GreenStone Farm Credit Services, the sixth largest association in the Farm Credit System, experienced the best third quarter results in the organization's history. The association's quarterly stockholder report, released today, shows record earnings of $37.8 million in the third quarter of 2013.
The cooperative's earnings through the first nine months of 2013 totaled $103.4 million, an 8% increase compared to record earnings of $95.5 million posted by the cooperative over the same time period in 2012.
"GreenStone has experienced unprecedented success through the first three quarters of 2013 due to the dedication of our 23,000-plus members," said GreenStone President and CEO Dave Armstrong. "As the economy continues to slowly recover, we remain optimistic about the future of agriculture in Michigan and northeast Wisconsin, while keeping a close watch on key market factors that drive commodity prices and land values."
Other numbers of note from this quarter's stockholder report include:
- Owned and managed loan balances have increased 8.2 percent since Sept. 30, 2012.
- Net interest income increased 7.7 percent compared to the third quarter of 2012.
- Improved credit quality resulted in a $2.1 million reversal of loan loss provision.
- Permanent capital ratio remains strong at 14.8 percent.
- GreenStone's total equity exceeds $1.1 billion.
"GreenStone continued to perform at an exceptionally high level in the third quarter of 2013 as a result of the strong credit quality of our members," says GreenStone's chief financial officer, Travis Jones. "Farmers are likely to post another exceptional year of net farm income, which will allow operations to handle a return to more normalized income levels, which we expect in 2014."
In addition to posting excellent financial results through the first three quarters of 2013, GreenStone also invested more than $453,295 in the communities it serves. Dollars were allocated to a variety of community groups; young, beginning and small farmer initiatives; youth programs; and multi-cultural organizations. GreenStone staff members have also been active in their communities, donating more than 3,300 hours of volunteer time during the first nine months of 2013.
The complete third quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com