Growing Conditions Aid Loan Repayments

Favorable growing conditions helped farmers repay loans this spring, boosting second quarter earnings at AgAmerica Farm Credit Bank to $33.8 million, officials said Thursday.

Earnings for the quarter that ended June 30 were up 12 percent from the $30.2 million posted for the same quarter last year.

Non-performing loans dropped $15 million during the past six months to $210.3 million, the Spokane-based bank said. Performing loans also dropped $60 million to $6.13 billion.

AgAmerica provides funds to 62,000 farmers, ranchers, loggers and rural home owners in Washington, Idaho and seven others states.

Loans are made through two affiliate, farmer-owned cooperatives in Omaha and the Spokane-based Northwest Farm Credit Service.

Northwest Farm Credit reported second quarter earnings of $12.1 million. That was down from $27.9 million for the same period last year, when the institution received a one-time refund of $23.9 million from AgAmerica. , DataTimes