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2009 Yankee AR

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2009 Yankee AR Buildinl! Relationships That Last Generations Yankee Farm Credit would like to thank all the longtime customers we've known through the years. We look forward to working with future generations. One relationship that spans four generations is Monument Farms Dairy in Weybridge, Vermont. Started in 1930 by Richard and Marjory James, the operation now has three generations working together. Top: Millicent (James) Rooney preparing for milk delivery. Middle: Steve James and sons Bob and Peter Bottom: The three generations 2009 Annual Report + Yankee Farm Credit YANKEE FARM CREDIT, ACA 2009 ANNUAL REPORT Contents Chairperson and CEO’s Message.....................................................................................................2 Five Year Summary of Selected Financial Data...............................................................................3 Management’s Discussion and Analysis ..........................................................................................4 Directors and Senior Officers.........................................................................................................10 Report of Independent Auditors .....................................................................................................16 Consolidated Financial Statements.................................................................................................17 Notes to Consolidated Financial Statements ..................................................................................21 Shareholder Disclosure Information...............................................................................................34 Certification Statement...................................................................................................................35 Borrower Privacy Statement...........................................................................................................36 Office Locations .............................................................................................................................36 Young, Beginning and Small Farmers ...........................................................................................37 Relationship with CoBank, ACB ...................................................................................................38 Information about the Farm Credit System ....................................................................................39 Employees ......................................................................................................................................40 Directors .........................................................................................................................................41 1 Message from the Chairperson and CEO In 2009 we celebrated the 75th anniversary of the formation of Production Credit Associations. Parts of the Farm Credit System trace their roots back to the Federal Farm Loan Act of 1916, but PCAs were established by the Farm Credit Act of 1933. The charter that Yankee Farm Credit holds today traces directly back to the three PCAs that were chartered in Vermont in 1934. Highlights of your Association' s financial results in 2009: • Net income was $5.1 million, up $0.5 million (12%) from 2008. • Loans held by the Association increased by $30 million (9%) to $356 million. • Loan quality deteriorated slightly, as expected, but remains satisfactory. Acceptable loan volume decreased from 97.8% to 95.0%, while high risk assets increased from 0.5% to 1.1% of total loan volume. • Permanent capital decreased from 19.2% to 17.4%, due to loan growth. Many Yankee borrowers experienced financial stress in 2009. It was perhaps the worst year in the dairy industry, our largest industry concentration, since the Great Depression. Much of the increase in loan volume was to finance dairy farm operating losses. Conditions in the timber industry, our second largest industry concentration, remained weak due to the recession which began in December 2007. We recorded a provision for loan losses of $1.8 million in 2009, more than double the previous largest amount. Because of the deterioration in credit quality and the decrease in our capital ratios, the 2009 patronage refund was reduced. Although we traditionally pay 1.00% or more of member average loan volume as a patronage refund, the 2009 patronage refund will be 0.80%. The total refund will be nearly $2.6 million, which is 51 % of net income. It will be paid 100% in cash on or about March 25, 2010. While there have been many changes to the Farm Credit System in the last 75 years, the goal has always been to provide farmers with a reliable source of dependable credit. Yankee is proud of our heritage and we look forward to the future. Thank you once again for your continuing patronage and support. We look forward to visiting with you at our upcoming regional annual meetings. £/c~~ Paul E. Gingue George S. Putnam Chairperson President and CEO 2 YANKEE FARM CREDIT, ACA FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA (in thousands) 2009 2008 2007 2006 2005 CONSOLIDATED BALANCE SHEET Loans $ 355,742 $ 325,761 $ 302,019 $ 296,207 $ 275,354 Less allowance for loan losses 3,569 1,758 960 801 646 Net loans 352,173 324,003 301,059 295,406 274,708 Cash 77 1,770 2,075 1,420 1,352 Investment in CoBank, ACB 12,810 11,779 11,504 11,224 11,018 Other assets 5,509 5,952 6,159 6,239 5,443 Total assets $ 370,569 $ 343,504 $ 320,797 $ 314,289 $ 292,521 Note payable to CoBank, ACB $ 296,058 $ 271,461 $ 248,997 $ 245,629 $ 225,246 Other liabilities 4,593 4,561 5,417 5,161 5,738 Total liabilities 300,651 276,022 254,414 250,790 230,984 Stock and participation certificates 992 939 906 935 951 Allocated surplus - - - - 2,220 Unallocated surplus 70,104 67,613 65,852 62,792 59,027 Accum. other comprehensive (loss) (1,178) (1,070) (375) ( 228) (661) Total members' equity 69,918 67,482 66,383 63,499 61,537 Total liabilities and members' equity $ 370,569 $ 343,504 $ 320,797 $ 314,289 $ 292,521 CONSOLIDATED STATEMENT OF INCOME Net interest income $ 10,822 $ 9,031 $ 9,663 $ 8,593 $ 8,278 Provision (reversal of provision) for loan losses 1,812 781 131 155 (511) Non-interest income 2,536 2,193 2,560 3,014 2,212 Non-interest expense 6,481 5,900 5,698 5,323 4,706 Provision for (benefit from) income taxes 1 2 2 ( 666) 227 Net income $ 5,064 $ 4,541 $ 6,392 $ 6,795 $ 6,068 KEY FINANCIAL RATIOS Return on average assets 1.4% 1.5% 2.1% 2.3% 2.1% Return on average members' equity 7.3% 6.6% 9.6% 10.7% 9.7% Net interest margin 3.3% 3.1% 3.3% 3.1% 3.1% Members' equity to assets 18.9% 19.6% 20.7% 20.2% 21.0% Debt to members' equity 4.3:1 4.1:1 3.8:1 4.0:1 3.8:1 Net charge-offs (recoveries) to avg. loans 0.00% (0.01%) (0.01%) 0.00% (0.01%) Allowance for loan losses to loans and accrued interest receivable 1.0% 0.5% 0.3% 0.3% 0.2% Permanent capital ratio 17.4% 19.2% 19.4% 18.4% 19.8% Total surplus ratio 17.1% 18.9% 19.1% 18.1% 19.5% Core surplus ratio 16.9% 18.7% 18.7% 17.6% 18.1% Net income distributed as patronage in the following year: Cash $ 2,573 $ 2,790 $ 3,332 $ 3,031 $ 2,624 3 YANKEE FARM CREDIT, ACA Management’s Discussion and Analysis of Financial Condition and Results of Operations For the Years Ended December 31, 2009, 2008 and 2007 (Dollars in thousands, except as noted) FORWARD LOOKING STATEMENTS Partially offsetting these factors: This annual report contains forward-looking statements. • The provision for loan losses was $1.031 million These statements are not guarantees of future performance higher in 2009 due to the combination of increased and involve certain risks, uncertainties and assumptions that loan volume and the deterioration in credit quality. are difficult to predict. Words such as “anticipates,” More detail on the provision for loan losses is given “believes,” “could,” “estimates,” “may,” “should,” “will,” below. or other variations of these terms are intended to identify the forward-looking statements. These statements are • Other expenses were $581 thousand higher in 2009. based on assumptions and analyses made in light of This is discussed in more detail below. experience and other historical trends, current conditions, and expected future developments. However, actual results The return on average assets (ROA) was 1.4% in 2009 as and developments may differ materially from our compared to 1.5% in 2008 and 2.1% in 2007. Return on expectations and predictions due to a number of risks and average members’ equity (ROE) was 7.3% in 2009 as uncertainties, many of which are beyond our control. compared to 6.6% in 2008 and 9.6% in 2007. These risks and uncertainties include, but are not limited to: weather-related, disease, and other adverse climatic or The Association declared a patronage distribution of $2.573 biological conditions that periodically occur that impact million based on 2009 earnings, to be distributed 100% in agricultural productivity and income; economic fluctuations cash in March 2010. The patronage distribution for 2008 in the agricultural, rural utility, international, and farm- (distributed in 2009) was $2.790 million, 100% cash, and related business sectors; changes in United States the patronage distribution for 2007 (distributed in 2008) government support of the agricultural industry; political, was $3.332 million, 100% cash. legal, regulatory and economic conditions and developments in the United States and abroad; and actions The major changes in the components of net income are taken by the Federal Reserve System in implementing
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