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Call report disclosures

This page contains disclosures regarding call reports submitted by specific institutions and groups of institutions.

  • In 2017, Lone Star Ag Credit, ACA, discovered appraisal and accounting irregularities affecting a segment of the association’s lending portfolio. As a result, the ACA issued a Notification of Non-reliance on Previously Issued Financial Statements on Aug. 9, 2017, which applied to financial statements for 2016 and the first quarter of 2017. FCA removed the affected call reports from FCA’s website. 

    The ACA’s subsequent investigation led to the discovery that the irregularities were caused by an event where a former loan officer had breached association policies and engaged in improper conduct. The ACA has now recognized the effect of the event in its financial statements, has corrected previously filed call reports, and submitted all subsequent reports. These reports are now available on our website.

  • In 2014, Farm Credit Services (FCS) Southwest, ACA, noted a sudden significant increase in delinquencies in an identifiable portion of its retail lending portfolio. This led to the discovery that some of the institution's loans were not adequately secured or were ineligible (that is, the borrowers were not eligible to borrow from a System institution).

    To reflect the impact of these issues, the institution corrected Call Report information for the periods March 31, 2013, through September 30, 2015. Financial information for prior periods should not be relied upon. On November 1, 2015, FCS Southwest became a wholly owned subsidiary of Farm Credit West, ACA.

  • In early 2016, certain System institutions discovered they had been misclassifying some of their loans. For example, a loan that should have been classified as a real estate mortgage was classified instead as a production loan.

    Although the overall loan volume total was correct for each institution, many of the totals for individual loan types were incorrect. These errors affected the following Call Report Schedules:

    • RC.1 (lines 1.a.i through 1.a.xii)
    • RC-F1
    • RC-F2
    • RI-E

    Those institutions with material errors were required to correct their December 31, 2015, call reports. Institutions with material errors were also required to submit corrected data for Schedule RC.1, line 1.a.i. through line 1.a.x., for December 31, 2013, and December 31, 2014.

    See this spreadsheet for a list of all institutions with material errors. For each loan type for each institution, the spreadsheet shows the dollar volumes as they were originally reported, as well as the corrected data as of December 31, 2013, and December 31, 2014.

    Please note that the corrected data were not incorporated into the call reports on our website because they would create inconsistencies between the schedules. Therefore, for the institutions in the spreadsheet, you cannot rely on call report data in these schedules for all periods prior to December 31, 2015. For corrected data, please use the spreadsheet.

    Also, as noted on page F-25 of the 2015 Annual Information Statement published by the Federal Farm Credit Banks Funding Corporation, the revisions had no impact on the System's financial position or results of operations.

Page updated: June 07, 2018