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Northwest Farm Credit reports 3Q profit

Northwest Farm Credit Services, the Northwest’s largest farm lending cooperative, reported a $45.8 million third quarter profit.

Good crop yields and high prices continued to make agriculture a bright spot in an otherwise dull economy.

The results compared to a $41 million profit for the same three-month span in 2010.

Earnings for the first nine months of this year total $117.4 million.

Northwest Farm Credit announced slight increases in loan volumes. The third quarter report also showed the lender had fewer problem loans than last year.

CEO Phil DiPofi said in a press statement that Northwest Farm Credit expected to make a “significant patronage return to our owner-customers in early 2012.”

Northwest Farm Credit offers financing and crop insurance to people and businesses involved in farming, ranching, timber, fishing along with rural homeowners in Washington, Oregon, Idaho, Montana and Alaska.

John Stucke
John Stucke joined The Spokesman-Review in 2000. As Metro Editor, he directs local news coverage and oversees newsroom reporters. He has reported on business, health care, bankruptcy and agriculture for the paper.

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