NW Farm Credit Services reports strong second quarter

Northwest Farm Credit Services, a Spokane-based agricultural lending cooperative, reported second-quarter earnings of $54.7 million, compared to $57.9 million for the second quarter of 2016.

Earnings for the first six months of the year were $120 million, a 3.2 percent increase over $116.3 million in earnings for the first six months of 2016.

President and CEO Phil DiPofi said the cooperative is exceeding projections in several areas, mostly as a result of customers’ strong financial performance.

“We anticipate economic challenges for some in agriculture, due to lower commodity prices and weather-related impacts in certain areas,” he said. “However, a strong crop insurance program will help farmers manage their weather-related risks.”

Northwest Farm Credit Services provides financing and related services for farmers, ranchers, agribusinesses, commercial fishermen, timber producers and others in Washington, Oregon, Idaho, Montana and Alaska.