Spokane-based agricultural cooperative Northwest Farm Credit Services says it had first-quarter earnings of $54.2 million, up 13 percent from $48 million in the first quarter of 2013, and its total capital increased 2.3 percent, to $1.8 billion as of March 31.

Meanwhile, the cooperative says its net interest income grew by 5.3 percent. That gain was driven mainly by increases in the number of loans the cooperative made and by loan amounts, says Northwest FSC spokeswoman Jennifer Rohrer. 

The cooperative’s loans for the first quarter were $290 million, up 3 percent from the year-earlier period. 

 “I think (the numbers have increased because of) great growing conditions and favorable market products,” Rohrer says. 

She says that Northwest FCS declines to forecast growth trends for the rest of the fiscal year. 

Northwest FCS provides about $12 billion in financing and related services to farmers, ranchers, agribusiness, commercial fishermen, timber producers, rural homeowners, and crop insurers. It serves Washington, Idaho, Oregon, Montana, and Alaska. The cooperative leases a 61,400-square-foot space at 1700 N. Assembly as its headquarters here. 

Northwest FCS is part of the nationwide Farm Credit System, a network of borrower-owned lending institutions that provide approximately $201 billion in loans.