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 (52 KB), Annual Comparison (53 KB), District (47 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 30-Jun-14 31-Mar-14 31-Dec-13 30-Sep-13 30-Jun-13 
Farm Credit System Banks1
 
Total Assets
234,154,694
232,339,245
230,427,442
223,194,713
219,660,173
Gross Loan Volume
181,456,445
181,329,684
179,260,572
173,449,045
172,480,829
Nonaccrual Loans
229,421
268,826
275,228
313,438
373,204
Cash and Marketable Investments
50,970,640
49,282,909
49,241,806
47,801,766
45,061,679
Net Income
509,878
495,647
517,429
509,219
506,756
Nonperforming Loans/Total Loans2
0.15%
0.18%
0.18%
0.20%
0.24%
Capital/Assets3
6.66%
6.55%
6.58%
6.82%
6.74%
Unallocated Retained Earnings/Assets
3.57%
3.48%
3.39%
3.58%
3.50%
Return on Assets4
0.87%
0.87%
0.91%
0.93%
0.95%
Return on Equity4
13.12%
13.09%
13.31%
13.74%
13.94%
Net Interest Margin5
1.09%
1.10%
1.15%
1.18%
1.22%
Operating Expense Rate6
0.32%
0.31%
0.32%
0.31%
0.31%
Efficiency Ratio7
21.78%
20.58%
22.20%
20.21%
19.67%
FCS Associations
  Total Assets
157,508,169
154,535,559
157,131,836
152,994,211
149,805,000
Gross Loan Volume
148,257,307
145,531,809
146,917,046
142,850,423
140,200,066
Nonaccrual Loans
1,340,418
1,429,640
1,456,381
1,616,381
1,810,799
Net Income
795,636
768,776
1,003,654
851,454
727,072
Nonperforming Loans/Total Loans2
1.08%
1.19%
1.17%
1.32%
1.50%
Capital/Assets3
19.35%
19.29%
18.50%
18.73%
18.61%
Unallocated Retained Earnings/Assets
17.85%
17.78%
17.27%
17.50%
17.41%
Return on Assets4
2.02%
2.02%
2.14%
2.04%
1.99%
Return on Equity4
10.46%
10.57%
11.34%
10.89%
10.65%
Net Interest Margin5
2.85%
2.87%
2.80%
2.84%
2.89%
Operating Expense Rate6
1.45%
1.48%
1.48%
1.43%
1.45%
Efficiency Ratio7
39.63%
40.84%
37.14%
37.83%
39.14%
Total Farm Credit System8
  Total Assets
266,213,000
263,842,000
260,782,000
252,880,000
248,475,000
Gross Loan Volume
205,054,000
204,563,000
201,060,000
194,211,000
192,784,000
Bonds and Notes
214,649,000
213,498,000
210,704,000
204,063,000
201,109,000
Nonperfoming Loans
2,047,000
2,068,000
2,040,000
2,238,000
2,522,000
Nonaccrual Loans
1,574,000
1,711,000
1,736,000
1,928,000
2,183,000
Net Income
2,341,000
1,145,000
4,640,000
3,499,000
2,246,000
Nonperforming Loans/Gross Loans2
1.00%
1.01%
1.01%
1.15%
1.31%
Capital/Assets3
16.80%
16.55%
16.34%
16.51%
16.33%
Surplus/Assets
13.75%
13.51%
13.44%
13.73%
13.58%
Return on Assets4
1.78%
1.76%
1.84%
1.87%
1.83%
Return on Equity4
10.68%
10.63%
11.28%
11.51%
11.29%
Net Interest Margin5
2.65%
2.63%
2.78%
2.87%
2.75%

Sources: FCA's Consolidated Reporting System as of June 30, 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 30-Jun-14 30-Jun-13 30-Jun-12 30-Jun-11 30-Jun-10
Farm Credit System Banks1
  Total Assets
234,154,694
219,660,173
210,124,283
205,987,711
194,361,819
Gross Loan Volume
181,456,445
172,480,829
164,128,901
158,327,662
148,507,927
Nonaccrual Loans
229,421
373,204
311,488
611,319
726,547
Cash and Marketable Investments
50,970,640
45,061,679
43,533,239
45,336,976
42,932,440
Net Income
1,005,525
1,030,551
1,088,337
967,438
955,079
Nonperforming Loans/ Total Loans2
0.15%
0.24%
0.20%
0.42%
0.51%
Capital/Assets3
6.66%
6.74%
6.54%
6.38%
6.03%
Unallocated Retained Earnings/Assets
3.57%
3.50%
3.27%
3.28%
3.11%
Return on Assets
0.87%
0.95%
1.05%
0.94%
1.00%
Return on Equity
13.12%
13.94%
16.07%
15.01%
16.68%
Net Interest Margin
1.09%
1.22%
1.29%
1.28%
1.25%
Operating Expense Ratio
0.32%
0.31%
0.30%
0.29%
0.31%
Efficiency Ratio
21.78%
19.67%
15.78%
17.26%
15.49%
Payout Ratio7
N/A
N/A
N/A
N/A
N/A
FCS Associations
  Total Assets
157,508,169
149,805,000
139,899,134
132,364,297
127,399,417
Gross Loan Volume
148,257,307
140,200,066
129,947,070
122,837,133
118,150,235
Nonaccrual Loans
1,340,418
1,810,799
2,242,641
2,700,657
2,797,066
Net Income
1,564,412
1,452,928
1,549,183
1,327,157
1,176,011
Nonperforming Loans/Gross Loans2
1.08%
1.50%
1.89%
2.35%
2.54%
Capital/Assets3
19.35%
18.61%
18.39%
17.63%
16.82%
Unallocated Retained Earnings/Assets
17.85%
17.41%
17.19%
16.19%
15.36%
Return on Assets
2.02%
1.99%
2.27%
2.03%
1.87%
Return on Equity
10.46%
10.65%
12.28%
11.58%
11.16%
Net Interest Margin4
2.85%
2.89%
2.92%
2.96%
2.82%
Operating Expense Ratio5
1.45%
1.45%
1.42%
1.38%
1.35%
Efficiency Ratio6
39.63%
39.14%
34.92%
36.92%
35.37%
Payout Ratio7
N/A
N/A
N/A
N/A
N/A
Total Farm Credit System8
  Total Assets
266,213,000
248,475,000
236,259,000
229,994,000
216,261,000
Gross Loan Volume
205,054,000
192,784,000
181,519,000
173,798,000
162,186,000
Bonds and Notes
214,649,000
201,109,000
191,991,000
188,257,000
177,781,000
Nonperforming Loans
2,047,000
2,522,000
2,784,000
3,552,000
3,750,000
Nonaccrual Loans
1,574,000
2,183,000
2,550,000
3,311,000
3,523,000
Net Income
2,341,000
2,246,000
3,065,000
1,986,000
1,684,000
Nonperforming Loans/Gross Loans2
1.00%
1.31%
1.53%
2.04%
2.31%
Capital/Assets3
16.80%
16.33%
15.86%
15.25%
14.68%
Surplus/Assets
13.75%
13.58%
13.08%
12.46%
12.08%
Return on Assets
1.78%
1.83%
1.76%
1.74%
1.58%
Return on Equity
10.68%
11.29%
11.17%
11.58%
10.85%
Net Interest Margin4
2.65%
2.75%
2.86%
2.80%
2.78%

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, June 30, 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
28,157,500
20,277,331
48,731
22,099
7,590,242
467,021
1,760,998
2,334,054
0.57%
AgriBank
88,218,330
72,994,164
38,440
11,957
14,774,200
2,127,464
2,651,741
4,780,570
0.15%
CoBank
100,916,670
75,889,673
123,172
446,901
24,211,127
3,651,257
3,303,681
6,994,373
0.38%
Texas
16,862,194
12,295,277
19,078
11,609
4,395,071
820,761
670,095
1,474,181
0.60%
Total
234,154,694
181,456,445
229,421
492,566
50,970,640
7,066,503
8,386,515
15,583,178
0.32%
FCS Associations
AgFirst
18,292,448
17,503,546
300,407
164,547
157,552
223,805
3,551,749
3,757,973
2.13%
AgriBank
80,664,150
75,179,075
560,451
222,869
1,910,785
337,992
14,482,401
14,820,393
1.31%
CoBank
44,330,348
41,852,961
354,565
251,375
370,005
1,360,055
7,982,958
9,291,394
1.41%
Texas
14,221,223
13,721,725
124,995
51,765
47,743
207,860
2,404,550
2,614,428
1.45%
Total
157,508,169
148,257,307
1,340,418
690,556
2,486,085
2,129,712
28,421,658
30,484,188
1.45%
Total Farm Credit System6
266,213,000
205,054,000
1,574,000
1,183,000
53,361,000
1,647,000
36,600,000
44,736,000

Sources: FCA's Consolidated Reporting System as of June 30, 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 $3.496 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.