Farm Credit profits down 40 percent

November 13, 1992

The Farm Credit Bank of Baltimore and its affiliated Agricultural Credit Associations reported a 40 percent drop in third-quarter earnings yesterday, primarily because of increased

provisions to cover potentially bad loans.

Income for the three months ended Sept. 30 was $5.2 million, down from $8.7 million in the same period last year. For the year's first nine months, the state's largest agricultural lender posted income of $19.3 million, down nearly 15 percent from $22.7 million a year ago.

Third-quarter provisions for possible loan losses was $4.9 million, or $2.4 million higher than a year ago.

"Until the region's general economy improves, the district's credit quality will continue to be adversely affected," Gene L. Swackhamer, president, said in a statement.

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