Northwest FCS News
Spokane, Washington - March 3, 2015 – Northwest Farm Credit Services, the Northwest’s largest agricultural lending cooperative, announced 2014 earnings of $228.1 million, compared to $236.9 million in 2013. Total capital increased 8.6 percent during the year to $1.9 billion.
“Most of our customer-owners throughout the Northwest experienced another successful year, which contributed to a 6.5 percent growth in our loan portfolio,” said Phil DiPofi, President and CEO. “Our credit quality continues to improve, which in combination with increased capital, positions us well for economic or weather-related downturns.” DiPofi explained that the association’s net income was down slightly in 2014 due to larger credit loss reversals in 2013. “Overall, we are very pleased with the performance of the organization in 2014.”
Northwest FCS is a customer-owned financial cooperative providing financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers 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 $208 billion in loans to rural America.
Public Relations Coordinator
509-340-5303 or Jennifer.Rohrer@northwestfcs.com
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