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 (52 KB), District (47 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14
Farm Credit System Banks1
 
Total Assets
244,693,710
249,370,568
238,410,097
234,154,694
232,339,245
Gross Loan Volume
190,164,936
192,083,080
183,842,705
181,456,445
181,329,684
Nonaccrual Loans
225,292
227,872
203,977
229,421
268,826
Cash and Marketable Investments
       
52,862,617
   
55,472,944
   
52,661,738
   
50,970,640
   
49,282,909
Net Income
491,667
503,188
533,814
509,878
495,647
Nonperforming Loans/Total Loans2
0.14%
0.15%
0.14%
0.15%
0.18%
Capital/Assets3
6.67%
6.41%
6.67%
6.66%
6.55%
Unallocated Retained Earnings/Assets
3.60%
3.42%
3.64%
3.57%
3.48%
Return on Assets4
0.81%
0.84%
0.88%
0.87%
0.87%
Return on Equity4
12.28%
12.76%
13.04%
13.12%
13.09%
Net Interest Margin5
1.06%
1.05%
1.07%
1.09%
1.10%
Operating Expense Rate6
0.33%
0.33%
0.32%
0.32%
0.31%
Efficiency Ratio7
21.74%
24.20%
21.00%
21.78%
20.58%
FCS Associations
  Total Assets
162,887,831
167,313,324
161,664,149
157,508,169
154,535,559
Gross Loan Volume
154,077,531
157,543,635
152,119,370
148,257,307
145,531,809
Nonaccrual Loans
1,170,928
1,141,682
1,206,532
1,340,418
1,429,640
Net Income
752,212
978,516
801,536
795,636
768,776
Nonperforming Loans/Total Loans2
0.96%
0.92%
0.99%
1.08%
1.19%
Capital/Assets3
19.61%
18.78%
19.33%
19.35%
19.29%
Unallocated Retained Earnings/Assets
18.18%
17.40%
17.87%
17.84%
17.77%
Return on Assets4
1.88%
2.05%
1.99%
2.02%
2.02%
Return on Equity4
9.64%
10.55%
10.22%
10.46%
10.57%
Net Interest Margin5
2.83%
2.75%
2.81%
2.85%
2.87%
Operating Expense Rate6
1.54%
1.51%
1.44%
1.45%
1.48%
Efficiency Ratio7
42.98%
39.52%
39.17%
39.63%
40.84%
Total Farm Credit System8
  Total Assets
278,969,000
282,844,000
271,324,000
266,213,000
263,842,000
Gross Loan Volume
216,163,000
217,054,000
208,051,000
205,054,000
204,563,000
Bonds and Notes
224,668,000
229,064,000
218,523,000
214,649,000
213,498,000
Nonperfoming Loans
1,771,000
1,737,000
1,764,000
2,047,000
2,068,000
Nonaccrual Loans
1,408,000
1,375,000
1,417,000
1,574,000
1,711,000
Net Income
1,132,000
4,724,000
3,569,000
2,341,000
1,145,000
Nonperforming Loans/Gross Loans2
0.82%
0.80%
0.85%
1.00%
1.01%
Capital/Assets3
16.79%
16.16%
16.89%
16.80%
16.55%
Surplus/Assets
13.84%
13.36%
13.84%
13.75%
13.51%
Return on Assets4
1.65%
1.74%
1.79%
1.78%
1.76%
Return on Equity4
9.80%
10.50%
10.67%
10.68%
10.63%
Net Interest Margin5
2.57%
2.64%
2.65%
2.65%
2.63%

Sources: FCA's Consolidated Reporting System as of March 31, 2015, 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-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12 31-Mar-11
Farm Credit System Banks1
  Total Assets
244,693,710
232,339,245
219,113,750
205,537,009
207,648,265
Gross Loan Volume
190,164,936
181,329,684
171,734,078
161,385,748
162,241,427
Nonaccrual Loans
225,292
268,826
425,734
347,468
545,234
Cash and Marketable Investments
52,862,617
49,282,909
45,364,858
41,653,351
43,145,642
Net Income
491,667
495,647
523,795
502,499
491,585
Nonperforming Loans/ Total Loans2
0.14%
0.18%
0.27%
0.24%
0.37%
Capital/Assets3
6.67%
6.55%
6.67%
6.51%
6.09%
Unallocated Retained Earnings/Assets
3.60%
3.48%
3.38%
3.17%
3.13%
Return on Assets
0.81%
0.87%
0.97%
0.99%
0.95%
Return on Equity
12.28%
13.09%
14.66%
15.23%
15.78%
Net Interest Margin
1.06%
1.10%
1.27%
1.30%
1.28%
Operating Expense Ratio
0.33%
0.31%
0.31%
0.29%
0.29%
Efficiency Ratio
21.74%
20.58%
18.06%
16.62%
16.53%
Payout Ratio7
250.28%
231.28%
184.68%
108.18%
201.75%
FCS Associations
  Total Assets
164,223,341
154,535,559
145,401,893
134,918,134
132,038,960
Gross Loan Volume
155,357,378
145,531,809
136,062,831
125,297,353
122,845,985
Nonaccrual Loans
1,176,853
1,429,640
1,967,701
2,360,981
2,802,428
Net Income
757,869
768,776
725,856
703,909
715,902
Nonperforming Loans/Gross Loans2
0.97%
1.19%
1.65%
2.06%
2.39%
Capital/Assets3
19.57%
19.29%
18.66%
18.51%
17.28%
Unallocated Retained Earnings/Assets
18.08%
17.77%
17.49%
17.25%
15.82%
Return on Assets
1.88%
2.02%
2.02%
2.10%
2.19%
Return on Equity
9.65%
10.57%
10.96%
11.45%
12.88%
Net Interest Margin4
2.84%
2.87%
2.93%
2.96%
2.97%
Operating Expense Ratio5
1.54%
1.48%
1.47%
1.44%
1.40%
Efficiency Ratio6
43.06%
40.84%
39.88%
38.03%
34.95%
Payout Ratio7
112.26%
98.32%
107.28%
91.26%
77.53%
Total Farm Credit System8
  Total Assets
278,969,000
263,842,000
247,505,000
231,457,000
231,307,000
Gross Loan Volume
216,163,000
204,563,000
191,797,000
178,595,000
177,599,000
Bonds and Notes
224,668,000
213,498,000
200,667,000
187,923,000
190,504,000
Nonperforming Loans
1,771,000
2,068,000
2,711,000
2,970,000
3,540,000
Nonaccrual Loans
1,408,000
1,711,000
2,392,000
2,707,000
3,348,000
Net Income
1,132,000
1,145,000
1,142,000
1,052,000
1,004,000
Nonperforming Loans/Gross Loans2
0.82%
1.01%
1.41%
1.66%
1.99%
Capital/Assets3
16.79%
16.55%
16.02%
15.82%
14.75%
Surplus/Assets
13.84%
13.51%
13.28%
12.90%
12.07%
Return on Assets
1.65%
1.76%
1.87%
1.84%
1.76%
Return on Equity
9.80%
10.63%
11.68%
11.65%
11.94%
Net Interest Margin4
2.57%
2.63%
2.83%
2.87%
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, March 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
28,915,105
20,344,265
46,331
16,868
8,272,520
464,747
1,723,446
2,287,548
0.58%
AgriBank
91,950,625
75,539,947
42,618
13,458
15,954,299
2,183,040
2,817,442
4,947,941
0.15%
CoBank
105,534,186
80,669,122
126,110
490,391
24,133,782
3,885,246
3,573,888
7,548,493
0.38%
Texas
18,293,794
13,611,602
10,233
10,247
4,502,016
833,467
711,637
1,549,099
0.61%
Total
244,693,710
190,164,936
225,292
530,964
52,862,617
7,366,500
8,826,413
16,333,081
0.33%
FCS Associations
AgFirst
18,382,107
17,642,764
249,116
159,278
153,211
224,294
3,754,416
3,946,632
2.20%
AgriBank
84,505,829
79,208,150
473,897
239,767
1,734,118
339,553
15,445,196
15,784,950
1.42%
CoBank
46,225,334
43,903,853
327,140
268,743
240,759
1,492,260
8,313,100
9,718,743
1.47%
Texas
15,110,071
14,602,611
126,700
51,776
42,718
283,993
2,405,706
2,680,053
1.68%
Total
164,223,341
155,357,378
1,176,853
719,564
2,170,806
2,340,100
29,918,418
32,130,378
1.54%
Total Farm Credit System6 278,969,000  216,163,000   1,408,000  1,251,000 54,946,000 1,670,000 38,604,000 46,844,000  

Sources: FCA's Consolidated Reporting System as of March 31, 2015, 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 $3.816 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.