Business & Real Estate

Farm Credit West reports 2014 net income of $163M

Roseville-based agricultural lender Farm Credit West on Monday reported net income of $163 million for all of 2014, a nearly 4.5 percent increase over $156 million in 2013.

FCW said most of its year-over-year earnings improvement was related to fewer credit losses and continued asset growth.

Earlier this month, the member-owned financial services cooperative said it paid a record $57 million in patronage distributions to more than 4,400 farmers, ranchers and agribusinesses in California and Nevada. Co-op typically pay patronage distributions, or dividends, based on a percentage of profits.

Mark Littlefield, FCW president and CEO, said the dividend payment will help members “persevere through yet another year of probable drought conditions.”

Farm Credit West has branch offices throughout the state, including Woodland and Yuba City. It’s part of the national Farm Credit System, which provides loans, leases and related services to farmers, ranchers and agribusinesses.

Call The Bee’s Mark Glover, (916) 321-1184.