relations Coordinator
509-340-5303 or Jennifer.Rohrer@northwestfcs.com