Quarterly net income for Yankee was $2.3
million, an increase of $382 thousand over 2012. Net interest income increased
13 percent to $3.5 million, up from $3.1 million in 2012. The most significant
factors driving the increase in net income are increases in loan volume, a
decrease in the provision for credit losses, and patronage refunds from
CoBank.
For the first nine months of 2013, net income
increased 5 percent to $6.7 million, up $283 thousand from a year ago. Net
interest income increased 13 percent to $10.3 million. There was a provision for
credit losses of $244 thousand through the third quarter of 2013, as compared to
$151 thousand for the same period in 2012. Other income decreased by $207
thousand, primarily due to $393 thousand in refunds from the Farm Credit System
Insurance Corporation in 2012.
Loans held by the Association at September 30,
2013 were $403.9 million, up 5 percent from year end. The loan portfolio
continues to be concentrated in the dairy industry, with 53 percent of the loans
invested in dairy businesses. The second largest concentration is timber, with
13 percent of the loan volume at quarter end.
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