Northwest FCS News
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services' Earnings and Capital Remain Strong
Spokane, Wash. - Nov. 3, 2016 – Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2016 third quarter earnings of $62.7 million, compared to $66.6 million for the same quarter of 2015. Earnings for the nine months ended Sept. 30, 2016, were $179.1 million, compared to $185.8 million for the same period last year. Total members’ equity increased 5.2 percent during the year to $2.2 billion.
“Our financial performance remains strong with earnings levels as expected and capital continuing to grow,” said President and CEO Phil DiPofi. “We are well positioned to work with our customer-members who are experiencing financial stress due to low commodity prices.”
DiPofi noted that despite lower producer returns in some areas, loan delinquencies remain low and credit quality of the association’s diverse portfolio remains high.
For more information about current market conditions, see Northwest FCS Industry Insights.
About Northwest Farm Credit Services
Northwest FCS is a $10.9 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.
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