November 04, 2019
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Reports 2019 Third Quarter Earnings
SPOKANE, Wash. (Nov. 4, 2019) - Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2019 third quarter earnings of $73.4 million, compared to $76.0 million for the same quarter of 2018. Total capital increased 4.1% during the first nine months of the year to $2.6 billion.
“Our financial performance in 2019 remains strong and on track with our expectations," said Phil DiPofi, President and CEO. “The majority of our customers across the Pacific Northwest are experiencing a reasonable year despite pockets of continuing trade, political and weather-related challenges.”
Earnings for the nine months ended Sept. 30, 2019, were $206.7 million compared to $220.5 million for the same period of the prior year. The nine months ended Sept. 30, 2018, included an additional patronage distribution from CoBank and a larger refund of premiums previously paid to the Farm Credit System Insurance Corporation, which were the primary contributors to the change in net income.
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. For more information, go to northwestfcs.com.
Deb Strohmaier, Communications Specialist