Northwest Farm Credit Services reports drop in Q2 2019 earnings

Spokane-based Northwest Farm Credit Services reported an earnings drop for the second quarter.

The agricultural lending cooperative reported earnings of $67.2 million in the quarter, compared to $69.7 million in earnings for the second quarter 2018, according to a company news release.

Earnings for the six months ended June 30, were $133.3 million, compared to $144.5 million for the same period in 2018.

The drop in earnings was because of a “higher provision for credit loss expense and a smaller refund of premiums” from the Farm Credit System Insurance Corp., which insures payments of the financial cooperative’s debt obligations, according to the release.

This article was changed Aug. 7 to reflect Northwest Farm Credit Services experienced an earnings drop compared with the second quarter of 2018, rather than an earnings loss.