Third quarter earnings were $42.6 million and $114.0 million for the nine months ended Sept. 30, 2017.
GreenStone Continues Strong Financial Growth
GreenStone Farm Credit Services recently released its third quarter stockholder report, detailing earnings of $42.6 million for the quarter and $114.0 million for the nine months ended Sept. 30, 2017. Comparatively, net income was $34.6 million and $96.7 million for the same periods last year. Owned and managed loan volume totaled $8.2 billion at Sept. 30, 2017.
“Our year-over-year increase in earnings in the third quarter was primarily from three drivers: increasing net interest income resulting from loan growth; lower provision for credit losses as credit quality has remained stable; and increasing patronage from our funding bank, AgriBank,” said Travis Jones, GreenStone’s chief financial officer. “These results reflect our employees continuing to put our members’ best interests first and our members continuing to honor their obligations in this challenging economic environment in agriculture.”
Other numbers of note from this quarter’s stockholder report include:
Growth in the loan portfolio over the last 12 months was 5.2 percent.
Total member’s equity as of Sept. 30 is $1.6 billion up $89.2 million from Dec. 31, 2016
Acceptable loan credit quality was 94.4 percent after beginning the year at 95.4 percent.
The complete third quarter stockholder report can be viewed at: Quarterly Report
GreenStone Continues Strong Financial Growth
GreenStone Farm Credit Services recently released its third quarter stockholder report, detailing earnings of $42.6 million for the quarter and $114.0 million for the nine months ended Sept. 30, 2017. Comparatively, net income was $34.6 million and $96.7 million for the same periods last year. Owned and managed loan volume totaled $8.2 billion at Sept. 30, 2017.
“Our year-over-year increase in earnings in the third quarter was primarily from three drivers: increasing net interest income resulting from loan growth; lower provision for credit losses as credit quality has remained stable; and increasing patronage from our funding bank, AgriBank,” said Travis Jones, GreenStone’s chief financial officer. “These results reflect our employees continuing to put our members’ best interests first and our members continuing to honor their obligations in this challenging economic environment in agriculture.”
Other numbers of note from this quarter’s stockholder report include:
Growth in the loan portfolio over the last 12 months was 5.2 percent.
Total member’s equity as of Sept. 30 is $1.6 billion up $89.2 million from Dec. 31, 2016
Acceptable loan credit quality was 94.4 percent after beginning the year at 95.4 percent.
The complete third quarter stockholder report can be viewed at: Quarterly Report
