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.
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.
