EAST LANSING, Mich. — GreenStone Farm Credit Services recently released its second quarter stockholder report, detailing earnings of $40.1 million for the three months ended June 30, 2018. Comparatively, net income was $33.4 million for the same period last year. Year-to-date earnings for the first half of 2018 were $85.9 million, a 20 percent increase over the first six months of 2017. Owned and managed loan volume totaled $8.6 billion at June 30, 2018.
“When compared to the second quarter of 2017, our owned and managed total loan volume was up 6.1 percent,” said Travis Jones, GreenStone’s chief financial officer. “The increase was driven by growth in all market segments but led by our capital markets and country living segments. Growth in these segments shows the diversity of our business and better allows us to remain in a solid position to serve our members. The financial strength of our member-owned cooperative is highlighted by our patronage program. Over the last 13 years we have returned $318 million in patronage dividends to our member-owners.”
Other numbers of note from this quarter’s stockholder report include:
- Operating expenses remained well controlled with an efficiency ratio of 35.6 percent.
- Acceptable loan credit quality remained very manageable at 93.4 percent.
- Total members’ equity increased $60.8 million from December 31, 2017 to $1.6 billion.
The complete second quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.
About GreenStone Farm Credit Services
GreenStone Farm Credit Services, based in East Lansing, Michigan, is Michigan and northeast Wisconsin’s largest agricultural lender and the country’s seventh largest association in the Farm Credit System. A member-owned cooperative, GreenStone owns and manages nearly $9 billion in assets and serves 24,000 members with 36 branch locations in Michigan and northeast Wisconsin. More information on GreenStone can be found at www.greenstonefcs.com.
— GreenStone Farm Credit Services
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