SPOKANE, Wash. (Aug. 3, 2016) – Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, announced 2016 second quarter earnings of $57.9 million, a 3.3 percent increase compared to $56.1 million for the second quarter of 2015. Earnings for six months ended June 30, 2016, were $116.3 million, compared to $119.2 million for the same period of the prior year. Total capital increased 3.3 percent during the year to $2.1 billion.
“So far in 2016, most of our customer-members are 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 prices have declined due to increased supply in the global markets and sales are negatively impacted by the strong U.S. dollar.”
DiPofi noted that producers should continue to benefit from relatively low interest rates and fuel costs in 2016.