2015 Patronage Refunds Paid

Today Yankee distributed $4.9 million in patronage refunds to members who borrowed from us in 2015. This represents approximately 48% of Yankee's 2015 net income of $10.2 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2015.

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 21 years exceeding $63 million.

Click here for a news release issued today about Yankee's 2015 patronage refunds.

Farm Credit 100 Fresh Perspective local Honoree

Green Mountain Farm to School, Founder and Executive Director Recognized by Farm Credit in National Search for 100 Fresh Perspectives Shaping Rural America and Agriculture

Williston, VT. March 15, 2016 – Katherine Sims, Founder and Executive Director of Green Mountain Farm-to-School in Newport, VT is among visionaries being recognized nationally through Farm Credit 100 Fresh Perspectives, a search to identify and honor 100 leaders who are changing rural communities and agriculture for the better.  The honorees were announced at a National Ag Day event at the National Press Club in Washington, D.C.

Katherine Sims

Farm Credit launched the Farm Credit 100 Fresh Perspectives program as part of its 100^th anniversary of service to rural communities and agriculture.  As a Farm Credit 100 Fresh Perspectives honoree Sims joins an impressive list of leaders in agriculture and rural enterprise.

“Farm Credit has supported rural communities and agriculture for 100 years, and we appreciate the vision it takes to remain successful over time in agriculture and rapidly evolving, thriving rural industries,” said George Putnam, Yankee Farm Credit President and CEO. “We are delighted to honor Katherine Sims as a leader who is helping to define the future of rural communities and agriculture. This honor helps recognize Katherine Sims’ work on behalf of rural communities and agriculture, and her ability to further contribute to a vibrant future for rural America.”

Selected by a panel of experts on rural matter, including Farm Credit leaders and others from around the agriculture industry, honorees like Sims are among the best-of-the-best who are positively shaping what is next for rural communities and agriculture.

Farm Credit joins the nearly 80 Farm Credit organizations that are celebrating the dynamic future of rural communities and agriculture.

For a complete list of the Farm Credit 100 Fresh Perspectives honorees, visit farmcredit100.com/top100.

About Green Mountain Farm-to-School
Green Mountain Farm-to-School (GMFTS) is a non-profit organization in Newport, Vt. that strengthens local food systems by promoting positive economic and educational relationships between schools, farms, and communities. GMFTS supplies fresh, local food to schools and institutions and gives students of all ages the knowledge and skills they need to make healthy food choice through school gardens, farm-to-school programs, a regional food hub, and mobile learning kitchen. For more information, visit www.greenmountainfarmtoschool.org or call 802-334-2044.

About Farm Credit
Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. Farm Credit has been fulfilling its mission of helping rural America grow and thrive for a century by providing farmers with the capital they need to make their businesses successful and by financing vital infrastructure and communication services. For more information about Farm Credit please visit http://www.farmcredit.com/.

 





2015 Financial Results

Full-year net income for Yankee was $10.2 million, an increase of $169 thousand over 2014. One of the most significant factors driving the increase was net interest income which increased 3.0% to $15.1 million, up from $14.7 million in 2014. Also contributing to the increase in net income was an increase of $260 thousand in patronage refunds from CoBank and a reduction of $147 thousand in the provision for credit losses, as compared to 2014. These favorable factors were offset by an increase of $618 thousand in expenses other than interest expense.

Year-end loan volume at December 31, 2015 was $449.0 million, up 3.6 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 49 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 15 percent of the loan volume at year end, with maple as the third largest concentration with 9 percent.

Credit quality across Yankee’s portfolio remained stable during 2015 and was well within the risk-bearing capacity of the Association. At year-end 0.4 percent of the Association loans were classified as nonperforming, compared to 0.6 percent at the end of 2014. There was a charge-off of $25 thousand and recoveries totaling $4 thousand recorded during 2015. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount $4.9 million for 2015, to be paid 100% in cash. 2015 patronage payments will be made on or about March 23, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.

Our 2015 Annual Report can be found on the Association website here.

2016 Director Nominees

Having a strong board of directors is one of the things that makes Yankee a successful agricultural service institution. Our Nominating Committee is dedicated to providing a diverse selection of candidates for members to vote on. In April, our members will have the chance to vote at our Annual Meetings for the three positions up for election . There is one position in each region for a three year term on the ballot.
The Nominating Committee met on January 20th, to interview potential candidates for director.

The following members were nominated for the three 3-year terms:

Region 1
Alan Bourbeau (incumbent)
Anne Lincoln

Region 2
Bryan Davis (incumbent)

Region 3
Rene Saenger (incumbent)
David Folino

Below is a map of the director regions

Despite the committee's best efforts it was unable to find a second willing candidate to run for the position of Association Director in Region 2.

If you are interested in running for director in the future, we encourage you to contact anyone on the Nominating Committee. See the annual report for names and contact information.

Thank-you to the Nominating Committee members and to the candidates for director for their time and devotion to providing an excellent ballot for our members.



New Employee - Nick Guyer

We are pleased to announce that Nick Guyer from Burke, VT will be joining the Yankee team as an Appraiser Trainee.  Nick will be starting full time on May 30^th in our new Derby office.

 

Nick earned a BA in History and Global Studies from St. Lawrence University.  He is a Certified Residential Real Estate Appraiser with residential appraisal experience as well as a Realtor with real estate sales experience in the Derby office coverage area.  His real estate experience will be extremely relevant in his position and will give him a running start on his Certified General Appraiser license training.  We are excited to have him join our appraisal team.