GreenStone Announces Second Quarter Earnings

EAST LANSING, Mich., Aug. 6, 2013 /PRNewswire/ -- GreenStone Farm Credit Services, the sixth largest association in the Farm Credit System, continued to produce very strong financial results in the second quarter of 2013. The association's quarterly stockholder report, released today, shows earnings of $32.1 million in the second quarter of 2013.

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The cooperative's earnings through the first half of 2013 totaled $65.6 million, an eight percent decrease compared to record earnings of $71 million posted by the cooperative over the same time period in 2012. Earnings through the first two quarters of 2012 were, in part, bolstered by a one-time refund from the Farm Credit System Insurance Fund of $5.8 million.

"GreenStone posted strong earnings in the second quarter and continues to remain optimistic about the prospects for the agriculture industry and rural communities in Michigan and northeast Wisconsin for the remainder of 2013," said GreenStone President and CEO, Dave Armstrong. "As the overall economy has continued to show signs of improvement, our owned and managed portfolio has grown 9.6 percent compared to June 2012."

Other numbers of note from this quarter's stockholder report include:

• Country living loan market segment growth of 4.7 percent from Dec. 31, 2012.
• Net interest income increased 8.8 percent compared to the second quarter of 2012.
• Improved credit quality resulted in a $1.3 million reversal of loan loss provision.
• Permanent capital ratio remains strong at 15.0 percent.
• GreenStone's total equity exceeds $1.1 billion.

In addition to posting strong financial results through the first two quarters of 2013, GreenStone also invested more than $177,000 in the communities it serves. Dollars were allocated to a variety of community groups; young, beginning and small farmer initiatives; youth programs; and multi-cultural organizations. GreenStone staff members have also been active in their communities, donating nearly 2,600 hours of volunteer time during the first half of 2013.

The complete second quarter stockholder report can be viewed online by visiting: www.greenstonefcs.com.

About GreenStone Farm Credit Services

GreenStone Farm Credit Services, based in East Lansing, Michigan, is Michigan and northeast Wisconsin's largest agricultural lender and the country's sixth largest association in the Farm Credit System. A member-owned cooperative, GreenStone owns and manages approximately $6.5 billion in assets and serves more than 23,000 members with 37 branch locations in Michigan and northeast Wisconsin. More information on GreenStone can be found at www.greenstonefcs.com.

Contact:Jake Harris, Communications & Public Relations Specialist, 517-324-0213

SOURCE GreenStone Farm Credit Services