GreenStone’s 2020 Annual Report Outlines the Success Found Through Partnership with Members
GreenStone Farm Credit Services is thankful to its partnership with members for the success of the last year as outlined in its 2020 Annual Report. The report details the record-level earnings the association experienced last year, made possible by customers who faced the challenges side by side and embraced the cooperative’s efforts to provide financial solutions.
“Ultimately, the combination of 2020’s exceptionally strong loan growth, fee income from proactive lower interest rate conversions and unanticipated support programs, plus low loan losses provide a strong sign of GreenStone’s financial strength and commitment to provide real value to our members even in tough times,” says Dave Armstrong, GreenStone CEO and president. “While 2020 will be remembered for one of the worst crises of our time, it will also go down as one of the best in GreenStone’s history to date, because of our commitment to our members, and most importantly, their commitment to us!”
The cooperative’s financial strength and overall success in 2020 led to a record Patronage return of $105 million, distributed to its members earlier in March 2021. This year’s payment brings the total Patronage returned to members to $605 million since the program’s inception in 2005.
Overall financial highlights in this year’s report include:
- Net Income: $270.2 million
- Total Assets: $11.1 billion
- Total Loan Growth: 12.2 percent
- Patronage Paid: $105 million
Highlighted among these financial results in the annual report are firsthand accounts of the cooperatives experiences of 2020. Through the eyes of employees, the stories unfold of three unique ways GreenStone partnered with customers to achieve success together:
- Together customers and employees overcome technology adoption for improved service, safety and efficiency;
- Together they benefited through cost savings from loan conversions and reduced interest rates; and
- Together they connected while securing Paycheck Protection Program funds at a time of urgent need.
“It’s been a rollercoaster year, with significant challenges and equally steep opportunities,” Armstrong says. “But we got through it successfully because we did it together.”
Hear from Dave Armstrong, GreenStone CEO and president, in this video as he reflects on 2020 and what we accomplished together.
The complete 2020 annual report can be viewed and downloaded here.