Federal Reserve Statistical Release E.

15 (125)

Board of Governors of the Federal Reserve System
Agricultural Finance Databook
Second Quarter 2005
Contents

Page

A. Amount and Characteristics of Farm Loans Made by Commercial Banks . . . . . . . . . .
Summary charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tables
A.1.
A.2.
A.3.
A.4.
A.5.
A.6.
A.7.
A.8-A.13.
A.14.

Number of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average Size of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Volume of Non-real-estate Bank Loans . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .
Average Maturity of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average Effective Interest Rates on Non-real-estate Bank Loans . . . . . . . . . . . . . . . . .
Share of Non-real-estate Bank Loans with a Floating Interest Rate. . . . . . . . . . . . . . . .
Distribution of Dollar Amount of Non-real-estate Farm Loans . . . . . . . . . . . . . . . . . .
Characteristics of Bank Loans to Farmers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Regional Disaggregation of Survey Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2
3
5
6
7
8
9
10
11
12

19

B. Selected Statistics from the Quarterly Reports of Condition of Commercial Banks . . . . 20
Tables
B.1.
B.2.
B.3.
B.4.
B.5.

B.6.
B.7.
B.8.
B.9.

Commercial banks
Farm Debt Outstanding at Commercial Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Delinquent Non-real-estate Farm Loans Held by Insured Commercial Banks . . . . . . . . .
Net Charge-offs of Non-real-estate Farm Loans Held by Insured Commercial Banks . . .
Delinquent Real Estate Farm Loans Held by Insured Commercial Banks. . . . . . . . . . . . .
Net Charge-offs of Real Estate Farm Loans Held by Insured Commercial Banks. . . . . . .
Agricultural banks
Distribution of Agricultural Banks by the Share of Their Total Loans that are
Nonperforming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selected Measures of Financial Performance of Agricultural and Other Small Banks . . .
Average Loan-Deposit Ratios at Agricultural Banks in Selected Federal Reserve
Districts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of Agricultural Bank Failures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C. Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values . . . . . . . . . .
Tables
C.1.
C.2.
C.3.
C.4.
C.5.
C.6.
C.7.

Non-real-estate Farm Lending Compared with a Year Earlier . . . . . . . . . . . . . . . . . . . . .
Expected Farm Loan Volume for the Next Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indicators of Relative Credit Availability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average Fixed Interest Rates on Farm Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average Variable Interest Rates on Farm Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trends in Farm Real Estate Values and Loan Volume . . . . . . . . . . . . . . . . . . . . . . . . . . .
Local Trends in Farm Income and Expenditures as Reported in Each Region . . . . . . . . .

21
22
23
24
25

26
27
28
29

30
31
33
34
36
38
39
41

The Agricultural Finance Databook is a compilation of various data on current developments in
agricultural finance. Large portions of the data come from regular surveys conducted by the Board of
Governors of the Federal Reserve System or by Federal Reserve Banks. Other portions come from the
quarterly Call Report data of commercial banks or from the reports of other financial institutions involved
in agricultural lending. When the current issue went to press, data from the Survey of Terms of Bank
Lending were available for the second quarter of 2005; the other data generally were available through the
first quarter of 2005.
Parts or all of the Agricultural Finance Databook may be copied and distributed freely. Any redistribution
of selected parts of the databook should be accompanied by the front cover identifying the databook and
date of issue. Remaining questions may be sent to:
Agricultural Finance Databook
Mail Stop 80
Division of Research and Statistics
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551
The databook is available online at http://www.federalreserve.gov/releases/e15.

1

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook
Section A: Amount and Characteristics of Farm Loans Made by Commercial Banks
These data are for non-real-estate farm loans of $1,000 or more made by commercial banks. They are
derived from quarterly sample surveys conducted by the Federal Reserve System during the first full week
of the second month of each quarter. Data obtained from the sample are expanded into national estimates
for all commercial banks, which are shown in the following tables.
Since May 1997, the Federal Reserve has collected data on the assessment by the lender of the risk
associated with each loan, the next date that the rate of interest could be adjusted, whether the loan was
callable by the bank, and whether the borrower could prepay the loan without penalty. Over time, the data
on the lender’s perception of the riskiness of farm loans should help provide a better picture of the effect of
fluctuations in the creditworthiness of farm borrowers as farm financial conditions or the broader economic
environment changes. The new data on loan repricing dates, the callability of the loan, and the existence of
prepayment penalties should help to refine estimates of the duration of farm loans made by commercial
banks.
Tables A.8 through A.13 contain most of the new data, whereas the other tables in this section show
estimates that are comparable to those that have been presented for a number of years. However, for
several quarters while the new survey was being designed, banks that left the survey panel were not
replaced immediately because new replacement banks would soon have been forced to revise their newly
instituted reporting procedures when the new survey form went into effect. As a result, the size of the
survey panel dwindled through early 1997, and an unusually large number of new reporters (about 25)
were added with the May 1997 survey. This change did not affect the validity of the May survey
information, but it likely introduced sampling error, especially when the May survey results are compared
with those of previous quarters.
The format and the information contained in the tables are likely to change as more of the new survey
information is acquired.
Since November 1991, several survey statistics have been estimated for each of ten farm production
regions as defined by the United States Department of Agriculture. These statistics, which are presented in
table A.14, should be treated with some caution. Although an effort was made to choose a good regional
mix of banks for the panel, the panel never has been stratified by region. Consequently, the survey results
are less precise for each region than for the totals for the nation. More-detailed results from each quarterly
survey were previously published in Statistical Release E.2A, Survey of Terms of Bank Lending to
Farmers. Since February 1992, these results have been included at the end of section A of the databook.
The E.2A was discontinued in February 1992.

2

Chart 1

Number, Size, and Volume of Non-real-estate Farm Loans, 1980-2005
Number of non-real-estate farm loans

Millions, annual rate

5

4

3

2

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

Average size of non-real-estate farm loans

2002

2004

Thousands of dollars

1

50

40

30

20

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

Volume of non-real-estate farm loans

2000

2002

2004

Billions of dollars, annual rate

10

125

100

75

50

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

25

-- Four-quarter moving average.
Source. Survey of Terms of Bank Lending to Farmers.
3

Chart 2

Maturity and Interest Rate of Non-real-estate Farm Loans, 1980-2005
Average maturity of non-real-estate farm loans

Months

20

16

12

8

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

Average effective interest rate on non-real-estate farm loans

2004
Percent

4

20

16

12

8

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

Share of farm loans with a floating interest rate

2004
Percent

4

100

75

50

25

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

Note. Effective (compounded) annual interest rates are calculated from the stated rate and other
terms of the loans and weighted by loan size.
-- Four-quarter moving average.
Source. Survey of Terms of Bank Lending to Farmers.

0

4

A.1. Number of Non-real-estate Bank Loans Made to Farmers
Millions
Size of loan
(thousands of dollars)

Purpose of loan

Total

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

2.70
2.53
2.49
2.22
2.27
2.10
1.96
1.91
1.76
1.95
1.66
1.64

.36
.28
.26
.18
.19
.15
.14
.11
.13
.11
.12
.09

.27
.23
.19
.17
.20
.18
.16
.17
.16
.15
.12
.13

1.62
1.56
1.48
1.38
1.40
1.39
1.32
1.30
1.08
1.34
1.14
1.15

.18
.18
.17
.14
.15
.17
.16
.13
.13
.12
.13
.13

.27
.27
.39
.36
.33
.22
.18
.19
.26
.23
.15
.14

1.65
1.55
1.45
1.33
1.32
1.20
1.09
1.09
.97
1.11
.91
.87

.56
.51
.57
.48
.50
.45
.44
.44
.40
.42
.36
.36

.37
.35
.36
.31
.34
.33
.32
.28
.28
.31
.29
.29

.12
.12
.12
.11
.11
.12
.11
.10
.11
.12
.10
.12

2.15
1.98
1.83
1.69
1.82
1.71
1.56
1.34
1.14
1.29
1.13
1.17

.55
.54
.66
.53
.46
.39
.40
.57
.61
.66
.53
.46

2001: Q4...

1.57

.17

.15

.92

.10

.24

.81

.38

.26

.12

1.01

.56

2002: Q1...
Q2...
Q3...
Q4...

1.76
2.44
1.95
1.65

.14
.11
.07
.13

.16
.15
.14
.15

1.10
1.78
1.40
1.09

.13
.13
.14
.07

.24
.26
.20
.20

.90
1.44
1.16
.92

.39
.52
.40
.36

.34
.34
.29
.28

.14
.14
.10
.09

1.26
1.53
1.30
1.08

.51
.91
.65
.57

2003: Q1...
Q2...
Q3...
Q4...

1.69
1.81
1.58
1.57

.13
.11
.08
.14

.14
.12
.09
.14

1.08
1.27
1.17
1.04

.16
.15
.10
.10

.18
.15
.14
.15

.84
1.07
.94
.80

.37
.37
.33
.36

.33
.27
.24
.31

.15
.09
.08
.10

1.18
1.36
1.03
.97

.51
.45
.55
.60

2004: Q1...
Q2...
Q3...
Q4...

1.60
1.88
1.62
1.44

.09
.08
.07
.12

.13
.13
.12
.13

1.12
1.38
1.17
.95

.12
.14
.14
.10

.15
.15
.12
.15

.81
1.06
.93
.67

.33
.43
.36
.33

.32
.28
.23
.32

.14
.10
.10
.13

1.15
1.33
1.23
.99

.46
.56
.39
.45

2005: Q1...
Q2...

1.37
1.79

.10
.11

.12
.10

.94
1.26

.07
.14

.14
.18

.68
.97

.29
.40

.28
.28

.12
.15

1.00
1.24

.38
.55

Period

Farm
machinery
and
equipment

Other2

Size of bank’s farm
loan portfolio

1
to
9

10
to
24

25
to
99

100
and
over

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates are expressed as an
annual rate and are based on loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

5

A.2. Average Size of Non-real-estate Bank Loans Made to Farmers
Thousands of dollars
Size of loan
(thousands of dollars)

Purpose of loan

Period

All
loans

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

Farm
machinery
and
equipment

Other2

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

34.28
33.91
33.77
39.25
31.40
32.36
30.92
26.30
29.40
28.77
30.74
39.38

79.68
60.27
49.68
59.00
42.33
41.46
35.63
43.25
39.71
47.63
67.77
68.02

23.07
27.58
26.74
24.23
25.99
24.32
26.42
25.96
29.75
33.26
36.98
52.88

15.25
16.29
18.46
26.00
16.82
18.16
21.43
21.27
20.03
21.43
21.44
25.95

13.91
17.54
15.59
17.23
17.79
28.10
31.82
29.27
31.76
24.44
33.40
47.58

111.99
123.60
93.60
95.19
97.18
127.91
101.12
48.49
62.16
62.04
64.60
110.83

2001: Q4...

35.30

51.03

37.52

21.12

22.89

2002: Q1...
Q2...
Q3...
Q4...

33.13
23.72
28.88
31.46

48.19
41.55
48.00
52.06

33.07
32.41
28.87
38.39

25.93
18.55
21.00
22.16

2003: Q1...
Q2...
Q3...
Q4...

35.98
24.61
27.75
35.13

68.86
43.91
78.05
79.92

32.35
32.67
40.90
42.70

2004: Q1...
Q2...
Q3...
Q4...

45.07
32.01
33.42
49.42

60.59
47.74
32.56
108.90

2005: Q1...
Q2...

40.23
42.75

52.36
70.57

1
to
9

Size of bank’s farm
loan portfolio

10
to
24

25
to
99

100
and
over

3.71
3.72
3.73
3.73
3.76
3.73
3.82
3.85
3.87
3.72
3.75
3.81

14.94
14.57
14.72
14.95
14.86
14.78
14.83
14.94
14.76
15.02
14.81
14.82

46.12
46.98
44.94
45.22
45.78
45.40
46.80
45.33
45.45
45.83
47.26
46.26

490.33
480.70
451.25
545.93
385.35
357.03
322.06
258.41
269.62
269.92
276.39
360.52

15.76
15.44
15.73
15.44
16.25
18.13
19.27
18.72
18.75
19.03
22.30
25.99

105.99
101.26
84.02
115.02
91.98
95.04
76.23
44.09
49.19
47.85
48.88
73.29

83.12

4.01

14.69

47.12

280.16

20.51

61.87

26.71
19.26
30.85
17.78

60.82
48.30
75.68
67.64

3.65
3.69
3.69
3.85

15.01
15.06
14.83
15.19

47.55
45.28
44.27
46.02

237.43
216.61
329.62
333.67

24.57
16.96
15.41
19.87

54.26
35.08
55.81
53.46

27.73
18.01
17.84
23.13

38.74
28.73
37.37
28.16

62.19
55.73
65.70
75.70

3.72
3.72
3.53
4.11

14.88
14.67
14.83
14.85

46.71
48.45
46.45
47.42

249.54
241.93
319.67
313.07

29.08
19.21
17.55
23.44

51.74
41.06
46.78
54.21

43.04
36.25
62.64
70.44

35.57
21.95
18.04
30.21

56.02
26.77
42.06
75.92

98.51
116.76
143.63
90.23

3.86
3.73
3.76
3.96

15.02
15.17
14.56
14.46

47.24
45.83
44.91
46.63

341.06
358.08
359.39
385.43

32.69
18.99
19.83
35.25

76.21
63.07
75.73
80.85

44.37
38.44

36.66
23.68

35.31
78.69

54.11
132.29

3.57
3.95

14.72
14.60

49.15
46.31

290.01
371.83

35.33
21.31

53.20
91.28

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates are expressed as an
annual rate and are based on loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

6

A.3. Volume of Non-real-estate Bank Loans Made to Farmers
Billions of dollars
Size of loan
(thousands of dollars)

Purpose of loan

Total

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

92.6
85.7
84.1
87.3
71.4
68.0
60.6
50.2
51.6
56.2
51.1
64.4

28.7
16.8
12.7
10.6
8.0
6.1
4.9
4.8
5.1
5.3
7.9
6.0

6.2
6.4
5.2
4.0
5.3
4.4
4.2
4.5
4.7
5.1
4.5
6.7

24.7
25.4
27.3
35.9
23.6
25.2
28.4
27.6
21.7
28.8
24.5
29.9

2.5
3.2
2.7
2.4
2.7
4.9
5.2
3.9
4.1
2.9
4.3
6.0

30.6
33.9
36.1
34.5
31.9
27.5
18.0
9.3
16.1
14.1
10.0
15.9

6.1
5.8
5.4
5.0
5.0
4.5
4.2
4.2
3.7
4.1
3.4
3.3

8.3
7.4
8.3
7.1
7.4
6.7
6.6
6.5
5.9
6.3
5.3
5.4

17.1
16.5
16.0
13.9
15.8
14.9
15.1
12.6
12.6
14.3
13.5
13.2

61.0
56.0
54.4
61.3
43.3
41.9
34.9
26.8
29.3
31.5
28.8
42.5

33.8
30.6
28.8
26.1
29.6
31.1
30.1
25.0
21.4
24.6
25.3
30.5

58.8
55.1
55.3
61.2
41.9
37.0
30.6
25.1
30.2
31.6
25.8
33.9

2001: Q4...

55.6

8.4

5.6

19.4

2.4

19.8

3.2

5.6

12.5

34.3

20.8

34.8

2002: Q1...
Q2...
Q3...
Q4...

58.5
57.9
56.4
51.9

6.5
4.7
3.3
6.9

5.4
5.0
4.1
5.9

28.5
33.1
29.4
24.0

3.4
2.5
4.3
1.3

14.7
12.6
15.3
13.7

3.3
5.3
4.3
3.5

5.8
7.9
6.0
5.4

16.1
15.3
12.7
12.9

33.2
29.4
33.4
30.0

30.9
26.0
20.1
21.5

27.6
31.9
36.3
30.4

2003: Q1...
Q2...
Q3...
Q4...

60.8
44.4
43.9
55.2

8.8
4.9
6.6
11.1

4.5
3.8
3.6
6.0

30.0
22.9
20.8
24.1

6.1
4.3
3.9
2.9

11.4
8.4
9.0
11.1

3.1
4.0
3.3
3.3

5.6
5.4
4.8
5.4

15.3
13.1
11.0
14.6

36.9
21.9
24.7
31.9

34.2
26.1
18.1
22.8

26.6
18.3
25.8
32.3

2004: Q1...
Q2...
Q3...
Q4...

72.2
60.2
54.2
71.0

5.2
3.8
2.3
12.6

5.4
4.7
7.3
9.2

39.7
30.2
21.1
28.6

6.7
3.9
5.9
7.4

15.1
17.6
17.6
13.2

3.1
4.0
3.5
2.6

5.0
6.5
5.3
4.8

14.9
13.0
10.3
14.7

49.1
36.7
35.1
48.9

37.5
25.2
24.3
34.9

34.7
35.0
29.9
36.1

2005: Q1...
Q2...

55.2
76.6

5.3
7.7

5.3
3.7

34.4
29.9

2.5
11.0

7.7
24.3

2.4
3.8

4.2
5.9

13.7
12.7

34.8
54.1

35.2
26.5

20.0
50.1

Period

Farm
machinery
and
equipment

Other2

Size of bank’s farm
loan portfolio

1
to
9

10
to
24

25
to
99

100
and
over

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates are expressed as an
annual rate and are based on loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

7

A.4. Average Maturity of Non-real-estate Bank Loans Made to Farmers
Months
Size of loan
(thousands of dollars)

Purpose of loan

All
loans

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

9.2
10.3
9.9
8.5
9.9
9.8
11.5
11.2
13.2
11.2
12.5
11.9

7.3
7.6
8.7
7.8
9.1
8.0
8.0
8.0
8.5
8.6
8.5
9.2

9.6
9.8
9.9
11.3
11.0
10.3
11.0
10.8
14.0
11.5
9.4
11.9

8.3
8.6
8.5
7.6
10.7
9.9
11.3
9.5
10.3
10.2
11.1
10.0

30.4
36.6
26.5
29.4
30.6
27.5
20.1
22.4
24.3
23.3
26.5
23.3

9.4
9.4
10.0
9.2
7.4
6.8
10.5
13.2
15.3
11.7
14.4
12.0

8.5
8.6
9.0
8.6
8.8
8.8
9.8
9.7
9.6
9.4
9.5
9.6

10.0
11.6
10.8
10.5
11.6
11.3
11.2
11.5
11.9
10.9
11.2
11.8

11.1
13.5
12.1
12.1
12.4
12.5
12.4
11.1
12.5
12.5
12.7
12.9

7.4
7.2
8.2
7.3
8.8
8.7
11.4
11.4
14.1
10.8
12.9
11.7

10.4
12.6
11.4
12.3
12.8
13.2
13.8
12.3
15.5
13.8
14.9
14.0

6.4
5.8
7.3
6.4
7.6
6.8
9.2
10.0
11.4
9.0
9.9
9.9

2001: Q4...

10.6

9.5

9.8

9.6

31.4

9.9

7.6

11.1

12.1

10.3

14.4

8.3

2002: Q1...
Q2...
Q3...
Q4...

11.7
13.4
9.9
9.5

9.3
11.3
6.3
7.3

9.7
19.6
8.0
8.8

10.9
10.6
9.8
9.1

29.8
27.7
12.7
32.8

10.8
16.8
10.6
9.3

10.0
10.2
9.4
7.7

12.4
12.6
9.4
8.3

14.6
14.2
10.6
9.7

10.3
13.8
9.7
9.8

14.3
18.4
9.5
11.3

8.6
9.1
10.1
8.2

2003: Q1...
Q2...
Q3...
Q4...

14.1
13.5
10.4
11.4

8.8
6.9
8.4
9.0

11.3
9.0
6.4
9.9

11.8
13.7
8.9
9.4

35.2
21.1
21.1
24.0

14.2
15.0
12.4
15.7

10.4
10.3
9.2
7.9

11.7
12.4
10.3
10.4

15.5
13.3
11.1
10.6

14.3
14.5
10.3
12.3

17.2
15.9
11.5
13.2

10.0
9.8
9.6
10.1

2004: Q1...
Q2...
Q3...
Q4...

14.1
10.4
10.4
11.9

7.9
8.6
7.1
10.2

12.4
10.5
10.6
13.2

11.6
10.3
8.8
8.5

28.9
18.4
27.2
17.8

16.8
9.2
7.0
16.9

9.8
10.8
9.6
7.7

12.9
11.9
12.9
9.3

16.0
12.2
11.7
11.1

13.9
9.5
9.8
12.6

15.6
12.8
14.7
12.7

12.4
8.7
6.9
11.1

2005: Q1...
Q2...

13.3
13.2

10.8
9.5

9.9
10.5

11.1
10.5

46.8
14.7

16.5
17.4

8.7
10.8

12.1
12.3

15.2
12.6

13.0
13.6

14.1
13.2

11.7
13.2

Period

Farm
machinery
and
equipment

Other2

Size of bank’s farm
loan portfolio

1
to
9

10
to
24

25
to
99

100
and
over

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates are expressed as an
annual rate and are based on loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

8

A.5. Average Effective Interest Rates on Non-real-estate Bank Loans Made to Farmers
Percent
Size of loan
(thousands of dollars)

Purpose of loan

All
loans

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

7.5
7.8
9.5
8.4
9.2
9.0
8.7
9.7
7.8
5.9
5.4
5.4

8.0
8.3
10.1
8.8
9.6
9.4
9.1
9.8
7.6
6.1
5.1
5.3

8.1
8.0
10.2
9.5
9.8
9.7
9.1
9.9
8.0
5.8
5.4
5.5

8.1
8.4
10.0
8.6
9.9
9.6
9.2
9.9
8.4
6.4
5.7
5.7

8.7
8.6
10.3
9.7
9.8
9.3
8.8
9.3
8.3
6.7
6.0
5.5

6.2
7.0
8.8
8.0
8.5
8.0
7.6
9.3
7.0
4.8
4.6
4.8

9.0
9.1
10.6
10.2
10.2
10.1
9.7
10.3
9.1
7.3
6.7
6.6

8.7
8.8
10.5
10.1
10.0
9.9
9.5
10.2
8.7
7.0
6.4
6.4

8.3
8.6
10.3
9.8
9.9
9.7
9.3
10.1
8.3
6.5
5.9
5.9

6.9
7.3
9.0
7.8
8.8
8.4
8.1
9.4
7.3
5.3
4.8
5.0

8.7
8.8
10.4
10.0
10.0
9.8
9.4
10.2
8.9
7.2
6.5
6.4

6.7
7.2
9.0
7.8
8.7
8.3
7.9
9.3
7.1
4.9
4.3
4.5

2001: Q4...

6.2

6.2

6.3

6.8

7.4

5.3

7.9

7.4

6.8

5.5

7.7

5.3

2002: Q1...
Q2...
Q3...
Q4...

6.3
6.2
5.7
5.5

6.5
6.1
6.3
5.6

5.6
6.3
6.1
5.4

6.8
6.4
6.0
6.2

6.7
7.1
6.3
7.2

5.2
5.3
4.7
4.2

7.6
7.2
7.3
7.1

7.2
6.9
7.0
6.7

6.7
6.4
6.5
6.2

5.7
5.6
4.9
4.8

7.3
7.2
7.3
7.1

5.1
5.3
4.8
4.4

2003: Q1...
Q2...
Q3...
Q4...

5.6
5.9
5.2
5.0

5.3
5.6
4.8
4.7

5.2
5.7
5.6
5.4

6.0
6.4
5.4
5.2

6.2
6.2
6.0
5.6

4.8
4.9
4.4
4.4

6.8
6.8
6.5
6.4

6.5
6.6
6.2
6.2

6.1
6.3
5.6
5.7

5.2
5.4
4.6
4.2

6.6
6.7
6.5
6.2

4.3
4.8
4.3
4.1

2004: Q1...
Q2...
Q3...
Q4...

5.3
5.2
5.5
5.5

5.1
4.8
5.4
5.5

5.9
5.3
5.5
5.2

5.6
5.4
5.8
6.0

5.5
5.4
5.6
5.5

4.6
4.7
5.0
4.9

6.6
6.5
6.6
6.9

6.2
6.2
6.5
6.5

5.8
5.5
5.9
6.3

5.0
4.7
5.1
5.1

6.3
6.3
6.5
6.4

4.3
4.4
4.7
4.7

2005: Q1...
Q2...

6.6
6.5

6.3
6.5

6.3
6.7

6.9
6.8

6.9
6.8

5.7
6.0

7.3
7.6

6.9
7.4

6.9
6.9

6.4
6.3

7.2
7.3

5.6
6.1

Period

Farm
machinery
and
equipment

Other2

Size of bank’s farm
loan portfolio

1
to
9

10
to
24

25
to
99

100
and
over

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Effective (compounded) interest rates are
calculated from the stated rate and other terms of the loans and weighted by loan size. Quarterly estimates are expressed as an annual rate and are based on
loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

9

A.6. Share of Non-real-estate Bank Loans with a Floating Interest Rate Made to Farmers
Percent
Size of loan
(thousands of dollars)

Purpose of loan

All
loans

Feeder
livestock

Other
livestock

Other
current
operating
expenses1

1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

76.7
75.1
73.8
63.1
65.8
54.4
60.7
66.9
74.5
75.1
74.3
74.3

84.6
82.9
83.9
58.1
66.4
55.0
45.6
57.3
72.9
64.6
68.7
67.2

70.0
74.3
75.9
71.2
73.2
59.4
66.0
60.7
65.6
65.4
59.6
47.5

70.3
72.3
73.0
67.3
67.8
68.5
68.6
67.0
75.0
75.8
74.6
73.4

48.2
51.6
53.1
32.9
49.9
46.7
58.2
62.2
61.0
60.9
69.5
71.2

78.1
75.7
72.2
61.4
64.3
42.0
52.0
76.7
80.5
84.1
86.5
91.3

60.1
58.6
61.7
60.6
60.1
57.6
52.6
53.4
58.8
67.8
67.6
65.8

61.0
59.8
63.9
61.5
58.0
54.8
54.6
54.6
60.9
64.5
65.1
63.7

64.5
70.4
73.6
69.1
68.0
62.7
60.2
61.8
69.4
68.4
63.0
63.1

83.9
80.2
76.7
62.2
67.0
51.1
63.1
74.5
81.5
81.2
82.1
79.9

58.9
59.7
62.3
57.9
57.9
51.3
50.5
51.4
54.0
54.1
51.6
48.6

86.9
83.7
79.9
65.4
71.4
57.1
70.8
82.5
89.1
91.5
96.5
97.5

2001: Q4...

78.1

74.2

63.6

78.3

38.0

88.5

60.5

63.3

72.2

84.4

53.4

92.9

2002: Q1...
Q2...
Q3...
Q4...

72.3
75.1
72.2
81.4

62.1
56.2
53.6
78.1

64.1
72.9
57.8
65.4

69.7
74.5
78.2
81.8

57.9
52.8
75.1
37.9

88.1
89.1
67.9
93.5

64.2
69.6
68.5
67.6

57.5
67.6
68.7
62.8

64.4
72.9
68.5
68.0

79.5
79.3
74.8
92.2

56.8
52.7
44.8
60.5

89.6
93.4
87.4
96.1

2003: Q1...
Q2...
Q3...
Q4...

74.7
69.2
78.2
74.9

64.0
53.9
74.9
75.5

79.5
63.8
41.0
53.0

75.4
67.1
81.0
75.3

61.7
74.0
78.2
67.4

86.0
84.0
88.8
87.1

68.2
66.7
69.7
66.0

67.5
62.8
64.4
65.6

63.7
54.8
73.6
61.6

80.8
79.9
84.1
83.4

58.0
51.1
50.2
43.6

96.0
94.9
97.8
96.9

2004: Q1...
Q2...
Q3...
Q4...

69.4
80.5
74.5
74.1

65.2
79.6
67.5
64.4

62.7
52.8
48.7
34.6

66.8
77.7
71.0
79.7

55.1
72.5
68.8
86.9

86.3
94.5
92.1
91.5

64.5
68.5
60.5
70.1

66.2
66.1
60.1
61.7

61.9
67.6
60.9
61.7

72.3
88.9
82.0
79.2

44.7
55.6
47.8
48.2

96.1
98.4
96.2
99.1

2005: Q1...
Q2...

72.7
82.7

61.2
64.7

73.9
78.6

73.5
74.9

51.6
89.7

83.2
95.4

66.7
65.8

59.1
64.4

64.2
69.5

78.1
88.9

61.6
53.1

92.2
98.3

Period

Farm
machinery
and
equipment

Other2

Size of bank’s farm
loan portfolio

1
to
9

10
to
24

25
to
99

100
and
over

Small or
mid-size3

Large4

Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates are expressed as an
annual rate and are based on loans made during the first full week of the second month of the quarter.
1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
2. Typically loans for which the lender does not know the purpose.
3. Portfolios with $25 million or less in farm loans.
4. Portfolios with more than $25 million in farm loans.

10

A.7. Distribution of Dollar Amount of Non-real-estate Farm Loans, by Effective Interest Rate
Percent
Effective interest rate (percent)

Quarter

All
rates

Zero
to
4.9

5.0
to
5.9

6.0
to
6.9

7.0
to
7.9

8.0
to
8.9

9.0
to
9.9

10.0
to
10.9

11.0
to
11.9

12.0
to
12.9

13.0
to
13.9

14.0
to
14.9

15.0
to
15.9

16.0
to
16.9

17.0
to
17.9

18.0
to
18.9

19.0
to
19.9

20.0
to
20.9

1994: Q2...
1995: Q2...
1996: Q2...
1997: Q2...
1998: Q2...
1999: Q2...
2000: Q2...
2001: Q2...
2002: Q2...
2003: Q2...
2004: Q2...
2005: Q2...

100 4.00
100
*
100
*
100
*
100
*
100
.01
100
.01
100
.01
100 23.24
100 27.25
100 42.54
100 6.46

4.00
*
14.00
.01
.01
4.00
.01
3.00
22.45
23.90
25.54
19.30

23.00
3.00
14.00
6.00
3.00
4.00
.01
8.00
17.77
21.19
17.44
39.57

21.00
14.00
19.00
11.00
14.00
12.00
4.00
29.00
22.77
18.64
10.50
24.01

22.00
11.00
15.00
20.00
31.00
37.00
19.00
31.00
10.15
6.55
3.02
8.33

20.00
35.00
18.00
30.00
30.00
30.00
36.00
22.00
2.75
1.77
.61
1.98

4.00
24.00
15.00
21.00
14.00
11.00
27.00
5.00
.77
.51
.25
.19

2.00
11.00
3.00
9.00
7.00
2.00
11.00
2.00
.00
.08
.02
.13

.01
1.00
1.00
2.00
1.00
.01
2.00
.39
.00
.08
.05
.02

.01
1.00
.01
.01
.01
.01
.01
.07
.00
*
*
*

.01
*
.01
.01
.01
*
.01
.03
.00
.03
.02
*

*
*
*
.01
.01
.01
.01
.01
.00
*
*
.00

*
.01
.01
.01
*
*
*
*
.00
*
*
*

*
*
*
*
*
*
*
*
.00
*
*
*

*
*
*
*
*
*
*
*
.00
*
*
*

*
*
*
*
.01
*
*
*
.00
*
*
*

*
*
*
*
*
*
*
*
*
*
*
*

2001: Q4...

100 21.20

32.80

13.60

16.40 10.50

4.10

.90

.30

.10

.00

.00

*

*

*

*

*

*

2002: Q1...
Q2...
Q3...
Q4...

100
100
100
100

23.76
23.24
26.33
38.69

17.31
22.45
27.25
23.76

19.76
17.77
18.41
14.20

23.14 10.76
22.77 10.15
15.57 8.76
12.97 7.73

4.30
2.75
2.82
2.02

.80
.77
.49
.44

.00
.00
.29
.04

.00
.00
.06
.04

*
.00
*
.04

.00
.00
*
.02

.00
.00
*
.02

*
.00
*
*

.00
.00
*
*

*
.00
*
*

.00
.00
.02
.02

*
*
*
*

2003: Q1...
Q2...
Q3...
Q4...

100
100
100
100

37.28
27.25
41.83
46.26

22.16
23.90
23.79
21.96

18.64
21.19
18.38
16.40

14.73
18.64
11.11
10.95

4.88
6.55
3.67
3.03

1.72
1.77
.77
1.10

.47
.51
.22
.25

.02
.08
.04
*

.02
.08
.04
.02

*
*
.02
*

*
.03
.02
.02

*
*
.02
*

*
*
*
*

*
*
*
*

*
*
.07
*

.07
*
.02
*

*
*
*
*

2004: Q1...
Q2...
Q3...
Q4...

100
100
100
100

43.84
42.54
36.91
31.55

22.35
25.54
26.22
30.94

17.33
17.44
18.99
19.15

11.30
10.50
12.61
11.56

3.56
3.02
3.57
4.82

1.16
.61
1.35
1.21

.27
.25
.27
.67

.05
.02
.05
.04

.05
.05
*
.02

*
*
.02
.04

.07
.02
*
*

.02
*
*
*

*
*
*
*

*
*
*
*

*
*
*
*

*
*
*
*

*
*
*
*

2005: Q1...
Q2...

100 11.07
100 6.46

19.85
19.30

27.21
39.57

29.30 11.22
24.01 8.33

1.06
1.98

.17
.19

.13
.13

*
.02

*
*

*
*

*
.00

.00
*

.00
*

*
*

*
*

*
*

Note. Non-real-estate farm loans of $1,000 or more made by insured commercial banks. Effective (compounded) annual interest rates are calculated
from the stated rate and other terms of the loans and weighted by loan size. Percentages may not sum to 100 because of rounding.
* Indicates value of zero.
Source. Federal Reserve Survey of the Terms of Bank Lending to Farmers, conducted during the first full business week of the second month of each
quarter.

11

A.8. Characteristics of Bank Loans to Farmers -- All Banks, by Size of Loan, May 2-6, 2005
Percent except as noted
Loan characteristic

All sizes

$1,000 to
$9,999

$10,000 to
$24,999

$25,000 to
$49,999

$50,000 to
$99,999

$100,000 to
$249,999

$250,000
and over

Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3

1,641,000
36,797
22.31
4.63
3.25

76,613
19,336
11.53
4.40
2.92

120,591
8,251
12.95
5.20
2.89

117,801
3,510
19.26
6.02
2.98

157,561
2,396
18.57
4.76
3.02

330,130
2,153
23.76
6.14
2.98

838,304
1,151
25.11
3.77
3.48

6.59
.17

7.56
.11

7.42
.11

7.14
.10

6.78
.14

6.90
.13

6.15
.25

7.25
5.90

8.30
6.82

8.06
6.76

7.79
6.59

7.52
6.00

7.75
6.18

6.72
5.64

6.53
6.77
6.84
6.84
6.84
6.09

7.72
8.15
7.56
7.29
6.90
7.52

7.40
7.36
7.42
7.70
7.32
7.26

7.14
7.35
7.20
7.11
6.63
6.87

6.80
6.94
6.71
7.12
6.66
6.72

6.78
6.55
6.99
7.09
7.06
6.70

6.09
6.12
6.20
6.59
6.78
5.87

81.59
77.83
22.01
4.08

65.47
73.13
24.67
.66

63.99
76.84
26.11
.51

70.47
69.31
33.48
1.76

72.20
75.47
22.78
2.06

70.08
76.96
24.63
5.41

93.46
80.39
18.38
5.09

8.99
4.53
38.11
13.03
6.66
28.68

4.36
5.03
74.75
7.63
.98
7.25

6.41
6.10
69.74
7.55
1.77
8.43

10.13
6.92
56.25
12.28
3.59
10.83

12.15
8.16
47.85
10.27
5.60
15.97

10.07
7.69
44.37
14.18
6.82
16.87

8.61
2.00
23.36
14.49
8.44
43.10

10.57
80.49

4.38
87.20

6.34
88.99

8.79
84.94

13.22
82.19

13.95
83.32

10.17
76.60

Weighted average interest rate4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rate
Under commitment
Callable
Subject to prepayment penalty
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other

Note. Data in tables A.8 through A.13 are from the the Survey of Terms of Bank Lending to Farmers, which collects data on gross loan
extensions made during the first full business week in the mid-month of each quarter by a sample of 250 banks of all sizes. The sample
data are used to infer an estimate of the lending terms at all insured agricultural banks during that week. The estimated terms of bank
lending are not intended for use in collecting the terms of loans extended over the entire quarter or those residing in the portfolios of
banks. Loans of less than $1,000 are excluded from the survey. (notes continued on next page)

12

A.8. Characteristics of Bank Loans to Farmers -- All Banks, by Size of Loan, May 2-6, 2005 (cont.)
1. Average maturities are weighted by loan size and exclude loans with no stated maturity.
2. The repricing interval measures the period from the date the loan is made until it first may be repriced. For floating-rate loans that are subject to repricing
at any time--such as many prime-based loans--the repricing interval is zero. For floating rate loans that have a scheduled repricing interval, the interval measures
the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that remain fixed until the loan
matures (fixed-rate loans), the interval measures the number of days between the date the loan is made and the date on which it matures. Loans that reprice daily
are assumed to reprice on the business day after they are made.
3. A complete description of these risk rating categories is available from the Banking Analysis Section, mail stop 81, the Federal Reserve Board, Washington,
DC 20551. The category ’Moderate Risk’ includes the average loan, under average economic conditions, at the typical lender. The weighted-average risk ratings
are alculated by assigning a value of ’1’ to minimal risk loans; ’2’ to low risk loans; ’3’ to moderate risk loans; ’4’ to acceptable risk loans; and ’5’ to special
mention and classified loans. In calculating the average risk rating, these values are weighted by loan amount and exclude loans with no risk rating. Some of the
loans are not rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan size.
5. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a
complete survey of lending at all banks.
6. The interquartile range shows the interest rate range that encompasses the middle 50 percent of the total dollar amount of loans made.
7. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including poultry).
8. Typically loans for which the lender does not know the purpose.

13

A.9. Characteristics of Bank Loans to Farmers -- Large Farm Lenders, by Size of Loan, May 2-6, 2005
Percent except as noted
Loan characteristic

All sizes

$1,000 to
$9,999

$10,000 to
$24,999

$25,000 to
$49,999

$50,000 to
$99,999

$100,000 to
$249,999

$250,000
and over

Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3

1,333,963
23,081
23.10
3.85
3.41

44,142
11,595
10.32
2.13
3.15

71,171
4,860
11.23
2.70
3.15

81,756
2,422
16.72
4.92
3.20

109,936
1,622
15.31
3.78
3.23

237,165
1,560
24.61
4.88
3.26

789,793
1,023
26.05
3.64
3.53

6.41
.16

7.50
.14

7.28
.15

7.06
.12

6.63
.11

6.74
.14

6.08
.20

7.08
5.86

8.25
6.75

8.00
6.51

7.75
6.28

7.25
5.90

7.50
6.00

6.70
5.38

6.37
6.43
6.58
6.77
6.77
6.05

7.25
7.80
7.57
7.21
7.44
7.11

7.33
6.92
7.38
7.14
7.07
6.89

6.97
7.31
7.12
7.10
6.40
6.87

6.63
6.25
6.59
6.92
6.96
6.59

6.56
6.36
6.69
7.10
6.82
6.70

6.09
6.12
5.92
6.59
6.74
5.87

89.75
81.68
22.31

82.85
88.59
32.18

79.95
88.44
35.04

74.38
80.68
38.50

80.26
82.60
28.08

82.37
80.49
29.87

96.15
81.01
15.86

9.25
3.77
32.00
14.63
5.96
34.39

4.11
3.12
76.54
5.99
1.21
9.03

7.35
3.77
70.14
4.85
2.22
11.67

10.15
6.58
52.80
11.82
3.05
15.61

12.58
6.97
45.19
12.57
5.06
17.62

9.33
6.93
37.32
18.61
5.44
22.36

9.14
2.12
20.48
15.38
7.14
45.75

8.22
81.39

2.42
88.74

3.84
90.16

6.28
86.31

8.57
87.40

10.90
85.30

8.28
77.67

Weighted average interest rate4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rates
Under commitment
Callable
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other

Note. Most large farm lenders that reported loans to farmers had more than $25 million in farm loans.
For explanation of footnotes, see table A.8.

14

A.10. Characteristics of Bank Loans to Farmers -- Small and Mid-sized Farm Lenders, by Size of Loan, May 2-6, 2005
Percent except as noted
Loan characteristic

All sizes

$1,000 to
$9,999

$10,000 to
$24,999

$25,000 to
$49,999

$50,000 to
$99,999

$100,000 to
$249,999

$250,000
and over

Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3

307,038
13,716
18.88
8.03
2.33

32,471
7,740
13.11
7.45
2.45

49,420
3,392
15.34
8.76
2.42

36,045
1,088
24.94
8.50
2.32

47,625
775
25.87
6.94
2.34

92,965
593
21.63
9.36
2.18

48,511
128
9.88
5.87
2.46

7.38
.18

7.65
.10

7.62
.13

7.32
.27

7.12
.32

7.33
.17

7.34
.74

7.90
6.86

8.33
6.88

8.06
7.04

7.82
6.96

8.00
6.25

7.76
6.88

7.38
6.76

7.38
7.47
7.40
7.57
7.00
7.52

8.28
8.35
7.54
7.35
5.56
8.58

7.55
7.60
7.48
8.04
8.01
8.95

7.54
7.43
7.33
7.14
6.96
n.a.

7.25
7.95
6.94
8.25
6.13
7.13

7.22
6.88
7.45
7.00
7.38
6.75

n.a.
n.a.
7.51
n.a.
6.93
n.a.

46.15
61.13
20.68

41.83
52.11
14.47

41.01
60.12
13.26

61.62
43.52
22.10

53.62
58.99
10.56

38.72
67.95
11.24

49.68
70.33
59.35

7.84
7.84
64.66
6.09
9.70
3.87

4.70
7.63
72.31
9.87
.67
4.82

5.05
9.46
69.16
11.45
1.13
3.75

10.08
7.70
64.07
13.31
4.83
n.a.

11.15
10.91
53.97
4.95
6.85
12.17

11.96
9.61
62.35
2.88
10.34
2.86

n.a.
n.a.
70.33
n.a.
29.67
n.a.

20.81
76.57

7.04
85.10

9.93
87.30

14.46
81.84

23.97
70.15

21.73
78.27

40.96
59.04

Weighted average interest rate4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rates
Under commitment
Callable
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other

Note. Most small and mid-sized farm lenders that reported loans to farmers had less than $25 million in farm loans.
For explanation of footnotes, see table A.8.
n.a. Not available.

15

A.11. Characteristics of Bank Loans to Farmers -- All Banks, by Risk Rating, May 2-6, 2005
Percent except as noted
Loan characteristic
Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3
Weighted average interest rate4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rates
Under commitment
Callable
Subject to prepayment penalty
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other
For explanation of footnotes, see table A.8.
n.a. Not available.

16

All

Minimal

Low

Moderate

Acceptable

Special

Not rated

Not reported

1,641,000
36,797
22.31
4.63
3.25

60,700
2,126
12.83
8.51
1.00

171,103
6,138
12.97
6.03
2.00

665,968
15,313
16.54
3.30
3.00

559,248
6,119
27.50
4.08
4.00

51,857
1,128
27.78
4.25
5.00

15,818
1,027
34.68
19.85
n.a.

116,306
4,946
47.17
9.04
n.a.

6.59
.17

6.89
.27

6.99
.22

6.38
.21

6.53
.27

7.28
.30

7.34
.42

6.95
.26

7.25
5.90

7.52
6.72

7.83
6.18

7.19
5.64

7.12
6.01

8.12
6.32

7.79
7.00

7.51
6.35

6.53
6.77
6.84
6.84
6.84
6.09

7.28
6.84
7.01
6.34
6.65
5.29

6.30
7.23
7.35
7.52
7.08
6.16

6.57
6.32
6.50
6.80
6.78
5.81

6.43
6.26
6.95
6.81
6.90
6.13

9.18
8.65
6.96
6.65
6.25
7.72

6.93
7.18
7.16
7.62
8.12
7.69

7.64
7.61
7.14
7.18
6.54
6.30

81.59
77.83
22.01
4.08

51.13
70.46
24.71
.03

52.82
73.25
23.91
3.97

82.18
81.15
15.99
.91

96.71
80.19
22.76
9.34

90.38
79.87
44.75
3.63

52.67
46.35
22.70
n.a.

63.76
61.45
38.35
n.a.

8.99
4.53
38.11
13.03
6.66
28.68

8.77
16.11
49.14
6.63
19.23
.11

28.88
5.45
52.83
4.05
5.42
3.37

11.29
3.22
39.93
16.34
3.35
25.86

2.24
3.37
26.58
13.93
9.62
44.26

.30
6.49
56.42
7.31
.02
29.47

2.51
27.15
40.36
3.91
5.48
20.59

3.88
6.27
47.23
10.09
9.70
22.82

10.57
80.49

17.72
81.20

9.94
87.02

7.53
84.82

11.09
74.17

18.65
79.54

35.36
64.33

15.76
78.74

A.12. Characteristics of Bank Loans to Farmers -- Large Farm Lenders, by Risk Rating, May 2-6, 2005
Percent except as noted
Loan characteristic
Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3
Weighted average interest rate 4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rates
Under commitment
Callable
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other

All

Minimal

Low

Moderate

Acceptable

Special

Not rated

Not reported

1,333,963
23,081
23.10
3.85
3.41

16,596
833
19.54
14.00
1.00

87,197
2,373
9.71
2.45
2.00

587,968
11,709
17.08
2.64
3.00

540,236
5,541
28.08
4.01
4.00

51,331
1,069
28.00
4.24
5.00

7,267
153
61.33
38.89
n.a.

43,367
1,403
67.38
11.19
n.a.

6.41
.16

6.60
.28

6.55
.24

6.26
.23

6.46
.25

7.26
.32

7.15
.46

6.34
.51

7.08
5.86

7.25
6.01

7.25
5.39

7.00
5.38

7.00
6.01

8.12
6.32

7.79
6.72

7.23
5.88

6.37
6.43
6.58
6.77
6.77
6.05

7.72
5.25
6.54
6.25
6.18
5.29

6.01
6.67
7.17
7.23
5.73
6.14

6.47
6.10
6.34
6.74
6.58
5.79

6.43
6.26
6.74
6.80
6.90
6.12

9.18
8.62
6.93
6.65
6.25
7.72

7.25
7.25
5.08
12.09
8.12
7.48

7.25
7.87
6.75
7.12
6.17
5.87

89.75
81.68
22.31

50.64
80.32
57.29

63.13
89.98
37.11

88.72
82.69
15.05

97.88
79.84
23.07

90.81
79.66
45.21

60.98
50.81
2.45

74.45
82.30
44.43

9.25
3.77
32.00
14.63
5.96
34.39

17.32
3.42
47.88
20.72
10.27
.39

44.27
6.80
39.43
2.64
.33
6.54

11.53
3.27
35.73
17.57
2.94
28.95

2.32
3.49
24.65
14.28
9.95
45.30

.30
6.23
56.30
7.38
.02
29.77

2.99
31.35
14.71
.65
11.93
38.37

2.86
.44
25.99
11.90
12.66
46.15

8.22
81.39

4.73
93.04

.98
97.66

6.11
85.30

9.32
75.45

18.31
79.86

76.96
22.36

15.51
77.02

Note. Most large farm lenders that reported loans to farmers had more than $25 million in farm loans.
For explanation of footnotes, see table A.8.
n.a. Not available.

17

A.13. Characteristics of Bank Loans to Farmers -- Small and Mid-sized Farm Lenders, by Risk Rating, May 2-6, 2005
Percent except as noted
Loan characteristic
Volume of loans (thousands of dollars)
Number of loans
Weighted average maturity (months)1
Weighted average repricing interval (months)2
Weighted average risk rating3
Weighted average interest rate4
Standard error5
Interquartile range6
75th percentile
25th percentile
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Share of total loan volume
Features of loan
Floating rates
Under commitment
Callable
Purpose of loan
Feeder livestock
Other livestock
Other current operating expenses7
Farm machinery and equipment
Farm real estate
Other8
Type of collateral
Farm real estate
Other

All

Minimal

Low

Moderate

Acceptable

Special

Not rated

Not reported

307,038
13,716
18.88
8.03
2.33

44,104
1,293
10.30
6.45
1.00

83,906
3,765
16.35
9.76
2.00

78,000
3,604
12.45
8.23
3.00

19,012
577
11.14
5.91
4.00

526
59
6.96
5.37
5.00

8,551
874
12.62
4.08
n.a.

72,938
3,543
37.14
7.83
n.a.

7.38
.18

7.00
.37

7.45
.29

7.27
.16

8.52
.51

9.17
.17

7.49
.13

7.31
.11

7.90
6.86

7.75
6.72

7.97
7.00

7.79
6.98

9.24
7.75

9.14
9.06

8.06
7.00

7.72
6.76

7.38
7.47
7.40
7.57
7.00
7.52

6.75
6.94
7.18
6.88
6.72
n.a.

7.32
n.a.
7.46
7.66
7.12
8.16

7.50
8.33
7.10
7.91
7.46
7.69

n.a.
n.a.
8.84
8.17
n.a.
6.91

n.a.
9.14
9.19
n.a.
n.a.
n.a.

6.53
7.10
7.57
7.25
n.a.
8.96

7.79
7.60
7.25
7.23
6.89
7.61

46.15
61.13
20.68

51.32
66.75
12.46

42.12
55.86
10.19

32.90
69.58
23.12

63.26
90.32
13.97

48.68
100.00
n.a.

45.61
42.57
39.90

57.41
49.05
34.74

7.84
7.84
64.66
6.09
9.70
3.87

5.56
20.89
49.62
1.33
22.61
n.a.

12.89
4.04
66.77
5.52
10.71
.08

9.45
2.79
71.60
7.12
6.45
2.59

n.a.
n.a.
81.26
4.07
n.a.
14.67

n.a.
31.57
68.43
n.a.
n.a.
n.a.

2.11
23.57
62.16
6.67
n.a.
5.49

4.49
9.74
59.86
9.02
7.94
8.95

20.81
76.57

22.61
76.75

19.26
75.97

18.24
81.19

61.36
37.80

51.32
48.68

n.a.
100.00

15.91
79.76

Note. Most small and mid-sized farm lenders that reported loans to farmers had less than $25 million in farm loans.
For explanation of footnotes, see table A.8.
n.a. Not available.

18

A.14. Survey of Terms of Bank Lending to Farmers, Selected Quarters
Percent except as noted
USDA Farm Production Region
NE

LS

CB

NP

AP

SE

DL

SP

MN

PA

Proportion of farm loans
outstanding, 2004 Q4 survey,
region share of national
total

3.0

8.8

26.8

22.7

8.5

4.6

4.6

8.9

5.2

6.9

Sample coverage, 2004 Q4
survey, sample share of total
regional loans

11.5

2.9

18.7

33.9

17.7

13.0

7.7

5.3

8.6

28.4

Avg. loan size, 2005 Q1 survey
(thousands of dollars)

83.8

33.9

84.9

55.5

41.2

131.8

44.2

34.6

22.5

72.9

Survey date

Weighted average interest rate during sample week

2001:

Q1
Q2
Q3
Q4

9.3
8.2
8.3
6.9

9.1
8.7
9.8
7.9

9.4
8.3
7.9
6.3

2002:

Q1

6.9
(.12)
6.8
(.14)
6.0
(.14)
5.7
(.35)

7.8
(.37)
7.4
(.29)
6.9
(.03)
6.9
(.45)

6.7
(.26)
6.4
(.27)
4.8
(.51)
5.1
(.47)

7.2
(.22)
7.2
(.21)
5.6
(.40)
5.5
(1.01)

5.2
(.63)
5.0
(.48)
4.4
(.69)
4.6
(.56)

5.3
(.15)
6.0
(.29)
6.0
(.15)
6.5
(.59)

7.0
(.26)
6.7
(.17)
6.9
(.04)
6.5
(.22)

5.6
(.31)
5.3
(.37)
4.7
(.49)
4.0
(.30)

5.7
(.73)
6.5
(.34)
5.6
(.39)
5.1
(.71)

5.8
(.21)
4.8
(.19)
6.2
(.79)
6.2
(.48)

7.0
(.15)
6.3
(.05)
6.6
(.14)
6.4
(.07)

5.2
(.44)
5.2
(.66)
4.8
(.58)
5.2
(.45)

Q1

6.2
(.19)

7.4
(.16)

Q2

6.7
(.19)

7.4
(.21)

Q2
Q3
Q4

2003:

Q1
Q2
Q3
Q4

2004:

Q1
Q2
Q3
Q4

2005:

9.7
8.8
8.2
7.0

8.4
7.4
6.3
5.2

7.8
8.1
7.6
6.3

9.5
8.3
8.7
8.7

9.0
9.2
8.8
7.6

9.8
8.6
7.8
6.1

8.8
7.9
7.2
5.2

5.5
(1.14)
5.9
(1.03)
4.9
(.68)
5.2
(.62)

7.3
(.39)
7.6
(.23)
6.6
(.22)
6.7
(.68)

7.4
(.45)
7.5
(.34)
5.3
(.96)
7.6
(.35)

6.8
(.26)
6.5
(.36)
5.6
(.36)
6.4
(.47)

4.9
(.25)
5.1
(.26)
4.3
(.33)
4.5
(.62)

4.4
(.65)
4.6
(.71)
4.5
(.73)
4.6
(.54)

5.6
(.63)
6.1
(.63)
4.8
(.69)
5.2
(.83)

6.7
(.54)
7.3
(.45)
6.7
(.27)
6.7
(.54)

7.4
(.66)
5.7
(.71)
5.5
(.99)
7.5
(.58)

6.1
(.35)
6.4
(.36)
5.6
(.35)
5.4
(.39)

4.5
(.40)
5.2
(.50)
4.3
(.26)
4.2
(.42)

5.7
(.25)
6.2
(.32)
5.5
(1.15)
5.4
(.88)

4.3
(.48)
4.6
(.45)
4.8
(.38)
5.1
(1.01)

5.9
(.64)
6.4
(.31)
5.2
(.75)
6.0
(.81)

6.4
(.37)
6.9
(.57)
6.1
(.41)
7.5
(.30)

6.3
(.23)
6.2
(.19)
6.7
(.45)
6.4
(.22)

5.7
(.37)
6.4
(.40)
6.7
(.29)
7.0
(.30)

3.8
(.41)
4.1
(.24)
4.9
(.08)
5.2
(.10)

6.4
(.14)

6.3
(.71)

5.3
(.60)

6.0
(.67)

7.2
(.34)

7.5
(.59)

7.1
(.17)

6.0
(.15)

5.8
(.77)

6.6
(.75)

6.0
(.28)

6.4
(.65)

7.5
(.33)

7.3
(.19)

7.7
(.05)

6.7
(.18)

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.

19

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook
Section B: Selected Statistics from the Quarterly Reports of Condition of Commercial Banks
The data in tables B.1 through B.8 are prepared using data from the quarterly reports of condition and income for
commercial banks. These reports changed substantially beginning in March 2001, and the information on the
delinquencies and charge-offs of non-real-estate farm loans after that date is not directly comparable to that shown in
earlier editions of the databook. Under the new system, banks with more than $300 million in assets or banks with
foreign offices report the same information as before. However, smaller banks at which farm production loans account
for more than 5 percent of total loans now report the same information on delinquencies and charge-offs of farm
production loans that larger bank do. In the new reporting system, small banks at which farm production loans account
for less than 5 percent of total loans are excused from reporting delinquencies or charge-offs of farm production loans.
Before March 2001, these small banks had reported delinquencies and charge-offs of "agricultural loans" according to
each bank’s own definition, and we used these responses to help estimate total delinquencies of farm production loans.
Under the new reporting system, the totals for the nation as a whole include estimates of delinquencies and charge-offs
of non-real-estate farm loans for small banks that hold about 35 percent of the volume of such loans that is outstanding.
All banks continue to report delinquencies and charge-offs of loans that are secured by farm real estate, which are
shown in tables B.4 and B.5.
Examination of total lending at banks that have a high exposure to agricultural loans provides an alternative perspective
on the agricultural lending situation. Agricultural banks in table B.4 through table B.9 are those that have a proportion
of farm loans (real-estate plus non-real-estate) to total loans that is greater than the unweighted average at all banks.
The current estimate of this average can be found in the far right column of table B.8.
Information about failed banks (table B.9) is obtained from news releases of the Federal Deposit Insurance
Corporation, with agricultural banks in our tabulation defined as in the previous paragraph.

20

B.1. Farm Debt Outstanding at Commercial Banks
Loan volume
(billions of dollars)

Quarter

Total
loans

Real
estate
loans

Percent change from
previous quarter

Non-realestate
loans

Total
loans

Real
estate
loans

Percent change from
previous year

Non-realestate
loans

Real
estate
loans

Total
loans

Non-realestate
loans

1992: Q4...

54.5

19.9

34.7

-2.9

-.2

-4.4

2.9

7.8

.2

1993: Q1...
Q2...
Q3...
Q4...

52.8
56.0
58.0
57.7

20.0
20.6
20.8
20.9

32.8
35.4
37.1
36.8

-3.2
6.0
3.5
-.5

.5
3.1
1.2
.1

-5.3
7.8
4.9
-.8

1.7
1.6
3.2
5.8

5.6
5.4
4.7
5.0

-.5
-.6
2.4
6.2

1994: Q1...
Q2...
Q3...
Q4...

56.8
61.1
63.0
61.3

21.2
21.9
22.4
22.6

35.5
39.2
40.6
38.7

-1.5
7.6
3.1
-2.7

1.8
3.2
2.2
.7

-3.4
10.2
3.6
-4.6

7.6
9.1
8.7
6.2

6.4
6.4
7.5
8.2

8.3
10.7
9.3
5.2

1995: Q1...
Q2...
Q3...
Q4...

59.9
63.5
65.3
63.7

22.9
23.6
23.8
23.9

36.9
40.0
41.5
39.8

-2.3
6.1
2.9
-2.5

1.6
2.7
1.1
.4

-4.6
8.2
3.9
-4.1

5.4
4.0
3.7
3.9

8.0
7.5
6.3
5.9

3.9
2.0
2.3
2.8

1996: Q1...
Q2...
Q3...
Q4...

61.7
65.7
66.6
65.5

24.0
24.7
24.9
25.0

37.7
41.0
41.6
40.5

-3.1
6.5
1.3
-1.6

.5
2.7
1.1
.3

-5.3
8.9
1.5
-2.8

3.1
3.4
1.9
2.8

4.8
4.7
4.7
4.6

2.0
2.7
.3
1.8

1997: Q1...
Q2...
Q3...
Q4...

63.8
69.0
71.1
71.3

25.4
26.2
27.0
27.1

38.4
42.8
44.2
44.2

-2.6
8.2
3.0
.3

1.4
3.3
2.9
.7

-5.1
11.5
3.1
.0

3.4
5.1
6.8
8.9

5.5
6.2
8.1
8.5

2.0
4.4
6.0
9.1

1998: Q1...
Q2...
Q3...
Q4...

70.1
75.0
76.3
74.7

27.6
28.5
28.9
29.3

42.4
46.5
47.4
45.5

-1.7
7.1
1.7
-2.0

1.8
3.2
1.3
1.3

-3.9
9.6
1.9
-4.0

9.8
8.6
7.2
4.8

9.0
8.8
7.2
7.8

10.4
8.5
7.3
3.0

1999: Q1...
Q2...
Q3...
Q4...

72.7
75.8
76.8
76.0

29.7
30.8
31.4
31.8

42.9
45.1
45.5
44.2

-2.8
4.4
1.3
-1.0

1.7
3.5
1.9
1.5

-5.6
5.0
.9
-2.8

3.7
1.1
.7
1.7

7.6
8.0
8.6
8.8

1.1
-3.1
-4.1
-2.8

2000: Q1...
Q2...
Q3...
Q4...

71.5
79.7
80.1
80.9

31.4
33.7
33.9
34.0

40.1
45.9
46.2
46.9

-5.9
11.4
.6
1.0

-1.4
7.5
.5
.3

-9.2
14.4
.6
1.5

-1.6
5.0
4.3
6.4

5.5
9.6
8.1
6.8

-6.5
1.9
1.6
6.1

2001: Q1...
Q2...
Q3...
Q4...

79.4
82.9
82.5
82.2

34.3
35.1
35.4
35.6

45.1
47.7
47.1
46.7

-1.9
4.4
-.4
-.3

.8
2.5
.8
.4

-3.9
5.8
-1.3
-.9

11.0
4.0
3.0
1.6

9.2
4.2
4.5
4.6

12.4
3.9
2.0
-.5

2002: Q1...
Q2...
Q3...
Q4...

80.1
83.7
84.4
83.9

36.0
37.0
37.7
38.0

44.1
46.7
46.7
45.9

-2.6
4.4
.9
-.6

1.2
2.7
2.1
.6

-5.5
5.9
-.1
-1.6

.9
1.0
2.3
2.0

4.9
5.1
6.5
6.8

-2.2
-2.1
-.9
-1.7

2003: Q1...
Q2...
Q3...
Q4...

82.0
84.5
85.5
86.1

38.7
39.6
40.2
40.6

43.3
44.9
45.4
45.5

-2.3
3.1
1.2
.6

1.9
2.5
1.4
1.1

-5.7
3.7
1.0
.2

2.4
1.1
1.4
2.7

7.5
7.3
6.5
7.0

-1.9
-3.9
-2.8
-.9

2004: Q1...
Q2...
Q3...
Q4...

84.3
88.9
91.5
92.3

41.4
42.9
43.9
44.5

42.9
46.0
47.6
47.7

-2.1
5.4
2.9
.8

1.9
3.6
2.3
1.5

-5.7
7.2
3.5
.2

2.8
5.2
6.9
7.1

7.0
8.3
9.2
9.6

-.9
2.4
4.9
4.9

2005: Q1...

89.3

45.0

44.3

-3.2

1.1

-7.2

5.9

8.7

3.3

Note. Data are as of end of quarter.

21

B.2. Delinquent Non-real-estate Farm Loans Held by Insured Commercial Banks

Period
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

Estimated volume (billions of dollars)

Share of outstanding farm production
loans (percent)

Nonperforming

Nonperforming

Past due
30 to 89
days,
accruing

Total

Past due
90 days,
accruing

Total

Nonaccruing

Past due
30 to 89
days,
accuring

Total

Past due
90 days,
accruing

Total

Nonaccruing

.8
.8
1.0
.9
1.0
.9
1.0
1.3
1.2
1.0
.8

.3
.4
.5
.4
.5
.3
.4
.5
.5
.4
.3

.4
.4
.5
.5
.5
.6
.6
.7
.7
.7
.5

.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1

.3
.3
.4
.4
.4
.5
.5
.6
.6
.5
.4

2.0
2.1
2.4
2.0
2.2
2.1
2.1
2.7
2.6
2.3
1.6

.9
.9
1.2
.9
1.0
.8
.9
1.2
1.0
.8
.5

1.1
1.1
1.3
1.1
1.2
1.3
1.2
1.5
1.6
1.5
1.0

.2
.3
.3
.2
.3
.2
.2
.2
.3
.3
.2

.9
.9
1.0
.9
.9
1.1
1.0
1.3
1.3
1.2
.9

1997: Q4...

.9

.4

.5

.1

.4

2.0

.9

1.1

.2

.9

1998: Q1...
Q2...
Q3...
Q4...

1.3
1.1
1.0
1.0

.8
.5
.4
.5

.6
.6
.6
.5

.2
.2
.2
.1

.4
.4
.4
.4

3.2
2.4
2.1
2.2

1.8
1.1
.8
1.0

1.3
1.3
1.3
1.2

.4
.5
.4
.3

.9
.8
.9
.9

1999: Q1...
Q2...
Q3...
Q4...

1.6
1.3
1.0
.9

.9
.5
.4
.3

.7
.7
.6
.6

.2
.2
.2
.1

.4
.5
.5
.5

3.7
2.8
2.2
2.1

2.1
1.2
.8
.8

1.5
1.6
1.4
1.3

.5
.5
.4
.2

1.0
1.1
1.0
1.1

2000: Q1...
Q2...
Q3...
Q4...

1.3
1.0
.9
1.0

.6
.4
.3
.4

.6
.6
.6
.6

.2
.1
.1
.1

.5
.4
.5
.5

3.0
2.2
1.9
2.1

1.5
.9
.7
.9

1.5
1.3
1.2
1.2

.4
.3
.2
.2

1.1
1.0
1.0
1.0

2001: Q1...
Q2...
Q3...
Q4...

1.7
1.4
1.3
1.3

1.0
.6
.5
.5

.8
.8
.8
.7

.2
.2
.2
.1

.6
.6
.7
.6

3.9
2.9
2.8
2.7

2.2
1.2
1.0
1.2

1.7
1.8
1.8
1.5

.4
.4
.4
.2

1.3
1.3
1.4
1.3

2002: Q1...
Q2...
Q3...
Q4...

1.7
1.4
1.3
1.2

.9
.5
.4
.5

.8
.8
.8
.7

.2
.2
.2
.1

.6
.6
.6
.6

3.9
2.9
2.7
2.6

2.1
1.2
.9
1.0

1.8
1.8
1.8
1.6

.4
.5
.4
.3

1.4
1.3
1.4
1.3

2003: Q1...
Q2...
Q3...
Q4...

1.7
1.4
1.2
1.0

.9
.5
.4
.4

.8
.9
.8
.7

.2
.2
.2
.1

.6
.7
.6
.5

4.0
3.1
2.7
2.3

2.1
1.1
.9
.8

1.9
2.0
1.8
1.5

.4
.5
.4
.3

1.5
1.5
1.4
1.2

2004: Q1...
Q2...
Q3...
Q4...

1.3
.9
.8
.8

.6
.3
.3
.3

.7
.6
.5
.5

.2
.1
.1
.1

.5
.5
.4
.4

3.0
2.1
1.7
1.6

1.3
.7
.6
.5

1.6
1.3
1.1
1.0

.4
.3
.2
.2

1.2
1.0
.9
.9

2005: Q1...

1.0

.5

.5

.1

.4

2.3

1.2

1.1

.3

.9

Note. Data are estimates of the national totals for non-real-estate farm loans. Reported amounts are adjusted to exclude foreign
results for large banks that report farm delinquencies on a consolidated basis and for small banks that are allowed to report
delinquencies according to their internal definition of agricultural loans. Yearly data are as of December 31. Quarterly data
are as of end of quarter.

22

B.3. Net Charge-offs of Non-real-estate Farm Loans Held by Insured Commercial Banks
Estimated volume
(millions of dollars)
Year
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......
2005......

Total
69
51
95
93
87
126
108
308
221
175
129
n.a.

Q1

Q2
10
-2
16
6
4
18
11
67
40
34
28
8

11
14
27
19
15
37
17
53
50
35
17
n.a.

Share of total non-real-estate farm loans
(percent)

Q3
15
13
24
19
24
35
34
140
58
48
46
n.a.

Q4
33
25
30
50
45
36
45
48
73
58
38
n.a.

Total
.187
.131
.240
.230
.198
.280
.259
.656
.471
.382
.284
n.a.

Q1
.026
-.004
.039
.014
.008
.040
.027
.142
.085
.074
.062
n.a.

Q2
.032
.039
.070
.049
.036
.086
.041
.118
.114
.080
.039
n.a.

Q3
.037
.032
.058
.045
.051
.078
.075
.294
.124
.108
.099
n.a.

Q4
.082
.061
.071
.112
.095
.080
.098
.101
.157
.128
.081
n.a.

Note. Components might not sum to totals because of rounding. Reported amounts are adjusted to exclude
foreign results for large banks that report farm net charge-offs on a consolidated basis and for small banks that
are allowed to report net charge-offs according to their internal definition of agricultural loans. Quarterly data
are as of end of quarter.
n.a. Not available.

23

B.4. Delinquent Real Estate Farm Loans Held by Insured Commercial Banks
Share of outstanding farm real estate
loans (percent)

Volume (billions of dollars)
Nonperforming

Period

Past due
30 to 89
days,
accruing

Total

Past due
90 days,
accruing

Total

Nonperforming

Nonaccruing

Past due
30 to 89
days,
accuring

Total

Past due
90 days,
accruing

Total

Nonaccruing

1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

.5
.6
.7
.7
.8
.6
.8
.9
.9
.8
.7

.2
.2
.3
.3
.3
.2
.3
.4
.4
.3
.3

.3
.3
.4
.4
.5
.4
.5
.5
.6
.5
.4

.1
.1
.2
.2
.2
.2
.2
.1
.1
.1
.1

.2
.2
.2
.2
.3
.2
.3
.4
.5
.4
.4

2.4
2.4
2.8
2.6
2.9
2.0
2.3
2.6
2.5
2.1
1.6

1.0
1.0
1.1
1.1
1.2
.8
.9
1.1
1.0
.7
.6

1.4
1.4
1.7
1.5
1.7
1.3
1.4
1.5
1.5
1.3
1.0

.5
.5
.7
.6
.8
.5
.6
.3
.3
.2
.2

.9
.9
1.0
.9
1.0
.7
.8
1.2
1.2
1.1
.8

1996: Q1...
Q2...
Q3...
Q4...

.9
.7
.6
.7

.4
.3
.2
.3

.5
.5
.4
.4

.2
.2
.2
.2

.3
.3
.2
.2

3.7
3.0
2.6
2.8

1.6
1.1
.9
1.1

2.1
1.9
1.7
1.7

1.0
.9
.7
.7

1.2
1.0
1.0
1.0

1997: Q1...
Q2...
Q3...
Q4...

.8
.7
.6
.7

.4
.3
.2
.3

.4
.5
.4
.4

.2
.2
.2
.2

.2
.3
.2
.2

3.2
2.8
2.3
2.6

1.4
1.0
.8
1.1

1.8
1.8
1.4
1.5

.8
.8
.6
.6

1.0
1.0
.8
.9

1998: Q1...
Q2...
Q3...
Q4...

.9
.7
.7
.8

.4
.3
.3
.3

.5
.5
.4
.5

.2
.2
.2
.2

.3
.2
.2
.3

3.5
2.6
2.5
2.9

1.6
1.0
.9
1.2

1.9
1.6
1.6
1.7

.9
.8
.7
.8

1.0
.8
.9
1.0

1999: Q1...
Q2...
Q3...
Q4...

1.1
.8
.7
.6

.5
.3
.2
.2

.6
.5
.5
.4

.3
.2
.2
.2

.3
.3
.3
.2

3.6
2.7
2.3
2.0

1.6
1.0
.8
.8

2.0
1.7
1.5
1.3

.9
.8
.7
.5

1.0
.9
.8
.7

2000: Q1...
Q2...
Q3...
Q4...

1.0
.9
.7
.8

.4
.3
.2
.3

.6
.6
.5
.5

.3
.3
.2
.2

.3
.3
.3
.3

3.2
2.7
2.1
2.3

1.3
1.0
.7
.9

1.9
1.7
1.4
1.4

.9
.7
.6
.6

1.0
1.0
.8
.8

2001: Q1...
Q2...
Q3...
Q4...

1.1
.9
.9
.9

.6
.4
.3
.4

.5
.6
.6
.5

.1
.1
.1
.1

.4
.4
.4
.4

3.2
2.7
2.5
2.6

1.7
1.0
.9
1.1

1.4
1.7
1.7
1.5

.4
.4
.4
.3

1.1
1.2
1.3
1.2

2002: Q1...
Q2...
Q3...
Q4...

1.2
1.0
.9
.9

.6
.4
.3
.4

.6
.6
.6
.6

.2
.2
.1
.1

.4
.4
.5
.5

3.3
2.6
2.4
2.5

1.6
1.0
.9
1.0

1.7
1.6
1.6
1.5

.5
.4
.4
.3

1.2
1.1
1.2
1.2

2003: Q1...
Q2...
Q3...
Q4...

1.2
1.0
.9
.8

.6
.4
.3
.3

.6
.7
.6
.5

.1
.2
.1
.1

.5
.5
.5
.4

3.2
2.6
2.3
2.1

1.6
.9
.7
.7

1.6
1.6
1.5
1.3

.4
.4
.3
.2

1.2
1.2
1.2
1.1

2004: Q1...
Q2...
Q3...
Q4...

1.0
.8
.7
.7

.4
.3
.2
.3

.6
.5
.5
.4

.1
.1
.1
.1

.4
.4
.4
.4

2.5
1.9
1.7
1.6

1.1
.7
.6
.6

1.4
1.2
1.1
1.0

.3
.3
.2
.2

1.1
.9
.9
.8

2005: Q1...

.9

.4

.5

.1

.4

2.0

1.0

1.0

.2

.8

Note. Yearly data are as of December 31. Quarterly data are as of end of quarter.

24

B.5. Net Charge-offs of Real Estate Farm Loans Held by Insured Commercial Banks
Estimated volume
(millions of dollars)
Year
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......
2005......

Total
10
12
7
16
6
15
12
42
35
32
18
n.a.

Q1

Q2
1
0
0
-1
-1
0
-12
10
8
4
1
2

1
3
1
0
3
3
3
9
6
6
5
n.a.

Share of outstanding real estate farm loans
(percent)

Q3
3
6
2
3
0
5
8
5
5
8
2
n.a.

Q4
6
4
4
14
5
7
14
17
16
14
10
n.a.

Total
.048
.055
.031
.064
.022
.051
.037
.123
.097
.082
.044
n.a.

Q1
.003
-.001
.000
-.003
-.004
-.001
-.037
.030
.022
.010
.003
.005

Q2
.003
.011
.003
-.001
.009
.011
.009
.027
.017
.015
.012
n.a.

Q3

Q4

.013
.027
.009
.010
.000
.015
.022
.014
.014
.021
.005
n.a.

.026
.016
.017
.054
.016
.022
.040
.049
.041
.034
.021
n.a.

Note. Components might not sum to totals because of rounding. Quarterly data are as of end of quarter.
n.a. Not available.

25

B.6. Distribution of Agricultural Banks by the Share of Their Total Loans that are Nonperforming
Percent

Period

Total

Less than
2.0
percent

2.0-4.9
percent

5.0-9.9
percent

10.0-14.9
percent

20.0 percent
and
over

15.0-19.9
percent

1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

85.5
83.4
81.9
84.5
81.7
84.8
85.0
80.0
79.7
81.2
85.3

12.3
14.0
15.4
12.9
15.1
12.6
12.8
17.3
17.1
15.0
12.7

1.9
2.1
2.3
2.5
2.8
2.4
1.8
2.5
2.8
3.3
1.7

.2
.3
.2
.1
.3
.3
.3
.1
.2
.4
.2

.1
.1
.1
.1
...
.0
...
.0
.1
.1
.1

.0
.1
.1
.0
.1
...
...
...
...
.0
...

1995: Q4...

100.0

83.4

14.0

2.1

.3

.1

.1

1996: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

78.1
78.0
79.2
81.9

17.4
17.2
17.1
15.4

3.6
4.0
3.1
2.3

.6
.6
.5
.2

.1
.1
.1
.1

.1
.1
.1
.1

1997: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

79.1
80.5
81.8
84.5

16.7
15.8
15.2
12.9

3.7
3.2
2.7
2.5

.4
.3
.2
.1

.1
...
.1
.1

.1
.1
.1
.0

1998: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

80.6
80.8
80.3
81.7

16.3
15.9
16.2
15.1

2.8
2.9
3.1
2.8

.1
.3
.3
.3

.1
.1
.1
...

.1
.0
.0
.1

1999: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

77.2
78.7
80.4
84.8

17.8
16.9
15.9
12.6

4.5
3.8
3.4
2.4

.5
.6
.3
.3

.0
...
.0
.0

.0
...
...
...

2000: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

81.8
82.2
83.0
85.0

14.8
15.1
14.9
12.8

2.9
2.4
1.7
1.8

.5
.3
.4
.3

.0
.0
.0
...

...
.0
...
...

2001: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

80.3
80.2
78.7
80.0

16.9
16.6
17.8
17.3

2.6
3.0
3.2
2.5

.2
.2
.3
.1

.1
.1
...
.0

...
...
...
...

2002: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

76.8
76.8
77.8
79.7

19.3
19.6
18.8
17.1

3.7
3.1
3.2
2.8

.2
.4
.2
.2

.0
.0
.0
.1

...
...
...
...

2003: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

75.4
76.2
77.7
81.2

19.9
19.2
18.3
15.0

4.1
4.0
3.6
3.3

.3
.4
.3
.4

.2
.1
.1
.1

.0
.1
.0
.0

2004: Q1...
Q2...
Q3...
Q4...

100.0
100.0
100.0
100.0

79.2
81.3
82.1
85.3

17.2
15.1
15.1
12.7

3.2
3.2
2.4
1.7

.2
.3
.2
.2

.1
.0
.1
.1

.0
.1
.0
...

2005: Q1...

100.0

84.4

13.3

2.0

.2

.0

...

Note. Nonperforming loans are loans in nonaccruing status or past due 90 days or more. Renegotiated or restructured
loans in compliance with the modified terms are not included. Agricultural banks are defined in the introduction to section B.
Yearly data are as of December 31. Quarterly data are as of end of quarter.
... Not applicable.

26

B.7. Selected Measures of Financial Performance of Agricultural and Other Small Banks
Percent
Distribution of net income as a
share of average equity at
agricultural banks

Period
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

All banks

Negative
income

0-4
percent

5-9
percent

10-14
percent

Average rate
of return
on equity

15-19
percent

20-24
percent

25 percent
and
over

Agricultural
banks

Rate
of return
to assets

Other
Small
Banks

Agricultural
banks

Net charge-offs
as share
of total loans

Other
small
banks

Agricultural
banks

Average
capital ratio

Other
small
banks

Agricultural
banks

Other
small
banks

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

1.5
1.4
2.1
1.6
2.0
2.9
2.4
3.1
3.0
2.7
2.1

5.9
5.7
5.6
5.9
8.7
7.9
8.9
12.6
10.7
12.2
10.0

31.4
37.1
33.4
34.5
35.6
34.8
35.3
37.6
35.1
36.6
34.9

40.1
39.6
41.6
39.7
35.5
33.3
33.5
28.6
31.4
29.3
31.4

16.9
13.4
14.2
14.2
13.4
14.2
13.8
13.1
13.5
12.9
13.8

3.3
2.3
2.6
3.1
3.5
4.9
4.2
3.7
4.6
4.4
5.8

.9
.6
.5
1.1
1.3
1.9
1.8
1.3
1.7
1.8
2.0

11.8
11.2
11.4
11.4
11.3
11.8
11.7
10.8
11.5
11.2
11.5

12.5
12.1
12.3
12.3
11.7
11.9
11.4
10.4
10.6
10.7
10.5

1.2
1.2
1.2
1.2
1.2
1.2
1.2
1.1
1.2
1.2
1.2

1.1
1.2
1.2
1.2
1.2
1.1
1.1
1.0
1.1
1.1
1.1

.2
.2
.2
.2
.2
.3
.3
.3
.4
.4
.3

.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.2

10.7
11.2
10.9
11.0
10.9
10.5
10.7
10.7
11.0
10.8
10.9

9.9
10.4
10.4
10.5
10.5
10.3
10.4
10.4
10.6
10.6
10.6

2000: Q2...
Q3...
Q4...

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

6.5
9.3
11.7

6.1
8.9
11.4

.6
.9
1.2

.6
.9
1.1

.1
.1
.3

.1
.2
.3

10.6
10.7
10.7

10.3
10.4
10.4

2001: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2.8
5.6
8.2
10.8

2.8
5.4
7.9
10.4

.3
.6
.9
1.1

.3
.5
.8
1.0

.0
.1
.2
.3

.1
.1
.2
.3

11.0
11.0
11.2
10.7

10.5
10.5
10.6
10.4

2002: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

3.0
6.0
8.9
11.5

2.9
5.6
8.3
10.6

.3
.6
.9
1.2

.3
.6
.8
1.1

.1
.1
.2
.4

.1
.1
.2
.3

10.8
11.1
11.2
11.0

10.4
10.6
10.7
10.6

2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

3.0
6.0
8.9
11.2

2.9
5.6
8.5
10.7

.3
.6
.9
1.2

.3
.6
.8
1.1

.1
.1
.2
.4

.1
.1
.2
.3

11.0
11.1
11.0
10.8

10.6
10.6
10.7
10.6

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2.9
6.1
8.9
11.5

2.7
5.5
8.0
10.5

.3
.6
.9
1.2

.3
.5
.8
1.1

.1
.1
.2
.3

.1
.1
.2
.2

11.0
10.7
11.0
10.9

10.7
10.4
10.7
10.6

2005: Q1...

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

3.0

2.9

.3

.3

.0

.0

10.9

10.5

Note. Agricultural and other banks are defined in the introduction to section B; small banks have less than $500 million in assets. Total primary and secondary capital (items that are
available at the end of the period specified) are measured as a percentage of total assets. Quarterly data are cumulative through the end of the quarter indicated.
n.a. Not available.

27

B.8. Average Loan-Deposit Ratios at Agricultural Banks in Selected Federal Reserve Districts
Total
(entire U.S.)

Period

Cleveland

Atlanta

Chicago

St. Louis

Kansas
City

Minneapolis

San
Francisco

Dallas

Minimum
Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to farm loan
of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits
ratio

1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......

3,530
3,352
3,239
3,101
2,968
2,866
2,767
2,683
2,591
2,549
2,470

.63
.64
.66
.69
.68
.72
.75
.74
.76
.75
.78

56
53
49
45
40
41
39
40
43
38
39

.71
.72
.77
.75
.76
.85
.86
.79
.80
.76
.81

124
118
113
113
99
93
92
83
84
76
75

.64
.66
.68
.70
.71
.74
.77
.75
.77
.75
.77

857
816
795
759
733
715
693
675
646
640
611

.64
.65
.68
.72
.71
.75
.78
.75
.76
.75
.78

398
375
363
346
321
300
293
283
281
286
278

.63
.65
.66
.70
.69
.72
.75
.73
.75
.73
.73

656
619
609
574
558
538
519
497
489
478
457

.67
.68
.70
.72
.71
.74
.76
.76
.78
.77
.82

1,012
959
928
890
868
838
796
776
746
736
726

.62
.63
.64
.68
.68
.71
.76
.76
.79
.76
.79

360
344
313
312
289
277
269
267
249
241
235

.48
.49
.49
.52
.53
.56
.62
.61
.61
.61
.64

52
53
52
49
48
48
50
45
41
42
36

.78
.74
.73
.66
.66
.72
.74
.75
.76
.81
.91

17.10
16.83
16.45
16.44
16.34
15.67
15.08
14.88
14.83
14.59
14.50

1998: Q3...
Q4...

3,036
2,968

.72
.68

46
40

.79
.76

109
99

.75
.71

733
733

.75
.71

341
321

.73
.69

569
558

.77
.71

880
868

.72
.68

294
289

.55
.53

49
48

.70
.66

16.78
16.34

1999: Q1...
Q2...
Q3...
Q4...

2,957
2,872
2,918
2,866

.69
.72
.74
.72

42
41
44
41

.79
.85
.84
.85

100
93
106
93

.72
.74
.75
.74

720
716
716
715

.72
.75
.77
.75

317
302
319
300

.69
.72
.74
.72

550
539
547
538

.72
.74
.77
.74

868
838
846
838

.68
.71
.72
.71

297
279
275
277

.53
.57
.57
.56

48
48
51
48

.69
.72
.74
.72

16.04
16.26
16.23
15.67

2000: Q1...
Q2...
Q3...
Q4...

2,842
2,834
2,790
2,767

.73
.76
.77
.75

41
43
42
39

.86
.89
.88
.86

97
96
93
92

.75
.78
.80
.77

705
707
698
693

.76
.79
.80
.78

288
306
306
293

.71
.76
.77
.75

536
529
523
519

.76
.80
.79
.76

831
814
796
796

.72
.76
.76
.76

278
268
261
269

.57
.61
.61
.62

50
54
54
50

.74
.78
.76
.74

15.28
15.49
15.36
15.08

2001: Q1...
Q2...
Q3...
Q4...

2,755
2,736
2,725
2,683

.75
.77
.77
.74

40
41
43
40

.84
.84
.82
.79

95
95
100
83

.75
.76
.77
.75

696
682
683
675

.78
.78
.78
.75

282
291
296
283

.73
.76
.76
.73

514
508
506
497

.76
.80
.80
.76

798
791
778
776

.76
.77
.77
.76

266
265
256
267

.61
.62
.63
.61

46
44
45
45

.76
.80
.79
.75

14.95
15.21
15.10
14.88

2002: Q1...
Q2...
Q3...
Q4...

2,653
2,637
2,625
2,591

.74
.77
.77
.76

40
40
37
43

.79
.79
.79
.80

84
89
89
84

.74
.77
.78
.77

664
654
657
646

.76
.77
.78
.76

273
284
289
281

.72
.75
.77
.75

498
494
497
489

.77
.81
.82
.78

770
762
753
746

.76
.78
.79
.79

264
254
248
249

.60
.62
.64
.61

43
45
44
41

.75
.77
.77
.76

14.75
15.07
15.13
14.83

2003: Q1...
Q2...
Q3...
Q4...

2,578
2,595
2,579
2,549

.75
.76
.76
.75

39
40
44
38

.80
.80
.79
.76

80
88
87
76

.75
.77
.79
.75

646
640
644
640

.75
.76
.77
.75

271
281
287
286

.72
.75
.75
.73

490
490
485
478

.77
.81
.81
.77

750
742
735
736

.78
.77
.78
.76

249
257
240
241

.60
.62
.63
.61

41
43
43
42

.78
.78
.76
.81

14.60
14.88
14.90
14.59

2004: Q1...
Q2...
Q3...
Q4...

2,512
2,528
2,510
2,470

.75
.78
.79
.78

42
43
42
39

.77
.80
.83
.81

76
77
79
75

.75
.76
.78
.77

626
623
618
611

.76
.78
.79
.78

267
287
291
278

.71
.75
.76
.73

469
468
462
457

.80
.84
.86
.82

732
730
724
726

.76
.78
.80
.79

246
245
237
235

.60
.65
.67
.64

43
43
42
36

.82
.86
.86
.91

14.30
14.63
14.76
14.50

2005: Q1...

2,457

.78

42

.80

79

.76

603

.79

269

.73

451

.83

728

.78

239

.62

33

.97

14.18

Note. The loan-deposit ratio is defined as total loans divided by total deposits. Agricultural banks are defined as banks with a farm loan ratio at least as great as that shown in the last column,
as described in the introduction to section B. Yearly data are as of December 31. Quarterly data are as of end of quarter.

28

B.9. Number of Agricultural Bank Failures
Year
1984......
1985......
1986......
1987......
1988......
1989......
1990......
1991......
1992......
1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2002......
2003......
2004......
2005......

Q1

Q2
3
12
14
22
11
5
3
2
1
1
0
0
0
0
0
0
0
0
1
0
0
0

Q3
7
21
14
19
6
7
5
2
1
2
0
0
2
0
0
1
0
0
0
1
1
0

Q4
10
17
21
12
12
5
6
3
1
2
0
0
0
0
1
0
0
0
0
0
0
n.a.

Total
12
18
16
16
7
5
3
1
4
0
0
0
0
1
0
0
0
0
1
0
0
n.a.

32
68
65
69
36
22
17
8
7
5
0
0
2
1
1
1
0
0
2
1
1
n.a.

Note. Data exclude banks assisted to prevent failure. Industrial banks and
mutual savings banks also are excluded. Agricultural banks are defined in
the introduction to section B.
n.a. Not available.

29

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook
Section C: Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values
Data are from quarterly surveys of agricultural credit conditions at commercial banks. Currently, these surveys are
conducted during each quarter in six Federal Reserve districts. The surveys differ considerably in size, as is noted in
the information below. They also differ in subject matter covered (as is evident in the tables), wording of basically
similar questions, and type of banks covered. Most of the differences in wording are reflected in the use of different
column headings on the two pages of each table. The states included in each District are indicated in the table
headings; states that fall only partly within a given District are marked with asterisks.
In the second quarter of 2002, the Kansas City and Minneapolis Federal Reserve Banks revised their surveys.
Questions were changed, and it was not always possible to match the data to the categories that were shown in
previous editions of the databook. Whenever possible, the data from the revised survey were fit into the older
format. Series that were discontinued show no data for the second quarter, whereas new series show no data for the
previous quarters. When a significant break in the data occurred, the new data were included and a footnote was
added to highlight the changes.
Due the sample size and the nature of the San Francisco District land values, the sampling error is particularly large
in that district. In coming quarters, surveys from the Cleveland and Philadelphia Federal Reserve Banks are expected
to be included in the databook.
Research departments at five Reserve Banks issue more-detailed quarterly reports on their survey results; these
reports are available at the addresses given below.
Federal Reserve Bank of Chicago, Box 834, Chicago, Illinois 60690
The sample includes member banks at which farm loans represented 25 percent or more of total loans as of June
1972 (a 10 percent standard is used for banks in the state of Michigan). The sample has undergone periodic review.
The latest survey results were based on the responses of about 450 banks.
Federal Reserve Bank of Kansas City, Federal Reserve P.O. Station, Kansas City, Missouri 64198
The original sample chosen in 1976 had 181 banks selected from banks at which farm loans constituted 50 percent
or more of total loans, with appropriate representation of all farm areas. The sample was redrawn and significantly
expanded in 1987; roughly 280 banks responded to the latest survey.
Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota 55480
Before 1987, the sample provided a cross-section of banks of all sizes that were engaged in farm lending. Members
of the Upper Midwest Agricultural Credit Council formed the core of the survey panel. In 1987, the sample was
redrawn to include only banks at which farm loans represented 25 percent or more of total loans. As outlined above,
the Minneapolis survey changed considerably beginning in the first quarter of 1994. In recent surveys, about 120
banks responded.
Federal Reserve Bank of Dallas, P.O. Box 655906, Dallas, Texas 75265-5906
The sample is stratified regionally and includes banks at which farm loans are relatively important or that hold a
major portion of bank loans in their region. The sample was enlarged in the first quarter of 1985 and was redrawn in
the second quarter of 1989. The results for the most-recent quarter were based on the responses from about 200
respondents.
Federal Reserve Bank of Richmond, Richmond, Virginia 23261
The number of agricultural banks in this District is much smaller than that in the other Districts. When the survey
was initiated in 1975, the sample consisted of forty-three banks of all sizes; banks with larger amounts of farm loans
were sampled more heavily. More recently, the sample has consisted of about thirty banks, roughly three-fourths of
which typically respond to the quarterly surveys.

30

C.1. Non-real-estate Farm Lending Compared with a Year Earlier
Percent
Demand for loans
Quarter

Lower

Same

Funds availability

Higher

Lower

Same

Loan repayment rate

Higher

Lower

Same

Higher

Renewals or extensions
Lower

Same

Collateral required

Higher

Lower

Same

Higher

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
2003: Q1...
Q2...
Q3...
Q4...

22
24
22
22

46
53
61
59

31
23
17
19

6
4
6
4

57
54
59
65

36
42
35
31

31
22
21
15

60
71
72
65

9
6
7
19

7
6
8
14

61
70
72
70

31
24
20
15

1
1
0
0

73
80
86
89

26
19
14
10

2004: Q1...
Q2...
Q3...
Q4...

16
23
17
19

53
54
58
53

31
23
25
28

5
9
12
7

59
65
65
65

36
26
23
28

10
6
7
8

52
71
74
58

38
24
19
34

28
21
21
30

65
72
71
64

7
7
8
6

1
1
1
1

90
91
91
93

9
8
8
6

2005: Q1...

14

55

31

11

66

23

10

65

26

20

69

11

0

92

7

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q1...
Q2...
Q3...
Q4...

21
19
22
18

52
58
63
63

26
23
15
19

5
5
4
5

71
66
73
71

24
28
22
24

49
26
20
11

48
64
67
66

4
10
14
23

1
6
6
10

50
67
73
76

48
27
21
14

0
0
0
0

71
78
84
86

29
22
16
14

2004: Q1...
Q2...
Q3...
Q4...

20
17
14
12

60
59
60
60

20
24
26
29

3
9
11
8

73
74
74
81

24
17
15
11

10
9
8
7

67
76
77
68

23
15
16
24

13
7
10
13

71
80
82
75

16
13
8
13

0
0
0
0

86
86
91
90

14
14
9
10

2005: Q1...

14

64

22

8

77

14

8

73

19

7

81

12

0

91

9

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

31

2003: Q1...
Q2...
Q3...
Q4...

25
19
21
19

63
66
65
68

12
15
14
13

6
3
6
1

68
69
70
73

26
28
24
26

19
15
12
5

73
75
78
80

8
10
10
15

8
8
8
13

73
77
78
77

19
15
14
10

0
0
1
0

80
81
83
84

19
19
16
16

2004: Q1...
Q2...
Q3...
Q4...

19
19
18
11

62
67
62
73

18
14
20
15

4
3
7
2

75
77
75
77

22
21
18
21

4
4
6
8

76
84
83
75

20
12
11
17

17
12
14
17

76
83
84
78

7
5
2
5

0
0
0
0

92
88
92
94

8
12
7
6

2005: Q1...

15

66

20

3

75

22

9

75

17

18

73

10

0

92

8

C.1. Non-real-estate Farm Lending Compared with a Year Earlier (continued)
Percent
Demand for loans
Quarter

Lower

Same

Funds availability

Higher

Lower

Same

Loan repayment rate

Higher

Lower

Same

Renewals or extensions

Higher

Lower

Same

Collateral required

Higher

Lower

Same

Higher

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q1...
Q2...
Q3...
Q4...

21
18
17
18

57
51
65
62

21
31
18
20

5
3
3
2

69
76
74
73

26
21
23
25

34
20
15
9

52
73
70
62

14
7
16
30

10
7
10
14

60
69
70
74

30
24
19
12

1
1
0
0

80
81
87
92

20
19
13
8

2004: Q1...
Q2...
Q3...
Q4...

21
13
11
14

61
54
67
56

18
33
21
30

4
6
9
6

75
85
81
76

21
9
10
17

5
5
5
10

62
70
79
62

33
24
16
28

24
13
8
12

66
80
86
79

10
7
6
9

0
0
1
0

95
96
92
95

5
4
8
5

2005: Q1...

9

52

39

9

77

14

14

62

24

7

77

16

0

95

5

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)
2003: Q1...
Q2...
Q3...
Q4...

36
27
14
26

55
73
86
70

9
0
0
4

5
5
0
9

68
62
73
61

27
33
27
30

27
23
23
30

73
77
77
70

0
0
0
0

5
9
5
9

77
68
68
78

18
23
27
13

0
9
0
0

59
55
68
70

41
36
32
30

2004: Q1...
Q2...
Q3...
Q4...

31
19
41
19

62
77
56
73

8
4
4
8

8
0
4
8

73
85
67
85

19
15
30
8

15
4
7
8

85
92
78
85

0
4
15
8

12
12
4
19

85
88
93
73

4
0
4
8

4
0
0
4

76
77
72
85

20
23
28
12

2005: Q1...

16

72

12

4

80

16

0

100

0

8

92

0

0

83

17

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)
2003: Q1...
Q2...
Q3...
Q4...

17
15
25
22

42
58
63
43

42
27
13
35

13
4
8
0

58
73
71
74

29
23
21
26

30
16
25
22

61
80
58
65

9
4
17
13

0
4
0
4

71
77
75
78

29
19
25
17

0
0
0
0

50
77
79
83

50
23
21
17

2004: Q1...
Q2...
Q3...
Q4...

9
9
18
17

55
61
59
48

36
30
23
35

0
4
5
4

77
70
86
91

23
26
10
4

9
13
0
0

86
65
76
73

5
22
24
27

14
0
14
9

64
78
76
65

23
22
10
26

0
0
0
4

86
91
90
83

14
9
10
13

2005: Q1...

9

57

35

0

91

9

18

68

14

0

77

23

0

86

14

* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

32

C.2. Expected Farm Loan Volume for the Next Quarter, Compared with a Year Earlier
Percent
Purpose of loan
Total
Quarter

Lower

Same

Feeder cattle
Higher

Lower

Same

Dairy

Higher

Lower

Same

Crop storage
Higher

Lower

Same

Operating

Higher

Lower

Farm machinery

Same

Higher

Lower

Same

Higher

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
2003: Q1...
Q2...
Q3...
Q4...

23
18
17
15

53
65
61
58

24
18
22
27

19
17
22
31

73
78
65
59

8
6
13
10

24
19
17
13

71
75
78
80

5
6
5
7

26
23
21
17

72
71
71
76

2
5
8
8

14
9
11
11

46
63
60
54

40
28
30
35

32
29
26
17

56
59
61
55

12
12
13
28

2004: Q1...
Q2...
Q3...
Q4...

13
17
13
9

56
60
60
58

31
22
27
33

20
26
27
14

71
64
64
75

10
10
9
10

15
18
15
12

73
73
79
81

12
9
6
7

11
12
12
10

71
74
66
77

18
14
22
13

16
15
11
10

50
63
58
50

34
21
31
40

12
13
11
8

42
53
50
53

46
33
39
39

2005: Q1...

9

61

30

16

72

12

11

80

9

12

78

9

9

52

39

12

62

26

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)
2003: Q1...
Q2...
Q3...
Q4...

20
16
17
18

67
66
72
68

13
18
12
13

22
17
16
22

69
70
65
62

10
13
19
16

14
16
14
17

84
79
81
80

3
6
6
3

11
19
12
14

85
75
85
84

4
6
3
2

16
15
11
10

67
69
76
76

17
16
13
13

28
24
21
15

60
68
75
74

11
9
4
11

2004: Q1...
Q2...
Q3...
Q4...

11
16
16
12

70
68
61
71

19
16
23
17

13
27
23
13

75
60
61
72

12
13
16
15

11
15
11
11

83
81
84
89

6
4
4
0

11
11
7
9

86
85
83
84

3
4
10
7

11
15
9
7

72
70
64
74

17
16
27
19

10
15
12
11

76
69
73
73

14
16
15
16

2005: Q1...

12

69

19

19

66

15

16

80

4

11

84

5

11

68

22

14

69

17

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)
2003: Q1...
Q2...
Q3...
Q4...

29
25
14
21

53
60
71
74

18
15
14
5

13
24
7
12

75
71
80
82

13
6
13
6

19
31
33
17

75
63
60
78

6
6
7
6

17
6
11
15

67
78
74
75

17
17
16
10

23
19
10
14

55
71
81
82

23
10
10
5

38
33
33
9

57
62
48
77

5
5
19
14

2004: Q1...
Q2...
Q3...
Q4...

10
4
30
22

81
92
61
65

10
4
9
13

17
0
22
18

61
89
67
71

22
11
11
12

24
0
32
17

71
94
63
72

6
6
5
11

23
9
39
13

68
86
57
78

9
5
4
9

12
8
23
20

76
84
69
60

12
8
8
20

20
12
27
28

64
68
62
60

16
20
12
12

2005: Q1...

18

73

9

19

71

10

14

81

5

4

96

0

16

68

16

16

72

12

* State falls only partly within the indicated Reserve District.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

33

C.3. Indicators of Relative Credit Availability
Percent
Number of farm loan referrals to:

Quarter

Average
loan-todeposit
ratio,
end of
quarter

Loan-to-deposit ratio
Lower
than
desired

At
desired
level

Higher
than
desired

Refused or
reduced a
farm loan
because of
a shortage
of loanable
funds

Correspondent banks
Actively
seeking
new
farm
loan
accounts

Nonbank agencies

Compared with
year earlier
None

Lower

Same

Compared with
year earlier

Higher

None

Lower

Same

Higher

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
2003: Q1...
Q2...
Q3...
Q4...

72
73
73
72

59
62
62
65

27
27
24
27

14
11
14
8

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2004: Q1...
Q2...
Q3...
Q4...

73
74
75
74

60
59
53
56

27
27
30
33

12
15
17
11

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2005: Q1...

74

52

29

19

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2
1
1
2

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

4
3
2
5

94
95
95
92

2
1
3
4

n.a.
n.a.
n.a.
n.a.

4
3
3
6

79
88
90
88

16
9
7
6

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2
2
2
2

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

4
4
3
4

93
93
95
92

3
3
2
4

n.a.
n.a.
n.a.
n.a.

5
4
4
5

88
90
92
92

7
6
4
3

2005: Q1...

n.a.

n.a.

n.a.

n.a.

1

n.a.

n.a.

4

92

4

n.a.

4

92

4

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

34

2003: Q1...
Q2...
Q3...
Q4...

59
60
61
59

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
0
1
0

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

7
9
11
10

87
83
85
85

6
8
5
6

n.a.
n.a.
n.a.
n.a.

4
7
9
11

87
83
83
82

9
10
8
7

2004: Q1...
Q2...
Q3...
Q4...

58
58
61
59

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
0
0
0

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

10
9
8
11

87
86
88
85

3
6
4
3

n.a.
n.a.
n.a.
n.a.

11
9
8
9

86
85
88
88

3
6
3
2

2005: Q1...

58

n.a.

n.a.

n.a.

1

n.a.

n.a.

9

88

3

n.a.

9

90

1

C.3. Indicators of Relative Credit Availability (continued)
Percent
Number of farm loan referrals to:

Quarter

Average
loan-todeposit
ratio,
end of
quarter

Loan-to-deposit ratio
Lower
than
desired

At
desired
level

Higher
than
desired

Refused or
reduced a
farm loan
because of
a shortage
of loanable
funds

Correspondent banks
Actively
seeking
new
farm
loan
accounts

Nonbank agencies

Compared with
year earlier
None

Lower

Same

Compared with
year earlier

Higher

None

Lower

Same

Higher

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2
0
2
0

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

11
8
4
7

83
88
95
92

6
4
2
2

n.a.
n.a.
n.a.
n.a.

9
8
4
4

80
88
89
89

11
5
7
7

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
2
2
0

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

7
6
7
3

92
93
93
97

1
2
1
1

n.a.
n.a.
n.a.
n.a.

4
5
6
4

94
92
93
94

2
3
1
2

2005: Q1...

n.a.

n.a.

n.a.

n.a.

1

n.a.

n.a.

7

88

5

n.a.

4

92

4

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)
2003: Q1...
Q2...
Q3...
Q4...

72
74
75
71

52
64
67
48

43
32
29
43

5
5
5
9

0
5
0
0

71
79
82
70

86
86
86
86

0
0
0
0

14
14
10
14

0
0
5
0

85
81
86
90

0
0
0
0

10
14
5
10

5
5
10
0

2004: Q1...
Q2...
Q3...
Q4...

75
69
80
77

54
46
35
42

46
54
46
42

0
0
19
17

0
0
0
0

73
73
74
73

81
80
92
96

0
0
0
0

19
20
8
4

0
0
0
0

81
72
88
83

0
0
0
0

19
28
8
17

0
0
4
0

2005: Q1...

87

39

43

17

0

83

79

0

21

0

71

4

21

4

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)

35

2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

6
0
0
0

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
12
8
5

96
88
92
95

4
0
0
0

n.a.
n.a.
n.a.
n.a.

5
12
13
5

68
76
83
90

27
12
4
5

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
0
6
7

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

9
5
15
10

91
95
85
81

0
0
0
10

n.a.
n.a.
n.a.
n.a.

9
5
10
5

82
86
80
86

9
10
10
10

2005: Q1...

n.a.

n.a.

n.a.

n.a.

0

n.a.

n.a.

5

95

0

n.a.

5

86

10

* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

C.4. Average Fixed Interest Rates on Farm Loans
Percent
Quarter

Feeder cattle
loans

Other operating
loans1

Intermediate non-realestate loans

Long-term real
estate loans

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
2003: Q1...
Q2...
Q3...
Q4...

6.7
6.5
6.5
6.3

6.6
6.4
6.4
6.3

n.a.
n.a.
n.a.
n.a.

6.4
6.0
6.1
6.1

2004: Q1...
Q2...
Q3...
Q4...

6.3
6.5
6.6
6.8

6.2
6.4
6.6
6.8

n.a.
n.a.
n.a.
n.a.

5.9
6.2
6.3
6.4

2005: Q1...

7.1

7.1

n.a.

6.6

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)
2003: Q1...
Q2...
Q3...
Q4...

7.6
7.6
7.4
7.3

7.6
7.5
7.5
7.3

7.7
7.6
7.4
7.3

7.5
7.2
7.6
7.2

2004: Q1...
Q2...
Q3...
Q4...

7.4
7.2
7.4
7.6

7.4
7.2
7.4
7.6

7.3
7.3
7.5
7.7

7.0
7.1
6.9
7.0

2005: Q1...

7.8

8.0

7.9

7.4

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)
2003: Q1...
Q2...
Q3...
Q4...

6.5
6.8
6.3
6.5

6.5
6.4
6.1
6.5

6.6
6.4
6.3
6.9

6.6
6.4
6.5
6.7

2004: Q1...
Q2...
Q3...
Q4...

6.6
6.9
7.2
7.4

6.4
6.4
7.0
7.0

6.7
6.5
7.0
7.1

6.3
6.5
6.7
6.9

2005: Q1...

7.6

7.4

7.4

7.2

36

C.4. Average Fixed Interest Rates on Farm Loans (continued)
Percent
Quarter

Feeder cattle
loans

Other operating
loans1

Intermediate non-real
-estate loans

Long-term real
estate loans

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

7.4
7.3
7.2
7.1

7.5
7.3
7.3
7.2

7.0
6.9
6.8
6.8

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

7.0
7.1
7.3
7.6

7.1
7.1
7.4
7.6

6.7
6.8
7.0
7.2

2005: Q1...

n.a.

7.7

7.7

7.3

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

6.9
6.7
6.7
6.7

7.0
6.8
6.8
6.8

6.6
6.5
6.5
6.5

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

6.6
6.7
6.9
7.2

6.7
6.8
7.0
7.3

6.4
6.5
6.7
6.9

2005: Q1...

n.a.

7.4

7.4

7.1

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)
2003: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

6.9
6.5
6.5
6.5

7.6
7.1
7.0
6.9

7.5
7.0
7.2
7.3

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

6.4
6.8
6.7
7.4

7.1
7.2
7.2
7.8

7.2
7.1
7.4
7.7

2005: Q1...

n.a.

7.7

7.9

7.8

1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of
livestock (including poultry).
* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

37

C.5. Average Variable Interest Rates on Farm Loans
Percent
Quarter

Other operating
loans1

Intermediate non-realestate loans

Long-term real
estate loans

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q1...
Q2...
Q3...
Q4...

6.5
6.3
6.2
6.1

6.4
6.2
6.1
6.1

6.1
5.9
5.7
5.7

2004: Q1...
Q2...
Q3...
Q4...

6.3
6.4
6.6
6.8

6.3
6.3
6.5
6.8

5.8
6.0
6.2
6.4

2005: Q1...

7.1

7.1

6.7

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q1...
Q2...
Q3...
Q4...

7.0
6.9
6.7
6.7

6.9
6.8
6.6
6.6

6.4
6.3
6.1
6.2

2004: Q1...
Q2...
Q3...
Q4...

6.7
6.7
7.3
7.3

6.6
6.6
6.8
7.1

6.1
6.1
6.4
6.6

2005: Q1...

7.5

7.3

6.8

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)
2003: Q1...
Q2...
Q3...
Q4...

5.8
5.2
5.1
4.6

6.0
5.3
5.3
4.9

6.2
5.2
5.6
5.7

2004: Q1...
Q2...
Q3...
Q4...

5.8
6.0
6.2
6.7

6.2
6.2
6.6
7.0

6.3
6.6
6.8
6.9

2005: Q1...

7.1

7.3

7.3

1. Loans used primarily to finance such items as current crop production expenses and the care and
feeding of livestock (including poultry).
* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

38

C.6. Trends in Farm Real Estate Values and Loan Volume
Market value of good farmland

Percentage change
during quarter

Quarter

Dryland

All

Irrigated

Trend expected during
the next quarter
(percentage of banks)

Percentage change from
a year earlier
Ranchland

Dryland

All

Irrigated

Expected trend in real
estate farm loan volume
during the next quarter,
compared to year earlier
(percentage of banks)

Ranchland

Down

Stable

Up

Lower

Same

Higher

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)
2003: Q2...
Q3...
Q4...

2
1
2

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

7
7
7

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

2
2
1

72
63
47

26
35
52

17
15
11

68
66
62

15
19
27

2004: Q1...
Q2...
Q3...
Q4...

5
1
3
3

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

12
9
12
12

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
2
2
0

33
54
49
50

67
44
49
50

9
10
11
11

56
69
62
62

35
21
26
27

2005: Q1...

4

n.a.

n.a.

n.a.

10

n.a.

n.a.

n.a.

1

52

47

8

65

26

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)
2003: Q2...
Q3...
Q4...

1
7
8

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

7
4
6

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

0
0
0

82
77
74

18
23
26

35
35
13

60
55
83

5
10
4

2004: Q1...
Q2...
Q3...
Q4...

1
-2
28
-14

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

18
15
37
9

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

0
0
11
8

65
65
48
54

35
35
41
38

28
16
27
29

68
80
65
63

4
4
8
8

2005: Q1...

23

n.a.

n.a.

n.a.

32

n.a.

n.a.

n.a.

8

48

44

20

68

12

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

39

2003: Q2...
Q3...
Q4...

n.a.
n.a.
n.a.

1
2
-1

1
1
0

1
4
2

n.a.
n.a.
n.a.

9
9
5

3
4
2

8
11
10

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

17
16
12

69
72
81

14
12
7

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

3
2
3
2

-0
2
2
3

4
2
6
4

n.a.
n.a.
n.a.
n.a.

4
6
7
10

2
3
4
6

11
11
13
16

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

10
14
10
10

77
66
74
76

14
20
17
14

2005: Q1...

n.a.

1

2

3

n.a.

8

8

16

n.a.

n.a.

n.a.

10

75

14

C.6. Trends in Farm Real Estate Values and Loan Volume (continued)
Market value of good farmland

Percentage change
during quarter

Quarter

All

Dryland

Trend expected during
the next quarter
(percentage of banks)

Percentage change from
a year earlier

Irrigated

Ranchland

All

Dryland

Irrigated

Expected trend in real
estate farm loan volume
during the next quarter,
compared to year earlier
(percentage of banks)

Ranchland

Down

Stable

Up

Lower

Same

Higher

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q2...
Q3...
Q4...

n.a.
n.a.
n.a.

-0
2
7

-1
13
-2

4
-1
9

n.a.
n.a.
n.a.

10
19
31

-2
9
11

7
22
32

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

6
-0
0
6

8
1
1
9

2
4
-7
6

n.a.
n.a.
n.a.
n.a.

15
15
13
13

18
21
8
21

14
15
7
5

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2005: Q1...

n.a.

9

2

23

n.a.

16

15

26

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q2...
Q3...
Q4...

n.a.
n.a.
n.a.

3
6
2

4
1
0

5
3
2

n.a.
n.a.
n.a.

10
12
10

12
7
5

8
10
7

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

5
1
-1
5

1
2
-0
6

4
1
-1
3

n.a.
n.a.
n.a.
n.a.

16
14
7
11

7
5
4
10

15
11
6
8

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2005: Q1...

n.a.

5

1

7

n.a.

11

10

11

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)

40

2003: Q2...
Q3...
Q4...

n.a.
n.a.
n.a.

-5
8
8

5
3
-6

5
1
-4

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

2004: Q1...
Q2...
Q3...
Q4...

n.a.
n.a.
n.a.
n.a.

-8
26
5
6

-2
9
8
14

-3
43
7
15

n.a.
n.a.
n.a.
n.a.

2
35
32
29

0
4
9
31

-1
34
42
69

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

2005: Q1...

n.a.

-11

-9

-13

n.a.

26

22

53

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

C.7. Local Trends in Farm Income and Expenditures as Reported by Banks in Each Region
Percent
Farm income
Quarter

Lower

Same

Farm household spending
Higher

Lower

Same

Farm capital spending

Higher

Lower

Same

Higher

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
2003: Q1...
Q2...
Q3...
Q4...

52
28
28
8

27
50
47
33

20
22
25
59

30
19
17
6

52
65
70
61

18
16
13
33

53
34
31
16

34
53
65
51

13
13
4
33

2004: Q1...
Q2...
Q3...
Q4...

7
2
15
20

25
37
47
30

68
61
38
50

5
2
5
5

52
55
63
56

43
42
33
40

8
5
10
11

41
49
56
40

51
46
34
49

2005: Q1...

17

34

48

5

53

42

16

39

45

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
2003: Q1...
Q2...
Q3...
Q4...

72
36
22
17

24
47
46
35

5
17
32
48

44
27
18
10

48
60
68
64

8
13
15
25

68
46
36
20

30
48
49
54

2
6
14
26

2004: Q1...
Q2...
Q3...
Q4...

11
11
11
10

42
49
51
40

47
40
38
50

8
9
6
5

68
65
71
60

25
26
23
35

16
15
12
9

53
60
63
53

31
24
25
38

2005: Q1...

12

48

40

5

59

36

12

55

33

Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA)
2003: Q1...
Q2...
Q3...
Q4...

57
50
46
30

22
35
38
22

22
15
17
48

52
46
33
17

30
46
63
70

17
8
4
13

52
58
46
26

39
27
46
39

9
15
8
35

2004: Q1...
Q2...
Q3...
Q4...

18
13
5
17

55
43
36
30

27
43
59
52

14
0
0
13

73
70
73
57

14
30
27
30

27
22
9
13

50
43
45
48

23
35
45
39

2005: Q1...

27

55

18

14

68

18

23

55

23

* State falls only partly within the indicated Reserve District.
n.a. Not available.
Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.

41