Farm Credit Services reports second quarter earnings

SPOKANE — Northwest Farm Credit Services, the Northwest’s leading agricultural lending cooperative, has announced its second quarter earnings of $67.2 million compared to $69.7 million for the same quarter last year.

Earnings for the six months ended June 30 were $133.3 million, compared to $144.5 million for the same period of the prior year. The decreased earnings were primarily due to a higher provision for credit loss expense and a smaller refund of premiums from the Farm Credit System Insurance Corporation, a federal corporation that insures the timely payment of Farm Credit debt obligations. Total capital increased 2.6 percent during the year to $2.6 billion.