Northwest FCS News
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Reports 2019 Second Quarter Earnings
SPOKANE, Wash. (Aug. 2, 2019) – Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2019 second quarter earnings of $67.2 million compared to $69.7 million for the same quarter of 2018. Earnings for the six months ended June 30, 2019, were $133.3 million, compared to $144.5 million for the same period of the prior year. The decreased earnings in 2019 are primarily due to a higher provision for credit loss expense and a smaller refund of premiums from the Farm Credit System Insurance Corporation, a federal corporation that insures the timely payment of Farm Credit debt obligations. Total capital increased 2.6% during the year to $2.6 billion.
“Our financial performance at mid-year continues to be solid while we experience the increasing volatility in the ag economy,” said Phil DiPofi, President and CEO. “Despite greater trade and labor challenges, our credit quality remains strong as our customers around the Northwest are generally seeing good growing conditions and positive returns.”
For more information about current market conditions, see Northwest FCS Industry Insights.
About Northwest Farm Credit Services
Northwest FCS is a $12 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