GreenStone Farm Credit Services recently released its first-quarter stockholder report, detailing earnings of $45.8 million for the three months ending March 31. Comparatively, net income was $38 million for the same period last year. Owned and managed loan volume totaled $8.3 billion on March 31.
“Increasing business activity coupled with internal efficiencies allows us to continue to post strong earnings,” says Travis Jones, GreenStone’s chief financial officer. “Maintaining a strong financial position allows us to better serve our members in challenging times. As a member-owned cooperative, it is vital we remain in a solid position to better serve our members. This was highlighted in March when we returned $50 million in patronage dividends to our member-owners.”
Other numbers of note from this quarter’s stockholder report include:
• GreenStone received a one-time refund from the Farm Credit System Insurance Corp. of $4.8 million.
• Operating expenses remained well controlled, as the efficiency ratio was 34.9%.
• Acceptable loan credit quality remained unchanged from Dec. 31, at 94.1%.
• The total capital ratio was 17%.
The complete first-quarter stockholder report can be viewed at greenstonefcs.com.
Souce: GreenStone Farm Credit Services