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 (47 KB), Annual Comparison (47 KB), District (42 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14 31-Dec-13
Farm Credit System Banks1
 
Total Assets
249,370,568 238,410,097 234,154,694 232,339,245 230,427,442
Gross Loan Volume
192,083,080   183,842,705   181,456,445   181,329,684   179,260,572
Nonaccrual Loans
227,872           203,977           229,421           268,826           275,228
Cash and Marketable Investments
55,472,944 52,661,738 50,970,640 49,282,909 49,241,806
Net Income
503,188           533,814           509,878           495,647           517,429
Nonperforming Loans/Total Loans2
0.15% 0.14% 0.15% 0.18% 0.18%
Capital/Assets3
6.41% 6.67% 6.66% 6.55% 6.58%
Unallocated Retained Earnings/Assets
3.42% 3.64% 3.57% 3.48% 3.39%
Return on Assets4
0.84% 0.88% 0.87% 0.87% 0.91%
Return on Equity4
12.76% 13.04% 13.12% 13.09% 13.31%
Net Interest Margin5
1.05% 1.07% 1.09% 1.10% 1.15%
Operating Expense Rate6
0.33% 0.32% 0.32% 0.31% 0.32%
Efficiency Ratio7
24.20% 21.00% 21.78% 20.58% 22.20%
FCS Associations
  Total Assets 167,313,321 161,664,149 157,508,169 154,535,559 157,131,836
Gross Loan Volume 157,543,632   152,119,370   148,257,307   145,531,809   146,917,046
Nonaccrual Loans 1,141,679        1,206,532        1,340,418        1,429,640        1,456,381
Net Income 978,628 801,536 795,636 768,776 1,003,654
Nonperforming Loans/Total Loans2 0.92% 0.99% 1.08% 1.19% 1.17%
Capital/Assets3 18.78% 19.33% 19.35% 19.29% 18.50%
Unallocated Retained Earnings/Assets 17.40% 17.87% 17.84% 17.77% 17.27%
Return on Assets4 2.05% 1.99% 2.02% 2.02% 2.14%
Return on Equity4 10.55% 10.22% 10.46% 10.57% 11.34%
Net Interest Margin5 2.75% 2.81% 2.85% 2.87% 2.80%
Operating Expense Rate6 1.51% 1.44% 1.45% 1.48% 1.48%
Efficiency Ratio7 39.52% 39.17% 39.63% 40.84% 37.14%
Total Farm Credit System8
  Total Assets 282,844,000 271,324,000 266,213,000 263,842,000 260,782,000
Gross Loan Volume 217,054,000 208,051,000 205,054,000 204,563,000 201,060,000
Bonds and Notes 229,064,000 218,523,000 214,649,000 213,498,000 210,704,000
Nonperfoming Loans 1,737,000 1,764,000 2,047,000 2,068,000 2,040,000
Nonaccrual Loans 1,375,000 1,417,000 1,574,000 1,711,000 1,736,000
Net Income 4,724,000 3,569,000 2,341,000 1,145,000 4,640,000
Nonperforming Loans/Gross Loans2 0.80% 0.85% 1.00% 1.01% 1.01%
Capital/Assets3 16.16% 16.89% 16.80% 16.55% 16.34%
Surplus/Assets 13.36% 13.84% 13.75% 13.51% 13.44%
Return on Assets4 1.74% 1.79% 1.78% 1.76% 1.84%
Return on Equity4 10.50% 10.67% 10.68% 10.63% 11.28%
Net Interest Margin5 2.64% 2.65% 2.65% 2.63% 2.78%

Sources: FCA's Consolidated Reporting System as of December 31, 2014, and the Farm Credit System Quarterly Information Statements provided by the Federal Farm Credit Banks Funding Corporation.

Note: Changes to data in previous periods occasionally occur for accounting reasons.

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-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Farm Credit System Banks1
  Total Assets 249,370,568 230,427,442 219,043,177 205,087,928 207,098,256
Gross Loan Volume 192,083,080 179,260,572 173,227,170 158,420,741 161,069,141
Nonaccrual Loans 227,872 275,228 365,478 384,795 477,341
Cash and Marketable Investments 55,472,944 49,241,806 43,618,788 44,047,407 43,289,148
Net Income 2,042,527 2,057,199 2,011,314 1,860,347 1,917,143
Nonperforming Loans/ Total Loans2 0.15% 0.18% 0.23% 0.27% 0.33%
Capital/Assets3 6.41% 6.58% 6.51% 6.49% 6.00%
Unallocated Retained Earnings/Assets 3.42% 3.39% 3.23% 3.25% 3.03%
Return on Assets 0.84% 0.91% 0.94% 0.92% 0.95%
Return on Equity 12.76% 13.31% 13.86% 13.68% 15.00%
Net Interest Margin 1.05% 1.15% 1.25% 1.28% 1.22%
Operating Expense Ratio 0.33% 0.32% 0.31% 0.31% 0.30%
Efficiency Ratio 24.20% 22.20% 20.00% 20.14% 18.24%
Payout Ratio7 58.19% 54.61% 47.79% 53.76% 50.43%
FCS Associations
  Total Assets   167,313,321   157,131,836   148,778,120   136,717,742   134,048,892
Gross Loan Volume   157,543,632   146,917,046   138,314,966   126,187,799   124,140,035
Nonaccrual Loans 1,141,679 1,456,381 1,932,706 2,353,352 2,744,528
Net Income 3,338,474 3,308,036 2,989,912 3,007,154 2,408,449
Nonperforming Loans/Gross Loans2 0.92% 1.17% 1.59% 2.03% 2.29%
Capital/Assets3 18.78% 18.50% 17.80% 17.84% 16.54%
Unallocated Retained Earnings/Assets 17.40% 17.27% 16.65% 16.78% 15.07%
Return on Assets 2.05% 2.14% 2.06% 2.24% 1.84%
Return on Equity 10.55% 11.34% 11.23% 12.42% 10.88%
Net Interest Margin4 2.75% 2.80% 2.83% 2.94% 2.79%
Operating Expense Ratio5 1.51% 1.48% 1.45% 1.43% 1.38%
Efficiency Ratio6 39.52% 37.14% 39.13% 31.27% 35.12%
Payout Ratio7 25.06% 25.42% 25.82% 22.57% 22.62%
Total Farm Credit System8
  Total Assets   282,844,000   260,782,000   246,664,000   230,411,000   229,973,000
Gross Loan Volume   217,054,000   201,060,000   191,904,000   174,664,000   175,351,000
Bonds and Notes   229,064,000   210,704,000   200,365,000   186,889,000   189,575,000
Nonperforming Loans 1,737,000 2,040,000 2,608,000 2,997,000 3,386,000
Nonaccrual Loans 1,375,000 1,736,000 2,300,000 2,738,000 3,229,000
Net Income 4,724,000 4,640,000 4,118,000 3,940,000 3,495,000
Nonperforming Loans/Gross Loans2 0.80% 1.01% 1.36% 1.72% 1.93%
Capital/Assets3 16.16% 16.34% 15.65% 15.60% 14.46%
Surplus/Assets 13.36% 13.44% 12.94% 12.90% 11.80%
Return on Assets 1.74% 1.84% 1.73% 1.71% 1.59%
Return on Equity 10.50% 11.28% 10.89% 11.17% 10.85%
Net Interest Margin4 2.64% 2.78% 2.87% 2.86% 2.82%

Sources: Farm Credit System Annual Information Statements provided by the Federal Farm Credit Banks Funding Corporation.

Note: Changes to data in previous periods occasionally occur for accounting reasons.

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, December 31, 2014
(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 29,503,223    20,894,591        49,166       15,535       8,271,350     465,010    1,640,448    2,207,407 0.58%
AgriBank    94,425,394    77,546,155        37,798       12,520     16,421,332  2,194,292    2,766,818    4,916,045 0.15%
CoBank  107,428,401    80,382,497      130,340     481,156     26,237,669  3,893,546    3,482,379    7,369,663 0.40%
Texas    18,013,550    13,259,837        10,568       10,112       4,542,593     833,467       665,576    1,479,221 0.63%
Total 249,370,568
 192,083,080
227,872
    519,323     55,472,944  7,386,315    8,555,221  15,972,336 0.33%
FCS Associations
AgFirst    18,888,104    17,832,194      254,735     159,060         179,531     217,187    3,685,112    3,869,580 2.11%
AgriBank    86,191,842    80,624,175      443,609     235,560       1,802,032     339,673  15,104,903  15,444,658 1.38%
CoBank    47,174,961    44,541,614      311,598     268,295         422,646  1,458,258    8,107,063    9,477,598 1.47%
Texas    15,058,414    14,545,649      131,737       54,243           50,428     208,305    2,422,875    2,621,271 1.55%
Total  167,313,321  157,543,632   1,141,679     717,158       2,454,637  2,223,423  29,319,953  31,413,107 1.51%
Total Farm Credit System6  282,844,000  217,054,000   1,375,000  1,237,000     57,839,000  1,676,000  37,775,000  45,706,000  

Sources: FCA's Consolidated Reporting System as of December 31, 2014, and the Farm Credit System Annual 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 $3.750 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.