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 (55 KB), Annual Comparison (55 KB), District (49 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 30-Sep-16 30-Jun-16 31-Mar-16 31-Dec-15 30-Sep-15
Farm Credit System Banks1
 
Total Assets
     276,743,793   278,532,464 268,495,874 267,587,575 256,039,212
Gross Loan Volume
213,870,566 215,961,952 210,522,418 208,766,996 200,375,304
Nonaccrual Loans
235,833 190,151 295,274 231,520 229,657
Cash and Marketable Investments
60,991,959 60,675,477 56,245,306 57,123,019 53,839,933
Net Income
518,027 497,487 481,497 484,070 488,230
Nonperforming Loans/Total Loans2
0.15% 0.13% 0.16% 0.13% 0.13%
Capital/Assets3
6.55% 6.44% 6.43% 6.28% 6.62%
Unallocated Retained Earnings/Assets
3.59% 3.48% 3.52% 3.45% 3.64%
Return on Assets4
0.72% 0.72% 0.73% 0.74% 0.78%
Return on Equity4
11.07% 11.09% 11.31% 11.47% 11.64%
Net Interest Margin5
0.97% 0.98% 1.00% 0.98% 1.01%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.33% 0.33%
Efficiency Ratio7
24.82% 24.36% 23.89% 25.30% 23.34%
FCS Associations
  Total Assets 186,521,343 184,196,273 179,530,406 180,005,335 174,179,683
Gross Loan Volume 176,322,614 174,613,000 170,296,338 169,995,422 164,473,779
Nonaccrual Loans 1,342,915 1,239,173 1,184,108 1,095,206 1,172,065
Net Income 841,134 775,858 773,771 927,615 823,413
Nonperforming Loans/Total Loans2 0.94% 0.89% 0.88% 0.80% 0.89%
Capital/Assets3 19.14% 18.97% 19.12% 18.68% 19.24%
Unallocated Retained Earnings/Assets 17.71% 17.57% 17.65% 17.33% 17.82%
Return on Assets4 1.73% 1.71% 1.75% 1.84% 1.82%
Return on Equity4 9.01% 8.98% 9.14% 9.57% 9.40%
Net Interest Margin5 2.67% 2.70% 2.74% 2.68% 2.72%
Operating Expense Rate6 1.45% 1.45% 1.47% 1.50% 1.48%
Efficiency Ratio7 41.92% 42.13% 42.55% 41.38% 40.59%
Total Farm Credit System8
  Total Assets 314,361,000 315,292,000 304,986,000 303,503,000 291,641,000
Gross Loan Volume 242,124,000 243,886,000 238,439,000 235,890,000 226,844,000
Bonds and Notes 255,261,000 256,454,000 247,139,000 246,214,000 234,744,000
Nonperfoming Loans 1,975,000 1,825,000 1,832,000 1,629,000 1,724,000
Nonaccrual Loans 1,573,000 1,424,000 1,475,000 1,324,000 1,399,000
Net Income 3,589,000 2,337,000 1,157,000 4,688,000 3,481,000
Nonperforming Loans/Gross Loans2 0.82% 0.75% 0.77% 0.69% 0.76%
Capital/Assets3 16.67% 16.30% 16.41% 16.09% 16.76%
Surplus/Assets 13.67% 13.35% 13.53% 13.33% 13.83%
Return on Assets4 1.54% 1.52% 1.54% 1.62% 1.64%
Return on Equity4 9.36% 9.29% 9.38% 9.75% 9.73%
Net Interest Margin5 2.47% 2.46% 2.48% 2.55% 2.57%

Sources: FCA's Consolidated Reporting System as of September 30, 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 30-Sep-16 30-Sep-15 30-Sep-14 30-Sep-13 30-Sep-12
Farm Credit System Banks1
  Total Assets 276,743,793 256,039,212 238,410,097 223,194,713 212,709,699
Gross Loan Volume 213,870,566 200,375,304 183,842,705 173,449,045 167,350,006
Nonaccrual Loans 235,833 229,657 203,977 313,438 376,895
Cash and Marketable Investments 60,991,959 53,839,933 52,661,738 47,801,766 42,890,755
Net Income 1,497,011 1,461,623 1,539,339 1,539,770 1,573,036
Nonperforming Loans/ Total Loans2 0.15% 0.13% 0.14% 0.20% 0.24%
Capital/Assets3 6.55% 6.62% 6.67% 6.82% 6.72%
Unallocated Retained Earnings/Assets 3.59% 3.64% 3.64% 3.58% 3.36%
Return on Assets 0.72% 0.78% 0.88% 0.93% 0.99%
Return on Equity 11.07% 11.64% 13.04% 13.74% 14.98%
Net Interest Margin 0.97% 1.01% 1.07% 1.18% 1.26%
Operating Expense Ratio 0.33% 0.33% 0.32% 0.31% 0.30%
Efficiency Ratio 24.82% 23.34% 21.00% 20.21% 18.10%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets 186,521,343 174,179,683 161,658,236 152,948,421 143,626,464
Gross Loan Volume 176,322,614 164,473,779 152,077,714 142,807,203 133,308,946
Nonaccrual Loans 1,342,915 1,172,065 1,183,348 1,625,413 2,147,679
Net Income 2,390,763 2,338,030 2,406,486 2,301,611 2,233,239
Nonperforming Loans/Gross Loans2 0.94% 0.89% 0.98% 1.33% 1.81%
Capital/Assets3 19.14% 19.24% 19.33% 18.70% 18.31%
Unallocated Retained Earnings/Assets 17.71% 17.82% 17.86% 17.48% 17.10%
Return on Assets 1.73% 1.82% 2.02% 2.04% 2.10%
Return on Equity 9.01% 9.40% 10.42% 10.89% 11.44%
Net Interest Margin4 2.67% 2.72% 2.81% 2.84% 2.86%
Operating Expense Ratio5 1.45% 1.48% 1.44% 1.43% 1.40%
Efficiency Ratio6 41.92% 40.59% 39.15% 37.84% 36.80%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Total Assets 314,361,000 291,641,000 271,324,000 252,880,000 239,741,000
Gross Loan Volume   242,124,000   226,844,000   208,051,000   194,211,000   185,409,000
Bonds and Notes   255,261,000   234,744,000   218,523,000   204,063,000   194,121,000
Nonperforming Loans      1,975,000       1,724,000       1,764,000       2,238,000       2,832,000
Nonaccrual Loans       1,573,000       1,399,000      1,417,000       1,928,000       2,522,000
Net Income       3,589,000       3,481,000       3,569,000       3,499,000       3,158,000
Nonperforming Loans/Gross Loans2 0.82% 0.76% 0.85% 1.15% 1.53%
Capital/Assets3 16.67% 16.76% 16.89% 16.51% 16.07%
Surplus/Assets 13.67% 13.83% 13.84% 13.73% 13.20%
Return on Assets 1.54% 1.64% 1.79% 1.87% 1.79%
Return on Equity 9.36% 9.73% 10.67% 11.51% 11.25%
Net Interest Margin4 2.47% 2.57% 2.65% 2.78% 2.90%

Sources: FCA's Consolidated Reporting System as of September 30, 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, September 30, 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 32,676,694 22,733,240 27,922 16,340 9,670,307 430,163 1,972,091 2,450,178 0.57%
AgriBank 101,975,684 85,038,871 53,545 21,057 16,333,749 2,388,684 3,116,806 5,350,429 0.15%
CoBank 120,749,598 90,416,625 150,167 519,574 29,555,462 4,456,385 4,063,339 8,653,830 0.40%
Texas 21,341,817 15,681,830 4,199 7,683 5,432,441 855,823 821,348 1,679,740 0.58%
Total 276,743,793 213,870,566 235,833 564,654 60,991,959 8,131,055 9,973,584 18,134,177 0.33%
FCS Associations 
AgFirst 20,591,159 19,773,051 224,288 166,829 109,629 223,788 4,073,969 4,269,638 2.01%
AgriBank 96,008,519 89,986,851 649,815 361,044 1,940,181 341,109 17,353,683 17,694,792 1.33%
CoBank 52,438,733 49,664,942 336,102 291,274 220,306 1,777,503 9,106,471 10,791,364 1.43%
Texas 17,482,932 16,897,770 132,710 72,848 31,663 287,429 2,662,553 2,945,918 1.46%
Total 186,521,343 176,322,614 1,342,915 891,995 2,301,779 2,629,829 33,196,676 35,701,712 1.45%
Total Farm Credit System6     314,361,000 242,124,000 1,573,000 1,457,000 63,178,000 1,773,000 42,969,000 52,391,000  

Sources: FCA's Consolidated Reporting System as of September 30, 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 $4.343 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.