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E.15 (125)

AGRICULTURAL FINANCE
DATABOOK
First Quarter 2002
Guide to internal tables o f contents and notes on sources

Amount and characteristics o f farm loans made by commercial banks . . . .

Page
3

Selected statistics from the quarterly reports o f condition o f commercial
banks...............................................................................................................

22

Reserve bank surveys o f farm credit conditions and farm land values.........

33

Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D.C. 20551
Nicholas A. Walraven



2

General Information
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 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 fourth quarter of 2001; the
other data generally were available through the third quarter of 2001.
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
Databook and date of issue, and this page providing subscription information. Remaining questions may be addressed to Nicholas Walraven 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. A copy of the back cover showing the old address should be
included.




SECTION I: AMOUNT AND CHARACTERISTICS OF FARM LOANS MADE BY COMMERCIAL BANKS
Estimates from the quarterly survey of non-real-estate farm loans
Summary charts........................................................................................................................................................................................
Tables:
I.A Number.........................................................................................................................................................................................
I.B Average size...............................................................................................................................................................................
I.C Amount........................................................................................................................................................................................
I.D Average maturity........................................................................................................................................................................
I.E Average effective interest rate........................................................................................................................................
I.F Percentage of loans with a floating interest rate..................................................................................................................
I.G Distribution of farm loans by effective interest rate............................................................................................................
I.H Detailed survey results..............................................................................................................................................................
I.I Regional disaggregation of survey results............................................................................................................................

Page
5
7
8
9
10
11
12
13
14
21

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 348 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 redesigned sample of 250 banks that is no longer part of the broader survey. In the redesigned
sample, banks are stratified according to their volume of farm lending; previously, they had been stratified according to the volume of business loans.
However, the sample data always have been expanded into national estimates for all commercial banks, and these estimates necessarily 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.
Beginning with the May 1997 survey, 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 began to be collected. 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 either farm financial conditions or the broader economic environment changes. The new data on loan repricing dates, 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 I.H.1 through 1.H.6 contain most of the new data, while the other tables in section I attempt to 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 with the May 1997 survey, an unusually-large
number of new reporters (about 25) were added. While this does not affect the validity of the May survey information, it likely introduced sampling error,
especially when the May survey results are compared with those of previous quarters.




3

4

SECTION I: (CONTINUED)
The format and the information contained in the tables are likely to change over time as more of the new survey information is acquired.
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.
Beginning in November 1991, several survey statistics are estimated for each of ten farm production regions as defined by the USD A. These statistics,
which are presented in table I.I, 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.







C hart 1

Results from the Survey of Terms of Bank Lending to Farmers
M illio n s , A nnual rate

5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.
5

1.0

Thousands o f dollars

50
45
40
35
30
25

20
15

10

B illio n s o f d o lla rs, A nnual rate

130

120
110
100
90
80
70
60
50
40

30

vO

C hart 2

Results from the Survey of Terms of Bank Lending to Farmers
M onths
18
16

A verage m a tu rity o f non-real-estate farm loans

14

- F our quarter m o vin g average




12
10
8
6

4

Percent

20

18
Average e ffe c tiv e in te re st rate on non-real-estate fa rm loans

16
14

12
10
8
6

Share o f farm loans w ith a flo a tin g in te re st rate

100
90
80
70
60
50
40

- F our quarter m oving average

30
20

10
0

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS
TABLE I.A
N U M B E R OF LOANS M A D E

(MILLIONS)
BY SIZE OF
L O A N ($1, 0008)

BY P U RPOSE OF L O A N

ALL
LOANS

FEEDER
LIVE­
ST O C K

OTHER
L I V E STOCK

OTH E R
CURRENT
OPERA T I N G
EXPENSES

F ARM
MAC H I N E R Y
AND
E Q UIPMENT

BY SIZE
OF B A N K

1
to
9

10
to
24

25
to
99

100
and
over

LARGE

OTHER

1.70
1.66
1.67
1.65
1.55
1.45
1.33
1.32
1.20
1.09
1.09
0.97

O THER

0.49
0.51
0.54
0.56
0.51
0.57
0.48
0.50
0.45
0.44
0.44
0.40

0.35
0.32
0.37
0.37
0.35
0.36
0.31
0.34
0.33
0.32
0.28
0.28

0.09
0.10
0.11
0.12
0.12
0.12
0.11
0.11
0.12
0.11
0.10
0.11

0.44
0.50
0.51
0.55
0.54
0.66
0.53
0.46
0.39
0.40
0.57
0.61

2.20
2.10
2.18
2.15
1.98
1.83
1.69
1.82
1.71
1.56
1.34
1.14

A N N U A L N U M B E R OF LOANS M ADE

1 9 9 0 ......
1 9 9 1 ......
1 9 9 2 ......
1 9 9 3 ......
1 9 9 4 ......
1 9 9 5 ......
1 9 9 6 ......
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

|
|
|
j
|
j
j
|
j
j
j
j

2.63
2.60
2.69
2.70
2.53
2.49
2.22
2.27
2.10
1.96
1.91
1.76

l
1
l
l
1
1
1
l
1
1
1
l

0.32
0.35
0.35
0.36
0.28
0.26
0.18
0.19
0.15
0.14
0.11
0.13

0.24
0,23
0.25
0.27
0.23
0.19
0.17
0.20
0.18
0.16
0.17
0.16

1.69
1.64
1.67
1.62
1.56
1.48
1.38
1.40
1.39
1.32
1.30
1.08

0.19
0.17
0.18
0.18
0.18
0.17
0.14
0.15
0.17
0.16
0.13
0.13

0.19
0.21
0.24
0.27
0.27
0.39
0.36
0.33
0.22
0.18
0.19
0.26

N U M B E R OF LOANS M A D E DUR I N G FIRST FULL W E E K OF SECOND M O N T H OF QUARTER,

A N N U A L RATE

1999 Q l . ..
Q 2 ...
Q3. . .
Q4...

I
l
l
I

1.93
2.37
2.05
1.49

1
1
1
l

0.20
0.12
0.07
0.15

0.18
0.18
0.13
0.15

1.17
1.77
1.47
0.88

0.17
0.17
0.19
0.13

0.20
0.14
0.19
0.17

l
l
l
I
i
l

0.96
1.41
1.25
0.74

0.45
0.51
0.44
0.36

0.36
0.34
0.29
0.29

0.15
0.10
0.08
0.10

l
l
I
l

0.39
0.45
0.44
0.33

1.54
1.93
1.61
1.16

2000 Q l . ..
Q2. . .
Q3 . . .
Q4. . .

l
l
l
l

1.91
2.27
1.86
1.59

1
1
1
l

0.09
0.12
0.09
0.14

0.16
0.19
0.15
0.19

1.36
1.56
1.29
0.96

0.13
0.18
0.12
0.11

0.16
0.22
0.20
0.19

l
l
l
l

1.07
1.28
1.10
0.90

0.43
0.54
0.43
0.35

0.27
0.33
0.26
0.26

0.14
0.11
0.08
0.08

l
l
l
l

0.72
0.53
0.52
0.51

1.19
1.74
1.34
1.08

2001 Q l . ..
Q 2 ...
Q3...
Q4...

l
l
1
l

1.63
2.16
1.66
1.57

1
1
1
1

0.12
0.13
0.09
0.17

0.17
0.19
0.13
0.15

0.97
1.34
1.09
0.92

0.14
0.16
0.12
0.10

0.23
0.34
0.23
0.24

1
l
1
l

0.84
1.23
1.00
0.81

0.37
0.49
0.36
0.38

0.30
0.32
0.23
0.26

0.11
0.12
0.08
0.12

1
1
l
l

0.52
0.79
0.59
0.56

1.11
1.37
1.07
1.01

2002 Q l . ..

!

1.78

1

0.14

0.16

1.11

0.13

0.24

1

0.91

0.39

0.34

0.14

l

0.51

1.27




7

8
ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS
TABLE I.B
A V E R A G E SIZE OF LOANS MA D E

(THOUSANDS OF DOLLARS)

ALL
LOA N S

FEEDER
LIVE­
STOCK

OT H E R
LIVESTOCK

OTH E R
C URRENT
OPERATING
EXPENSES

BY SIZE
OF B A N K

BY SIZE OF
LO A N ($1, 000s)

B Y P U R POSE OF L OAN
FARM
MACHINERY
AND
EQUIP M E N T

1
to
9

OTHER

10
to
24

25
to
99

100
and
over

LARGE

OTHER

320.4
272.1
487.7
539.9
468.2
490.3
480.7
451.3
545.9
385.3
357.0
322.1
258.4
269.6

70.0
53.7
100.7
107.0
97.0
106.0
101.3
84.0
115.0
92.0
95.0
76.2
44.1
49.2

16.3
14.4
13.9
13.9
15.8
15.8
15.4
15.7
15.4
16.3
18.1
19.3
18.7
18.8

A N N U A L A V E R A G E SIZE OF LOANS MA D E

1 9 8 8 ......
1 9 8 9 ......
1 9 9 0 ......
1 9 9 1 ......
1 9 9 2 ......
1 9 9 3 ......
1 9 9 4 ......
1 9 9 5 ......
1 9 9 6 ......
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

|
1
j
|
j
|
j
j
|
j
j
|
j
j

21.8
19.9
28.4
31.9
31.2
34.3
33.9
33.8
39.2
31.4
32.4
30.9
26.3
29.4

l
l
l
l
l
l
l
1
l
l
l
1
l
1

34.1
42.7
69.7
61.0
68.2
79.7
60.3
49.7
59.0
42.3
41.5
35.6
43.3
39.7

40.6
29.5
22.7
25.2
26.9
23.1
27.6
26.7
24.2
26.0
24.3
26.4
26.0
29.8

16.7
14.1
15.7
15.6
14.7
15.2
16.3
18.5
26.0
16.8
18.2
21.4
21.3
20.0

13.9
12.1
11.9
15.1
15.9
13.9
17.5
15.6
17.2
17.8
28.1
31.8
29.3
31.8

34.7
32.2
94.3
129.3
108.7
112.0
123.6
93.6
95.2
97.2
127.9
101.1
48.5
62.2

3.7
3.6
3.6
3.6
3.7
3.7
3.7
3.7
3.7
3.8
3.7
3.8
3.9
3.9

14.8
14.7
14.8
14.9
14.8
14.9
14.6
14.7
15.0
14.9
14.8
14.8
14.9
14.8

A V E R A G E SIZ E OF LOANS M A D E D U R I N G FIRST FULL W E E K OF S E COND M O N T H OF Q U A R T E R

1999 Q 2 . ..
Q3...
Q4...

I
l
l

26.1
21.4
31.5

2000 Q l . ..
Q2...
Q3...
Q4...

l
l
l
l
l
l
l
l

33.3
26.9
23.2
35.3

2002 Q l . ..

l

33.2




, ANNUAL

RATE

30.2
30.1
46.5

21.2
25.1
33.1

20.5
17.0
24.9

52.4
26.6
25.9

66.3
44.0
54.5

3.8
3.7
4.1

14.5
14.6
14.9

46.4
45.9
46.7

314.6
261.3
242.1

1
1
1

63.4
47.5
58.7

17.4
14.3
23.8

38.5
40.3
56.9
40.2

29.9
23.3
23.8
27.0

27.6
20.1
18.1
18.6

48.0
23.3
25.6
20.6

43.5
58.5
36.2
54.8

3.8
4.0
3.5
4.2

15.1
14.8
14.8
15.1

47.7
45.6
43.6
44.2

256.3
255.6
273.0
252.2

l
1
1
l

42.0
51.8
40.0
43.3

24.4
17.4
16.2
17.7

l
l
1
l
1
l

30.1
31.4
43.6
51.0

25.3
29.5
27.2
37.5

24.3
19.3
16.2
21.1

34.6
41.2
23.4
22.9

78.4
47.1
46.1
83.1

3.9
3.9
3.7
4.0

15.2
14.5
14.7
14.7

46.6
44.1
44.0
47.1

274.0
263.7
255.6
280.2

l
l
1
l

55.2
43.6
39.4
61.9

23.2
17.3
14.4
20.5

l

48.7

32.9

26.0

26.1

61.1

3.7

15.0

47.7

237.8

l

54.3

24.6

31.1
25.4
22.9
25.9

2001 Q l . ..
Q2...
Q 3 ...
Q 4 .. .

45.2
45.9
46.1
46.6
45.9
46.1
47.0
44.9
45.2
45.8
45.4
46.8
45.3
45.4

1
1
1
l
1
l

l

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS
TABLE I.C
A M O U N T OF LOANS M ADE

(BILLIONS OF DOLLARS)
BY SIZE OF
LO A N ($l,000fl)

BY PURPOSE OF LO A N

ALL
L OANS

FEEDER
LIVESTOCK

OTHER
LIVES T O C K

OTHER
C URRENT
O P E R ATINQ
EXPENSES

FARM
MACH I N E R Y
AND
EQUIPMENT

1
to
9

O THER

10
to
24

25
to
99

BY SIZE
OF B A N K

100
and
over

L ARGE

OTHER

l
l
i
i
i
l
i
i
l
l

44.2
53.7
49.4
58.8
55.1
55.3
61.2
41.9
37.0
30.6
25.1
30.2

30.5
29.1
34.3
33.8
30.6
28.8
26.1
29.6
31.1
30.1
25.0
21.4

A N N U A L A M O U N T OF LOANS M ADE

1 9 9 0 ......
1 9 9 1 ......
1 9 9 2 ......
1 9 9 3 ......
1 9 9 4 ......
1 9 9 5 ......
1 9 9 6 ......
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

|
|
|
|
|
|
|
j
|

j
|
|

74.7
82.8
83.7
92.6
85.7
84.1
87.3
71.4
68.0
60.6
50.2
51.6

l
I

1
l

l
l
l
l
l
l
1

l

22.0
21.4
23.6
28.7
16.8
12.7
10.6
8.0
6.1
4.9
4.8
5.1

5.5
5.8
6.7
6.2
6.4
5.2
4.0
5.3
4.4
4.2
4.5
4.7

26.6
25.5
24.6
24.7
25.4
27.3
35.9
23.6
25.2
28.4
27.6
21.7

2.3
2.5
2.9
2.5
3.2
2.7
2.4
2.7
4.9
5.2
3.9
4.1

18.3
27.6
26.0
30.6
33.9
36.1
34.5
31.9
27.5
18.0
9.3
16.1

1

j
1
1
1
1
1
1
1
1

1

6.1
6.1
6.2
6.1
5.8
5.4
5.0
5.0
4.5
4.2
4.2
3.7

A M O U N T OF LOANS M A D E DURI N G FIRST FULL W E E K or S ECOND M O N T H OF QUARTER,

7.3
7.6
8.0
8.3
7.4
8.3
7.1
7.4
6.7
6.6
6.5
5.9

15.9
15.1
16.8
17.1
16.5
16.0
13.9
15.8
14.9
15.1
12.6
12.6

45.3
54.0
52.8
61.0
56.0
54.4
61.3
43.3
41.9
34.9
26.8
29.3

l
I

A N N U A L RATE

1999 Q2.
Q3.
Q4.

1
l
l

61.85
43.91
46.96

1
1
1

3.5
2.2
7.1

3.8
3.2
5.0

36.4
25.0
22.0

8.7
5.1
3.4

9.5
8.4
9.4

1
1
1

5.4
4.6
3.0

7.4
6.4
5.3

16.0
13.2
13.7

33.0
19.7
24.9

1
1
1

28.3
20.8
19.3

33.5
23.1
27.7

2000 Ql.
Q2.
Q3.
Q4.

I
l
I
I

59.42
57.44
42.60
41.24

1
1
1
1

3.6
4.8
5.1
5.8

4.8
4.4
3.7
5.1

37.6
31.5
23.4
17.8

6.3
4.1
3.0
2.3

7.1
12.7
7.4
10.2

l
1
1
1

4.1
5.1
3.8
3.7

6.6
7.9
6.3
5.3

12.7
15.1
11.3
11.4

36.0
29.3
21.2
20.8

l
1
1
1

30.4
27.2
20.9
22.0

29.0
30.2
21.7
19.3

2001 Ql.
Q2.
Q3.
Q4.

I
i
I
i

54.27
58.02
38.64
55.60

1
1
1
1

3.6
4.1
4.1
8.4

4.3
5.5
3.5
5.6

23.7
25.9
17.7
19.4

4.7
6.7
2.8
2.4

18.0
15.9
10.5
19.8

1
1
1
1

3.3
4.8
3.7
3.2

5.7
7.1
5.3
5.6

13.9
14.1
10.2
12.5

31.4
32.1
19.5
34.3

1
l
1
1

28.4
34.4
23.2
34.8

25.8
23.6
15.5
20.8

I

58.98

1

6.6

5.4

28.8

3.3

14.9

l

3.3

5.9

16.3

33.5

1

27.8

31.2

2002 Ql.

,.




9

ESTIMATES PROM THE QUARTERLY SAMPLE SURVEY OP BANK NON-REAL-ESTATE LOANS TO FARMERS
TABLE I.D
A V E R A G E M A T U R I T Y OP LOANS MA D E

(MONTHS)
B Y SIZE OP
L O A N ($1, 000s)

BY P URPOSE OF LO A N

ALL
LOANS

PEEDER
LIVE­
STOCK

O TH E R
LIVESTOCK

OTH E R
CURR E N T
OPERATING
EXPENSES

FARM
MACHINERY
AND
EQUIP M E N T

1
to
9

O THER

10
to
24

25
to
99

9.2
8.3
9.7
10.0
11.6
10.8
10.5
11.6
11.3
11.2
11.5
11.9

11.9
10.6
11.1
11.1
13.5
12.1
12.1
12.4
12.5
12.4
11.1
12.5

B Y SIZE
OP B A N K

100
and
over

LAR G E

OT H E R

4.7
5.2
6.4
6.4
5.8
7.3
6.4
7.6
6.8
9.2
10.0
11.4

10.2
9.6
10.1
10.4
12.6
11.4
12.3
12.8
13.2
13.8
12.3
15.5

A N N U A L AV E R A G E M A T U R I T Y

|
|
j
j
j
|
|
|
j
j
|

7.5
7.3
8.9
9.2
10.3
9.9
8.5
9.9
9.8
11.5
11.2
13.2

1
1
1
1

l
l
l
l
l
l
l
l

6.0
6.7
6.1
7.3
7.6
8.7
7.8
9.1
8.0
8.0
8.0
8.5

8.8
8.5
9.5
9.6
9.8
9.9
11.3
11.0
10.3
11.0
10.8
14.0

7.5
7.2
8.6
8.3
8.6
8.5
7.6
10.7
9.9
11.3
9.5
10.3

21.9
24.6
20.1
30.4
36.6
26.5
29.4
30.6
27.5
20.1
22.4
24.3

6.4
5.3
9.4
9.4
9.4

o
o
H

1 9 9 0 ......
1 9 9 1 ......
1 9 9 2 ......
1 9 9 3 ......
1 9 9 4 ......
1 9 9 5 ......
1 9 9 6 ......
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

9.2
7.4
6.8
10.5
13.2
15.3

l
l
1
l
l
l
l
l
l
l
l
I

7.4
7.7
8.3
8.5
8.6
9.0
8.6
8.8
8.8
9.8
9.7
9.6

M A T U R I T Y OP L O A N S MA D E D U R I N G FIRST P ULL WE E K OP SECO N D M O N T H OP QUARTER,

4.9
5.8
7.2
7.4
7.2
8.2
7.3
8.8
8.7
11.4
11.4
14.1

A N N U A L R ATE

1999 Q 2 . ..
Q3...
Q4. . .

1
l
l

14.4
12.0
11.5

1
1
1

8.8
6.9
7.7

12.0
7.3
10.9

14.2
9.3
8.7

13.9
22.3
24.1

18.8
17.1
16.9

l
l
l

9.9
9.4
9.7

11.3
10.4
11.1

14.7
11.1
12.9

15.7
13.8
11.1

9.9
12.3
10.8

18.0
11.8
11.9

2000 Q l . ..
Q 2 ...
Q3...
Q4...

l
l
1
l

11.2
11.6
11.1
10.6

1
1
1
1

9.0
9.7
6.7
7.2

10.4
9.3
14.8
9.7

10.0
10.1
9.1
7.9

17.4
22.3
30.7
25.8

14.1
13.4
10.2
14.5

l
l
l
l

9.8
10.8
9.0
8.9

12.0
11.9
11.2
10.5

10.9
11.7
10.2
11.5

11.4
11.6
11.9
10.5

8.2
11.2
10.3
10.9

14.3
11.9
11.8
10.4

2001 Q l . ..
Q2. . .
Q3...
Q4...

1
1
1
1

18.7
11.8
11.0
10.6

1
1
1
1

8.7
8.1
6.8
9.5

18.6
16.9
10.7
9.8

12.4
10.2
8.6
9.6

30.6
14.0
32.3
31.4

25.9
12.8
11.3
9.9

l
l
l
l

9.9
11.1
9.1
7.6

13.3
11.9
11.2
11.1

13.5
12.5
11.8
12.1

23.0
11.6
10.9
10.3

19.6
8.9
9.9
8.3

17.8
15.9
12.6
14.4

2002 Q l . ..

l

11.6

1

9.0

9.6

10.9

30.1

10.8

l

10.0

12.3

14.5

10.2

8.6

14.2




l

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS
TABLE I.E
A V E RAGE E F F E CTIVE INTEREST RATE ON LOANS M ADE
BY SIZE OF
L O A N ($1, 0008)

B Y PURPOSE OF ]
LOAN

ALL
L OANS

FEE D E R
LIVE­
ST O C K

OTHER
L I V E STOCK

OTH E R
CURRENT
O P E R ATING
EXPENSES

FARM
MACH I N E R Y
AND
EQUIPMENT

10
to
24

1
to
9

O THER

25
to
99

B Y SIZE
OF BA N K

100
and
over

L ARGE

OTHER

A N N U A L AVER A G E INTEREST R ATE

1 9 9 0 ......
1 9 9 1 ......
1 9 9 2 ......
1 9 9 3 ......
1 9 9 4 ......
1 9 9 5 ......
1 9 9 6 ......
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

|
|
j
|
j
|
j
j
j
j
j
|

11.4
9.8
7.8
7.5
7.8
9.5
8.4
9.2
9.0
8.7
9.7
7.8

l
l
1
l
1
l
1
l
1
l
l
l

11.5
10.2
8.2
8.0
8.3
10.1
8.8
9.6
9.4
9.1
9.8
7.6

12.0
11.0
8.6
8.1
8.0
10.2
9.5
9.8
9.7
9.1
9.9
8.0

11.7
10.4
8.8
8.1
8.4
10.0
8.6
9.9
9.6
9.2
9.9
8.4

12.3
11.3
9.3
8.7
8.6
10.3
9.7
9.8
9.3
8.8
9.3
8.3

10.7
8.6
6.3
6.2
7.0
8.8
8.0
8.5
8.0
7.6
9.3
7.0

|
j
|
|
j
|
|
|
j
|
j

12.5
11.5
9.7
9.0
9.1
10.6
10.2
10.2
10.1
9.7
10.3

1

9.1

12.4
11.2
9.3
8.7
8.8
10.5
10.1
10.0
9.9
9.5
10.2
8.7

A V E R A G E RAT E O N LOANS MA D E DURI N G FIRST FULL W E E K OF S ECOND M O N T H OF QUARTER,

12.1
10.7
8.8
8.3
8.6
10.3
9.8
9.9
9.7
9.3
10.1
8.3

10.9
9.2
7.1
6.9
7.3
9.0
7.8
8.8
8.4
8.1
9.4
7.3

I
l
l
l
l
l
l
l
l
l
l
l

10.9
9.0
6.8
6.7
7.2
9.0
7.8
8.7
8.3
7.9
9.3
7.1

12.3
11.3
9.4
8.7
8.8
10.4
10.0
10.0
9.8
9.4
10.2
8.9

A N N U A L RATE

1999 Q 2 ...
Q 3 .. .
Q4...

I
l
1

8.8
9.0
9.2

1
1
1

9.0
9.0
9.3

9.1
9.1
9.2

9.1
9.2
9.4

8.2
9.0
9.4

7.9
8.5
8.6

l
l
l

9.5
9.7
9.9

9.4
9.6
9.7

9.2
9.4
9.4

8.3
8.4
8.8

l
1
l

8.1
8.4
8.7

9.3
9.6
9.5

2000 Q l . ..
Q 2 ...
Q3...
Q4. . .

l
l
l
l

9.2
9.7
10.2
10.0

1
1
1
1

9.2
9.6
10.4
10.0

9.3
9.9
10.2
10.3

9.5
9.9
10.3
10.3

8.0
10.1
10.1
10.3

9.2
9.2
9.6
9.4

l
l
l
l

9.8
10.3
10.7
10.6

9.7
10.1
10.7
10.5

9.5
10.0
10.4
10.3

9.0
9.4
9.8
9.7

l
l
l
l

8.7
9.4
9.7
9.7

9.8
10.1
10.6
10.5

2001 Q l . ..
Q2...
Q3. . .
Q4. . .

l
l
l
l

9.1
8.3
7.7
6.2

1
1
1
1

9.6
8.3
7.8
6.2

9.6
8.6
7.5
6.3

9.6
8.6
8.1
6.8

9.2
8.1
8.2
7.4

8.3
7.8
6.9
5.3

l
l
l
l

10.1
9.2
8.9
7.9

9.8
8.9
8.5
7.4

9.6
8.6
8.0
6.8

8.7
7.9
7.1
5.5

l
1
l
l

8.5
7.8
7.1
5.3

9.8
9.0
8.7
7.7

2002 Q l . ..

l

6.3

1

6.5

5.6

6.8

6.7

5.2

l

7.6

7.2

6.7

5.7

l

5.1

7.3




11

12
ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-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
LIVE­
STOCK

OTHER
LIVESTOCK

OTHER
CURRENT
OPERATING
EXPENSES

FARM
MACHINERY
AND
EQUIPMENT

BY SIZE
OF BANK

1
to
9

10
to
24

25
to
99

100
and
over

LARGE

OTHER

53.6
52.0
57.3
60.1
58.6
61.7
60.6
60.1
57.6
52.6
53.4
58.8

59.2
59.0
59.1
61.0
59.8
63.9
61.5
58.0
54.8
54.6
54.6
60.9

66.0
64.0
61.2
64.5
70.4
73.6
69.1
68.0
62.7
60.2
61.8
69.4

67.5
67.8
78.6
83.9
80.2
76.7
62.2
67.0
51.1
63.1
74.5
81.5

69.4
70.0
82.9
86.9
83.7
79.9
65.4
71.4
57.1
70.8
82.5
89.1

59.3
56.1
55.5
58.9
59.7
62.3
57.9
57.9
51.3
50.5
51.4
54.0

51.8
53.0
57.3
51.6

52.4
54.7
57.9
53.2

53.0
61.8
67.8
65.7

69.7
78.0
79.2
73.1

65.2
88.4
89.9
91.9

60.7
50.2
52.9
37.6

60.0
57.3
58.0
60.5

OTHER

60.4
57.4
63.5
63.3

66.4
69.0
70.7
72.2

70.4
86.2
86.6
84.4

76.2
91.9
95.0
92.9

58.4
53.2
48.9
53.4

63.8

57.2

64.3

79.6

89.6

56.8

ANNUAL PERCENTAGE OF LOANS MADE

65.2
65.1
71.7
76.7
75.1
73.8
63.1
65.8
54.4
60.7
66.9
74.5

1990.
1991.
1992.
1993.
1994.
1995,
1996.
1997.
1998,
1999.
2000.
2001,

76.8
81.5
78.5
84.6
82.9
83.9
58.1
66.4
55.0
45.6
57.3
72.9

61.6
69.3
63.5
70.0
74.3
75.9
71.2
73.2
59.4
66.0
60.7
65.6

68.3
68.8
66.3
70.3
72.3
73.0
67.3
67.8
68.5
68.6
67.0
75.0

40.0
40.6
47.8
48.2
51.6
53.1
32.9
49.9
46.7
58.2
62.2
61.0

51.2
50.3
75.3
78.1
75.7
72.2
61.4
64.3
42.0
52.0
76.7
80.5

AVERAGE PERCENTAGE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER

2000 Ql...
Q2...
Q3.•*
Q4...
2001 Ql...
Q2.•.
Q3. ..
Q4 •••
2002 Ql. ..




|

63.0
68.3
71.0
66.5

46.4
51.0
60.0
66.8

69.2
57.8
59.5
56.2

59.4
69.7
78.9
62.8

80.6
57.6
38.6
51.0

70.8
78.4
72.9
81.6

67.7
76.1
76.5
78.1

|
|
|
|
;

64.7
77.5
72.5
74.2

73.7
56.8
72.6
63.6

73.4
73.8
75.5
78.3

50.8
79.0
54.9
38.0

63.9
85.1
86.9
88.5

61.9

63.9

69.5

58.8

88.1

72.2

1

|
|
|
|

|

|

TABLE 1.0

PERCENTAGE DISTRIBUTION BY EFFECTIVE INTEREST RATE OF NON-REAL ESTATE FARM LOANS MADE BY BANKS*

EFFECTIVE INTEREST RATE (percent)
ZERO
ALL
TO
R A T E S 5.0

1 9 9 7 ____
1 9 9 8 ---1 9 9 9 ____
2 0 0 0 ____
2 0 0 1 ____
2 0 0 2 ____

100

**
**
0

**
100

0
24

5.0
TO
5.9

6.0
TO
6.9

7.0
TO
7.9

8.0
TO
8.9

0
0
4
0

5
13
17
5
8
20

10
4
17
4
7
23

31
23
29
30
28
11

**
17

9.0
TO
9.9

10.0
TO
10.9

11.0
TO
11.9

£roiu previous i
33
17
32
22
23
9
36
18
33
17
4
1

12.0
TO
12.9

13.0
TO
13.9

years for the mo D
4
5
2
6
5
0

1
1
1
1
2
0

0
0
0
0
0

**

14.0
TO
14.9

a
LUV
a

0
0
0
0
0
0

15.0
TO
15.9

a m

^

16.0
TO
16.9

17.0
TO
17.9

1 8.0
TO
18.9

19.0
TO
19.9

20.0
TO
20 . 9

**
**
**
**

**
**
**
**

**

0
0

0

**
**
**

**

0

**
**
**
★*
**
**

**
★★
**

**
**
**

**
**
**

**
**
**

**
**
**
**

**
★*
**

**
**
*★

k k

■ k it

k k

0

k k

an*

0
0
0

0

**
0

**
**

★★

0

**

0
0
**

**
**
**

**
**

0

0

quarterly
1999 Q2...
Q3. . .
Q4. . .

100
100
100

0
**

2000 Q l . ..
Q2. . .
Q 3 ...
Q 4 ...

100
100
100
100

**

Ql. ..
Q 2 ...
Q3. . .
Q4 . . •

100
100
100
100

0
0
1
21

Ql. ..

100

24

2001

2002

0

0
0
*★

4
2
0

4
4
3

12
10
9

37
35
30

30
32
36

11
12
17

2
4
5

0
1
1

0
0
0

**

0
0
0

5
0
1

36
36
30
30

18
27
28
34

6
11
19
13

1
2
5
4

0
0

**

* it

itit

0

it k

it k

0

30
19
16
15

0
0
1

0

4
4
1
3

0
0

0
0

**

7
29
25
16

28
31
25
11

33
22
12
4

17
5
3
1

5
2
1

2

0
0

0

0

0

0

**

0

0
0
0

0
0
0
0

★*

3
9
33

8
8
23
14

0

**
*★

**
**
★*

**
★*
**

**
**
* it

17

20

23

11

4

1

0

0

*★

0

0

**

0

it it

0

0
0

0

it it

0
it it

0

k k

k k
k k

* Percentage distribution of the estimated dollar amount of nonreal-estate farm loans of $1,000 or more made by insured
commercial banks during the survey week. Data are estimates from the Federal Reserve Survey of the Terms of Bank Lending
to Farmers, which is conducted during the first full business week of the second month of each quarter.
Percentages may not add to 100 percent because of rounding.
A value of 0 indicates less than .5 percent, while ** indicates no observation.




13

14

TABLE I.H.l
SURVEY OF TERMS OF BANK LENDING MADE DURING February 4-8, 2002
Loans to farmers
Size class of loans (thousands)
all sizes

$1-9

1,384,796
37,092
20.06
7.98
2.90

$10-24

$25-49

$50-99

$100-249

$250 and over

66,345
18,160
10.25
4.15
2.71

118,468
7,963
12.68
6.94
2.85

148,288
4,429
17.15
7.77
2.74

202,073
3,028
17.60
6.28
2.78

408,910
2,669
30.70
9.73
2.80

440,712
844
15.78
8.07
3.14

6.39
0.11

7.59
0.05

7.20
0.05

7.10
0.12

6.59
0.12

6.45
0.16

5.60
0.28

7.64
5.05

8.50
6.75

8.03
6.14

8.00
5.92

7.68
5.64

7.52
5.64

6.96
4.33

6.54
5.77
6.86
6.68
6.40
5.53

7.45
7.81
7.69
8.24
6.10
6.38

7.64
7.30
7.24
7.53
6.58
6.42

7.29
6.80
7.20
7.13
6.59
6.97

7.02
5.94
6.77
7.01
6.79
6.07

6.21
5.73
6.91
6.60
6.97
5.71

5.74
4.39
6.40
4.40
5.70
4.77

66.42
69.15
23.46
7.60

63.22
72.42
23.90
1.07

57.99
68.48
21.69
2.24

58.66
64.91
24.38
5.04

66.26
67.50
30.55
7.64

71.34
63.72
34.41
9.48

67.29
76.07
10.16
9.13

9.17
8.20
46.13
5.31
7.79
23.40

4.63
9.18
66.84
8.60
1.13
9.61

9.64
9.64
57.44
9.06
2.10
12.13

11.98
8.10
48.75
9.48
4.18
17.52

13.23
9.21
45.90
7.15
2.45
22.06

6.86
8.12
43.26
4.07
12.00
25.69

9.05
7.32
41.85
2.71
10.09
28.98

18.37
73.76

4.45
89.18

5.32
87.24

13.03
81.29

8.90
83.61

23.12
71.65

25.70
62.74

ALL BANKS
1
2
3
4
5

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

6 Weighted average interest rate (percent)4
7
Standard error5
8
Interquartile Range6
a.75th Percentile
b.25th Percentile
By purpose of loan
9
Feeder livestock
Other livestock
10
11
Other current operating expenses
12
Farm machinery and equipment
Farm real estate
13
14
Other
Percentage of the amount of loans
With floating rates
Made under commitment
Callable
Subject to prepayment penalty
By purpose of the loan
Feeder livestock
19
Other livestock
20
Other current operating expenses
21
Farm machinery and equipment
22
Farm real estate
23
Other
24
By type of collateral
Farm real estate
25
Other
26
15
16
17
18

Footnotes are at the end o£ table I.H




TABLE I.H.2
SURVEY OF TERMS OF BANK LENDING MADE DURING February 4-8, 2002
Loans to fanners
Size class of loans (thousands)
all sizes

$1-9

$10-24

$25-49

$50-99

$100-249

$250 and over

771,674
18,036
16.36
5.68
3.21

32,896
9,073
9.46
2.20
3.06

56,135
3,742
10.81
3.11
3.21

66,659
1,950
14.35
4.76
3.14

86,010
1,297
17.98
5.00
3.16

204,885
1,413
19.36
5.79
3.07

325,088
561
16.15
6.77
3.33

5.84
0.19

6.88
0.19

6.62
0.23

6.42
0.15

6.09
0.17

6.06
0.21

5.27
0.40

7.25
4.55

7.77
5.90

7.73
5.38

7.59
5.12

7.23
4.85

7.45
4.84

6.50
3.92

5.61
4.84
6.42
5.79
7.03

6.54
6.15
7.16
6.99
5.50

6.60
5.61
6.84
6.82
7.24

6.31
5.82
6.78
6.86
6.00

6.21
4.99
6.52
6.04
6.10

6.45
5.05
6.44
6.49
7.13

4.71
4.39
5.99
4.40
7.27

76.27
83.99
19.66

84.41
87.78
22.03

81.43
85.96
21.39

80.04
83.18
24.46

79.25
87.26
21.41

76.96
79.41
29.70

72.56
85.45
11.34

7.63
9.33
46.05
4.31
4.56
23.40

4.82
3.57
70.86
3.74
0.96
9.61

5.43
4.17
62.35
5.39
1.34
12.13

8.32
7.38
52.22
6.66
2.75
17.52

10.81
8.42
51.93
4.16
3.66
22.06

6.12
11.73
48.92
4.39
6.64
25.69

8.25
9.92
36.09
3.68
4.77
28.98

16.82
74.95

5.74
86.47

7.18
83.83

8.94
80.70

11.21
82.24

14.85
74.71

23.94
69.30

LARGE FARM LENDERS7
1
2
3
4
5

Amount of loans (thousands)
Number of loans
Weighted average maturity (months)1
Weighted average repricing Interval (months)2
Weighted average risk rating3

6 Weighted average Interest rate (percent)4
Standard error5
7
8
Interquartile Range6
a.75th Percentile
b.25th Percentile
By purpose of loan
Feeder livestock
9
Other livestock
10
Other current operating expenses
11
Farm machinery and equipment
12
Farm real estate
13
Percentage of the amount of loans
With floating rates
Made under commitment
Callable
By purpose of the loan
Feeder livestock
19
Other livestock
20
Other current operating expenses
21
Farm machinery and equipment
22
Farm real estate
23
Other
24
By type of collateral
Farm real estate
25
Other
26

15
16
17

Footnotes are at the end of table I.H




15

16

TABLE I.H.3
SURVEY OF TERMS OF BANK LENDING MADE DURING February 4-8, 2002
Loans to farmers
Size class o£ loans (thousands)
all sizes

$1-9

$10-24

$25-49

$50-99

613,123
19,056
24.60
10.81
2.41

33,449
9,088
11.01
6.02
2.24

62,333
4,221
14.32
10.31
2.42

81,628
2,478
19.57
10.36
2.35

7.08
0.18

8.29
0.12

7.72
0.19

7.90
6.00

9.11
7.41

7.35
7.37
7.41
7.42
6.10
6.44

$100-249

$250 and over

116,064
1,731
17.33
7.21
2.39

204,024
1,256
41.43
13.48
2.51

115,624
282
14.78
11.66
2.33

7.66
0.21

6.95
0.26

6.84
0.16

6.52
0.49

8.30
7.00

8.68
6.75

7.90
5.75

7.75
5.75

7.00
4.86

8.41
8.21
8.27
8.59
6.54
8.12

8.03
7.74
7.65
7.81
6.28
8.15

7.73
7.47
7.59
7.25
6.84
8.63

7.45
6.55
6.99
7.32
8.00
6.51

6.02
7.50
7.51
6.72
6.91
6.06

7.87
7.12
4.86
5.09

54.02
50.48
28.26

42.37
57.32
25.74

36.88
52.74
21.96

41.21
49.99
24.31

56.63
52.85
37.32

65.69
47.98
39.14

52.47
49.68
6.86

11.10
6.79
46.22
6.58
11.87
23.40

4.45
14.70
62.89
13.38
1.30
9.61

13.43
14.57
53.01
12.37
2.78
12.13

14.96
8.70
45.91
11.78
5.34
17.52

15.03
9.80
41.43
9.38
1.55
22.06

7.61
4.48
37.57
3.75
17.38
25.69

11.28
58.05
25.07
28.98

20.32
72.27

3.17
91.85

3.64
90.31

16.37
81.78

7.18
84.63

31.43
68.57

30.65
44.28

OTHER BANKS7
1
2
3
4
5

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

6 Weighted average interest rate (percent)4
7
Standard error5
8
Interquartile Range6
a.75th Percentile
b.25th Percentile
By purpose of loan
Feeder livestock
9
Other livestock
10
11
Other current operating expenses
12
Farm machinery and equipment
13
Farm real estate
14
Other
Percentage of the amount of loans
With floating rates
Made under commitment
Callable
By purpose of the loan
Feeder livestock
19
20
Other livestock
Other current operating expenses
21
Farm machinery and equipment
22
23
Farm real estate
24
Other
By type of collateral
Farm real estate
25
26
Other
15
16
17

Footnotes are at the end of table I.H




TABLE I.H.4
SURVEY OF TERMS OF BANK LENDING MADE DURING February 4-8, 2002
Loans to fanners
Risk Rating
All

Minimal

Low

1,384,796
37,092
20.06
7.98
2 .90

134,708
3,900
45.35
11. 9 7
1.00

6.39
0.11

Moderate

Acceptable

Special

Not Rated

251,768
7,615
22.54
12. 0 4
2 .00

453,092
11,809
17.41
6 .46
3. 0 0

258,202
5,7 4 7
11.99
3 .54
4. 0 0

74,333
1,218
14.63
0.63
5.00

81,330
1,808
10.53
4.82
-

131,363
4,995
21.50
15.54
-

6 .60
0.24

6 .88
0.20

6.36
0. 2 5

5.79
0.23

6.56
0 .43

5.59
0 .87

6. 8 9
0. 2 9

7.64
5.05

7.75
5 .81

7.68
6.18

7.79
4.85

6.40
4.85

7.74
5.65

7.50
4.85

7.52
6.17

6 .54
5.77
6.86
6.68
6.40
5.53

7.22
5.09
6 .81
6.94
6 .55
6 .59

6.52
6.22
7.02
7.35
7.06
6.54

6.01
5.44
6.87
6.46
7.35
5.53

5.70
5.25
6 .50
7. 7 7
7.01
5.29

5. 4 9
6.49
7.09
4.58
7.53
6. 4 3

9. 0 6
7.81
7.51
6.33
5. 2 5
4. 2 4

7.21
7.37
6 .66
7.21
6.94
6.62

66. 4 2
69.15
23.46
7.60

56.58
53.65
18. 2 3
0. 2 1

51.37
60.16
28.96
0 .21

67.85
66.43
18.61
9.18

87.49
93.61
29.99
23.88

85.16
84.48
11.17
0.30

89.29
84.37
18.92
1.17

34.27
45.52
31.98
-

9.17
8 .20
46.13
5.31
7. 7 9
23.40

21.01
1 3.87
39.19
3.24
1 7.73
4.95

10.96
7.20
65.25
3.13
4. 7 6
8.70

6.53
9 .29
50. 8 3
5 .39
3.96
24.00

7.24
6.74
32.10
1 .54
2 .82
49.57

6.02
3.49
46.43
11.01
7.32
25.73

3 .77
4.87
15.62
1.23
44.77
29.74

11.59
8. 1 8
46.64
18.06
3.80
11. 7 3

1 8.37
73.76

28.36
68.65

18. 1 3
74.70

17.67
75.00

11 . 1 2
84.23

22.12
73.63

12.06
47.13

27.03
68.96

Not

Reported

ALL BANKS
1
2
3
4
5

A m o u n t of l oans (thousands)
N u m b e r of loans
Weighted average maturity (months)1
Weighted average repricing Interval
Weighted average risk rating3

(months)2

6 Weighted average Interest rate (percent)4
7
Standard error5
8
Interquartile R a nge6
a.7 5th Percentile
b.25th Percentile
B y p u r p o s e of loan
Feeder livestock
9
Other livestock
10
Other current operating expenses
11
12
Farm machinery and equipment
F a r m real estate
13
14
Other
P e r c e n t a g e of t h e a m o u n t o f l o a n s
W i t h floating rates
Made under commitment
Callable
Subject to prepayment penalty
By pur p o s e of the loan
Feeder livestock
19
Other livestock
20
21
Other current operating expenses
Farm machinery and equipment
22
F a r m real estate
23
Other
24
By type of col l a t e r a l
F a r m real estate
25
26
Other
15
16
17
18

Footnotes

a r e at t h e e n d of t a b l e




I.H

17

TABLE I.H.5
SURVEY OF TERMS OF BANK LENDING MADE
Loans to farmers

D U R I N G F e b r u a r y 4-8,

20 0 2

Risk Rating
All

Minimal

Low

Moderate

Acceptable

Special

Not R a ted

Not Reported

LARGE FARM LENDERS7
1
2
3
4
5

A m o u n t of loans
N u m b e r of loans
Weighted average
Weighted average
Weighted average

(thousands)
maturity (months)1
repricing interval
risk rating3

(months)2

6 Weighted average interest rate (percent)4
7
Standard error5
8
Interquartile Range6
a.7 5th Percentile
b.25th Percentile
B y p u r p o s e of loan
9
Feeder livestock
10
Other livestock
11
Other current operating expenses
12
Farm machinery and equipment
13
F a r m real estate
14
Other
P e r c e n t a g e of the am o u n t of loans
With floating rates
Made under commitment
Callable
Subject to prepayment penalty
By purpose of the loan
Feeder livestock
19
20
Other livestock
21
Other current operating expenses
22
Farm machinery and equipment
23
F a r m real estate
24
Other
B y type of collat e r a l
F a r m real estate
25
Other
26

15
16
17
18

Footnotes

a r e at




the e n d of t a ble

I.H

771,674
18,036
16.36
5. 6 8
3.21

25,758
863
12. 5 3
6 .20
1.00

115,284
2,676
16. 9 6
8. 2 1
2. 0 0

331,053
7,970
18.32
6.06
3.00

183,737
4,320
12.84
4. 7 3
4.00

66,314
984
14.99
0.11
5. 0 0

33,187
544
19.74
14.09
-

16,340
679
19.43
2. 4 2
-

5 .84
0 .19

5 .36
0 .43

6 .36
0.23

5. 8 0
0.24

5 .54
0.28

6. 4 0
0. 5 4

4.85
0.91

6.83
0.24

7.25
4.55

6 .75
4. 3 4

7. 3 3
5.13

7.52
4. 3 3

6.40
4.60

7.50
5.35

5.38
3. 3 9

7.45
6.17

5.61
4.84
6.42
5 .79
7. 0 3
5 .09

5 .78
4. 3 5
5.99
7. 1 2
4.39

5 .37
5. 7 5
6. 5 8
7.04
6.25
6.44

5. 3 0
4.51
6. 4 3
5 .93
7.31
5 .02

5. 7 0
5 .13
6.02
6.84
7.01
4.90

5 .49
5. 1 0
7.01
4.58
6.36
6. 3 9

9.39
4.47
5 .24
5 .03
7.28
3.97

6. 8 9
6.29
6. 9 8
7.07
6 .00
6 .30

76.27
83.99
19.66
6.22

48.07
93 . 1 2
51.08
1 .11

65.71
73.87
34.73
0.45

75.04
80.72
19.42
10.75

83.74
93.27
8.16
6. 1 8

86.49
84.85
2.66
0 .33

81.65
88.43
3. 2 7

83.79
90.41
100.00
-

7.63
9 .33
46.05
4.31
4.56
23.40

4.07
37.88
48.22
5.75
21.22
4. 9 5

10.44
8 .63
63.82
0.71
14.92
8. 7 0

6.17
9.83
45.51
5. 3 9
2. 1 3
24.00

10.17
9.08
38.74
1. 2 5
0. 5 4
49.57

6 .74
1.66
49.81
12.35
5.49
25.73

6.28
2 .23
10.96
1.96
2.45
29.74

0. 5 8
7.11
66.18
11.82

16.82
74.95

70.73
92.39

52.47
68.95

8.30
73.89

8.95
79.19

9. 5 0
70.44

2.53
68.76

-

-

11.73
-

94.60

TABLE I.H.6
SURVEY OF TERMS OF BANK LENDING MADE DURING February 4-8, 2002
Loans to fanners
Risk Rating
All

Minimal

Low

613,123
19,056
24.60
10.81
2.41

108,950
3,037
53.11
13.34
1.00

7.08
0. 1 8

Moderate

Acceptable

Special

Not Rated

Not Reported

136,484
4,939
27.24
15. 2 7
2. 0 0

122,039
3,839
14.89
7.56
3.00

74,465
1,426
9. 9 5
0. 6 5
4.00

8,019
234
11.86
4.91
5. 0 0

48,143
1,264
6.39
0.66
-

115,023
4,316
21.79
17.41
-

6.90
0.28

7. 3 2
0 .24

7.89
0. 2 6

6. 4 1
0. 82

7.90
0 .38

6.10
1.07

6.89
0.34

7.90
6.00

7.75
6.00

7.85
6 .86

9. 0 0
6. 6 1

5.64
5.64

7.79
7.52

8.23
4.86

7. 6 4
6.17

7.35
7. 3 7
7.41
7.42
6 .10
6.44

7. 2 7
5.90
7 .07
6.84
6 .55
7.00

7.41
7.37
7.39
7.74
6. 6 8

7.59
8. 6 4
7.72
7.92
8 .13
8. 4 0

8. 1 1
9.41
9 .06
7.27
5.73

7.52
8.77
7.79
7.52

8 .37
8. 5 8
8.42
8 .74
5 .03
7.69

7.21
7.51
6 .59
7.22
7.12
6. 6 5

54.02
50.48
28.26
9.34

58.60
44.32
1 0.47
5.51

39.25
48.57
24.08
36.86

48.33
27.66
16.40
0.78

96.74
94. 4 7
83. 8 7
~

74.13
81.41
81.54
-

94.55
81.57
29.71
-

27.23
39.15
22.32
-

11.10
6.79
46.22
6. 5 8
11.87
23.40

25.02
8.19
37.06
2 .64
21. 9 2
4. 9 5

11.39
5 .98
66.47
5. 1 8
4.77
8. 7 0

7.51
7.80
65.25
5. 3 8
0 .62
24.00

1 .31
0. 9 5
15.70
2.25
0 .29
49.57

188.69
18.59
18.46
4.38
55.54
25.73

6 .69
18.83
45.27
68.06
29.74

20.32
72.27

35.06
6 3.04

20.09
79.55

1 6.03
78.01

1 .66
96.65

43.76
100.00

72.01
32.21

OTHER BANKS7
1
2
3
4
5

A m o u n t of loans (thousands)
N u m b e r of loans
Weighted average maturity (months)1
Weighted average repricing interval
Weighted average risk rating3

(months)2

6 Weighted average interest rate (percent)4
Standard error5
7
8
Interquartile Range6
a.75th Percentile
b.25th Percentile
By purpose of loan
Feeder livestock
9
Other livestock
10
Other current operating expenses
11
12
Farm machinery and equipment
13
F a r m real estate
14
Other
P e r c e n t a g e of t h e a m o u n t of loans
W i t h floating rates
Made under commitment
Callable
Subject to prepayment p enalty
By purpose of the loan
Feeder livestock
19
Other livestock
20
21
Other current operating expenses
Farm machinery and equipment
22
F a r m real estate
23
24
Other
By type of coll a t e r a l
F a r m real estate
25
Other
26
15
16
17
18

Footnotes

ar e at t h e e n d of t a b l e




-

-

-

-

-

-

8.33
43.87
-

3 .63
11 . 7 3
-

65.32

I.H

19

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 those residing in the portfolios of banks. Loans of less than $1,000 are excluded
from the survey.

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 and Money Market
Statistics Section, mail stop 81, the Federal Reserve Board, Washington, D C 20551. The category
"Moderate Risk" includes the average loan, under average economic conditions, at the typical lender. The
weighted-average risk ratings are calculated 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. 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. Among banks reporting loans to farmers, most "large banks" (survey strata 1 and 2) had over $25
million in farm loans, most “other banks" (survey strata 3 to 5) had farm loans below $25 million.




Table I.I
Survey of Terms of Bank Lending to Farmers, (selected quarters)
Proportion of farm loans
outstanding, Sept. 2002
Sample Coverage,
Feb. 2002 survey (%)
Avg. Loan Size,
Feb. 2002 survey ($1000)
Survey date:
Nov. 1992
Feb.
1993
May
1993
Aug. 1993
Nov. 1993
Feb.
1994
1994
May
Aug. 1994
Nov. 1994
1995
Feb.
May
1995
Aug. 1995
Nov. 1995
1996
Feb.
May
1996
Aug. 1996
Nov. 1996
1997
Feb.
1997
May
Aug. 1997
Nov. 1997
Feb.
1998
May
1998
Aug. 1998
Nov. 1998
Feb.
1999
1999
May
Aug. 1999
Nov. 1999
2000
Feb.
May 2000
Aug. 2000

NE

LS

CB

USDA Farm Production Region
NP
SE
DL
AP

2.5
16.3

9.5
4.1

27.2
15.8

17.2
11.5

10.5
16.3

5.0
14.2

5.0
6.0

40.0

46.9

38.7

25.6

60.2

82.9

42.7

7.9
7.8
8.1
8.2
8.3
7.7
8.7
9.1
10.2
11.7
9.0
9.6
10.8
8.8
10.3
8.3
10.1
8.8
9.4
9.3
9.2
9.3
9.2
10.2
9.4
8.4
9.6
10.2
9.1
9.4
10.7
10.5
(.96)

Weighted Average Interest Rate During Sample Week
9.2
8.4
7.3
8.3
7.9
5.5
9.0
8.0
8.0
8.3
7.8
5.6
8.4
8.7
7.8
8.1
7.9
5.2
7.5
8.2
7.3
7.0
8.0
5.7
8.1
7.4
6.3
8.2
7.8
5.3
7.7
8.6
7.9
7.5
7.3
5.2
8.2
9.0
7.8
8.0
8.1
6.1
8.6
8.3
8.6
8.6
7.6
6.5
9.7
8.5
8.8
8.9
7.1
8.5
10.4
10.7
9.9
7.2
10.0
8.6
9.4
8.5
10.2
10.7
10.4
9.3
10.4
10.3
9.8
9.3
9.6
8.1
10.1
10.3
9.6
7.9
10.3
8.3
9.4
9.9
9.4
7.3
10.9
8.0
9.6
10.2
9.0
10.4
7.3
8.1
9.4
9.4
9.9
8.9
7.6
10.0
9.3
9.9
9.0
9.3
7.5
9.9
9.3
9.9
9.5
9.5
8.0
9.5
9.9
10.2
10.1
9.2
9.5
8.3
9.9
10.1
9.8
9.6
8.5
9.9
9.4
9.5
9.8
9.8
9.3
7.5
9.4
9.0
9.8
7.3
10.0
10.3
9.4
9.7
10.2
9.2
7.6
10.3
9.5
9.5
9.5
9.5
8.8
9.7
9.4
9.2
9.0
8.7
8.3
9.7
8.2
9.0
8.9
8.9
9.1
9.6
9.0
9.0
9.1
8.8
8.0
9.8
8.9
8.7
9.3
8.2
8.9
10.0
9.2
9.4
8.3
8.8
8.8
9.8
8.4
9.2
9.2
9.6
9.8
9.3
9.7
9.5
9.7
9.1
9.1
10.5
10.3
9.7
9.2
10.30 10.0
10.5
(.23) (.20) (.09) (.35) (U 0 ) (.01)

SP

MN

PA

8.5
5.1

5.9
12.6

8.7
62.2

31.5

43.4

61.2

8.2
7.8
8.3
7.7
7.8
7.6
8.4
8.6
9.0
10.4
10.1
10.1
9.8
9.9
9.8
9.4
9.1
9.5
9.7
9.7
9.4
9.8
9.6
9.5
9.2
9.1
9.0
8.8
9.0
10.0
10.0
10.0
(.31)

7.6
7.5
7.7
7.1
7.1
7.3
7.5
7.6
8.0
9.4
9.3
9.4
9.3
8.9
8.7
8.9
9.0
10.1
10.0
10.5
10.1
9.6
9.8
9.6
9.1
9.0
8.7
9.0
9.5
9.8
10.1
10.6
(.29)

6.9
6.5
6.8
7.2
6.7
6.9
7.2
7.5
8.5
9.4
9.3
9.5
8.9
8.1
8.3
8.1
8.6
8.7
8.7
8.7
8.8
8.5
8.4
8.5
8.0
7.5
8.0
8.5
8.8
8.4
9.5
9.7
(.27)

Nov.

2000

10.7
(.75)

9.3
(.25)

9.9
(.13)

10.1
(.11)

9.2
(.12)

9.4
(.97)

9.2
(1.24)

10.3
(.33)

10.3
(.19)

9.8
(.20)

Feb.

2001

9.3
(.11)

9.1
(.22)

9.4
(.16)

9.7
(.13)

8.4
(.19)

7.8
(1.20)

9.5
(.25)

9.0
(.95)

9.8
(.37)

8.8
(.12)

May

2001

8.2
(0.5)

8.7
(.58)

8.3
(.12)

8.8
(.09)

7.4
(.22)

8.1
(.67)

8.3
(.51)

9.2
(.29)

8.6
(.41)

7.9
(.09)

Aug.

2001

8.3
(.36)

9.8
(.07)

7.9
(.16)

8.2
(.12)

6.3
(.22)

7.6
(1.17)

8.7
(.25)

8.8
(.42)

7.8
(.37)

7.2
(.36)

Nov.

2001

6.9
(.23)

7.9
(.78)

6.3
(.38)

7.0
(.29)

5.2
(.36)

6.3
(1.71)

8.7
(.42)

7.6
(.79)

6.1
(.33)

5.2
(.35)

Feb.

2002

6.9
(.12)

7.8
(.37)

6.7
(.26)

7.2
(.22)

5.2
(.63)

5.5
(1.14)

7.3
(.39)

7.4
(.45)

6.8
(.26)

4.9
(.25)

* NE is Northeast, LS is Lake States, CB is Combelt, 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.
Standard errors are in parentheses below the more recent estimates. Standard errors are calculated from 100 replications of a bootstrap procedure (resampling
of banks) in each region.




22

SECTION H: SELECTED STATISTICS FROM THE QUARTERLY REPORTS OF CONDITION OF COMMERCIAL BANKS
TABLES:

Page

Commercial banks:
II.A Estimated volume of farm loans at insured commercial banks...........................................................................
II.B Estimated delinquent non-real-estate farm loans at insured commercial banks..............................................
H.C Estimated net charge-offs of non-real-estate farm loans at insured commercial banks.................................
n.D Estimated delinquent real estate farm loans at insured commercial banks......................................................
II.E Estimated net charge-offs of real estate farm loans at insured commercial banks..........................................

24
25
26
27
28

Agricultural banks:
ILF Distribution of agricultural banks by ratio of nonperforming loans to total loans..........................................
n.G Distribution of agricultural banks by rate of return to equity.............................................................................
II.H Loan-deposit ratios at agricultural banks................................................................................................................
II.I Failures of agricultural banks....................................................................................................................................

29
30
31
32

SOURCES OF DATA:
The data in tables R A through II.H 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 farm nonreal estate 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 any bank with
a foreign office continue to report the same information as before. However, smaller banks where 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 as larger banks. In the new reporting system, small
banks where 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 the particular 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 U.D and II.E.




SECTION II: (continued)
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 ILF through table II.I 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 14.9 percent in December of 2001.
Information on failed banks (table II.I) 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.




23

24
TABLE II.A
FARM DEBT OUTSTANDING AT COMMERCIAL BANKS, END OF QUARTER
LOAN VOLUME,
BILLIONS OF DOLLARS
TOTAL
LOANS

REAL
ESTATE
LOANS

NONREAL
ESTATE
LOANS

PERCENT CHANGE FROM
PREVIOUS QUARTER
TOTAL
LOANS

PERCENT CHANGE FROM
PREVIOUS YEAR

REAL
ESTATE
LOANS

NONREAL
ESTATE
LOANS

TOTAL
LOANS

REAL
ESTATE
LOANS

NONREAL
ESTATE
LOANS

1992 Q l . ..
Q 2 ...
Q3 . . .
Q4. . .

51.9
55.1
56.2
54.5

18.9
19.5
19.9
19.9

33.0
35.6
36.2
34.7

-2.1
6.2
1.9
-2.9

2.7
3.3
1.9
-0.2

-4.6
7.8
1.9
-4.4

4.9
4.9
4.2
2.9

8.2
8.1
8.6
7.8

3.1
3.2
1.9
0.2

1993 Ql...
Q 2 .. .
Q 3 .. .
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
-0.5

0.5
3.1
1.2
0.1

-5.3
7.8
4.9
-0.8

1.7
1.6
3.2
5.8

5.6
5.4
4.7
5.0

-0.5
-0.6
2.4
6.2

1994 Q l . ..
Q 2 .. .
Q 3 ...
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
0.7

-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 Q l . ..
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
0.4

-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 Q l . ..
Q2...
Q 3 ...
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

0.5
2.7
1.1
0.3

-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
0.3
1.8

1997 Q l . ..
Q2...
Q 3 ...
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
0.3

1.4
3.3
2.9
0.7

-5.1
11.5
3.1
0.0

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 Q l . ..
Q 2 ...
Q 3 .. .
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 Q l . ..
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
0.9
-2.8

3.7
1.1
0.7
1.7

7.6
8.0
8.6
8.8

1.1
-3.1
-4.1
-2.8

2000 Q l . ..
Q2...
Q3...
Q 4 .. .

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
0.6
1.0

-1.4
7.5
0.5
0.3

-9.2
14.4
0.6
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 Q l . ..
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
-0.4
-0.3

0.8
2.5
0.8
0.4

-3.9
5.8
-1.3
-0.9

11.0
4.0
3.0
1.6

9.2
4.2
4.5
4.6

12.4
3.9
2.0
-0.5




TABLE II.B
ESTIMATED DELINQUENT FARM NON-REAL-ESTATE LOANS
INSURED COMMERCIAL BANKS

BILLIONS OF DOLLARS

AS PERCENTAGE OF OUTSTANDING FARM PRODUCTION

NONPERFORMING

NONPERFORMING

P A S T D UE

P A S T D UE

TOTAL

30 TO 89
DAYS
ACCRUING

TOTAL

0.8
0.8
0.8
1.0
0.9
1.0
0.9
1.0
1.3

0.3
0.3
0.4
0.5
0.4
0.5
0.3
0.4
0.5

0.5
0.4
0.4
0.5
0.5
0.5
0.6
0.6
0.7

PAST DUE
90 DAYS
ACCRUING

30 TO 89
DAYS
ACCRUING

TOTAL

2.2
2.0
2.1
2.4
2.0
2.2
2.1
2.1
2.7

NON­
ACCRUAL

0.8
0.9
0.9
1.2
0.9
1.0
0.8
0.9
1.2

1.4
1.1
1.1
1.3
1.1
1.2
1.3
1.2
1.5

0.2
0.2
0.3
0.3
0.2
0.3
0.2
0.2
0.2

1.2
0.9
0.9
1.0
0.9
0.9
1.1
1.0
1.3

2.2

1.0

1.2

0.3

0.9

TOTAL

PAST DUB
90 DAYS
ACCRUING

NO N ­
ACCRUAL

31 of year indicated---1993.....
1994.....
1995.....
1996.....
1997.....
1998.....
1999.....
2000.....
2001.....

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1

0.4
0.3
0.3
0.4
0.4
0.4
0.5
0.5
0.6
End of quarter-

1

i-o

0.5

0.5

0.1

0.4

1999 Q l . ..
Q2. . .
Q3. . .
Q4...

1.6
1.3
1.0
0.9

0.9
0.5
0.4
0.3

0.7
0.7
0.6
0.6

0.2
0.2
0.2
0.1

0.4
0.5
0.5
0.5

3.7
2.8
2.2
2.1

2.1
1.2
0.8
0.8

1.5
1.6
1.4
1.3

0.5
0.5
0.4
0.2

2000 Q l . ..
Q2. . .
Q3. . .
Q4...

1.2
1.0
0.9
1.0

0.6
0.4
0.3
0.4

0.6
0.6
0.6
0.6

0.2
0.1
0.1
0.1

0.4
0.4
0.5
0.5

3.0
2.2
1.9
2.1

1.5
0.9
0.7
0.9

1.5
1.3
1.2
1.2

0.4
0.3
0.2
0.2

1.1
1.0
1.0
1.0

2001 Q l . ..
Q 2 ...
Q 3 ...
Q4...

1.7
1.4
1.3
1.3

1.0
0.6
0.5
0.5

0.8
0.8
0.8
0.7

0.2
0.2
0.2
0.1

0.6
0.6
0.7
0.6

3.9
2.9
2.8
2.7

2.2
1.2
1.0
1.2

1.7
1.8
1.8
1.5

0.4
0.4
0.4
0.2

1.3
1.3
1.4
1.3

|

|

|

1.0
1.1
1.0
1.1

1998 Q 4 . ..

Data are estimates of the national totals for farm non-real-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.




25

26

TABLE

II.C

ESTIMATED NET CHARGE-OFFS OF NON-REAL-ESTATE FARM LOANS
INSURED COMMERCIAL BANKS*
ESTIMATED AMOUNT
MILLIONS OF DOLLARS

CHARGE-OFFS AS A PERCENTAGE
OF SUCH LOANS OUTSTANDING

ANNUAL
TOTAL
1994.....
1995.....
1996.....
1997.....
1998.....
1999.....
2000.....
2001.....

Q1

Q2

Q3

Q4

ANNUAL
TOTAL

69
51
95
93
87
126
108
308

10
-2
16
6
4
18
-35
67

11
14
27
19
15
37
64
53

15
13
24
19
24
35
34
140

33
25
30
50
45
36
45
48

0.19
0.13
0.24
0.23
0.20
0.28
0.24
0.68

Q1

Q2

Q3

Q4

0.03
-0.00
0.04
0.01
0.01
0.04
-0.08
0.15

0.03
0.04
0.07
0.05
0.04
0.09
0.16
0.12

0.04
0.03
0.06
0.05
0.05
0.08
0.07
0.29

0.08
0.06
0.07
0.11
0.09
0.08
0.10
0.10

* Data are estimates of the national charge-offs of farm non-real-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.




TABLE II.D
D E L I N Q U E N T FARM REAL E S TATE LOANS
I N S URED COMM E R C I A L BANKS

B I L L I O N S OF D O LLARS
AS PERCE N T A G E OF OUT S T A N D I N G
F A R M R E A L E S T A T E LOANS
NONPERFORMING

TOTAL

PA S T DUE
30 T O 89
DAYS
ACCRUING

TOTAL

0.7
0.7
0.8
0.6
0.8
0.9

0.3
0.3
0.3
0.2
0.3
0.4

0.4
0.4
0.5
0.4
0.5
0.5

P AST DUE
90 DAYS
ACCRUING

NONPERFORMING

TOTAL

2.8
2.6
2.9
2.0
2.3
2.6

NON­
AC C R U A L

PAST DUE
30 TO 89
DAYS
AC C R U I N G

1.1
1.1
1.2
0.8
0.9
1.1

1.7
1.5
1.7
1.3
1.4
1.5

0.7
0.6
0.8
0.5
0.6
0.3

2.5
2.9

0.9
1.2

1.6
1.7

0.7
0.8

2.0
1.7
1.5
1.3

0.9
0.8
0.7
0.5

1.9
1.7
1.4
1.4

0.9
0.7
0.6
0.6

1.0
1.0

1.4
1.7
1.7
1.5

0.4
0.4
0.4
0.3

1.1
1.2
1.3
1.2

T OTAL

PAST DUE
90 DAYS
ACCRUING

NON­
AC C R U A L

■December 31 of y e a r Indicated*
1 9 9 6 ___ _ .
1 9 9 7 ......
1 9 9 8 ......
1 9 9 9 ......
2 0 0 0 ......
2 0 0 1 ......

0.2
0.2
0.2
0.2
0.2

0.2
0.2
0.3
0.2
0.3
0.4

0.1

1.0
0.9

1.0
0.7
0.8
1.2

E nd of quarter*
0.7
0.8

0.3
0.3

0.4
0.5

0.2
0.2

0.2
0.3

1999 Q l . ..
Q2...
Q3. . .
Q4...

1.1
0.8
0.7
0.6

0.5
0.3
0.2
0.2

0.6
0.5
0.5
0.4

0.3
0.2
0.2
0.2

0.3
0.3
0.3
0.2

3.6
2.7
2.3
2.0

1.6

2000 Q l . ..
Q2. . .
Q 3 . ..
Q4. . .

1.0

0.4
0.3
0.2
0.3

0.6
0.6
0.5
0.5

0.3
0.3
0.2
0.2

0.3
0.3
0.3
0.3

3.2
2.7
2.1
2.3

1.3

0.9
0.7
0.8

2001 Q l . ..
Q 2 ...
Q3. . .
Q4. . .

1.1
0.9
0.9
0.9

0.6
0.4
0.3
0.4

0.5
0.6
0.6
0.5

0.1
0.1
0.1
0.1

0.4
0.4
0.4
0.4

3.2
2.7
2.5
2.6

1998 Q 3 . ..
Q4...

1
|

1
1
|
|

1.0
0.8
0.8

1.0
0.7
0.9
1.7

1.0
0.9
1.1

0.9

1.0
1.0
0.9
0.8
0.7

0.8
0.8

All co m m e r c i a l ba n k s b e g a n to repo r t these da t a in 1991.




27

28

TABLE II.E
NET CHARGE-OFFS OF REAL ESTATE FARM LOANS
INSURED COMMERCIAL BANKS*
ESTIMATED AMOUNT
MILLIONS OF DOLLARS
ANNUAL
TOTAL
1994.....
1995.....
1996.....
1997.....
1998.....
1999.....
2000.....
2001.....

10
12
7
16
6
15
12
42

CHARGE-OFFS AS A PERCENTAGE
OF SUCH LOANS OUTSTANDING

Q1

Q2

Q3

Q4

ANNUAL
TOTAL

1
-0

1
3
1
-0
3
3
3
9

3
6
2
3
-0
5
8
5

6
4
4
14
5
7
14
17

0.05
0.05
0.03
0.06
0.02
0.05
0.04
0.12

0

-1
-1
-0
-12
10

* All commercial banks began to report these data in 1991.




Q1

Q3

Q4

0.003
-

Q2
0.003

0.001
0.000

0.011

0.013
0.027
0.009
0.010
-0.000
0.015
0.022
0.014

0.026
0.016
0.017
0.054
0.016
0.022
0.040
0.049

-0.003
-0.004

0.003
-

0.001

0.009

0.001

0.011

-0.037
0.030

0.009
0.027

-

TABLE II.F

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
A^
A 4
w i joajL x i 4
.
t

1993.
1994.
1995.
1996.
1997.
1998.
1999.
2000.
2001.

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

80.7
85.5
83.4
81.9
84.5
81.7
84.8
85.0
80.0

15.8
12.3
14.0
15.4
12.9
15.1
12.6
12.8
17.3

2.8
1.9
2.1
2.3
2.5
2.8
2.4
1.8
2.5
Km * 4
•

aih/ a #
4

0.6
0.2
0.3
0.2
0.1
0.3
0.3
0.3
0.1

15.0
TO
19.9

20.0
AND
OVER

0.1
0.1
0.1
0.1
0.1
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

^

mm*!* AV _ _
quaxwox

1999 Ql. ..
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

0.5
0.6
0.3
0.3

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

2000 Ql •••
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

0.5
0.3
0.4
0.3

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

2001 Ql. ..
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

0.2
0.2
0.3
0.1

0.1
0.1
0.0
0.0

0.0
0.0
0.0
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.




29

TABLE II.O

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

------------p e r c e n t a g e
1 9 9 3 ..............
1 9 9 4 ..............
1 9 9 5 ..............
1 9 9 6 ..............
1997. . . . . .
1 9 9 8 ..............
1 9 9 9 ..............
2 0 0 0 ..............
2 0 0 1 ..............

1 0 0 .0
1 0 0 .0
1 0 0 .0
1 0 0 .0
1 0 0 .0
1 0 0 .0
1 0 0 .0
**
**

1 .6
1 .5
1 .4
2 .1
1 .6
2 .0
2 .9
2 .4
3 .1

5 .9
5 .9
5 .7
5 .6
5 .9
8 .7
7 .9
8 .9
1 2 .6

5
TO
9

10
TO
14

AVERAGE RATE
OF RETURN
TO EQUITY

<

15
TO
19

20
TO
24

25
AND
OVER

A G R I­
CULTURAL
BANKS

OTHER
SMALL
BANKS

RATE
O r RETURN
TO ASSETS
A G R I­
CULTURAL
BANKS

NET CHARGE-ORES
AS PERCENTAGE
OR TOTAL LOANS

OTHER
SMALL
BANKS

AVERAGE
CAPITAL RATIO
(PERCENT)

OTHER
SMALL
BANKS

A G R I­
CULTURAL
BANKS

0 .2
0 .2
0 .2
0 .2
0 .2
0 .2
0 .3
0 .3
0 .3

0 .4
0 .3
0 .3
0 .3
0 .3
0 .3
0 .3
0 .3
0 .3

1 0 .8
1 0 .7
1 1 .2
1 0 .9
1 1 .0
1 0 .9
1 0 .5
1 0 .7
1 0 .7

9 .9
9 .9
1 0 .4
1 0 .4
1 0 .5
1 0 .5
1 0 .3
1 0 .4
1 0 .4

A G R I­
CULTURAL
BANKS

OTHER
SMALL
BANKS

d i s t r i b u t i o n -----------4 0 .4
4 0 .1
3 9 .6
4 1 .6
3 9 .7
3 5 .5
3 3 .3
3 3 .5
2 8 .6

1 8 .4
1 6 .9
1 3 .4
1 4 .2
1 4 .2
1 3 .4
1 4 .2
1 3 .8
1 3 .1

4 .6
3 .3
2 .3
2 .6
3 .1
3 .5
4 .9
4 .2
3 .7

1 2 .3
1 1 .8
1 1 .2
1 1 .4
1 1 .4
1 1 .3
1 1 .8
1 1 .7
1 0 .8

1 .3
0 .9
0 .6
0 .5
1 .1
1 .3
1 .9
1 .8
1 .3

1 2 .3
1 2 .5
1 2 .1
1 2 .3
1 2 .3
1 1 .7
1 1 .9
1 1 .4
1 0 .4

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

2 .9
6 .0
9 .1
1 1 .8

3 .0
6 .1
8 .9
1 1 .9

0 .3
0 .6
0 .9
1 .2

0 .3
0 .6
0 .9
1 .1

0 .0
0 .1
0 .2
0 .3

0 .1
0 .1
0 .2
0 .3

1 1 .0
1 0 .8
1 0 .8
1 0 .5

1 0 .5
1 0 .4
1 0 .4
1 0 .3

3 .2
6 .5
9 .3
1 1 .7

2 7 .8
3 1 .4
3 7 .1
3 3 .4
3 4 .5
3 5 .6
3 4 .8
3 5 .3
3 7 .6

1 .1
1 .1
1 .2
1 .2
1 .2
1 .2
1 .1
1 .1
1 .0

3 .1
6 .1
8 .9
1 1 .4

0 .3
0 .6
0 .9
1 .2

0 .3
0 .6
0 .9
1 .1

0 .0
0 .1
0 .1
0 .3

0 .1
0 .1
0 .2
0 .3

1 0 .5
1 0 .6
1 0 .7
1 0 .7

1 0 .2
1 0 .3
1 0 .4
1 0 .4

2 .8
5 .6
8 .2
1 0 .8

2 .8
5 .4
7 .9
1 0 .4

0 .3
0 .6
0 .9
1 .1

0 .3
0 .5
0 .8
1 .0

0 .0
0 .1
0 .2
0 .3

0 .1
0 .1
0 .2
0 .3

1 1 .0
1 1 .0
1 1 .2
1 0 .7

1 0 .5
1 0 .5
1 0 .6
1 0 .4

QUARTERLY
•YEAR TO DATE
1999 Q
Q
Q
Q

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

**
**
**
**

**
**
**
**

2000 Q
Q
Q
Q

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

**
**
•*
**

**
**
**

2001 Q
Q
Q
Q

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

**
**
**
**

**
**

**

**

**

**

**

**

**

**

**

**

**

**

**

**

**

**

**

**
**

* A g r i c u l t u r a l an d o t h e r b a n k s a r e d e f i n e d i n t h e i n t r o d u c t i o n t o s e c t i o n I I ; s m a ll b a n k s h a v e l e s s th a n 500 m i l l i o n d o l l a r s i n a s s e t s .
T o t a l p r im a ry and s e c o n d a r y c a p i t a l (it e m s t h a t a r t a v a i l a b l e a t t h e en d o f th e p e r i o d s p e c i f i e d ) a r e m ea su red a s a p e r c e n t a g e o f t o t a l a s s e t s .
Q u a r t e r ly d a t a i n t h e lo w e r p a n e l a r e c u m u la t iv e th r o u g h t h e en d o f t h e q u a r t e r i n d i c a t e d a n d , f o r p e r i o d s o f l e s s th a n a y e a r , a r e n o t c o m p a r a b le
th e ann ual d a ta in th e u p p er p a n e l.




to

TABLE II.H
AVERAGE LOAN-DEPOSIT RATIOS AT AGRICULTURAL BANKS IN SELECTED FEDERAL RESERVE D IS T R IC T S *
DECEMBER 31

u.s.

CLEVELAND

ATLANTA

CHICAGO

ST.

KANSAS
C IT Y

MINNE­
APOLIS

LOUIS

MINIMUM
FARM LOAN
RATIO

SAN
FRANCISCO

DALLAS

NUMBER
LOANS
NUMBER
LOAMS NUMBER
LOANS
NUMBER
LOANS
NUMBER
LOANS
NUMBER
LOANS
NUMBER
LOANS NUMBER
LOANS
NUMBER
LOANS
OF
TO
OF
TO
OF
TO
OF
TO
OF
TO
OF
TO
OF
TO
OF
TO
OF
TO
BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS BANKS
DEPOSITS
1996
1997
1998
1999
2000
2001

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

3239
3101
2968
2866
2767
2683

0 .6 5 6
0 .6 8 5
0 .6 8 3
0 .7 1 8
0 .7 5 1
0 .7 4 2

49
45
40
41
39
40

0 .7 7 1
0 .7 4 7
0 .7 6 3
0 .8 4 9
0 .8 5 9
0 .7 9 1

11 3
113
99
93
92
83

0 .6 8 4
0 .7 0 4
0 .7 0 9
0 .7 3 8
0 .7 6 6
0 .7 5 1

795
759
733
715
693
675

1999 Q l . . .
Q 2. . .
Q 3 ...
Q 4 ...

2957
2872
2918
2866

0 .6 8 9
0 .7 1 8
0 .7 3 5
0 .7 1 8

42
41
44
41

0 .7 9 3
0 .8 4 9
0 .8 4 4
0 .8 4 9

100
93
106
93

0 .7 1 9
0 .7 3 8
0 .7 4 6
0 .7 3 8

720
716
716
715

2000 Q
Q
Q
Q

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

2842
2834
2790
2767

0 .7 2 6
0 .7 6 4
0 .7 6 6
0 .7 5 1

41
43
42
39

0 .8 6 5
0 .8 8 6
0 .8 8 0
0 .8 5 9

97
96
93
92

0 .7 4 8
0 .7 8 4
0 .7 9 7
0 .7 6 6

2001 Q
Q
Q
Q

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

2755
2736
2725
2683

0 .7 4 9
0 .7 6 6
0 .7 6 5
0 .7 4 2

40
41
43
40

0 .8 4 0
0 .8 3 5
0 .8 1 7
0 .7 9 1

95
95
100
83

0 .7 5 4
0 .7 6 5
0 .7 7 1
0 .7 5 1

0 .6 8 0
0 .7 1 9
0 .7 1 1
0 .7 5 0
0 .7 7 6
0 .7 5 5

363
346
321
300
293
283

0 .6 6 3
0 .6 9 8
0 .6 9 3
0 .7 1 8
0 .7 4 8
0 .7 3 3

60 9
57 4
558
538
519
497

0 .6 9 9
0 .7 2 5
0 .7 1 5
0 .7 3 8
0 .7 6 0
0 .7 5 9

928
890
868
838
796
776

0 .7 1 9
0 .7 5 0
0 .7 6 5
0 .7 5 0

31 7
302
319
300

0 .6 8 8
0 .7 1 9
0 .7 4 5
0 .7 1 8

55 0
539
547
53 8

0 .7 2 3
0 .7 3 8
0 .7 7 5
0 .7 3 8

868
838
846
838

0 .6 8 4
0 .7 1 5
0 .7 2 1
0 .7 1 5

297
279
275
277

0 .5 3 2
0 .5 6 6
0 .5 6 7
0 .5 6 4

705
707
698
693

0 .7 5 7
0 .7 9 0
0 .7 9 6
0 .7 7 6

288
30 6
306
293

0 .7 1 4
0 .7 5 7
0 .7 6 8
0 .7 4 8

53 6
529
52 3
51 9

0 .7 5 7
0 .7 9 9
0 .7 9 1
0 .7 6 0

831
814
796
796

0 .7 1 9
0 .7 5 5
0 .7 6 1
0 .7 6 0

278
268
261
269

69 6
682
683
675

0 .7 8 1
0 .7 8 3
0 .7 8 0
0 .7 5 5

282
291
296
283

0 .7 3 1
0 .7 5 9
0 .7 6 3
0 .7 3 3

514
508
506
497

0 .7 6 4
0 .8 0 1
0 .7 9 5
0 .7 5 9

798
791
778
776

0 .7 5 5
0 .7 7 1
0 .7 7 4
0 .7 6 4

* Tha l o a n - d e p o s i t r a t i o i s d e f i n e d a s t o t a l l o a n * d i v i d e d b y t o t a l d a p o s i t s .
t h a t s h ow n i n t h a l a s t c o l u n n , a s d a s c r i b a d i n t h a i n t r o d u c t i o n t o s a c t i o n I I .




A g r ic u ltu r a l banks a re

d e fin e d

0 .6 4 3
0 .6 8 0
0 .6 8 1
0 .7 1 5
0 .7 6 0
0 .7 6 4

a * b a n k s w it h

313
312
289
277
269
267

0 .4 9 1
0 .5 2 3
0 .5 2 9
0 .5 6 4
0 .6 1 9
0 .6 0 8

52
49
48
48
50
45

0 .7 3 5
0 .6 6 1
0 .6 6 0
0 .7 2 4
0 .7 4 1
0 .7 5 1

1 6 .4 5
1 6 .4 4
1 6 .3 4
1 5 .6 7
1 5 .0 8
1 4 .8 8

48
48
51
48

0 .6 9 2
0 .7 2 4
0 .7 3 7
0 .7 2 4

1 6 .0 4
1 6 .2 6
1 6 .2 3
1 5 .6 7

0 .5 7 1
0 .6 1 4
0 .6 1 3
0 .6 1 9

50
54
54
50

0 .7 4 3
0 .7 7 8
0 .7 6 4
0 .7 4 1

1 5 .2 8
1 5 .3 6
1 5 .3 6
1 5 .0 8

266
265
256
267

0 .6 1 1
0 .6 2 2
0 .6 2 7
0 .6 0 8

46
44
45
45

0 .7 6 4
0 .8 0 4
0 .7 8 8
0 .7 5 1

1 4 .9 5
1 5 .2 1
1 5 .1 0
1 4 .8 8

a fa r m

lo a n

r a t io

at

le a s t

as

great

as

31




32

TABLE II.I
FAILURES OF AGRICULTURAL BANKS*

NUMBER OF FAILURES

Q1

1 9 9 1 --1 9 9 2 ___
1 9 9 3 ___
1 9 9 4 ___
1 9 9 5 --1 9 9 6 ___
1 9 9 7 ___
1 9 9 8 ___
1 9 9 9 --2 0 0 0 ___
2 0 0 1 ___
2 0 0 2 ___

0

Q2

Q3

Q4

ANNUAL
TOTAL

2
1
2
0
0
2
0
0
1
0
0
**

3
1
2
0
0
0
0
1
0
0
0

1
4
0
0
0
0
1
0
0
0
0
**

8
7
5
0
0
2
1
1
1
0
0
**

* 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.

SECTION DI: FEDERAL RESERVE BANK QUARTERLY SURVEYS OF FARM CREDIT CONDITIONS AND FARM LAND VALUES
TABLES:
Page
III.A Nonreal estate lending experience.............................................................................................................................................
III.B Expected change in non-real-estate loan volume and repayment conditions....................................................................
III.C Average loan/deposit ratio, and other indicators of relative credit availability...............................................................
III.D Interest rates..................................................................................................................................................................................
III.E Trends in real estate values and loan volume.........................................................................................................................

35
37
39
41
43

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.
Beginning in 1994, the Minneapolis Federal Reserve Bank revised its survey considerably. Many questions were changed and it was not always possible to
match the data to the categories that we have shown in previous editions of the Databook. Whenever possible, we have tried to fit the data from the revised
survey into the older format. Series that were discontinued show no data for the first quarter, while those that were added suddenly appear. When a
significant break in the data occurred, we included the new data and added a footnote to highlight the changes.
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 about 450 banks.
Federal Reserve Bank of Kansas Citv. 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 300 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. Beginning 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 was changed considerably beginning in the first quarter of 1994. In recent
surveys, about 130 banks responded.




33

34

Section III: (continued!
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 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 200 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.




FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.A
FARM NONREAL ESTATE LENDINQ EXPERIENCE COMPARED WITH A YEAR EARLIER
(PERCENTAGE OF BANKS REPORTING)
FUND AVAILABILITY

DEMAND FOR LOANS
LOWER
I I I .A l

SAME

SEVENTH

LOWER

HIGHER

(CHICAGO)

SAME

LOAN REPAYMENT RATE

HIGHER

FEDERAL RESERVE DISTRICT

SAME

LOWER
I N * , IA,

( IL*,

MI*,

RENEWALS OR EXTENSIONS

HIGHER
WI*

LOWER

SAME

COLLATERAL REQUIRED
LOWER

HIGHER

|

22

50

28

|
1

12

71

17

1

39

51

10

1

7

54

39

1

2000 Q l . ..
Q2. . .
Q3. . .
Q4. . .

1

14
23

|
|
|
1
|
|
1

1
|
j

31
26
27

57
66
70
65

10
3
3
8

1
1
1
1

8
5
4
7

57
60
69
68

34
35
27
25

1

21

14
11
10
13

33

35
28

66
54
61
66

1

19
20

34
32
25
26

20

1
j

52
45
56
54

2 001 Ql...
Q2. . .
Q3. . .
Q4...

1
j
j
|

17
23
28
23

48
48
54
52

35
29
18
24

18
13
8
6

64
65
57
60

18
22
35
34

|

37
31
21
33

58
65
72
59

5
4
7
8

1
1
1
1

4
4
8
7

61
60
70
59

III.A2

TENTH

( K A N S A S CITY)

FEDERAL RESERVE DISTRICT

( CO,

KS,

MO*,

NE,

HIGHER

o

75

25

0

22
21
20
21

) AGRICULTURAL BANKS

1999 Q 4 ...

j

SAME

NM*,

OK,

WY)

1
1

0
1

78
79
80
78

35
36
22
34

1
1
j

0
0
1
0

74
77
77
76

26
23
22
24

0

AGRICULTURAL BANKS

1999 Q 4 ...

1

17

67

17

|
1

16

69

15

1

24

66

10

1

8

70

22

1

1

84

15

2000 Q l . ..
Q2. . .
Q3. . .
Q4. . .

1
1

12
11
16

20
30
25

1

I6
19
20
25

75
75
76
68

8
6
4
7

1
1
1
1

9
6
4
4

75
80
79
73

16
14
17
24

0
1
1

21

15
8
10
11

1
j

1

65
62
65
68

1
j

16

19
23
20
22

|
|
1
|

1

69
66
64
61

1

0

87
84
86
85

13
15
13
15

1
1
j

13
14
20

12
18
11
9

70
65
61
63

18
18
28
27

1
|
1
|

25
26
21
24

72
72
76
70

3
2
4
6

1
1
1
1

3
3
4
6

71
75
77
73

26
22
19
21

0
1

21

24
25
18
19

1

1

63
61
63
61

1
j

0
1

82
81
83
80

18
18
17
19

|

22

52

26

1

o

75

25

19
13
12
13

64
73
64
59

18
13
24
28

1
j

1
2
1
2

75
79
82
73

24
19
17
25

7
8
8
7

62
62
75
68

31
31
17
25

1

1
o

1
j

8
1

72
73
77
77

27
27
23
22

2 001 Q l . ..
Q2. . .
Q3. . .
Q4. . .

III.A3

ELEVENTH

(DALLAS)

1999 Q 4 . ..

I

27

55

18

2000 Q l . ..
Q2...
Q3...
Q4. . .

l
1
l
1

20
18
23
21

59
63
51
49

21
19
26
30

2 001 Q l . ..
Q2. . .
Q3...
Q4. . .

l
l
l
l

17
22
27
24

54
55
55
58

29
23
18
18

FEDERAL RESERVE DISTRICT




|
1

( LA*,

NM*,

TX

)

75

21

1

24

52

24

7
14
17
13
|
1
|
1
|
1
|
1

4

73
72
71
72

20
14
13
15

1
j
j
j

15
12
22
27

67
71
65
64

18
17
13
10

8
io
io
8

74
69
68
69

17
21
22
23

|
j

30
26

1
|

18
28

61
66
77
61

9
7
5
11

1
1
|
1
1

j

35

36
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.A (CONTINUED)
FARM NONREAL ESTATE LENDING EXPERIENCE COMPARED WITH NORMAL CONDITIONS
(PERCENTAGE OF BANKS REPORTING)
DEMAND FOR LOANS
LOWER
III.A4

1999 Q 4 . . .

|
1

***
***
***
***
★★*
***
***
***

*★★
***
★★★
...

* ★

FIFTH

(RIC H M O N D )

HIGHER

FEDERAL RESERVE DISTRICT

***
***
★ **
***

***

SAME

|
1

RENEWALS OR EXTENSIONS

LOAN REPAYMENT RATE
LOWER
( M I * , MN,

MT,

SAME
ND,

HIGHER
SD, W I *

LOWER

SAME

8

70

22

COLLATERAL REQUIRED

HIGHER

LOWER

SAME

HIGHER

|
1

o

80

20

o
i
o
i

82
76
82
87

18
23
17
12

0
1
0
0

83
86
84
83

17
13
16
17

o

69

31

8

73
78
74
67

27
22
26
33

62
74
71
75

38
26
25
25

)

67

23

|

26

62

12

8
27
39
16
|
1
|
1
|
1
|
1

io

69
61
56
68

23
13
5
15

1

24

1

18
20

17
14
5
11

63
67
69
78

1
|
!
|
1

9

30
19
8
22

20
19
25

1

46
62
72
69

11

1
1

11
12
11
2

70
66
61
52

20
22
27
46

1

23
17
15

1

16

61
72
78
74

16
11
7
9

7
6
12
5

77
70
78
76

16
24
10
19

FEDERAL RESERVE DISTRICT

( MD,

NC,

SC,

VA,

WV*

|
1

)

|
1
1
|
|




25

61

14

1

19

69

11

1

31

67

3

1

8

58

33

1

30
22
34
21

2000 Q l . . .
Q2. . .
Q3. . .
Q 4 ...
2001 Q l . . .
Q 2 ...
Q 3 ...
Q4. . .

**★

1
III.A5

1999 Q 4 . . .

(MINNEAPOLIS)

***
***
***
*♦*
1
|
|
1
|

LOWER

HIGHER

***

|
1

2000 Q l . ..
Q2. . .
Q 3 .*.
Q 4 ...
2 001 Q l . ..
Q2...
Q 3 ...
Q4...

NINTH

SAME

FUND AVAILABILITY

57
68
60
75

14
11
6
4

1
1
1
1

1«
19
9
4

76
69
80
92

8
11
11
4

|

27
22

1*

1
1

H
9

57
78
80
87

30
22
9
4

1

13

3
5
11
8

1

1

70
73
83
79

I9
24
40
29

58
70
56
61

23
6
4
11

1
1
1
1

o
3
o
4

85
76
56
64

15
21
44
32

1

15
15
4
11

81
85
92
86

4
0
4
4

1

0
6

92
82
84
79

8
12
8
14

6

1

8

8
1

7

8
8
1

8

1

8

8
4
1

8

FEDERAL RESERVE BANK QUARTERLY SURVEYS 07 AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.B
F A R M N O N R E A L E S T A T E L O A N V O L U M E E X P E C T E D D U R I N G T H E N E X T QUARTER, C O M P A R E D W I T H V O L U M E O F L O A N S M A D E A Y E A R E A R L I E R
( P E R C E N T A G E O F B A N K S RE P O R T I N G )
TOTAL

LOWER SAME
III.B1

SEVENTH

(CHICAGO)

11

l

29

62

8

1

1 *
|
|

19
26
23
18

60
63
66
67

21
11
11
15

1

69
64
66
66

11
9
8
7

1
1

1
1

20
27
26
28

25
21
17
25

58
49
57
66

17
30
26
9

14
22
24
24

70
65
67
68

16
13
9
8

1
1
1
1

25
22
22
16

68
71
72
77

7
7
6
6

1
1
1

29
29
27
28

61
61
66
67

33
23
18
28

|
|
|

ELEVENTH

I

|

FEDERAL RESERVE DISTRICT

(DALLAS)

1999 Q 4 . ..

l

25

58

17

1

2000 Q l . ..
Q 2 ...
Q3. . .
Q4. . .

l
l
l
i

23
18
24
20

57
60
60
57

20
22
16
23

2001 Q l . ..
Q 2 ...
Q 3 ...
Q4...

i
l
l
l

20
25
22
24

58
55
60
63

22
21
18
13

1
1
1
1

I I I , .B3

1999 Q4...

|
1

(R IC H M O N D )

|
1
|
|
j
1

23

61

16

34
24
40
19

2000 Q l . ..
Q2...
Q 3 ...
Q4...
2001 Q l . ..
Q 2 ...
Q3...
Q 4 .. .

F IF T H

53
68
57
71
70
70
55
67

13
3
5
8




(LA*.

NM*,

l

1
l

HIGHER

LOWER SAME

HIGHER

8

46

46

1

53

39

9

1

8

1
1
1

11
11
7

47
52
54
42

45
37
35
51

1
1
1
j

46
46
43
39

46
47
49
52

8
7
8
9

10
9
7
5

1
1
1
1

8
12
13
12

43
53
60
47

49
35
27
40

1
1
1
1

42
42
42
43

45
50
47
45

13
8
11
12

TX)

24

56

21

1

13

82

5

1

15

72

13

|

19

63

17

|

30

60

10

|

26

22
19
16
20

1
1
1
l

17
21
18
15

79
77
80
78

4
2
2
2

16
19
16
16

81
71
74
78

3

25
32
15

53
56
52
65

1

1
1
1

11
10

1
|
1
1
|
1
1
1

23
18
17
14

53
58
61
55

24
25
22
31

|
|

26
26
31
29

59
57
60
55

16
17
10
16

I7
1«
19
18

65
64
63
67

17
19
19
16

1
1
1
1

17
17
18
16

78
78
77
78

5
5

1
j
j

14
14
15
12

83
77
80
81

3
9
5
8

17
18
18
19

57
61
63
64

26
21
19
18

29
31
31
35

60
56
58
58

11
13
11
7

FED ERA L

13
9
3
10

17
27
40
25

I

FA R M M A C H IN E R Y

AGRICULTURAL BANKS

68

54
57
59
53

III.B2

WI*)

LOWER SAME

21

13
20
23
19

20 0 1 Q l . ..
Q2. . .
Q 3 ..♦
Q4...

MI*,

HIGHER

1

1

j1
j1

IA,

LOWER SAME

24

31

24

(I L * , IN*,

HIGHER

O P E R A T IN G

58

16
16

|
1
|
1

LOWER SAME

STO RAG E

18

31
23
24

2000 Ql...
Q 2 ...
Q 3 ...

HIGHER

CROP

|

55
54
60
53

15

D A IR Y

FEDERAL RESERVE DISTRICT

31

|
[

CA TTLE

LOWER SAME

HIGHER

55

1999 Q4. . .

Q 4 . •.

FEED ER

|

RESERVE

D IS T R IC T

(M D ,

NC,

SC,

|

5
6
VA,

«

|
1

W V*)

74

4

1

42

58

0

1

34

66

0

l

23

57

20

1

40

57

3

25
13
35
13
|
1
|
1
|
I
1

22

58
88
65
80

17
0
0
7

1
1
I
1

38
30
29
25

62
70
71
75

0
0
0
0

l
1
l
l

31
19
11
13

69
67
59
69

0
15
30
19

l
l
l
l

17
19
26
14

61
76
65
77

22
5
9
9

1
1
1
1

50
43
38
30

42
51
53
70

8
5
9
0

12
17
28
30

88
83
72
70

0
0
0
0

1
1
1
1

18
26
27
18

82
74
73
76

0
0
0
6

l
l
l
l

10
19
6
29

81
73
76
57

10
8
18
14

l
l
l
l

8
13
8
19

72
88
88
74

20
0
4
7

1
1
l
1

24
26
25
41

68
74
71
56

8
0
4
4

37

38
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.B (CONTINUED)
EXPEC TED

FEEDER LIVESTOCK
LOWER SAME
III.B4

NINTH

18

72

10

200 0 Ql...
Q 2 ...

|
1
j
1

18
11
I*
15

61
73
71
69

14
17
17
17

76
75
77
77

20 0 1 Ql.
Q2.
Q3.
Q4.

..
..
..
..




|
1
|
1

LOWER SAME

(MINNEAPOLIS)

|
1

Q3 • • •
Q4 . . .

OTHER INTERMEDIATE

HIGHER

1999 Q 4 . . .

DEMAND F O R FA R M L O A N S D U R IN G N E X T
C O M PA R ED W IT H NORM AL DEMAND
(P E R C E N T A G E O F B A N K S R E P O R T IN G )

|

FARM REAL ESTATE

HIGHER

LOWER SAME

FEDERAL RESERVE DISTRICT

( MI*,

MN,

MT,

41

3

14
13
12
6

5
7
6
9

82
62
68
78

13
31
26
13

1

42
42
39

1

43

56
49
54
53

1
9
7
4

11
8
12
17

7
6
10
6

69
67
68
75

23
27
22
19

1
|
j
|

34
35
28
44

61
60
67
47

5
5
4
9

6
6
6
11

28
28
26
29

62
64
62
55

10
8
6
6

18
19
16
25

76
76
78
64

SD, WI*)

56

44
52
53
55

68
68
65
74

HIGHER

1

42
35
35
39

27
22
27
23

LOWER SAME

22

5
9
8
3

21
16
15
16

1
|

HIGHER

67

11

5

ND,

LOWER SAME

12

57

65

FARM MACHINERY

OTHER OPERATING

HIGHER

33

30

Q UARTER,

|
1

FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AORICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.C
AVERAGE LOAN-TO-DEPOSIT RATIO A ND OTHER INDICATORS OF RELATIVE CREDIT AVAILABILITY
AVERAGE
LOAN-TODEPOSIT
R A TIO,
END OF
QUARTER
PERCENT
III.Cl

LOWER
AT
THAN
DESIRED
DESIRED
LEVEL

SEVENTH

2000 Q l . ..
Q2...
Q 3 ..*
Q4...

l
1
1
l
1
1

*

1

III.C 2

TEN TH

FEDERAL RESERVE DISTRICT

35
36
32
36

1

41
46
48

j1

52

35
34
33
34

(K A N S A S

C IT Y )

63
51
54
50

6
8
9
8

29
41
37
41

11
7
9
8

40
33
34
32

!1

2000 Q l . ..
Q2...
Q3. . .
Q4. . .

67
70
71
71

1

2001 Q l . ..
Q2. . .
Q3. . .
Q4. . .

70
70
71
69

1
j

49
58
56

1

59

ELEVENTH

(DALLAS)

2000 Q l . . .
Q2. . .
Q3. . .
Q4...

51
55
58
55

1
|
|

2001 Q l . . .
Q2...
Q3. . .
Q4...

56
58
60
56

III.C3




j

***
***
**★

|
1
***
**#
***
***

FED ERA L

1
1
1
1

23

1

IA, MI*,

***
*

1

19
14

1

*

D IS T R IC T

(

*

CO,

KS,

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

|
j

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

***
***
***

|
j

j

M O *,

( LA*,

***
***
***

***

***

* **

***
***

I
1

***

N M *,

**
★**
***
***

★*★

*

*

*

OK,

* *

*

*

W Y)

A G R IC U L T U R A L

*

*

*

*

** *

* *

* *

**

**

★

1

**

*
*

5
9
6
8

85
83
86
86

10
8
8
6

5
5
8
8

I
j
j
j

***
***
*★ ★
***

15

5

13
13

80
82
75
73

12
14

82

10

I

79

9

*★ *
***

6
6

★ **

8
10
11
8

75
72
78
81

17
18
11
11

1

1
1
|
1

84
85
83
85

5
7
7
6

90
88
89
90

4
4
4
4

***
*★ *
***
***

|
j

***
★★*

|

***

15
10
15
12

81
84
77
80

**★
***
***
***

|

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

8
12
11

83
85

N M * , TX)

3

1

j
j
j

9

* *
|
|

*

74
77
78
77

81

2
2
1

*
*

|
j
|
j

75
77

1
1
1
5

**

75

77

1

71
72
71
74

*

9
6
8
9

1

1

*

82
85
85
87

6
6
5
4

82
81
82

*

9
9
7
4

86
85
88
90

1
I

*
*

★

*
*

*

***
★ **
***

BANKS

9
9
6
6

73
73
71
73

*

*

*

* ***

*

***
***
**

*

★
*

*

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

*

★*★

|

*
★

N E,

NONE

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

*

*

0
1
1
0

|

★ **
***
★ **
***

j

* **

...
***

*

1
3
3
1

|

FEDERAL RESERVE DISTRICT

|
j|

*

COMPARED WITH
A YEAR EARLIER
LOWER
SAME
HIGHER

AGRICULTURAL BANKS

WI*)

★

★

1

*

*

COMPARED WITH
A YEAR EARLIER
LOWER
SAME
HIGHER

NONE

***
*

NONBANK AGENCIES

CORRESPONDENT BANKS

** *
★**
***
***

*

20

RESERVE

IN*,

ACTIVELY
SEEKING
NEW
FARM
LOAN
ACCOUNTS

★**
***
***
***

1

|
1

21
29
33
25

( IL»,

1

75
75
75
73

1

HIGHER
THAN
DESIRED

44
34
35
39

73
75
77
75

2001 Q l . ..
Q2...
Q3.
.
Q4. . .

(CHICAGO)

NUMBER OF FARM LOAN REFERRALS TO

REFUSED OR
REDUCED A
FARM LOAN
BECAUSE OF
A SHORTAGE
OF LOANABLE
FUNDS

L O A N / D E P O S I T R A T I O IS

(PERCENTAGE OF BANKS REPORTING)

9

9

39

*

40
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
T A B L E I I I . C (CONTI N U E D )
AVERAGE LOAN-TO-DEPOSIT RATIO AN D OTHER INDICATORS OF RELATIVE CREDIT AVAILABILITY
AVERAGE
LOAN-TODEPOSIT
R A TIO,
END OF
QUARTER
PERCENT
III.C4

2000 Q l . . .
Q 2 ...
Q3...
Q4 . . .

|
1
1
|
1
|
1

2001 Q l . ..
Q2...
Q3. . .
Q4...

70
73
77
73

AT
LOWER
DESIRED
THAN
DESIRED
LEVEL
(MINNEAPOLIS)

|
1
|
|
1
|
1

FIFTH

70
62

HIGHER
THAN
DESIRED

FEDERAL RESERVE DISTRICT

45
62

5
8
11
8
11
12
11
8

21
23
35
23

( MI*,

25
30
44
30

68
64
55
70

84
71
76
73
III.C5

2000

NINTH

REFUSED OR
REDUCED A
FARM LOAN
BECAUSE OF
A SHORTAGE
OF LOANABLE
FUNDS

L O A N / D E P O S I T R A T I O IS

(RIC H M O N D )

MN,

NUMBER OF FARM LOAN REFERRALS TO
ACTIVELY
SEEKING
NEW
FARM
LOAN
ACCOUNTS
MT,

FEDERAL RESERVE DISTRICT

COMPARED WITH
NORMAL NUMBER
LOWER
SAME
HIGHER

SC, VA,

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

10
10
4
13

87
81
87
84

4
8
9
3

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

9
10
2
10

82
80
87
85

10
9
11
4

***
***
★**
***

9
7
10
9

86
88
86
88

5
5
3
4

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

8
11
6
9

85
82
88
83

7
7
6
9

o
3

WV*)

|
1
|
1

74
75

|

42

44

14

0

68

94

39

47

14

3

66

77

0
6

6

j

Q3...

|
1
|

75

|

38

44

18

3

60

88

0

12

77

|

39

43

17

4

67

75

5

20

2001

73
72

1

Q l . ..
Q2. . .

j

84

1

46

46

8

1

0

1
j

61
68

32

6
4

1

0

Q3. . .

78
74

0

72

Q4...

74

1

56

7

|

0

71

28
37

NONE

1
|
|
1
1

13

80

0

20

83
78

3
0

13
22

93

0

7

o
o
0
0
0
0

|
1
1
|
1
1
|
1

80

0

9

11

69

3

16

13

67
80

0

30

3

0

20

0

80

0

20

77

3

0
3

74

0

17
22

93

0

7

+ B e g i n n i n g i n 1994, M i n n e a p o l i s o m i t t e d t h e r e s p o n s e 'none' f o r t h e n u m b e r of r e f e r r a l s t o e i t h e r c o r r e s p o n d e n t b a n k s o r n o n b a n k
a g e n cies .
T h e c o l u m n t h a t h a s b e e n a d d e d c o m b i n e s r e s p o n s e s t h a t f o r m e r l y w o u l d h a v e b e e n r e p o r t e d as e i t h e r 'none' o r 'low'.




COMPARED WITH
NORMAL NUMBER
LOWER
SAME
HIGHER

WI*)

Q l . ..
Q2...
Q4...

1

NC,

SD,

NONE

NONBANK AGENCIES

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

2
2
«
1
( MD,

ND,

CORRESPONDENT BANKS

★**
***
***

1
5
10
5
|
1
1
1
1

(PERCENTAGE OF BANKS REPORTING)

4
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,

200 0 Ql. . .
Q 2 ...
Q3. . .
Q4. . .

SEVENTH

9.2
8.6
8.1
7.5
III.D2

2 0 0 1 Q l . ..
Q2 . . .
Q3 . . .
Q4...




FEDERAL RESERVE DISTRICT

9.7
10.1
10.1
9.9

l
1
1
l
1
l
1
l

2 0 0 1 Q l . ..
Q2. . .
Q3. . .
Q4...

2 0 0 0 Q l . ..
Q2 . . .
Q 3 ...
Q4...

(CHICAGO)

I
1
j
|

|
|
|
|

TENTH

( K A N S A S CITY)

10.0
10.4
10.4
10.3
9.6
9.0
8.4
7.8

INTER­
MEDIATE
NONREAL
ESTATE

OTHER
OPERATING
LOANS

FEEDER
CATTLE
LOANS
XIX.Dl

PERCENT)

(IL*,

IN*,

LONG-TERM
REAL
ESTATE
LOANS
IA,

MI*,

W I * ) AGRICULTURAL BANKS

9.8
10.4
10.2
9.9

★**
***
***
***

8.9
9.2
9.4
8.9

9.2
8.6
8.0
7.4

*#*
***
★ **
***

8.2
7.9
7.5
7.2

FEDERAL RESERVE DISTRICT

(CO,

KS,

MO*,

NE,

NM*,

10.2
10.5
10.5
10.5

10.0
10.3
10.3
10.2
9.5
9.0
8.5
8.2

AGRICULTURAL BANKS

9.5
9.7
9.7
9.7

9.8
9.1
8.6
8.1

OK)

8.9
8.5
8.0
7.6

41

42
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.D (CONTINUED)
INTEREST RATES ON FARM LOANS
MOST COMMON INTEREST RATE ON FARM LOANS
(AVERAGE/

FEEDER
CATTLE
LOANS
III.D3

2 0 0 0 Ql...
Q 2 ...
Q3. . .
Q4. . .

NINTH

***

hI*
t
***
***
***

2 0 0 1 Ql. * •
Q 2 ...
Q 3 ...
Q4. . .

***
***
III.D4

2 0 0 0 Q l . ..
Q2 . . .
Q3 . . .
Q 4...

ELEVENTH

( M I * , MN,

MT,

ND,

SD, WI*)

9.9
10.1
10.5
10.4

9.9
10.2
10.4
10.3

9.2
9.4
9.7
9.6

9.8
9.3
8.9
8.2

9.8
9.3
8.9
8.1

9.1
8.6
8.5
7.6

FEDERAL RESERVE DISTRICT

(LA*,

NM*,

TX)

2 0 0 0 Q l . ..
Q2. . .
Q 3 ...
Q4. . .

FIFTH

10.6
10.8
11.0
11.1

10.5
10.7
10.8
10.8

9.9
10.2
10.1
10.2

10.3
9.7
9.2
8.3
III.D5




FEDERAL RESERVE DISTRICT

LONG-TERM
REAL
ESTATE
LOANS

10.6
11.0
11.0
11.0

|
|
[
|
|

2 0 0 1 Q l . ..
Q 2 ...
Q 3 ...
Q4. . .

2 0 0 1 Q l . ..
Q 2 ...
Q3. . .
Q4. . .

(DALLAS)

INTER­
MEDIATE
NONREAL
ESTATE

OTHER
OPERATING
LOANS

( M I N N EAPOLIS)

1
1
l
1
1
l

PERCENT)

10.4
9.7
9.2
8.4

10.1
9.5
9.2
8.5

9.5
9.0
8.5
8.0

(RICHMOND)

FEDERAL RESERVE DISTRICT

(MD,

NC,

SC, VA,

WV*)

10.0
10.4
10.6
10.5
|
1
|
|
j

10.2
10.6
10.6
10.4

10.0
10.4
10.4
10.1

9.6
1 0.1
9.9
9.8

9-*
8.6
8.2
9.9

9.4
11.0
7.9
7.2

9.2
8.5
8.0
7.2

8.9
8.3
7.6
7.0

FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.E
TRENDS IN FARM REAL ESTATE VALUES A N D LOAN VOLUME
MARKET VALUE OF GOOD FARMLAND

PERCENTAGE CHANGE
DURING QUARTER
DRYLAND

ALL

III.El

SEVENTH

IRRIGATED

ALL

★**

l

2

***

2000 Q l . ..
Q 2 . ..
Q3. . .
Q4...

1
1
1
1

2
1
1
1

***
***
*★★
***

★*★
***
***
***

2001 Q l . ..
Q 2 ...
Q3...
Q 4 ...

1
1
1
1

1
1
1
1

* **
★★*
***
★*★

***
★**
* **
***

1999
2000

2001

Q 4 . ..

** *

** *

*★*
##*
* **

2001

***

4
5
6
6

***
***
★*★
***

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

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

4
5
5
5

★★*
***
***
**★

★*★
* *★
* **
***

★**
★★*
★**
***

★**
★*★
***

j
|
j|

**★

Q l . ..

***

3

*

*

*1

Q3...
Q4...

*

*

★

*

*
-2
*1

-1
-7
3




|

14
6
12
15

1
1
1
1

15
10
13
7

74
79
79
78

11
11
7
14

1
1
l
1

25
25
22
19

61
65
65
63

14
10
13
18

9

74

17

1

33

58

9

l

1

60
68
53

11
8
13

77

9

(MD, NC, SC, VA, WV*)

h 1t +

***

***

* *★

l

29
24
34
14

*★★
★★*
***
***

**★
***
***
★**

★**
***
***
***

0
0
12

65
73
68
75

1
1
1
l

29
23
23
19

54
73
64
74

17

4

35
27
20
21

l

27

62

11

l
l
l

20
19
29
27

62
62
61
63

17
19
10
10

20
30
29
32

68
59 ★
59
58

D IS T R IC T

(L A * ,

N M *,

|
I
|
I

4

-8

-0

|

★ ★★

** ★

***

6
5
3
2

-5
-2
1

-1
-1

|
j

*★*
***

-1

-2

j

***

***
★**
***
★**

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

|

2
4

j

*

j
|
j
|

14

2
3

-4
2

j
j

*

*

*

*

★

*

*

*

*

*

***
|

5

1
1

l

***

6

★

^
★

*
★
*

3
14
7

TX)

***

1

-5
-2
4
2

-3
-2

61
67
66
63

***
***
***

8

-

26
27
22
22

16
25
24
26

FED ERA L R ESER V E

7

Q2...

1
1
1
1

84
75
76
74

13
11
13

1
0
2
-3

12
11
12
11

o

*★*
★ **
***
*★*

3
-1
-0
0

75
78
80
77

o
o
0

**★
***
***
★**

***
***

13
11
8
12

I

***
**★
*★*
***

Ql...
Q2 . . .

1
1
1
1

I
I

5

1
|
|
|

13

...
★**

l
l
1
l

-1

59

|

Q l . ..
Q2 . . .
Q3...
Q4...

2

28

*★*

***

***

l

***
* **

***

|
|

8

★★★
* **
***

**★

Q 4 . ..

71

|

5

(D A L L A S )

22

**★

l

ELEVEN TH

l

★**

-17
-21
2
0

6

HIGHER

***

-3
-0
-1

-3

SAME

’ 12

l
l
l

4

LOWER

UP

9

1

Q l . ..
Q2...
Q3...
Q4 . . .

Q3 . . .
Q 4 ...

2000

***

***
*★★
***

III.E 3

1999

***

|

STABLE

IA, MI*, WI*) AGRICULTURAL BANKS

1

FEDERAL RESERVE DISTRICT

* **

IN*,

1
1
1
I

***
***

7

I

(IL*,

DOWN

1
1
1
1

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

(RICHMOND)

RANC H LAND

IRRI­
GATED

1

***

FIFTH

D RYLAND

(CHICAGO) FEDERAL RESERVE DISTRICT

1999 Q 4 .. .

III.E2

TREND EXPECTED DURING
THE NEXT QUARTER
( P E R C E N T A G E O F BANKS)

PERCENTAGE CHANGE FROM
A YEAR EARLIER

RANCHLAND

E X P ECTED T R END IN FARM
REAL ESTATE LOAN VOLUME
D U R I N G T H E N E X T Q U ARTER,
COMPARED TO YEAR EARLIER
( P E R C E N T A G E O F BANKS)

10*
★

*

3
*
-2

★

★
*

★

*

1

*

**

l
*

*

*

l
l

**
*

*

*

i
l

12
★

★ 11

12
★

* 10 *

43

44
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.E (CONTINUED)
TRENDS

IN F A R M R E A L E S T A T E V A L U E S A N D L O A N V O L U M E
EXPECTED DEMAND FOR
FARM REAL ESTATE LOANS
D U R I N G T H E N E X T QU A R T E R ,
COMPARED WITH NORMAL
( P E R C E N T A G E O F BANKS)

MARKET VALUE OF GOOD FARMLAND

ALL
III.E4

1999 Q4...
200 0 Ql.
Q2.
Q3.
Q4.

..

3

1

I

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

1
-1

2
-0

3

-1

2
2

1

|
1
1
|
1
|
1

j
I
1

***
***
***

1
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|
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NINTH

1

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2
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2
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***
***
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3
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***

IRRI­
GATED

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***
***

|

RAN C H LAND

(CO,

KS,

DOWN
MO*,

1

2

4

2

3
2
3

3
3

3
4
5

3

2

3
4

3
3
4
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HIGHER

WY)

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|
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1
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35
39

44
52
53
55

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13
12
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|
|
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28
26
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64
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|
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7

1

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***
***
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***
***
***
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|
|
|
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l
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DRYLAND

FEDERAL RESERVE DISTRICT

1

200 0 Q l . ..
Q 2 ...
Q3...
Q4. . .
2 0 0 1 Q l . ..
Q2...
Q3...
Q4...

( K A N S A S CITY)

ALL

1

III.E5

1999 Q4...

RANCH­
LAND

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..

2 0 0 1 Ql. . .
Q2. . .
Q3. . .
Q4...

TENTH

IRRIGATED

|

..
..

DRYLAND

TREND EXPECTED DURING
THE NEXT QUARTER
( P E R C E N T A G E O F BANKS)

PERCENTAGE CHANGE FROM
A YEAR EARLIER

PERCENTAGE CHANGE
DURING QUARTER

4
11
11
10

3
8
7
6

4
5
10
2

1
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l
l

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***
***
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8
10
6

6

2
10
6

1

7
5

7

6

5

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55