A.14.

Survey of Terms of Bank Lending to Farmers, Selected Quarters
Percent except as noted
USDA Farm Production Region
NE

LS

CB

NP

2.7

9.4

27.9

17.7

8.4

4.9

5.2

8.7

5.8

9.2

Sample coverage, 2003 Q3
survey, sample share of total
regional loans

17.7

5.9

20.8

13.9

24.0

13.2

9.4

9.1

13.6

55.5

Avg. loan size, 2003 Q4 survey
(thousands of dollars)

27.8

17.6

84.7

33.3

84.9

51.7

56.5

57.5

25.8

87.1

Proportion of farm loans
outstanding, 2003 Q3 survey,
region share of national
total

Survey date

AP

SE

DL

SP

MN

PA

Weighted average interest rate during sample week

1997: Q4
1998: Q1
Q2
Q3
Q4
1999: Q1
Q2
Q3
Q4
2000: Q1
Q2
Q3
Q4
2001: Q1
Q2
Q3
Q4

9.2
9.3
9.2
10.2
9.4
8.4
9.6
10.2
9.1
9.4
10.7
10.5
10.7
9.3
8.2
8.3
6.9
(.23)

9.5
9.0
9.4
9.5
9.2
8.9
9.1
8.9
9.2
9.2
9.5
10.30
9.3
9.1
8.7
9.8
7.9
(.78)

9.3
9.4
9.2
9.5
8.7
8.9
8.8
8.7
8.8
9.2
9.7
10.0
9.9
9.4
8.3
7.9
6.3
(.38)

9.8
9.8
9.7
9.5
9.0
9.1
9.0
9.3
9.4
9.6
9.7
10.3
10.1
9.7
8.8
8.2
7.0
(.29)

7.5
7.3
7.6
8.8
8.3
8.2
8.0
8.2
8.3
8.4
9.1
9.7
9.2
8.4
7.4
6.3
5.2
(.36)

9.8
10.0
10.2
9.5
9.4
9.0
9.0
8.9
8.8
9.8
9.1
9.2
9.4
7.8
8.1
7.6
6.3
(1.71)

9.4
10.3
10.3
9.7
9.7
9.6
9.8
10.0
9.8
9.3
10.5
10.5
9.2
9.5
8.3
8.7
8.7
(.42)

9.4
9.8
9.6
9.5
9.2
9.1
9.0
8.8
9.0
10.0
10.0
10.0
10.3
9.0
9.2
8.8
7.6
(.79)

10.1
9.6
9.8
9.6
9.1
9.0
8.7
9.0
9.5
9.8
10.1
10.6
10.3
9.8
8.6
7.8
6.1
(.33)

8.8
8.5
8.4
8.5
8.0
7.5
8.0
8.5
8.8
8.4
9.5
9.7
9.8
8.8
7.9
7.2
5.2
(.35)

2002: Q1

6.9
(.12)

7.8
(.37)

6.7
(.26)

7.2
(.22)

5.2
(.63)

5.5
(1.14)

7.3
(.39)

7.4
(.45)

6.8
(.26)

4.9
(.25)

Q2

6.8
(.14)

7.4
(.29)

6.4
(.27)

7.2
(.21)

5.0
(.48)

5.9
(1.03)

7.6
(.23)

7.5
(.34)

6.5
(.36)

5.1
(.26)

Q3

6.0
(.14)

6.9
(.03)

4.8
(.51)

5.6
(.40)

4.4
(.69)

4.9
(.68)

6.6
(.22)

5.3
(.96)

5.6
(.36)

4.3
(.33)

Q4

5.7
(.35)

6.9
(.45)

5.1
(.47)

5.5
(1.01)

4.6
(.56)

5.2
(.62)

6.7
(.68)

7.6
(.35)

6.4
(.47)

4.5
(.62)

2003: Q1

5.3
(.15)

7.0
(.26)

5.6
(.31)

5.7
(.73)

4.4
(.65)

5.6
(.63)

6.7
(.54)

7.4
(.66)

6.1
(.35)

4.5
(.40)

Q2

6.0
(.29)

6.7
(.17)

5.3
(.37)

6.5
(.34)

4.6
(.71)

6.1
(.63)

7.3
(.45)

5.7
(.71)

6.4
(.36)

5.2
(.50)

Q3

6.0
(.15)

6.9
(.04)

4.7
(.49)

5.6
(.39)

4.5
(.73)

4.8
(.69)

6.7
(.27)

5.5
(.99)

5.6
(.35)

4.3
(.26)

Q4

6.5
(.59)

6.5
(.22)

4.0
(.30)

5.1
(.71)

4.6
(.54)

5.2
(.83)

6.7
(.54)

7.5
(.58)

5.4
(.39)

4.2
(.42)

Notes. NE is Northeast, LS is Lake States, CB is Cornbelt, NP is Northern Plains, AP is Appalachia, SE is Southeast, DL is Delta
States, SP is Southern Plains, MN is Mountain States, and PA is Pacific. The numbers in parentheses are standard errors. They are
calculated from 100 replications of a bootstrap procedure (resampling of banks) in each region.

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