GreenStone Farm Credit Services recently released its first quarter stockholder report, detailing earnings of $45.8 million for the three months ended March 31, 2018.
Comparatively, net income was $38 million for the same period last year. Owned and managed loan volume totaled $8.3 billion at March 31, 2018.
“Increasing business activity coupled with internal efficiencies allows us to continue to post strong earnings,” said 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 Corporation of $4.8 million.
- Operating expenses remained well-controlled as our efficiency ratio was 34.9 percent.
- Acceptable loan credit quality remained unchanged from December 31, 2017 at 94.1 percent.
- The total capital ratio was 17.0 percent.
The complete first quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.