GreenStone Farm Credit Services shows steady growth in 2018
The GreenStone Farm Credit Services 2018 Annual Report highlights the record-level earnings the association experienced in 2018, powered by internal efficiencies and a diverse loan portfolio.
“Through our diversified product growth, continued vigilance in maintaining cost effective operations and working closely with each member to meet their needs, GreenStone remains in a very favorable financial position. This strong position grants us the fortitude to design individual solutions for our members and allows us to return an even higher percentage of earnings through our patronage program,” says Dave Armstrong, GreenStone CEO and president.
Based on the 2018 earnings, the GreenStone board of directors announced a record patronage payment of $82 million to members distributed in March. This year’s payment brings the total patronage paid to our member-owners to $400 million since the program’s inception in 2005.
Other financial highlights in this year’s report include:
- Net Income: $185.2 million
- Total Assets: $9.0 billion
- Total Loan Growth: 4.5 percent
- Patronage Paid: $82 million
“Most importantly, we remain committed to our members and remain optimistic about the future of American agriculture and rural communities,” Armstrong says. “The agriculture industry is relatively healthy compared to the depth of downturns over history and GreenStone remains well positioned to support its members today and in the future.”