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Provided here are eight tables containing data or selected financial performance indicators for Farm Credit System institutions. The first set of four tables shows year-to-date data for the second quarter (as of June 30). The second set of four tables shows annual data (as of Dec. 31).
Each of the FCS districts consists of a single FCS bank and its affiliated associations; the name of the district corresponds to the name of its bank.
| 6/30/2024 | 6/30/2023 | 6/30/2022 | 6/30/2021 | |
|---|---|---|---|---|
| Cash, Federal funds sold, securities purchased under resale agreements and investments | $ 91,003 | $ 92,286 | $ 87,139 | $ 73,936 |
| Loans | 406,659 | 378,003 | 357,306 | 323,181 |
| Allowance for credit losses on loans | -1,636 | -1,691 | -1,614 | -1,781 |
| Net loans | 405,023 | 376,312 | 355,692 | 321,400 |
| Accrued interest receivable | 4,832 | 3,904 | 2,716 | 2,435 |
| Other property owned | 121 | 21 | 26 | 41 |
| Other assets | 13,082 | 12,111 | 10,698 | 10,019 |
| Total assets | 514,061 | 484,634 | 456,271 | 407,831 |
| Systemwide bonds and medium-term notes | 407,226 | 374,236 | 351,262 | 311,242 |
| Systemwide discount notes | 13,443 | 22,083 | 23,550 | 17,593 |
| Subordinated debt | 398 | 398 | 398 | 400 |
| Other bonds | 5,998 | 6,573 | 3,938 | 2,745 |
| Other liabilities | 10,150 | 10,181 | 8,195 | 7,498 |
| Total liabilities | 437,215 | 413,471 | 387,343 | 339,478 |
| Capital | 76,846 | 71,163 | 68,928 | 68,353 |
Source: Funding Corporation Quarterly Information Statement (Q2, 2024) (PDF)
| 6/30/2024 YTD | 6/30/2023 YTD | 6/30/2022 YTD | 6/30/2021 YTD | |
|---|---|---|---|---|
| Interest income | $14,518 | $12,376 | $ 7,013 | $ 6,205 |
| Interest expense | 8,623 | 6,777 | 1,834 | 1,384 |
| Net interest income | 5,895 | 5,599 | 5,179 | 4,821 |
| (Provision for credit losses) credit loss reversal | -159 | -407 | -1 | 30 |
| Noninterest income | 513 | 487 | 363 | 392 |
| Noninterest expense | 2,211 | 2,082 | 1,881 | 1,708 |
| Income before income taxes | 4,038 | 3,597 | 3,660 | 3,535 |
| Provision for income taxes | -115 | -91 | -93 | -94 |
| Net income | 3,923 | 3,506 | 3,567 | 3,441 |
Source: Funding Corporation Quarterly Information Statement (Q2, 2024) (PDF)
| 6/30/2024 | 6/30/2023 | 6/30/2022 | 6/30/2021 | |
|---|---|---|---|---|
| Return on average assets 1 | 1.55% | 1.46% | 1.59% | 1.69% |
| Return on average capital 1 | 10.47% | 9.95% | 10.30% | 10.27% |
| Net interest margin 1 | 2.41% | 2.41% | 2.38% | 2.46% |
| Operating expense as a % of net interest income and noninterest income | 34.4% | 34.3% | 33.9% | 32.8% |
| Net loan charge-offs as a % of average loans | 0.07% | 0.03% | 0.01% | 0.00% |
| Nonperforming assets 2 as a % of loans and other property owned | 0.64% | 0.57% | 0.50% | 0.58% |
| Allowance for credit losses on loans as a % of loans outstanding | 0.40% | 0.45% | 0.45% | 0.55% |
| Capital-to-assets ratio | 14.9% | 14.7% | 15.1% | 16.8% |
| Capital-to-assets ratio (excluding restricted assets and capital — Insurance Fund) | 13.7% | 13.4% | 13.9% | 15.6% |
| Capital and allowance for credit losses on loans as a % of loans outstanding | 19.3% | 19.3% | 19.7% | 21.7% |
| Debt to capital | 5.69:1 | 5.81:1 | 5.62:1 | 4.97:1 |
Footnote 1: Year-to-date annualized
Footnote 2: Prior to the adoption of CECL on January 1, 2023, nonperforming assets included accruing restructured loans and were presented with accrued interest
Source: Funding Corporation Quarterly Information Statement (Q2, 2024) (PDF)
| AgFirst District | AgriBank District | Texas District | CoBank District | |
|---|---|---|---|---|
| June 30, 2024 | ||||
| Return on average assets 1 | 1.33% | 1.60% | 1.50% | 1.54% |
| Return on average capital 1 | 9.81% | 10.55% | 12.14% | 12.70% |
| Net interest margin 1 | 2.58% | 2.48% | 2.59% | 2.17% |
| Operating expense as a % of net interest income and noninterest income | 51.16% | 34.81% | 41.64% | 32.09% |
| Net loan charge-offs as a % of average loans | 0.03% | 0.06% | 0.11% | 0.09% |
| Nonperforming assets as a % of loans and other property owned | 0.41% | 0.65% | 0.51% | 0.68% |
| Allowance for credit losses on loans as a % of loans | 0.35% | 0.22% | 0.31% | 0.61% |
| Capital-to-assets ratio | 13.61% | 15.09% | 13.05% | 12.32% |
| Capital and allowance for credit losses on loans as a % of loans | 17.44% | 18.37% | 16.29% | 16.45% |
| Debt to capital | 6.35 :1 | 5.63 :1 | 6.66 :1 | 7.11 :1 |
| June 30, 2023 | ||||
| Return on average assets 1 | 1.21% | 1.43% | 1.28% | 1.34% |
| Return on average capital 1 | 8.73% | 9.04% | 10.75% | 11.70% |
| Net interest margin 1 | 2.77% | 2.52% | 2.51% | 2.11% |
| Operating expense as a % of net interest income and noninterest income | 51.52% | 38.32% | 44.50% | 33.70% |
| Net loan charge-offs as a % of average loans | 0.06% | 0.01% | 0.08% | 0.03% |
| Nonperforming assets as a % of loans and other property owned | 0.57% | 0.64% | 0.59% | 0.48% |
| Allowance for credit losses on loans as a % of loans | 0.44% | 0.26% | 0.33% | 0.65% |
| Capital-to-assets ratio | 13.58% | 15.59% | 12.12% | 11.58% |
| Capital and allowance for credit losses on loans as a % of loans | 17.76% | 19.01% | 15.20% | 15.96% |
| Debt to capital | 6.37:1 | 5.41:1 | 7.25:1 | 7.64:1 |
Footnote 1: Year-to-date annualized
Source: Funding Corporation Quarterly Information Statement (Q2, 2024) (PDF)
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Cash, Federal funds sold and investments | $ 93,487 | $ 89,896 | $ 80,816 | $ 74,210 | $ 68,266 |
| Loans | 398,176 | 373,266 | 343,929 | 315,490 | 286,964 |
| Allowance for credit losses on loans | -1,617 | -1,576 | -1,632 | -1,796 | -1,806 |
| Net loans | 396,559 | 371,690 | 342,297 | 313,694 | 285,158 |
| Accrued interest receivable | 4,726 | 3,572 | 2,560 | 2,585 | 2,864 |
| Other property owned | 58 | 28 | 39 | 37 | 72 |
| Other assets | 13,006 | 11,877 | 10,245 | 10,167 | 8,999 |
| Total assets | 507,836 | 477,063 | 435,957 | 400,693 | 365,359 |
| Systemwide bonds and medium-term notes | 396,409 | 362,624 | 328,552 | 299,145 | 274,540 |
| Systemwide discount notes | 19,124 | 27,353 | 24,271 | 23,510 | 18,998 |
| Subordinated debt | 398 | 398 | 398 | 0 | 0 |
| Other bonds | 6,288 | 5,599 | 3,623 | 2,559 | 1,961 |
| Other liabilities | 12,288 | 12,488 | 9,636 | 9,944 | 8,130 |
| Total liabilities | 434,507 | 408,462 | 366,480 | 335,158 | 303,629 |
| Capital | 73,329 | 68,601 | 69,477 | 65,535 | 61,730 |
Source: Funding Corporation's 2023 Annual Information System (PDF)
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Interest income | $ 26,240 | $ 16,716 | $ 12,541 | $ 13,107 | $ 15,019 |
| Interest expense | 14,807 | 6,174 | 2,777 | 4,061 | 6,753 |
| Net interest income | 11,433 | 10,542 | 9,764 | 9,046 | 8,266 |
| (Provision for credit losses) credit loss reversal | -614 | -40 | 152 | -107 | -169 |
| Noninterest income | 1,209 | 969 | 760 | 758 | 711 |
| Noninterest expense | -4,403 | -4,037 | -3,719 | -3,523 | -3,259 |
| Income before income taxes | 7,625 | 7,434 | 6,957 | 6,174 | 5,549 |
| Provision for income taxes | -180 | -166 | -161 | -172 | -103 |
| Net income | 7,445 | 7,268 | 6,796 | 6,002 | 5,446 |
Source: Funding Corporation's 2023 Annual Information Statement (PDF)
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Return on average assets | 1.53% | 1.59% | 1.66% | 1.57% | 1.54% |
| Return on average capital | 10.41% | 10.45% | 9.94% | 9.26% | 8.91% |
| Net interest margin | 2.43% | 2.39% | 2.46% | 2.46% | 2.42% |
| Operating expense as a % of net interest income and noninterest income | 34.9% | 35.1% | 35.3% | 35.9% | 36.2% |
| Net loan charge-offs as a % of average loans | 0.08% | 0.01% | 0.01% | 0.03% | 0.02% |
| Nonperforming assets as a % of loans and other property owned | 0.45% | 0.47% | 0.46% | 0.60% | 0.82% |
| Allowance for credit losses on loans as a % of loans outstanding at year end | 0.41% | 0.42% | 0.47% | 0.57% | 0.63% |
| Capital-to-assets ratio | 14.4% | 14.4% | 15.9% | 16.4% | 16.9% |
| Capital and allowance for credit losses on loans as a % of loans outstanding | 13.2% | 13.2% | 14.8% | 15.2% | 15.7% |
| Capital and allowance for loan losses as a % of loans outstanding | 18.8% | 18.8% | 20.7% | 21.3% | 22.1% |
| Debt to capital | 5.93:1 | 5.95:1 | 5.27:1 | 5.11:1 | 4.92:1 |
Source: Funding Corporation's 2023 Annual Information Statement (PDF)
| AgFirst District | AgriBank District | Texas District | CoBank District | |
|---|---|---|---|---|
| December 31, 2023 | ||||
| Return on average assets | 1.20% | 1.51% | 1.41% | 1.42% |
| Return on average capital | 8.78% | 9.69% | 11.58% | 12.25% |
| Net interest margin | 2.73% | 2.52% | 2.55% | 2.15% |
| Operating expense as a % of net interest income and noninterest income | 54.01% | 37.86% | 43.57% | 34.47% |
| Net loan charge-offs (recoveries) as a % of average loans | 0.10% | 0.13% | 0.07% | 0.03% |
| Nonperforming assets as a % of loans and other property owned | 0.46% | 0.47% | 0.45% | 0.41% |
| Allowance for credit losses on loans as a % of loans | 0.37% | 0.20% | 0.32% | 0.63% |
| Capital-to-assets ratio | 13.14% | 14.96% | 11.97% | 11.62% |
| Capital and allowance for credit losses on loans as a % of loans | 17.08% | 18.22% | 14.90% | 15.86% |
| Debt to capital | 6.61:1 | 5.68:1 | 7.35:1 | 7.60:1 |
| December 31, 2022 | ||||
| Return on average assets | 1.62% | 1.55% | 1.59% | 1.38% |
| Return on average capital | 10.73% | 9.46% | 12.39% | 11.52% |
| Net interest margin | 2.91% | 2.38% | 2.65% | 2.12% |
| Operating expense as a % of net interest income and noninterest income | 48.06% | 40.46% | 42.70% | 35.73% |
| Net loan charge-offs (recoveries) as a % of average loans | 0.00% | -0.01% | 0.00% | 0.03% |
| Nonperforming assets as a % of loans and other property owned | 0.88% | 0.42% | 0.51% | 0.39% |
| Allowance for credit losses on loans as a % of loans | 0.48% | 0.21% | 0.24% | 0.65% |
| Capital-to-assets ratio | 13.46% | 15.65% | 11.90% | 11.10% |
| Capital and allowance for credit losses on loans as a % of loans | 17.76% | 18.67% | 14.80% | 15.48% |
| Debt to capital | 6.43:1 | 5.39:1 | 7.40:1 | 8.01:1 |
Source: Funding Corporation's 2023 Annual Information Statement (PDF)
