FOR IMMEDIATE RELEASE

Northwest Farm Credit Services Reports 2018 Second Quarter Earnings

SPOKANE, Wash. (Aug. 3, 2018) – Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2018 second quarter earnings of $69.7 million, a 27.6 percent increase, compared to $54.7 million for the same quarter of 2017. Earnings for the six months ended June 30, 2018, 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, 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.

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Contact:
Deb Strohmaier, Communications Specialist
debra.strohmaier@northwestfcs.com
509.340.5443