1st Quarter Financial Results

First quarter net income for Yankee was $2.3 million, an increase of $195 thousand over the same quarter in 2012. The most significant factors driving the increase were increases of $323 thousand in net interest income and $97 thousand in other income. These increases were offset by an increase in the provision for credit losses of $92 thousand and an increase of $133 thousand in other expenses.

Loans held by the Association at March 31, 2013 were $375.5 million, up 11.3 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 55 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 13 percent of the loan volume at quarter-end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 1.5 percent of the Association's loans were classified as nonperforming, unchanged from the end of 2012. There were no loan charge-offs, but recoveries of $7 thousand in the quarter. The Association’s capital position remains strong.

The 2012 patronage refund to members in the amount of $4.9 million was paid 100% in cash on March 25, 2013.

Producing Excellence

Last year the Farm Credit System celebrated it's 95th anniversary! In honor of the anniversary celebration the "Producing Excellence" series of stories was created in order to feature the success, strength and diversity of farmers and ranchers across the U.S. through "profiles" of Farm Credit customers.

The original goal was to get to 95 customer profiles for the 95th anniversary, but because the program had such a positive response Farm Credit began to expand and feature more farms. In the review of the first series, it was realized that U.S. agriculture was not fully represented; there were both states and industries that were missing from the series.

We are very pleased to have been contacted to feature Taylor Brother's Farm. The Taylor's are from Meriden, NH; they have a dairy farm where they produce artisan cheeses as well as maple products. To see their "Producing Excellence" profile, please follow this link:

http://www.farmcreditnetwork.com/producingexcellence/profiles/single/157.

Board Officers and Committees

At the April 30, 2013 board meeting, the Board of Directors elected the following officers:

Chairperson – Rocklyn A. Giroux
Vice Chairperson – Alan J. Bourbeau

Also approved were committee assignments:

Executive Committee
Rocklyn A. Giroux, Chairperson
Alan J. Bourbeau
Bryan E. Davis
Walter M. Gladstone
Celeste Kane-Stebbins

Audit Committee
Rocki-Lee DeWitt, Chairperson
Thomas J. Colgan
Paul B. Franklin
Paul F. Saenger
Stephen H. Taylor

Compensation Committee
Celeste Kane-Stebbins, Chairperson
Rocki-Lee DeWitt
Walter M. Gladstone
Paul F. Saenger
Stephen H. Taylor

Membership/Governance Committee
Alan J. Bourbeau, Chairperson
Thomas J. Colgan
Bryan E. Davis
Paul B. Franklin
Bradley N. Maxwell

Farm Credit Fellows



From left to right:  Dr. Charles Ferriera (UVM), Cassie Bromley (Wallingford, VT)

Andrew Whitney (Hardwick, VT), Kelly Richardson (Loan Officer - YFC),

Kaitlin Benoit (Richford, VT)



The 2013/2014 class of the Farm Credit Fellows program kicked off last week at the Farm Credit East headquarters in Enfield, CT.  On Thursday and Friday, April 18^th and 19^th this year's Fellows program began with twenty-eight students participating from Cornell University, University of Maine at Orono, University of Vermont, and University of Connecticut.

Doug Williams, Managing Director of Administration for the Funding Corporation, and David Sparks, Eastern Region President for CoBank, were on hand to explain how the funding process works and the working relationships they have with the individual ACAs, like Yankee.  Tom Moran, President and CEO of Financial Partners Inc. also gave a presentation about FPI's formation and the exciting new technical advances designed to make loan processing more efficient.  The day wrapped up with an introduction to a case study and a mock interview with a “customer.”

Day two started off with a discussion with Farm Credit East CEO Bill Lipinski about Farm Credit and the opportunities it provides both as a work place and as a lender.  The program then turned back to the case study.  The Fellows were split into two groups and given instructions to prepare arguments either for or against the loan.  With the help of a group of Farm Credit East employees, known as the Ambassadors, the groups prepared their arguments and made their cases to Loan Committee.  It was a tight race this year, but the approvals won over the denials.  The day wrapped up with Ben Freund, FCE Director from East Canaan, Connecticut giving a Farm Credit Director’s perspective.

The students will continue with the program throughout the coming year.  While each school's program is a little different, the students from Cornell, U of Maine, and UVM will all be spending a week in a Farm Credit office this summer.  Next fall they will participate in a classroom setting and will complete projects related to financial management.  Check back here on the Yankee ACA blog over the summer to follow the Fellows who visit Yankee as they make their scheduled trips to the different branch offices.  



Director Election Results

The last of four annual meetings was held last night in Randolph, VT. Members completed voting for directors, ballots were counted, and the results were announced before the meeting was adjourned. Elected to three year terms on the board of directors were:

Region 1 – Alan Bourbeau
Region 2 – Bryan Davis
Region 3 – Paul Saenger

Congratulations to Alan, Bryan and Paul. And thanks to Jesse Laflamme and Jane Clifford for participating in the elections as candidates.

Thank you to everyone for participating, and a special thanks to employees for organizing and running successful meetings.

2013 Dairy Challenge training at Miner Institute

This years’ students participating in the two day Dairy Challenge workshop at Miner Institute include Cassie Bromley of Wallingford, VT; Andrew Whitney of Hardwick; Kaitlin Benoit of Montgomery; Melissa Woolpert from California, and Morgen Doane from New Haven. The purpose of the workshop is to expose students to farm financial management and uses a case study where the students act as a business consultant working for a Vermont family operating a dairy as an LLC. There are two generations on the dairy and the students evaluate the business and make suggestions to improve profitability. We explain the difference between cash and accrual accounting and ratio analysis to compare the case study to our Northeast Dairy Farm Summary.

This is the 8th year that SVP/Regional Manager Mike Farmer has facilitated the workshop at Miner Institute. This fall the Northeast Regional Dairy Challenge will be held in Chazy and Yankee Farm Credit will be a sponsor.

Abigail Roleau

Abigail Roleau will fill the position of credit analyst in our Middlebury office effective May 15, 2013 and will work part time prior to this date. She graduates from UVM May 13, 2013, with a BS in Community Development and Applied Economics and a minor in Animal Science. She was a Farm Credit Fellow in 2012, see the Yankee ACA Blog: Farm Credit Fellows

Please welcome Abby to Yankee.

2012 Patronage Refunds

Yankee Farm Credit today distributed $4.9 million in patronage refunds to its members who borrowed from the cooperative. This distribution represents approximately 57% of Yankee’s 2012 net income of $8.7 million. The patronage refund of $4.9 million and the refund rate of 1.25% on average member loan volume are both the highest they have ever been. The association had a great year in 2012 thanks to the good financial performance of members and hard work of staff. We are pleased to share this success with members via this patronage refund. Yankee Farm Credit has paid patronage refunds to its members every year since 1995. Total payments over those 18 years have exceeded $49 million.

Click here for a news release.

2013 Annual Meetings - Pre-register now!

Our annual meetings will be held in April. Please join us to vote for your directors. Click the location below to send a pre-registration e-mail, please indicate how many will attend.

Monday, April 8th - American Legion in St. Albans

Tuesday, April 9th - Eastside Restaurant, Newport

Monday, April 15th - Middlebury Inn, Middlebury

Tuesday, April 16th - Three Stallion Inn, Randolph (Please note this is a new location!) Directions from I89: take exit 4 for VT 66, turn left on VT 66 West, stay on 66W for 2 miles then turn left on to Stock Farm Rd. The Inn is located at 665 Stock Farm Road.

All meetings begin at 7pm with registration at 6:30pm. Please contact your local office to pre-register or call the Williston office at 800-639-3053.

Wendy Smith

I am pleased to anounce that our newest employee in the White River Junction office is Wendy Smith. Wendy started working here as an Office Assistant on February 19th. For the past 6 ½ years, Wendy worked as an Administrative Assistant at the Vermont Law School in South Royalton, VT. Prior to that, she worked for 7 years at Mascoma Savings Bank in the Lending Department assisting in the closing of Home Equity Lines and Loans.

Please join me in welcoming Wendy to Farm Credit.