News Column

Northwest Farm Credit Services Reports Second Quarter Earnings

August 4, 2014



ENP Newswire - 04 August 2014

Release date- 01082014 - Northwest Farm Credit Services, the Northwest's largest agricultural lending cooperative, announced 2014 second quarter earnings of $63.3 million, an increase of 32.0 percent, compared to $47.9 million for the same quarter of 2013.

Earnings for the six months ended June 30, 2014 were $117.5 million, an increase of $21.6 million, or 22.5 percent compared to the same period of the prior year.

'The strong ag economy has allowed us to continue to reduce non-performing assets to low levels while continuing to grow our loan portfolio throughout the Northwest,' said Phil DiPofi, President and CEO.

Net interest income increased 4.7 percent compared to the same quarter of 2013, driven mainly by higher average loan volume. Improved credit quality prompted a credit loss reversal in the second quarter of 2014 which contributed to a total capital increase of 5.0 percent during the quarter to $1.8 billion.

For more information about current market and growing conditions, see Northwest FCS' Market Snapshots.

Northwest FCS is a customer-owned financial cooperative providing approximately $12 billion in 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 Farm Credit System, a nationwide network of borrower-owned lending institutions that provide approximately $205 billion in loans to rural America.

Contact:

Jennifer Rohrer

Communications and Public Relations Coordinator

509-340-5303 or Jennifer.Rohrer@northwestfcs.com


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters