Spring – a time when the sap starts to flow, the snow banks are slowly receding and days are getter warmer. It’s also the time when Yankee distributes patronage refunds to our members.
Today Yankee distributed $4.6 million to members who borrowed from us in 2014. This represents approximately 46% of Yankee's 2014 net income of $10.1 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2014.
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 20 years exceeding $58 million.
Click here for a news release issued today about Yankee's 2014 patronage refunds.
Wednesday, March 25, 2015
Wednesday, March 18, 2015
New England Dairy Conference Celebrates 30 Years
The New England Dairy Conference celebrated its 30th anniversary last week in a meeting held at the Mountain View Grand Hotel in Whitefield, NH. There was a beautiful black and white "Holstein" cake commemorating the milestone.
The cake was cut by representatives of the longest running farms from New Hampshire and Vermont present at the meeting. Sharing the honors were Richard "Stretch" Martin and John Amey, both Yankee members.
Friday, March 13, 2015
2015 Annual Meeting Registration Request
Our 2015 Annual Meetings are fast approaching. This year we will have 5 meetings. If you would like to pre-register by email, just click on the location below. Please be sure to let us know how many will be attending!
This year we will be having three daytime meetings beginning at 10:30 am with registration at 10 am:
Be looking for your 2015 Annual Meeting Information Statement which will be mailed to members soon.
This year we will be having three daytime meetings beginning at 10:30 am with registration at 10 am:
- Monday, April 6th - Jesse's Steak and Seafood in Hanover, NH
- Wednesday, April 8th - The Middlebury Inn, Middlebury, VT
- Friday, April 10th - Livingood's Restaurant and Brewery in Peru, NY
- Monday, April 6th - The Eastside Restaurant in Newport, VT
- Wednesday, April 8th - The American Legion in St Albans, VT
Be looking for your 2015 Annual Meeting Information Statement which will be mailed to members soon.
Thursday, March 12, 2015
2014 Financial Results
Full-year net income for Yankee was $10.1 million, an increase of $749 thousand over 2013. One of the most significant factors driving the increase was net interest income which increased 3.0% to $14.7 million, up from $14.3 million in 2013. Also contributing to the increase in net income was an increase of $572 thousand in other income, due to the sale of Association property in Middlebury, Vermont, and an increase of $282 thousand in patronage refunds from CoBank. These increases were offset by an increase of $856 thousand in expenses other than interest expense.
Year-end loan volume at December 31, 2014 was $428.1 million, up 4.9 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 51 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 14 percent of the loan volume at year end.
Credit quality across Yankee’s portfolio remained stable during 2014 and was well within the risk-bearing capacity of the Association. At year-end 0.6 percent of the Association loans were classified as nonperforming, compared to 0.8 percent at the end of 2013. There was a charge-off of $18 thousand and a recovery of $6 thousand recorded during 2014. The Association’s capital position remains strong.
The Board of Directors approved a patronage refund to members in the amount $4.6 million for 2014, to be paid 100% in cash. 2014 patronage payments will be made on or about March 25, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.
Year-end loan volume at December 31, 2014 was $428.1 million, up 4.9 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 51 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 14 percent of the loan volume at year end.
Credit quality across Yankee’s portfolio remained stable during 2014 and was well within the risk-bearing capacity of the Association. At year-end 0.6 percent of the Association loans were classified as nonperforming, compared to 0.8 percent at the end of 2013. There was a charge-off of $18 thousand and a recovery of $6 thousand recorded during 2014. The Association’s capital position remains strong.
The Board of Directors approved a patronage refund to members in the amount $4.6 million for 2014, to be paid 100% in cash. 2014 patronage payments will be made on or about March 25, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.
Friday, February 27, 2015
FarmStart - Taylor Acquaviva
Taylor Acquaviva is Yankee’s most recent FarmStart investment. Taylor will be using the funds to purchase a vat pasteurizer and start his own cheese making operation, Livewater Dairy, which will focus on providing organic, grass fed dairy products, specializing in fresh mozzarella and also producing butter and other value added products. Taylor’s family previously made mozzarella cheese on the farm years ago, which enables him to have access to a state-approved processing facility that is conveniently located 20 yards from the milk house.
Livewater Dairy is located in Putney, VT. Taylor plans on utilizing his family’s existing farm stand to help promote his products, as well as attending numerous farmers markets and building relationships with restaurants and co-ops across southern Vermont.
Taylor is pictured below standing in front of greenhouses that he also owns and grows veggies in:
Taylor is excited to begin his new venture and has a great support system that will enable him to be successful. His parents will be able to provide guidance with the processing and marketing aspects of the operation and Taylor also has a valuable connection with a Master Cheese maker in the area who is looking forward to acting as his mentor as he gets started.
Loan Officer Ryan Scelza worked with Taylor to make this FarmStart investment. As Ryan is regretfully leaving Yankee Farm Credit, Loan Officer April Smith will be the continuing FarmStart advisor.
The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.
To learn more about FarmStart please visit our website or contact your local office.
Livewater Dairy is located in Putney, VT. Taylor plans on utilizing his family’s existing farm stand to help promote his products, as well as attending numerous farmers markets and building relationships with restaurants and co-ops across southern Vermont.
Taylor is pictured below standing in front of greenhouses that he also owns and grows veggies in:
Taylor is excited to begin his new venture and has a great support system that will enable him to be successful. His parents will be able to provide guidance with the processing and marketing aspects of the operation and Taylor also has a valuable connection with a Master Cheese maker in the area who is looking forward to acting as his mentor as he gets started.
Loan Officer Ryan Scelza worked with Taylor to make this FarmStart investment. As Ryan is regretfully leaving Yankee Farm Credit, Loan Officer April Smith will be the continuing FarmStart advisor.
The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.
To learn more about FarmStart please visit our website or contact your local office.
Wednesday, February 25, 2015
Agri-Women Conference at Miner
Please see the below for information about an upcoming conference for women in agriculture being held at Miner Institute March 27-28, 2015.
Tuesday, February 17, 2015
2014 Patronage Refund
Yankee Farm Credit had another good year in 2014. The Board of Directors has approved a patronage refund for 2014 of $4,641,000, which is 1.00% of average member loan volume. Although the patronage pool is not quite as large as the previous two years, the Board feels it is important to maintain a strong balance sheet for your Association.
Payment of the patronage refund is dependent on the satisfactory completion of the 2014 audit and the Association's receipt of its 2014 patronage refund from CoBank. We anticipate both of these will be completed in March. Members should expect their checks to be mailed around March 25th. Those who are signed up to receive their refund electronically should see it hit their accounts on March 27th. If you do not receive your payment please contact your local office or click here to e-mail us.
To all those who contributed to Yankee's success in 2014, thank you!
Payment of the patronage refund is dependent on the satisfactory completion of the 2014 audit and the Association's receipt of its 2014 patronage refund from CoBank. We anticipate both of these will be completed in March. Members should expect their checks to be mailed around March 25th. Those who are signed up to receive their refund electronically should see it hit their accounts on March 27th. If you do not receive your payment please contact your local office or click here to e-mail us.
To all those who contributed to Yankee's success in 2014, thank you!
Monday, February 9, 2015
Dairy Stockmanship Workshops
Yankee recently helped sponsor workshops hosted by UVM Extension and Ben and Jerry's Caring Dairy Program. The workshops, held in Vermont and New York, focused on dairy stockmanship. Dairy stockmanship is low stress, safe, positive, efficient animal handling that improves the outcome for both the animal and people. The workshops were led by Don Höglund, DVM.
Across The Fence had an interesting interview with Dr. Höglund, Dr. Julie Smith of UVM Extension, and Rachel Gilker of Caring Dairy on 1/29/15 (15:09):
Dairy Stockmanship and Low-stress Handling
Across The Fence had an interesting interview with Dr. Höglund, Dr. Julie Smith of UVM Extension, and Rachel Gilker of Caring Dairy on 1/29/15 (15:09):
Dairy Stockmanship and Low-stress Handling
Saturday, February 7, 2015
Arlington Hazen RIP
Arl was President of Champlain Valley Farm Credit* (and its predecessors) from 1973 to 1986. He began his Farm Credit career in 1955 in the Middlebury office of what was then the Farmers Production Credit Association of Burlington.
The memorial service was today in the United Methodist Church in Shelburne. Rev. Gregory Smith officiated, and he told about how he discovered that he had a connection to Arl that he hadn’t known about:
Click here for Rev. Gregory Smith’s comments pertaining to Farm Credit
I spoke about Arl’s legacy at Farm Credit:
Click here for my comments
Several current and former employees attended the memorial service, as well as Paul Eddy, former Chairman of the Board.
The memorial service included family remembrances, Masonic rites, and military honors.
Arl lived a rich, full life and he will be missed by family, friends and colleagues.
*Champlain Valley Farm Credit was one of the two associations that merged on January 1, 1995 to form Yankee Farm Credit. The other association was Farm Credit of the Connecticut Valley.
Thursday, January 22, 2015
Association Insider - Winter 2014 Edition
Our latest issue of the Association Insider is now available on our website. Please click here to read about:
- New Yankee Offices, Same Great Service
- Middlebury Office a Nice Fit
- Yankee Offers QuickBooks Courses
- Financially Related Services - We Work Hard to Stay Current
- Look for Yankee at the Upcoming Events
- Scholarship Winners
- Tax Reporting Deadlines
- Employee News
- Spring Crop Insurance
- FarmStart Initiative
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