Agamerica Reports Slightly Lower Profit

Wed., Nov. 13, 1996

From Staff And Wire Reports

Spokane-based AgAmerica Farm Credit Bank today will report a third-quarter profit of $27.2 million on net interest income of $72.2 million.

That compares with a $34.1 million profit on net interest income of $69.2 million for the same quarter, ending Sept. 30, in 1995.

AgAmerica said an increase in reserves for future possible loan losses lowered the agricultural lender’s income for the quarter.

AgAmerica, with $8 billion in assets and about 70 Spokane employees, provides funds to three cooperatively owned associations that have loans outstanding with 62,000 farmers, ranchers and rural homeowners in nine states.

One of those - Spokane-based Northwest Farm Credit Services - reported a $42.6 million profit for the first nine months of 1996, up from $36.8 million a year ago.

During the first nine months, AgAmerica loan volume increased $548.2 million to $6.96 billion. Nonperforming loans declined $26.8 million to $139.5 million.

, DataTimes

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Agamerica Reports Slightly Lower Profit

Jesse Tinsley

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