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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

OTHER

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

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

3,.7
3-.8
3,.7
4-.1

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
14.,8
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
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

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
|
|

Ql. . .
02...
03...
Q4...
oi...
Q2...
03...
04...




|
j
|
|
j
j
|

89.86
61.85
43.91
46.96

|
|
j
1

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

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,t ANNUAL RATE
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
j1
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
9..0
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
9,.0
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

NONREAL
ESTATE
LOANS

PERCENT CHANGE FROM
PREVIOUS QUARTER
TOTAL
LOANS

REAL
ESTATE
LOANS

NONREAL
ESTATE
LOANS

PERCENT CHANGE FROM
PREVIOUS YEAR
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

1994
1995
1996
1997
1998
1999
2000
2001

CHARGE-OFFS AS A PERCENTAGE
OF SUCH LOANS OUTSTANDING

ANNUAL
TOTAL

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
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

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

U.,S.

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

3352
3101

0,.720
0 .771
0 .747
0 .763
0 .849
0 .859

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
0..619

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

0,.689
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

0,,684
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,.719
0..755
0..761
0,.760
0..755
0,.771
0,.774

278
268
261
269

0,.571
0,.614
0..613
0..619
0,.611
0,.622
0,.627

50
54
54
50

0.,743
0..778
0,.764
0,.741

15.28
15.36
15.36
15.08

696
682
683

0.757
0.799
0.791
0.760
0.764

831
814
796
796

0 .754
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
0..886
0..880
0,.859
0,.840
0..835
0,.817

97
96
93
92

2001 Ql...
Q2. . .
Q3...

0,.726
0,.764
0..766
0,.751
0,.749
0,.766
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.
2000 01.
Q2. •
03. •
04.
2001 01.
02. •
03.

*
*

•

i n •A2

!
1

1999 03.
04.

SAME

HIGHER

12
17

41
39

55
51

4
10

14
23
19
20

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

48
48
54

35
29
18

18
13
8

64
65
57

18
22
35

37
31
21

58
65
72

5
4
7

LOWER

SAME

COLLATERAL REQUIRED

HIGHER

LOWER

SAME

o
0

74
75

HIGHER

1
1

1
1
1

3
7

53
54

44
39

8
5
4
7

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

TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NE, NM*, OK, WY) AGRICULTURAL BANKS

2001 01.
02.
03.

13
14
20

63
61
63

|
|
1

22
16

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

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 )
29
27

52
55

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




RENEWALS OR EXTENSIONS

HIGHER

71
71

69
66
64
61

.

SAME

17
12

12
11
16
16

1
1

LOWER

32
28

2000 01.
02. . .
03. . .
04.

1999 03.
04.

HIGHER

46
50

22
17

i n .A3

SAME

22
22

60
67

..

LOWER

LOAN REPAYMENT RATE

SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IA, MI*, WI* ) AGRICULTURAL BANKS

18
17

1

FUND AVAILABILITY

|
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

11
|

|
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

LOWER

SAME

HIGHER

COLLATERAL REQUIRED
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

RENEWALS OR EXTENSIONS

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

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.
2000 Ql.
Q2. . •
03. ..
04.
2001 Ql.
Q2. .
Q3.

.

!

i
i
i

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
25

60
58

17
17

23
18
24
20

57
60
60
57

20
25
22

58
55
60

H I , ,B3

HIGHER

FARM MACHINERY

SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS

Bl

1999 Q3.
Q4.

.

LOWER SAME

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

2000 Ql...
Q2...
Q3. . .
Q4. . .
2001 Ql...
Q2 . . .
Q3...




|1
1j
|1

OTHER INTERMEDIATE

HIGHER

LOWER SAME

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

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

1
I
1
1

40
33

48
57

12
11

42
35
35
39

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

.

Q l .

Q2.
Q3.
Q4.
2001

Q l .

..

Q2.
Q3.
III ,C2
1999 Q4. ..
2000 Ql.
02. •
03. •
04.
2001 Ql.
02. •
03.

1

1

•
a

•

III,,C3
1999 04. •
2000 01.
02. •
03. •
04.
2001 Ql.
02. .
03.

•

#
•

47

32

21

***

***

73
75
77
75

44
34
35
39

35
36
32
36

21
29
33
25

***
***
***

***
***
***

75
75
75

41
46
48

35
34
33

23
20
19

***

***
***
***

68

* * *

|
1

57

9

32

|
1

4

69

67
70
71
71

63
51
54
50

6
8
9
8

29
41
37
41

|
1
|
1
|
1
|
1

1
3
3
1

70
70
71

49
58
56

11
7
9

40
33
34

|
1
|
1
|
1

o
1
1

NONE

NONBANK AGENCIES

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)

51
55
58
55




CORRESPONDENT BANKS

TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT ( CO, KS, MO*, NE, NM*, OK, WY) AGRICULTURAL BANKS

1
1
11
1
1

.

HIGHER
THAN
DESIRED

73

52

1

LOWER
AT
DESIRED
THAN
DESIRED LEVEL

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

SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT ( IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS

1

1

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

71

1

84
71
76

|
1
1
I
1

64

10

26

70
62
45
62

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

87
81
87
84

4
8
9
3

9
7
10

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.

NONE

|
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

ALL

DRYLAND

IRRIGATED

***

2000 Ql..
Q2. .
03..
04..

* * *
***

***
***

I

||

I
1

2000 Ql...
Q2...
Q3.. .
Q4. . .
2001 Ql...
Q2...
Q3...

DOWN

***

III.E2
1999 Q3. . .
Q4...

RANCHLAND

|1
|1
11
III.E3

-24
7

***
***

***

***
***

5

***

***

***

***

4
"3

LOWER

HIGHER

33
22

61
71

7
8

34
28

54
59

12
13

13
11
8
12

75
78
80
77

12
11
12
11

26
27
22
22

61
67
66
63

14
6
12
15

15
10
13

74
79
79

11
11
7

25
25
22

61
65
65

14
10
13

***

***
***

***

1

|
1

-13
-12
-17
-21
2
0

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

9
13
11

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

0
0
12

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)

Q2...




***

-3
-0
-1
5

2000 Ql...

2001 Ql...
Q2. . .
Q3. . .

UP

FIFTH (RICHMOND) FEDERAL RESERVE DISTRICT (MD, NC, SC, VA, WV*)

1999 Q3. . .
Q4. . .

Q3...
Q4. . .

STABLE

SEVENTH (CHICAGO) FEDERAL RESERVE DISTRICT (IL*, IN*, IA, MI*, WI*) AGRICULTURAL BANKS

1999 Q3..
Q4. .

2001 Ql..
Q2. .
Q3. .

TREND EXPECTED DURING
THE NEXT QUARTER
(PERCENTAGE OF BANKS)

PERCENTAGE CHANGE FROM
A YEAR EARLIER

RANCHLAND

EXPECTED TREND IN FARM
REAL ESTATE LOAN VOLUME
DURING THE NEXT QUARTER,
COMPARED TO YEAR EARLIER
(PERCENTAGE OF BANKS)

***
***

-1
-1

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...

|
|

|
I

|
|
|

|
|
|

III.E5
1999 03...
04...

|
|

2000 01...
02.. .
03...
04.. .
2001 01.. .
02...
03...




IRRIGATED

TREND EXPECTED DURING
THE NEXT QUARTER
(PERCENTAGE OF BANKS)

PERCENTAGE CHANGE FROM
A YEAR EARLIER

RANCHLAND

ALL

DRYLAND

IRRIGATED

RANCHLAND

DOWN

STABLE

UP

LOWER

SAME

HIGHER

TENTH (KANSAS CITY) FEDERAL RESERVE DISTRICT (CO, KS, MO*, NE, NM*, OK, WY)

* * * -0
*** 1

-1
1

1
3

1
|

1
-1
2
2

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

***
***
***

1
|

-0
1

-0
2

1
4

1
|

2
1
3
4

3
2
3
3

7
6
7
6

1

3
3
4

3
2
4

3
4
5

1

***
***

|
|

***

***
***

jj

***
***

|
|
1|

***
***

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

|

|

|
|

***
***

***

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