Northwest Farm Credit posts rise in capital, net income
Earnings remains down for first half of the yearAugust 11th, 2016
Northwest Farm Credit Services, the Spokane-based agricultural lending cooperative, has reported second-quarter earnings of $57.9 million, up 3 percent from $56.1 million in net income during the year-earlier period.
As of the end of the second quarter, total capital at the cooperative had increased 3 percent, to $2.1 billion.
The second-quarter gains, however, didn’t make up for Northwest Farm Credit’s dip in earnings during the first quarter. Consequently, for the sixth-month period ending June 30, the co-op’s net income came in at $116.3 million, down from $119.2 million in the first six months of 2015.
Phil DiPofi, president and CEO of Northwest Farm Credit, says in a press release that most of the co-op’s customer-members are experiencing good growing conditions and positive returns, which has accounted for growth in its loan portfolio.