FCS Major Financial Indicators

Provided here are three tables containing data for selected financial performance indicators for FCS institutions. The first table, FCS Financial Indicators, Quarterly Comparison, reports data over five consecutive quarters for three categories: the banks, the associations, and the System as a whole. The second table, FCS Financial Indicators, Annual Comparison, reports data over five years.

The third table, FCS Financial Indicators by District, allows users to compare financial indicator data across the five FCS districts, each of which contains a single FCS bank. The name of the district corresponds to the name of its bank. This table provides financial indicator data for the FCS bank in each district, combined data for the associations in each district, and totals for the Farm Credit System.

The three tables are also available as PDF files: Quarterly Comparison (51 KB), Annual Comparison (52 KB), District (49 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

  31-Mar-14 31-Dec-13 30-Sep-13 30-Jun-13 31-Mar-13
Farm Credit System Banks1
 
Total Assets
232,339,245
230,427,442
223,194,713
219,660,173
219,113,750
Gross Loan Volume
181,329,684
179,260,572
173,449,045
172,480,829
171,734,078
Nonaccrual Loans
268,826
275,228
313,438
373,204
425,734
Cash and Marketable Investments
49,282,909
49,241,806
47,801,766
45,061,679
45,364,858
Net Income
495,647
517,429
509,219
506,756
523,795
Nonperforming Loans/Total Loans2
0.18%
0.18%
0.20%
0.24%
0.27%
Capital/Assets3
6.55%
6.58%
6.82%
6.74%
6.67%
Unallocated Retained Earnings/Assets
3.48%
3.39%
3.58%
3.50%
3.38%
Return on Assets4
0.87%
0.91%
0.93%
0.95%
0.97%
Return on Equity4
13.09%
13.31%
13.74%
13.94%
14.66%
Net Interest Margin5
1.10%
1.15%
1.18%
1.22%
1.27%
Operating Expense Rate6
0.31%
0.32%
0.31%
0.31%
0.31%
Efficiency Ratio7
20.58%
22.20%
20.21%
19.67%
18.06%
FCS Associations
  Total Assets
145,397,922
157,131,836
152,994,211
149,805,000
145,401,893
Gross Loan Volume
136,712,928
146,917,046
142,850,423
140,200,066
136,062,831
Nonaccrual Loans
1,347,718
1,456,381
1,616,381
1,810,799
1,967,701
Net Income
717,240
1,003,654
851,454
727,072
725,856
Nonperforming Loans/Total Loans2
1.20%
1.17%
1.32%
1.50%
1.65%
Capital/Assets3
19.31%
18.50%
18.73%
18.61%
18.66%
Unallocated Retained Earnings/Assets
18.08%
17.27%
17.50%
17.41%
17.49%
Return on Assets4
2.00%
2.14%
2.04%
1.99%
2.02%
Return on Equity4
10.47%
11.34%
10.89%
10.65%
10.96%
Net Interest Margin5
2.86%
2.80%
2.84%
2.89%
2.93%
Operating Expense Rate6
1.47%
1.48%
1.43%
1.45%
1.47%
Efficiency Ratio7
40.97%
37.14%
37.83%
39.14%
39.88%
Total Farm Credit System8
  Gross Loan Volume
204,563,000
201,060,000
194,211,000
192,784,000
191,797,000
Bonds and Notes
213,498,000
210,704,000
204,063,000
201,109,000
200,667,000
Nonperfoming Loans
2,068,000
2,040,000
2,238,000
2,522,000
2,711,000
Nonaccrual Loans
1,711,000
1,736,000
1,928,000
2,183,000
2,392,000
Net Income
1,145,000
4,640,000
3,499,000
2,246,000
1,142,000
Nonperforming Loans/Gross Loans2 1.01% 1.01% 1.15% 1.31% 1.41%
Capital/Assets3 16.55% 16.34% 16.51% 16.33% 16.02%
Surplus/Assets 13.51% 13.44% 13.73% 13.58% 13.28%
Return on Assets4 1.76% 1.84% 1.87% 1.83% 1.87%
Return on Equity4 10.63% 11.28% 11.51% 11.29% 11.68%
Net Interest Margin5 2.63% 2.78% 2.87% 2.75% 2.83%

Sources: FCA's Consolidated Reporting System as of March 31, 2014, and the Farm Credit System Quarterly Information Statements provided by the Federal Farm Credit Banks Funding Corporation.

Note: Changes to data in previous periods occasionally occur for accounting reasons.

1 Includes Farm Credit Banks and the Agricultural Credit Bank.
2 Nonperforming loans are defined as nonaccrual loans, accruing restructured loans, and accrual loans 90 or more days past due.
3 Capital includes restricted capital (amount in Farm Credit Insurance Fund), excludes mandatorily redeemable preferred stock and protected borrower capital.
4 Rates of return are annualized.
5 Net interest margin ratio measures net income produced by interest-earning assets, including the effect of loanable funds, and is a key indicator of loan pricing effectiveness. 
6 Operating expenses divided by average gross loans, annualized.
7 The efficiency ratio measures total noninterest expenses for the preceding 12 months divided by net interest income plus noninterest income for the preceding 12 months.
8 Cannot be derived by adding the above categories because of intradistrict and intra-System eliminations used in Reports to Investors.


FCS Financial Indicators, Annual Comparison
(Dollars in Thousands)

  31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11 31-Mar-10
Farm Credit System Banks1
  Total Assets
232,339,245
219,113,750
205537009
207,648,265
191,666,120
Gross Loan Volume
181,329,684
171,734,078
161385748
162,241,427
149,193,153
Nonaccrual Loans
268,826
425,734
347468
545,234
792,799
Cash and Marketable Investments
4,928,2909
45,364,858
41653351
43,145,642
39,764,426
Net Income
495,647
523,795
502499
491,585
492,469
Nonperforming Loans/ Total Loans2 0.18% 0.27% 0.24% 0.37% 0.55%
Capital/Assets3 6.55% 6.67% 6.51% 6.09% 5.88%
Unallocated Retained Earnings/Assets 3.48% 3.38% 3.17% 3.13% 3.01%
Return on Assets 0.87% 0.97% 0.99% 0.95% 1.03%
Return on Equity 13.09% 14.66% 15.23% 15.78% 17.90%
Net Interest Margin 1.10% 1.27% 1.30% 1.28% 1.26%
Operating Expense Ratio 0.31% 0.31% 0.29% 0.29% 0.35%
Efficiency Ratio 20.58% 18.06% 16.62% 16.53% 18.44%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets
154,535,559
145,401,893
134,918,134
132,038,960
125,959,231
Gross Loan Volume
145,531,809
136,062,831
125,297,353
122,845,985
116,820,813
Nonaccrual Loans
1,429,640
1,967,701
236,0981
2,802,428
2,739,261
Net Income
768,776
725,856
703,909
715,902
606,249
Nonperforming Loans/Gross Loans2 1.19% 1.65% 2.06% 2.39% 2.49%
Capital/Assets3 19.29% 18.66% 18.51% 17.28% 16.61%
Unallocated Retained Earnings/Assets 17.78% 17.49% 17.25% 15.82% 15.13%
Return on Assets 2.02% 2.02% 2.10% 2.19% 1.95%
Return on Equity 10.57% 10.96% 11.45% 12.88% 11.89%
Net Interest Margin4 2.87% 2.93% 2.96% 2.97% 2.83%
Operating Expense Ratio5 1.48% 1.47% 1.44% 1.40% 1.40%
Efficiency Ratio6 40.84% 39.88% 38.03% 34.95% 36.07%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Gross Loan Volume
204,563,000
191,797,000
178,595,000
177,599,000
162,502,000
Bonds and Notes
213,498,000
200,667,000
187,923,000
190,504,000
175,372,000
Nonperforming Loans
2,068,000
2,711,000
2,970,000
3,540,000
3,716,000
Nonaccrual Loans
1,711,000
2,392,000
2,707,000
3,348,000
3,517,000
Net Income
1,145,000
1,142,000
105,2000
1,004,000
802,000
Nonperforming Loans/Gross Loans2 1.01% 1.41% 1.66% 1.99% 2.29%
Capital/Assets3 16.55% 16.02% 15.82% 14.75% 14.46%
Surplus/Assets 13.51% 13.28% 12.90% 12.07% 11.92%
Return on Assets 1.76% 1.87% 1.84% 1.76% 1.53%
Return on Equity 10.63% 11.68% 11.65% 11.94% 10.55%
Net Interest Margin4 2.63% 2.83% 2.87% 2.82% 2.77%

Sources: Farm Credit System Annual Information Statements provided by the Federal Farm Credit Banks Funding Corporation.

Note: Changes to data in previous periods occasionally occur for accounting reasons.

1 Includes Farm Credit Banks and the Agricultural Credit Bank.
2 Nonperforming loans are defined as nonaccrual loans, accruing restructured loans, and accrual loans 90 or more days past due.
3 Capital includes restricted capital (amount in Farm Credit Insurance Fund), excludes mandatorily redeemable preferred stock and protected borrower capital.
4 Net interest margin ratio measures net income produced by interest-earning assets, including the effect of loanable funds, and is a key indicator of loan pricing effectiveness.
5 Operating expenses divided by average gross loans.
6 The efficiency ratio measures total noninterest expenses for the preceding 12 months divided by net interest income plus noninterest income for the preceding 12 months.
7 The percentage of earnings paid out in dividends to shareholders. This ratio is only valid at December 31.
8 Cannot be derived through summation of above categories because of intradistrict and intra-System eliminations used in Reports to Investors.


FCS Financial Indicators by District, March 31, 2014
(Dollars in Thousands)

  Total
Assets
Gross Loan Volume Nonaccrual Loans Allowance for Loan Losses Cash and Marketable Investments1 Capital Stock2

Surplus3

Total Capital4 Operating Expense Ratio5
FCS Banks
AgFirst
27,599,053
19,696,017
57,959
23,456
7,622,291
471,223
1,666,436
2,240,126
0.56%
AgriBank
86,660,311
72,106,217
38,083
10,705
14,095,743
2,122,751
2,598,910
4,729,264
0.14%
CoBank
101,628,756
77,500,344
150,087
466,955
23,314,568
3,629,193
3,200,682
6,817,314
0.37%
Texas
16,451,125
12,027,106
22,697
14,391
4,250,307
820,543
644,620
1,439,272
0.59%
Total
232,339,245
181,329,684
268,826
515,507
49,282,909
7,043,710
8,110,648
15,225,976
0.31%
FCS Associations
AgFirst
17,641,173
16864876
317,692
163,093
173,096
225,134
3,499,551
3,706,305
2.21%
AgriBank
79,419,469
73995173
593,957
219,906
1,985,711
337,392
14,128,378
14,465,770
1.33%
CoBank
43,638,133
41321084
388,138
265,472
333,487
1,388,970
7,766,044
9,102,362
1.41%
Texas
13,836,784
13350676
129,853
56,821
59,124
228,061
2,305,808
2,536,040
1.54%
Total
154,535,559
145531809
1,429,640
705,292
2,551,418
2,179,557
27,699,781
29,810,477
1.47%
Total Farm Credit System6
263,842,000
204,563,000
1,711,000
1,221,000
51,739,000
1,630,000
35,643,000
43,668,000

Sources: FCA's Consolidated Reporting System as of March 31, 2014, and the Farm Credit System Annual Information Statement provided by the Federal Farm Credit Banks Funding Corporation.

1 Includes accrued interest receivable on marketable investments.
2 Includes capital stock and participation certificates, excludes mandatorily redeemable preferred stock and protected borrower capital.
3 Includes allocated and unallocated surplus.
4 Includes capital stock, participation certificates, perpetual preferred stock, surplus, and accumulated other comprehensive income. For the total Farm Credit System amount, total capital also includes $3.496 billion of restricted capital, which is the amount in the Farm Credit Insurance Fund. Excludes mandatorily redeemable preferred stock and protected borrower capital.
5 Operating expense per $100 of gross loans.
6 Cannot be derived by adding the categories above because of intradistrict and intra-System eliminations used in Reports to Investors.