EAST LANSING, MI
GreenStone Farm Credit Services experienced the best third quarter results in the organization's history.
The association's quarterly stockholder report shows record earnings of $37.8 million in the third quarter of 2013.
The cooperative's earnings through the first nine months of 2013 totaled $103.4 million, an eight percent increase compared to record earnings of $95.5 million posted by the cooperative over the same time period in 2012.
Other numbers of note from this quarter's stockholder report include:
· Owned and managed loan balances have increased 8.2 percent since Sept. 30, 2012.
· Net interest income increased 7.7 percent compared to the third quarter of 2012.
· Improved credit quality resulted in a $2.1 million reversal of loan loss provision.
· Permanent capital ratio remains strong at 14.8 percent.
· GreenStone's total equity exceeds $1.1 billion.
In addition to posting excellent financial results through the first three quarters of 2013, GreenStone also invested more than $453,295 in the communities it serves.
Dollars were allocated to a variety of community groups; young, beginning and small farmer initiatives; youth programs; and multi-cultural organizations.
GreenStone staff members have also been active in their communities, donating more than 3,300 hours of volunteer time during the first nine months of 2013.
The complete third quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.
GreenStone Farm Credit Services, based in East Lansing, Michigan, is Michigan and northeast Wisconsin's largest agricultural lender and the country's sixth largest association in the Farm Credit System.
More information on GreenStone can be found at www.greenstonefcs.com.