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 (35 KB), Annual Comparison (36 KB), District (30 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 30-Sep-15 30-Jun-15 31-Mar-15 31-Dec-14 30-Sep-14
Farm Credit System Banks1
 
Total Assets
256,039,212 248,617,837 244,693,710 249,370,568 238,410,097
Gross Loan Volume
200,375,304 194,401,410 190,164,936 192,083,080 183,842,705
Nonaccrual Loans
229,657 210,389 225,292 227,872 203,977
Cash and Marketable Investments
53,839,933 52,366,262 52,862,617 55,472,944 52,661,738
Net Income
488,230 481,726 491,667 503,188 533,814
Nonperforming Loans/Total Loans2
0.13% 0.13% 0.14% 0.15% 0.14%
Capital/Assets3
6.62% 6.67% 6.67% 6.41% 6.67%
Unallocated Retained Earnings/Assets
3.64% 3.64% 3.60% 3.42% 3.64%
Return on Assets4
0.78% 0.80% 0.81% 0.84% 0.88%
Return on Equity4
11.64% 11.88% 12.28% 12.76% 13.04%
Net Interest Margin5
1.01% 1.04% 1.06% 1.05% 1.07%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.33% 0.32%
Efficiency Ratio7
23.34% 23.51% 21.74% 24.20% 21.00%
FCS Associations
  Total Assets 174,179,683 169,064,197 164,223,600 167,312,405 161,658,236
Gross Loan Volume 164,473,779 159,899,043 155,357,378 157,543,635 152,077,714
Nonaccrual Loans 1,172,065 1,217,058 1,179,273 1,146,358 1,183,348
Net Income 823,413 756,748 757,869 983,510 842,585
Nonperforming Loans/Total Loans2 0.89% 0.95% 0.97% 0.92% 0.98%
Capital/Assets3 19.24% 19.40% 19.57% 18.78% 19.33%
Unallocated Retained Earnings/Assets 17.82% 17.96% 18.08% 17.40% 17.86%
Return on Assets4 1.82% 1.83% 1.88% 2.07% 2.02%
Return on Equity4 9.40% 9.39% 9.65% 10.69% 10.42%
Net Interest Margin5 2.72% 2.78% 2.84% 2.75% 2.81%
Operating Expense Rate6 1.48% 1.50% 1.54% 1.51% 1.44%
Efficiency Ratio7 40.59% 42.22% 43.06% 39.52% 39.15%
Total Farm Credit System8
  Total Assets 291,641,000 283,193,000 278,969,000 282,844,000 271,324,000
Gross Loan Volume 226,844,000 220,535,000 216,163,000 217,054,000 208,051,000
Bonds and Notes 234,744,000 227,963,000 224,668,000 229,064,000 218,523,000
Nonperfoming Loans 1,724,000 1,766,000 1,771,000 1,737,000 1,764,000
Nonaccrual Loans 1,399,000 1,424,000 1,408,000 1,375,000 1,417,000
Net Income 3,481,000 2,273,000 1,132,000 4,724,000 3,569,000
Nonperforming Loans/Gross Loans2 0.76% 0.80% 0.82% 0.80% 0.85%
Capital/Assets3 16.76% 16.87% 16.79% 16.16% 16.89%
Surplus/Assets 13.83% 13.94% 13.84% 13.36% 13.84%
Return on Assets4 1.64% 1.63% 1.65% 1.74% 1.79%
Return on Equity4 9.73% 9.69% 9.80% 10.50% 10.67%
Net Interest Margin5 2.57% 2.55% 2.57% 2.64% 2.65%

Sources: FCA's Consolidated Reporting System as of September 30, 2015, and the Farm Credit System Quarterly Information Statement provided by the Federal Farm Credit Banks Funding Corporation.

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)

 At and for the 12 months ended 30-Sep-15 30-Sep-14 30-Sep-13 30-Sep12 30-Sep-11
Farm Credit System Banks1
  Total Assets 256,039,212 238,410,097 223,194,713 212,709,699 202,868,279
Gross Loan Volume 200,375,304 183,842,705 173,449,045 167,350,006 154,804,128
Nonaccrual Loans 229,657 203,977 313,438 376,895 543,728
Cash and Marketable Investments 53,839,933 52,661,738 47,801,766 42,890,755 45,443,759
Net Income 1,461,623 1,539,339 1,539,770 1,573,036 1,421,243
Nonperforming Loans/ Total Loans2 0.13% 0.14% 0.20% 0.24% 0.38%
Capital/Assets3 6.62% 6.67% 6.82% 6.72% 6.63%
Unallocated Retained Earnings/Assets 3.64% 3.64% 3.58% 3.36% 3.47%
Return on Assets 0.78% 0.88% 0.93% 0.99% 0.93%
Return on Equity 11.64% 13.04% 13.74% 14.98% 14.20%
Net Interest Margin 1.01% 1.07% 1.18% 1.26% 1.29%
Operating Expense Ratio 0.33% 0.32% 0.31% 0.30% 0.29%
Efficiency Ratio 23.34% 21.00% 20.21% 18.10% 17.27%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets 174,179,683 161,658,236 152,948,421 143,626,464 133,629,959
Gross Loan Volume 164,473,779 152,077,714 142,807,203 133,308,946 123,621,577
Nonaccrual Loans 1,172,065 1,183,348 1,625,413 2,147,679 2,528,114
Net Income 2,338,030 2,406,486 2,301,611 2,233,239 1,988,553
Nonperforming Loans/Gross Loans2 0.89% 0.98% 1.33% 1.81% 2.20%
Capital/Assets3 19.24% 19.33% 18.70% 18.31% 17.89%
Unallocated Retained Earnings/Assets 17.82% 17.86% 17.48% 17.10% 16.69%
Return on Assets 1.82% 2.02% 2.04% 2.10% 2.00%
Return on Equity 9.40% 10.42% 10.89% 11.44% 11.22%
Net Interest Margin4 2.72% 2.81% 2.84% 2.86% 2.95%
Operating Expense Ratio5 1.48% 1.44% 1.43% 1.40% 1.37%
Efficiency Ratio6 40.59% 39.15% 37.84% 36.80% 36.19%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Total Assets 291,641,000 271,324,000 252,880,000 239,741,000 227,694,000
Gross Loan Volume 226,844,000 208,051,000 194,211,000 185,409,000 170,615,000
Bonds and Notes 234,744,000 218,523,000 204,063,000 194,121,000 184,496,000
Nonperforming Loans 1,724,000 1,764,000 2,238,000 2,832,000 3,315,000
Nonaccrual Loans 1,399,000 1,417,000 1,928,000 2,522,000 3,071,000
Net Income 3,481,000 3,569,000 3,499,000 3,158,000 2,994,000
Nonperforming Loans/Gross Loans2 0.76% 0.85% 1.15% 1.53% 1.94%
Capital/Assets3 16.76% 16.89% 16.51% 16.07% 15.78%
Surplus/Assets 13.83% 13.84% 13.73% 13.20% 12.93%
Return on Assets 1.64% 1.79% 1.87% 1.79% 1.74%
Return on Equity 9.73% 10.67% 11.51% 11.25% 11.42%
Net Interest Margin4 2.57% 2.65% 2.78% 2.90% 2.85%

Sources: FCA's Consolidated Reporting System as of September 30, 2015, and the Farm Credit System Quarterly Information Statement provided by the Federal Farm Credit Banks Funding Corporation.

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, September 30, 2015
(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 30,037,045 21,456,073 26,288 15,287 8,291,414 458,416 1,892,558 2,436,122 0.57%
AgriBank 96,140,472 79,992,554 43,270 16,007 15,640,269 2,255,672 2,906,508 5,101,983 0.15%
CoBank 110,485,858 84,524,626 157,486 460,217 25,135,630 3,933,507 3,758,740 7,800,245 0.38%
Texas 19,375,837 14,402,051 2,613 5,942 4,772,620 833,467 777,321 1,610,918 0.58%
Total  256,039,212  200,375,304  229,657    497,453    53,839,933  7,481,062   9,335,127  16,949,268 0.33%
FCS Associations
AgFirst 19,493,933 18,678,432 229,560 164,181 134,769 226,941 3,864,082 4,059,963 2.09%
AgriBank 89,518,879 83,815,246 515,979 264,451 1,704,445 341,450 16,140,420 16,481,870 1.36%
CoBank 49,069,790 46,432,577 304,005 261,493 250,732 1,553,771 8,703,984 10,178,779 1.42%
Texas 16,097,081 15,547,524 122,521 58,496 35,865 285,441 2,517,211 2,793,011 1.55%
Total 174,179,683  164,473,779   1,172,065     748,621    2,125,811  2,407,603  31,225,697  33,513,623 1.48%
Total Farm Credit System6 291,641,000 226,844,000 1,399,000 1,246,000 55,880,000 1,714,000 40,342,000 48,878,000  

Sources: FCA's Consolidated Reporting System as of September 30, 2015, and the Farm Credit System Quarterly 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 $3.964 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.