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GreenStone Posts Record Year-to-Date Income
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GreenStone Farm Credit Services released its quarterly stockholder report today, setting a record for year-to-date income. Net income for the six months ended June 30, 2014 totaled $71.9 million compared to $65.6 million for the same period in 2013.



GreenStone Posts Record Year-to-Date Income in Second Quarter


GreenStone Farm Credit Services released its quarterly stockholder report today, setting a record for year-to-date income. Net income for the six months ended June 30, 2014 totaled $71.9 million compared to $65.6 million for the same period in 2013.

“Record net income for the first half of the year is a reflection of the hard work of our members and commitment to their financial obligations,” said GreenStone President and CEO Dave Armstrong. “We know there will be some challenges in the future with falling commodity prices, but the majority of our customers are well positioned for the inevitable decline in revenue.”

Notable results from this quarter’s stockholder report include:

  • Gross loan balances have increased 4.5 percent since June 30, 2013.
  • Net interest income increased 3.5 percent year-to-date compared to the same period in 2013. 
  • Improved credit quality resulted in a $5.3 million reversal of loan loss provision for the first six months of 2014.
“We are very pleased to report another strong quarter for GreenStone,” said Travis Jones, GreenStone’s chief financial officer. “Our net income has been outstanding despite an increasingly competitive marketplace that has placed pressure on our net interest income and loan growth.”

In the spirit of paying it forward, GreenStone has invested just under $210,000 for the first six months of the year in various organizations in local communities throughout Michigan and northeast Wisconsin. GreenStone team members also reported approximately 1,700 hours of community service.

2014 Second Quarter Stockholder Report (PDF)