Northwest FCS News
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Reports 2018 Second Quarter Earnings
SPOKANE, Wash. (Nov. 2, 2018) – Northwest Farm Credit Services, the Northwest’s leading agricultural financial services cooperative, announced 2018 third quarter earnings of $76.0 million, compared to $67.8 million for the same quarter of 2017. Earnings for the nine months ended Sept. 30, 2018, were $220.5 million, a 17.4 percent increase, compared to $187.8 million for the same period last year. Total capital increased 5.9 percent during the first nine months of the year to $2.5 billion.
“The financial performance of our lending and crop insurance operations continues to be strong, as a reflection of the success of our customer-members,” said President and CEO Phil DiPofi. “Increased association earnings over last year are primarily the result of continued loan growth, an additional patronage distribution from CoBank and a refund of premiums previously paid to the Farm Credit System Insurance Corporation.”
For more information about current market conditions, see Northwest FCS Industry Insights.
About Northwest Farm Credit Services
Northwest FCS is an $11 billion 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 is a member of the nationwide Farm Credit System that supports agriculture and rural communities with reliable, consistent credit and financial services.
Deb Strohmaier, Communications Specialist