It's August - fair season in Vermont. But it also means there are only four months left to 2017 - where has the year gone?
August is also when the second quarterly financial results for Yankee are published. We can announce that we have had another good quarter with $2.9 million in net income. This is sightly higher than 2016, due to higher net interest income and income from financially related services. These increases, however, were partially offset by continued higher expenses due to the investments we are making in our new information technology platform and enhanced risk management practices.
Quarter end loans held at June 30th were $479.4 million, down slightly from year-end. The portfolio continues to be concentrated in the dairy industry with 51.2 percent of loans invested in dairy businesses. Our second largest concentration is timber with 13.3 percent of loan volume. Maple comes in at number three, with 11.1 percent of the portfolio at quarter-end.
Credit quality across the portfolio remained strong during the quarter and well within the risk bearing capacity of the Association. At quarter-end 1.1 percent of the Association loans were classified as nonperforming - 0.1 percent improved from the end of 2016.
Click here for the full quarterly Report to Shareholders.
