EAST LANSING, MI -- GreenStone Farm Credit Services released its quarterly stockholder report Nov. 10 announcing earnings of $30.7 million in the third quarter and $96.5 million for the nine months ended Sept. 30, 2015. Owned and managed loan volume totaled $7.2 billion at Sept. 30, 2015, an increase of 7.9 percent over September 2014.
"Our numbers continue to look very good," said GreenStone President and CEO Dave Armstrong. "This is a direct reflection of the hard work and dedication of our customers. As the timetable of our stressed agricultural economy lengthens, we are well-positioned to meet the needs of our borrower-owners now and in the future."
Notable highlights from this quarter's stockholder report include:
• Net interest income increased 4.2 percent year-to-date compared to the same period in 2014
• Total capital exceeds $1.3 billion
• Credit quality matches historical highs with only 1.5 percent of the portfolio considered adversely classified
"Net income and loan growth for the year have been solid," said chief financial officer Travis Jones. "While net income for the year is down 11 percent compared to last year, which is almost entirely attributable to the added loan loss provisions required in 2015 due to the pressure many of our customers are seeing as a result of the lower agricultural commodity prices."
The complete third quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.