GreenStone Farm Credit Services is pleased to announce the release of its 2022 annual report: Move Forward. The report details strong financial growth, and a record-level return to customers through dividends.
Under the theme “Move Forward,” the report goes beyond the solid financials to share the stories of a young and beginning farmer working with GreenStone to acquire land on a farm he has worked on for years, along with a recently-retired couple expanding their rural roots for this new chapter in their lives. As our customers move forward, GreenStone is in step, leading the way. It also touches on a new internal technology GreenStone rolled out in the fall to help our employees deliver service and solutions to our customers more effectively.
“We are always seeking new ways to grow and expand the way we do business to make it convenient for our customers to achieve the financing they need for their businesses and dreams,” said CEO and President Travis Jones. “I’m proud of the work that this team has done this past year to produce strong earnings and record Patronage payments and implement new technology to help streamline our processes at GreenStone.”
The credit quality of GreenStone’s loan portfolio improved throughout 2022. Assets that we identified as showing some credit weakness decreased from 2.1% to 1.5% over the course of the year. This improvement is a testament to the success of our customers and their earnings over the past year.
Other financial highlights in this year’s report include:
- Net Income: $284.6 million
- Total Assets: $13.2 billion
- Total Loan Growth: 10 percent
- Patronage Paid: $120 million
“Even as the overall economy is experiencing high inflation, increasing interest rates, and higher input costs, the cooperative remains strong with record earnings and a record payback to our member-owners through Patronage,” said Executive VP and Chief Financial Officer Kim Brunner. “We remain committed to helping our members grow and move forward.”
The report can be viewed here.
