Roseville-based Farm Credit West increased its net income from $163 million in 2014 to $169 million in 2015, the credit union announced on March 14.
Farm Credit West has offices in Carpinteria, Santa Maria, Templeton and Ventura, where it provides loans, leases and financial services to farmers, ranchers, rural homeowners, agribusinesses and agricultural and rural utility cooperatives.
The positive earnings resulted from the company’s acquisition of Farm Credit Services Southwest, Farm Credit West officials said. The 2015 results also included $4 million in nonrecurring merger expenses.
“Farm Credit West’s success in 2015 reflects the strength and resourcefulness of agriculture,” President and CEO Mark Littlefield said. “While many of our customers were impacted by the severe drought in California and lower prices in some key commodities produced, their management and financial strength has helped them continue supplying food to a growing population. Farm Credit West is proud to serve agriculture today as it has for the last 100 years.”
Earning assets grew $1.9 billion in 2015 to a total of $9.1 billion. That’s the most growth the company’s had since 2009. Total assets were $9.5 billion at the year’s end.
Total capital increased $256 million during 2015, ending the year at $1.8 billion.
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