EAST LANSING, MI -- GreenStone Farm Credit Services released its quarterly stockholder report, showing earnings of $36.7 million for the first quarter of 2015. Owned and managed loan volume totaled $6.9 billion at March 31, 2015.
The stockholder report also outlines the United States Department of Agriculture's forecast of a 32 percent reduction in net farm income for 2015. "This is a significant change and will particularly impact our corn, soybean and wheat farmers. Despite lower commodity forecasts, the majority of our members are well-positioned to manage these changes in the farm economy," said Dave Armstrong, GreenStone President and CEO.
The credit quality of GreenStone's loan portfolio also remains strong. "Year over year, our credit quality has continued to improve," said GreenStone's chief financial officer, Travis Jones. "Our first quarter was very strong. Our credit quality will help us maintain that momentum in the remainder of the year."
Other numbers of note from this quarter's stockholder report include:
• Net interest income increased 3 percent for the first three months of 2015 as compared to the same period in 2014
• The permanent capital ratio stood at 16.1 percent at March 31, 2015
• The total loan volume grew 7.5 percent compared to March 31, 2014
• Total members' equity increased $29.3 million from Dec. 31, 2014 to $1.3 billion
The complete first quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.