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 (49 KB), Annual Comparison (50 KB), District (44 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 31-Mar-16 31-Dec-15 30-Sep-15 30-Jun-15 31-Mar-15
Farm Credit System Banks1
 
Total Assets
     268,495,874   267,587,575   256,039,212   248,617,837   244,693,710
Gross Loan Volume
     210,522,418   208,766,996   200,375,304   194,401,410   190,164,936
Nonaccrual Loans
             295,274           231,520           229,657           210,389           225,292
Cash and Marketable Investments
        56,245,306      57,123,019      53,839,933      52,366,262      52,862,617
Net Income
             481,497           484,070           488,230           481,726           491,667
Nonperforming Loans/Total Loans2
0.16% 0.13% 0.13% 0.13% 0.14%
Capital/Assets3
6.43% 6.28% 6.62% 6.67% 6.67%
Unallocated Retained Earnings/Assets
3.52% 3.45% 3.64% 3.64% 3.60%
Return on Assets4
0.73% 0.74% 0.78% 0.80% 0.81%
Return on Equity4
11.31% 11.47% 11.64% 11.88% 12.28%
Net Interest Margin5
1.00% 0.98% 1.01% 1.04% 1.06%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.33% 0.33%
Efficiency Ratio7
23.89% 25.30% 23.34% 23.51% 21.74%
FCS Associations
  Total Assets      156,272,838   180,005,335   174,179,683   169,064,197   164,223,600
Gross Loan Volume      148,587,083   169,995,422   164,473,779   159,899,043   155,357,378
Nonaccrual Loans           1,001,435        1,095,206        1,172,065        1,217,058        1,179,273
Net Income              673,806           927,615           823,413           756,748           757,869
Nonperforming Loans/Total Loans2 0.86% 0.80% 0.89% 0.95% 0.97%
Capital/Assets3 19.26% 18.68% 19.24% 19.40% 19.57%
Unallocated Retained Earnings/Assets 18.04% 17.33% 17.82% 17.96% 18.08%
Return on Assets4 1.75% 1.84% 1.82% 1.83% 1.88%
Return on Equity4 9.07% 9.57% 9.40% 9.39% 9.65%
Net Interest Margin5 2.74% 2.68% 2.72% 2.78% 2.84%
Operating Expense Rate6 1.47% 1.50% 1.48% 1.50% 1.54%
Efficiency Ratio7 42.71% 41.38% 40.59% 42.22% 43.06%
Total Farm Credit System8
  Total Assets      304,986,000   303,503,000   291,641,000   283,193,000   278,969,000
Gross Loan Volume      238,439,000   235,890,000   226,844,000   220,535,000   216,163,000
Bonds and Notes      247,139,000   246,214,000   234,744,000   227,963,000   224,668,000
Nonperfoming Loans           1,832,000        1,629,000        1,724,000        1,766,000        1,771,000
Nonaccrual Loans           1,475,000        1,324,000        1,399,000        1,424,000        1,408,000
Net Income           1,157,000        4,688,000        3,481,000        2,273,000        1,132,000
Nonperforming Loans/Gross Loans2 0.77% 0.69% 0.76% 0.80% 0.82%
Capital/Assets3 16.41% 16.09% 16.76% 16.87% 16.79%
Surplus/Assets 13.53% 13.33% 13.83% 13.94% 13.84%
Return on Assets4 1.54% 1.62% 1.64% 1.63% 1.65%
Return on Equity4 9.38% 9.75% 9.73% 9.69% 9.80%
Net Interest Margin5 2.48% 2.55% 2.57% 2.55% 2.57%

Sources: FCA's Consolidated Reporting System as of March 31, 2016, 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 31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12
Farm Credit System Banks1
  Total Assets   268,495,874   244,693,710   232,339,245   219,113,750   205,537,009
Gross Loan Volume   210,522,418   190,164,936   181,329,684   171,734,078   161,385,748
Nonaccrual Loans           295,274           225,292           268,826           425,734           347,468
Cash and Marketable Investments      56,245,306      52,862,617      49,282,909      45,364,858      41,653,351
Net Income           481,497           491,667           495,647           523,795           502,499
Nonperforming Loans/ Total Loans2 0.16% 0.14% 0.18% 0.27% 0.24%
Capital/Assets3 6.43% 6.67% 6.55% 6.67% 6.51%
Unallocated Retained Earnings/Assets 3.52% 3.60% 3.48% 3.38% 3.17%
Return on Assets 0.73% 0.81% 0.87% 0.97% 0.99%
Return on Equity 11.31% 12.28% 13.09% 14.66% 15.23%
Net Interest Margin 1.00% 1.06% 1.10% 1.27% 1.30%
Operating Expense Ratio 0.33% 0.33% 0.31% 0.31% 0.29%
Efficiency Ratio 23.89% 21.74% 20.58% 18.06% 16.62%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets   157,416,822   164,223,600   154,489,023   145,358,769   134,918,134
Gross Loan Volume   149,673,506   155,357,378   145,487,917   136,020,461   125,297,353
Nonaccrual Loans        1,006,733        1,179,273        1,439,118        1,974,715        2,360,981
Net Income           677,814           757,869           768,691           725,751           703,909
Nonperforming Loans/Gross Loans2 0.85% 0.97% 1.20% 1.66% 2.06%
Capital/Assets3 19.27% 19.57% 19.27% 18.64% 18.51%
Unallocated Retained Earnings/Assets 18.02% 18.08% 17.75% 17.46% 17.25%
Return on Assets 1.74% 1.88% 2.02% 2.02% 2.10%
Return on Equity 9.06% 9.65% 10.58% 10.97% 11.45%
Net Interest Margin4 2.74% 2.84% 2.87% 2.93% 2.96%
Operating Expense Ratio5 1.47% 1.54% 1.48% 1.47% 1.44%
Efficiency Ratio6 42.78% 43.06% 40.85% 39.90% 38.03%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Total Assets   304,986,000   278,969,000   263,842,000   247,505,000   231,457,000
Gross Loan Volume   238,439,000   216,163,000   204,563,000   191,797,000   178,595,000
Bonds and Notes   247,139,000   224,668,000   213,498,000   200,667,000   187,923,000
Nonperforming Loans        1,832,000        1,771,000        2,068,000        2,711,000        2,970,000
Nonaccrual Loans        1,475,000        1,408,000        1,711,000        2,392,000        2,707,000
Net Income        1,157,000        1,132,000        1,145,000        1,142,000        1,052,000
Nonperforming Loans/Gross Loans2 0.77% 0.82% 1.01% 1.41% 1.66%
Capital/Assets3 16.41% 16.79% 16.55% 16.02% 15.82%
Surplus/Assets 13.53% 13.84% 13.51% 13.28% 12.90%
Return on Assets 1.54% 1.65% 1.76% 1.87% 1.84%
Return on Equity 9.38% 9.80% 10.63% 11.68% 11.65%
Net Interest Margin4 2.48% 2.57% 2.63% 2.83% 2.87%

Sources: FCA's Consolidated Reporting System as of March 31, 2016, 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, March 31, 2016
(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       30,950,189                  21,749,776                     28,459                16,412            8,917,477       460,161      1,803,772      2,332,836 0.57%
AgriBank       98,994,629                  82,810,728                     49,602                19,631           15,681,092    2,329,742      2,994,169      5,208,539 0.15%
CoBank     118,062,745                  90,705,909                   212,764              504,330           26,615,702    4,023,261      3,932,484      8,090,056 0.39%
Texas       20,488,311                  15,256,005                      4,449                  6,642            5,031,035       855,823         760,949      1,621,783 0.59%
Total     268,495,874                210,522,418                   295,274              547,015           56,245,306    7,668,987      9,491,374     17,253,214
0.33%
FCS Associations 
AgFirst       19,612,578                  18,871,967                   230,913              163,945               131,803       220,849      3,937,226      4,128,568 2.08%
AgriBank       84,472,062                  79,726,144                   485,378              271,756            1,326,396       225,416     15,547,824     15,773,240 1.30%
CoBank       37,619,084                  35,838,878                   166,618              204,199                 58,508    1,236,844      6,631,685      7,779,584 1.52%
Texas       15,713,098                  15,236,517                   123,824                65,421                 26,744       235,207      2,421,921      2,653,834 1.53%
Total     157,416,822                149,673,506                1,006,733              705,321            1,543,451    1,918,316     28,538,656     30,335,226
1.47%
Total Farm Credit System6     304,986,000                238,439,000                1,475,000           1,350,000           58,303,000    1,724,000     41,257,000     50,043,000  

Sources: FCA's Consolidated Reporting System as of March 31, 2016, 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 $4.136 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.