Annual Reort

GreenStone’s 2020 annual report outlines the success found through partnership with members.

GreenStone is thankful to its partnership with members for the success of the last year as outlined in its 2020 Annual Report. The report details the recordlevel earnings the association experienced last year, made possible by customers who faced the challenges side by side and embraced the cooperative’s efforts to provide financial solutions. “Ultimately, the combination of 2020’s exceptionally strong loan growth, fee income from proactive lower interest rate conversions and unanticipated support programs, plus low loan losses provide a strong sign of GreenStone’s financial strength and commitment to provide real value to our members even in tough times,” says Dave Armstrong, GreenStone CEO and president. “While 2020 will be remembered for one of the worst crises of our time, it will also go down as one of the best in GreenStone’s history to date, because of our commitment to our members, AND most importantly, their commitment to us!”

The cooperative’s financial strength and overall success in 2020 led to a record Patronage return of $105 million, distributed to its members earlier in March 2021. This year’s payment brings the total Patronage returned to members to $605 million since the program’s inception in 2005. Overall financial highlights in this year’s report include: • Net Income: $270.2 million • Total Assets: $11.1 billion • Total Loan Growth: 12.2 percent • Patronage Paid: $105 million Highlighted among these financial results in the annual report are firsthand accounts of the cooperatives experiences of 2020. Through the eyes of employees, the stories unfold of three unique ways GreenStone partnered with customers to achieve success together: 1) Together customers and employees overcome technology adoption for improved service, safety and efficiency; 2) Together they benefited through cost savings from loan conversions and reduced interest rates; and 3) Together they connected while securing Paycheck Protection

Program funds at a time of urgent need. “It’s been a rollercoaster year, with significant challenges and equally steep opportunities,” Dave shares. “But we got through it successfully because we did it together.” The 2020 annual report was mailed or emailed to all stockholders on March 31, 2021. It can also be viewed here: www.greenstonefcs. com/2020annualreport. ■