As of Wednesday, March 13, 2019
SUNNYSIDE Diverse loan portfolios and strong customer-member support is credited for 2018’s record earnings for Northwest Farm Credit Services.
Headquartered in Spokane, but with offices in Sunnyside, the agricultural financial cooperative, announced 2018 earnings of $302 million, a 20.5 percent increase over 2017 earnings of $250.5 million.
“2018 was another year of strong performances for Northwest FCS, which is reflection of our diverse loan portfolio and our customer- member’s strength and ability to manage through volatility,” said President and CEO Phil DiPofi.
“Despite global uncertainties and economic downturns in some commodities, Pacific Northwest producers continue to adapt and position their businesses for the future,” he noted.
DiPoli also credited increased earnings being primarily the result of continued loan growth, lower provision for credit losses, increased patronage income and a premium refund from the Fred Credit Service Insurance corporation.