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GreenStone Posts Strong Earnings During Third Quarter
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The association’s quarterly stockholder report, released earlier this week, shows strong third quarter earnings of $24.5 million in the third quarter of 2012. GreenStone also invested more than $450,000 in the communities it serves.



GreenStone Posts Strong Earnings During Third Quarter; Invests More Than $450,000 in Local Communities to Date


GreenStone Farm Credit Services, the sixth largest association in the Farm Credit System, continues to experience success in 2012. The association’s quarterly stockholder report, released earlier this week, shows strong third quarter earnings of $24.5 million in the third quarter of 2012.

The cooperative’s earnings for the first nine months of 2012 total a record $95.5 million, a 12 percent increase over the same period in 2011. These results were driven by solid loan growth and an increase in net interest income.

“The success that GreenStone has experienced through the first three quarters of 2012 is a direct result of the success of our nearly 23,000 members,” said GreenStone President and CEO, Dave Armstrong. “The way in which our members persevered through adverse growing conditions in 2012 is a testament to their hard work and dedication that helps feed people around the world.”

Other numbers of note in the 2012 third quarter stockholder report include:

  • Loan volume increase of 5 percent over September 30, 2011; GreenStone’s owned loan volume now totals $5.5 billion.
  • Permanent capital ratio remains strong at 14.9 percent
  • GreenStone’s total equity exceeds $1 billion

“While many of our customers have reported strong yields during the 2012 harvest, we must also remember those producers – especially Michigan’s fruit producers – who were devastated by conditions beyond their control,” added Armstrong. “GreenStone will continue to work with those who were hit hardest in 2012 to help them overcome the financial impact the adverse conditions have had on their operations.”

In addition to posting record earnings through the first nine months of 2012, GreenStone also invested more than $450,000 in the communities it serves. Dollars were allocated to a variety of different community groups; young, beginning and small farmer initiatives; youth programs; and multi-cultural organizations; and supported a wide range of causes that are important to GreenStone’s members. GreenStone staff members have also been active in their communities, donating more than 2,500 hours of volunteer time during 2012.

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