Aug. 09--Northwest Farm Credit Services, an agricultural lending cooperative, announced 2014 second quarter earnings of $63.3 million, an increase of 32 percent, compared to $47.9 million for the same quarter of 2013. Earnings for the six months ending June 30 were $117.5 million, an increase of $21.6 million, or 22.5 percent, compared to the same period of the prior year.
Northwest FCS is a customer-owned financial cooperative providing approximately $12 billion in financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers in Montana, Idaho, Oregon, Washington and Alaska, with offices as close as Spokane, Lewiston, Cottonwood and Colfax.
Net interest income increased 4.7 percent compared to the same quarter of 2013, driven mainly by higher average loan volume. Improved credit quality prompted a credit loss reversal in the second quarter of 2014, which contributed to a total capital increase of 5 percent during the quarter to $1.8 billion.
More information about Northwest FCS' market conditions can be found at www.northwestfcs.com/resources/industry-updates.
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