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 (37 KB), Annual Comparison (38 KB), District (33 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 30-Sep-17 30-Jun-17 31-Mar-17 31-Dec-16 30-Sep-16
Farm Credit System Banks1
 
Total Assets
  281,784,558   281,374,293   281,557,605   281,973,917    276,743,793
Gross Loan Volume
  221,196,832   220,771,847   220,657,920   220,160,768    213,870,566
Nonaccrual Loans
         346,898       305,674         262,223          292,938          235,833
Cash and Marketable Investments
    58,536,899    59,134,552    59,532,555     60,131,933     60,991,959
Net Income
         480,188         524,302         522,053          519,099          518,027
Nonperforming Loans/Total Loans2
0.17% 0.15% 0.13% 0.16% 0.15%
Capital/Assets3
6.68% 6.60% 6.47% 6.35% 6.55%
Unallocated Retained Earnings/Assets
0.00% 0.00% 0.00% 3.48% 3.59%
Return on Assets4
0.73% 0.75% 0.75% 0.73% 0.72%
Return on Equity4
10.83% 11.41% 11.69% 11.13% 11.07%
Net Interest Margin5
0.98% 0.98% 0.98% 0.98% 0.97%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.34% 0.33%
Efficiency Ratio7
24.45% 24.12% 24.02% 25.37% 24.82%
FCS Associations
  Total Assets   165,808,897   189,686,438   188,180,651   189,933,814   186,521,343
Gross Loan Volume   157,172,831   179,574,344   178,551,492   179,322,967    176,322,614
Nonaccrual Loans       1,230,512      1,362,342      1,366,803       1,305,496       1,342,915
Net Income          825,905         824,482         849,705          992,537          841,134
Nonperforming Loans/Total Loans2 0.96% 0.95% 0.97% 0.90% 0.95%
Capital/Assets3 19.75% 19.47% 19.43% 18.84% 19.14%
Unallocated Retained Earnings/Assets 0.00% 0.00% 0.00% 17.50% 17.71%
Return on Assets4 1.86% 1.79% 1.83% 1.81% 1.73%
Return on Equity4 9.43% 9.17% 9.51% 9.36% 9.01%
Net Interest Margin5 2.73% 2.72% 2.73% 2.66% 2.67%
Operating Expense Rate6 1.39% 1.43% 1.45% 1.47% 1.45%
Efficiency Ratio7 38.38% 41.32% 41.92% 40.49% 41.92%
Total Farm Credit System8
  Total Assets   321,591,000   320,381,000   320,127,000   319,915,000    314,361,000
Gross Loan Volume   251,162,000   250,464,000   250,234,000   248,768,000    242,124,000
Bonds and Notes   260,199,000   260,259,000   260,648,000   260,213,000    255,261,000
Nonperforming Loans       2,036,000      2,045,000      2,023,000       1,962,000       1,975,000
Nonaccrual Loans       1,701,000      1,671,000      1,623,000       1,591,000       1,573,000
Net Income       3,716,000      2,466,000      1,244,000       4,848,000       3,589,000
Nonperforming Loans/Gross Loans2 0.81% 0.82% 0.81% 0.79% 0.82%
Capital/Assets3 17.26% 17.02% 16.69% 16.35% 16.67%
Surplus/Assets 13.55% 13.99% 13.52% 13.50% 13.67%
Return on Assets4 1.55% 1.55% 1.58% 1.55% 1.54%
Return on Equity4 9.12% 9.21% 9.44% 9.41% 9.36%
Net Interest Margin5 2.52% 2.46% 2.43% 2.49% 2.47%

Sources: FCA's Consolidated Reporting System as of September 30, 2017, 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 30-Sep-17 30-Sep-16 30-Sep-15 30-Sep-14 30-Sep-13
Farm Credit System Banks1
  Total Assets   281,784,558   276,743,793   256,039,212   238,410,097   223,194,713
Gross Loan Volume   221,196,832   213,870,566 200,375,304    183,842,705   173,449,045
Nonaccrual Loans         346,898          235,833         229,657          203,977         313,438
Cash and Marketable Investments    58,536,899     60,991,959     53,839,933      52,661,738     47,801,766
Net Income       1,526,543          1,497,011       1,461,623        1,539,339       1,539,770
Nonperforming Loans/ Total Loans2 0.17% 0.15% 0.13% 0.14% 0.20%
Capital/Assets3 6.68% 6.55% 6.62% 6.67% 6.82%
Unallocated Retained Earnings/Assets 0.00% 3.59% 3.64% 3.64% 3.58%
Return on Assets 0.73% 0.72% 0.78% 0.88% 0.93%
Return on Equity 10.83% 11.07% 11.64% 13.04% 13.74%
Net Interest Margin 0.98% 0.97% 1.01% 1.07% 1.18%
Operating Expense Ratio 0.33% 0.33% 0.33% 0.32% 0.31%
Efficiency Ratio 24.45% 24.82% 23.34% 21.00% 20.21%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets   191,949,736   186,521,343   174,179,683    161,658,236   152,948,421
Gross Loan Volume   181,115,751   176,322,614   164,473,779    152,077,714   142,807,203
Nonaccrual Loans       1,353,345       1,342,915       1,172,065        1,183,348       1,625,413
Net Income       2,417,224      2,390,763       2,338,030        2,406,486     2,301,611
Nonperforming Loans/Gross Loans2 0.91% 0.95% 0.89% 0.98% 1.33%
Capital/Assets3 19.64% 19.14% 19.24% 19.33% 18.70%
Unallocated Retained Earnings/Assets 0.00% 17.71% 17.82% 17.86% 17.48%
Return on Assets 1.88% 1.73% 1.82% 2.02% 2.04%
Return on Equity 9.59% 9.01% 9.40% 10.42% 10.89%
Net Interest Margin4 2.72% 2.67% 2.72% 2.81% 2.84%
Operating Expense Ratio5 1.42% 1.45% 1.48% 1.44% 1.43%
Efficiency Ratio6 38.68% 41.92% 40.59% 39.15% 37.84%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Total Assets   321,591,000   314,361,000   291,641,000    271,324,000   252,880,000
Gross Loan Volume   251,162,000   242,124,000   226,844,000    208,051,000   194,211,000
Bonds and Notes   260,199,000   255,261,000   234,744,000    218,523,000   204,063,000
Nonperforming Loans       2,036,000       1,975,000       1,724,000        1,764,000       2,238,000
Nonaccrual Loans       1,701,000       1,573,000       1,399,000        1,417,000       1,928,000
Net Income       3,716,000       3,589,000       3,481,000        3,569,000      3,499,000
Nonperforming Loans/Gross Loans2 0.81% 0.82% 0.76% 0.85% 1.15%
Capital/Assets3 17.26% 16.67% 16.76% 16.89% 16.51%
Surplus/Assets 13.55% 13.67% 13.83% 13.84% 13.73%
Return on Assets 1.55% 1.54% 1.64% 1.79% 1.87%
Return on Equity 9.12% 9.36% 9.73% 10.67% 11.51%
Net Interest Margin4 2.52% 2.47% 2.57% 2.65% 2.78%

Sources: FCA's Consolidated Reporting System as of September 30, 2017, 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, annualized.
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 by adding the categories above because of intradistrict and intra-System eliminations used in Reports to Investors.


FCS Financial Indicators by District, September 30, 2017
(Dollars in Thousands)

  Total
Assets
Gross Loan Volume Nonaccrual Loans Allowance for Loan Losses Cash and Marketable Investments1 Capital Stock2 Total Capital3 Net Income4 Net Income Year-to-Date Operating Expense Ratio5
FCS Banks
AgFirst 32,108,888 23,172,257 21,395  14,750 8,652,328 303,025 2,476,112 83,463 247,370 0.56%
AgriBank 103,046,996 87,165,717 55,717 25,461 15,297,065 2,333,579 5,718,780 132,230 399,781 0.14%
CoBank 124,336,922 94,202,731 268,232 575,338 29,224,830 3,135,665 8,897,129 211,635 734,200 0.39%
Texas 22,291,752 16,656,127 1,554 8,100 5,362,676 284,233 1,735,560 52,860 145,192 0.58%
Total 281,784,558 221,196,832 346,898 623,649 58,536,899 6,056,502 18,827,581 480,188 1,526,543 0.33%
FCS Associations 
AgFirst 21,700,459 20,919,634 216,066 175,854 87,590 145,703 4,469,052 99,522 282,742 1.87%
AgriBank 98,807,409 92,309,480 731,040 413,219 2,154,368 263,441 19,058,047 493,433 1,069,502 1.33%
CoBank 54,611,702 51,648,675 290,865 302,789 181,397 69,069 11,393,794 279,268 820,498 1.40%
Texas 16,830,166 16,237,962 115,374 68,019 28,022 58,316 2,773,578 85,871 244,482 1.44%
Total 191,949,736 181,115,751 1,353,345 959,881 2,451,377 536,529 37,694,471 958,094 2,417,224 1.39%
Total Farm Credit System6 321,591,000 251,162,000 1,701,000 1,610,000 60,866,000 1,857,000 55,505,000 1,250,000 3,716,000  

Sources: FCA's Consolidated Reporting System as of September 30, 2017, 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.
3Includes capital stock, participation certificates, perpetual preferred stock, surplus, and accumulated other comprehensive income. For the total Farm Credit System amount, total capital also includes $4.748 billion of restricted capital, which is the amount in the Farm Credit Insurance Fund. Excludes mandatorily redeemable preferred stock and protected borrower capital.
4 Net income for the quarter.
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.