EAST LANSING, Mich. — GreenStone Farm Credit Services recently released its first quarter stockholder report, detailing earnings of $45.8 million for the three months ended March 31, 2018. Comparatively, net income was $38.0 million for the same period last year. Owned and managed loan volume totaled $8.3 billion at March 31, 2018.
“Increasing business activity coupled with internal efficiencies allows us to continue to post strong earnings,” said Travis Jones, GreenStone’s chief financial officer. “Maintaining a strong financial position allows us to better serve our members in challenging times. As a member-owned cooperative, it is vital we remain in a solid position to better serve our members. This was highlighted in March when we returned $50 million in patronage dividends to our member-owners.”
Other numbers of note from this quarter’s stockholder report include:
- GreenStone received a one-time refund from the Farm Credit System Insurance Corporation of $4.8 million.
- Operating expenses remained well-controlled as our efficiency ratio was 34.9 percent.
- Acceptable loan credit quality remained unchanged from December 31, 2017 at 94.1 percent.
- The total capital ratio was 17.0 percent.
- The complete first 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 over $8.5 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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