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 (36 KB), Annual Comparison (37 KB), District (31 KB).

FCS Financial Indicators, Quarterly Comparison
(Dollars in Thousands)

 At and for the 3 months ended 31-Dec-16 30-Sep-16 30-Jun-16 31-Mar-15 31-Dec-15
Farm Credit System Banks1
 
Total Assets
     281,973,917   276,743,793   278,532,464   268,495,874   267,587,575
Gross Loan Volume
     220,160,768   213,870,566   215,961,952   210,522,418   208,766,996
Nonaccrual Loans
             292,938           235,833           190,151           295,274           231,520
Cash and Marketable Investments
       60,131,933     60,991,959      60,675,477      56,245,306      57,123,019
Net Income
             519,099           518,027           497,487           481,497           484,070
Nonperforming Loans/Total Loans2
0.16% 0.15% 0.13% 0.16% 0.13%
Capital/Assets3
6.35% 6.55% 6.44% 6.43% 6.28%
Unallocated Retained Earnings/Assets
3.48% 3.59% 3.48% 3.52% 3.45%
Return on Assets4
0.73% 0.72% 0.72% 0.73% 0.74%
Return on Equity4
11.13% 11.07% 11.09% 11.31% 11.47%
Net Interest Margin5
0.98% 0.97% 0.98% 1.00% 0.98%
Operating Expense Rate6
0.34% 0.33% 0.33% 0.33% 0.33%
Efficiency Ratio7
25.37% 24.82% 24.36% 23.89% 25.30%
FCS Associations
  Total Assets      189,932,933   186,521,343   184,196,271   179,530,406   180,005,335
Gross Loan Volume      179,322,967   176,322,614   174,613,000   170,296,338   169,995,422
Nonaccrual Loans           1,303,673        1,342,915        1,239,173        1,184,108        1,095,206
Net Income              992,389           841,134           775,858           773,771           927,615
Nonperforming Loans/Total Loans2 0.90% 0.94% 0.89% 0.88% 0.80%
Capital/Assets3 18.84% 19.14% 18.97% 19.12% 18.68%
Unallocated Retained Earnings/Assets 17.50% 17.71% 17.57% 17.65% 17.33%
Return on Assets4 1.81% 1.73% 1.71% 1.75% 1.84%
Return on Equity4 9.36% 9.01% 8.98% 9.14% 9.57%
Net Interest Margin5 2.66% 2.67% 2.70% 2.74% 2.68%
Operating Expense Rate6 1.47% 1.45% 1.45% 1.47% 1.50%
Efficiency Ratio7 40.47% 41.92% 42.13% 42.55% 41.38%
Total Farm Credit System8
  Total Assets      319,915,000   314,361,000   315,292,000   304,986,000   303,503,000
Gross Loan Volume      248,768,000   242,124,000   243,886,000   238,439,000   235,890,000
Bonds and Notes      260,213,000   255,261,000   256,454,000   247,139,000   246,214,000
Nonperfoming Loans           1,962,000        1,975,000        1,825,000        1,832,000        1,629,000
Nonaccrual Loans           1,591,000        1,573,000        1,424,000        1,475,000        1,324,000
Net Income           4,848,000        3,589,000        2,337,000        1,157,000        4,688,000
Nonperforming Loans/Gross Loans2 0.79% 0.82% 0.75% 0.77% 0.69%
Capital/Assets3 16.35% 16.67% 16.30% 16.41% 16.09%
Surplus/Assets 13.50% 13.67% 13.35% 13.53% 13.33%
Return on Assets4 1.55% 1.54% 1.52% 1.54% 1.62%
Return on Equity4 9.41% 9.36% 9.29% 9.38% 9.75%
Net Interest Margin5 2.49% 2.47% 2.46% 2.48% 2.55%

Sources: FCA's Consolidated Reporting System as of December 31, 2016, 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-16 31-Dec-15 31-Dec-14 31-Dec-13 31-Dec-12
Farm Credit System Banks1
  Total Assets   281,973,917   267,587,575   249,370,568   230,427,442   219,043,177
Gross Loan Volume   220,160,768   208,766,996   192,083,080   179,260,572   173,227,170
Nonaccrual Loans           292,938           231,520           227,872           275,228           365,478
Cash and Marketable Investments      60,131,933      57,123,019      55,472,944      49,241,806      43,618,788
Net Income        2,016,110        1,945,693        2,042,527        2,057,199        2,011,314
Nonperforming Loans/ Total Loans2 0.16% 0.13% 0.15% 0.18% 0.23%
Capital/Assets3 6.35% 6.28% 6.41% 6.58% 6.51%
Unallocated Retained Earnings/Assets 3.48% 3.45% 3.42% 3.39% 3.23%
Return on Assets 0.73% 0.74% 0.84% 0.91% 0.94%
Return on Equity 11.13% 11.47% 12.76% 13.31% 13.86%
Net Interest Margin 0.98% 0.98% 1.05% 1.15% 1.25%
Operating Expense Ratio 0.34% 0.33% 0.33% 0.32% 0.31%
Efficiency Ratio 25.37% 25.30% 24.20% 22.20% 20.00%
Payout Ratio7 N/A N/A N/A N/A N/A
FCS Associations
  Total Assets   189,932,933   180,005,335   167,312,405   157,085,461   148,778,120
Gross Loan Volume   179,322,967   169,995,422   157,543,635   146,873,767   138,314,966
Nonaccrual Loans        1,303,673        1,095,206        1,146,358        1,465,651        1,932,706
Net Income        3,383,152        3,126,729        3,383,894        3,304,680        2,989,912
Nonperforming Loans/Gross Loans2 0.90% 0.80% 0.92% 1.17% 1.59%
Capital/Assets3 18.84% 18.68% 18.78% 18.48% 17.80%
Unallocated Retained Earnings/Assets 17.50% 17.33% 17.40% 17.24% 16.65%
Return on Assets 1.81% 1.84% 2.07% 2.14% 2.06%
Return on Equity 9.36% 9.57% 10.69% 11.34% 11.23%
Net Interest Margin4 2.66% 2.68% 2.75% 2.80% 2.83%
Operating Expense Ratio5 1.47% 1.50% 1.51% 1.48% 1.45%
Efficiency Ratio6 40.47% 41.38% 39.52% 37.14% 39.13%
Payout Ratio7 N/A N/A N/A N/A N/A
Total Farm Credit System8
  Total Assets   319,915,000   303,503,000   282,733,000   260,662,000   246,528,000
Gross Loan Volume   248,768,000   235,890,000   217,054,000   201,060,000   191,904,000
Bonds and Notes   260,213,000   246,214,000   229,064,000   210,704,000   200,365,000
Nonperforming Loans        1,962,000        1,629,000        1,737,000        2,040,000        2,608,000
Nonaccrual Loans        1,591,000        1,324,000        1,375,000        1,736,000        2,300,000
Net Income        4,848,000        4,688,000        4,724,000        4,640,000        4,118,000
Nonperforming Loans/Gross Loans2 0.79% 0.69% 0.80% 1.01% 1.36%
Capital/Assets3 16.35% 16.09% 16.17% 16.34% 15.66%
Surplus/Assets 13.50% 13.33% 13.36% 13.45% 12.95%
Return on Assets 1.55% 1.62% 1.74% 1.84% 1.73%
Return on Equity 9.41% 9.75% 10.50% 11.28% 10.89%
Net Interest Margin4 2.49% 2.55% 2.64% 2.78% 2.87%

Sources: FCA's Consolidated Reporting System as of December 31, 2016, 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, 2016
(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 32,057,597 22,914,682 28,978 14,783 8,853,741 410,038 1,817,563 2,225,248 0.57%
AgriBank 102,563,296 86,078,402 53,851 21,282 15,978,971 2,433,701 3,132,432 5,486,103 0.15%
CoBank 126,130,626 95,258,281 207,247 558,974 30,242,765 4,572,232 4,121,409 8,573,758 0.41%
Texas 21,222,398 15,909,403 2,862 7,650 5,056,456 884,038 770,793 1,622,252 0.59%
Total 281,973,917 220,160,768 292,938 602,689 60,131,933 8,300,009 9,842,197 17,907,361 0.34%
FCS Associations 
AgFirst 20,992,378 20,059,953 221,606 167,818 122,479 223,143 4,074,529 4,264,702 2.05%
AgriBank 97,500,750 91,372,083 624,356 365,472 2,042,642 344,141 17,615,378 17,959,519 1.35%
CoBank 53,756,421 50,791,698 314,853 296,342 351,051 1,668,961 9,103,251 10,668,131 1.46%
Texas 17,683,384 17,099,233 142,858 74,087 37,885 287,904 2,610,408 2,893,854 1.49%
Total 189,932,933 179,322,967 1,303,673 903,719 2,554,057 2,524,149 33,403,566 35,786,206 1.47%
Total Farm Credit System6     319,915,000 248,768,000 1,591,000 1,506,000 62,575,000 1,800,000 43,183,000 52,311,000  

Sources: FCA's Consolidated Reporting System as of December 31, 2016, 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 $4.453 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.