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 (30 KB), Annual Comparison (30 KB), District (24 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 31-Dec-15 30-Sep-15 30-Jun-15 31-Mar-15 31-Dec-14
Farm Credit System Banks1
 
Total Assets
267,533,786
256,039,212
248,617,837
244,693,710
249,370,568
Gross Loan Volume
208,766,996
200,375,304
194,401,410
190,164,936
192,083,080
Nonaccrual Loans
231,520
229,657
210,389
225,292
227,872
Cash and Marketable Investments
57,123,019
53,839,933
52,366,262
52,862,617
55,472,944
Net Income
484,070
488,230
481,726
491,667
503,188
Nonperforming Loans/Total Loans2
0.13% 0.13% 0.13% 0.14% 0.15%
Capital/Assets3
6.28% 6.62% 6.67% 6.67% 6.41%
Unallocated Retained Earnings/Assets
3.45% 3.64% 3.64% 3.60% 3.42%
Return on Assets4
0.74% 0.78% 0.80% 0.81% 0.84%
Return on Equity4
11.47% 11.64% 11.88% 12.28% 12.76%
Net Interest Margin5
0.98% 1.01% 1.04% 1.06% 1.05%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.33% 0.33%
Efficiency Ratio7
25.30% 23.34% 23.51% 21.74% 24.20%
FCS Associations
  Total Assets
180,005,335
174,179,683
169,064,197
164,223,600
167,312,405
Gross Loan Volume
169,995,422
164,473,779
159,899,043
155,357,378
157,543,635
Nonaccrual Loans
1,095,207
1,172,065
1,217,058
1,179,273
1,146,358
Net Income
927,615
823,413
756,748
757,869
983,510
Nonperforming Loans/Total Loans2 0.80% 0.89% 0.95% 0.97% 0.92%
Capital/Assets3 18.68% 19.24% 19.40% 19.57% 18.78%
Unallocated Retained Earnings/Assets 17.33% 17.82% 17.96% 18.08% 17.40%
Return on Assets4 1.84% 1.82% 1.83% 1.88% 2.07%
Return on Equity4 9.57% 9.40% 9.39% 9.65% 10.69%
Net Interest Margin5 2.68% 2.72% 2.78% 2.84% 2.75%
Operating Expense Rate6 1.50% 1.48% 1.50% 1.54% 1.51%
Efficiency Ratio7 41.38% 40.59% 42.22% 43.06% 39.52%
Total Farm Credit System8
  Total Assets
303,503,000
291,641,000
283,193,000
278,969,000
282,844,000
Gross Loan Volume
235,890,000
226,844,000
220,535,000
216,163,000
217,054,000
Bonds and Notes
246,214,000
234,744,000
227,963,000
224,668,000
229,064,000
Nonperfoming Loans
1,629,000
1,724,000
1,766,000
1,771,000
1,737,000
Nonaccrual Loans
1,324,000
1,399,000
1,424,000
1,408,000
1,375,000
Net Income
4,688,000
3,481,000
2,273,000
1,132,000
4,724,000
Nonperforming Loans/Gross Loans2 0.69% 0.76% 0.80% 0.82% 0.80%
Capital/Assets3 16.09% 16.76% 16.87% 16.79% 16.16%
Surplus/Assets 13.33% 13.83% 13.94% 13.84% 13.36%
Return on Assets4 1.62% 1.64% 1.63% 1.65% 1.74%
Return on Equity4 9.75% 9.73% 9.69% 9.80% 10.50%
Net Interest Margin5 2.55% 2.57% 2.55% 2.57% 2.64%

Sources: FCA's Consolidated Reporting System as of December 31, 2015, 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 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec12 31-Dec-11
Farm Credit System Banks1
  Total Assets
267,533,786
249,370,568
230,427,442
219,043,177
205,087,928
Gross Loan Volume
208,766,996
192,083,080
179,260,572
173,227,170
158,420,741
Nonaccrual Loans
231,520
227,872
275,228
365,478
384,795
Cash and Marketable Investments
57,123,019
55,472,944
49,241,806
43,618,788
44,047,407
Net Income
1,945,693
2,042,527
2,057,199
2,011,314
1,860,347
Nonperforming Loans/ Total Loans2 0.13% 0.15% 0.18% 0.23% 0.27%
Capital/Assets3 6.28% 6.41% 6.58% 6.51% 6.49%
Unallocated Retained Earnings/Assets 3.45% 3.42% 3.39% 3.23% 3.25%
Return on Assets 0.74% 0.84% 0.91% 0.94% 0.92%
Return on Equity 11.47% 12.76% 13.31% 13.86% 13.68%
Net Interest Margin 0.98% 1.05% 1.15% 1.25% 1.28%
Operating Expense Ratio 0.33% 0.33% 0.32% 0.31% 0.31%
Efficiency Ratio 25.30% 24.20% 22.20% 20.00% 20.14%
Payout Ratio7 59.44% 58.19% 54.61% 47.79% 53.76%
FCS Associations
  Total Assets
180,005,335
167,312,405
157,085,461
148,778,120
136,717,742
Gross Loan Volume
169,995,422
157,543,635
146,873,767
138,314,966
126,187,799
Nonaccrual Loans
1,095,207
1,146,358
1,465,651
1,932,706
2,353,352
Net Income
3,126,729
3,383,894
3,304,680
2,989,912
3,007,154
Nonperforming Loans/Gross Loans2 0.80% 0.92% 1.17% 1.59% 2.03%
Capital/Assets3 18.68% 18.78% 18.48% 17.80% 17.84%
Unallocated Retained Earnings/Assets 17.33% 17.40% 17.24% 16.65% 16.78%
Return on Assets 1.84% 2.07% 2.14% 2.06% 2.24%
Return on Equity 9.57% 10.69% 11.34% 11.23% 12.42%
Net Interest Margin4 2.68% 2.75% 2.80% 2.83% 2.94%
Operating Expense Ratio5 1.50% 1.51% 1.48% 1.45% 1.43%
Efficiency Ratio6 41.38% 39.52% 37.14% 39.13% 31.27%
Payout Ratio7 28.31% 25.22% 25.45% 25.82% 22.57%
Total Farm Credit System8
  Total Assets
303,503,000
282,844,000
260,782,000
246,664,000
230,411,000
Gross Loan Volume
235,890,000
217,054,000
201,060,000
191,904,000
174,664,000
Bonds and Notes
246,214,000
229,064,000
210,704,000
200,365,000
186,889,000
Nonperforming Loans
1,629,000
1,737,000
2,040,000
2,608,000
2,997,000
Nonaccrual Loans
1,324,000
1,375,000
1,736,000
2,300,000
2,738,000
Net Income
4,688,000
4,724,000
4,640,000
4,118,000
3,940,000
Nonperforming Loans/Gross Loans2 0.69% 0.80% 1.01% 1.36% 1.72%
Capital/Assets3 16.09% 16.16% 16.34% 15.65% 15.60%
Surplus/Assets 13.33% 13.36% 13.44% 12.94% 12.90%
Return on Assets 1.62% 1.74% 1.84% 1.73% 1.71%
Return on Equity 9.75% 10.50% 11.28% 10.89% 11.17%
Net Interest Margin4 2.55% 2.64% 2.78% 2.87% 2.86%

Sources: FCA's Consolidated Reporting System as of December 31, 2015, 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, December 31, 2015
(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    30,642,851    22,140,758        26,649       15,113       8,192,858     462,471    1,732,628    2,255,021 0.58%
AgriBank    99,506,834    82,819,652        43,394       18,076     16,237,330  2,313,343    2,945,638    5,174,116 0.16%
CoBank  117,394,526    89,035,580      156,805     486,144     27,674,227  4,024,728    3,845,728    7,810,469 0.39%
Texas    19,989,575    14,771,006         4,672        5,833       5,018,604     855,823       725,086    1,553,578 0.59%
Total  267,533,786  208,766,996      231,520     525,166     57,123,019  7,656,365    9,249,080  16,793,184 0.33%
FCS Associations 
AgFirst    19,914,776    18,934,719      225,859     163,503         156,344     216,156    3,876,687    4,062,643 2.12%
AgriBank    92,654,127    86,905,787      473,613     267,635       1,778,921     341,760  16,360,541  16,702,301 1.39%
CoBank    50,921,973    48,168,349      286,946     259,523         368,974  1,513,008    8,685,717  10,100,608 1.43%
Texas    16,514,459    15,986,567      108,789       64,514           36,439     285,982    2,473,875    2,756,213 1.55%
Total  180,005,335  169,995,422   1,095,207     755,175       2,340,678  2,356,906  31,396,820  33,621,765 1.50%
Total Farm Credit System6  303,503,000  235,890,000   1,324,000  1,280,000     29,378,000  1,726,000  40,458,000  48,834,000  

Sources: FCA's Consolidated Reporting System as of December 31, 2015, 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 $4.039 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.