EAST LANSING, Mich. — GreenStone Farm Credit Services recently released its third quarter stockholder report, detailing earnings of $40.4 million for the quarter and $126.3 million for the nine months ended Sept. 30, 2018. Comparatively, net income was $42.6 million and $114.0 million for the same periods last year. Owned and managed loan volume totaled $8.9 billion at Sept. 30, 2018.
“Our continued strength in the marketplace is a reflection of the diversity of our portfolio,” said Travis Jones, GreenStone’s chief financial officer. “When compared to September 30, 2017, owned and managed total loan volume was up 7.8 percent. This increase was driven by growth in all market segments and led by our Capital Markets and Country Living segments that have increased 24.8 percent and 5.6 percent, respectively, during the previous twelve months.”
Other numbers to note from this quarter’s results include:
- Total member’s equity as of Sept. 30 is $1.7 billion, up $88.8 million from Dec. 31, 2017
- Acceptable loan credit quality remained solid at 93.3 percent, after beginning the year at 94.1 percent.
- The association continued to effectively manage expenses as its efficiency ratio improved to 34.6 percent.
The complete third quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.
— GreenStone Farm Credit Services
For more news from Michigan, click here.