Northwest Farm Credit Services reports second quarter earnings

SPOKANE — Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, has announced its second quarter earnings of $69.7 million, a 27.6 percent increase, compared to $54.7 million for the same quarter last year.

Earnings for the six months ending June 30, were $144.5 million, a 20.4 percent increase, compared to $120.0 million for the same period of the prior year. Increased earnings were primarily the result of continued loan growth and a refund of premiums previously paid to the Farm Credit System Insurance Corporation. Total capital increased 3.9 percent during the year to $2.5 billion.

“So far in 2018, our customer-members are generally seeing good growing conditions and positive returns, as evidenced by the continued strong performance and growth of our loan portfolio,” said Phil DiPofi, President and CEO. “However, we are seeing pockets of stress in some commodities where production costs have increased and commodity prices have declined due to unfavorable market conditions. We’re closely monitoring how the current volatility in the world trade situation and pending Farm Bill issues will impact our customers.”

For more information about current market conditions, go to northwestfcs.com/Resources/Industry-Insights.