Wednesday, November 8, 2017

3rd Quarter Financial Results





It's November, and as we face holidays and year-end in the not too distant future I can't help but continue to ask, "where has the year gone"?

November is also when the third quarterly financial results for Yankee are published. We can announce that we have had another good quarter with $2.6 million in net income. A healthy net income is important for us to be able to provide credit and keep a strong patronage program. This is slightly higher than the same three month period in 2016, due to higher net interest income and higher patronage from CoBank, ACB. 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 September 30th were $479.9 million, down slightly from year-end. These are the loans Yankee holds onto after selling other loans as a risk mitigation tool. The portfolio continues to be concentrated in the dairy industry with 52.3 percent of loans invested in dairy businesses. Our second largest concentration is timber with 11.8 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 is seeing some pressures from the continue downturn in the dairy economy, but remained strong during the quarter and well within the risk bearing capacity of the Association. At quarter-end 1.0 percent of the Association loans were classified as nonperforming, a 0.2 percent improved from the end of 2016.

Click here for the full quarterly Report to Shareholders.

Friday, September 15, 2017

FarmStart-Nate Everts and Regina Rinaldo, Longview Farm

Longview Farm, LLC: Nate Everts and Regina Rinaldo FarmStart Investment
If you've been following Longview Farm, LLC on Facebook or Instagram, you've had the pleasure of watching of the seasons progress through their ever changing harvests. From late Spring lettuce to the most recent, Winter squash in all the colors that signify the beginning of Fall in the northeast.

In January 2017, Yankee’s FarmStart program approved Nate Everts and Regina Rinaldo of Longview Farm, LLC for a capital investment.  Nate and Regina are renting the vegetable operation in Plymouth, NH from John and Carol Perkins and will be growing for their first year in 2017.  They worked for the Perkins’ farm for a year before taking this step, which allowed them time to gain the experience needed with the markets, products, location, and operation.  Nate grew up in the area on his mother’s maple and PYO berry farm.  He had a hydroponic winter tomato business that he operated for three years.  Regina has worked on vegetable farms since 2008.

They have been producing vegetables, fruits, herbs, and flowers which are sold in their retail stand along with some items purchased for resale.  Produce will also be sold through local farmers’ markets and to local restaurants.  Nate and Regina are using their FarmStart investment to help with yearly operating expenses that need to be paid before their income stream starts.  They are both excited about the opportunities that FarmStart will offer them. 

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.

Thursday, August 10, 2017

FarmStart-Beyond the Bridge Organics, Abe Barnard and Jade Salvas


With Harvest season underway for many farm operation in the area, we found recent FarmStart investment recipient,  Beyond the Bridge Organics has been busy getting their hands dirty harvesting this years garlic as well.

Abe Barnard, and Jade Salvas starting Beyond the Bridge Organics to produce organic garlic as well as other seasonal vegetables for area sale . Their mission:

"Beyond The Bridge Organics seeks to provide our local community, as well as communities throughout New England and beyond the very best in organically grown garlic and passing on the health benefits garlic brings to everyone."                                Beyond the Bridge Organics, www.organicmarketvt.com 


With their main focus on their garlic crop, they are able to cultivate and refine their product for a more unique market. With an investment from the FarmStart program assisting with seed and tool purchases, and their strong dedication to their business, it looks like this season's harvest is a success.



Photos credits facebook.com/beyondthebridgeorganics



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 careers. Within five years recipients should be able to graduate to a conventional line of credit from Yankee or another lender.


For more information contact your local branch or e-mail FarmStart@Yankeeaca.com.


Tuesday, August 8, 2017

2nd Quarter Financial Results




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.

Wednesday, August 2, 2017

Safety, On the Farm and in the Field

With the recent tragedies in the Vermont agricultural community, we are reminded that safety on the farm must be a priority for all individuals. Whether you are running machinery, working with animals in the barn or finishing products for retail, agricultural safety is a lesson you cannot afford to skip. We value our members and their teams and want to ensure that you are receiving and providing the best safety training our area has to offer. To help, we here at Yankee Farm Credit would like to reimburse the $90.00 registration cost of the Vermont Farm Safety Program for any member who attends.  To take advantage of this offer or if you are a New York or New Hampshire member and would like to participate in a more local training event and need information on fee reimbursement for approved programs, please contact us at info@yankeeaca.com or    1-800-639-3053.

We have put together just a few of the many online resources available to any individual looking for training, events and material on farm and agriculture safety.

New Hampshire Farm Bureau-For links to PTO Shields and ROPS Rebate Program

The National Education Center for Agricultural Safety

New York Department of Labor-Safety Reference Material

Bassett Healthcare Network-New York Center for Agricultural Medicine and Health

New York State Department of Health- Farm Safety, Children ages birth to 19 years.

VT Agency of AG Food and Markets-Farm Safety Program

UVM Extension-Farm Health and Safety

2017 National Farm Safety and Health Week is September 17th - 23rd.

Friday, July 14, 2017

Meet our 2017 Summer Intern: Sam Hartman


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!

Name: Sam Hartman

Hometown: Jericho, VT                

College or University and area of study: I attend UVM, with a BS in Business Administration and BA in French.

How did you hear about Yankee Farm Credit? I heard about Yankee through a board member who was one of my professors.

What Branch Location and department are you working in? I am currently working in St. Albans, but last year I worked in Williston.

What do you hope to get out of your internship that you may not get from a traditional classroom? I hope to get hands on experience learning about ag finance, as well as business system organization in general.

Plans for after graduation? I would like to continue work within the Farm Credit network and eventually to graduate school.

Wednesday, July 12, 2017

Meet our 2017 Summer Intern: William Dunkley


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!

Name: William Dunkley

Hometown: Westford, VT

College or University and area of study: I attend the University of Vermont and am studying Forestry.

How did you hear about Yankee Farm Credit? I heard about Yankee’s internship through a faculty coordinator at UVM. I also know people in the community who worked with Yankee and my father has had loans with Yankee to finance his sugaring operation.

What Branch Location and department are you working in? I’m working in St. Albans in the appraisal department. Specifically I’m helping the department develop their forest appraisal program.

What do you hope to get out of your internship that you may not get from a traditional classroom? Understanding how the skills we are taught in the classroom are applied in the real world is invaluable. I hope this internship can help me direct my next two years of study so that I can learn the skills that employers are really looking for. I also hope to learn a lot about appraisal and expand my general understanding of agricultural economy in our region.

Plans for after graduation? I plan to continue sugaring with my dad and eventually start my own business.

Friday, July 7, 2017

Meet our 2017 Summer Intern: Kisa Nop


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!
Name: Kisa Nop

Hometown: Salisbury, Vermont

College or University and area of study: I attend Dordt College in Iowa where I am studying Human Resources and Spanish.

How did you hear about Yankee Farm Credit? I have grown up hearing the name Yankee Farm Credit for as long as I can remember because our farm is a member and my dad use to work in the Farm Credit system!

What Branch Location and department are you working in? I work in Williston in the HR department.

What do you hope to get out of your internship that you may not get from a traditional classroom? I hope to get hands on experience! And hopefully a feel for what areas of HR I am more interested in.

Plans for after graduation? I am not sure yet I still have a few years to go, but right now I am interested in a position in employee relations or training and development.

Wednesday, July 5, 2017

Meet our 2017 Summer Intern: Dan Truso


We are excited to have four interns join us this year. They will be an important part of several special projects this summer. We'll feature each one here, so you can get to know them. Please welcome them to the team!



Name: Dan Truso

Hometown: Granville, NY

College or University and area of study: I attend Grossman School of Business, University of Vermont, and I am studying Business Administration.

How did you hear about Yankee Farm Credit? My father works for a Farm Credit association.

What Branch Location and department are you working in? I work in the Middlebury Branch with the Credit Department.

What do you hope to get out of your internship that you may not get from a traditional classroom? I look forward to meeting customers and learning about their businesses.

Plans for after graduation? After graduation I plan to hike the 272 miles of the Long Trail, then start a career at a Farm Credit institution.

Friday, May 26, 2017

FarmStart - Sam & Karlee Dimock, Hidden Bridge Farm


Karlee and Sam Dimock, Hidden Bridge Farm




Sam and Karlee Dimock formed Hidden Bridge, LLC, operating a beef farm.  The farm consists of 9 brood cows and a mix of heifers and steers.  The steers are raised to slaughter weight and are processed locally and sold to customers in the community. 

Their operation is on a farm rented from Sam’s parents.  This consists of their house, barn, feed lot, and pasture.  Sam and Karlee came to FarmStart for a source of capital to make improvements to the feed lot, purchase a tractor and loader, and to purchase additional breeding stock.

They also work full-time on Sam’s parent’s and grandparent’s 325 cow dairy farm.  In September of 2016 they welcomed their first child, a daughter, Emma into their world.

Sam & Karlee have a good business plan in place.  With a strong Ag background, they are eager to learn more about financial management and view FarmStart as a good source if information as well as capital to help them succeed.

For more about Hidden Bridge Farm, check out their Face Book page, @hiddenbridgefarmLLC
Check out more about the FarmStart program here.

Or give us a call at 1-800-639-3053