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 (42 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 30-Sep-14 30-Jun-14 31-Mar-14 31-Dec-13 30-Sep-13
Farm Credit System Banks1
 
Total Assets
238,410,097
234,154,694
232,339,245
230,427,442
223,194,713
Gross Loan Volume
183,842,705
181,456,445
181,329,684
179,260,572
173,449,045
Nonaccrual Loans
203,977
229,421
268,826
275,228
313,438
Cash and Marketable Investments
52,661,738
50,970,640
49,282,909
49,241,806
47,801,766
Net Income
533,814
509,878
495,647
517,429
509,219
Nonperforming Loans/Total Loans2
0.14%
0.15%
0.18%
0.18%
0.20%
Capital/Assets3
6.67%
6.66%
6.55%
6.58%
6.82%
Unallocated Retained Earnings/Assets
3.64%
3.57%
3.48%
3.39%
3.58%
Return on Assets4
0.88%
0.87%
0.87%
0.91%
0.93%
Return on Equity4
13.04%
13.12%
13.09%
13.31%
13.74%
Net Interest Margin5
1.07%
1.09%
1.10%
1.15%
1.18%
Operating Expense Rate6
0.32%
0.32%
0.31%
0.32%
0.31%
Efficiency Ratio7
21.00%
21.78%
20.58%
22.20%
20.21%
FCS Associations
  Total Assets
154,538,458
157,508,169
154,535,559
157,131,836
152,994,211
Gross Loan Volume
145,330,067
148,257,307
145,531,809
146,917,046
142,850,423
Nonaccrual Loans
1,157,635
1,340,418
1,429,640
1,456,381
1,616,381
Net Income
764,767
795,636
768,776
1,003,654
851,454
Nonperforming Loans/Total Loans2
0.99%
1.08%
1.19%
1.17%
1.32%
Capital/Assets3
19.27%
19.35%
19.29%
18.50%
18.73%
Unallocated Retained Earnings/Assets
17.86%
17.85%
17.78%
17.27%
17.50%
Return on Assets4
1.99%
2.02%
2.02%
2.14%
2.04%
Return on Equity4
10.28%
10.46%
10.57%
11.34%
10.89%
Net Interest Margin5
2.79%
2.85%
2.87%
2.80%
2.84%
Operating Expense Rate6
1.41%
1.45%
1.48%
1.48%
1.43%
Efficiency Ratio7
38.70%
39.63%
40.84%
37.14%
37.83%
Total Farm Credit System8
  Total Assets
271,324,000
266,213,000
263,842,000
260,782,000
252,880,000
Gross Loan Volume
208,051,000
205,054,000
204,563,000
201,060,000
194,211,000
Bonds and Notes
218,523,000
214,649,000
213,498,000
210,704,000
204,063,000
Nonperfoming Loans
1,764,000
2,047,000
2,068,000
2,040,000
2,238,000
Nonaccrual Loans
1,417,000
1,574,000
1,711,000
1,736,000
1,928,000
Net Income
3,569,000
2,341,000
1,145,000
4,640,000
3,499,000
Nonperforming Loans/Gross Loans2
0.85%
1.00%
1.01%
1.01%
1.15%
Capital/Assets3
16.89%
16.80%
16.55%
16.34%
16.51%
Surplus/Assets
13.84%
13.75%
13.51%
13.44%
13.73%
Return on Assets4
1.79%
1.78%
1.76%
1.84%
1.87%
Return on Equity4
10.67%
10.68%
10.63%
11.28%
11.51%
Net Interest Margin5
2.65%
2.65%
2.63%
2.78%
2.78%

Sources: FCA's Consolidated Reporting System as of September 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-Sep-14 30-Sep-13 30-Sep-12 30-Sep-11 30-Sep-10
Farm Credit System Banks1
  Total Assets
238,410,097
223,194,713
212,709,699
202,868,279
198,053,705
Gross Loan Volume
183,842,705
173,449,045
167,350,006
154,804,128
154,789,763
Nonaccrual Loans
203,977
313,438
376,895
543,728
673,488
Cash and Marketable Investments
52,661,738
47,801,766
42,890,755
45,443,759
40,058,475
Net Income
1,539,339
1,539,770
1,573,036
1,421,243
1,411,770
Nonperforming Loans/ Total Loans2
0.14%
0.20%
0.24%
0.38%
0.46%
Capital/Assets3
6.67%
6.82%
6.72%
6.63%
6.31%
Unallocated Retained Earnings/Assets
3.64%
3.58%
3.36%
3.47%
3.20%
Return on Assets
0.88%
0.93%
0.99%
0.93%
0.97%
Return on Equity
13.04%
13.74%
14.98%
14.20%
15.57%
Net Interest Margin
1.07%
1.18%
1.26%
1.29%
1.24%
Operating Expense Ratio
0.32%
0.31%
0.30%
0.29%
0.29%
Efficiency Ratio
21.00%
20.21%
18.10%
17.27%
14.91%
Payout Ratio7
78.37%
62.90%
35.45%
70.63%
61.98%
FCS Associations
  Total Assets
154,538,458
152,994,211
143,626,464
133,629,959
130,552,725
Gross Loan Volume
145,330,067
142,850,423
133,308,946
123,621,577
120,698,585
Nonaccrual Loans
1,157,635
1,616,381
2,147,679
2,528,114
2,897,074
Net Income
2,266,961
2,304,382
2,233,239
1,988,553
1,770,625
Nonperforming Loans/Gross Loans2
0.99%
1.32%
1.81%
2.20%
2.51%
Capital/Assets3
19.27%
18.73%
18.31%
17.89%
16.83%
Unallocated Retained Earnings/Assets
17.86%
17.50%
17.10%
16.69%
15.40%
Return on Assets
1.99%
2.04%
2.10%
2.00%
1.84%
Return on Equity
10.28%
10.89%
11.44%
11.22%
10.91%
Net Interest Margin4
2.79%
2.84%
2.86%
2.95%
2.80%
Operating Expense Ratio5
1.41%
1.43%
1.40%
1.37%
1.34%
Efficiency Ratio6
38.70%
37.83%
36.80%
36.19%
35.83%
Payout Ratio7
30.56%
32.16%
30.83%
31.15%
18.79%
Total Farm Credit System8
  Total Assets
271,324,000
252,880,000
239,741,000
227,694,000
220,545,000
Gross Loan Volume
208,051,000
194,211,000
185,409,000
170,615,000
168,484,000
Bonds and Notes
218,523,000
204,063,000
194,121,000
184,496,000
179,873,000
Nonperforming Loans
1,764,000
2,238,000
2,832,000
3,315,000
3,741,000
Nonaccrual Loans
1,417,000
1,928,000
2,522,000
3,071,000
3,561,000
Net Income
3,569,000
3,499,000
3,158,000
2,994,000
2,633,000
Nonperforming Loans/Gross Loans2
0.85%
1.15%
1.53%
1.94%
2.22%
Capital/Assets3
16.89%
16.51%
16.07%
15.78%
14.98%
Surplus/Assets
13.84%
13.73%
13.20%
12.93%
12.18%
Return on Assets
1.79%
1.87%
1.79%
1.74%
1.62%
Return on Equity
10.67%
11.51%
11.25%
11.42%
11.04%
Net Interest Margin4
2.65%
2.78%
2.90%
2.85%
2.81%

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, September 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
29,032,732
20,630,220
46,029
20,181
8,110,288
464,801
1,858,835
2,431,015
0.57%
AgriBank
90,489,117
74,869,690
38,748
11,706
15,149,318
2,157,868
2,725,734
4,880,758
0.15%
CoBank
101,624,422
75,638,203
111,664
407,197
25,027,330
3,673,242
3,398,431
7,061,398
0.38%
Texas
17,263,826
12,704,592
7,536
6,449
4,374,802
820,761
719,162
1,517,069
0.59%
Total
238,410,097
183,842,705
203,977
445,533
52,661,738
7,116,672
8,702,162
15,890,240
0.32%
FCS Associations
AgFirst
14,570,793
13,961,565
242,441
132,880
127,479
154,909
2,871,030
3,026,046
2.00%
AgriBank
82,975,469
77,309,477
492,607
226,466
1,820,602
338,939
14,854,485
15,193,424
1.31%
CoBank
44,540,701
42,079,039
312,432
294,749
288,566
1,446,810
7,957,649
9,351,061
1.40%
Texas
12,451,495
11,979,986
110,155
41,224
46,565
107,360
2,099,946
2,210,062
1.37%
Total
154,538,458
145,330,067
1,157,635
695,319
2,283,212
2,048,018
27,783,110
29,780,593
1.41%
Total Farm Credit System6
271,324,000
208,051,000
1,417,000
1,184,000
54,877,000
1,667,000
37,553,000
45,816,000

Sources: FCA's Consolidated Reporting System as of September 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 $3.684 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.