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 (48 KB), District (47 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

  31-Dec-13 30-Sep-13 30-Jun-13 31-Mar-13 31-Dec-12
Farm Credit System Banks1
 
Total Assets
230,427,442
223,194,713
219,660,173
219,113,750
219,043,177
Gross Loan Volume
179,260,572
173,449,045
172,480,829
171,734,078
173,227,170
Nonaccrual Loans
275,228
313,438
373,204
425,734
365,478
Cash and Marketable Investments
49,241,806
47,801,766
45,061,679
45,364,858
43,618,788
Net Income
517,429
509,219
506,756
523,795
438,278
Nonperforming Loans/Total Loans2
0.18%
0.20%
0.24%
0.27%
0.23%
Capital/Assets3
6.58%
6.82%
6.74%
6.67%
6.51%
Unallocated Retained Earnings/Assets
3.39%
3.58%
3.50%
3.38%
3.23%
Return on Assets4
0.91%
0.93%
0.95%
0.97%
0.94%
Return on Equity4
13.31%
13.74%
13.94%
14.66%
13.86%
Net Interest Margin5
1.15%
1.18%
1.22%
1.27%
1.25%
Operating Expense Rate6
0.32%
0.31%
0.31%
0.31%
0.31%
Efficiency Ratio7
22.20%
20.21%
19.67%
18.06%
20.00%
FCS Associations
  Total Assets
157,131,836
152,994,211
149,805,000
145,401,893
148,778,120
Gross Loan Volume
146,917,046
142,850,423
140,200,066
136,062,831
138,314,966
Nonaccrual Loans
1,456,381
1,616,381
1,810,799
1,967,701
1,932,706
Net Income
1,003,654
851,454
727,072
725,856
756,673
Nonperforming Loans/Total Loans2
1.17%
1.32%
1.50%
1.65%
1.59%
Capital/Assets3
18.50%
18.73%
18.61%
18.66%
17.80%
Unallocated Retained Earnings/Assets
17.27%
17.50%
17.41%
17.49%
16.65%
Return on Assets4
2.14%
2.04%
1.99%
2.02%
2.06%
Return on Equity4
11.34%
10.89%
10.65%
10.96%
11.23%
Net Interest Margin5
2.80%
2.84%
2.89%
2.93%
2.83%
Operating Expense Rate6
1.48%
1.43%
1.45%
1.47%
1.45%
Efficiency Ratio7
37.14%
37.83%
39.14%
39.88%
39.13%
Total Farm Credit System8
  Gross Loan Volume
201,060,000
194,211,000
192,784,000
191,797,000
191,904,000
Bonds and Notes
210,704,000
204,063,000
201,109,000
200,667,000
200,365,000
Nonperfoming Loans
2,040,000
2,238,000
2,522,000
2,711,000
2,608,000
Nonaccrual Loans
1,736,000
1,928,000
2,183,000
2,392,000
2,300,000
Net Income
4,640,000
3,499,000
2,246,000
1,142,000
4,118,000
Nonperforming Loans/Gross Loans2 1.01% 1.15% 1.31% 1.41% 1.36%
Capital/Assets3 16.34% 16.51% 16.33% 16.02% 15.65%
Surplus/Assets 13.44% 13.73% 13.58% 13.28% 12.94%
Return on Assets4 1.84% 1.87% 1.83% 1.87% 1.73%
Return on Equity4 11.28% 11.51% 11.29% 11.68% 10.89%
Net Interest Margin5 2.78% 2.87% 2.75% 2.83% 2.87%

Sources: FCA's Consolidated Reporting System as of December 31, 2013, 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)

  31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09
Farm Credit System Banks1
  Total Assets
230,427,442
219,043,177
205,087,928
207,098,256
194,497,747
Gross Loan Volume
179,260,572
173,227,170
158,420,741
161,069,141
152,412,187
Nonaccrual Loans
275,228
365,478
384,795
477,341
759,134
Cash and Marketable Investments
49,241,806
43,618,788
44,047,407
43,289,148
39,305,172
Net Income
2,057,199
2,011,314
1,860,347
1,917,143
1,442,328
Nonperforming Loans/Total Loans2 0.18% 0.23% 0.27% 0.33% 0.52%
Capital/Assets3 6.58% 6.51% 6.49% 6.00% 5.59%
Unallocated Retained Earnings/Assets 3.39% 3.23% 3.25% 3.03% 2.80%
Return on Assets 0.91% 0.94% 0.92% 0.95% 0.74%
Return on Equity 13.31% 13.86% 13.68% 15.00% 13.13%
Net Interest Margin 1.15% 1.25% 1.28% 1.22% 1.17%
Operating Expense Ratio 0.32% 0.31% 0.31% 0.30% 0.33%
Efficiency Ratio 22.20% 20.00% 20.14% 18.24% 20.49%
Payout Ratio7 54.61% 47.79% 53.76% 50.43% 56.31%
FCS Associations
  Total Assets
157,131,836
148,778,120
136,717,742
134,048,892
128,291,508
Gross Loan Volume
146,917,046
138,314,966
126,187,799
124,140,035
118,575,715
Nonaccrual Loans
1,456,381
1,932,706
2,353,352
2,744,528
2,634,046
Net Income
3,308,036
2,989,912
3,007,154
2,408,449
1,585,984
Nonperforming Loans/Gross Loans2 1.17% 1.59% 2.03% 2.29% 2.33%
Capital/Assets3 18.50% 17.80% 17.84% 16.54% 15.82%
Unallocated Retained Earnings/Assets 17.27% 16.65% 16.78% 15.07% 14.56%
Return on Assets 2.14% 2.06% 2.24% 1.84% 1.29%
Return on Equity 11.34% 11.23% 12.42% 10.88% 8.13%
Net Interest Margin4 2.80% 2.83% 2.94% 2.79% 2.64%
Operating Expense Ratio5 1.48% 1.45% 1.43% 1.38% 1.49%
Efficiency Ratio6 37.14% 39.13% 31.27% 35.12% 39.05%
Payout Ratio7 25.42% 25.82% 22.57% 22.62% 21.51%
Total Farm Credit System8
  Gross Loan Volume
201,060,000
191,904,000
174,664,000
175,351,000
164,830,000
Bonds and Notes
210,704,000
200,365,000
186,889,000
189,575,000
178,358,000
Nonperforming Loans
2,040,000
2,608,000
2,997,000
3,386,000
3,535,000
Nonaccrual Loans
1,736,000
2,300,000
2,738,000
3,229,000
3,369,000
Net Income
4,640,000
4,118,000
3,940,000
3,495,000
2,850,000
Nonperforming Loans/Gross Loans2 1.01% 1.36% 1.72% 1.93% 2.14%
Capital/Assets3 16.34% 15.65% 15.60% 14.46% 13.90%
Surplus/Assets 13.44% 12.94% 12.90% 11.80% 11.48%
Return on Assets 1.84% 1.73% 1.71% 1.59% 1.32%
Return on Equity 11.28% 10.89% 11.17% 10.85% 9.86%
Net Interest Margin4 2.78% 2.87% 2.86% 2.82% 2.65%

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, 2013
(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
28,844,342
20,201,234
59,594
22,908
8,348,307
470,801
1,578,403
2,146,747
0.53%
AgriBank
87,725,991
73,677,222
39,653
10,100
13,549,274
2,359,843
2,552,005
4,921,318
0.15%
CoBank
97,644,392
73,603,375
147,849
447,126
23,077,161
3,639,235
3,103,926
6,704,616
0.39%
Texas
16,212,717
11,778,741
28,132
13,660
4,267,064
820,543
605,817
1,393,247
0.63%
Total
230,427,442
179,260,572
275,228
493,794
49,241,806
7,290,422
7,840,151
15,165,928
0.32%
FCS Associations
AgFirst
18,276,193
17,085,676
348,481
164,527
275,091
221,144
3,423,870
3,624,979
2.16%
AgriBank
80,860,611
74,845,181
586,751
226,214
2,138,393
338,165
13,771,455
14,109,620
1.34%
CoBank
44,250,611
41,727,316
387,753
292,618
418,374
1,152,532
7,767,788
8,866,981
1.45%
Texas
13,744,421
13,258,873
133,396
60,507
65,862
80,694
2,387,250
2,470,194
1.50%
Total
157,131,836
146,917,046
1,456,381
743,866
2,897,720
1,792,535
27,350,363
29,071,774
1.48%
Total Farm Credit System6
260,782,000
201,060,000
1,736,000
1,238,000
51,893,000
1,645,000
35,060,000
42,601,000

Sources: FCA's Consolidated Reporting System as of December 31, 2013, 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 $3.496 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.