Friday, May 22, 2015

Association Cars For Sale


Please see the listing of company autos that are for sale. These will be available until June 8th, after that time they will be brought to auction. Please note that pricing on these is set at Kelley Blue Book trade in price. As company cars the expectation is that they were serviced on schedule but they are sold as-is.
  • 2010 Toyota Camry XLE, 118,250 miles, green with leather interior, heated seats, moonroof, v6. $9,250
  • 2011 Subaru Legacy Premium, 89,000 miles, blue with heated seats and all weather package. $8,750
  • 2011 Subaru Legacy, 86,000 miles, dark gray. $8,500
  • 2011 Subaru Legacy, 73,500 miles, white. $9,500
  • 2011 Camry, 80,000, gray. $9,000
  • 2011 Toyota Camry LE, 110,000 miles, white. $7,500
If you have any questions please contact Ruchel at the Williston office, 800-639-3053.

Friday, May 8, 2015

Q1 2015 Financial Results

With good spring weather finally arriving, the first quarter financial results are now available. Yankee can announce that we had another good quarter. Favorable net income resulting from increased net interest income, a negative provision for credit losses and other income were offset by an increase operating expenses. The balance sheet shows that loans were down from year-end, but the decrease is traditional for this time of year. The quality of the loan portfolio remains strong and is expected to remain that way in the foreseeable future. All of these good results have one factor in common – good members.

Quarterly net income for Yankee was $2.6 million, an increase of $252 thousand over 2014. The most significant factors driving the increase were increases of $94 thousand in net interest income and $89 thousand in other income, along with a decrease in the provision for credit losses of $299 thousand. These favorable factors were offset by an increase $229 thousand in other expenses.

Quarter-end loans held by the Association at March 31, 2015 were $419.5 million, down 3.2 percent from year-end. The loan portfolio continues to be concentrated in the dairy industry, with 50 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 15 percent of the 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 0.7 percent of the Association loans were classified as nonperforming, this was up 0.1 percent from the end of 2014. There were no loan charge-offs, but recoveries of $3 thousand in the quarter. The Association’s capital position remains strong.

The 2014 patronage refund to members in the amount of $4.6 million was paid 100% in cash on March 24, 2015.

Click here for the full quarterly Report to Shareholders, and here for the quarterly financial news release.

Monday, May 4, 2015

Stewards of the Land

CoBank has produced a video about the stewardship values and activities of farmers, ranchers and others living in rural America:

Stewards of the Land

Friday, May 1, 2015

Board Officers and Committees

At the April 30, 2015, board meeting, Yankee's Board of Directors elected the following officers:

Chairperson - Paul B. Franklin
Vice Chairperson - Rocklyn A. Giroux
Yankee's Board of Directors (left to right): Brad Maxwell, Tom Colgan, Paul Franklin, Rocki-Lee DeWitt,
Celeste Kane-Stebbins, Rocky Giroux, Rene Saenger, Steve Taylor, Alan Bourbeau, Bryan Davis, Walt Gladstone.


Committee assignments were also approved at the meeting:

Executive Committee
Rocklyn A. Giroux, Chairperson
Thomas J. Colgan
Paul B. Franklin
Walter M. Gladstone
Celeste Kane-Stebbins

Audit Committee
Rocki-Lee DeWitt, Chairperson
Alan J. Bourbeau
Bradley N. Maxwell
Rene M. Saenger
Stephen H. Taylor

Compensation Committee
Thomas J. Colgan, Chairperson
Rocki-Lee DeWitt
Paul B. Franklin
Walter M. Gladstone
Bradley N. Maxwell

Membership/Governance Committee
Alan J. Bourbeau, Chairperson
Bryan E. Davis
Rocklyn A. Giroux
Celeste Kane-Stebbins
Rene M. Saenger