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 (37 KB), District (32 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

At and for the 3 months ended 31-Dec-17 30-Sep-17 30-Jun-17 31-Mar-16 31-Dec-16
Farm Credit System Banks1
 
Total Assets
289,079,600 281,784,558 281,374,293 281,557,605 281,973,917
Gross Loan Volume
228,084,765 221,196,832 220,771,847 220,657,920 220,160,768
Nonaccrual Loans
324,571 346,898 305,674 262,223 292,938
Cash and Marketable Investments
59,146,365 58,536,899 59,134,552 59,532,555 60,131,933
Net Income
664,871 480,188 524,302 522,053 519,099
Nonperforming Loans/Total Loans2
0.15% 0.17% 0.15% 0.13% 0.16%
Capital/Assets3
6.44% 6.68% 6.60% 6.47% 6.35%
Unallocated Retained Earnings/Assets
0.00% 0.00% 0.00% 0.00% 3.48%
Return on Assets4
0.77% 0.73% 0.75% 0.75% 0.73%
Return on Equity4
11.62% 10.83% 11.41% 11.69% 11.13%
Net Interest Margin5
0.96% 0.98% 0.98% 0.98% 0.98%
Operating Expense Rate6
0.33% 0.33% 0.33% 0.33% 0.34%
Efficiency Ratio7
25.55% 24.45% 24.12% 24.02% 25.37%
FCS Associations
  Total Assets 195,818,251 191,949,736 189,686,438 188,180,651 189,933,814
Gross Loan Volume 184,638,381 181,115,751 179,574,344 178,551,492 179,322,967
Nonaccrual Loans 1,342,879 1,353,345 1,362,342 1,366,803 1,305,496
Net Income 1,270,878 958,094 824,482 849,705 992,537
Nonperforming Loans/Total Loans2 0.88% 0.91% 0.95% 0.97% 0.90%
Capital/Assets3 19.31% 19.64% 19.47% 19.43% 18.84%
Unallocated Retained Earnings/Assets 0.00% 0.00% 0.00% 0.00% 17.50%
Return on Assets4 2.06% 1.88% 1.79% 1.83% 1.81%
Return on Equity4 10.44% 9.59% 9.18% 9.52% 9.36%
Net Interest Margin5 2.71% 2.72% 2.72% 2.73% 2.66%
Operating Expense Rate6 1.41% 1.42% 1.43% 1.45% 1.47%
Efficiency Ratio7 32.66% 38.68% 41.32% 41.92% 40.49%
Total Farm Credit System8
  Total Assets 329,518,000 321,591,000 320,381,000 320,127,000 319,915,000
Gross Loan Volume 258,777,000 251,162,000 250,464,000 250,234,000 248,768,000
Bonds and Notes 267,119,000 260,199,000 260,259,000 260,648,000 260,213,000
Nonperforming Loans 1,967,000 2,036,000 2,045,000 2,023,000 1,962,000
Nonaccrual Loans 1,660,000 1,701,000 1,671,000 1,623,000 1,591,000
Net Income 5,189,000 3,716,000 2,466,000 1,244,000 4,848,000
Nonperforming Loans/Gross Loans2 0.76% 0.81% 0.82% 0.81% 0.79%
Capital/Assets3 16.81% 17.26% 17.02% 16.69% 16.35%
Surplus/Assets 13.24% 13.55% 13.99% 13.52% 13.50%
Return on Assets4 1.61% 1.55% 1.55% 1.58% 1.55%
Return on Equity4 9.48% 9.12% 9.21% 9.44% 9.41%
Net Interest Margin5 2.48% 2.52% 2.46% 2.43% 2.49%

Sources: FCA's Consolidated Reporting System as of December 31, 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 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 31-Dec-13
Farm Credit System Banks1
  Total Assets 289,079,600 281,973,917 267,587,575 249,370,568 230,427,442
Gross Loan Volume 228,084,765 220,160,768 208,766,996 192,083,080 179,260,572
Nonaccrual Loans 324,571 292,938 231,520 227,872 275,228
Cash and Marketable Investments 59,146,365 60,131,933 57,123,019 55,472,944 49,241,806
Net Income 2,191,414 2,016,110 1,945,693 2,042,527 2,057,199
Nonperforming Loans/ Total Loans2 0.15% 0.16% 0.13% 0.15% 0.18%
Capital/Assets3 6.44% 6.35% 6.28% 6.41% 6.58%
Unallocated Retained Earnings/Assets 0.00% 3.48% 3.45% 3.42% 3.39%
Return on Assets 0.77% 0.73% 0.74% 0.84% 0.91%
Return on Equity 11.62% 11.13% 11.47% 12.76% 13.31%
Net Interest Margin 0.96% 0.98% 0.98% 1.05% 1.15%
Operating Expense Ratio 0.33% 0.34% 0.33% 0.33% 0.32%
Efficiency Ratio 25.55% 25.37% 25.30% 24.20% 22.20%
Payout Ratio7 71.36% 64.84% 59.44% 58.19% 54.61%
FCS Associations
  Total Assets 195,818,251 189,933,814 180,005,335 167,312,405 157,085,461
Gross Loan Volume 184,638,381 179,322,967 169,995,422 157,543,635 146,873,767
Nonaccrual Loans 1,342,879 1,305,496 1,095,206 1,146,358 1,465,651
Net Income 3,673,321 3,383,300 3,126,729 3,383,894 3,304,680
Nonperforming Loans/Gross Loans2 0.88% 0.90% 0.80% 0.92% 1.17%
Capital/Assets3 19.31% 18.84% 18.68% 18.78% 18.48%
Unallocated Retained Earnings/Assets 0.00% 17.50% 17.33% 17.40% 17.24%
Return on Assets 2.06% 1.81% 1.84% 2.07% 2.14%
Return on Equity 10.44% 9.36% 9.57% 10.69% 11.34%
Net Interest Margin4 2.71% 2.66% 2.68% 2.75% 2.80%
Operating Expense Ratio5 1.41% 1.47% 1.50% 1.51% 1.48%
Efficiency Ratio6 32.66% 40.49% 41.38% 39.52% 37.14%
Payout Ratio7 34.56% 31.28% 28.31% 25.22% 25.45%
Total Farm Credit System8
  Total Assets 329,518,000 319,915,000 303,503,000 282,733,000 260,662,000
Gross Loan Volume 258,777,000 248,768,000 235,890,000 217,054,000 201,060,000
Bonds and Notes 267,119,000 260,213,000 246,214,000 229,064,000 210,704,000
Nonperforming Loans 1,967,000 1,962,000 1,629,000 1,737,000 2,040,000
Nonaccrual Loans 1,660,000 1,591,000 1,324,000 1,375,000 1,736,000
Net Income 5,189,000 4,848,000 4,688,000 4,724,000 4,640,000
Nonperforming Loans/Gross Loans2 0.76% 0.79% 0.69% 0.80% 1.01%
Capital/Assets3 16.81% 16.35% 16.09% 16.17% 16.34%
Surplus/Assets 13.24% 13.50% 13.33% 13.36% 13.45%
Return on Assets 1.61% 1.55% 1.62% 1.74% 1.84%
Return on Equity 9.48% 9.41% 9.75% 10.50% 11.28%
Net Interest Margin4 2.48% 2.49% 2.55% 2.64% 2.78%

Sources: FCA's Consolidated Reporting System as of December 31, 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, December 31, 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 32,487,457 23,359,160 21,303 14,381 8,847,108 313,752 2,242,815 97,379 344,749 0.53%
AgriBank 104,544,725 88,374,923 53,038 26,047 15,550,757 2,345,655 5,641,882 125,577 525,358 0.15%
CoBank 129,210,813 99,265,505 246,837 576,927 29,292,192 3,240,445 9,060,077 391,121 1,125,321 0.40%
Texas 22,836,605 17,085,177 3,393 7,639 5,456,308 301,239 1,667,884 50,794 195,986 0.60%
Total 289,079,600 228,084,765 324,571 624,994 59,146,365 6,201,091 18,612,658 664,871 2,191,414 0.33%
FCS Associations 
AgFirst 21,913,375 20,970,756 217,553 178,685 122,900 143,568 4,538,692 314,207 596,949 1.55%
AgriBank 100,646,824 94,124,666 692,646 410,013 2,266,662 264,976 19,236,044 600,958 1,670,460 1.35%
CoBank 56,161,426 53,017,166 307,046 307,102 337,434 69,407 11,350,338 273,225 1,078,942 1.42%
Texas 17,096,626 16,525,793 125,634 68,375 29,939 58,616 2,693,118 82,488 326,970 1.46%
Total 195,818,251 184,638,381 1,342,879 964,175 2,756,935 536,567 37,818,192 1,270,878 3,673,321 1.41%
Total Farm Credit System6 329,518,000 258,777,000 1,660,000 1,596,000 61,784,000 1,879,000 55,382,000 1,473,000 5,189,000  

Sources: FCA's Consolidated Reporting System as of December 31, 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 $4.848 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.