GreenStone Posts Strong Earnings in First Quarter of 2013

EAST LANSING, Mich., May 6, 2013 /PRNewswire/ -- GreenStone Farm Credit Services, the sixth largest association in the Farm Credit System, experienced a strong first quarter to begin the year. The association's quarterly stockholder report, released today, shows earnings of $33.5 million in the first quarter of 2013.

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The cooperative's earnings for the first three months of 2013 were just shy of the record earnings of $33.8 million posted by the association during the same period in 2012. This quarter's results were driven by solid loan growth and an increase in net interest income.

"The success GreenStone and producers throughout Michigan and northeast Wisconsin experienced last year is continuing into 2013," said GreenStone President and CEO, Dave Armstrong. "The loan growth momentum generated in the second half of 2012 has carried over into the first quarter of 2013, helping our owned and managed loan portfolio grow 8.9 percent over one year ago."

Other numbers of note in the 2013 first quarter stockholder report include:

• Net interest income increased 7.7 percent compared to the first quarter of 2012.
• Increased credit quality resulted in a $1.3 million reversal of loan loss provision.
• Permanent capital ratio remains strong at 14.9 percent
• GreenStone's total equity exceeds $1.1 billion

In addition to posting near-record earnings through the first three months of 2013, GreenStone also invested more than $85,500 in the communities it serves. Dollars were allocated to a variety of different community groups; young, beginning and small farmer initiatives; youth programs; and multi-cultural organizations; and supported a wide range of causes that are important to GreenStone's members. GreenStone staff members have also been active in their communities, donating more than 850 hours of volunteer time during 2013.

The complete first 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 $6.3 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