Yosemite Farm Credit. Quarterly Financial Report

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1 Yosemite Farm Credit Quarterly Financial Report June 2015

2 TABLE OF CONTENTS Message to Members 1 Statements of Condition 2 Statements of Comprehensive Income 3 Statements of Changes in Shareholders Equity 4 Statements of Cash Flows 5 Note to the Financial Statements 6

3

4 YOSEMITE FARM CREDIT, ACA CONSOLIDATED STATEMENTS OF CONDITION June 30, 2015 ($ in thousands) June 30, 2015 (unaudited) December 31, 2014 (audited) ASSETS Loans $ 2,001,811 $ 2,014,073 Less allowance for loan losses 5,389 4,601 Net loans 1,996,422 2,009,472 Investment securities - held-to-maturity Accrued interest receivable Investment in CoBank, ACB Premises and equipment, net Other assets Total assets LIABILITIES Note payable to CoBank, ACB Cash management accounts Accrued interest payable Patronage distribution payable Other liabilities Total liabilities 37,354 41,325 17,917 14,182 64,155 64,010 16,460 16,633 4,942 8,656 $ 2,137,250 $ 2,154,278 $ 1,695,027 $ 1,710,120 46,708 55,745 2,013 1,942-9,603 4,223 6,678 1,747,971 1,784,088 Commitments and Contingencies SHAREHOLDERS' EQUITY Capital stock and participation certificates Unallocated retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 1,788 1, , ,586 (148) (163) 389, ,190 $ 2,137,250 $ 2,154,278 The accompanying notes are an integral part of these financial statements. 2

5 YOSEMITE FARM CREDIT, ACA CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME June 30, 2015 ($ in thousands) Quarter Ended 6/30/2015 Six Months Ended 6/30/2015 Quarter Ended 6/30/2014 Six Months Ended 6/30/2014 (unaudited) (unaudited) (unaudited) (unaudited) INTEREST INCOME Loans $ 18,708 $ 37,266 $ 17,681 $ 35,396 Investment securities ,166 Total interest income 19,170 38,207 18,254 36,562 INTEREST EXPENSE Note payable to CoBank, ACB Cash management accounts Total interest expense 5,660 11,227 5,701 11, ,717 11,356 5,740 11,550 Net interest income 13,453 26,851 12,514 25,012 Provision for (reversal of) loan losses (139) (469) Net interest income after provision for (reversal of) loan losses 12,966 26,063 12,653 25,481 NON-INTEREST INCOME Patronage distribution from Farm Credit Institutions Financially related services income Other non-interest income Total non-interest income NON-INTEREST EXPENSE Salaries and employee benefits Occupancy and equipment Farm Credit Insurance Fund premium Other non-interest expense Total non-interest expense Income before income taxes Provision for income taxes Net income 1,995 3,980 1,886 3, ,169 4,463 2,049 4,228 3,756 7,631 3,548 7, , ,050 2,205 1,052 2,154 5,639 11,520 5,316 10,983 9,496 19,006 9,386 18, $ 9,496 $ 19,004 $ 9,386 $ 18,724 COMPREHENSIVE INCOME Amortization of retirement credits Total comprehensive income $ 9,504 $ 19,019 $ 9,400 $ 18,752 The accompanying notes are an integral part of these financial statements. 3

6 YOSEMITE FARM CREDIT, ACA CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY June 30, 2015 ($ in thousands) Accumulated Capital Stock Other Total & Participation Retained Comprehensive Shareholders' Certificates Earnings Loss Equity Balance at December 31, 2013 $ 1,738 $ 339,666 $ (218) $ 341,186 Comprehensive income 18, ,752 Stock and Participation certificates issued Stock and Participation certificates retired (72) (72) Patronage distribution (11) (11) Balance at June 30, 2014 (unaudited) $ 1,768 $ 358,379 $ (190) $ 359,957 Balance at December 31, 2014 $ 1,767 $ 368,586 $ (163) $ 370,190 Comprehensive income 19, ,019 Stock and Participation certificates issued Stock and Participation certificates retired (71) (71) Reversal of patronage declared Balance at June 30, 2015 (unaudited) $ 1,788 $ 387,639 $ (148) $ 389,279 The accompanying notes are an integral part of these financial statements. 4

7 YOSEMITE FARM CREDIT, ACA CONSOLIDATED STATEMENTS OF CASH FLOWS June 30, 2015 ($ in thousands) Six months ended June 30, (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 19,004 $ 18,724 Adjustments to reconcile net income to net cash provided by operating activities: Provision for (reversal of) loan losses 788 (469) Depreciation Gain on sale of premises and equipment (18) (14) Stock patronage received from CoBank, ACB (60) (59) Changes in operating assets and liabilities: Increase in accrued interest receivable (3,735) (4,347) Decrease in other assets 3,629 3,827 Increase in accrued interest payable Decrease in other liabilities (2,440) (557) Net cash provided by operating activities 17,698 17,560 CASH FLOWS FROM INVESTING ACTIVITIES: Payments Received on loans, net 12,262 4,596 Payments received on investment securities 3,971 2,968 Purchase of stock in CoBank, ACB - (354) Recoveries of loans charged off - 1 Purchase of premises and equipment, net (268) (3,490) Net cash provided by investing activities 15,965 3,721 CASH FLOWS FROM FINANCING ACTIVITIES: Net draws on note payable to CoBank, ACB (15,093) (14,615) Decrease in cash management account (9,037) (2,141) Patronage distributions (9,554) (9,234) Issuances of capital stock and participation certificates, net Net cash used in financing activities (33,663) (25,960) Net decrease in cash - (4,679) Cash at beginning of period - 4,836 Cash at end of period $ - $ 157 SUPPLEMENTAL CASH FLOW INFORMATON: Cash paid for interest $ 11,285 $ 11,420 Cash paid for income taxes $ 2 $ 2 The accompanying notes are an integral part of these financial statements. 5

8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands, Except as Noted) (Unaudited) Note 1 Organization and Significant Accounting Policies A description of the organization and operations of Yosemite Farm Credit, ACA, the significant accounting policies followed, and the financial condition and results of operations as of and for the year ended December 31, 2014 are contained in the 2014 Annual Report to Stockholders. These unaudited second quarter 2015 financial statements should be read in conjunction with the 2014 Annual Report to Stockholders. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2014 as contained in the 2014 Annual Report to Stockholders. In the opinion of management, the unaudited financial information is complete and reflects, all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of results for the interim periods. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, Descriptions of the significant accounting policies are included in the 2014 Annual Report to Stockholders. In the opinion of management, these policies and the presentation of the interim financial condition and results of operations conform with GAAP and prevailing practices within the banking industry. In August 2014, the Financial Accounting Standards Board (FASB) issued guidance entitled Presentation of Financial Statements Going Concern. The guidance governs management s responsibility to evaluate whether there is substantial doubt about an entity s ability to continue as a going concern and to provide related footnote disclosures. This guidance requires management to perform interim and annual assessments of an entity s ability to continue as a going concern within one year after the date the financial statements are issued or within one year after the financial statements are available to be issued, when applicable. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations for the assessed period. This guidance becomes effective for interim and annual periods ending after December 15, 2016, and early application is permitted. Management will be required to make its initial assessment as of December 31, In May 2014, the FASB issued guidance entitled, Revenue from Contracts with Customers. The guidance governs revenue recognition from contracts with customers and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Financial instruments and other contractual rights within the scope of other guidance issued by the FASB are excluded from the scope of this new revenue recognition guidance. In this regard, a majority of our contracts would be excluded from the scope of this new guidance. In April 2015, this guidance was deferred by one year and results in the new revenue standard becoming effective for interim and annual reporting periods ending after December 15, The Association is in the process of reviewing contracts to determine the effect, if any, on their financial condition or results of operations. 6

9 Note 2 Loans and Allowance for Loan Losses A summary of loans follows: June 30, 2015 December 31, 2014 Real estate mortgage $ 1,614,503 $ 1,546,679 Production and intermediate term 218, ,573 Agribusiness: Loans to cooperatives 29,851 28,023 Processing and marketing 89,231 88,602 Farm related business 33,191 33,121 Rural residential real estate 2,840 5,009 Lease receivables 14,082 14,066 Total $ 2,001,811 $ 2,014,073 The Association purchases or sells participation interests with other parties in order to diversify risk, manage loan volume and comply with Farm Credit Administration regulations. The following table presents information regarding participation purchased and sold at June 30, 2015: Participations with Other Farm Credit Institutions Participations with Non- Farm Credit Institutions Total Participations Purchased Sold Purchased Sold Purchased Sold Real estate mortgage $ 58,227 $ 53,255 $ 962 $ - $ 59,189 $ 53,255 Production and intermediate term 2,274 9,171 8,871-11,145 9,171 Agribusiness: Loans to cooperatives Processing and marketing 49,529 3,284 3,292 52,821 3,284 Farm related business 15,687 1, ,687 1,403 Total $ 126,288 $ 67,113 $ 13,125 $ - $ 139,413 $ 67,113 Nonperforming assets (including related accrued interest) and related credit quality statistics are as follows: June 30, 2015 December 31, 2014 Nonaccrual loans: Real estate mortgage $ 9,478 $ 10,525 Production and intermediate-term Leases 2 2 Total nonperforming loans $ 9,540 $ 10,592 Other property owned - - Total nonperforming assets $ 9,540 $ 10,592 7

10 The following table shows loans and related accrued interest classified under the Farm Credit Administration Uniform Loan Classification System as a percentage of total loans and related accrued interest receivable by loan type as of: June 30, 2015 December 31, 2014 Real estate mortgage Acceptable 97.7% 97.1% OAEM Substandard Total 100.0% 100.0% Production and intermediate-term Acceptable 96.2% 95.7% OAEM Substandard Total 100.0% 100.0% Agribusiness Acceptable 100.0% 100.0% OAEM - - Substandard - - Total 100.0% 100.0% Rural residential real estate Acceptable 100.0% 100.0% OAEM - - Substandard - - Total 100.0% 100.0% Leases Acceptable 99.7% 99.7% OAEM Substandard Total 100.0% 100.0% All Loans Acceptable 97.7% 97.2% OAEM Substandard Total 100.0% 100.0% 8

11 The following tables provide an age analysis of past due loans, including accrued interest. 90 Days or More Not or less than 30 Days Recorded Investment >90 Days and Accruing June 30, Days Total Total Loans Real estate mortgage $ 618 $ 277 $ 895 $ 1,628,720 $ 1,629,615 $ - Production & intermediate-term , ,289 - Agribusiness Loans to cooperatives ,123 30,123 - Process and marketing ,279 90,104 - Farm related business ,300 33,300 - Rural residential real estate ,855 2,855 - Lease receivables ,082 14,082 - Total $ 1,872 $ 277 $ 2,149 $ 2,017,219 $ 2,019,368 $ - 90 Days or More Not or less than 30 Days Recorded Investment >90 Days and Accruing December 31, Days Total Total Loans Real estate mortgage $ 371 $ - $ 371 $ 1,557,646 $ 1,558,017 $ - Production & intermediate-term 1,050-1, , ,835 - Agribusiness Loans to cooperatives ,420 28,420 - Process and marketing ,388 89,388 - Farm related business ,918 33,168 - Rural residential real estate ,018 5,018 - Lease receivables ,065 14,065 - Total $ 1,671 $ - $ 1,671 $ 2,026,240 $ 2,027,911 $ - Note: The recorded investment in the loan receivable is the face amount increased or decreased by applicable accrued interest and unamortized premium, discount, finance charges, or acquisition costs and may also reflect a previous direct write-down of the loan receivable. 9

12 Additional impaired loan information is as follows: Recorded Investment At June 30, 2015 At December 31, 2014 Unpaid Unpaid Principal Related Recorded Principal Related Balance Allowance Investment Balance Allowance Impaired loans with a related allowance for credit losses: Production & intermediate-term $ 60 $ 60 $ 59 $ 65 $ 65 $ 64 Total $ 60 $ 60 $ 59 $ 65 $ 65 $ 64 Impaired loans with no related allowance for credit losses: Real estate mortgage $ 9,478 $ 9,478 - $ 10,525 $ 10,525 - Production & intermediate-term Agribusiness-Farm related business Lease receivables Total $ 9,480 $ 9,480 $ 59 $ 10,527 $ 10,527 $ - Total impaired loans: Real estate mortgage $ 9,478 $ 9,478 $ - $ 10,525 $ 10,525 $ - Production & intermediate-term Agribusiness-Farm related business Lease receivables Total $ 9,540 $ 9,540 $ 59 $ 10,592 $ 10,592 $ 64 Average Impaired Loans For the Three Months Ended June 30, 2015 June 30, 2014 Interest Average Income Impaired Recognized Loans Interest Income Recognized Impaired loans with a related allowance for credit losses: Production and intermediate-term $ 60 $ - $ 69 $ - Total $ 60 $ - $ 69 $ - Impaired loans with no related allowance for credit losses: Real estate mortgage $ 9,579 $ 30 $ 13,745 $ 1 Production and intermediate-term Lease receivables Total $ 9,582 $ 30 $ 13,756 $ 1 Total impaired loans: Real estate mortgage $ 9,579 $ 30 $ 13,745 $ 1 Production and intermediate-term Lease receivables Total $ 9,642 $ 30 $ 13,825 $ 1 10 For the Six Months Ended

13 Average Impaired Loans June 30, 2015 June 30, 2014 Interest Average Income Impaired Recognized Loans Interest Income Recognized Impaired loans with a related allowance for credit losses: Production and intermediate-term $ 61 $ - $ 70 $ - Total $ 61 $ - $ 70 $ - Impaired loans with no related allowance for credit losses: Real estate mortgage $ 9,833 $ 46 $ 14,131 $ 33 Production and intermediate-term Lease receivables Total $ 9,836 $ 47 $ 14,149 $ 33 Total impaired loans: Real estate mortgage $ 9,833 $ 46 $ 14,131 $ 33 Production and intermediate-term Lease receivables Total $ 9,897 $ 47 $ 14,218 $ 33 A summary of changes in the allowance for loan losses and period end recorded investment in loans is as follows ($ thousands): Balance at December 31, 2014 Charge-offs Recoveries Provision for Loan Losses/ (Loan Loss Reversals) Balance at June 30, 2015 Real estate mortgage $ 3,141 $ - $ - $ 269 $ 3,410 Production & intermediate-term 1, ,676 Agribusiness (35) 280 Rural residential real estate Lease receivables Total $ 4,601 $ - $ - $ 788 $ 5,389 Balance at December 31, 2013 Charge-offs Recoveries Provision for Loan Losses/ (Loan Loss Reversals) Balance at June 30, 2014 Real estate mortgage $ 3,476 $ - $ - $ (466) $ 3,010 Production & intermediate-term 1,099-1 (15) 1,085 Agribusiness Rural residential real estate (1) 2 Lease receivables Total $ 4,865 $ - $ 1 $ (469) $ 4,397 11

14 Note 3 Capital At June 30, 2015, the Association s regulatory capital ratio was 14.8%, which exceeds the minimum 7.0% required by our regulators, the Farm Credit Administration. Note 4 Fair Value Measurements Accounting guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability. See Note 15 to the 2014 Annual Report to Stockholders for a more complete description. There are no assets or liabilities measured at fair value on a recurring basis at June 30, Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Total Fair Value Total Gains June 30, 2015 Level 3 (Losses) Assets: Loans $ - $ (59) Total Fair Value Total Gains December 31, 2014 Level 3 (Losses) Assets: Loans $ - $ (64) With regard to nonrecurring measurements for impaired loans, it is not practicable to provide specific information on inputs as each collateral property is unique. The Association utilizes appraisals to value these loans and take into account unobservable inputs such as, income and expense, comparable sales, replacement cost and comparability adjustments. Valuation Techniques Authoritative guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following represents a brief summary of the evaluation techniques used for the Association s assets and liabilities. Loans: For certain loans evaluated for impairment under FASAB impairment guidance, the fair value is based upon the underlying real estate collateral since the loans were collateral dependent. The fair value measurement process uses independent appraisals and other market-based information, but in many cases it also requires significant input based on management s knowledge of and judgment about current market conditions, specific issues relating to the collateral and other matters. As a result, a majority of these loans have fair value measurements that fall within Level 3 of the fair value hierarchy. When the value of real estate, less estimated costs to sell, is less than the principal balance of the loan, a specific reserve is established. The fair value of these loans would fall under Level 2 of the hierarchy if the process uses independent appraisal and other market-based information. Note 5 Subsequent Events The Association has evaluated subsequent events through August 1, 2015, which is the date the financial statements were issued, and no material subsequent events were identified. 12

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