Net Earnings $3.9 Million
Williston, Vermont (May 10, 2018) - Yankee Farm Credit today announced first quarter financial results for 2018. Yankee is a farmer-owned credit cooperative serving Vermont and parts of New York and New Hampshire. Quarterly earnings were up from the prior year, and loan quality remained stable. The Association distributed nearly $6.3 million in patronage refunds to members during the quarter. Yankee’s overall level of capital remains strong.
Q1 Financial Results
Quarterly net income for Yankee was $3.9 million, an increase of $1.6 million from the same period in 2017. Net interest income increased 20 percent, from the same period in 2017, to $4.9 million. Noninterest income increased $470 thousand, primarily due to refunds received from the Farm Credit System Insurance Corporation. Noninterest expense decreased $22 thousand from the same period in 2017.
Loans held by the Association at March 31, 2018 were $500.1 million, down $11.9 million from year-end but $21.2 million higher than March 31, 2017. The loan portfolio continues to be concentrated in the dairy industry, with 48.3 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 11.1 percent of the loan volume at quarter end, with maple being the third largest concentration with 10.4 percent.
Credit quality across Yankee’s loan portfolio remained stable during the quarter and well within the risk-bearing capacity of the Association. At quarter end, 1.3 percent of the Association loans were classified as nonperforming, up 0.4 percent from the end of 2017. There were no loan charge-offs or recoveries in the quarter. The Association’s permanent capital ratio at quarter end was 17.9 percent, down from 18.8 percent at the end of 2017.
The 2017 patronage refunds to members in the amount of nearly $6.3 million was paid 100% in cash on March 22, 2018.
About Yankee
Yankee Farm Credit is a member-owned cooperative that provides loans and financial services to farmers and other rural customers. Yankee is an agricultural credit association (ACA) within the national Farm Credit System. Yankee serves all of Vermont, four counties in New Hampshire (Cheshire, Coos, Grafton and Sullivan) and two counties in New York (Clinton and Essex). For more information about Yankee, visit the Association’s website at YankeeFarmCredit.com. The complete quarterly report is available on the website.
Contact
Pamela Simek
SVP/Chief Financial Officer
(802) 388-9390
PSimek@YankeeFarmCredit.com
