Northwest FCS

2021 Annual Report

Northwest Farm Credit: Rural, Real Estate, Operating Loans; Farm Loans; Country Home Loans; Lot Loans; Equipment Financing; Young and Beginning Producers; Crop Insurance; Business Management Education; Property Appraisals

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CEO Insights Phil DiPofi President and CEO ($ in millions) Earnings 2018 2019 2021 2017 2020 $315.7 $352.1 $291.5 $302.0 $250.6 ($ in billions) Capital 2018 2019 2021 2017 2020 $2.8 $3.0 $2.7 $2.5 $2.4 3 Northwest Farm Credit Services Being a dependable lender through economic uncertainties is a vital part of our cooperative mission. 2021 was challenging, yet profitable for most customers as we continued to meet your increasing needs for capital and risk management tools to help grow and support your businesses. The strong performance of our association in 2021 reflects positive economic conditions for agriculture and your ability to manage through volatility in supply chain issues, rising input costs and drought conditions across much of the Northwest. As we've seen time and again, in the midst of volatility, you continue to work through challenges and seek opportunities to best position your businesses for success. Looking to the future, we continue to strengthen Northwest FCS' capacity in each of the core four areas of our business: relationships with customer-members; growth and retention of highly talented employees; operational enhancements and strong financial performance. Customer Capacity Each positive customer experience leads to more opportunities to build relationships and trust. That's why we continue to focus on being accessible and responsive, helpful, and clear in our communications and making it easier for you to do business with us. Our primary method for measuring customer engagement is research conducted and analyzed by the Gallup organization. With these insights we continue to learn and improve in our ability to deliver consistent, positive experiences for our customer-members. Farm Credit's mission is to serve the entire spectrum of agriculture, forestry, and fisheries. In 2021 we continued to demonstrate a strong commitment to young, beginning, and small-farm producers. Some are just getting started, others are exploring new markets and finding innovative ways to be successful. As we engage in our mission to help people start and grow their businesses, we're learning more about producers from various backgrounds and the challenges they face. I'm proud of the opportunities and mentoring we provide through our AgVision program. In 2021, AgVision loan volume increased more than 9% and the number of AgVision customers increased more than 8%. The low interest rate environment in 2021, combined with dynamic market conditions, fueled strong loan demand from new and existing customers. The number of new and renewed loans increased more than 9% compared to 2020. Crop insurance activity was robust also, with policies written covering more than 3.4 million acres across the Northwest with total grower coverage of more than $3.3 billion. Our insurance teams worked hard to support our customers through a very heavy claim year driven by severe drought, damaging heat, and fires.

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