Northwest FCS News
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Reports 2018 First Quarter Earnings
Customer-Members Receive Increased Cash Patronage
SPOKANE, Wash. (May 4, 2018) – Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2018 first quarter earnings of $74.8 million, compared to $65.4 million for the same quarter of 2017. The increase in earnings was primarily due to a refund of premiums previously paid to the Farm Credit System Insurance Corporation, a federally controlled corporation that ensures the timely payment of notes, bonds, and other obligations issued on behalf of Farm Credit System banks. Northwest FCS’ total capital increased 2.0 percent during the quarter to $2.4 billion.
"Despite the economic downturn facing many U.S. farmers and ranchers, most Northwest producers have come through the 2017 growing season relatively well," said Phil DiPofi, President and CEO.
As a cooperative, Northwest FCS returns a share of its net earnings to customer-members in the form of patronage dividends. During the first quarter of 2018, a record $108.1 million was returned to eligible customer-members in the form of cash patronage, based on the association’s strong financial performance in 2017 and the customer’s eligible daily loan balance. This contributed to an 8.7 percent increase in total cash patronage returned in 2018 compared to 2017. Since the patronage program began in 2000, Northwest FCS has returned approximately $798 million in cash patronage to customer-members.
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