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E.15 (125) 11 AGRICULTURAL FINANCE DATABOOK First Quarter 1993 Guide to internal tables of contents and notes on sources Page Amount and characteristics of farm loans made by commercial banks . . Selected statistics from the quarterly reports of condition of commercial 3 banks Reserve bank surveys of farm credit conditions and farm land values . . Farm debt outstanding, major lending institutions 16 Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. 20551 Nicholas A. Walraven, Michael Ott, and John Rosine 26 39 2 General Information The Agricultural Finance Daiiabook 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 Federal Reserve Banks. Other portions of the data 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 first quarter of 1993; the other data generally were available only through the fourth quarter of 1992. 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 "contents" pages at the beginning of the corresponding section, together with the front cover identifying the Dfltftbopk and date of issue, and this page providing subscription information. Remaining questions may be addressed to Nicholas Walraven, Michael Ott, or John Rosine at the address shown on the cover. The Databook is furnished on a complimentary basis to college and university teachers, libraries of educational institutions, government departments and agencies, and public libraries. Others should enclose the annual subscription fee of $5.00. New subscriptions to the Databook (Statistical Release E.15) may be entered by sending a mailing address (including zip code) to: Publications Services, Mail Stop 138 Federal Reserve Board Washington, D.C. 20551 Notice of change of address also should be sent to Publications Services. the old address should be included. A copy of the back cover showing SECTION I: AMOUNT AND CHARACTERISTICS OF FARM LOANS MADE BY COMMERCIAL BANKS Estimates from the quarterly survey of nonreal estate farm loans Summary charts Page 5 Tables: I.A I.B I.C I.D I.E I.F I.G I.H Number Average size Amount Average maturity Average effective interest rate Percentage of loans with a floating interest rate.... Distribution of farm loans by effective interest rate Detailed survey results 7 8 9 10 11 12 13 14 SOURCES OF DATA: These data on the farm loans of $1000 or more made by commercial banks 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. Before August 1989, the farm loan survey was part of a broader survey of the terms of lending by a sample of 340 commercial banks. A subset of 250 banks was asked for information regarding agricultural lending, and about 150 typically reported at least one farm loan. Since August of 1989, the data have been drawn from a new, redesigned sample of 250 banks that is no longer part of the broader survey. In the new sample, banks are stratified according to their volume of farm lending; previously, they had been stratified according to the volume of business loans. As before, however, the sample data are being expanded into national estimates for all commercial banks. In the February 1993 survey, 220 banks reported at least one farm loan, and the number of sample loans totaled 4987. In both the previous survey and the new one, the national estimates exhibit variability due to sampling error The estimates are sensitive to the occasional appearance of very large loans in the sample. In addition, the breakdown of national estimates into those for large banks and small banks may have been affected somewhat by the new sampling procedures that were implemented in August 1989; apparent shifts in the data as of that date should be treated with caution. 3 SECTION I: (CONTINUED) More detailed results from each quarterly survey previously were published in Statistical Release E.2A, "Survey of Terms of Bank Lending to Farmers". Beginning in February, 1992, the more detailed results are included at the end of this section of the Databook. and the E2.A has been discontinued. Starting with the August 1986 survey, farm loans secured by real estate are included in the data shown in the table of detailed results, whereas such loans are excluded from the tabulations in Tables I.A through I.G and the summary charts. RECENT DEVELOPMENTS: Recent surveys have shown a gradual uptrend in the number of nonreal estate farm loans made by banks, and the uptrend appears to have been maintained in the first quarter of 1993. The survey that was taken in the first full week of February showed the number of these loans rising to 2.74 million at an annual rate, compared to 2.45 million in the first quarter of 1992. The average size of loan edged down in the first quarter, but remained toward the high end of its recent range; the pattern of variation in loan size has tended to dominate the related series on the amount of loans made, which also turned down a bit in the first quarter, but remained in a relatively high range. The average effective interest rate on nonreal estate farm loans turned up slightly in the February survey, but the increase was concentrated in categories where the quarterly data have tended to be somewhat volatile over time. By contrast, categories where the rates typically have been less volatile showed little change in the first quarter: The rates for feeder livestock and farm operating expenses continued to edge down while the average rate for farm machinery was just a touch higher than in the previous quarter. As in other recent quarters, about 70 percent of the volume of nonreal estate farm loans was made at interest rates that float. I > Chart 1 I Results from the Survey of Terms of Bank Lending to Farmers Millions, Annual Rate Number of nonreal estate farm loans 5.0 4.5 4.0 3.5 3.0 2.5 — Four quarter moving average 2.0 1.5 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1.0 Thousands of dollars Average size of nonreal estate farm loans — Four quarter moving average 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Billions of Dollars, Annual Rate Amount of nonreal estate farm loans 10 100 - Four quarter moving average 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 30 Chart 2 Results from the Survey of Terms of Bank Lending to Farmers Months Average maturity of nonreal estate farm loans - Four quarter moving average 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1991 1992 1993 Average effective interest rate on nonreal estate farm loans 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 100 Share of farm loans with a floating interest rate — Four quarter moving average 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.A NUMBER OF LOANS MADE (MILLIONS) BY SIZE OF LOAN ($1,0003) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to OTHER to 24 25 to 99 100 and over 0, .65 0, .67 0, .60 0, .53 0, .51 0, .46 0, .46 0, .43 0, .52 0, .49 0. .51 0, .54 0, .41 0, .40 0, .38 0, .40 0, .30 0 .29 , 0, .27 0, .28 0, .31 0 .35 , 0, .32 0. .36 0, .10 0, .09 0, .11 0, .09 0, .09 0, .08 0, .08 0, .07 0, .09 0, .09 0, .10 0, .11 BY SIZE OF BANK 10 LARGE OTHER 0 .17 0 .22 0 .20 0 .18 0 .18 0 .20 .20 0. .23 0. .36 0, 0, .44 .50 0, .51 0, 3, .21 3 .08 , 3, .21 3, .26 2 .78 , .34 2, .18 2, 1. .99 .23 2, .20 2, .10 2, 2, .17 0.45 0.54 0.54 0.47 2.00 2.24 2.13 2.01 ANNUAL NUMBER OF LOANS MADE 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1 1 1 1 1 1 1 1 1 1 1 1 .39 3, .30 3, .41 3, .44 3. .96 2, .55 2, .38 2, .21 2, . 2, 60 . 2, 63 . 2, 60 . 2. 68 0 .39 0 .33 0 .37 0 .34 0, .34 0, .30 0. .39 0, .29 0, .30 0, .32 .35 0, .35 0, 0, .26 0, .26 0, .32 0. .29 0. .23 0. .17 0. .13 0. .11 0. .20 0, .24 0. .23 0. .25 2 .01 2 .06 2 .00 2 .06 . 1. .77 .66 1. .54 1, .45 1, .73 1, 1, .69 .64 1, .67 1. 0. .38 0. .30 0. .39 0. .35 0. .36 0. ,17 0. ,14 0. ,14 0. .16 0. ,19 0. ,17 0. ,18 0, .34 0, .35 0. .32 0, .35 0, .27 0, .24 0, .19 0, .21 0, .20 0, 19 . 0. .21 0. .24 1 1 1 1 1 1 1 1 1 1 1 1 2 .23 2 .14 2 .32 2 .42 .06 2. .71 1. 1 .57 • 1 .42 • .67 1, .70 1, .66 1, .67 1. 1 1 1 1 1 1 1 1 1 1 1 1 NUMBER OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1.43 0.19 0.17 0.16 0.15 0.22 0.20 0.23 0.20 1.56 1.84 1.77 1.48 0.44 0.56 0.52 0.52 0.34 0.30 0.29 0.36 0.12 0.24 0.27 0.17 0.30 1.43 1.95 1.78 1.52 0.19 0.15 0.20 0.19 0.24 0.23 0.29 0.20 1.47 1.80 0.36 0.37 0.34 0.40 0.10 0.09 0.13 0.45 0.53 0.58 0.48 01 1.57 0.50 0.61 0.51 0.53 0.27 1.62 0.23 0.23 1.62 0.55 0.42 0.14 0.48 2.2( 2.45 2.78 2.66 2.49 0.25 0.20 0.19 0.28 45 88 76 64 1993 Ql. 0.42 0.28 0.28 0.42 0.35 0.28 0.32 0.43 2.74 0.39 1.37 1.93 1.81 1.82 0.12 0.08 0.08 0.12 35 17 16 7 8 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.B AVERAGE SIZE OF LOANS MADE (THOUSANDS OF DOLLARS) BY SIZE OF LOAN ($1,000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to 9 OTHER 10 to 24 25 to 99 3 .7 3 .7 3 .6 3 .7 3 .5 3 .5 3 .6 3 .7 3. 6 3. 6 3. 6 3 .7 ,7 14. .6 14. .8 14. .7 14. 14. .4 14 .9 . 14. .1 .8 14. 14. .7 .8 14. .9 14. .8 14. .5 43. 46. ,1 ,3 46. .8 43. .5 45. ,9 44. .5 46. 45. ,2 45. ,9 46. .1 46. .6 .9 45. BY SIZE OF BANK 100 and over LARGE OTHER 1 1 1 1 1 I 1 I 1 I I I 73 .0 97 .8 92 .0 88 .1 82 .0 62 .0 85 .5 70 . .0 53-.7 100 .7 107 .0 97 .0 , 15 .0 14 .4 15 .2 13 .8 13 , .4 15 .3 14 .9 . 16 . .3 14 .4 . 13 .9 . 13 . .9 15 .8 ANNUAL AVERAGE SIZE OF LOANS MADE 1981 1982 1983 1984 1985, 1986, 1987 , 1988, 1989, 1990, 1991, 1992, 1 1 1 1 1 1 1 1 1 1 1 1 18 0 20 0 19 7 17 7 17, .6 19, .0 20, .8 21, .8 19, 9 . 28, .4 31, .9 31, .2 I I I I 1 I I I I 1 I I 32 6 41 .5 32 .5 31 8 25, .7 35, .0 33 .8 , 34 .1 42 .7 69 .7 61 .0 68 .3 16 .6 17 .5 18 .2 21 .9 22 .5 25 .8 26 .3 40 .6 29 .5 22 .7 25 .2 26 .9 13 6 13 6 15 5 12 9 ,8 12. ,0 14. . 14. 6 ,7 16. 14 .1 . 15. .7 .6 15. ,1 14. 12 .3 . 17 .6 . .6 15. 12 .5 . 12 .4 , 13 .6 , 16, .1 13 .9 , 12 .1 , .9 11, 15, .1 .0 16, 33 .8 , 38 .9 , 37 .1 , 34 .8 , 42 .1 , 32 .9 , 44 .6 , 34 .7 , 32 .2 , 94 .3 129 .7 108 .8 1 1 1 1 1 1 1 1 1 1 I 1 255 326 294 291 255 280 320 320 272 488 540 468 DF AVERAGE SIZE OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH ( QUARTER , ANNUAL RATE 1991 Ql. . . Q2... Q3... 04... 1 1 1 1 39 .4 31 .7 24 .6 32 .4 1 1 I 1 60 .8 6 6.5 63 .0 56 .2 39 .8 18 .0 18 .4 22 .2 .6 20, .8 13, .1 14, .9 14, 12 .3 . 15. .7 17 .8 15 .1 139 .4 179 .2 70 .7 134 .7 1 1 1 1 3 .7 3.7 3.5 3 .6 .9 14. .6 14, .8 14, 15. .3 .5 49. .3 44. ,5 44. 47. .4 583 771 457 410 1 I 1 1 130 .2 117 .2 77 .2 106 .9 18, .9 11, .1 11, .2 14 .9 , 1992 01. .. 02... 03... 04... 1 1 1 1 36 .8 26 .6 25 .2 37 .3 I 1 1 I 68 .0 63 .1 70 .5 70 .1 24 .4 23 .4 20 .4 36 .0 17, .4 .8 12, .6 12, 17, .2 14 .4 24 .3 12 .9 14 .1 137 .8 104 .0 63 .8 143 .5 1 1 1 1 3 .8 3 .6 3 .5 4 .0 .0 15, .7 14, .7 14, .9 14, .3 48. .6 45. 45. .0 .6 44. 482 440 432 503 1 I I I 121 .6 83 .0 72 .1 120 .1 18 .0 , 13 , .8 12 .6 , 19, .0 1993 oi... 1 35 .1 1 77 .4 16 .4 .8 18, 15 .2 120 .2 1 3 .7 .3 15, .5 45. 441 1 111 .7 19, .0 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.C AMOUNT OF LOANS MADE (BILLIONS OF DOLLARS) BY SIZE OF LOAN ($1,000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to 9 OTHER BY SIZE OF BANK 10 to 24 25 to 99 100 and over 9. 5 . .8 9. 9. .0 7 .8 . 7 .4 . 6 .9 . 6 .8 , 6, .4 7 .7 , 7 .3 , , 7 .6 8, .0 18. 0 18. 2 17. 5 17. 6 13 . 5 13 . 2 6 12 . 9 12 . 14 . 4 15. 9 15. 1 16. 7 25. 3 30. ,0 32. ,4 ,5 26. ,0 24. ,3 22. ,5 24. 23. ,7 23 . ,4 .3 45. 54. ,0 ,8 52. LARGE OTHER 1 1 1 1 1 1 1 1 1 1 1 1 ,8 12. ,7 21. ,6 18. ,8 15. ,9 14. , 12. 6 ,1 17. ,9 15. ,6 19. ,2 44. ,7 53. ,4 49. .3 48. ,3 44. 48. ,7 .0 45. 37 .3 . 35. .9 32 .5 . 32 .3 . 32 .0 , 30 .5 , .1 29, 34 .3 , ANNUAL AMOUNT OF LOANS MADE 1981 1982 1983 1984 1985, 1986, 1987 , 1988 1989, 1990, 1991, 1992 , 1 1 1 1 1 1 I 1 1 1 j I 61 1 66 0 67 3 60 8 52 1 .5 48. .6 49. 48, .2 .6 51. .7 74. 82 .8 , 83 .7 , 1 1 1 1 1 I 1 1 1 1 1 I 12 7 13 6 12 1 10 7 8 6 ,4 10. ,2 13. .0 10. .9 12. .0 22. . 21. 4 ,6 23. 4 .3 4 .5 5 .9 6 .5 5 .2 4 .5 3 .4 4 .6 6 .0 5 .5 5 .8 6. 6 27 3 28. 1 31 1 26. 5 22 6 23 .2 22 ,5 24 .3 . 24 .3 , ,6 26. 25 . ,5 ,6 24 . 4. 7 5. 4 6. ,1 4. 4 4. .4 ,4 2. ,3 2. .9 1. ,0 2. ,3 2. .5 2. 2 .9 . 8. .3 . 7 .9 8 .4 . 8 .9 . 7 .2 . 6. .0 5 .7 , 5, .2 6 .1 , , 6 .1 6 .1 , 6 .2 . 11. ,4 13 ,4 . ,9 11. 12 ,2 . 11 ,3 . 8. ,0 8. ,3 7 .4 . 6 ,4 . 18 ,3 . 27 .6 . .0 26. , AMOUNT OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1991 Ql. . . Q2... Q3... 04... 1 1 1 1 .8 96, .3 88, 65 .5 80 .5 I I I I .5 25, .6 18, .7 17, .8 23, 1992 01... 02... 03... 04... I I 1 I 90 .3 76 .4 69 .4 98 . 6 I 1 1 I .9 23, .6 17, 22 .8 30 .1 1993 oi... 1 96 .0 1 30 .0 ,3 28. ,1 26. .6 25. 21 , .4 2 .4 , 2. 6 , .8 2, 2 .2 , 30 .8 , 36, .7 15, .9 26 .9 5 .8 6 .8 6 .2 5 .4 6 .6 8 .2 7. 6 8 .0 16. 9 .5 13. 13 ,0 . 17. ,1 67 .5 , .8 59, .6 38, .0 50, 1 1 1 1 .1 59, .5 63, . 41, 6 . 50, 6 37 .7 24 .8 23 .9 29 .9 5 .9 6 .4 3 .6 10 .7 .0 25 , .0 25 , .3 22 , 26 , .2 .7 2, 3 .6 2 .5 . 2 .7 32 .9 23 .9 18 .2 28 .9 5 .5 6 .4 6 .4 6 .2 7 .5 9 .0 7 .4 8 .0 17 ,2 . 16. ,7 15. ,1 17 .9 . 60 .1 44 .3 40 .4 66 .5 1 1 1 1 .2 54. 44 .0 42 .1 57 .4 36 .1 32 .4 27 .4 41 .2 4 .4 30 .5 . 3 .5 27 .6 5 .9 8 .5 19. .2 62 .4 1 53 .2 42 .8 9 .8 3. 6 3 .4 6 .2 1 9 10 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.D AVERAGE MATURITY OF LOANS MADE (MONTHS) BY SIZE OF LOAN ( $1,000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to 9 OTHER 10 to 24 25 to 99 6, .4 .0 7. 8, .1 7, .5 7, .7 8, .0 8, .1 9, .2 8, .3 9. .2 8. .3 9. .1 6 .0 6 .6 8 .1 , , 7 .7 9, .1 9, .8 .3 9, 10, .2 .3 9. .9 11. 10. .6 11. .1 BY SIZE OF BANK 100 and over LARGE OTHER 5, .8 6, .4 10, .0 8, .0 .9 7, 7, .1 8, .3 7 .7 , 7. .1 .9 4. 5. ' ,8 7. .2 5, .4 6, .0 6, .1 .0 7, 6, .9 5, .5 5. .9 8 . 1 , 7 ,S . 4. 7 . 5, ,2 6. ,4 6 .2 6 .7 9 .9 7 .9 . 8, .4 8, .8 9, .3 8, .8 10 .2 . 9. .6 10 .1 . ANNUAL AVERAGE MATURITY 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1 1 1 1 1 1 1 1 1 1 1 1 6 .0 6 .5 8 .9 .7 7, 8 .0 8 .0 .4 8, .7 8, .1 8, .5 7, .3 7, .9 8. 5 .5 5 .1 5 .5 5 .0 6, .1 5 .8 5, .5 6, .4 6, .8 6, .0 6, .7 6. .1 6 .5 7 .0 8 .1 6 .6 .8 7, 6, .3 7 .7 , 4, .7 7, .4 8, .8 8, .5 9, .5 5, .6 7, 1 . 10, .4 .8 7, .3 7, 7. .6 7. .6 8. .5 7 ,2 . 7. .5 7. ,2 8. ,6 11 .1 8 .4 10 .6 12 .6 13 .4 21 .0 22 .8 19 .8 18, .7 .9 21, 24 .6 20, .1 5 .2 5, .4 .8 7, 8, .1 8, .8 8, .8 12, .1 10, .9 .8 11, 6, .4 5, .3 9. .4 1 1 1 1 1 1 1 1 1 1 1 1 6 .2 6 .0 7 .0 7 .0 6 .7 6 .8 7 .5 . 7, .1 7 .4 , 7 .4 , .7 7, .3 8, 8 .2 , MATURITY OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1991 Ql. Q2. Q3. Q4. 6.5 7.8 8.4 6.7 1992 Ql. Q2. Q3. Q4. 9.9 9.5 8.8 7.7 1993 Ql. 9.9 6.4 6.3 7.3 6.9 8.3 19.7 22.6 33.0 21.7 6.5 9.9 12.5 9.9 6.8 8.5 9.2 7.8 7.9 6.2 6.7 10.0 9.2 7.0 7.8 22.6 12, 18.8 8, 11.4 8.9 32.5 8.1 19, 19, 3.5 7.1 6.9 4.1 14, 4, 8.0 8, .3 8, 3 . , 7 .5 6, .5 8, .5 8, .8 8, 2 • 7, .6 12 .6 11 .3 8 .0 10 .0 4, .1 6, .7 9. .3 .3 4. 3, .0 6, .8 6, .9 .6 4, 10 .3 . 9, .6 .5 9, 8, .7 .1 8, .6 7 .5 , 7 ,1 . 10. .4 10. .3 9. .3 8. .7 .6 11, .8 11, 10, .2 .6 10, 8. .0 ,5 7. 7, ,7 6, ,0 7 .5 , .0 7. .8 6. ,5 4. 10. .9 10, 6 . 9. .8 9. .1 8.6 10.8 11.9 7.5 5.9 10.8 L0, ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.E AVERAGE EFFECTIVE INTEREST RATE ON LOANS MADE BY SIZE OF LOAN ($1, 000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to 9 OTHER 10 to 24 25 to 99 BY SIZE OF BANK 100 and over LARGE OTHER ANNUAL AVERAGE INTEREST RATE 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1 1 1 1 1 1 1 1 1 1 1 1 18 .5 16 .7 13 .5 14 .1 12 .8 11 .5 10 .6 11 .2 12 .5 .4 11. .8 9, .8 7, 1 1 1 1 . 1 1 1 1 1 1 1 1 18 . 6 15 .9 13 .6 .7 13 12 .5 11 .1 10 .7 10 .9 12 .3 .5 11, 10, .2 8, .2 18 .4 16 .3 13 .8 14 .3 12 .7 11 .9 10 .2 11 .9 12 .4 12 .0 11 .0 8. 6 18 .4 16 .9 13 .5 14 .2 13 .0 .5 11, 10, .8 11, .2 12 . 6 , 11. .7 10. .4 8. .8 17 .9 17 .1 14 .3 14 .6 13 .7 12 .2 11 .5 11 .7 12 .8 12 .3 11 .3 9 .3 18 . 6 16 .9 12 . 8 14 .0 12 .1 11 .2 9 .5 10, .7 12 . 3 , 10, .7 8, 6 . 6. .3 | | | | I | | I I I | | 18 .0 17 .0 14 .2 14 .6 13 .7 12 .4 11 .6 11 .7 12 .8 12 .5 . 11 .5 . 9, .7 18 .2 16 .8 14 .1 14 . 3 13 .2 12 .0 11 .3 11 . 6 12 .7 12 .4 , 11, .2 9, .3 18 .2 17 .0 14 .0 14 .3 13 .2 11 .8 11 .1 11 .4 12 .7 12 .1 10 .7 8 .8 18 .9 16 .4 13 .0 13 .7 12 .1 10 .8 9, .9 10, .8 12 .2 , 10, .9 9, .2 7. .1 1 1 1 1 1 1 1 1 1 1 1 1 19 .8 16 .1 12 . 1 13 .1 11 .2 . 9, 6 .2 9, 10, .2 12, .1 10, .9 .0 9, .8 6. 18 .1 17 .0 14 .1 14 .4 13 .4 12 .1 11 .3 11 .6 12 .7 12 .3 11 .3 9 .4 .6 11. 11 .5 . 11 .5 . 10 .1 . AVERAGE RATE ON LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1991 Ql... Q2... Q3 . . . Q4 . . . 1 1 1 1 10. ,4 ,8 9. 10. .1 ,0 9. 1 1 1 1 10. ,7 .3 10. ,3 10. 9.5 .9 10, 11 .5 , .3 11. 10. ,6 10. 7 10. 7 10. 5 9. 8 12 .0 , 11 .4 . 11 .0 . 10. .6 1992 Ql... Q2 . . . Q3 . . . Q4 . . . 1 1 1 1 8.0 8.3 8 7. 7.4 1 1 1 1 8.7 8.3 8.0 8.0 8. ,4 9. ,7 8 ,4 . 8. ,0 9. 1 9. 1 8. 6 8. 4 7.9 8.9 8.3 1993 Ql, 7. ( 9. ,5 8. 6 , 9. 1 7. 5 | | 1 I .9 11. 11 ,6 . 11 ,5 . 11 ,0 . 11. ,8 11. ,4 11. ,2 10. ,6 11. .4 10 .7 . 10 .8 . 10 ,1 . 9. ,8 9. ,2 9. ,5 8. ,2 1 1 1 1 ,6 9. , 9. 1 9.4 8. .1 9. ,9 9. ,5 9. ,2 8 .7 . 6. 4 6. 8 6. 4 5. 5 | | I | 10. ,0 9. .9 9,.5 9. 4 9. ,5 9. .6 9. 0 9. 0 9. ,2 9. ,1 8. ,6 8 ,5 . 7. 2 7. 5 7. 1 6. 7 1 1 1 1 6.8 7.2 6.8 6.3 9 ,7 . 9. ,7 9 .4 . 8 ,9 . 8.8 6.1 9.2 8.8 8.4 7.0 6. 6 8.8 12 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS TABLE I.F PERCENTAGE OF LOANS MADE WITH A FLOATING INTEREST RATE BY SIZE OF LOAN ($1,000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT 1 to 9 OTHER 10 to 24 BY SIZE OF BANK 25 to 99 100 and over 17. .7 , 25. 6 .1 29. ,3 31. ,5 31. ,8 41. , 45. 6 51. ,5 , 49. 6 59. ,2 59. ,0 59. .1 ,7 21. ,7 29. 34 .9 . ,0 29, ,0 42. 48. .2 54. .4 .8 60. 58. .5 6 6.0 . .0 64. 61, .2 ,9 42. 53. ,4 55. ,9 52. ,7 .6 56. 63 .7 . .5 68. 67 .0 . 69. .1 .5 67. .8 67, 78, .6 LARGE OTHER 1 1 1 1 1 1 1 1 I 1 1 1 ,0 80. . 65. 6 ,7 77. .1 71. .1 77, .9 71. .6 77. .1 79. .6 83". .4 69, .0 70, .9 82, .5 15. .3 26. ,9 29, .6 27 , 32 • 6 , 47 .0 , 49, .9 52 .6 , 47 .2 , .3 59, 56, .1 .5 55, ANNUAL PERCENTAGE OF LOANS MADE 1981 1982 1983 1984 1985, 1986 , 1987 . 1988 , 1989 , 1990, 1991, 1992 , 1 1 1 I 1 1 1 1 1 1 1 1 29 0 39 2 43 1 38 9 45. .3 53 .4 . 59. ,5 61. .4 .0 61. 65, .2 65, .1 71 .7 , 1 1 1 I I 1 1 I 1 1 1 1 33.3 47.8 47.8 41.2 61.4 60.5 51.6 65.3 71.4 76.8 81.5 78.5 21.6 30.2 28.7 32.3 44.9 34.8 69.6 39.5 40.0 61.6 69.3 63.5 31.5 43 .0 48.1 41.7 43.0 57.2 62.1 63.8 59.7 68.3 68.8 66.3 14 ,9 . ,5 15. 17 ,6 . 24 ,3 . 19 .6 . 30 . 9 55 .5 . 54 .9 , 32 .9 . .0 40, 40 .6 , 47 .8 , 28.5 31.4 44.3 39.5 47.3 50.6 62.1 63.2 73.6 51.2 50.3 75.3 1 1 1 1 1 1 1 1 1 1 1 1 15.5 24.3 25.6 23.8 27.6 40.6 48.5 49.3 50.4 53.6 52.0 57.3 AVERAGE PERCENTAGE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER 1991 Q1 . . . Q2... 03... 04... 1 1 1 1 61 .1 72 .5 74 .7 54 .1 1 1 1 1 82.2 85.8 92.3 69.5 82.1 59.9 81.7 47.8 69.2 69.2 74.7 60.9 39 .3 34 .0 47 .6 41 .1 31.3 72 .1 58.4 37.6 1 I 1 1 51.3 51.5 55.2 49.9 65, .2 58. .9 .6 62, 50, .5 .5 68, 65 .7 68 .8 54 .7 59, .7 78, .2 82 .2 54, .9 1 1 1 1 57 .5 . .1 81. 84 .8 58 .5 66 .8 50 .4 57 .1 46 .6 1992 Ql... 02... 03... 04... 1 1 1 1 71 .0 71 .9 69 .7 73 .5 1 1 1 1 76.1 84.2 78.7 77 .0 43.0 53.5 78.4 75.8 59.6 67.0 68.9 70.0 39 .8 56 .9 39 .7 51 .0 83.6 75.2 62.0 74.3 I 1 1 1 55.7 59.6 58.8 54.8 .3 60, .9 55, 65, .4 55, .7 56 .3 61 .3 65 .4 62 .4 78 .0 80 .9 73 .9 80 .4 1 1 1 1 87 .1 84 .4 78 .0 81 .5 46 .9 54 .9 57 .0 62 .4 1993 oi... 1 71 .2 1 85.9 56.7 70.6 47 .0 61.3 I 57.7 .3 60, 60 .8 77 .2 1 81 .5 58 .6 Table I.G PERCENTAGE DISTRIBUTION OF NONREAL ESTATE FARM LOANS MADE BY BANKS,1 BY EFFECTIVE INTEREST RATE Effective interest rate (percent) All loans.. Under 6.0.. 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 21. 9. . . 21.0 to 21. 9. . . 22.0 to 22. 9... 23.0 to 23. 9. . . 24.0 to 24. 9. . . 25.0 and over.. February 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 100 100 100 100 100 100 100 100 100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 6 13 39 27 10 3 - 1 1 5 13 24 35 12 4 1 1 - 3 13 17 28 28 8 2 - 1 8 10 16 39 15 10 1 8 5 7 21 23 31 4 19 16 13 11 26 12 2 - 3 18 34 30 10 3 1 - 1 4 30 46 15 3 1 - 1 8 34 38 14 3 1 100 - 3 4 3 31 19 22 14 4 Memo: Percentage Distribution of Number of Loans, Nov 92 Feb 93 1992 1993 100 100 100 2 16 10 17 18 22 10 5 4 11 20 17 26 15 7 1 1 1 13 24 27 21 11 2 100 - 1 14 22 29 22 10 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ' " " " 1. Percentage distribution of the estimated total dollar amount of nonreal estate farm loans of $1,000 or more made by insured commercial banks during the week covered by the survey, which is the first full business week of the month specified. Data are estimates from the Federal Reserve survey of terms of bank lending to farmers. Percentages may not add to 100 because of rounding. E.2A SURVEY OF TERMS OF BANK LENDING MADE DURING FEBRUARY 1-5,1993 Loans to farmers Size class of loans (thousands) $50-99 $25-49 $1-9 ALL Amount of loans (thousands) Number of loans Weighted average maturity (months)1 4 5 6 Weighted average interest rate (percent) 2 Standard error 3 Interquartile range 4 By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 13 14 15 16 17 18 19 20 $100-249 $250 and over BANKS 1 2 3 7 8 9 10 11 12 $10-24 120,649 32,722 8.7 176,641 11,556 12.2 196,087 5,705 15.9 235,745 3,595 15.4 301,806 2,107 18.7 971,091 1,013 11.5 9.13 0.06 8.40- 10.00 8.81 0.07 9.66 8.48 0.13 9.50 8.22 0.16 7.03 - 9.28 7.97 0.07 6.70 - 9.00 6.79 0.40 8.30 8.00 - 7.50 - 5.75 - 8.81 9.53 9.15 9.34 8.69 8.41 8.46 9.46 8.86 9.03 8.14 8.15 8.46 8.97 8.62 8.66 8.14 7.78 8.00 9.09 8.37 7.96 8.29 7.76 7.55 8.86 8.21 8.72 8.81 7.24 7.84 7.33 7.26 59.0 52.2 61.9 56.3 57.9 55.8 63.6 54.5 72.9 64.8 78.9 91.3 12.7 10.5 60.9 10.2 0.9 4.9 13.5 10.2 57.0 8.8 2.5 8.0 22.0 9.0 43.9 5.7 7.4 12.0 23.4 6.8 40.6 4.1 10.0 15.0 21.4 2.7 50.1 6.0 2.9 17.0 39.4 1.3 14.2 27,961 7,327 8.0 43,591 2,894 10.7 57,161 1,692 12.3 80,146 1,177 16.5 134,765 901 10.2 843,268 706 10.4 8.29 0.07 9.00 7.94 0.07 8.84 7.76 0.08 6.91 - 8.50 7.68 0.10 6.66 - 8.62 7.94 8.49 8.38 8.82 8.58 7.87 7.45 8.43 8.04 8.65 9.49 7.33 7.48 7.86 7.96 8.11 8.74 7.38 7.30 8.95 7.81 8.27 8.68 7.15 7.03 8.75 7.65 8.04 8.98 6.76 7.83 7.33 6.52 85.9 76.6 88.1 79.7 90.1 79.1 90.2 80.5 94.4 85.3 77.9 96.2 12.2 7.1 62.9 4.8 0.8 12.4 15.8 5.5 55.3 7.6 1.9 13.9 23.7 4.6 44.6 3.4 3.6 20.0 28.9 4.6 38.5 4.7 6.0 17.3 27.6 3.9 40.1 3.3 3.1 21.9 38.2 1.5 11.7 92,689 25,395 8.8 133,050 8,662 12.4 138,926 4,013 16.7 155,599 2,419 15.1 167,041 1,207 22.3 127,824 307 12.7 9.38 0.07 8.78 - 10.09 9.09 0.06 8.55 - 9.96 8.78 0.18 8.04 - 9.64 8.50 0.21 7.36 - 9.44 8.44 0.22 7.14 - 9.50 8.40 0.25 8.03 - 8.50 9.06 9.72 9.40 9.40 8.71 9.18 8.87 9.61 9.11 9.14 7.83 8.77 8.91 9.16 8.90 8.78 8.04 8.16 8.51 9.14 8.64 7.75 8.19 8.15 8.25 9.09 8.51 8.94 8.65 7.89 7.92 50.8 44.8 53.3 48.7 44.7 46.2 49.9 41.2 55.6 48.3 85.3 59.3 12.9 11.5 60.3 11.8 0.9 2.6 12.7 11.7 57.6 9.2 2.6 21.3 10.8 43.6 6.7 9.0 8.7 20.6 8.0 41.7 3.8 12.1 13.8 16.4 1.6 58.1 8.2 2.7 12.9 47.0 Percentage of the amount of loans With floating rates Made under commitment By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 7.97 5.62 1.6 43.5 LARGE FARM L E N D E R S 5 21 22 23 Amount of loans (thousands) Number of loans 1 Weighted average maturity (months)1 24 25 26 Weighted average interest rate (percent) 2 Standard error 3 Interquartile range 4 By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Percentage of the amount of loans With floating rates Made under commitment By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 7.50 - 7.00 6.50 - 7.38 0.14 8.02 5.30 - 6.54 0.38 8.16 7.13 5.49 0.7 47.9 OTHER B A N K S 5 41 42 43 Amount of loans (thousands) Number of loans 1 Weighted average maturity (months) 44 45 46 Weighted average interest rate (percent) 2 Standard error 3 Interquartile range 4 By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Percentage of the amount of loans With floating rates Made under commitment By purpose of loan Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other 6.1 9.14 8.50 8.33 30.8 7.5 14.7 NOTES TO TABLE I.H The Survey of Terms of Bank Lending to Farmers 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 blown up to estimate 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 residing in the portfolios of those banks. Loans of less than $1,000 are excluded from the survey. Beginning with the August 1986 survey, loans secured by farm real estate are included in the survey, and one purpose of a loan may be "purchase or improve farm real estate". In previous surveys, the purpose of such loans are reported as "other". 1. Average maturities are weighted by loan size and exclude demand loans. 2. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan size. 3. 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. 4. The interquartile range shows the interest rate range that encompasses the middle 50 percent of the total dollar amount of loans made. 5. Among banks reporting loans to farmers, most "large banks" (survey strata 1 and 2) had over $20 million in farm loans, most "other banks" (survey strata 3 to 5) had farm loans below $20 million. 16 SECTION II: SELECTED STATISTICS FROM THE QUARTERLY REPORTS OF CONDITION OF COMMERCIAL BANKS TABLES: Pa&£ Commercial banks: II.A II.B Estimated delinquent nonreal estate farm loans at insured commercial banks Estimated net charge-offs of nonreal estate farm loans at insured commercial banks 18 19 Agricultural banks: II.C II.D II.E II.F II.G II.H Distribution of agricultural banks by ratio of nonperforming loans to total loans Distribution of agricultural banks by ratio of net charge-offs to total loans... Distribution of agricultural banks by ratio of nonperforming loans to total capital Distribution of agricultural banks by rate of return to equity Loan-deposit ratios at agricultural banks Failures of agricultural banks 20 21 22 23 24 25 SOURCES OF DATA: The data in tables II.A through II.G are prepared using data from the quarterly reports of condition and income for commercial banks. Delinquencies and charge - offs of nonreal estate farm loans for the nation as a whole (table II.A and table II.B) are estimated from reports of banks that hold more than 90 percent of total nonreal estate farm loans. Banks that do not report delinquencies of agricultural loans are assumed to have the same delinquency rates as those that report. Recently, banks began to report delinquencies of loans that are secured by farm real estate. These data will be included in the D@t@book iri the near future when a sufficient historical series is available, probably later in 1993. 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 II.C through table II.H are those that have a proportion of farm loans (real estate plus nonreal estate) to total loans that is greater than the unweighted average at all banks. The estimate of this average was 16.72 percent in December of 1992. Information on failed banks (table II.H) is obtained from news releases of the Federal Deposit Insurance Corporation, with agricultural banks broken out in our tabulation according to the definition stated in the previous paragraph. SECTION II: (continued) Recent Developments: Problem loans: The various indicators of problem loans remained about flat for all of 1992, continuing the relative stability seen in these numbers for the past several years. The volume of delinquent nonreal estate farm loans at the end of 1992 was little changed from the level of a year earlier However, as a percent of loans outstanding, delinquencies fell to 2.8 percent, almost 1/2 percentage point less than one year earlier and the lowest level seen since detailed data on farm delinquencies at commercial banks first were collected in the early 1980s. Net charge-offs of nonreal estate farm loans were quite low in the fourth quarter, and the cumulative total for all of 1992 was toward the low end of the range of the past five years. The number of agricultural banks that reported a volume of nonperforming loans that is large relative either to their total loan volume or to their total capital continued to shrink in 1992. On December 31, fewer than one in four banks reported a ratio of nonperforming loans to total loans that was larger than 2 percent, and fewer than one in twenty reported a ratio larger than 5 percent. Performance of agricultural banks: Profits at agricultural banks were quite strong in 1992. Cumulative returns for the entire year amounted to 1.2 percent of assets, the strongest yearly performance since 1981. Apparently agricultural banks used a substantial proportion of the strong returns to build capital--on December 31, the average capital ratio at agricultural banks was 10.4 percent, continuing the gradual upward trend seen during the last decade. Nationally, loans at agricultural banks amounted to 55 percent of the deposits at those banks, about the same as at the end of the last several years. Failures of agricultural banks: The frequency of failure among agricultural banks remains low. March, there had been three such failures in the first quarter of 1993. As of late 17 TABLE II.A ESTIMATED DELINQUENT FARM NONREAL ESTATE LOANS INSURED COMMERCIAL BANKS BILLIONS OF DOLLARS NONPERFORMING TOTAL PAST DUE 30 TO 89 DAYS ACCRUING AS PERCENTAGE OF OUTSTANDING FARM PRODUCTION LOANS NONPERFORMING TOTAL PAST DUE 90 DAYS ACCRUING NONACCRUAL MEMO: RESTRUCTURED LOANS IN COMPLIANCE TOTAL PAST DUE 30 TO 89 DAYS ACCRUING TOTAL 1 1 1 1 1 1 I 1 1 .8 7, 10 .1 . 9 .4 6 .5 , 4 .5 3 .7 , 3 .1 3 .2 . 2 .8 2 .6 . 2 .8 . 2 .4 . .7 1. .2 1. .3 1. .3 1. .3 1. .0 1. 5. .2 7. .3 .0 7. .8 4. 3. .3 -3 2. .9 1. .9 1. .8 1. 1. ,1 1. .2 1. ,1 0. ,7 ,5 0. ,5 0. 0. .3 0. .3 0. .3 4. .1 6. .1 5. .9 4. .2 2 .9 . .9 1. .6 1. .6 1. .5 1. NA NA 1.4 1.7 1.6 1.4 1.1 0.9 0.7 PAST DUE 90 DAYS ACCRUING NONACCRUAL MEMO: RESTRUCTURED LOANS IN COMPLIANCE •December 31 of year indicated1984 1985 1986 1987 1988 1989 1990 1991 1992 I 1 1 1 1 1 1 1 1 3 .1 , .6 3. .9 2, .9 1. 1 .4 • .1 1. .0 1. 1 .1 • .0 1. ,0 1. .0 1. 0. .8 0. .5 0. .4 0. .4 0. .4 0. .4 0 .3 . ,1 ,6 2. 2. .2 .4 1. ,0 1. 0. ,7 ,6 0. .7 0. .6 0. 2. 0. ,4 0. .4 .3 0. 0. .2 0. .1 0. ,1 0. .1 0. .1 0. .1 .6 1. 2 .2 . .9 1. 1. .2 0. .9 0. .6 0. .5 0 .5 . 0 .5 . NA NA 0.4 0.5 0.5 0.4 0.4 0.3 0.2 unci oi quarter" — 1989 Q4. . . 1 1 .1 0. .4 .7 0. 0. .1 .6 0. 0.4 1 3 .7 .3 1. .3 2. 0. .5 .9 1. 1.4 1990 oi... Q2. . . Q3... 04... I 1 1 I 1 .4 1 .1 1 .0 1 .0 0. .6 0. .4 0. .4 0. .4 .8 0. .8 0. 0. ,7 .6 0. 0. .2 0. .2 0. .1 0. .1 0. .6 0 .6 . .5 0. 0. .5 0.4 0.4 0.4 0.4 1 1 1 1 4 .8 3 .5 3 .2 3 .1 2 .1 . 1. .2 1, .1 .3 1. .7 2. .4 2. .0 2. .9 1. 0. .7 .5 0. 0. .4 .3 0. 2 .0 . .8 1, .6 1. .6 1. 1.3 1.2 1.1 1.1 1991 oi... 02... 03... 04... 1 I I 1 1 .3 1 .2 1 .0 1 .1 0. .6 0 .4 , 0. .3 0. .4 0. .7 0. .7 .7 0. 0. .7 0. .2 0. .2 0. .1 0. .1 .5 0. .6 0. 0 .6 . 0 .5 . 0.4 0.3 0.3 0.3 I 1 1 1 4 .2 3 .3 2 .9 3 .2 2 .0 . 1 .3 0 .9 .3 1, 2. .2 2. .1 .0 2. .9 1. 0. 6 . 0. .5 0. .4 0. .3 .6 1. .6 1. 1 .6 .6 1. 1.1 1.0 1.0 0.9 1992 oi... 02... 03... 04... 1 1 1 1 1 .4 1 .2 1 .1 1 .0 .6 0. 0. .4 0. .4 0. .3 .8 0. 0. .8 0.7 .6 0, 0. .2 0, .2 0. .2 0. .1 .6 0. 0 .6 . .6 0, .5 0. 0.3 0.3 0.2 0.2 1 1 1 1 4 .3 3 .3 3 .0 2 .8 .9 1. .1 1. 1, .1 .0 1, .4 2, 2. .2 .9 1. .8 1. 0. .6 0. .5 0. .4 0. .3 1 .8 1 .7 .5 1, 1 .5 0.8 0.7 0.7 0.7 Data are estimates of the national totals for farm nonreal estate loans. After 1984, estimates are based on reports from banks that hold more than 90 percent of such loans. Earlier, only large banks that held about one-fourth of such loans reported nonaccrual and renegotiated farm loans; for other banks, estimates of delinquent farm loans are based on a study of delinquent total loans at these banks. TABLE II.B ESTIMATED NET CHARGE-OFFS OF NONREAL ESTATE FARM LOANS INSURED COMMERCIAL BANKS* TOTAL 1985 198 6 198 7 198 8 198 9 199 0 199 1 199 2 I | | I I I I I Q1 Q2 Q3 Q4 1300 1195 503 128 91 51 105 82 200 235 173 28 10 -5 12 14 320 360 133 39 26 19 25 20 255 230 57 24 15 10 36 29 525 370 140 37 40 28 32 18 TOTAL I I I I I I I I 3.32 3.36 1.60 0.46 0.27 0.20 0.32 0.24 Q1 Q2 Q3 Q4 0.51 0.66 0.55 0.10 0.03 -0.02 0.04 0.04 0.84 1.07 0.46 0.14 0.09 0.06 0.08 0.06 0.64 0.67 0.19 0.10 0.05 0.03 0.10 0.08 1.34 1.10 0.46 0.12 0.13 0.08 0.09 0.05 * Data are estimates of the national charge-offs of farm nonreal estate loans based on reports from banks that hold more than 90 percent of the outstanding national volume of such loans. Additional uncertainty of the estimates arises because small banks report only charge-offs of 'agricultural' loans as defined by each bank for its internal purposes. Banks first reported these data on the March 1984 Report of Income. 19 TABLE II.C DISTRIBUTION OF AGRICULTURAL BANKS BY THE SHARE OF THEIR LOANS THAT ARE NONPERFORMING* NONPERFORMING LOANS AS A PERCENTAGE OF TOTAL LOANS TOTAL UNDER 2.0 2.0 TO 4.9 5.0 TO 9.9 10.0 TO 14.9 15.0 TO 19.9 20.0 AND OVER Percentage distribution, December 31 of year indicated1984 1985 1986 1987 1988 . 1989. 1990, 1991, 1992, 1 1 1 1 1 1 1 1 1 100. 0 100 0 100 0 100 0 ,0 100, .0 100 , ,0 100. ,0 100 . .0 100 . 44 .7 36 .4 39 6 50 .3 59 .0 65 .8 69 .6 70 .8 76 .2 33. 4 33. 1 32. 2 30. 6 ,9 28, 25. ,1 ,7 22, .3 22, .0 19. 16, .4 .6 21, 19, .7 .4 14, 9 .7 7 .6 6 .4 5 .8 3 .9 3 ,9 . ,6 5. 5. ,5 3 .3 . .9 1. 1, .2 .0 1. 0, .7 .8 0. ,1 1. ,1 2. ,9 1. 0 .9 . 0. 4 > 0 .2 . 0. .2 .3 0, 0 .1 , 0 .5 . 1 .2 , 1 .0 , 0 .3 , 0 .2 , 0, .1 0 .0 , 0 .1 , . 0 .0 ~ i U hi 11 C11W. V « Ul i L Percentage HibqLt ltJi L l U i l /i nn pnH of 1990 03... Q4... 1 1 100, .0 100, .0 66 .6 69 .6 24.8 22 .7 , 7.3 6 .4 1.0 1 .0 0 .2 , 0 .2 ' 0.0 0 .0 1991 oi... 02... 03... 04... 1 1 1 1 100 .0 100 .0 100 .0 100 .0 65 .1 65 .7 66 .5 70 .8 .5 25, .5 25, .7 25, 22 .3 7 .7 7 .1 6. 6 5 .8 1 .4 1 .3 1 .0 0 .7 0 .2 0 .2 0 .2 0 .3 0 .1 0 .1 0 .0 0 .1 1992 oi... 02... 03... 04... 1 1 1 1 100 .0 100 .0 100 .0 100 .0 66 .4 68 .2 71 . 6 76 .2 24 .6 24 .1 22 .1 19 .0 7 .5 6 .5 5 .5 3 .9 1 .0 1 .0 0 .7 0 .8 0 .3 0 .2 0 .1 0 .1 0 .1 0 .1 0 .1 0 .0 * Nonperforming loans are loans in nonaccrual 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 II. TABLE II.D DISTRIBUTION OF AGRICULTURAL BANKS BY THE PROPORTION OF THEIR LOANS CHARGED OFF NET CHARGE-OFFS AS A PERCENTAGE OF TOTAL LOANS * TOTAL UNDER 0.10 0.10 TO 0.49 0.50 TO 0.99 1.00 TO 2.49 2.50 TO 4.99 5.00 AND OVER -Percentage distribution during year indicated- 1 I 9 .7 19 .4 31 .8 36 .0 40 .2 40 .2 44 .9 13 . 4 , . 20, 6 25, .7 28, 1 . .3 29, 31. .9 30. 9 . 15 .5 18 .5 17 .2 .5 16, 15 .3 14 .7 , 12 .7 . 30. ,7 25. ,4 17 ,3 . 14 , 1 . ,8 11. 10, ,2 9. .3 18.0 11.0 5.8 3.9 2.7 2.5 1.7 l£> 1 100 .0 100 .0 100 .0 .0 100. .0 100, .0 100. .0 100. \—1 I I 1 1 CM 1986 1987 1988 1989 1990 1991 1992 5.1 2.2 1. 4 0.8 0.6 0.6 Percentage distribution based on the year-to--date charge--of fs through the quarter 1990 04... 1 .0 100, 40 .2 . . 29, 3 15, .3 ,8 11. 2 .7 0.8 1991 Ql. . . 02... Q3... 04... 1 1 I 1 .0 100, .0 100. .0 100. .0 100. 78 .6 , 63 .8 , 54 .5 , 40 .2 . 16. .2 .7 24. , 28. 1 31. 9 , 3, 6 . 7, .1 10, .2 14, .7 1. 3 3. 7 5. 7 10. 2 0.2 0.6 1.1 2 .5 0.1 0.1 0.3 0.6 1992 oi... 02... 03... 04... 1 1 I I .0 100, .0 100. .0 100. .0 100, 80 .1 , 65 .5 , 56, .6 44 .9 , ,9 14. ,5 23 . 27 ,0 . 30. ,9 3 .2 , 6, .7 9. .3 12. .7 1. 6 3. 5 5. 6 9. 3 0.2 0.5 1.1 1.7 0.1 0.2 0.3 0.6 * Net charge-offs are charge-offs less recoveries for all loans (both agricultural and nonagricultural) in the year indicated. Agricultural banks are defined in the introduction to section II. 22 TABLE II.E DISTRIBUTION OF AGRICULTURAL BANKS BY RATIO OF NONPERFORMING LOANS TO TOTAL CAPITAL* NONPERFORMING LOANS AS A PERCENTAGE OF TOTAL CAPITAL ALL BANKS UNDER 25 25 TO 49 50 TO 74 75 TO 99 100 TO 124 125 TO 149 150 TO 174 175 TO 199 200 AND OVER*** 0. .6 0. .3 0. .2 0. .1 0. .1 0. .0 0. .0 0. .3 0. .3 0. .2 0. . 1 0..0 0..0 0..0 0 .3 0 .2 0 .1 0 .1 0 .0 0 .1 1.0 0.5 0.3 0.3 0.0 -Percentage distribution, December 31 of year indicated1986. 1987. 1988. 1989. 1990. 1991. 1992 . 100. 0 100. 0 1 0 0 . .0 1 0 0 . .0 1 0 0 . .0 1 0 0 . .0 1 0 0 . .0 72. 4 81. 5 8 7 . .5 9 0 . .1 9 1 . .6 9 3 . .0 9 5 . .8 1 6 . .5 1 1 . .5 8. .4 7. . 6 6. .6 5. .6 3. . 1 5.4 3.6 2.1 1.1 1.0 0.7 0.7 2. 3 1. 5 0. ,7 0. . 6 0. .4 0. .4 0. .2 1. .1 0. . 6 0. .4 0..1 0..1 0..2 0.. 1 * * y r iq Ltdl — i CJUdlrt" QT- /J Z m i Vm o n "\ a i s t r i D U Ciif" i /* , 1990 Q4... 1 0 0 . .0 91. .6 6. 6 1.0 0.4 0.. 1 0. .0 0..0 0 .0 0.0 1991 Ql.. 02. . 03. . 04.. 1 0 0 . .0 1 0 0 . .0 1 0 0 . .0 100. .0 89. .6 90. .9 91. .4 93. .0 8..2 7.. 1 6..7 5..6 1.3 1.2 1.3 0.7 0..4 0..5 0..3 0..4 0..2 0.. 1 0..2 0..2 0..0 0..0 0..0 0..0 0..0 0..0 0..0 0..0 ' 0 .1 0 .1 0 .0 0 .1 0.0 0.0 0.0 1992 Ql.. 100. .0 100. .0 100 .0 100 . 0 91. .5 92 .8 94 .2 95. . 8 6,. 7 5 .7 4 .7 3 .1 1.1 0.9 0.7 0.7 0..3 0..2 0..2 0..2 0.. 1 0.. 1 0.. 1 0,. 1 0.. 1 0.. 1 0..0 0..0 0..0 0..0 0.. 1 0,.0 0 .1 0 .0 0 .0 02. . 03.. 04. . * Total primary and secondary capital items that are available at the end of the period specified. in the introduction to section II. ** Less than 0.05 percent. *** Includes banks with negative capital. Agricultural banks are defined 0.1 * * * * TABLE II.F SELECTED MEASURES OF FINANCIAL PERFORMANCE OF AGRICULTURAL AND OTHER BANKS NET INCOME AS A PERCENTAGE OF AVERAGE EQUITY AT AGRICULTURAL BANKS ALL BANKS NEGATIVE 0 TO 4 5 TO 9 10 TO 14 AVERAGE RATE OF RETURN TO EQUITY 15 TO 19 20 TO 24 32. 0 28. 0 24. 0 15. 0 13. 0 9. 0 9. 0 12. 0 14. 0 12. 9 13. 4 19. 8 13. 0 11. 0 7. 0 3. 0 3. 0 2. 0 2. 0 3. 0 4. 0 6 2. 5 2. 5. 1 25 AND OVER AGRICULTURAL BANKS RATE OF RETURN TO ASSETS OTHER SMALL BANKS AGRICULTURAL BANKS NET CHARGE-OFFS AS PERCENTAGE OF TOTAL LOANS OTHER SMALL BANKS AGRICULTURAL BANKS AVERAGE CAPITAL RATIO (PERCENT) OTHER SMALL BANKS AGRICULTURAL BANKS OTHER SMALL BANKS percentage distribution100 .0 100 .0 100 .0 100 .0 100 0 100 0 100 .0 100. .0 .0 100. .0 100. 100. .0 100. .0 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 2. 0 4. 0 7. 0 13 .0 18. 0 19. 0 13 .0 9. 0 5. 0 4. 9 4. 1 1. 9 3. 0 5. 0 7. 0 9. 0 11. 0 14. 0 13 .0 9. 0 7. 0 7. 5 7. 7 5. 0 12.0 15.0 18.0 23.0 22.0 27.0 31.0 30.0 29.0 33.4 32.2 25.4 33. 0 33. 0 36. 0 36. 0 33 .0 28. 0 31. 0 36. 0 38. 0 37. 6 39. 2 41. 1 6 0 4 0 2 0 1. 0 1. 0 1. 0 1. 0 2 . 0 3 .0 1 .1 0. 9 1 .7 | I I I I I I I I 1 I I 15 .0 14 .0 11 .0 8 .0 6 .0 5 .0 8 .0 10 .0 11 .0 10, .8 10. .9 .6 12. 13 .0 12 .0 12 .0 12 .0 11 .0 8 .0 8 .0 9 .0 10 .0 8. .5 8 .9 .5 11. 1 .2 1 .1 1 .0 0 .7 0 .5 0 .4 0 .7 0 .9 1 .0 1 .0 1 .0 1 .2 0 .9 0 .9 0 .9 0 .8 0 .8 0 .6 0 .6 0 .7 0 .8 0 .7 0 .7 1 .0 0 .4 0 .7 0 .9 1,2 2 .1 2 .3 1 .3 0 .7 0 .6 0 .4 0 .4 0 .4 0 .4 0 .6 0 .7 0. 6 0. .8 1 .1 0. .9 0. .7 0. .7 0. .7 0. .8 0. .7 9 .2 9 .3 9 .4 9 .5 9 .6 9 .5 9 .8 9 .9 10, .1 9, .9 10 .1 , 10 .4 , 8 .6 8 .5 8 .4 8 .5 8 .5 8 .4 8 .8 8 .8 9 .0 9 .0 9 .2 9 .5 QUARTERLY --YEAR TO DATE ,0 100. ** ** ** 1991 Ql. . . Q2 . . . Q3. . . Q4. . . 100..0 100.,0 100..0 100. 0 ** ** ** ** ** ** ** ** 1992 Ql... Q2. . . Q3 . . . Q4. . . 100. 0 100. 0 100. 0 100. 0 1990 Q4. . . I ** ** ** ** ** * * * * ** * ** ** ** ** ** ** ** ** ** ** ** ** * * * * * * * * * * * * ** * * ** ** ** ** ** ** ** ** ** ** ** ** 1 .8 10. 8. .5 .0 1. 0. .7 0 .4 . 0. .7 9. .9 9 .0 . .9 2. 5. ,7 8. 6 . ,9 10. . 2 .4 5. .2 ,5 7. 8. ,9 0. .3 0. .5 0. .8 .0 1. 0. .2 0 .4 . 0 .6 . 0 .7 . 0 .1 . 0 .2 . 0. .2 0. .4 0. .2 0. ,4 0. ,5 0. 8 10 . ,1 10 . ,2 10. ,3 10 . ,1 9. .1 9 .1 . 9. .2 9 .2 . 3. .0 6. .1 8. ,9 .5 11. .3 0. .6 0. .0 1. 1. .2 0 .3 . 0 .5 . 0. ,8 .0 1. 0 .1 . 0. .2 0. .2 0. .4 0. 1 0. 3 0. 4 0. 7 .3 10. 10. .5 10. ,7 10. .4 9. .3 9. .5 9 .6 . 9. .5 . 3 .4 6. ,7 10. .0 12 .6 * Agricultural and other banks are defined in the introduction to section II; small banks have less than 500 million dollars 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 in the lower panel are cumulative through the end of the quarter indicated and, for periods of less than a year, are not comparable to the annual data in the upper panel. 23 24 TABLE II.G A V E R A G E LOAN-DEPOSIT RATIOS AT AGRICULTURAL BANKS IN SELECTED FEDERAL RESERVE DISTRICTS* DECEMBER 31 CLEVELAND U.,S. ATLANTA LOANS LOANS NUMBER LOANS NUMBER NUMBER OF TO OF TO TO OF DEPOSITS BANKS DEPOSITS BANKS DEPOSITS BANKS ST. LOUIS CHICAGO LOANS LOANS NUMBER NUMBER LOANS NUMBER OF TO TO OF OF TO BANKS DEPOSITS BANKS DEPOSITS BANKS DEPOSITS KANSAS CITY DALLAS SAN FRANCISCO MINIMUM FARM LOAN RATIO LOANS LOANS NUMBER NUMBER LOANS NUMBER OF TO OF TO OF TO BANKS DEPOSITS BANKS DEPOSITS BANKS DEPOSITS 1055.00 1009.00 969.00 949.00 0.53 0.55 0.56 0.57 0.57 500.00 477.00 477.00 470.00 456.00 0.55 0.56 0.57 0.57 0.56 778.00 758.00 743.00 725.00 694.00 0.53 0 .55 0.56 0.57 0.58 1239.00 1196.00 1171.00 1135.00 1092.00 0.51 0.51 0.51 0.52 0.53 392.00 393.00 385.00 378.00 384.00 0.51 0.48 0.46 0.44 0.42 62.00 57.00 57.00 60.00 61.00 0.64 0.64 0.70 0.71 0.71 15.72 15.87 15.92 16.56 16.72 0.59 1009.00 0.56 477.00 0.57 743.00 0.56 1171.00 0.51 385.00 0.46 57.00 0.70 15.92 139.00 152 .00 144.00 133.00 0.61 0.63 0.62 0.61 1010.00 998.00 992.00 969.00 0.57 0.58 0.58 0.57 476.00 485.00 503.00 470.00 0.56 0.59 0.59 0.57 748.00 740.00 742.00 725.00 0.58 0.60 0.60 0.57 1160.00 1157.00 1149.00 1135.00 0.51 0.51 0.52 0.52 390.00 389.00 378.00 378.00 0.44 0.45 0.45 0.44 60.00 60.00 61.00 60.00 0.68 0.76 0.74 0.71 15.93 16.47 16.77 16.56 157.00 153.00 147.00 131.00 0.61 0.63 0.64 0.61 964.00 959.00 964.00 949.00 0.56 0.59 0.60 0.57 460.00 474.00 481.00 456.00 0.56 0.59 0.61 0.56 725.00 725.00 703.00 694.00 0.57 0.60 0.61 0.58 1133.00 1118.00 1110.00 1092.00 0.51 0.53 0.54 0.53 386.00 385.00 387.00 384.00 0.43 0.45 0.45 0.42 58.00 59.00 58.00 61.00 0.66 0.75 0.73 0 . 71 16.43 16.98 17.08 16.72 198 8 198 9 199 0 199 1 1992 4344.00 4181.00 4068.00 3955.00 3855.00 0.54 0.54 0.55 0.55 0.55 96.00 84.00 77.00 71.00 75.00 0.64 0.64 0.65 0.64 0.64 144.00 138.00 135.00 133.00 131.00 0.59 0.59 0.59 0.61 0.61 1990 Q4... 4068.00 0.55 77.00 0.65 135.00 1991 Q1..• Q2. . . Q3 . . . Q4. . . 4076.00 4080.00 4059.00 3955.00 0.55 0.56 0.56 0.55 77.00 77.00 77.00 71.00 0.66 0.66 0.66 0.64 1992 Ql... Q2 . . . Q3... Q4. . . 3977.00 3970.00 3942.00 3855.00 0.54 0.57 0.58 0.55 72.00 76.00 78.00 75.00 0.65 0.66 0.67 0.64 1111.00 * The loan-deposit ratio is defined as total loans divided by total deposits, that shown in the last column, as described in the introduction to section II. MINNEAPOLIS Agricultural banks are defined as banks with a farm loan ratio at least as great as TABLE II.H FAILURES OF AGRICULTURAL BANKS* NUMBER OF FAILURES Q1 1985, .. 1986 . .. 1987.,.. . . 1988. . . . . . 1989 1990 . . . . 1991.... 1992. . . . 1993 Q2 Q3 Q4 ANNUAL TOTAL 12 14 22 11 5 3 2 1 3 21 14 19 6 7 5 2 1 17 21 12 12 5 6 3 1 18 16 16 7 5 3 1 2 * * 68 65 69 36 22 17 8 5 * * * * * * * 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 II. 26 SECTION III: FEDERAL RESERVE BANK QUARTERLY SURVEYS OF FARM CREDIT CONDITIONS AND FARM LAND VALUES Page TABLES: III.A III.B III.C III.D III.E Nonreal estate lending experience Expected change in non-real-estate loan volume and repayment conditions Average loan/deposit ratio, and other indicators of relative credit availability Interest rates Trends in real estate values and loan volume 29 31 33 35 37 SOURCES OF DATA: Data are from quarterly surveys of agricultural credit conditions at commercial banks. These surveys are conducted at the end of each quarter by five Federal Reserve Banks. The size of the surveys differs considerably, as is noted in the information below. In addition, the five surveys 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. Research departments at each of the 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 more than 450 banks. Federal Reserve Bank of Kansas City. Federal Reserve P.O. Station, Kansas City Missouri 64198 The sample chosen originally in 1976 consisted of 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. About 325 banks responded to the third -quarter survey. [Data on the interest rates on feeder cattle loans and farm operating loans in the Kansas City district were inadvertently transposed in previous issues of the Databook: corrected data appear in this issue.] 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. Beginning in 1987, the sample was redrawn to include only banks at which farm loans represented 25 percent or more of total loans. In the fourth quarter of 1992, 124 banks responded to the survey. Section III: (continued) Federal Reserve Bank of Dallas. Station K. Dallas. Texas 75222 .The sample is stratified regionally and includes banks at which farm loans are relatively important or which 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 210 respondents. Federal Reserve Bank of Richmond. Richmond. Virginia 23261 The number of agricultural banks in this district is much smaller than those of the other districts. When the survey was initiated in 1975, the sample consisted of 43 banks of all sizes; banks with larger amounts of farm loans were sampled more heavily. More recently, the sample has consisted of about 30 banks, roughly three-fourths of which typically respond to the quarterly surveys. RECENT DEVELOPMENTS: Farm loan demand apparently continued to expand in the fourth quarter of 1992. although, in some regions, perhaps a little less rapidly than had been the case previously. On balance, the survey respondents seemed to be anticipating moderate increases in farm loan demand in the first quarter of 1993. The survey responses continue to suggest that commercial banks have ample funds available for farm lending. The number of respondents saying that fund availability is greater than a year ago (or, in some surveys, greater than normal) has continued to exceed the number of those reporting diminished fund availability, and although loan-to-deposit ratios have moved up in some districts, a large majority of the respondents still characterize their current loan-to-deposit ratios as being lower than desired. The most recent surveys showed improvement in loan repayment rates in a majority of the districts, and. on balance, the demand for renewals or extensions of farm loans seems to have dropped back a little. The survey responses regarding collateral requirements of nonreal estate farm loans were not much different from those of the previous quarter. Interest rates on farm loans edged down further in most districts in the final quarter of 1992, by 10 to 20 basis points in most cases. The rates that have been reported in recent quarters are the lowest since the latter part of the 1970s. 27 28 Section III: (continued) Trends in farm land values continue to exhibit some regional variation. Surveys from Reserve Banks in the Midwest showed further increases in nominal land values during 1992, with a somewhat firmer tone apparent toward vear-end in the Minneapolis and Kansas City districts. A firming of prices also was evident in the most recent data from the Richmond district; the Richmond series has tended to be quite volatile,however, and the underlying price trend in that district is difficult to pin down. In the Dallas district, price trends were mixed in 1992; the price of irrigated acreage apparently moved up last year, while the prices of other types of farm land continued to decline. FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.A FARM NONRBAL ESTATE LENDING EXPERIENCE COMPARED WITH A YEAR EARLIER (PERCENTAGE OF BANKS REPORTING) DEMAND FOR LOANS LOWER Ill • Al SAME FUND AVAILABILITY HIGHER LOWER SAME LOAN REPAYMENT RATE HIGHER LOWER SAME HIGHER 1 18 48 34 1 7 62 31 1 18 64 18 1991 Ql. 02. . . 03. . . 04. 1 1 1 1 14 13 21 23 44 45 46 45 42 43 33 32 1 1 1 1 8 8 10 5 56 63 59 59 36 29 31 36 1 1 1 1 19 29 26 40 65 67 66 52 1992 Ql. 02. .. 03. . . 04. 1 1 1 1 15 15 20 20 42 47 50 52 44 38 30 28 1 1 1 1 6 8 9 7 59 62 59 60 34 31 32 33 1 1 1 1 34 27 19 30 55 67 73 47 o 83 17 16 3 8 9 15 8 9 7 64 63 65 52 21 29 26 41 1 I 1 1 1 1 1 1 78 80 76 79 22 20 23 21 11 6 8 23 10 10 9 21 53 60 69 52 37 30 22 26 I I 1 1 1 1 0 1 73 77 80 83 26 22 19 16 1 7 63 30 1 18 66 17 1991 Ql. 02. . 03. . 04. 1 1 1 1 14 18 20 20 56 54 56 58 30 28 24 23 1 1 1 1 7 7 9 7 64 65 63 64 29 29 29 30 1 1 1 1 13 14 21 31 77 77 71 61 1 1 1 1 16 22 21 16 53 48 51 55 31 31 28 28 1 1 1 1 10 15 16 10 58 57 54 60 32 28 30 30 1 1 1 1 30 22 20 13 III .A3 1990 04. • 1991 Ql. 02. * 03. 04. 1992 Ql. 02. 03. . 04. • . . 1 TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NE, NM*, OK, WY) AGRICULTURAL BANKS 31 . SAME! HIGHB 1 55 . LOWER 17 14 1992 Ql. 02. . 03. . 04. HIGHER 64 1 . SAME 19 1990 04. .. . LOWER COLLATERAL REQUIRE SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IO, MI*, WI* ) AGRICULTURAL BANKS 1990 04. .. III . A2 RENEWALS OR EXTENSIONS 15 71 15 1 o 79 21 10 9 8 8 9 7 9 5 79 81 75 68 12 12 16 26 1 1 1 1 0 0 1 1 77 81 81 76 23 19 18 24 62 72 70 69 8 6 10 19 10 8 16 16 63 72 69 72 27 19 15 12 1 1 1 1 1 1 4 1 76 78 77 82 23 21 20 16 13 64 23 1 1 57 42 1 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX ) 1 23 49 29 1 7 61 32 1 20 66 14 1 1 1 1 23 23 24 22 44 55 49 53 33 23 27 26 I | I I 5 5 7 6 59 59 59 56 36 37 34 38 1 1 1 1 25 18 10 30 61 69 77 56 14 14 13 14 13 11 17 13 64 72 72 59 24 17 10 29 1 1 1 1 0 0 0 0 57 60 66 61 42 40 34 39 1 1 1 1 18 19 24 26 49 57 53 55 33 24 22 19 1 1 I I 5 7 5 5 59 62 66 56 36 31 29 39 1 1 1 1 29 18 14 16 58 67 67 62 13 15 19 21 13 14 14 22 56 65 70 62 31 20 15 17 i 1 1 1 0 0 0 1 64 65 73 75 35 34 27 24 1 29 30 FEDERAL RESERVE BANK QUARTERLY SURVEYS OP AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.A (CONTINUED) FARM NONREAL ESTATE LENDING EXPERIENCE COMPARED WITH NORMAL CONDITIONS (PERCENTAGE OF BANKS REPORTING) LOWER III. A4 SAME LOWER HIGHER SAME 6 82 11 1991 01... 5 6 4 8 77 71 76 75 6 6 8 7 77 70 73 83 02... 03... 04... III.A5 LOWER HIGHER SAME HIGHER 1 *** *** *** 29 70 1 1 11 70 LOWER 1 I I I 34 26 33 33 63 74 65 63 3 0 2 3 1 1 1 1 9 6 8 7 73 83 78 64 18 11 14 29 31 19 30 30 65 78 70 63 4 3 1 7 1 1 I 1 2 5 7 9 69 81 82 35 30 14 11 26 25 63 13 1 13 75 13 1 13 75 13 1 21 67 *** *** *** 1991 0 1 . . 19 25 30 27 62 63 59 68 19 13 11 5 I | I I 5 4 4 0 76 72 63 59 19 24 33 41 1 1 I 1 14 12 7 14 81 88 85 86 5 0 7 0 1 1 I 1 14 12 22 14 67 72 63 59 19 16 15 27 22 33 29 17 65 54 63 65 13 13 8 17 I I I I 0 0 0 0 52 58 58 67 48 42 42 33 1 I 1 1 9 17 13 25 78 79 75 71 13 4 13 4 I 1 1 i 23 21 17 9 59 67 71 57 18 13 13 35 58 42 0 0 0 0 67 72 67 76 33 28 33 24 0 4 0 0 82 70 75 71 18 26 25 29 13 03... 04... 1992 01... 02... 03... 04... HIGH FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT ( MD, NC, SC, VA, WV* ) 1990 04... 02... SAME 19 1 1 I I 17 24 19 10 1992 01... SAME 1 17 23 20 17 03... 04... LOWER HIGHER COLLATERAL REQUIR NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI* ) 1990 Q4... 02.. RENEWALS OR EXTENSIONS LOAN REPAYMENT RATE FUND AVAILABILITY DEMAND FOR LOANS FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.B FARM NONREAL ESTATE LOAN VOLUME EXPECTED DURING THE NEXT QUARTER, COMPARED WITH VOLUME OF LOANS MADE A YEAR EARLIER (PERCENTAGE OF BANKS REPORTING) TOTAL LOWER SAME Ill • B1 FEEDER CATTLE HIGHER LOWER SAME DAIRY HIGHER LOWER SAME CROP STORAGE HIGHER LOWER SAME OPERATING HIGHER LOWER SAME FARM MACHINERY HIGHER LOWER SAME HIGHER SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IO, MI*, WI*) AGRICULTURAL BANKS 1990 Q4... 1 15 52 33 I 16 71 13 | 25 70 6 1 21 57 23 | 9 42 49 | 20 53 27 1991 Ql... Q2. . . Q3. . . Q4. . . 1 1 1 1 10 12 17 18 45 58 52 48 45 30 31 34 | | I I 19 31 33 36 65 63 61 59 16 7 6 5 | | | | 22 27 28 20 70 65 68 73 9 8 4 8 | | | | 22 19 19 20 66 63 58 63 12 18 23 17 | | | | 10 7 10 7 36 48 53 44 54 45 37 49 | | | | 17 34 38 37 49 49 44 48 34 17 18 15 1992 Ql... 02... Q3... 04... 1 1 1 1 11 14 16 15 49 57 56 57 40 29 28 29 | | | | 24 23 19 16 69 72 67 70 7 5 14 14 | | | | 19 15 19 16 71 78 74 78 10 7 7 6 | | | | 21 16 14 16 72 74 51 55 7 9 35 29 | | | | 8 8 14 13 43 51 57 48 49 41 29 39 | | | | 27 31 28 22 51 56 51 53 22 13 21 25 III .B2 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 1990 04... 1 21 56 24 | 25 62 13 I 18 76 6 1 23 73 4 I 17 54 29 | 25 60 14 1991 Ql... 02... 03... 04... 1 1 1 1 19 17 16 19 58 62 62 57 23 21 22 24 | | | | 22 26 22 29 63 65 63 64 14 9 15 7 | | | | 22 23 21 18 75 72 73 79 4 5 6 3 I | | | 20 23 14 22 75 67 81 73 4 10 5 5 I | | | 14 13 14 18 58 60 63 53 28 28 23 29 | | | I 20 17 17 27 62 67 60 57 17 16 23 15 1992 Ql... 02... 03... 04... 1 1 1 1 17 20 18 20 58 63 65 62 24 17 17 18 | | | | 18 18 15 18 72 72 72 69 11 10 13 13 1 | | | 17 13 14 16 75 79 79 78 7 8 7 6 | | I | 15 17 15 16 80 74 68 75 5 9 17 9 | | | | 14 19 16 13 55 65 68 67 31 17 16 19 | | | | 28 27 21 18 58 59 65 63 14 14 14 19 III. B3 1990 Q4... FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT < [MD, NC , sc, VA, WV*) 1 23 68 9 1 27 68 5 1 24 71 5 1 25 70 5 1 13 74 13 1 26 61 13 1991 Ql... 02... 03... 04... 1 1 1 1 20 17 20 24 60 79 64 57 20 4 16 19 | I | | 21 15 27 21 68 85 68 68 11 0 5 11 | | | 1 30 43 30 26 65 57 70 74 5 0 0 0 | | | I 29 21 19 20 71 79 81 65 0 0 0 15 | | | | 15 17 19 14 70 75 62 59 15 8 19 27 | | | | 15 21 37 23 75 75 44 64 10 4 19 14 1992 Ql... 02... 03... 04... 1 1 1 1 13 17 22 5 78 74 65 82 9 9 13 14 1 | | | 5 15 14 20 90 85 73 75 5 0 14 5 | I | | 15 30 24 11 80 70 76 90 5 0 0 0 | | | | 10 23 14 15 85 73 68 70 5 5 18 15 | | | | 17 8 21 17 65 83 79 71 17 8 0 13 | | | | 13 17 33 21 74 75 67 71 13 8 0 8 31 FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.B (CONTINUED) EXPECTED DEMAND FOR FARM LOANS DURING NEXT QUARTER, COMPARED WITH NORMAL DEMAND (PERCENTAGE OF BANKS REPORTING) SHORT-TERM NONREAL ESTATE LOANS INTERMEDIATE-TERM NONREAL ESTATE LOANS LOWER LOWER HI.B4 SAME HIGHER SAME HIGHER DEBT EXTENSION OR REFINANCING LOWER SAME HIGHER NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*) 1989 Q4. 3 82 16 1 7 78 16 2 88 10 1990 Ql. 0 4 8 8 80 86 76 69 19 10 16 23 1 1 1 1 4 4 9 9 86 83 81 81 10 12 11 10 5 12 9 11 81 80 78 68 13 8 13 20 5 4 3 8 72 75 78 75 23 21 18 18 1 1 1 I 12 14 12 11 82 84 81 82 6 2 7 7 6 5 5 4 83 78 66 69 12 16 29 27 2 8 10 5 86 78 80 86 11 14 10 9 1 1 1 1 3 11 13 14 90 86 82 80 7 3 5 6 2 2 8 7 79 86 78 68 18 11 14 25 02. 03. 04. 1991 Ql. 02. 03. 04. 1992 Ql. 02. 03. 04. FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.C AVERAGE LOAN-TO-DEPOSIT RATIO AND OTHER INDICATORS OF RELATIVE CREDIT AVAILABILITY (PERCENTAGE OF BANKS REPORTING) AVERAGE LOAN-TODEPOSIT RATIO, END OF QUARTER PERCENT III.CI REFUSED OR REDUCED A FARM LOAN BECAUSE OF A SHORTAGE OF LOANABLE FUNDS LOAN/DEPOSIT RATIO IS LOWER AT THAN DESIRED DESIRED LEVEL HIGHER THAN DESIRED CORRESPONDENT BANKS NONE NONBANK AGENCIES COMPARED WITH A YEAR EARLIER LOWER SAME HIGHER NONE COMPARED WITH A YEAR EARLIER LOWER SAME HIGHER SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IO, MI*, WI*) AGRICULTURAL BANKS 1991 02... 03... 04... 1 1 1 58 58 57 I 1 I 66 63 64 27 28 30 7 9 6 | | | 1992 01. . . 02... 03... 04... 1 1 1 1 57 58 59 59 1 I I I 67 67 60 64 26 26 30 29 7 7 10 8 *** *** | | | | III.C2 NUMBER OF FARM LOAN REFERRALS TO ACTIVELY SEEKING NEW FARM LOAN ACCOUNTS 1 1 1 *** *** *** *** *** 1 | | | *** *** 1 | 1 *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** | | | | *** *** *** *** *** *** *** *** *** *** TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NB, NM*, OK, WY) AGRICULTURAL BANKS 1991 Q2... Q3... 04... | | | 52 53 52 1 1 I 83 81 80 5 5 6 12 14 14 | | | 3 3 2 73 73 74 1 1 1 77 80 78 15 17 15 79 77 80 6 6 4 1 1 1 68 68 68 14 16 16 74 73 74 12 11 10 1992 Ql... 02... 03... 04... | 1 | | 52 53 55 54 1 1 1 1 82 80 77 78 5 7 8 8 12 13 15 14 | | | | 4 2 2 0 75 73 76 75 1 1 1 1 76 76 78 77 24 24 27 18 69 70 69 76 7 6 4 6 1 1 1 1 63 66 69 67 23 22 24 18 63 64 67 71 14 13 9 11 3 3 2 14 14 13 80 75 79 6 11 8 | j 1 *** *** *** 10 9 9 77 83 83 13 8 8 1 3 1 3 8 12 12 15 85 80 80 76 7 8 7 9 ; 1 1 j *** *** *** *** 8 9 6 11 79 74 84 79 12 16 11 10 III.C3 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX) 1991 Q2... 03... 04... | | | 43 45 43 1992 01... Q2... 03... Q4... 1 | I | 42 41 43 41 *** | *** *** | | 33 34 FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.C (CONTINUED) AVERAGE LOAN-TO-DEPOSIT RATIO AND OTHER INDICATORS OF RELATIVE CREDIT AVAILABILITY (PERCENTAGE OF BANKS REPORTING) AVERAGE LOAN-TODEPOSIT RATIO, END OF QUARTER PERCENT III.C4 LOWER AT THAN DESIRED DESIRED LEVEL HIGHER THAN DESIRED NUMBER OF FARM LOAN REFERRALS TO ACTIVELY SEEKING NEW FARM LOAN ACCOUNTS NONBANK AGENCIES CORRESPONDENT BANKS NONE COMPARED WITH NORMAL NUMBER LOWER SAME HIGHER NONE COMPARED WITH NORMAL NUMBER LOWER SAME HIGHER NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*) 1991 Q2... Q3... 04... I I I 56 58 56 I I I 42 45 40 51 49 54 7 6 7 1992 01... 02... 03... 04... I I I I 54 57 58 56 I I I I 43 39 44 53 49 50 48 41 11 9 6 III.C5 REFUSED OR REDUCED A FARM LOAN BECAUSE OF A SHORTAGE OF LOANABLE FUNDS LOAN/DEPOSIT RATIO IS 8 | I | I | 1 1 3 4 5 2 3 2 5 •** *** *** *** ... *** *** | I I I 39 25 42 6 4 2 52 69 52 3 2 5 I I I 36 28 35 6 3 1 53 64 54 6 5 10 3 3 1 0 I I 1 I 27 30 31 38 5 4 5 2 64 62 62 56 3 4 2 3 | I I 34 32 41 28 5 5 7 2 64 58 60 57 DISTRICT ( MD, NC, SC, VA, WV») FIFTH (RICHMOND) FEDERAL 1991 02... 03... 04... I I I 73 71 72 | I I 50 48 45 50 44 45 0 8 10 I I I 0 4 9 68 74 82 1 1 1 83 84 85 0 0 5 17 12 10 0 4 0 I I I 78 79 79 4 4 5 17 17 11 0 0 5 1992 Ql... 02... 03... 04... I I I I 71 69 68 69 | | I I 43 45 52 52 52 45 44 44 5 10 4 4 I I I I 0 0 8 14 87 79 67 83 1 1 1 1 95 75 57 80 0 0 0 5 5 25 43 15 0 0 0 0 I I I I 90 74 64 71 0 5 9 5 11 21 18 24 0 0 9 0 FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.D INTEREST RATES ON FARM LOANS MOST COMMON INTEREST RATE ON FARM LOANS (AVERAGE, PERCENT) CATTLE LOANS III.D1 OTHER OPERATING LOANS SHORTTERM NONRBAL ESTATE INTERMEDIATE NONRBAL ESTATE 1 1 1 11.2 10.9 10.1 11.2 10.9 10.1 1992 Ql... 02... 03... 04... 1 1 1 1 9.8 9.6 9.2 9.1 9.8 9.6 9.2 9.1 1991 Q2... 03... Q4... 1992 Ql... 02... 03... 04... LONG-TERM REAL ESTATE LOANS SHORT-TERM NONRBAL ESTATE LOANS INTERMEDIATE-TERM NONRBAL ESTATE LOANS LOWER LOWER SAME HIGHER SAME HIGHER LONG-TERM REAL ESTATE LOANS LOWER SAME HIGHBI SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IO, MI* / WI*) AGRICULTURAL BANKS 1991 02... 03... 04... III.D2 AVERAGE INTEREST RATE EXPECTED DURING THE NEXT QUARTER COMPARED WITH AVERAGE RATES IN THE CURRENT QUARTER (PERCENTAGE OF BANKS REPORTING) *** 10.4 10.1 9.4 *** | | | 9.2 9.0 8.6 8.6 *** | | | | *** *** *** **« *** **« *** *** *** *** *** **« TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT (CO, KS, MO*, NB, NM*, OK) AGRICULTURAL BANKS 11.3 11.5 11.4 11.0 10.2 11.2 10.4 10.4 9.9 9.7 9.4 9.2 10.1 10.1 9.9 9.6 9.4 11.1 9.9 9.6 9.4 10.7 10.5 9.7 9.5 9.3 8.9 8.9 **« *** *** *** *** * * * *** * * * *** * * * * * * **« **« **« **« 36 FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS ABLE III.D (CONTINUED) INTEREST RATES ON FARM LOANS AVERAGE INTEREST RATE EXPECTED DURING THE NEXT QUARTER COMPARED WITH AVERAGE RATES IN THE CURRENT QUARTER (PERCENTAGE OF BANKS REPORTING) MOST COMMON INTEREST RATE ON FARM LOANS (AVERAGE, PERCENT) FEEDER CATTLE LOANS III.D3 OTHER OPERATING LOANS 1 j 1992 Ql... Q2. . . Q3. . . Q4... j 1 1 INTERMEDIATE-TERM NONRBAL ESTATE LOANS LOWER LOWER SAME HIGHER LOWER SAME HIGHER SAME HIGHER *** 11.6 11.4 11.0 11.1 11.0 10.4 1 1 1 10 57 51 79 40 48 11 3 1 1 1 1 9 50 47 79 47 53 11 3 1 8 50 45 84 49 55 8 2 0 10.4 10.3 10.0 9.8 *** *** *** III.D4 10.4 10.3 9.9 9.8 9.9 9.8 9.3 9.1 1 1 1 1 15 7 32 12 71 89 61 62 14 5 7 26 1 1 1 1 13 6 31 10 70 89 62 64 18 5 7 26 10 9 23 10 75 86 70 69 15 5 7 22 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 1991 Q2... Q3. . . Q4... | | | 11.8 11.5 10.6 11.9 11.6 10.6 12.0 11.6 10.8 11.7 11.5 10.7 1 1 1 1992 Ql... Q2. . . Q3. . . Q4. . . | | | | 10.4 10.2 9.8 9.7 10.3 10.2 9.9 9.8 10.6 10.4 10.0 10.0 10.4 10.4 10.0 9.9 1 1 1 1 III.D5 *** *** WV*) FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC, SC, VA, 1991 Q2... Q3. . . Q4. . . | I 1 11.3 10.8 9.3 11.2 10.8 9.4 11.2 11.0 9.7 11.3 10.7 9.8 1992 Ql... Q2. . . Q3. . . Q4. . . 1 1 1 | 9.2 9.5 8.5 8.6 9.2 9.4 8.9 8.8 9.5 9.6 9.3 9.4 9.6 9.8 9.2 9.4 1 1 1 I *** 1 1 1 LONG-TERM REAL ESTATE LOANS SHORT-TERM NONRBAL ESTATE LOANS LONG-TERM REAL ESTATE LOANS 11.6 11.6 11.0 *** ! INTERMEDIATE NONREAL ESTATE NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, M N , MT, ND, SD, WI*) 1991 Q2. . . Q3. . . Q4. . . 1 SHORTTERM NONRBAL ESTATE *** *** *** *** *** *** *** *** *** *** FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.E TRENDS IN FARM REAL ESTATE VALUES AND LOAN VOLUME MARKET VALUE OF GOOD FARMLAND PERCENTAGE CHANGE DURING QUARTER ALL III.El 1 1 1 0 0 0 1992 01... 03... 03... Q4 ... 1 1 1 1 1 0 0 0 RANCHLAND ALL DRYLAND IRRIGATED RANCHLAND DOWN 1 1 1 3 —6 0 1992 Ql... Q2. . . Q3. . . Q4.. . 1 1 1 1 3 -6 4 10 *** *** *** *** *** *** *** *** *** *** *** *** 1 1 1 2 2 1 1 1 1 1 *** *** *** 1 1 2 2 *** *** *** UP LOWER SAME HIGHER *** *** *** *** 1 1 1 13 13 13 81 77 77 6 10 10 1 1 1 29 24 26 57 63 51 14 13 23 1 1 1 1 *** *** 4 4 5 3 83 86 84 82 13 10 11 15 1 1 1 1 18 20 16 16 56 65 67 65 26 15 17 18 *** *** *** *** *** *** *** *** *** *** *** 1 1 1 11 -2 1 *** *** 8 15 5 76 74 86 16 11 9 I 1 1 22 38 29 78 54 57 0 8 14 1 1 1 1 -1 -10 -0 10 *** *** *** *** 4 4 0 0 78 91 100 88 17 4 0 13 1 1 I 1 9 18 18 18 82 73 82 82 9 9 0 0 *** *** *** I 1 I 26 23 28 65 68 62 8 9 9 1 I 1 1 27 27 23 23 65 67 70 61 8 6 6 16 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 1991 Q2... 03... 04... 1 -1 -1 2 -2 -3 1 -0 -2 | | *** *** -2 -2 -2 7 4 -1 -2 0 -0 | | | *** 1992 Ql... 02... 03... 04... -1 -1 0 -0 -3 1 3 3 1 -1 -1 -3 | | | | *** *** *** *** -2 -4 -3 -2 -7 -7 -2 5 0 -2 -3 -4 | | | | *** *** *** *** STABLE FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC, SC, VA, WV*) 1991 Q2... 03... 04... III.B3 IRRIGATED TREND EXPECTED DURING THE NEXT QUARTER (PERCENTAGE OF BANKS) PERCENTAGE CHANGE FROM A YEAR EARLIER SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IO, MI*, WI*) AGRICULTURAL BANKS 1991 Q2... 03... 04... III.E2 DRYLAND EXPECTED TREND IN FARM REAL ESTATE LOAN VOLUME DURING THE NEXT QUARTER, COMPARED TO YEAR EARLIER (PERCENTAGE OF BANKS) *** *** 37 38 FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.E (CONTINUED) TRENDS IN FARM REAL ESTATE VALUES AND LOAN VOLUME EXPECTED DEMAND FOR FARM REAL ESTATE LOANS DURING THE NEXT QUARTER, COMPARED WITH NORMAL (PERCENTAGE OF BANKS) MARKET VALUE OF GOOD FARMLAND ALL III.E4 03.. 04.. I *** | Q2... I | r\A I q3 . . . | DRYLAND IRRIGATED RANCHLAND DOWN STABLE LOWER UP SAME HIGHER 1 -1 2 8 2 1 -0 2 2 2 4 I NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, MN, MT, ND, SC, WI*) *** | . . 1992 Ql... 3 1 0 1 III.E5 ALL 1 -1 -0 2 02.. q4. RANCHLAND 1 -0 -1 1992 01.. q3 IRRIGATED TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT (CO, KS, MO*, NE, NM*, OK, WY) 1991 Q2.., Q3..< Q4. . , 1991 02... DRYLAND TREND EXPECTED DURING THE NEXT QUARTER (PERCENTAGE OF BANKS) PERCENTAGE CHANGE FROM A YEAR EARLIER PERCENTAGE CHANGE DURING QUARTER *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** | *** *** *** *** *** I *** | I I | | 3 *** *** *** *** *** 2 3 3 2 *** | IS 78 *** *** *** | 11 81 8 2 | *** *** *** | 13 75 12 | *** *** *** | 8 82 10 2 1 2 2 *** | 2 3 *** 2 2 4 4 3 | 2 2 | | | *** *** *** *** *** *** *** *** *** | | | 11 12 14 85 79 72 4 9 14 3 3 SECTION IV: FARM DEBT OUTSTANDING (including farm households) TABLES: Debt held by institutional lenders IV.A Quarterly estimates Page 40 SOURCES OF DATA: The sources of the data in this section are: quarterly reports of condition, all insured commercial banks; the quarterly information statements of the Farm Credit System; "Gross Flow of Mortgage Loans in the United States," American Council of Life Insurance; and "Report 616," Farmers Home Administration, U.S. Department of Agriculture. The farm debt series on a USDA basis is from the Economic Research Service. The data are not seasonally adjusted. The quarterly data shown here for commercial banks, life insurance companies, and the Farmers Home Administration align closely with those reported annually in the USDA accounts that include the debt of farm households (as well as the debt of farm businesses). By contrast, the numbers shown here for the Farm Credit System differ somewhat from those shown in the USDA accounts, owing to adjustments by the USDA to exclude loans extended to borrowers other than farmers. (The total volume of loans held by the Farm Credit System also includes loans to cooperatives, which are not included either in the figures shown here or in the USDA tabulations of farm debt.) In recent years, the amount of farm loans held by the institutional lenders identified in these tables typically has accounted for about 80 percent of all farm loans outstanding. The remaining farm loans are held by a variety of businesses and individuals; estimates of those loans are published by the USDA on an annual basis, but corresponding quarterly data are not available. Recent developments: The volume of farm loans held by commercial banks increased 3 percent over the course of 1992, only about half as much as in each of the preceding two years. Almost all of the rise in loan volume in 1992 consisted of loans secured by real estate; the volume of these loans increased 7.8 percent over the year. The year-to-year rate of increase in nonreal estate farm loans held by banks slowed over the course of 1992 and amounted to only 0.2 percent at year-end. The volume of farm loans held by the Farm Credit System changed little, on net. during 1992, as a further small decline in the volume of real estate loans was partly offset by a small rise in the outstanding volume of nonreal estate loans. The estimated volume of farm loans held by the Farmers Home Administration continued to trend lower through the end of 1992, at about the same rapid pace observed over the previous three years. Year-end loan data for the life insurance companies were not available at the time that this issue of the Databook went to press. 39 40 TABLE IV.A FARM DEBT OUTSTANDING: A COMPILATION OF DATA REPORTED BY THE MAJOR FARM LENDING INSTITUTIONS (END OF QUARTER) TOTAL IV.Al TOTAL INSURED COMMERCIAL BANKS FARM CREDIT SYSTEM LIFE INSURANCE COMPANIES FARMERS HOME ADMINISTRATION FARM INSURED COMMERCIAL, CREDIT SYSTEM BANKS 53.2 30.8 10.0 8.5 8.3 54.4 55.8 29.3 31.9 33.2 12.4 116.5 11.7 10.7 116.1 10.5 8.0 53.9 7.8 7.7 7.4 55.2 65.2 16.6 30.2 9.6 8.7 116.1 64.9 65.0 65.3 64.9 16.8 29.9 29.6 29.4 29.4 9.6 9.8 8.6 10.2 10.2 17.5 121.3 122.6 119.8 64.7 65.2 65.5 64.6 29.1 29.2 29.3 28.8 10.2 10.2 10.2 10.0 118.0 120.6 121.2 65.0 64.5 64.6 18.9 19.5 19.9 19.9 28.8 28.8 28.8 10.0 119.3 121.1 119.2 118.6 IV.A2 TOTAL AMOUNT, END OF QUARTER, BILLIONS OF DOLLARS 118.4 1989 Q4. FARMERS HOME ADMINISTRATION MEMO: FARM DEBT HELD BY MAJOR FARM LENDING INSTITUTIONS, USDA BASIS NONREAL ESTATE DEBT REAL ESTATE DEBT 17.1 17.3 17.2 18.1 18.3 18.4 9.0 8.9 28.4 7.3 7.1 7.0 6.7 11.0 10.7 8.1 34.5 35.6 11.2 33.0 35.6 10.6 10.6 11.4 117.2 11.4 56.7 54.2 PERCENTAGE OF TOTAL SPECIFIED DEBT, END OF QUARTER 100.0 25.5 46.4 14.7 13.3 100.0 57.9 18.8 23.3 100.0 100.0 100.0 100.0 25.8 26.4 26.5 26.5 46.1 45.5 45.1 45.3 14.8 15.1 15.6 15.7 13.3 13.0 12.8 12.4 100.0 100.0 100.0 100.0 57.3 58.7 59.5 60.6 19.0 19.4 19.7 19.7 23.7 21.9 20.9 19.7 100, 100, 100, 100, 27, 27, 15.7 15.6 15.6 15.5 12.3 12.0 11.7 11.5 100, 100, 100, 100 59.4 61.5 62.2 62.7 21.0 20.0 19.9 20.3 19.6 28, 44.9 44.7 44.7 44.5 100.0 100.0 100.0 29.1 30.3 30.8 44.2 44.6 44.6 15.4 14.0 13.7 11.3 100.0 100.0 100.0 100.0 62.4 63.4 64.0 63.9 20.1 20.3 20.3 17.5 16.3 15.7 15.1 28, 11.1 10.8 21.0 18.6 17.8 17.0 TABLE IV.A (CONTINUED) FARM DEBT OUTSTANDING: A COMPILATION OF DATA REPORTED BY THE MAJOR FARM LENDING INSTITUTIONS REAL ESTATE DEBT TOTAL TOTAL IV.A3 -3.0 -1.0 1990 Ql. -1.9 -0.4 2.8 1.5 03. 04. -1.6 -0.5 2.3 1991 Ql. 02. 1.0 FARMERS HOME ADMINISTRATION TOTAL INSURED COMMERCIAL BANKS FARM CREDIT SYSTEM FARMERS HOME ADMINISTRATION 0.7 -1.1 0.9 -6.8 -5.3 -2.2 -2.1 -14.4 0.4 -0.9 -1.9 -1.4 -3.3 -3.7 -4.7 8.7 2.7 -2.7 -3.2 8.7 4.1 -2.8 -1.8 -1.7 -2.3 -8.0 -0.8 -2.2 -1.8 -3.5 -0.8 4.1 1.9 -3.4 -2.8 7.7 3.1 -2.7 5.9 -1.0 -1.5 -1.4 -1.5 -2.2 -7.7 -1.2 -2.5 -2.1 -3.9 -4.2 -4.3 -4.6 7.8 1.9 -4.4 -5.1 7.0 0.9 -0.9 -1.5 -1.4 -2.4 -8.2 -0.5 -0.1 4.0 -0.6 1.5 3.4 1.4 -1.2 0.3 0.4 -1.7 -0.1 -0.2 0.8 0.3 -1.2 -1.6 0.6 0.5 -0.9 0.2 IV.A4 -0.8 0.5 -0.6 1992 Ql. 2.2 0.9 2.2 -2.2 03. 04. LIFE INSURANCE COMPANIES 0.1 03. 04. 02. FARM CREDIT SYSTEM MEMO: FARM DEBT HELD BY MAJOR FARM LENDING INSTITUTIONS, USDA BASIS PERCENT CHANGE FROM PREVIOUS QUARTER 1989 04. 02. INSURED COMMERCIAL BANKS NONREAL ESTATE DEBT 1.1 0.6 2.7 3.3 1.9 -0.2 -1.1 0.0 -0.0 0.1 1.6 0.1 0.0 0.0 -1.5 -0.1 -10.1 -1.6 -1.6 6.2 6.1 1.0 1.8 PERCENTAGE CHANGE FROM SAME QUARTER OF PREVIOUS YEAR 1989 Q4. -1.9 -2.5 8.0 -6.0 -0.6 -9.3 -1.1 3.3 8.3 -15.9 -1.8 1990 Ql. -1.8 03. 04. -1.5 — 0.7 0.7 -1.5 -1.4 -0.8 -0.4 5.9 5.1 5.0 3.5 -3.6 -3.4 -3.4 -2.7 1.5 3.1 7.1 6.3 -9.8 -10.5 -10.7 -7.3 -2.1 -1.6 -0.6 3.4 3.9 5.5 6.9 4.5 5.6 7.2 6.5 -16.9 -18.3 -19.3 -13.3 -0.3 1991 Ql. 2.2 4.3 5.5 5.8 7.0 -2.8 -1.5 -0.6 -2.2 5.7 4.0 -7.2 -7.4 -7.8 -8.0 5.3 3.2 2.3 9.1 16.5 7.1 5.1 3.8 5.2 -12.9 -12.7 -12.7 -12.3 1.0 8.2 -1.0 -1.3 -1.5 -1.4 -8.4 -8.7 -9.1 -9.4 -1.8 3.1 3.2 1.9 -5.8 1.9 02. 03. 04. 1.2 0.5 -0.3 0.4 0.3 -0.4 1992 Ql. -0.6 -0.6 -1.1 0.5 -1.2 -1.4 02. 02. 03. 04. 1.7 8.1 8.6 7.8 0.0 -1.6 -1.6 -11.6 -13.1 2.1 1.6 0.0 -0.8 -1.7 8.1 0.2 6.1 1.0 1.6 -12.4 -12.3 -12.5 -13.0 41
