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GreenStone Posts Record Earnings in First Quarter
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The association’s quarterly stockholder report, released today, shows record earnings of $38.2 million in the first quarter of 2014.



GreenStone Posts Record Earnings in First Quarter


GreenStone Farm Credit Services, the sixth largest association in the Farm Credit System, experienced its best quarterly results in the organization’s history. The association’s quarterly stockholder report, released today, shows record earnings of $38.2 million in the first quarter of 2014.

The cooperative’s earnings through the first three months of 2014 represent a 14 percent increase compared to earnings of $33.5 million posted by the cooperative over the same time period in 2013.

“Despite a very difficult winter, GreenStone’s borrower-owners have gotten off to a strong start in 2014,” said GreenStone President and CEO Dave Armstrong. “While the momentum that GreenStone finished 2013 with has carried into the first quarter of this year, we are approaching 2014 with cautious optimism as the United States Department of Agriculture’s long-term economic forecast calls for reduced net farm income over the next several years.”

Other numbers of note from this quarter’s stockholder report include:

  • Owned and managed loan balances have increased 7 percent since March 31, 2013.
  • Net interest income increased 5 percent compared to the first quarter of 2013.
  • Improved credit quality resulted in a $3.8 million reversal of loan loss provision.
  • Permanent capital ratio grew to 15.6 percent.
  • GreenStone’s total equity is $1.2 billion.

“It is likely that our members will see reduced net farm income in 2014,” said GreenStone’s chief financial officer, Travis Jones. “While the protein and dairy sectors are poised for a strong year, row crop operations are likely to see the greatest reduction in net farm income. Additionally, fruit producers are reporting damage from the winter weather; however, our customers have built strong balance sheets over the last several years, and as a result we expect GreenStone to have another solid year.”

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