Friday, March 27, 2015

Management Changes

Yankee Farm Credit announces changes in its management and administrative staff.

We have created a new position of Senior Vice President/Chief Strategy Officer, and I am pleased to announce the promotion of Geoffrey C. Yates to this position. In his current role, Geoff is responsible for all financial services. Geoff’s responsibilities will be expanded to include strategic planning and human resources as well as financial services. Geoff has been with Yankee since 1980 and has served in a variety of positions, including Chief Appraiser.

We are creating four new management positions, all reporting to Geoff.

Mike Moloney is being promoted to Manager of Tax Services. Mike has been with Yankee since 1999 working in the financially related services department as a Farm Tax and Records Specialist. He has been Assistant Manager of the department since 2011.

Lisa Gravel is being promoted to Manager of Records and Payroll Services. Lisa has been with Yankee since 1991, working at first as an assistant credit analyst/documentation specialist and more recently as a Farm Tax and Records Specialist.

Rob Guay is being promoted to Manager of Appraisal Services. Rob began employment with Yankee in 2008, working in the appraisal department as an appraisal analyst. Rob obtained his certified general appraiser license in 2012 and is licensed in both New York and Vermont.

Ruchel St. Hilaire is being promoted to Manager of Human Resources and Administration. Ruchel has been with Yankee since 1996 as Executive Assistant. Since 2003 she has also been Personnel Coordinator.

We currently have an opening for an Administrative Assistant. Please click here for details.

Please join me in congratulating Geoff, Mike, Lisa, Rob and Ruchel on their promotions!

Wednesday, March 25, 2015

2014 Patronage Refunds Paid

Spring – a time when the sap starts to flow, the snow banks are slowly receding and days are getter warmer. It’s also the time when Yankee distributes patronage refunds to our members.

Today Yankee distributed $4.6 million to members who borrowed from us in 2014. This represents approximately 46% of Yankee's 2014 net income of $10.1 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2014.

When Yankee has a successful year, patronage refunds represent one of the advantages of borrowing from us. The refunds were possible due to our high quality loan portfolio and members.

Yankee has paid patronage refunds to its members every year since 1995, with total payments over those 20 years exceeding $58 million.

Click here for a news release issued today about Yankee's 2014 patronage refunds.

Wednesday, March 18, 2015

New England Dairy Conference Celebrates 30 Years

The New England Dairy Conference celebrated its 30th anniversary last week in a meeting held at the Mountain View Grand Hotel in Whitefield, NH. There was a beautiful black and white "Holstein" cake commemorating the milestone.


The cake was cut by representatives of the longest running farms from New Hampshire and Vermont present at the meeting. Sharing the honors were Richard "Stretch" Martin and John Amey, both Yankee members.



Friday, March 13, 2015

2015 Annual Meeting Registration Request

Our 2015 Annual Meetings are fast approaching. This year we will have 5 meetings. If you would like to pre-register by email, just click on the location below. Please be sure to let us know how many will be attending!

This year we will be having three daytime meetings beginning at 10:30 am with registration at 10 am:
We will also hold 2 evening meetings beginning at 7 pm with registration at 6:30 pm:
If you prefer to register by phone, please contact your local office.

Be looking for your 2015 Annual Meeting Information Statement which will be mailed to members soon.

Thursday, March 12, 2015

2014 Financial Results

Full-year net income for Yankee was $10.1 million, an increase of $749 thousand over 2013. One of the most significant factors driving the increase was net interest income which increased 3.0% to $14.7 million, up from $14.3 million in 2013. Also contributing to the increase in net income was an increase of $572 thousand in other income, due to the sale of Association property in Middlebury, Vermont, and an increase of $282 thousand in patronage refunds from CoBank. These increases were offset by an increase of $856 thousand in expenses other than interest expense.

Year-end loan volume at December 31, 2014 was $428.1 million, up 4.9 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 51 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 14 percent of the loan volume at year end.

Credit quality across Yankee’s portfolio remained stable during 2014 and was well within the risk-bearing capacity of the Association. At year-end 0.6 percent of the Association loans were classified as nonperforming, compared to 0.8 percent at the end of 2013. There was a charge-off of $18 thousand and a recovery of $6 thousand recorded during 2014. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount $4.6 million for 2014, to be paid 100% in cash. 2014 patronage payments will be made on or about March 25, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.