AgWest Farm Credit Announces Strong Financial Results
AgWest Farm Credit — an agricultural lending cooperative serving agricultural producers throughout the West — released its 2023 financial results, marking a significant milestone following the merger of legacy associations Farm Credit West and Northwest Farm Credit Services on Jan. 1, 2023.
The association reports strong financial performance in 2023 including net income of $707.8 million, which exceeded projections. Total capital grew to $5.6 billion, improving the association’s capacity to grow with its customers. Total loan volume increased to $29.2 billion at December 31, 2023.
“Our association realized strong financial results in 2023, standing on the shoulders of our two legacy associations,” said president and CEO Mark Littlefield. “Ag-West’s profitability facilitates three important capabilities that help our customers and their communities thrive: first, our commitment to providing a return on equity through patronage; second, generating earnings to grow our capital so we can continue to support the current and future borrowing needs of our customers; and third, generating revenue to uphold our values of helping and strengthening communities through our stewardship investments.”
The AgWest Board of Directors delivered on this commitment by declaring a cash patronage dividend equivalent to 125 basis points (1.25 percent) of eligible customer- member’s average daily loan balance. A total of $387 million was distributed back to eligible AgWest members in the form of patronage dividends.
In 2023, AgWest also demonstrated its commitment to community well-being through volunteer support and contribution through several stewardship programs. More than $6.7 million was allocated to support various critical needs, including community development, youth programs, education, research, veterans and crisis situations.
