Jill Marshall - Farm Credit Fellow

Jill Marshall of Elba, NY visited the Newport office the week of December 10-14 as part of the Farm Credit Fellows program.  Jill is currently a senior at Cornell University in the Agricultural Science department.  She grew up on her family’s wholesale vegetable and dairy farm.  They milk 1,400 cows and have a couple thousand acres of vegetables.  Their three biggest crops are onions, cabbage and cucumbers. After graduation Jill is hoping to pursue an opportunity bridging the gap between produce farmers and retailers.  Her long range goal is to return to the family farm.

Financing the Working Landscape

Ken Button (senior vice president in our Middlebury office) attended the second annual “Financing the Working Landscape” conference held at the American Legion in Middlebury on 11/29/2012.  The conference was organized by Growing Community Together in Addison County (ACORN), Addison County Economic Development Corporation, and Addison County Regional Planning Commission. 

Ken represented Yankee Farm Credit on a “Capital Continuum Panel”.  Other organizations represented included People’s United Bank, Vermont Agricultural Credit Corporation, Farm Service Agency, Fresh Tracks Capital, and the Small Business Administration.  The keynote speaker was Paul Costello, executive director of the Vermont Council on Rural Development. 

A major announcement was made at this conference: the rollout of the “Vermont Working Lands Enterprise Initiative”.  The Working Lands Enterprise Board (WLEB) is solicting applications for nearly $1 million in grants appropriated by the legislature to support Vermont's rural economy.

Click here for more details of this conference.

Q3 Financial Results

Third quarter net income for Yankee Farm Credit was $1.9 million, an increase of $331 thousand over 2011. Net interest income increased 6.0 percent to $3.1 million, up from $2.9 million in 2011. The most significant factors driving the increase in net income are increases in loan volume, fees for financial services, and a decrease in the provision for credit losses.

For the first nine months of 2012, net income increased 19.0 percent to $6.4 million, up from $5.4 million a year ago. Net interest income increased 4.1 percent to $9.1 million. There was a provision for credit losses of $151 thousand through the third quarter of 2012, as compared to $317 thousand for the same period in 2011. Other income increased by $677 thousand, primarily due to $393 thousand in refunds from the Farm Credit System Insurance Corporation (FCSIC).

Loans held by the Association at September 30, 2012 were $362.9 million, up 6.7 percent from year end. The loan portfolio continues to be concentrated in the dairy industry, with 55.3 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 11.5 percent of the loan volume at quarter-end.

Credit quality across Yankee’s loan portfolio improved during the quarter and was well within the risk-bearing capacity of the Association. At quarter end 1.6 percent of the Association loans were classified as nonperforming, no change from at the end of 2011. There were no loan charge-offs or recoveries in the quarter. The Association’s permanent capital ratio at quarter-end was 20.4%, down 0.2% from the end of 2011.

Promotion - April Smith

I am pleased to announce that April Smith has been promoted from Office Assistant/Credit Analyst to Loan Officer in our White River Junction office. April began her career with Yankee in 1991 as an Office Assistant and has held a variety of credit support positions since that time.

Please join me in congratulating April!

We will soon be posting a credit analyst position in our White River Junction office.

Promotion - Geoffrey Yates

I am pleased to announce that Geoff Yates has been promoted to Senior Vice President/Director–Financial Services. Geoff has long served the Association as Vice President/Director–Appraisal Services and as Chief Appraiser. Last year he assumed additional responsibility for other financial services including crop insurance and the recordkeeping and tax preparation services. This promotion to Senior Vice President recognizes Geoff’s leadership and the Association’s commitment to financial services. He continues to be Chief Appraiser.

Geoff has worked for Farm Credit since 1980. He started at the South Burlington office of the Federal Land Bank Association (FLBA) and Production Credit Association (PCA) of South Burlington. His first position was Manager of Financially Related Services. For a number of years as part of that job, Geoff provided consulting services to farmers.

In the 1990s the financial services industry began to place a greater emphasis on appraisals. The requirements for appraisals were increased and Congress decreed that appraisals would be done by independent appraisers not loan officers. Geoff led the way for the Association to meet these new requirements. He built up the Association’s Appraisal Department and became a sought-after and respected resource on appraisal matters throughout the Northeast, both inside and outside Farm Credit.

Geoff hails from Great Britain and holds the equivalent of a Bachelors Degree in Farm Management from Seale Hayne Agricultural College in Devon, England. He also holds a Masters Degree in Agricultural Economics from Cornell University. Prior to Farm Credit he worked for Cornell Cooperative Extension as a Regional Farm Management Specialist based at Miner Institute. Geoff serves as a trustee of the William H. Miner Agricultural Research Institute in Chazy, New York.

Please join me in recognizing Geoff’s valuable and continuing contributions to the Association!

Promotion - Morgan Greenwood Rilling

I am pleased to announce that Morgan has accepted the new position at Yankee Farm Credit of Assistant to Chief Credit Officer. Morgan will play a key administrative role assisting SVP/Chief Credit Officer John Peters in the development and implementation of credit policies and procedures as well as credit staff training and development. She has also been appointed Assistant Secretary and will assist with director and shareholder meetings.

Morgan started with Yankee as a summer intern in the Williston office in 2004. She worked part-time in Williston while a college senior in 2004-2005. Following graduation from UVM she was hired full-time in the White River Jct. office as a Credit Analyst/FRS Assistant. She was promoted to Loan Officer in 2006. Morgan holds an Associates Degree from Vermont Technical College in Agribusiness Management and Technology and a Bachelors Degree from the University of Vermont in Agricultural and Resource Entrepreneurship.

Please join me in congratulating Morgan on her new position!

Newsletter - Association Insider

Check out our September issue of the Association Insider newsletter.

Topics include:

· Lessons about Sustainability
· LGM Dairy Gross Margin (income over feed) Insurance
· Financial Status as of June 30, 2012
· Tax Planning-Some Changes to Keep in Mind!
· Personnel News-lots of changes at Yankee!
· The Clock is Ticking on Gifting
· Does Leasing with Farm Credit Make Sense for Your Business?
· Did You Know...Yankee Will Help with Your Tuition for Extension Programs?
· FarmStart Initiative
· Zucchini Casserole Recipe

As always, we welcome your feedback and suggestions, please drop us an e-mail or call Ruchel at 800-639-3053.

Adirondack Coast Wine, Cider & Food Festival

Yankee Farm Credit is proud to be a sponsor of the 2012 Adirondack Coast Wine, Cider and Food Festival (ACWCF) to be held on Saturday, October 6, 2012, from 2pm to 8pm at the Crete Civic Center in Plattsburgh, NY. 

The Adirondack Coast name is part of an effort to brand the region as a four season tourist destination.  The Adirondack Coast website provides information on events, activities, lodging, restaurants and more in the area.  The ACWCF is advertised on this page of their site.

The ACWCF will showcase local food and beverage producers in a farmer's market type atmosphere with the opportunity to sample and buy products made locally.  Attendees will be treated to live local music, a wine tasting demonstration and a home cider making demonstration in addition to the opportunity to interact with our local food producers and try their products.

Don't miss out!  The ACWCF will be held inside the Civic Center if it rains, but if mother nature cooperates, the event will be held outside the building to take advantage of our beautiful fall season.

There is also still time to sign up your business to be a vendor at the ACWCF.  A list of this year's vendors and information on how to sign up your business can be found here. 

See you there!

Association cars for sale

We have the following Association vehicles available for purchase:

Please contact Ruchel at 800-639-3053 or click here to send an e-mail.

Promotion - Alicia Marcy

I am pleased to announce that Alicia Marcy has been promoted from Office Assistant to Financial Services Assistant in our St. Albans office. When Alicia joined us in December 2008, she was working on an associate’s degree in accounting from Community College of Vermont. She earned that degree in June 2009 and she expects to earn a bachelor’s degree in accounting from Champlain College in December. Alicia’s studies included courses in income taxation and she is currently taking internal Farm Credit tax training. She is looking forward to her new duties in our Financial Services Department.

We will soon be posting a position for an office assistant in our St. Albans office. Alicia’s transition to the Financial Services Department will be effective on or about November 1st to allow time to train her replacement.

Please join me in congratulating Alicia!