Quarterly net income for Yankee was $2.2 million, a decrease of $294 thousand from 2012. Net interest income increased 15 percent to $3.5 million, up from $3.0 million in 2012. The increase in net interest income was offset by a decrease in other income of $403 thousand as compared to 2012. The decrease in other income resulted primarily from $393 thousand in refunds received in 2012 from the Farm Credit System Insurance Corporation (FCSIC) related to the Farm Credit Insurance Fund (Fund).
For the first six months of 2013, net income decreased 2 percent to $4.4 million, down from $4.5 million a year ago. Net interest income increased 13 percent to $6.8 million. There was a provision for credit losses of $161 thousand through the second quarter of 2013, as compared to a reversal of $112 thousand to the provision for credit losses during the same period in 2012. Other income decreased by $401 thousand, primarily due to the FCSIC refund of $393 thousand in 2012.
Loans held by the Association at June 30, 2013 were $383.9 million, down 0.3 percent from year end. The loan portfolio continues to be concentrated in the dairy industry, with 54.1 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 11.9 percent of the loan volume at quarter end.
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