Promotion - Morgan Rilling

I am pleased to announce that Morgan Rilling has been promoted to Assistant Vice President/Branch Manager in our White River Junction office. She has served as Interim Branch Manager since August 1st.

Morgan began her Farm Credit career in 2004 working as a part-time employee in the Williston office while attending the University of Vermont. Following her graduation in 2005 she became a full-time employee, serving in the White River Junction office. Morgan started as a credit analyst/FRS assistant, became a loan officer in 2006, and credit operations coordinator in 2012. Morgan’s experience in both credit and administrative roles will serve the Association well.

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!

Q3 Financial Results

Yankee’s third quarter financial results are now available and we can announce that we had another good quarter. In the third quarter we saw favorable net interest income, along with higher amounts in other income from the same quarter last year. The balance sheet shows that loans held by the Association were down slightly from year-end, but up from the previous quarter.

Quarterly net income for Yankee was $2.5 million, an increase of $100 thousand over the same period in 2014. The most significant factors driving the increase were favorable net interest income and other income as compared to the same period last year.

For the first nine months of 2015, net income was $8.3 million, an increase of $1.4 million from 2014. There was a negative provision for credit losses of $691 thousand through the third quarter of 2015, as compared to a provision of $661 during the same period of 2014. Other income increased $502 thousand, primarily due to an increase in income from fees for financial services and in patronage refunds from CoBank, ACB.

Loans held by the Association at September 30, 2015 were $432.2 million, down 0.3 percent from year end but up 2.1 percent from June 30, 2015. The loan portfolio continues to be concentrated in the dairy industry with 49 percent of loans invested in dairy businesses. The second largest concentration is timber, with 14 percent of loan volume at quarter end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.5 percent of the Association loans were classified as nonperforming, 0.1 percent improved from the previous quarter and from year end. This statistic was 0.2 percent improved from the same period in 2014. There were no loan charge-offs or recoveries in 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.

Career Opportunities

Are you passionate about agriculture and want to be involved with supporting local farm businesses to ensure their success? If yes, please consider joining our Yankee team! We are a leading provider of credit and financial services to the agricultural community in Vermont, western NH and the Champlain Valley of NY.

We currently have two positions open:

• Office Assistant - Middlebury, VT
• Credit Analyst - St. Albans, VT

For a more detailed job description, please visit our website at www.yankeeaca.com.

To be considered for this position, please send a cover letter and resume to: Ruchel St. Hilaire, Yankee Farm Credit, P.O. Box 467, Williston, VT 05495 or e-mail.

Yankee Farm Credit offers a full, comprehensive benefits package.
EO/AA Employer- M/F/D/V

Yankee's Consulting Service: Value You Can Use

Farm Credit’s mission is to support rural communities and agriculture with reliable and consistent credit and financial services. Yankee's business consulting services aids in this mission by offering services that include multiple ways to help improve your results or adapt to change within and outside your business. Our consultants have the opportunity to work with other teams within Yankee, such as our financial recordkeeping and tax services, to be as efficient and effective as possible. Our focus is delivering value you can use, whether the fee is is hourly or project based.

Our consulting services cover a wide variety of needs: business planning, business organization, budget tools, financial and operational analysis, investment analysis, feasibility studies, benchmarking programs, dairy business analysis, profit team meetings, appraisal consulting, conservation easement planning, complex entity tax planning, estate planning, farm transfer and succession planning, and much more!

If you have any questions about how our consultants could help you please do not hesitate to contact Liz Bayne, 802-295-3670, Elizabeth.Bayne@YankeeACA.com or Joanna Lidback, 802-334-8050, Joanna.Lidback@YankeeACA.com.

 

Liz Bayne

Joanna Lidback



 



2015 New England Green Pastures Award Banquet

On September ​18th, Tullando Farm from Orford, NH and Keewaydin Farm from Stowe, VT were honored at the New England Green Pastures Program’s annual banquet. The farms were chosen as the 2015 Dairy Farm of the Year in their respective states. The objective of the New England Green Pastures Program is: "To encourage a more prosperous dairy industry in New England, especially through the growing, harvesting, storage, and feeding of quality forage to attain excellence in herd production using economic management of all farm resources." Kelly Richardson, Loan Officer from the Derby branch, Liz Bayne, Business Consultant in the White River Junction office, and Jesse Taft, a Credit Analyst also from the White River office, represented Yankee at the award ceremony. 

The New England Green Pastures Committee chooses an “Outstanding Dairy Farm of the Year” from each of the New England states, and celebrates the winners at its annual awards banquet held at the Storrowton Tavern on the grounds of the “Big E” (the Eastern States Exposition) in West Springfield, Massachusetts. Though originally started in 1947 as a challenge to find New England’s best pastureland, the aim of the Green Pastures Program has shifted over the years. Today, the goal of the program is to promote dairy farming in New England by highlighting and honoring outstanding farms. Every year the program’s review committee awards the “Dairy Farm of the Year” to an exceptional dairy farm from each of New England’s six states. Farms considered for the award are judged on a “total management” basis which includes a performance analysis of a farm’s production and financial performance, as well as the farm family’s personal contribution to the agricultural community.

The banquet began with an invocation by Carol Hodgdon, a Green Pastures Committee Vice Chair. Victoria Maloch, a Future Farmers of America (FFA) National Officer and student at the University of Arkansas, served as the banquet’s guest speaker. She challenged the six Green Pastures award winners to stay engaged with the next generation, and to pass along knowledge and give guidance to the younger people who are interested in agriculture.

The winners were presented with an award (an engraved silver milk pitcher) and were asked to give a short presentation about their farming operating, their history, and what they consider to be the “secrets of their success.”

The Tullar Family of Tullando Farm, Orford, NH

 

Tullando Farm was heavily represented at the banquet. Three generations of the Tullar family were in attendance, including Rendell Tullar, who led the farm’s presentation. The Tullar’s showed the audience a promotional video that was made by Granite State Dairy Promotion. The video showed the ins-and-outs of the operation at Tullando, with particular focus on the farm’s robotic milking setup and the family’s collective effort to stay current with the dairy industry and to adapt accordingly. Tullando Farm was founded in 1956 by Rendell Tullar’s parents, George and Barbara, who combined their respective surnames, Tullar and Anderson, to create the farm’s distinctive name. Tullando milks 500 Holsteins and crops around 500 acres of corn, 100 acres of alfafa, and 100 acres of grass.

L to R: Tony Kitsos, UVM Extension; Claire and Les Pike of Keewaydin Farm, Stowe, VT

 

Keewaydin Farm was represented by Les and Claire Pike, who operate the farm with their children, Suzi and Dan Pike. Les’ grandparents bought the farm in 1921, and the farm has been operated by the Pike family ever since. They gave an in depth presentation about their farm complete with a slideshow of photographs. The Pikes emphasized the need for a farm to “find its identity,” describing how they worked backward from an operation that was heavily diversified in the 1970’s with a sugarbush and farm stand to the more streamlined and straightforward present day farm, which focuses solely on finding better and more efficient ways to milk their herd of 141 registered Jerseys. Keewaydin has a rolling herd average of 15,485 pounds of milk, 5.1% butterfat, and 3.9% protein. Since 2010, the Pikes have operated an anaerobic methane digester, which supplements electricity on the farm. The also reuse the solids for bedding, which is uncommon on a farm of their size. Keewaydin is the first Lamoille County farm to receive the Green Pastures Dairy of the Year award.

Other winners included Sidehill Farm (Hawley, MA), an organic dairy farm and yogurt producer; Twinbrook Farm (Minot, ME), a 150 cow dairy that recently navigated a generational transfer; Cottrell Homestead (N.W. Kingston, RI), a “Rhody Fresh” producer; and Beriah Lewis Farm (N. Stonington, CT), an 8^th generation dairy farm that was founded in 1791 and has been in continuous operation ever since.

Yankee would like to congratulate Tullando Farm and Keewaydin Farm on their Dairy of the Year recognition and for their continued excellence in the field of dairy farming!

Senator Leahy's Fall Foliage Weekend

The weather and foliage this past weekend were quite accommodating for Senator Patrick Leahy’s Fall Foliage Weekend in Vermont. Several events were scheduled throughout the weekend to allow time for networking while showcasing the beauty of the Senator's home state.

Senator Leahy has long been a strong supporter of Farm Credit. Yankee had the opportunity to send attendees to each event where they were able to thank the Senator for his support of Farm Credit and farmers. Participating from Yankee were:

• Friday 10/2 – sunset cruise on Lake Champlain – AVP/Branch Manager Dave Lane and his wife Julie
• Saturday 10/3 – bus tour from Burlington to Waitsfield and Stowe – President and CEO George Putnam and his wife Nancy
• Saturday 10/3 – dinner in Burlington – AVP/Commercial Lending Division Manager Chris Bessette and his wife Nariah Broadus
• Sunday 10/4 – reception and brunch in Burlington – Director Alan Bourbeau and his wife Kim

Pictured above is Senator Leahy with George and Nancy Putnam at the top of the gondola on Mt. Mansfield.

Senator Leahy was chairman of the Senate Agriculture Committee when the Agricultural Credit Act of 1987 was passed. The 1987 Act profoundly affected the Farm Credit System. Some may remember the days of Production Credit Associations (PCAs) for short and intermediate term lending and Federal Land Bank Associations (FLBAs) for long term real estate mortgage lending. The 1987 Act brought many organizational changes to the Farm Credit System, including the introduction of Agricultural Credit Associations (ACAs) which combined the functions of a PCA and FLBA into a single entity. The 1987 Act led to the formation of Yankee Farm Credit, ACA in 1995 from the merger of Champlain Valley Farm Credit and Farm Credit of the Connecticut Valley.

Help Find Farm Credit 100 Fresh Perspectives!

Do you know an individual or group of individuals whose leadership and vision is changing the future of agriculture and rural America for the better? Farm Credit is searching for 100 leaders who are positively shaping what is next for rural communities and agriculture.

Farm Credit is asking you to nominate leaders who demonstrate qualities in one or more of the following categories:

• Leadership (over 21)
• Youth Leadership (21 and younger)
• Rural Policy Influence
• Beginning Farmer or Rancher Achievement
• Entrepreneurship and Innovation
• Sustainability and Natural Resource Conservation
• Financial Stewardship
• Mentoring and Volunteerism
• Agriculture Education and Community Impact
• Rural and Urban Connection

If you know a dynamic leader who fits into one or more of those categories, we encourage you to nominate them for recognition as one of the Farm Credit 100 Fresh Perspectives in three easy steps:

1. Consider: Identify the category or categories outlined here that best represent your nominee’s area of influence.
2. Visit: Go to FarmCredit100.com/fresh for entry materials.
3. Complete: Submit nomination form and brief essay. Nominations accepted until December 18, 2015.

A panel of experts on rural matters, including Farm Credit leaders and representatives from around the agriculture industry, will evaluate and select the top 100 honorees who showcase the ability to build appreciation for rural communities and agriculture and further contribute to a vibrant future for rural America. The final 100 names will be announced in early 2016.

Go to FarmCredit100.com/fresh for more info!

Yankee Directors, Guests and Staff Participate in Northeast Kingdom Farm & Food Tour

Directors, guests and staff of Yankee Farm Credit recently toured an array of farms and food-related organizations in the Notheast Kingdom. As part of an annual tour, Yankee's Derby office organized a day chock full of agriculture and local food-related establishments. Find below a few highlights from the day:

The first stop of the day was to Eureka Satellite, LLC, a project owned and operated by brothers Mateo and Andy Kehler of Jasper Hill Creamery. The project we visited is a hay drying facility and solar array system (still under construction). The Kehlers' main product is artisan cheese, which is their key focus. Mateo explained to the group why they prefer to feed their cattle dry hay versus grass silage and why it makes a difference in their cheese. The hay dryer is quite an innovation and depending upon the moisture content of the hay when it is harvested, takes anywhere between five and 12 hours for drying. It's the first of its kind in the U.S. and was imported from Germany. You can read about the Kehler's installation here.

Mateo Kehler addressing the group.

Yankee director Brad Maxwell checking out the equipment.

Group shot, L-R, Yankee director Rocky Giroux, Mateo Kehler, Derby branch manager Loren Petzoldt, Andy Kehler, Yankee CEO George Putnam. 



Group waiting outside the hay drying facility.
 

The next stop was Pete's Greens, Inc., a four season organic vegetable farm growing a vast array of specialty crops with emphasis on baby greens, heirloom tomatoes and root crops. Starting in 1995, Pete Johnson cleared land owned by his parents and grew mostly greens. He has added crop land since and now operates 375 tillable acres. Pete also has an extensive year-long CSA (Community Supported Agriculture) program which includes other products such as cheese, meat, eggs and apples from neighboring farms. Additionally, a wholesale unit and retail operation round out the business.

A cheery mural on one of the main walls in the main building.

The group toured several acres of production and is heading back toward a building currently being installed with solar panels on the roof.

Tim Fishburne from Pete's Greens led the tour through the operation.
 

We stopped for lunch at Sterling College where we learned about Sterling's Sustainable Agriculture and Sustainable Food Systems programs. Our hosts were Topher Bordeau, director of Advancement and Alumni Relations, faculty members Charlotte Rosendahl and Allison Van Akkeren, executive chef Simeon Bittman and Katie Lavin from the president's office. We were treated to a delicious meal of food from Sterling's farm and other local farms. Yankee Farm Credit recently partnered with Sterling College for it's Veteran College-to-Farm program. You can read about it here.

A bulletin board announcing the day's lunch at the entrance to dining hall.

We made our way to the Center for an Agricultural Economy's Food Venture Center next and were greeted by Sarah Waring, executive director of the Center, Connor Gorham, facilities manager and professional production assistant and Daniel Keeney, farm and food business advisor. Launched in 2004, CAE's mission is to engage the public to build a regenerative, locally based, healthy food system through collaboration opportunities, food access and hunger relief, educational outreach and providing infrastructure.

The Food Venture Center is a multi-use processing facility. The center is an incubation space for food businesses. Over 60% of the rents paid to the facility comes from farmers. Jasper Hill is a core tenant producing cheese at the facility. The center offers support services to clients as well as recipe development, co-packing services and process development. The Food Venture Center also has food chemists available for users if needed to develop their product. Currently over 30 businesses are using the facilities for production.



Connor Gorham (third from left) and Sarah Waring giving an overview of the Center when we arrive.

Connor using a mural as a prop to explain.

A display of products from some of the Center's clients.

Our last stop of the day was Kingdom Creamery of Vermont, LLC. Located in East Hardwick, Vt., Kingdom Creamery is a family business owned by the Michaud family - Denis and Claire along with sons Jeremy, Travis and Daniel and their families. The creamery produces premium ice cream, soft serve mix, frozen yogurt and yogurt made from milk purchased from the family's dairy farm, Claire-a-Den Farm. Their own maple syrup is also featured in many of their products. Products are marketed under their own and private labels for other companies. Their product can be found in grocery stores and scoop shops all over New England and New York. Quite often they attend local events and festivals where a family member - maybe even a grandchild - will scoop your cone for you.

Leslie Michaud, Jeremy's wife, and Claire Michaud happily scoop ice cream for some anxious onlookers.

A pint ready to be filled in the assembly line.

Jeremy Michaud (right, in royal blue) explaining a process to a few tour goers.

 

We have a lot of wonderful agriculture and farm and food businesses to be proud of in the Northeast Kingdom. Our group learned a lot and enjoyed the trip.

The Boston Public Market - UPDATE

A few weeks ago, we reported on the Boston Public Market (BPM), a functional farmers market in Boston, Massachusetts that also serves as a showcase for agriculture and farming in New England (original post can be found HERE).

April Smith, a loan officer in Yankee's White River Junction office, toured the BPM on July 30th and participated in its open house. April brought back photos from the BPM and a map that details the layout of the facility and provides brief descriptions of each vendor.

Photos:

 

 

 

The BPM map (click to enlarge):

*Special thanks to April Smith for attending the open house and providing the above images*

Q2 Financial Reports

Finally! The rain has slowed down, the sun has come out and summer has decided to arrive in Yankee’s territory. It feels good and so does Yankee’s financial health. Yankee’s second quarter financial results are now available and we can announce that we had another good quarter. Favorable net income was primarily due to a negative provision for loan losses. This is a result of the improving quality of the loan portfolio, which remains strong. It is expected to remain that way in the foreseeable future. The balance sheet shows that loans were down from year-end, but up from the previous quarter. Great members and staff are two reasons for these results.

Quarterly net income for Yankee was $3.1 million, an increase of $1.1 million over the same period in 2014. The most significant factor driving the increase was a negative provision of $468 thousand to the provision for credit losses, as compared to a provision of $424 for the same period in 2014. This was due to the improving quality of our loan portfolio.

For the first six months of 2015, net income was $5.7 million, an increase of $1.3 million from 2014. There was a negative provision for credit losses of $604 thousand through the second quarter of 2015, as compared to a provision of $732 during the same period of 2014. Other income increased $197 thousand, primarily due to an increase in income from fees for financial services.

Loans held by the Association at June 30, 2015 were $423.4 million, down 2.3 percent from year end but up 0.9 percent from March 31, 2015. The loan portfolio continues to be concentrated in the dairy industry with 49 percent of loan invested in dairy businesses. The second largest concentration is timber, with 15 percent of loan volume at quarter end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.6 percent of the Association loans were classified as nonperforming, 0.1 percent improved from the previous quarter and unchanged from year end. This statistic was 0.2 percent improved from the same period in 2014. There were no loan charge-offs, but $1 thousand in recoveries in 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.