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E.15 (125) AGRICULTURAL FINANCE DATABOOK Fourth Quarter 2001 Guide to internal tables of contents and notes on sources Amount and characteristics of farm loans made by commercial banks . . Page 3 Selected statistics from the quarterly reports of condition of commercial banks Reserve bank surveys of farm credit conditions and farm land values . . Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. 20551 Nicholas A. Walraven 22 33 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: A M O U N T A N D CHARACTERISTICS O F FARM LOANS M A D E BY COMMERCIAL BANKS Estimates from the quarterly survey of non-real-estate farm loans Summary charts Page 5 Tables: I.A I.B I.C I.D I.E IF I.G I.H I.I 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 Regional disaggregation of survey results 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.l 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 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 USDA. 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. m Chart 1 Results from the Survey of Terms of Bank Lending to Farmers Millions, Annual rate Number of non-real-estate farm loans 5.0 4.5 4.0 3.5 3.0 2.5 - Four quarter moving average 10 1.5 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 Thousands of dollars 1.0 50 45 Average size of non-real-estate farm loans 40 35 30 — Four quarter moving average 25 20 15 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 Billions of dollars, Annual rate Amount of non-real-estate farm loans 10 130 120 110 100 90 Four quarter moving average 80 70 60 50 40 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 30 Chart 2 Results from the Survey of Terms of Bank Lending to Farmers Months Average maturity of non-real-estate farm loans — Four quarter moving average 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 1994 1996 1998 2000 Average effective interest rate on non-real-estate farm loans 1978 1980 1982 1984 1986 1988 1990 1992 Percent Share of farm loans with a floating interest rate — Four quarter moving average 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 100 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS TABLE I.A NUMBER OF LOANS MADE (MILLIONS) BY SIZE OF LOAN ($1,000s) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK 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 1.70 1.66 1.67 1.65 1.55 1.45 1.33 1.32 1.20 1.09 1.09 0.97 OTHER 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 0.33 1.37 0.39 0.45 0.44 0.33 1.54 1.93 1.61 1.16 0.72 0.53 0.52 0.51 1.19 1.74 1.34 1.08 0.52 0.79 0.59 0.56 1.11 1.37 1.07 1.01 ANNUAL NUMBER OF LOANS MADE 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2.63 2.60 2.69 2.70 2.53 2.49 2.22 2.27 2.10 1.96 1.91 1.76 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 NUMBER OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE Q4... | 1 1-70 | 0.17 0.14 1.05 0.14 0.20 1999 Ql... 02... Q3... Q4... | 1 | 1 | | 1 1.93 2.37 2.05 1.49 | | | | 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 0.09 0.12 0.09 0.14 0.16 0.19 0.15 0.19 1.36 1.56 1.29 0.96 0.12 0.13 0.09 0.17 0.17 0.19 0.13 0.15 0.97 1.34 1.09 0.92 2000 Ql. .. Q2... Q3... 04... 2001 Ql... 02... 03... 04... 1.91 2.27 1.86 1.59 | | | | 1.63 2.16 1.66 1.57 | | j | | | 0.94 0.36 0.30 0.11 0.20 0.14 0.19 0.17 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 0.13 0.18 0.12 0.11 0.16 0.22 0.20 0.19 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 0.14 0.16 0.12 0.10 0.23 0.34 0.23 0.24 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 | | j j j ESTIMATES PROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-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 BY SIZE OF BANK 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 ANNUAL AVERAGE SIZE OF LOANS MADE 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 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 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 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 AVERAGE SIZE OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1999 Ql.. . Q2. . . Q3. . . Q4. . . 46.6 26.1 21.4 31.5 32.7 30.2 30.1 46.5 26.9 21.2 25.1 33.1 25.6 20.5 17.0 24.9 21.9 52.4 26.6 25.9 219.2 66.3 44.0 54.5 2000 Ql... Q2... Q3... Q4... 31.1 25.4 22.9 25.9 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 2001 Ql... Q2... Q3... Q4... 33.3 26.9 23.2 35.3 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 | 1 1 1 1 .7 3, .8 3.7 3, .1 4- 15. .5 14. ,5 14. 6 . 14. .9 47.9 46.4 45.9 46.7 412.6 314.6 261.3 242.1 137.6 63.4 47.5 58.7 23.4 17.4 14.3 23.8 43.5 58.5 36.2 54.8 3.8 4. .0 3, .5 4. .2 15. .1 ,8 14. 14. .8 15. .1 47.7 45.6 43.6 44.2 256.3 255.6 273.0 252.2 42.0 51.8 40.0 43.3 24.4 17.4 16.2 17.7 78.4 47.1 46.1 83.1 3. ,9 .9 3. 3, 7 • .0 4, 15. ,2 14. ,5 14. .7 14. .7 46.6 44.1 44.0 47.1 274.0 263.7 255.6 280.2 55.2 43.6 39.4 61.9 23.2 17.3 14.4 20.5 | | j ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS TABLE I.C AMOUNT OF LOANS MADE (BILLIONS OF DOLLARS) BY SIZE OF LOAN ($1,0008) BY PURPOSE OF LOAN ALL LOANS FEEDER LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT OTHER 1 to 9 10 to 24 25 to 99 BY SIZE OF BANK 100 and over LARGE OTHER 44.2 53.7 49.4 58.8 55.1 55.3 61.2 41.9 37.0 30.6 25.1 30.2 30.5 29.1 34.3 33.8 30.6 28.8 26.1 29.6 31.1 30.1 25.0 21.4 ANNUAL AMOUNT OF LOANS MADE 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 74.7 82.8 83.7 92.6 85.7 84.1 87.3 71.4 68.0 60.6 50.2 51.6 22.0 21.4 23.6 28.7 16.8 12.7 10.6 8.0 6.1 4.9 4.8 5.1 5.5 5.8 6.7 6.2 6.4 5.2 4.0 5.3 4.4 4.2 4.5 4.7 26.6 25.5 24.6 24.7 25.4 27.3 35.9 23.6 25.2 28.4 27.6 21.7 2.3 2.5 2.9 2.5 3.2 2.7 2.4 2.7 4.9 5.2 3.9 4.1 18.3 27.6 26.0 30.6 33.9 36.1 34.5 31.9 27.5 18.0 9.3 16.1 6.1 6.1 6.2 6.1 5.8 5.4 5.0 5.0 4.5 4.2 4.2 3.7 7.3 7.6 8.0 8.3 7.4 8.3 7.1 7.4 6.7 6.6 6.5 5.9 15.9 15.1 16.8 17.1 16.5 16.0 13.9 15.8 14.9 15.1 12.6 12.6 45.3 54.0 52.8 61.0 56.0 54.4 61.3 43.3 41.9 34.9 26.8 29.3 | j j | j j | j j j | j AMOUNT OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE Ql... Q2 . . . 03... 04... | || j | | | j | | j j | 6.7 3.5 2.2 7.1 4.8 3.8 3.2 5.0 30.1 36.4 25.0 22.0 3.7 8.7 5.1 3.4 44.6 9.5 8.4 9.4 3.6 5.4 4.6 3.0 7.0 7.4 6.4 5.3 17.4 16.0 13.2 13.7 61.9 33.0 19.7 24.9 53.9 28.3 20.8 19.3 36.0 33.5 23.1 27.7 59.42 57.44 42.60 41.24 Ql. . . 02... 03... Q4... oi... Q2... 03... 04... 89.86 61.85 43.91 46.96 | | j 1 3.6 4.8 5.1 5.8 4.8 4.4 3.7 5.1 37.6 31.5 23.4 17.8 6.3 4.1 3.0 2.3 7.1 12.7 7.4 10.2 4.1 5.1 3.8 3.7 6.6 7.9 6.3 5.3 12.7 15.1 11.3 11.4 36.0 29.3 21.2 20.8 30.4 27.2 20.9 22.0 29.0 30.2 21.7 19.3 54.27 58.02 38.64 55.60 3.6 4.1 4.1 8.4 4.3 5.5 3.5 5.6 23.7 25.9 17.7 19.4 4.7 6.7 2.8 2.4 18.0 15.9 10.5 19.8 3.3 4.8 3.7 3.2 5.7 7.1 5.3 5.6 13.9 14.1 10.2 12.5 31.4 32.1 19.5 34.3 28.4 34.4 23.2 34.8 25.8 23.6 15.5 20.8 9 ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS TABLE I.D AVERAGE MATURITY OF LOANS MADE (MONTHS) BY SIZE OF LOAN ($l,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 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 BY SIZE OF BANK 100 and over LARGE OTHER 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 7.0 9.9 12.3 10.8 12.6 18.0 11.8 11.9 ANNUAL AVERAGE MATURITY 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000, 2001 7.5 7.3 8.9 9.2 10.3 9.9 8.5 9.9 9.8 11.5 11.2 13.2 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 10.0 9.2 7.4 6.8 10.5 13.2 15.3 7.4 7.7 8.3 8.5 8.6 9.0 8.6 8.8 8.8 9.8 9.7 9.6 4.9 5.8 7.2 7.4 7.2 8.2 7.3 8.8 8.7 11.4 11.4 14.1 MATURITY OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE t 1999 Ql. . . 02... Q3... 04... 9.2 14.4 12.0 11.5 8.3 8.8 6.9 7.7 12.8 12.0 7.3 10.9 11.2 14.2 9.3 8.7 28.0 13.9 22.3 24.1 6.1 18.8 17.1 16.9 2000 Ql. . . 02... 03... Q4... 11.2 11.6 11.1 10.6 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 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 2001 Ql... 02... 03... 04... | | j | 18.7 11.8 11.0 10.6 | | j j | j j 1 j | 10.1 9.9 9.4 9.7 11.9 11.3 10.4 11.1 10.9 14.7 11.1 12.9 8.4 15.7 13.8 11.1 14.1 13.4 10.2 14.5 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 25.9 12.8 11.3 9.9 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 | j | j | j ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NON-REAL-ESTATE LOANS TO FARMERS TABLE Z.E AVERAGE EFFECTIVE INTEREST RATE ON LOANS MADE BY SIZE OF LOAN ($l,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 ANNUAL AVERAGE INTEREST RATE 1990 1991 1992 1993 1994 1995 1996, 1997. 1998, 1999 2000, 2001, 11 4 9 8 7 8 7 5 7 8 9 5 8, .4 9, .2 .0 9. 8. .7 9, .7 7, >8 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 12.5 11.5 9.7 9.0 9.1 10.6 10.2 10.2 10.1 9.7 10.3 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 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 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 AVERAGE RATE ON LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE 1999 Ql... Q2. . . Q3... Q4... 8, 2 , 8. 8 . .0 9, 9 .2 9.1 9.0 9.0 9.3 9.1 9.1 9.1 9.2 9 .2 9 .1 9 .2 9 .4 9.2 8.2 9.0 9.4 7.2 7.9 8.5 8.6 9.7 9.5 9.7 9.9 9.4 9.4 9.6 9.7 9.2 9.2 9.4 9.4 7.7 8.3 8.4 8.8 7.4 8.1 8.4 8.7 9.4 9.3 9.6 9.5 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 8.7 9.4 9.7 9.7 9.8 10.1 10.6 10.5 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 8.5 7.8 7.1 5.3 9.8 9.0 8.7 7.7 2000 Ql... Q2... Q3... Q4... 9 .2 9 .7 10, .2 10 .0 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 2001 Ql.. . Q2.. . 03... Q4... 9 .1 8 .3 7 .7 6, .2 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 | | | | 1 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 LIVESTOCK OTHER LIVESTOCK OTHER CURRENT OPERATING EXPENSES FARM MACHINERY AND EQUIPMENT OTHER 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 ANNUAL PERCENTAGE OF LOANS MADE 1990. 1991. 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 2000. 2001. 65.2 65.1 71.7 76.7 75.1 73.8 63.1 65.8 54.4 60.7 66.9 74.5 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 1999 Q4. 62.3 31.2 59.9 65.4 54.1 82.6 54.2 58.0 57.9 66.5 91.8 41.7 2000 Ql. Q2. 03. Q4. 63.0 68.3 71.0 66.5 46.4 51.0 80.6 57.6 38.6 51.0 70.8 78.4 72.9 81.6 51.8 53.0 57.3 51.6 52.4 54.7 57.9 53.2 69.7 66.8 59.4 69.7 78.9 62.8 53.0 60.0 69.2 57.8 59.5 56.2 67.8 65.7 79.2 73.1 65.2 88.4 89.9 91.9 60.7 50.2 52.9 37.6 2001 Ql. Q2. 03. 04. 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 60.0 57.3 58.0 60.5 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 61.8 78.0 TABLE I.G PERCENTAGE DISTRIBUTION BY EFFECTIVE INTEREST R A T E OF NON-REAL ESTATE FARM LOANS M A D E BY BANKS* EFFECTIVE INTEREST R A T E (percent) ZERO ALL TO RATES 5.0 1996 1997 1998 1999 2000 2001 100 100 100 100 100 100 * * ** 0 0 ** 21 5.0 TO 5.9 6.0 TO 6.9 0 0 0 0 0 33 19 5 0 3 0 14 7.0 TO 7.9 8.0 TO 8.9 9.0 TO 9.9 10.0 TO 10.9 11.0 TO 11.9 12.0 TO 12.9 13.0 TO 13.9 14.0 TO 14.9 15.0 TO 15.9 16.0 TO 16.9 17.0 TO 17.9 18.0 TO 18.9 19.0 TO 19.9 20.0 TO 20.9 •Readings from previous years for the most recent quarter 8 6 3 9 3 16 27 34 15 30 15 11 25 31 30 36 30 4 16 16 34 17 34 1 4 6 13 5 13 0 1 1 4 1 4 0 0 0 0 0 0 0 ** 0 0 0 0 0 0 0 0 ** * * ** ** ** ** ** * * * * * * ** * * ** * * ** ** ** ** ** ** * * 0 ** ** ** 0 * * ** ** * * * * ** ** quarterly- 1999 Ql. .. Q2... Q3... Q4. .. 100 100 100 100 2000 Ql... Q2... Q3. .. Q4. . . 100 100 100 100 2001 Ql. . . Q2. .. Q3... Q4. . . 100 100 100 100 0 0 ** 0 ** 0 0 * * 0 0 1 21 4 4 2 0 17 4 4 3 17 12 10 9 29 37 35 30 23 30 32 36 9 11 12 17 2 2 4 5 1 0 1 1 0 0 0 0 0 0 0 0 5 0 1 0 4 4 1 3 30 19 16 15 36 36 30 30 18 27 28 34 6 11 19 13 1 2 5 4 0 0 1 0 0 0 0 0 8 8 23 14 7 29 25 16 28 31 25 11 33 22 12 4 17 5 3 1 5 2 1 0 2 0 0 0 0 0 0 0 0 0 * * 3 9 33 0 ** 0 0 ** 0 0 0 0 0 0 ** 0 0 0 * * 0 0 * * 0 ** * * ** 0 ** ** 0 ** ** ** ft * * * * * * * * * ** ** * * ** 0 * Percentage distribution of the estimated dollar amount of nonreal-estate farm loans of $1,000 or m o r e m a d e b y insured commercial banks during the survey week. Data are estimates from the Federal Reserve Survey of the Terms of Bank Lending to Farmers, w h i c h is conducted during the first full business w e e k of the second m o n t h of each quarter. Percentages m a y not add to 100 percent because of rounding. A value of 0 indicates less than .5 percent, while ** indicates no observation. 14 TABLE I.H.I SURVEY OF TERMS OF BANK LENDING MADE DURING November 5-9, 2001 Loans to farmers Size class of loans (thousands) all sizes $1-9 $10-24 $25-49 $50-99 $100-249 $250 and over 193,405 34,093 14.83 5.36 3.06 69,372 17,647 7.89 3.78 2.69 120,081 8,173 11.01 5.42 2.91 113,560 3,350 13.41 7.26 2.97 148,228 2,181 12.54 4.39 3.03 273,756 1,900 16.28 5.51 2.97 468,408 843 17.08 5.33 3.24 6.22 0.18 7.90 0.09 7.44 0.11 7.08 0.16 6.62 0.24 6.11 0.18 5.38 0.19 7.25 5.12 8.79 6.92 8.50 6.18 8.33 5.65 7.67 5.38 7.23 5.12 5.90 4.59 6.27 6.41 6.81 7.39 6.85 5.30 8.17 8.31 7.98 8.45 7.36 6.44 7.72 7.31 7.64 7.68 7.18 6.36 7.46 7.69 7.25 7.31 7.09 5.81 6.74 7.09 6.90 6.84 6.85 5.56 6.77 6.23 6.20 8.07 6.47 5.36 5.20 5.00 5.89 5.59 7.03 5.10 76.57 82.44 16.87 3.43 61.80 68.23 19.41 1.15 63.97 69.35 19.89 0.82 68.28 68.73 18.91 0.92 74.87 70.26 17.42 1.44 71.86 77.74 21.45 1.77 87.30 97.81 12.38 6.64 14.09 9.49 34.32 3.94 4.66 33.50 7.45 8.57 66.07 6.97 1.09 9.87 11.89 6.14 57.92 6.77 2.78 14.50 13.08 10.22 46.41 10.93 2.33 17.02 14.63 13.44 41.38 6.91 3.15 20.49 14.41 14.82 31.81 2.91 6.57 29.48 15.54 5.93 19.87 0.74 5.60 52.32 10.72 80.19 10.56 80.16 10.58 82.24 9.44 86.05 8.22 87.03 16.02 77.80 8.77 77.48 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 5 interest rate (percent)4 7 Standard error 8 Interquartile Range6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 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 Subject to prepayment penalty By purpose of the loan 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 15 16 17 18 Footnotes are at the end of table I.H TABLE I.H.2 SURVEY OF TERMS OF BANK LENDING MADE DURING November 5-9, 2001 Loans to farmers Size class of loans (thousands) all sizes $1-9 $10-24 $25-49 $50-99 $100-249 $250 and over 823,910 18,502 15.35 4.71 3.21 33,482 8,742 7.57 2.12 3.13 63,537 4,219 8.58 2.45 3.25 71,124 2,052 10.30 3.06 3.15 99,632 1,491 11.64 3.41 3.19 188,276 1,302 13.98 3.16 3.20 367,859 696 19.96 6.79 3.24 5.69 0.17 7.14 0.17 6.85 0.15 6.30 0.16 5.98 0.18 5.57 0.12 5.21 0.21 6.61 4.59 8.27 6.14 7.93 5.64 7.23 5.12 6.70 5.12 6.17 4.60 5.65 4.33 5.66 5.28 6.08 6.56 6.78 7.05 6.61 7.38 8.05 6.36 6.94 6.84 7.11 7.15 6.91 6.44 6.27 6.53 6.30 6.85 6.27 5.22 6.14 6.94 6.76 6.18 5.09 5.68 5.24 6.36 5.20 5.00 5.29 5.59 7.03 83.61 92.00 17.59 82.02 89.92 20.07 81.22 88.48 22.49 83.33 84.31 18.34 86.64 89.33 17.43 82.76 87.70 18.87 83.83 97.21 15.77 14.62 8.05 32.90 2.32 5.93 33.50 5.82 5.30 64.53 5.06 0.97 9.87 7.48 5.19 57.38 4.46 3.38 14.50 10.26 6.82 50.09 5.96 2.33 17.02 12.10 6.59 42.23 5.56 3.05 20.49 11.48 11.72 31.71 0.72 8.23 29.48 19.78 7.55 20.55 0.95 7.13 52.32 13.07 82.19 17.48 74.74 15.18 78.94 12.66 80.13 10.58 82.35 16.75 79.99 11.17 84.91 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 5 interest rate (percent)4 7 Standard error 8 Interquartile Range 6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 11 Other current operating expenses 12 Farm machinery and equipment 13 Farm real estate Percentage of the amount of loans With floating rates Made under commitment Callable By purpose of the loan 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 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 November 5-9, 2001 Loans to farmers Size class of loans (thousands) all sizes $1-9 $10-24 $25-49 $50-99 $100-249 $250 and over 369,495 15,591 13.69 6.78 2.59 35,890 8,905 8.17 5.29 2.22 56,544 3,954 13.72 8.74 2.41 42,436 1,297 18.65 14.37 2.40 48,596 690 14.32 6.36 2.59 85,480 598 21.28 10.66 2.31 100,549 147 6.87 7.40 0.29 8.61 0.08 8.09 0.20 8.39 0.22 7.93 0.49 7.31 0.11 5.99 0.78 8.50 5.90 9.15 8.04 8.87 7.12 9.00 7.79 8.54 7.00 7.90 6.87 5.90 5.12 7.82 8.01 8.25 7.96 7.31 5.61 8.85 9.03 8.52 8.66 8.12 8.09 8.11 7.68 8.24 7.97 7.67 7.41 8.44 8.72 8.75 7.83 7.50 6.61 7.33 8.01 8.55 6.72 7.00 7.48 7.58 7.35 8.66 7.12 5.87 8.50 60.89 61.11 15.27 42.93 48.00 18.80 44.58 47.85 16.98 43.05 42.61 19.85 50.74 31.18 17.39 47.85 55.82 27.14 100.00 100.00 12.93 12.68 37.49 7.55 1.83 33.50 8.97 11.61 67.50 8.75 1.19 9.87 16.85 7.20 58.54 9.36 2.11 14.50 17.82 15.92 40.24 19.26 2.33 17.02 19.80 27.50 39.65 9.68 3.37 20.49 20.87 21.65 32.02 7.72 2.92 29.48 17.38 52.32 5.47 75.73 4.10 85.22 5.41 85.95 4.05 95.95 3.37 96.63 14.43 72.98 50.29 OTHER BANKS 7 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 average5 interest rate (percent) Standard error Interquartile Range 6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 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 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 15 16 17 Footnotes are at the end of table I.H 4 - 0.02 3.25 5.46 TABLE I.H.4 SURVEY OF TERMS OF BANK LENDING MADE DURING November 5-9, 2001 Loans to farmers Risk Rating All Minimal Low Moderate Acceptable Special Not Rated Not Reported ALL BANKS 1 2 3 4 5 Amount of loans Number of loans Weighted average Weighted average Weighted average (thousands) maturity (months) 1 repricing interval (months) 2 risk rating 3 6 Weighted average interest rate (percent) 4 Standard error 5 Interquartile Range 6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 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 Subject to prepayment penalty By purpose of the loan 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 15 16 17 18 1,193,405 34,093 14.83 5.36 3.06 85,564 3,347 21.29 9.25 1.00 196,237 6,779 12.59 7.75 2.00 384,608 11,405 13.41 3.11 3.00 288,299 5,959 13.79 5.01 4.00 71,770 1,357 7.21 0.11 5.00 84,807 1,297 10.36 3.63 82,119 3,950 34.04 13.46 6.22 0.18 7.27 0.40 6.74 0.20 5.91 0.28 5.79 0.36 6.09 0.29 5.48 0.73 7.65 0.52 7.25 5.12 8.50 5.58 7.90 5.50 7.40 4.59 6.43 4.93 6.66 5.38 5.61 5.12 8.72 6.70 6.27 6.41 6.81 7.39 6.85 5.30 5.98 5.15 8.13 8.78 7.49 6.57 6.11 6.88 7.21 7.47 7.11 5.19 6.55 5.45 6.46 7.06 6.11 4.94 5.31 6.23 6.01 6.19 7.32 5.49 6.73 6.63 6.33 6.61 6.11 5.74 7.02 7.59 7.17 7.32 7.09 5.03 8.47 8.59 7.65 7.62 6.97 6.74 76.57 82.44 16.87 3.43 80.94 79.28 15.65 0.09 55.75 73.93 22.80 13.25 80.26 84.42 22.64 3.68 86.40 91.73 4.81 0.20 99.41 99.78 1.83 0.12 87.81 90.74 5.44 38.48 40.39 44.28 14.09 9.49 34.32 3.94 4.66 33.50 39.05 1.11 46.33 8.34 4.26 0.92 25.37 15.17 43.68 3.84 4.58 7.36 13.95 8.68 37.35 4.03 4.56 31.43 6.70 10.41 24.14 1.84 5.55 51.36 3.26 11.12 34.86 1.11 1.38 48.27 1.07 1.68 11.14 3.22 3.48 79.40 10.70 11.79 44.41 9.82 6.72 16.56 10.72 80.19 5.68 92.04 13.60 81.58 10.68 84.22 10.30 83.81 7.55 80.01 5.43 35.83 18.96 78.89 Footnotes are at the end of table I.H 17 18 TABLE I.H.5 SURVEY OF TERMS OF BANK LENDING MADE DURING November 5-9, 2001 Loans to farmers Risk Rating All Minimal Low Moderate Acceptable Special Not Rated Not Reported LARGE FARM LENDERS 7 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 rating 3 6 Weighted average interest rate (percent) 4 Standard error 5 Interquartile Range 6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 11 Other current operating expenses 12 Farm machinery and equipment 13 Farm real estate Other 14 Percentage of the amount of loans With floating rates Made under commitment Callable Subject to prepayment penalty By purpose of the loan 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 15 16 17 18 Footnotes are at the end of table I.H 823,910 18,502 15.35 4.71 3.21 41,361 743 20.42 4.54 1.00 108,812 2,717 15.13 8.69 2.00 334,838 7,980 12.69 2.45 3.00 231,454 4,557 13.85 5.70 4.00 63,366 1,303 7.98 0.12 5.00 21,960 388 29.52 13.44 22,120 813 73.71 17.13 5.69 0.17 6.13 0.52 5.82 0.27 5.57 0.24 5.57 0.76 6.19 0.27 4.88 0.59 6.58 0.32 6.61 4.59 6.90 5.58 6.92 4.60 6.18 4.58 6.17 4.59 6.70 5.64 5.64 4.01 7.14 6.09 5.66 5.28 6.08 6.56 6.78 5.20 5.65 4.91 7.00 7.49 7.49 6.47 5.19 5.32 6.35 6.82 6.99 5.17 6.12 5.03 6.01 6.52 6.08 4.94 5.22 4.94 5.79 5.88 7.32 5.32 6.73 6.62 6.33 6.61 6.11 5.86 7.23 5.12 5.57 6.27 6.92 4.59 6.63 6.52 6.52 6.70 6.78 6.56 83.61 92.00 17.59 4.95 94.01 96.31 11.21 0.18 67.54 86.34 28.47 23.90 82.13 89.57 24.37 4.22 87.06 95.61 3.75 0.25 99.46 99.75 1.95 85.90 90.83 1.77 81.79 89.77 78.73 14.62 8.05 32.90 2.32 5.93 33.50 65.25 2.03 20.13 3.24 8.81 0.92 27.83 11.09 36.79 4.47 6.68 7.36 12.56 8.58 35.15 2.50 5.12 31.43 8.02 6.65 28.18 1.34 6.91 51.36 3.70 12.47 39.48 1.26 1.56 48.27 0.42 21.30 79.40 0.54 6.41 45.64 1.92 15.33 16.56 13.07 82.19 8.83 89.63 23.05 73.48 12.03 82.85 11.09 82.54 8.42 90.62 9.31 84.81 25.30 70.77 0.02 1.08 2.06 TABLE I.H.6 SURVEY OF TERMS OF BANK LENDING MADE DURING November 5-9, 2001 Loans to farmers Risk Rating All Minimal Low Moderate Acceptable Special Not Rated Not Reported OTHER BANKS 7 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 rating 3 Percentage of the amount of loans With floating rates Made under commitment Callable Subject to prepayment penalty By purpose of the loan 19 Feeder livestock 20 Other livestock 21 Other current operating expenses 22 Farm machinery and equipment 23 Farm real estate 24 Other By type of collateral 25 Farm real estate 26 Other 15 16 17 18 Footnotes are at the end of table I.H 44,203 2,604 22.09 13.66 1.00 87,426 4,062 9.44 6.59 2.00 49,770 3,425 18.22 7.56 3.00 56,845 1,402 13.53 2.25 4.00 8,404 54 1.88 0.06 5.00 62,847 909 5.84 1.31 59,999 3,136 19.71 12.13 7.40 0.29 8.34 0.32 7.87 0.17 8.24 0.21 6.72 0.63 5.40 1.40 5.69 0.59 8.04 0.60 8.50 5.90 8.65 8.27 8.25 7.12 8.75 7.76 7.23 5.90 5.37 5.37 5.12 5.12 9.45 7.00 7.82 8.01 8.25 7.96 7.31 5.61 7.37 7.00 8.43 9.08 8.12 8.02 8.48 7.70 7.50 7.58 7.59 9.19 6.62 8.17 8.50 8.95 8.08 7.67 7.27 6.90 60.89 61.11 15.27 0.02 68.71 63.34 19.80 0.19 41.07 58.48 15.73 12.93 12.68 37.49 7.55 1.83 33.50 14.52 0.25 70.85 13.10 3.86 0.92 22.31 20.25 52.26 3.05 0.48 7.36 23.31 9.40 52.18 14.28 5.02 31.43 1.34 25.69 7.70 3.87 3.74 51.36 48.27 79.40 16.56 5.47 75.73 2.72 94.28 1.84 91.67 1.57 93.43 7.05 88.99 0.98 140.01 4.08 78.17 16.62 - 6.61 in r- 6 Weighted average interest rate (percent) 4 7 Standard error 5 8 Interquartile Range 6 a.75th Percentile b.25th Percentile By purpose of loan 9 Feeder livestock 10 Other livestock 11 Other current operating expenses 12 Farm machinery and equipment 13 Farm real estate 14 Other 369,495 15,591 13.69 6.78 2.59 - 7.96 8.66 7.59 7.12 - - 67.72 49.83 11.04 - 6.04 5.37 7.00 7.59 8.74 7.42 7.12 5.17 83.69 75.90 9.10 99.02 100.00 0.98 88.48 90.71 6.73 22.51 22.18 31.57 13.79 2.26 41.97 12.16 13.77 - - - - - 9.75 0.98 56.77 29.71 - - - - o <N 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, DC 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) LS CB USDA Farm Production Region NP SE AP DL 2.5 11.2 26.4 17.0 10.5 5.0 4.3 8.8 5.7 8.5 Sample Coverage, Aug. 2001 survey (%) 19.0 4.3 8.9 10.7 15.4 14.2 6.3 4.8 23.0 63.5 Avg. Loan Size, Aug. 2001 survey Survey date: Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. May Aug. Nov. Feb. 14.9 16.6 29.1 20.8 48.5 31.6 11.0 26.7 32.2 43.4 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 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 9.4 049) Weighted Average Interest Rate During Sample Week 7.9 5.5 8.4 8.3 7.3 9.2 9.0 8.0 8.0 5.6 7.8 8.3 7.9 8.7 8.1 5.2 8.4 7.8 5.7 7.5 8.2 8.0 7.3 7.0 7.8 7.4 5.3 6.3 8.1 8.2 7.5 7.9 5.2 7.3 7.7 8.6 7.8 9.0 8.0 8.1 6.1 8.2 8.6 6.5 7.6 8.6 8.3 8.6 9.7 8.9 8.5 7.1 8.5 8.8 10.0 7.2 10.4 10.7 9.9 8.6 9.3 9.4 8.5 10.4 10.2 10.7 10.3 9.3 9.8 8.1 9.6 10.4 8.3 10.3 9.6 7.9 10.1 10.3 7.3 9.9 8.0 9.4 9.4 10.9 7.3 9.0 9.6 10.2 8.1 10.4 8.9 7.6 9.4 9.4 10.0 9.9 9.3 9.0 7.5 9.3 9.9 9.9 9.5 9.3 9.9 9.5 9.5 8.0 9.5 10.1 9.2 8.3 9.9 10.2 9.6 9.9 8.5 9.8 10.1 9.9 9.3 9.8 7.5 9.5 9.8 9.4 9.0 9.4 7.3 9.8 10.0 10.3 9.2 9.7 7.6 10.2 10.3 9.4 9.5 9.5 9.5 9.7 8.8 9.5 8.7 9.0 9.4 9.2 8.3 9.7 8.9 9.1 9.6 8.9 9.0 8.2 9.0 9.1 8.8 8.0 9.0 9.8 8.7 9.3 8.9 10.0 8.9 8.2 9.4 9.2 8.8 8.3 9.8 8.8 9.2 9.2 9.6 8.4 9.3 9.8 (.28) (.32) 010) Oil) 015) 006) 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 10.0 049) 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 9.8 021) 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 8.4 066) May 2000 10.7 (.5) 9.5 016) 9.7 009) 9.7 017) 9.1 017) 9.1 (1.15) 10.5 02) 10.0 028) 10.1 (.22) 9.5 024) Aug. 2000 10.5 (.96) 10.30 023) 10.0 (.20) 10.3 (09) 9.7 035) 9.2 (1.10) 10.5 001) 10.0 031) 10.6 (.29) 9.7 027) Nov. 2000 10.7 075) 9.3 025) 9.9 013) 10.1 Oil) 9.2 012) 9.4 097) 9.2 (1.24) 10.3 033) 10.3 019) 9.8 020) Feb. 2001 9.3 Oil) 9.1 (.22) 9.4 016) 9.7 013) 8.4 019) 7.8 (1.20) 9.5 025) 9.0 (95) 9.8 (.37) 8.8 012) May 2001 8.7 058) 8.3 012) 8.8 009) 7.4 022) 8.1 067) 8.3 051) 9.2 029) 8.6 041) 7.9 009) Aug. 2001 8.3 (JO 9.8 007) 7.9 016) 8.2 012) 6.3 022) 7.6 (1.17) 8.7 025) 8.8 042) 7.8 (.37) 7.2 036) Nov. 2001 6.9 023) 7.9 078) 6.3 038) 7.0 029) 5.2 036) 6.3 (1.71) 8.7 042) 7.6 079) 6.1 033) 5.2 035) NE Proportion of farm loans outstanding, June 2001 SP MN PA ($1000) 8.2 (0.5) * NE is Northeast, LS is Lake States, CB is Cornbelt, NP is Northern Plains, AP is Appalachia, SE is Southeast, DL is Delta States, SP is Southern Plains, MN is Mountain States, and PA is Pacific. 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. CM SECTION H: SELECTED STATISTICS F R O M THE QUARTERLY REPORTS OF CONDITION O F COMMERCIAL BANKS TABLES: Commercial banks: II. A II.B II.C II.D HE Estimated volume of farm loans at insured commercial banks Estimated delinquent non-real-estate farm loans at insured commercial banks Estimated net charge-offs of non-real-estate farm loans at insured commercial banks Estimated delinquent real estate farm loans at insured commercial banks Estimated net charge-offs of real estate farm loans at insured commercial banks 24 25 26 27 28 Agricultural banks: II.F Distribution of agricultural banks by ratio of nonperforming loans to total loans II.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 II.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 II.D and H 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 II.F through table H.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 15.1 percent in September 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. FARM DEBT OUTSTANDING AT COMMERCIAL BANKS, END OF QUARTER LOAN VOLUME, BILLIONS OF DOLLARS TOTAL LOANS REAL ESTATE LOANS PERCENT CHANGE FROM PREVIOUS QUARTER NONREAL ESTATE LOANS TOTAL LOANS REAL ESTATE LOANS PERCENT CHANGE FROM PREVIOUS YEAR NONREAL ESTATE LOANS TOTAL LOANS REAL ESTATE LOANS 4.9 4.9 4.2 2.9 8.2 8.1 8.6 7.8 3.1 3.2 1.9 0.2 I 5.6 5.4 4.7 5.0 -0.5 -0.6 2.4 6.2 | NONREAL ESTATE LOANS 1992 01... Q2. . . 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 | j j j -2.1 6.2 1.9 -2.9 2.7 3.3 1.9 -0.2 -4.6 7.8 1.9 -4.4 1993 Ql. . . 02... 03... 04... | | | j 52.8 56.0 58.0 57.7 20.0 20.6 20.8 20.9 32 .8 35 .4 37 .1 36 .8 | j j j -3.2 6.0 3.5 -0.5 0.5 3.1 1.2 0.1 -5.3 7.8 4.9 -0.8 j j 1.7 1.6 3.2 5.8 1994 01... 02... 03... 04... | j | j 56.8 61.1 63.0 61.3 21.2 21.9 22.4 22.6 35 .5 39 .2 40 .6 38 .7 | j j j -1.5 7.6 3.1 -2.7 1.8 3.2 2.2 0.7 -3.4 10.2 3.6 -4.6 | 1 j | 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 01... 02... 03... 04... | | | | 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 Ql... 02... 03... 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 | | j j -3.1 6.5 1.3 -1.6 0.5 2.7 1.1 0.3 -5.3 8.9 1.5 -2.8 1 3.1 3.4 1. .9 2.8 4.8 4.7 4.7 4.6 2.0 2.7 0.3 1.8 j 1997 Ql... 02... 03... 04... | | j j 63.8 69.0 71.1 71.3 25.4 26.2 27.0 27.1 38 .4 42 .8 44 .2 44 .2 1 j | j -2.6 8.2 3.0 0.3 1.4 3.3 2.9 0.7 -5.1 11.5 3.1 0.0 1 j | 3.4 5.1 6.8 8.9 5.5 6.2 8.1 8.5 2.0 4.4 6.0 9.1 1 | | | 1998 Ql... 02... 03... 04... | | j | 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 j | -1.7 7.1 1.7 -2.0 1.8 3.2 1.3 1.3 -3.9 9.6 1.9 -4.0 | j j | 9.8 8.6 7.2 4.8 9.0 8.8 7.2 7.8 10.4 8.5 7.3 3.0 1 j 1999 Ql... 02... 03... 04... | | | | 72.7 75.8 76.8 76.0 29.7 30.8 31.4 31.8 42 .9 45, .1 45. .5 44. .2 | j | j -2.8 4.4 1.3 -1.0 1.7 3.5 1.9 1.5 -5.6 5.0 0.9 -2.8 1 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 Ql... 02... Q3... 04... | j j | 71.5 79.7 80.1 80.9 31.4 33.7 33.9 34.0 40. .1 45. 9 . 46.2 46. 9 | j | j -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 | | j | 2001 Ql... 02... 03... | j j 79.4 82.9 82.5 34.3 35.1 35.4 45. 1 47.7 47. 1 | j j -1.9 4.4 -0.4 0.8 2.5 0.8 -3.9 5.8 -1.3 | j | 11.0 4.0 3.0 9.2 4.2 4.5 12.4 3.9 2.0 | j j | j j 1 j j | | | j j j 1 j 1 | | | | | | TABLE II.B ESTIMATED DELINQUENT FARM NON-REAL-ESTATE LOANS INSURED COMMERCIAL BANKS BILLIONS OF DOLLARS AS PERCENTAGE OF OUTSTANDING FARM PRODUCTION NONPERFORMINO TOTAL PAST DUE 30 TO 89 DAYS ACCRUING TOTAL PAST DUE 90 DAYS ACCRUING NONPERFORMING NONACCRUAL TOTAL PAST DUE 30 TO 89 DAYS ACCRUING TOTAL PAST DUE 90 DAYS ACCRUING NONACCRUAL -December 31 of year indicated1992 1993 1994 1995 1996 1997 1998 1999 2000 1.0 0.8 0.8 0.8 1.0 0.9 1.0 0.9 1.0 0.3 0.3 0.3 0.4 0.5 0.4 0.5 0.3 0.4 0.6 0.5 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.5 0.4 0.3 0.3 0.4 0.4 0.4 0.5 0.5 2.8 2.2 2.0 2.1 2.4 2.0 2.2 2.1 2.1 1.0 0.8 0.9 0.9 1.2 0.9 1.0 0.8 0.9 1.8 1.4 1.1 1.1 1.3 1.1 1.2 1.3 1.2 0.3 0.2 0.2 0.3 0.3 0.2 0.3 0.2 0.2 1.5 1.2 0.9 0.9 1.0 0.9 0.9 1.1 1.0 2.1 2.2 0.8 1.0 1.3 1.2 0.4 0.3 0.9 0.9 -End of quarterQ3... Q4... 1 | 1 1.0 1.0 0.4 0.5 0.6 0.5 0.2 0.1 0, ,4 0, ,4 Ql... 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 1.0 1.1 1.0 1.1 Ql. .. 02... Q3... 04. .. 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 Ql. . . 02... 03... 1.7 1.4 1.3 1.0 0.6 0.5 0.8 0.8 0.8 0.2 0.2 0.2 0. 6 0. 6 0.7 3.9 2.9 2.8 2.2 1.2 1.0 1.7 1.8 1.8 0.4 0.4 0.4 1.3 1.3 1.4 1 | 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 ANNUAL TOTAL 1994. 1995. 1996. 1997. 1998. 1999. 2000. 2001. t h S S <£K r Sn°thJ 69 51 95 93 87 126 108 ** CHARGE-OFFS AS A PERCENTAGE OF SUCH LOANS OUTSTANDING Q1 Q2 Q3 Q4 ANNUAL TOTAL 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 0.19 0.13 0.24 0.23 0.20 0.28 0.24 l0 *°" " hy •» ch b * n k £or 161 Q1 Q2 Q3 Q4 0.03 0.04 0.01 0.01 0.04 0.03 0.04 0.07 0.05 0.04 0.09 0.04 0.03 0.06 0.05 0.05 0.15 0.12 0.08 0.06 0.07 0.11 0.09 0.08 0.10 -0.00 -0.08 0.16 purpose*. 0.08 0.07 0.29 «»»•.» fir.t r.port.d TABLE II.D DELINQUENT FARM REAL ESTATE LOANS INSURED COMMERCIAL BANKS BILLIONS OF DOLLARS AS PERCENTAGE OF OUTSTANDING FARM REAL ESTATE LOANS NONPERFORMING TOTAL PAST DUE 30 TO 89 DAYS ACCRUING TOTAL PAST DUE 90 DAYS ACCRUING NONPERFORMING NONACCRUAL TOTAL PAST DUE 30 TO 89 DAYS ACCRUING TOTAL PAST DUE 90 DAYS ACCRUING NONACCRUAL -December 31 of year indicated1995 1996 1997 1998 1999 2000 0.6 0.7 0.7 0.8 0.6 0.8 0.2 0.3 0.3 0.3 0.2 0.3 0.3 0.4 0.4 0.5 0.4 0.5 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.3 2.4 2.8 2.6 2.9 2.0 2.3 1998 Q2... 03... Q4. . . 0.7 0.7 0.8 0.3 0.3 0.3 0.5 0.4 0.5 0.2 0.2 0.2 0.2 0.2 0.3 2.6 2.5 2.9 1999 Ql... Q2. .. 03... 04... 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 2000 Ql... 02... 03... 04... 1.0 0.9 0.7 0.8 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 2001 Ql... 02... 03... 1.1 0.9 0.9 0.6 0.4 0.3 0.5 0.6 0.6 0.1 0.1 0.1 0.4 0.4 0.4 3.2 2.7 2.5 1.0 1.1 1.1 1.2 0.8 0.9 1.4 1.7 1.5 1.7 1.3 1.4 0.5 0.7 0.9 1.0 0.6 0.8 1.0 0.6 0.8 0.5 0.9 0.7 All commercial banks began to report these data in 1991. 27 28 TABLE II.E NET CHARGE-OFFS OF 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 10 12 7 16 6 15 12 1 -0 0 -1 -1 -0 -12 10 1 3 1 -0 3 3 3 9 3 6 2 3 -0 5 8 5 6 4 4 14 5 7 14 0.05 0.05 0.03 0.06 0.02 0.05 0.04 ** * * All commercial banks began to report these data in 1991. Q1 Q2 Q3 Q4 0.003 -0.001 0.000 -0.003 — 0.004 -0.001 -0.037 0.030 0.003 0.011 0.003 -0.001 0.009 0.011 0.009 0.027 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 * * TABLE II.F DISTRIBUTION OP 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 indicated1992 1993 1994 1995 1996 1997 1998 1999 2000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 76.2 80.7 85.5 83.4 81.9 84.5 81.7 84.8 85.0 18.8 15.8 12.3 14.0 15.4 12.9 15.1 12.6 12.8 3.9 2.8 1.9 2.1 2.3 2.5 2.8 2.4 1.8 0.8 0.6 0.2 0.3 0.2 0.1 0.3 0.3 0.3 0.2 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 Percentage distribution, end of quarter 100.0 81.7 00 (N o w o o | rl in H 1998 Q4... 0.1 1999 Ql... Q2... 03... 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... 100.0 100.0 100.0 80.3 80.2 78.7 16.9 16.6 17.8 2.6 3.0 3.2 0.2 0.2 0.3 0.1 0.1 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 30 SELECTED MEASURES OF FINANCIAL PERFORMANCE OF AGRICULTURAL AND OTHER BANKS NET INCOME AS A PERCENTAGE OF AVERAGE EQUITY AT AGRICULTURAL BANKS 0 TO 4 5 TO 9 10 TO 14 AVERAGE RATE OF RETURN TO EQUITY 15 TO 19 20 TO 24 25 AND OVER AGRICULTURAL BANKS OTHER SMALL BANKS 19.6 18.4 16.9 13.4 14.2 14.2 13.4 14.2 13.8 5.1 4.6 3.3 2.3 2.6 3.1 3.5 4.9 4.2 1 .6 1 .3 0 .9 0 .6 0 .5 1 .1 1 .3 1 .9 1 .8 12. 5 12. 3 11. 8 11. 2 11. 4 11. 4 11. 3 11. 8 11. 7 11, 3 12, 3 12, ,5 12, 1 12, .3 12, 3 11, .7 11, 9 11. 4 1998 Q4... 11, .3 11, .7 1999 Ql.. Q2.. 2 .9 6 .0 9 .1 11. .8 3. .0 6. .1 8. .9 11. .9 2000 Ql.. Q2.. 3 .2 6 .5 9, .3 11 .7 3. .1 6, .1 8, .9 11. .4 2, .8 5. .4 7. .9 ALL BANKS NEGATIVE RATE OF RETURN TO ASSETS AGRICULTURAL BANKS NET CHARGE-OFFS AS PERCENTAGE OF TOTAL LOANS AVERAGE CAPITAL RATIO (PERCENT) OTHER SMALL BANKS AGRICULTURAL BANKS OTHER SMALL BANKS AGRICULTURAL BANKS 1.0 1.1 1.1 1.2 1.2 1.2 1.2 1.1 1.1 0. 4 0. 2 0, 2 0. 2 0. 2 0. 2 0. 2 0. 3 0. 3 0.7 0.4 0. 3 0. 3 0. 3 0. 3 0. 3 0. 3 0. 3 10.4 10.8 10.7 11.2 10.9 11.0 10.9 10.5 10.7 1, .2 1.2 0, .2 0 .3 10 .9 10 .5 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 11, .0 10 .8 10, .8 10. .5 10. .5 10. .4 10. .4 10. .3 0. .3 .6 0, 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 10. .5 10. 6 . 10. .7 10, .7 10. .2 10. .3 10. .4 10. .4 0, .3 0, .6 0, .9 0.3 0.5 0.8 0. .0 0 .1 0, .2 0 .1 0 .1 0 .2 11 .0 11, .0 11. ,2 10. .5 10. .5 10. 6 . OTHER SMALL BANKS percentage distribution 1992 1993 1994 1995 1996 1997 1998 1999 2000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2.0 1.6 1.5 1.4 2.1 1.6 2.0 2.9 2.4 5.3 5.9 5.9 5.7 5.6 5.9 8.7 7.9 8.9 25.3 27.8 31.4 37.1 33.4 34.5 35.6 34.8 35.3 41.1 40.4 40.1 39.6 41.6 39.7 35.5 33.3 33.5 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 9.5 9.9 9.9 10.4 10.4 10.5 10.5 10.3 10.4 QUARTERLY tl:: 2001 Ql.. Q2.. Q3.. 2.8 5 .6 8 .2 * 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. TABLE II.H AVERAGE LOAN-DEPOSIT RATIOS AT AGRICULTURAL BANKS IN SELECTED FEDERAL RESERVE DISTRICTS* DECEMBER 31 ,S. U. CLEVELAND ATLANTA CHICAGO MINNBAPOLIS ST. LOUIS KANSAS CITY DALLAS SAN FRANCISCO MINIMUM FARM LOAN RATIO LOANS NUMBER LOANS NUMBER LOANS NUMBER LOANS NUMBER 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 1995 1996 1997 1998 1999 2000 2767 0,639 , 0,656 , 0.685 0, .683 0.718 0.751 , 53 49 45 40 41 39 0, .720 0 .771 0 .747 0 .763 0 .849 0 .859 3352 3101 118 113 113 99 93 92 0, .657 0, .684 0 .704 0. .709 0, .738 0, .766 816 795 759 733 715 693 0.652 0.680 0.719 0.711 0.750 0.776 375 363 346 321 300 293 0.651 , 0.663 , 0. .698 0.693 , 0. .718 0.748 , 619 609 574 558 538 519 0.682 0 .699 0.725 0.715 0.738 0.760 959 928 890 868 838 796 0.643 0.680 0.681 0.715 0.760 0 .634 344 313 312 289 277 269 0, .489 0. .491 0, .523 0. .529 0, .564 .619 0. 53 52 49 48 48 50 0. .740 0. .735 0. .661 0. .660 0, .724 0, .741 16, .83 16 .45 16, .44 16, .34 15, .67 15, .08 1998 Q4. . . 2968 0, .683 40 0, .763 99 0 .709 733 0, .711 321 0, .693 558 0 .715 868 0. .681 289 0, .529 48 0, .660 16.34 1999 Ql. . . Q2... Q3... Q4... 2957 2872 2918 2866 .689 0, 0 .718 0 .735 0 .718 42 41 44 41 0 .793 0 .849 0 .844 0. .849 100 93 106 93 0 .719 0 .738 0 .746 0.738 720 716 716 715 0, .719 0 .750 0 .765 0.750 317 302 319 300 0 .688 0 .719 0 .745 0.718 550 539 547 538 0 .723 0 .738 0 .775 0.738 868 838 846 838 ,684 0, 0, .715 0, .721 0, .715 297 279 275 277 0, .532 0, .566 0, .567 0, .564 48 48 51 48 0, .692 0, .724 0. .737 0, .724 16.04 16.26 16.23 15.67 2000 Ql... Q2. . . 03... Q4... 2842 2834 2790 2767 41 43 42 39 0.748 0.784 0.797 0.766 705 707 698 693 0, .571 0, .614 0. .613 .619 0. 0, .611 0, .622 0, .627 50 54 54 50 0. ,743 0. .778 0, .764 .741 0, 15.28 15.36 15.36 15.08 696 682 683 0, .719 0. .755 0. .761 0, .760 0. .755 0, .771 0, .774 278 268 261 269 0 .754 0.757 0.799 0.791 0.760 0.764 831 814 796 796 0.765 0.771 0.714 , 0.757 , 0.768 , 0. .748 0.731 , 0.759 , 536 529 523 519 95 95 100 0.757 0.790 0.796 0.776 , 0.781 0 .783 0.780 288 306 306 293 2755 2736 2725 0, .865 .886 0. 0. .880 .859 0, 0, .840 .835 0. 0, .817 97 96 93 92 2001 Ql... Q2. . . Q3... .726 0, 0, .764 0. .766 .751 0, 0, .749 .766 0, 0, .765 46 44 45 0, .764 0, .804 0, .788 14.95 15.21 15.10 40 41 43 282 291 296 * 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. 0 .763 514 508 506 0 .801 0 .795 798 791 778 266 265 256 Agricultural banks are defined as banks with a farm loan ratio at least as great as 31 TABLE II.I FAILURES OF AGRICULTURAL BANKS* NUMBER OF FAILURES Q1 1998 0 Q2 Q3 Q4 5 2 1 2 0 0 2 0 0 1 0 0 6 3 1 2 0 0 0 0 1 0 0 0 3 1 4 0 0 0 0 1 0 0 0 0 ANNUAL TOTAL 17 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 ffl: FEDERAL RESERVE BANK QUARTERLY SURVEYS O F FARM CREDIT CONDITIONS AND F A R M L A N D VALUES TABLES: 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, HI D Interest rates III.E Trends in real estate values and loan volume Page 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. 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. #» H % % • • s e # e e FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS TABLE III.A FARM NONREAL ESTATE LENDING EXPERIENCE COMPARED WITH A YEAR EARLIER (PERCENTAGE OF BANKS REPORTING) DEMAND FOR LOANS LOWER Ill •Al 1999 Q3. Q4. SAME FUND AVAILABILITY HIGHER LOWER SAME LOAN REPAYMENT RATE HIGHER LOWER SAME HIGHER 2001 01. 02. • 03. • i n •A2 ! 1 1999 03. 04. 32 28 17 12 71 71 12 17 41 39 55 51 4 10 52 45 56 54 34 32 25 26 20 35 28 21 66 54 61 66 14 11 10 13 33 31 26 27 57 66 70 65 10 3 3 8 17 23 28 * 46 50 14 23 19 20 * 48 48 54 35 29 18 18 13 8 64 65 57 18 22 35 37 31 21 58 65 72 5 4 7 60 67 22 17 2000 01. 02. . . 03. . . 04. 12 11 16 16 69 66 64 61 2001 01. 02. 03. 13 14 20 63 61 63 .. i n .A3 1999 03. 04. 66 69 12 15 19 23 20 22 20 30 25 21 65 62 65 68 24 25 18 12 18 11 70 65 61 19 18 2000 01. 02. . • 03. • • 04. 20 18 23 21 59 63 51 49 2001 01. 02. . 03. 17 22 27 54 55 55 HIGHER LOWER SAME o 0 74 75 HIGHER 1 1 1 3 7 53 54 44 39 8 5 4 7 1 1 57 60 69 68 34 35 27 25 0 0 0 1 78 79 80 78 22 21 20 21 4 4 8 61 60 70 35 36 22 0 0 1 74 77 77 26 23 22 I 1 | 1 ; 26 25 1| 11 29 24 68 66 3 10 1 1 3 8 69 70 28 22 | 1 | 1 1 1 86 84 13 15 15 8 10 11 16 19 20 25 75 75 76 68 8 6 4 7 i 1 1 1 | 1 ! 1 9 6 4 4 75 80 79 73 16 14 17 24 | 1 | 1 | 1 | 1 0 1 1 0 87 84 86 85 13 15 13 15 18 18 28 25 26 21 72 72 76 3 2 4 3 2 4 71 75 77 26 22 19 0 1 0 82 81 83 18 18 17 27 24 62 52 11 24 io 22 64 52 27 26 1 0 73 75 27 25 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX ) 52 55 . | | 1 22 16 29 27 1 1 1 SAME TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NE, NM*, OK, WY) AGRICULTURAL BANKS 18 17 1 LOWER COLLATERAL REQUIRED SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IA, MI*, WI* ) AGRICULTURAL BANKS 22 22 2000 01. Q2. • 03. • 04. RENEWALS OR EXTENSIONS | 1 | 1 5 4 80 75 15 21 21 19 26 30 7 14 17 13 73 72 71 72 20 14 13 15 15 12 22 27 67 71 65 64 18 17 13 10 19 13 12 13 64 73 64 59 18 13 24 28 1 2 1 2 75 79 82 73 24 19 17 25 29 23 18 8 10 10 74 69 68 17 21 22 30 26 18 61 66 77 9 7 5 7 8 8 62 62 75 31 31 17 1 0 0 72 73 77 27 27 23 11 11 1 1 | | 1 | 1 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 SAME FUND AVAILABILITY HIGHER LOWER SAME HIGHER LOAN REPAYMENT RATE LOWER SAME HIGHER RENEWALS OR EXTENSIONS LOWER HIGHER LOWER SAME HIGHER 66 80 33 20 NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI* ) 1999 Q3. Q4. 14 10 71 67 15 23 59 26 39 62 2 12 2000 Ql. Q3. Q4. 8 27 39 16 69 61 56 68 23 13 5 15 24 18 20 9 46 62 72 69 30 19 8 22 2001 Ql. Q2. Q3. 11 12 11 70 66 61 20 22 27 23 17 15 61 72 78 16 11 7 02. III.A5 SAME COLLATERAL REQUIRED 44 70 48 22 17 14 5 11 63 67 69 78 20 19 25 11 0 1 0 1 82 76 82 87 18 23 17 12 7 6 12 77 70 78 16 24 10 0 1 0 83 86 84 17 13 16 71 58 26 33 77 69 23 31 FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT ( MD, NC, SC, VA, WV* ) 1999 Q3• Q4. 26 25 63 61 11 14 11 19 66 69 23 11 26 31 71 67 2000 Ql. Q2. Q3. Q4. 30 22 34 21 57 68 60 75 14 11 6 4 16 19 9 4 76 69 80 92 8 11 11 4 27 22 6 13 70 73 83 79 3 5 11 8 14 0 11 9 57 78 80 87 30 22 9 4 0 0 0 0 73 78 74 67 27 22 26 33 2001 Ql. Q2. 03. 19 24 40 58 70 56 23 6 4 o 3 o 85 76 56 15 21 44 15 15 4 81 85 92 4 0 4 0 6 8 92 82 84 8 12 8 0 0 4 62 74 71 38 26 25 1 1 1 H ^ w % e i • s # # 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 in FEEDER CATTLE HIGHER LOWER SAME DAIRY HIGHER LOWER SAME CROP STORAGE HIGHER LOWER SAME 19 15 50 55 31 31 22 18 60 58 18 24 15 21 75 68 10 11 2000 Ql. Q2. .. Q3. . . Q4. 14 24 16 16 55 54 60 53 31 23 24 31 19 26 23 18 60 63 66 67 21 11 11 15 20 27 26 28 69 64 66 66 11 9 8 7 2001 Ql. Q2. . Q3. 13 20 23 54 57 59 33 23 18 14 22 24 70 65 67 16 13 9 25 22 22 68 71 72 7 7 6 H I ,,B2 ! i 1999 03. 04. 2001 Ql. Q2. . Q3. . ! i i i 23 25 60 58 17 17 57 60 60 57 20 25 22 58 55 60 H I , ,B3 1999 03. 04. .. 2000 Ql. 02. . 03. . 04. 2001 Ql. • 02. • 03. ! ! i • . • • LOWER SAME HIGHER LOWER SAME HIGHER 22 29 57 62 21 8 25 21 17 25 58 49 57 66 1 I ] 1 1 29 29 27 ! 1 1 I 1 1 | I 1 13 8 46 46 41 46 17 30 26 9 8 11 11 7 47 52 54 42 45 37 35 51 61 61 66 10 9 7 8 12 13 43 53 60 49 35 27 24 15 61 72 14 13 20 19 56 63 24 17 62 53 33 39 5 9 46 46 43 39 46 47 49 52 8 7 8 9 | 1 | 1 | 1 42 42 42 45 50 47 13 8 11 | 1 | 1 34 30 58 60 8 10 26 26 31 29 59 57 60 55 16 17 10 16 | 1 ELEVENTH[ (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 23 18 24 20 2000 Ql. Q2. . • 03. .. 04. HIGHER FARM MACHINERY SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS Bl 1999 Q3. Q4. . OPERATING 24 58 56 17 21 20 22 16 23 26 25 32 15 53 56 52 65 22 21 18 17 16 19 65 64 63 I 1 24 | 1 | 1 23 13 76 82 i 5 22 19 16 20 17 21 18 15 79 77 80 78 4 2 2 2 16 19 16 16 81 71 74 78 3 11 10 6 23 18 17 14 53 58 61 55 24 25 22 31 17 19 19 17 17 18 78 78 77 5 5 5 14 14 15 83 77 80 3 9 5 17 18 18 57 61 63 26 21 19 1 | | I 1 29 31 31 60 56 58 11 13 11 sc, VA, WV*) 35 42 65 58 o o | 1 40 34 48 66 12 o | I 1 29 23 56 57 15 20 | | 49 40 49 57 3 3 1 I 1 I 1 I 1 31 19 11 13 69 67 59 69 0 15 30 19 | 1 | ! | | 17 19 26 14 61 76 65 77 22 5 9 9 50 43 38 30 42 51 53 70 8 5 9 0 10 19 6 81 73 76 10 8 18 | | 1 8 13 8 72 88 88 20 0 4 24 26 25 68 74 71 8 0 4 FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC , 42 23 45 61 16 34 24 40 19 53 68 57 71 17 27 40 70 70 55 26 22 74 74 o 4 13 9 3 10 25 13 35 13 58 88 65 80 17 0 0 7 38 30 29 25 62 70 71 75 o o o o 13 3 5 12 17 28 88 83 72 0 0 0 18 26 27 82 74 73 0 0 0 13 | ! | 1 1 | | 1 37 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) FEEDER LIVESTOCK LOWER SAME III.B4 1999 Q3... Q4... | 1 | 1 HIGHER LOWER SAME | 1 1j | 1 FARM REAL ESTATE HIGHER LOWER SAME OTHER OPERATING HIGHER LOWER SAME FARM MACHINERY HIGHER LOWER SAME HIGHER NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*) 39 18 58 72 3 10 1 1 44 30 50 65 6 5 18 11 14 15 2000 Ql... Q2... Q3. . . Q4. . . 2001 Ql... Q2 . . . Q3... OTHER INTERMEDIATE 61 73 71 69 21 16 15 16 j 1 | | | 1 27 22 27 23 68 68 65 74 5 9 8 3 I* 17 17 76 75 77 10 8 6 18 19 16 76 76 78 6 6 6 | 1 1 I 48 57 12 11 42 35 35 39 1 I 1 1 40 33 44 52 53 55 28 28 26 62 64 62 15 12 56 67 29 22 14 13 12 6 5 7 6 9 82 62 68 78 11 8 12 7 6 10 69 67 68 I 1 | | 1 65 56 33 41 2 3 13 31 26 13 42 42 39 43 56 49 54 53 1 9 7 4 23 27 22 34 35 28 61 60 67 5 5 4 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 Ill CI 1999 04. . 2000 . HIGHER THAN DESIRED III ,C2 1999 Q4. .. 2000 Ql. 02. • 03. • 04. 2001 Ql. 02. • 03. 2000 01. 02. • 03. • 04. a • 2001 Ql. 02. . 03. # • 21 *** *** 44 34 35 39 35 36 32 36 21 29 33 25 *** *** *** 41 46 48 35 34 33 23 20 19 *** *** *** *** 68 * * * | 1 57 9 32 | 1 4 69 63 51 54 50 6 8 9 8 29 41 37 41 | 1 | 1 | 1 | 1 1 3 3 1 49 58 56 11 7 9 40 33 34 | 1 | 1 | 1 o 1 1 1 1 1 1 1 1 51 55 58 55 . COMPARED WITH A YEAR EARLIER LOWER SAME HIGHER NONE COMPARED WITH A YEAR EARLIER LOWER SAME HIGHER | *** *** *** *** *** | | | | *** *** *** *** *** *** *** *** *** *** | 1 81 5 90 5 73 73 71 73 82 81 82 81 9 9 6 6 86 85 88 90 71 72 71 84 85 83 5 7 7 76 9 83 8 6 6 5 4 77 75 77 75 9 9 7 4 82 85 85 87 9 6 8 9 90 88 89 4 4 4 74 77 78 5 9 6 85 83 86 10 8 8 *** 7 77 16 *** *** 15 9 13 13 80 82 75 73 5 9 12 14 8 10 11 75 72 78 17 18 11 1 I ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX) 52 1 NONBANK AGENCIES TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NE, NM*, OK, WY) AGRICULTURAL BANKS 1 1 NONE *** *** *** 70 70 71 • • 32 67 70 71 71 1 1 III,,C3 1999 04. • 47 75 75 75 .. Q2. Q3. CORRESPONDENT BANKS SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS 73 75 77 75 Q l . Q l . LOWER AT DESIRED THAN DESIRED LEVEL NUMBER OF FARM LOAN REFERRALS TO ACTIVELY SEEKING NEW FARM LOAN ACCOUNTS 73 Q2. Q3. Q4. 2001 REFUSED OR REDUCED A FARM LOAN BECAUSE OF A SHORTAGE OF LOANABLE FUNDS LOAN/DEPOSIT RATIO IS 56 58 60 | *** *** *** *** *** *** *** *** *** | 1 1 * w* | | *** 6 79 15 1 1 1 5 *** *** *** *** | | | | *** *** *** *** 15 10 15 12 81 84 77 80 5 5 8 8 8 12 11 82 79 83 10 9 6 2 2 1 | *** 39 40 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 Ill .C4 1999 04... 1 2000 Ql. . . Q2.. . Q3. . . Q4... 2001 Ql.. . Q2... Q3.. . III ,C5 1999 Q4... LOWER AT THAN DESIRED DESIRED LEVEL 1 HIGHER THAN DESIRED NUMBER OF FARM LOAN REFERRALS TO ACTIVELY SEEKING NEW FARM LOAN ACCOUNTS CORRESPONDENT BANKS NONE NONBANK AGENCIES COMPARED WITH NORMAL NUMBER LOWER SAME HIGHER NONE 71 84 71 76 | 1 1 I 1 64 10 26 70 62 45 62 1 5 8 11 8 25 30 44 30 68 64 55 11 12 11 21 23 35 | 1 3 *** | *** 1 5 10 5 | 1 | 1 | 1 2 2 6 10 82 8 | I *** 9 84 7 *** *** *** 9 10 2 10 82 80 87 85 10 9 11 4 8 11 6 85 82 88 7 7 6 10 10 4 13 4 8 9 3 9 7 10 *** *** *** 87 81 87 84 86 88 86 5 5 3 | | | | 1 *** *** *** | I 77 3 13 6 80 69 67 80 0 3 0 0 9 16 30 20 11 13 3 0 80 77 74 0 3 0 20 17 22 0 3 4 FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT ( MD, NC, SC, VA, WV*) 75 1 38 44 18 | 0 63 88 3 6 3 2000 Ql... Q2. . . Q3... Q4.. . 74 75 75 77 42 39 38 39 44 47 44 43 14 14 18 17 | | | | 0 3 3 4 68 66 60 67 94 77 88 75 0 6 0 5 6 13 12 20 0 3 0 0 2001 Ql... Q2. . . Q3. . . 84 78 74 46 61 68 46 32 28 8 6 4 | | 1 0 0 0 73 72 72 80 83 78 0 3 0 20 13 22 o o o agencies. | I | 1 1 none' for the number of referrals to either correspondent banks or nonbank The column that has been added combines responses that formerly would have been reported as either 'none' or 'low'. COMPARED WITH NORMAL NUMBER LOWER SAME HIGHER NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*) 70 73 77 73 1 1 I 1 REFUSED OR REDUCED A FARM LOAN BECAUSE OF A SHORTAGE OF LOANABLE FUNDS LOAN/DEPOSIT RATIO IS 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) FEEDER CATTLE LOANS III.D1 OTHER OPERATING LOANS INTERMEDIATE NONREAL ESTATE LONG-TERM REAL ESTATE LOANS SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS 1999 Q4. 9.4 9.4 2000 Ql. 9.7 8.6 03. 04. 9.9 9.8 10.4 10.2 9.9 2001 Ql. 9.2 9.2 8.2 8.0 7.9 7.5 02. 10.1 10.1 8.6 8.1 02. 03. III.D2 9.7 2000 Ql. 10.0 10.4 10.4 10.3 03. 04. 2001 Ql. 02. 03. *** *** 8.6 8.9 9.2 9.4 8.9 TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT (CO, KS, MO*, NE, NM*, OK) AGRICULTURAL BANKS 1999 Q4. 02. *** 9.6 9.0 8.4 9.9 9.7 9.2 10.2 10.5 10.5 10.5 10.0 10.3 10.3 10.2 9.5 9.7 9.7 9.7 9.8 9.1 8.6 8.9 8.5 8.0 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, PERCENT) FEEDER CATTLE LOANS III.D3 OTHER OPERATING LOANS INTERMEDIATE NONREAL ESTATE LONG-TERM REAL ESTATE LOANS NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, MN, MT, ND, SD, WI*) 1999 Q4... 9.7 9.7 9.0 2000 Ql... Q2. . . 03... Q4. . . 9.9 10.1 10.5 10.4 9.9 10.2 10.4 10.3 9.2 9.4 9.7 9.6 2001 Ql... Q2. . . Q3. . . 9.8 9.3 8.9 9.8 9.3 8.9 8.6 III.D4 10.4 10.5 10.1 2000 Ql... Q2. . . Q3... Q4. . . 10.6 11.0 10.5 10.7 11.0 10.6 10.8 11.0 11.1 2001 Ql. Q2. 10.3 9.7 9.2 10.4 9.7 9.2 10.1 11.0 III.D5 1999 Q4... 2000 Ql... Q2. . . Q3. . . Q4. . . 2001 Ql... 02... 03... 8.5 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 1999 Q4... Q3. 9.1 10.8 10.8 9.5 9.2 9.6 9.9 10.2 10.1 10.2 9.5 9.0 8.5 FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC, SC, VA, WV*) 9.6 9.6 10.0 10.2 10.6 10.6 10.4 10.4 10.6 10.5 9.4 8.6 8.2 9.4 11.0 7.9 9.5 10, 10, 10, 10, 9.2 8.5 8.0 9.2 9.6 10.1 9.9 9.8 8.9 8.3 7.6 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 DRYLAND IRRIGATED TREND EXPECTED DURING THE NEXT QUARTER (PERCENTAGE OF BANKS) PERCENTAGE CHANGE FROM A YEAR EARLIER RANCHLAND ALL DRYLAND IRRIGATED RANCHLAND DOWN *** 2000 Ql.. Q2. . 03.. 04.. * * * 1999 Q3. . . Q4... I 2001 Ql... Q2... Q3... III.E3 -24 7 *** *** *** *** *** *** 5 *** *** *** *** 4 "3 Q2... *** *** *** *** 1 | 1 -13 -12 -17 -21 2 0 *** *** *** *** 9 13 11 -1 -1 2000 Ql... 2001 Ql... Q2. . . Q3. . . 34 28 54 59 12 13 75 78 80 77 12 11 12 11 26 27 22 22 61 67 66 63 14 6 12 15 74 79 79 11 11 7 25 25 22 61 65 65 14 10 13 1 | 1 14 9 66 74 20 17 | 1 I 1 32 33 62 58 6 9 0 0 0 0 84 75 76 74 16 25 24 26 | | | 1 29 24 34 14 60 68 53 77 11 8 13 9 65 73 68 35 27 20 29 23 23 54 73 64 17 3 14 26 27 66 62 8 11 20 19 29 27 62 62 61 63 17 19 10 10 20 30 29 68 59 59 12 11 12 1 ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX) 1999 Q3. . . Q4. . . Q3... Q4. . . 7 8 FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC, SC, VA, WV*) -3 -0 -1 5 | 1 | 1 1 1 61 71 0 0 12 *** 2000 Ql... Q2... Q3.. . Q4. . . HIGHER 15 10 13 *** || LOWER 13 11 8 12 *** I 1 UP 33 22 *** III.E2 STABLE SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS 1999 Q3.. Q4. . 2001 Ql.. Q2. . Q3. . EXPECTED TREND IN FARM REAL ESTATE LOAN VOLUME DURING THE NEXT QUARTER, COMPARED TO YEAR EARLIER (PERCENTAGE OF BANKS) *** *** 0 -0 1 0 -1 -1 2 -3 7 -1 -7 *** 4 *** -2 *** 9 10 3 43 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 MARKET VALUE OF GOOD FARMLAND PERCENTAGE CHANGE DURING QUARTER ALL III.E4 1999 Q3... Q4... | | RANCHLAND ALL * * * -0 ** 1 * -1 1 1 3 1 | 1 -1 2 2 | I | | | | | | III.E5 1999 03... 04... IRRIGATED | | 2000 01... 02.. . 03... 04.. . 2001 01.. . 02... 03... TREND EXPECTED DURING THE NEXT QUARTER (PERCENTAGE OF BANKS) PERCENTAGE CHANGE FROM A YEAR EARLIER DRYLAND IRRIGATED RANCHLAND DOWN STABLE UP LOWER SAME HIGHER TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT (CO, KS, MO*, NE, NM*, OK, WY) 2 -0 1 1 3 -1 2 2 1 1 -1 3 2 -1 2 0 -0 3 2000 01. . . Q2. .. Q3... Q4.. . 2001 Ql... 02... 03... DRYLAND EXPECTED DEMAND FOR FARM REAL ESTATE LOANS DURING THE NEXT QUARTER, COMPARED WITH NORMAL (PERCENTAGE OF BANKS) ** * ** * ** * j -0 1 1 | 1 4 2 1 3 4 3 2 3 3 7 6 7 6 3 4 5 *** ** * ** * jj *** *** 1 | | | | | 1 ** * *** ** * ** * ** * *** ** * 1 3 2 4 ** * ** * 1 | 3 3 4 ** * ** * ** * -0 2 | | | | ** * ** * *** NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, MN, MT, ND, SD, WI*) *** *** *** *** *** *** *** *** *** *** *** *** *** *** | | | | *** *** 6 5 1 2 2 2 4 11 11 10 3 8 7 6 4 5 10 2 8 10 6 6 7 5 2 10 6 | | | | *** *** 40 33 48 57 12 11 *** 42 35 35 39 44 52 53 55 14 13 12 6 *** *** *** 28 28 26 62 64 62 11 8 12
