Local Farm Credit directors meet with Congresswoman Ann M. Kuster

From left: Gov. Lynch, Congresswoman Kuster, Steve Taylor, Henry Huntington

New Hampshire Second District Congresswoman Ann M. Kuster recently met with two Farm Credit board members from her district during a timeout from campaign activities in Concord, N.H. Former New Hampshire Gov. John Lynch joined the conversation and both expressed their continuing support for Farm Credit service to agriculture and forestry in the Granite State. From left are: Gov. Lynch; Congresswoman Kuster, Steve Taylor of Meriden, a director of Yankee Farm Credit, which serves the western and northern areas of the state; and Henry Huntington of Loudon, a director of Farm Credit East, which covers the six southeastern counties of New Hampshire.

Yankeeaca.com

Farmcrediteast.com

http://kuster.house.gov/

New Due Date for 2016 Forms W-2 and 1099

A reminder from our Financial Records and Payroll Services department.

Effective January 1, 2017, electronic Forms W-2, W-3, 1099 and 1096 are due to the IRS by January 31, 2017!

Previously, electronically filing extended the due date to March 31^st. The new January 31^st deadline now matches the due date for paper filed versions of the forms.
So, what does this mean for you?
Wage reconciliation and 1099 reporting information (Forms W-4 and W-9) must be obtained before year end to meet the new deadline.
And how do you prepare?
Put your ducks in a row now before it’s too late by regularly reconciling your records and payroll.
A few tips to help accomplish this:

• Obtain Form W-9 from 1099 vendors before you pay them.
• Keep a record of all payments made to employees and 1099 vendors.
• Keep a log of all tax payments made throughout the year.
• Adopt an accounting program, such as QuickBooks or CenterPoint, to compile all your business activities in one place and produce tax ready reports.

Yankee also offers records and payroll services. Service options are tailored to your needs. Whether it’s at your place of business or in our office, staff is here to help!
Contact your local office for details.

Q3 Financial Results

As we enter the home-stretch of 2016, Yankee can announce that we had another good quarter.

Our year-to-date income at the end of the third quarter was $7.5 million.  While this is down $809 thousand from the same time last year, we are well within our budget for 2016.

Some factors for this reduction include an increase of $1.1 million in the Provision for Credit Losses, primarily due to the increase seen in loan volume since last year, and an increase of $856 thousand in operating expenses.  These adverse factors were partially offset by an increase of $996 thousand in net interest income and an increase of $200 thousand in other income.

Loans held by the Association at September 30, 2016 were $462.1 million, up 2.9 percent from the end of 2015. The loan portfolio continues to be concentrated in the dairy industry, with 49 percent of loans held invested in dairy businesses.  The second largest concentration is timber with 14 percent of loans held, with maple being the third largest concentration with 11 percent.

Credit quality across Yankee's portfolio remained stable during the quarter and well within the risk-bearing capacity of the Association. At quarter end, 0.3 percent of the Association's loans were classified as nonperforming.  This ratio was slightly better than it was at the end of 2015.  There were no loan charge-offs or recoveries during the quarter.  The Association's capital position remains strong.

Click here for the full quarterly Report to Shareholders and here for the quarterly financial news release.

New Employee - Tess Adone

Tess Adone was hired in October as the Executive Assistant to CEO and President-elect Brenda Frank and also will be supporting the Board of Directors and senior management team. Tess is entering her ninth year of progressive experience as an executive assistant and has worked in the academic, non-profit, and state government sectors. A long-time resident of Vermont, Tess received her M.A. in English from the University of Vermont.

FarmStart- Andrew and Elizabeth Nolan

Andrew and Elizabeth Nolan are a 2016 FarmStart investment for Yankee Farm Credit, working with Loan Officer Kyle Lussier. They are using their FarmStart investment for initial working capital to help assist in the purchase of an existing dairy farm and operate as Nolan Family Farm, LLC.


Andy has a degree in Dairy Farm Management Technology from Vermont Technical College, and Elizabeth is a Registered Nurse. After graduating, Andy became the herdsman for Nor-Dic Farm in Panton, VT where his father was an employee for many years and Andy spent much time growing up. As the previous owner of Nor-Dic Farm was looking to retire, but wanted to keep the farm going Andy and Elizabeth saw an opportunity to start Nolan Family Farm.


Nolan Family Farm will be shipping milk to Agri-Mark and milking 200 cows. Andy has been strategic in his downsizing from the former operation of milking 600 cows to help make the transition more viable. They have a lease agreement for the property, plans in place for purchasing equipment, budget planning strategies with help from Yankee’s Liz Bayne and support from the previous owner to aid in their transition to business owners.


Yankee Farm Credit is excited to partner with the Nolan’s in their new business endeavor.