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GreenStone Posts Record Earnings; Gives Back Locally
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The association’s quarterly shareholder report shows record first quarter earnings of more than $33.8 million in 2012, a 35 percent increase over the same period in 2011. GreenStone’s earnings were driven by improved credit quality and a reduction in the cooperative’s provision for loan losses.



GreenStone Posts Record Earnings; Invests More Than $90,000 in Local Communities During First Quarter

 

GreenStone Farm Credit Services, the fifth largest association in the Farm Credit System, continues to experience unprecedented success. The association’s quarterly shareholder report, released today, shows record first quarter earnings of more than $33.8 million in 2012, a 35 percent increase over the same period in 2011. GreenStone’s earnings were driven by improved credit quality and a reduction in the cooperative’s provision for loan losses.

“Together with our members, GreenStone experienced great financial success as evidenced by today’s report,” said GreenStone President and CEO, Dave Armstrong. “Our cooperative continues to operate as a reliable and financially strong lender, making GreenStone the number one choice for agricultural and rural lending in Michigan and northeast Wisconsin.”

Other numbers of note in the 2012 first quarter shareholder report include:

  • Loan volume increase of 4.6 percent over March 31, 2011; GreenStone’s owned loan volume now totals $5.1 billion.
  • Increase in permanent capital ratio to 14.8 percent
  • Increase in surplus of 12 percent over March 31, 2011; GreenStone’s total surplus now equals nearly $1 billion.

“The strong financial performance of GreenStone in the first quarter is a testament to the hard work and dedication of our members,” added Armstrong. “The agriculture industry has a significant effect on Michigan and Wisconsin’s economies, and with an annual economic impact of $91.4 billion and $59.6 billion respectively, agriculture is a vital and diverse industry in each state.”

In addition to posting record earnings, GreenStone also invested more than $90,000 in the communities it serves during the first quarter. Dollars were allocated to a variety of different community groups and organizations, and supported a wide range of causes that are important to GreenStone’s members. GreenStone staff members were also active in their communities, donating more than 700 hours of volunteer time during the first quarter.

“Getting involved is one of GreenStone’s Core Four values and an important part of our cooperative’s philosophy,” said Armstrong. “Whether through a monetary donation or our staff members contributing their time, the impact GreenStone has in the communities we serve is far reaching.”

The complete first quarter shareholder report can be viewed online by visiting: www.greenstonefcs.com.