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E.15 (125)

AGRICULTURAL FINANCE
DATABOOK
Second Quarter 1992
Guide to internal tables of contents and notes on sources

Amount and characteristics of farm loans made by commercial banks ..
Selected statistics from the quarterly reports of condition of commercial
banks
Reserve bank surveys of farm credit conditions and farm land values . .
Farm debt outstanding, major lending institutions

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



Page

3
16

26
39

2

General Information
The Agricultural Finance Patabook is a compilation of various data on c u r r e n t 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 c o m e 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 w e r e available
for the second quarter of 1992; the other data generally were available only through the first quarter of 1992
or, in some cases, the fourth quarter of 1991.
Parts or all of the Agricultural Finance Patabook may be copied and distributed freely.^ Any redistribution
selected parts of the Patabook should be accompanied by the "contents" pages at the beginning of the
corresponding section, together with the front cover identifying the p^tabopk and date of issue, and this page
providing subscription information.
Remaining substantive questions may be addressed to Nicholas Walraven
or John Rosine at the address shown on the cover.
The Patabook 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 Patabook
(including zip code) to:

(Statistical Release E.15) may be entered by sending a mailing address

Publications Services, Mail Stop 138
Federal Reserve Board
Washington, P.C.
20551
Notice of change of address also should be sent to Publications Services.
the old address should be included.




A copy of the back cover showing

SECTION I:

AMOUNT AND CHARACTERISTICS OF FARM LOANS MADE BY COMMERCIAL BANKS

Estimates from the quarterly survey of nonreal estate farm loans
Summary charts

5

Tables:
I.A
I.B
I.C
I.D
I.E
I.F
I.G
I.H

Amount
Number
Average size
Average maturity
Average effective interest rate
Percentage of loans with a floating interest rate....
Distribution of farm loans by effective interest rate
Detailed survey results

7

8

9
10
11
12
13
14

SOURCES OF DATA:
These data on the farm loans of $1000 or more made by commercial banks are derived from quarterly sample
surveys conducted by the Federal Reserve System during the first full week of the second month of each
quarter. Data obtained from the sample are expanded into national estimates for all commercial banks, which
are shown in the following tables.
Before August 1989, the farm loan survey was part of a broader survey of the terms of lending by a sample of
340 commercial banks. A subset of 250 banks was asked for information regarding agricultural lending, and
about 150 typically reported at least one farm loan.
Since August of 1989, the data have been drawn from a new, redesigned sample of 250 banks that is no longer
part of the broader survey.
In the new sample, banks are stratified according to their volume of farm
lending; previously, they had been stratified according to the volume of business loans. As before, however,
the sample data are being expanded into national estimates for all commercial banks.
In the May 1992 survey,
222 banks reported at least one farm loan, and the number of sample loans totaled 5495.
In both the previous survey and the new one, the national estimates exhibit variability due to sampling error
The estimates are sensitive to the occasional appearance of very large loans in the sample.
In addition, the
breakdown of national estimates into those for large banks and small banks may have been affected somewhat by
the new sampling procedures that were implemented in August 1989; apparent shifts in the data as of that date
therefore should be treated with caution.




3

SECTION I: (CONTINUED)
More detailed results from each quarterly survey previously were published in Statistical Release E.2A,
"Survey of Terms of Bank Lending to Farmers". Beginning in February, 1992, the more detailed results are
included at the end of this section of the Databook. and the E2.A has been discontinued.
Starting with the
August 1986 survey, farm loans secured by real estate are included in the data shown in the table of detailed
results, whereas such loans are excluded from the tabulations in Tables I.A through I.G and the summary
charts.

RECENT DEVELOPMENTS:
The survey that was taken in the first full week of May shows that the number of loans made rose seasonally
in the second quarter (upper panel of chart 1 and table I.B). However, the average size and volume of loans
decreased as this survey did not pick up very large loans such as those which had appeared in some previous
quarters (lower panels of chart 1 and table I.A).
The average maturity of loans made in early May was 9.5 months, the second consecutive quarter in which loan
maturities have run on the high side of longer-run averages (upper panel of chart 2). Loan maturity was
greater than in the same quarter of the previous year for every class of loan size and every category except
farm machinery (table I.D).
The average effective interest rate on nonreal estate farm loans in the May survey (middle panel of chart 2
and table I.E) was 8.3 percent, a rise of three-tenths of a percentage point over the first-quarter average,
but 1-1/2 percentage points below the effective rate on loans made in the second quarter of 1991. Much of the
rise from the first quarter to the second can be attributed to the diminished frequency of very large lowinterest loans in the "other livestock" and "other" categories. Rates on other types of loans were little
changed in the first quarter, and remained around the lowest levels since this survey began in the late 1970s.
The range of effective interest rates on loans made in the May survey (table I.G) shows that only 18 percent
of the total dollar amount of loans carried rates greater than 10 percent; the comparable figure a year ago
was 32 percent.




Chart 1

Results from the Survey of Terms of Bank Lending to Farmers

Millions, Annual Rate

5.0
4.5

Number of nonreal estate farm loans

4.0
3.5
3.0
2.5
2.0

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1.0

Thousands of dollars

Average size of nonreal estate farm loans

Billions of Dollars, Annual Rate

Amount of nonreal estate farm loans

1978

1979

1980




1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

100

Chart 2

Results from the Survey of Terms of Bank Lending to Farmers

Months
14
Average maturity of nonreal estate farm loans

12

10

1978

1979

1980

1981

1982

-J—-—i—i—i—i—i i i i i i i ... i ... i ... i
1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

Percent

20
18

Average effective interest rate on nonreal estate farm loans

16
14
12
10

1978

1979

1980

1981

1982

1983 ' 1984 ' 1985

' 1986 ' 1987 ' 1988

' 1989 ' 1990 ' 1991

' 1992

Percent

Share of farm loans with a floating interest rate

1978

1979




1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

100

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.A

AMOUNT OF LOANS MADE (BILLIONS OF DOLLARS)

ALL
LOANS

FEEDER
CATTLE

OTHER
LIVESTOCK

OTHER
CURRENT
OPERATING
EXPENSES

BY SIZE
OF BANK

BY SIZE OF
LOAN ($1,0008)

BY PURPOSE OF LOAN
FARM
MACHINERY
AND
EQUIPMENT

1
to
9

OTHER

10
to
24

25
to
99

100
and
over

18.1
18.0
18.2
17.5
17.6
13.5
13.2
12.6
12.9
14.4
15.9
15.1

23.8
25.3
30.0
32.4
26.5
24.0
22.3
24.5
23.7
23.4
45.3
54.0

LARGE

OTHER

I
I
1
1
1
I
I
I
I
1
I
I

11.9
12.8
21.7
18.6
15.8
14.9
12.6
17.1
15.9
19.6
44.2
53.7

48.1
48.3
44.3
48.7
45.0
37.3
35.9
32.5
32.3
32.0
30.5
29.1

ANNUAL AMOUNT OF LOANS MADE

1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.
1989.
1990.
1991.

60.0

16.1

67.3

12.1

61.1
66.0
60.8

52.1
48.5
49.6
48.2
51.6
74.7

82.8

12.7
13.6

10.7

8.6

10.4
13.2
10.0
12.9
22.0
21.4

4.6
4.3
4.5
5.9
6.5
5.2
4.5
3.4
4.6

6.0
5.5
5.8

24.1
27.3
28.1
31.1
26.5
22.6
23.2
22.5
24.3
24.3
26.6
25.5

4.8
4.7
5.4
6.1
4.4
4.4
2.4
2.3
1.9
2.0
2.3
2.5

10.1
11.4
13.4
11.9
12.2
11.3
8.0
8.3
7.4
6.4
18.3
27.6

I
|
I
I
I
1
|
I
I
I
|
I

8.5
8.3
7.9
8.4
8.9
7.2
6.0
5.7
5.2
6.1
6.1
6.1

9.7
9.5
9.8
9.0
7.8
7.4
6.9
6.8
6.4
7.7
7.3
7.6

AMOUNT OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE

1990 Q2...
03...
04...

59.9
81.4
95.4

15.9
20.6
33.1

3.5
3.6
7.7

23.9
32.8
25.0

2.2
1.3
2.3

14.4
23.1
27.4

I
I
|

6.8
6.0
6.4

8.1
7.1
7.6

13.6
12.8
20.3

31.4
55.5
61.2

1
I
I

33.2
54.8
59.4

26.7
26.6
36.0

1991 Ql...
02...
Q3.. .
04...

96.8
88.3
65.5
80.5

25.5
18.6
17.7
23.8

9.8
3.6
3.4
6.2

28.3
26.7
25.6
21.4

2.4
2.6
2.8
2.2

30.8
36.7
15.9
26.9

|
I
I
I

5.8
6.8
6.2
5.4

6.6
8.2
7.6
8.0

16.9
13.5
13.0
17.1

67.5
59.8
38.6
50.0

I
I
I
I

59.1
63.5
41.6
50.6

37.7
24.8
23.9
29.9

1992 Ql...
02...

90.3
76.4

23.9
17.6

5.9
6.4

25.0
25.0

2.7
3.6

32.9
23.9

I
I

5.5
6.4

7.5
9.0

17.2
16.7

60.1
44.3

I
I

54.2
44.0

36.1
32.4




/

8

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.B
NUMBER OF LOANS MADE (MILLIONS)
BY SIZE OF
LOAN ($1, 000s)

BY PURPOSE OF LOAN

FEEDER
CATTLE

ALL
LOANS

OTHER
LIVESTOCK

OTHER
CURRENT
OPERATING
EXPENSES

FARM
MACHINERY
AND
EQUIPMENT

OTHER

1
to
9

10
to
24

25
to
99

100
and
over

2.23
2.23
2.14
2.32
2.42
2.06
1.71
1.57
1.42
1.67
1.70
1.66

0.66
0.65
0.67
0.60
0.53
0.51
0.46
0.46
0.43
0.52
0.49
0.51

0.41
0.41
0.40
0.38
0.40
0.30
0.29
0.27
0.28
0.31
0.35
0.32

0.10
0.10
0.09
0.11
0.09
0.09
0.08
0.08
0.07
0.09
0.09
0.10

BY SIZE
OF BANK

LARGE

OTHER

1
1
I
I
I
I
I
I
I
1
I
I

0.18
0.17
0.22
0.20
0.18
0.18
0.20
0.20
0.23
0.36
0.44
0.50

3.22
3.21
3.08
3.21
3.26
2.78
2.34
2.18
1.99
2.23
2.20
2.10

ANNUAL NUMBER OF LOANS MADE

1980.
1981.
1982.
1983
1984.
1985,
1986,
1987,
1988,
1989,
1990,
1991,

I
I
I
I
I
I
I
I
I
I
I
I

3.40
3.39
3.30
3.41
3.44
2.96
2.55
2.38
2.21
2.60
2.63
2.60

1
1
I
I
1
I
I
I
I
I
I
I

0.50
0.39
0.33
0.37
0.34
0.34
0.30
0.39
0.29
0.30
0.32
0.35

0.29
0.26
0.26
0.32
0.29
0.23
0.17
0.13
0.11
0.20
0.24
0.23

1.76
2.01
2.06
2.00
2.06
1.77
1.66
1.54
1.45
1.73
1.69
1.64

0.45
0.38
0.30
0.39
0.35
0.36
0.17
0.14
0.14
0.16
0.19
0.17

0.39
0.34
0.35
0.32
0.35
0.27
0.24
0.19
0.21
0.20
0.19
0.21

NUMBER OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE
1990 02...
03...
04...

I
1
I

2.81
2.59
2.77

I
I
I

0.26
0.25
0.45

0.26
0.16
0.33

1.90
1.87
1.61

0.21
0.13
0.17

0.19
0.18
0.21

1.86
1.73
1.73

0.56
0.48
0.51

0.31
0.29
0.43

0.08
0.09
0.11

I
I
I

0.52
0.42
0.41

2.29
2.17
2.36

1991 oi...
02...
03...
04...

I
I
I
I

2.45
2.78
2.66
2.49

I
I
I
1

0.42
0.28
0.28
0.42

0.25
0.20
0.19
0.28

1.37
1.93
1.81
1.43

0.19
0.17
0.16
0.15

0.22
0.20
0.23
0.20

1.56
1.84
1.77
1.48

0.44
0.56
0.52
0.52

0.34
0.30
0.29
0.36

0.12
0.08
0.08
0.12

1
I
1
1

0.45
0.54
0.54
0.47

2.00
2.24
2.13
2.01

1992 01...
02...

I
I

2.45
2.88

1
I

0.35
0.28

0.24
0.27

1.43
1.95

0.19
0.15

0.24
0.23

1.47
1.80

0.50
0.61

0.36
0.37

0.12
0.10

1
1

0.45
0.53

2.01
2.35




ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.C
AVERAGE SIZE OF LOANS MADE (THOUSANDS OF DOLLARS)
BY SIZE OF
LOAN ($1,000s)

BY PURPOSE OF LOAN

FEEDER
LIVESTOCK

ALL
LOANS

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

I
1
I
1
I
I
I
I
I
I
I
|

66.3
73.0
97.8
92.0
88.1
82.0
62.0
85.5
70.0
53.7
100.7
107.0

14.9
15.0
14.4
15.2
13.8
13.4
15.3
14.9
16.3
14.4
13.9
13.9

ANNUAL AVERAGE SIZE OF LOANS MADE

I
I
I
1
I
I
I
I
I
1
I
I

1980
1981
1982
1983
1984
1985,
1986,
1987,
1988,
1989,
1990
1991

17.7
18.0
20.0
19.7
17.7
17.6
19.0
20.8
21.8
19.9
28.4
31.9

1
I
1
1
1
I
I
I
I
I
I
|

32.3
32.6
41.5
32.5
31.8
25.7
35.0
33.8
34.1
42.7
69.7
61.0

15.8
16.6
17.5
18.2
21.9
22.5
25.8
26.3
40.6
29.5
22.7
25.2

13.7
13.6
13.6
15.5
12.9
12.8
14.0
14.6
16.7
14.1
15.7
15.6

10.7
12.3
17.6
15.6
12.5
12.4
13.6
16.1
13.9
12.1
11.9
15.1

25.8
33.8
38.9
37.1
34.8
42.1
32.9
44.6
34.7
32.2
94.3
129.7

I
I
I
I
I
I
I
I
I
I
I
I

3.8
3.7
3.7
3.6
3.7
3.5
3.5
3.6
3.7
3.6
3.6
3.6

14
14
14
14
14
14
14
14
14
14
14
14

7
7
6
8
7
4
9
7
8
7
8
9

43.9
43.5
46.1
46.3
43.8
45.5
44.9
46.5
45.2
45.9
46.1
46.6

239
255
326
294
291
255
280
320
320
272
488
540

AVERAGE SIZE OF LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER , ANNUAL RATE
1990 02...
03...
04...
1991

oi...
02...
03...
04...

1992

oi...
02...




I
I
1

21.3
31.5
34.4

I
I
|

62.0
82.0
73.0

13.8
22.1
23.6

12.6
17.6
15.5

10.5
10.2
13.4

77.5
128.3
130.3

I
I
I

3.6
3.5
3.7

14 .3
14 .7
15 .0

44.3
44.0
47.8

409
651
572

I
|
I

63.6
130.3
143.4

11.7
12.3
15.3

1
I
I
1

39.4
31.7
24.6
32.4

I
I
|
I

60.8
66.5
63.0
56.2

39.8
18.0
18.4
22.2

20.6
13.8
14.1
14.9

12.3
15.7
17.8
15.1

139.4
179.2
70.7
134.7

I
I
1
I

3.7
3.7
3.5
3.6

14 .9
14 .6
14 .8
15 .3

49.5
44.3
44.5
47.4

583
771
457
410

|
1
I
1

130.2
117.2
77.2
106.9

18.9
11.1
11.2
14.9

I
I

36.8
26.6

I
|

68.0
63.1

24.4
23.4

17.4
12.8

14.4
24.3

137.8
104.0

I
I

3.8
3.6

15 .0
14 .7

48.3
45.6

482
440

1
I

121.6
83.0

18.0
13.8

Q

10

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.D
AVERAGE MATURITY OF LOANS MADE (MONTHS)

FEEDER
LIVESTOCK

ALL
LOANS

OTHER
LIVESTOCK

OTHER
CURRENT
OPERATING
EXPENSES

BY SIZE
OF BANK

BY JSIZE OF
LOAN ($1,0008)

BY PURPOSE OF LOAN
FARM
MACHINERY
AND
EQUIPMENT

OTHER

1
to
9

10
to
24

25
to
99

7.0
6.4
7.0
8.1
7.5
7.7
8.0
8.1
9.2
8.3
9.2
8.3

7.1
6.0
6.6
8.1
7.7
9.1
9.8
9.3
10.2
9.3
11.9
10.6

100
and
over

LARGE

OTHER

ANNUAL AVERAGE MATURITY
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991

I
I
I
I
I
I
I
I
I
I
I
I

7.2
6.0
6.5
8.9
7.7
8.0
8.0
8.4
8.7
8.1
7.5
7.3

I
I
I
I
I
I
I
I
I
I
I
I

6.2
5.5
5.1
5.5
5.0
6.1
5.8
5.5
6.4
6.8
6.0
6.7

7.1
6.5
7.0
8.1
6.6
7.8
6.3
7.7
4.7
7.4
8.8
8.5

6.6
5.6
7.1
10.4
7.8
7.3
7.6
7.6
8.5
7.2
7.5
7.2

13.5
11.1
8.4
10.6
12.6
13.4
21.0
22.8
19.8
18.7
21.9
24.6

6.7
5.2
5.4
7.8
8.1
8.8
8.8
12.1
10.9
11.8
6.4
5.3

6.8
6.2
6.0
7.0
7.0
6.7
6.8
7.5
7.1
7.4
7.4
7.7

7.6
5.8
6.4
10.0
8.0
7.9
7.1
8.3
7.7
7.1
4.9
5.8

6.6
5.4
6.0
6.1
7.0
6.9
5.5
5.9
8.1
7.8
4.7
5.2

7.3
6.2
6.7
9.9
7.9
8.4
8.8
9.3
8.8
8.2
10.2
9.6

MATURITY OF LOANS MADE DURING FIRST1 FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE
1990 02...
03...
04...
1991

oi...
02...
03...
04...

1992

oi...
02...

I
I
I

10.0
5.4
5.5

I
I
I

6.2
5.0
6.4

10.6
9.2
8.2

9.7
4.5
5.3

19.2
25.1
20.3

11.8
4.7
3.4

8.7
6.6
6.2

10.7
7.5
8.2

12.6
9.2
9.4

8.3
3.0
3.3

|
|
|

8.2
2.9
3.3

11.3
8.3
8.2

I
I
I
I

6.5
7.8
8.4
6.7

I
I
I
I

6.4
6.3
7.3
6.9

8.3
8.1
8.5
9.2

7.8
7.9
6.2
6.7

19.7
22.6
33.0
21.7

3.5
7.1
6.9
4.1

8.3
8.3
7.5
6.5

8.5
8.8
8.2
7.6

12.6
11.3
8.0
10.0

4.1
6.7
9.3
4.3

I
|
|
|

3.0
6.8
6.9
4.6

10.3
9.6
9.5
8.7

I
1

9.9
9.5

I
I

6.1
7.2

6.5
9.9

10.0
9.2

22.6
18.8

12.0
8.2

10.1
8.6

10.4
10.3

11.6
11.8

8.0
7.5

|
|

7.5
7.0

10.9
10.6




ESTIMATES PROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.E
AVERAGE EFFECTIVE INTEREST RATE ON LOANS MADE
BY SIZE OF
LOAN ($1,000s)

BY PURPOSE OF LOAN

ALL
LOANS

FEEDER
CATTLE

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

14.7
18.0
17.0
14.2
14.6
13.7
12.4
11.6
11.7
12.8
12.5
11.5

14.7
18.2
16.8
14.1
14.3
13.2
12.0
11.3
11.6
12.7
12.4
11.2

14.9
18.2
17.0
14.0
14.3
13.2
11.8
11.1
11.4
12.7
12.1
10.7

15.9
18.9
16.4
13.0
13.7
12.1
10.8
9.9
10.8
12.2
10.9
9.2

LARGE

OTHER

I
I
I
I
I
1
I
I
I
1
I
I

16.2
19.8
16.1
12.1
13.1
11.2
9.6
9.2
10.2
12.1
10.9
9.0

15.0
18.1
17.0
14.1
14.4
13.4
12.1
11.3
11.6
12.7
12.3
11.3

ANNUAL AVERAGE INTEREST RATE

15.2
18.5
16.7
13.5
14.1
12.8
11.5
10.6
11.2
12.5
11.4
9.8

1980.
1981
1982
1983.
1984
1985,
1986.
1987.
1988.
1989,
1990,
1991,

15.6
18.6
15.9
13.6
13.7
12.5
11.1
10.7
10.9
12.3
11.5
10.2

14.6
18.4
16.3
13.8
14.3
12.7
11.9
10.2
11.9
12.4
12.0
11.0

15.3
18.4
16.9
13.5
14.2
13.0
11.5
10.8
11.2
12.6
11.7
10.4

14.4
17.9
17.1
14.3
14.6
13.7
12.2
11.5
11.7
12.8
12.3
11.3

15.3
18.6
16.9
12.8
14.0
12.1
11.2
9.5
10.7
12.3
10.7
8.6

I
I
1
I
1
1
I
I
I
I
1
I

AVERAGE RATE ON LOANS MADE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER, ANNUAL RATE
1990 02...
03...
04...
1991

oi...
02...
03...
04...

1992

oi...
02...




11.8
10.9
11.5

11.6
11.5
11.6

12.2
12.4
12.2

12.0
11.1
11.7

12.4
12.4
12.3

11.5
9.8
10.9

1
I
1

12.5
12.6
12.5

12.3
12.4
12.3

12.1
12.1
12.0

11.4
10.3
11.1

I
I
1

11.4
10.2
11.0

12.3
12.3
12.2

10.4
9.8
10.1
9.0

10.7
10.3
10.3
9.5

10.9
11.5
11.3
10.6

10.7
10.7
10.5
9.8

12.0
11.4
11.0
10.6

9.5
8.6
9.1
7.5

1
I
I
1

11.9
11.6
11.5
11.0

11.8
11.4
11.2
10.6

11.4
10.7
10.8
10.1

9.8
9.2
9.5
8.2

I
1
I
1

9.6
9.1
9.4
8.1

11.6
11.5
11.5
10.7

8.0
8.3

8.7
8.3

8.4
9.7

9.1
9.1

9.9
9.5

6.4
6.8

1
1

10.0
9.9

9.5
9.6

9.2
9.1

7.2
7.5

I
1

6.8
7.2

9.7
9.7

11

12

ESTIMATES FROM THE QUARTERLY SAMPLE SURVEY OF BANK NONREAL ESTATE LOANS TO FARMERS
TABLE I.F
PERCENTAGE OF LOANS MADE WITH A FLOATING INTEREST RATE
BY SIZE OF
LOAN ($l,000s)

BY PURPOSE OF LOAN
ALL
LOANS

FEEDER
CATTLE

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

6.9
15.5
24.3
25.6
23.8
27.6
40.6
48.5
49.3
50.4
53.6
52.0

12.1
17.7
25.6
29.1
31.3
31.5
41.8
45.6
51.5
49.6
59.2
59.0

12.9
21.7
29.7
34.9
29.0
42.0
48.2
54.4
60.8
58.5
66.0
64.0

37.2
42.9
53.4
55.9
52.7
56.6
63.7
68.5
67.0
69.1
67.5
67.8

LARGE

OTHER

1
1
1
I
I
1
1
1
1
1
1
I

74.6
80.0
65.6
77.7
71.1
77.1
71.9
77.6
79.1
83.6
69.4
70.0

8.4
15.5
26.3
29.9
27.6
32.6
47.0
49.9
52.6
47.2
59.3
56.1

ANNUAL PERCENTAGE OF LOANS MADE
1980
1981
1982
1983
1984
1985,
1986,
1987,
1988
1989
1990
1991,

1
1
1
I
1
1
1
I
I
1
I
1

21.5
29.0
39.2
43.1
38.9
45.3
53.4
59.5
61.4
61.0
65.2
65.1

I
I
I
1
1
I
I
I
I
1
I
1

19.8
33.3
47.8
47.8
41.2
61.4
60.5
51.6
65.3
71.4
76.8
81.5

17.7
21.6
30.2
28.7
32.3
44.9
34.8
69.6
39.5
40.0
61.6
69.3

21.0
31.5
43.0
48.1
41.7
43.0
57.2
62.1
63.8
59.7
68.3
68.8

11.2
14.9
15.5
17.6
24.3
19.6
30.9
55.5
54.9
32.9
40.0
40.6

32.7
28.5
31.4
44.3
39.5
47.3
50.6
62.1
63.2
73.6
51.2
50.3

1
1
1
1
1
1
1
I
I
1
1
1

AVERAGE PERCENTAGE DURING FIRST FULL WEEK OF SECOND MONTH OF QUARTER
1990 02...
03...
04...

1
I
1

74.6
61.5
58.4

I
1
I

77.5
72.4
78.3

50.4
76.3
73.3

73.0
60.3
69.6

47.1
46.3
27.4

84.2
52.0
22.5

1
1
I

55.7
53.9
53.9

63.2
66.2
49.7

65.2
73.9
58.5

85.7
58.9
59.9

I
I
1

88.0
60.6
59.3

58.0
63.4
56.9

1991 oi...
02...
03...
04...

1
I
I
1

61.1
72.5
74.7
54.1

I
I
I
1

82.2
85.8
92.3
69.5

82.1
59.9
81.7
47.8

69.2
69.2
74.7
60.9

39.3
34.0
47.6
41.1

31.3
72.1
58.4
37.6

I
I
1
1

51.3
51.5
55.2
49.9

65.2
58.9
62.6
50.5

68.5
65.7
68.8
54.7

59.7
78.2
82.2
54.9

1
I
I
I

57.5
81.1
84.8
58.5

66.8
50.4
57.1
46.6

1
1

71.0
71.9

1
1

76.1
84.2

43.0
53.5

59.6
67.0

39.8
56.9

83.6
75.2

1
1

55.7
59.6

60.3
55.9

56.3
61.3

78.0
80.9

1
I

87.1
84.4

46.9
54.9

1992

01...
02...




co
Table I.G

P E R C E N T A G E D I S T R I B U T I O N OF N O N R E A L ESTATE F A R M L O A N S M A D E B Y BANKS,
BY E F F E C T I V E INTEREST R A T E

Effective
interest
rate
(percent)
All loans.

1 9 8 2 1 9 8 3 1 9 8 4 1985 1986 1987 1988 1 9 8 9 1 9 9 0 1 9 9 1 1992

100

100

100

100

100

100

100

Under 6 . 0

6 . 0 to 6 . 9 . . . .
7 . 0 to 7 . 9
8 . 0 to 8 . 9
9 . 0 to 9 . 9
1 0 . 0 to 1 0 . 9 . .
1 1 . 0 to 1 1 . 9 . .
1 2 . 0 to 1 2 . 9 . .
1 3 . 0 to 1 3 . 9 . .
1 4 . 0 to 1 4 . 9 . .
1 5 . 0 to 1 5 . 9 . .
1 6 . 0 to 1 6 . 9 . .
1 7 . 0 to 1 7 . 9 . .
1 8 . 0 to 1 8 . 9 . .
1 9 . 0 to 1 9 . 9 . .
2 0 . 0 to 2 0 . 9 . .
2 1 . 0 to 2 1 . 9 . ,
2 2 . 0 to 2 2 . 9 .
2 3 . 0 to 2 3 . 9 .
2 4 . 0 to 2 4 . 9 .
25.0 and over

_

—

1
2
12
45
29
9
1

1
6
7
28
31
15
10
-

1

1
12
26
36
21
2

5
7
11
24
31
13
7
1

1
6
12
11
33
22
13
2

1
11
21
23
22
19
3

1
10
20
27
23
15
3

-

-

-

-

-

-

-

-

100

100

—

-

-

-

-

-

-

5
8
39
34
8
4
1

1
8
33
39
14
5

100

100

1
11
30
17
9
22
8
2

11
13
18
23
17
10
7
1

—

—

—

—

| 100
j
1
|
|
|
1
1
1
1
1
1

6
20
25
22
16
8
2

100
1
6
19
27
26
14
6
2

—

-

-

-

-

-

—

-

-

-

-

-

—

—

-

-

1

-

-

—

—

1

-

-

-

-

—

—

—

—

-

-

-

-

-

-

—

—

—

—

-

-

-

-

-

-

-

-

—

_

—

-

-

-

-

-

-

-

—

—

—

-

-

-

-

-

-

-

-

—

-

—

—
"

Memo:
Percentage
Distribution
of Number of
Loans,
Feb 92 May 92

—

1
1
1
1
1
1
1
1
1
1

1. Percentage d i s t r i b u t i o n or i n e esLimai-cu tutai
—---loans of $1,000 or m o r e m a d e by insured commercial b a n k s d u r i n g t h e w e e k covered by the
survey, w h i c h is t h e first full b u s i n e s s week of the m o n t h specified.
Data are e s t i m a t e s from the F e d e r a l Reserve survey of t e r m s of b a n k lending to farmers,
Percentages m a y not add to 1 0 0 b e c a u s e of rounding.




TABLE I.H
SURVEY OF TERMS OF BANK LENDING MADE DURING MAY 4 - 8 , 1 9 9 2
Loans to farmers

all sizes

Size class of loans (thousands)
$10-24
$25-49
$50-99

$1-9

$100-249

$250 and over

ALL B A N K S
1
2
3

Amount of loans (thousands)
Number of loans
Weighted average maturity (months)

4
5
6

Weighted average interest rate (percent) 2
Standard error 3
Interquartile range 4
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other

7
8
9
10
11

12

13
14
15
16

17
18
19
20

Amount of loans (thousands)
Number of loans
Weighted average maturity (months)1

24
25
26

Weighted average interest rate (percent) 2
Standard error 3
Interquartile range 4
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other

33
34
35
36
37
38
39
40

Percentage of the amount of loans
With floating rates
Made under commitment
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other
OTHER

Amount of loans (thousands)
Number of loans
Weighted average maturity (months)'

44
45
46

Weighted average interest rate (percent) 2
Standard error 3
Interquartile range 4
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other

53
54
55
56
57
58
59
60

172,227
5,046

15.9

210,555
3,184
20.0

229,833
1,556
27.8

742,995
899
15.6

8.31
0.27
9.72

9.83
0.10
9.04- 10.74

9.50
0.05
8.64 - 10.50

9.31
0.16
8.16 - 10.51

8.86
0.10
7.64- 9.75

8.47
0.19
9.72

7.31
0.44
6.50 - 8.84

8.26
9.69
9.06
9.52
8.99
6.76

9.34
9.93
9.88
10.39
8.45
9.56

9.39
9.54
9.62
9.75
8.63
8.99

8.78
10.45
9.22
10.40
8.63
8.91

8.35
10.69
8.87
8.87
8.37

7.94

7.73
9.12
9.11
9.64
7.84
8.09

8.12
8.59
7.74
9.32
10.18
6.20

72.6
73.8

60.3
63.3

57.7
57.5

60.3
59.8

62.5
60.4

81.1
67.7

81.7
88.6

20.2
7.7
32.9
4.2
6.4
28.6

7.8
8.0
73.0
4.7
1.6
4.8

10.4
9.5
62.5
4.8
5.0
7.7

18.2
13.6
43.3
6.5
7.1
11.4

13.0
12.4
41.3
10.7
9.5
13.0

19.8
10.3
32.4
2.5
10.2
24.8

27.4
3.6
13.7
2.2
5.5
47.7

905,438
14,525
8.9

28,506
7,419
8.1

48,659
3,304
9.1

51,172
1,476
10.9

67,803
1,077
9.2

97,182
677
13.1

612,116
572
6.9

7.41
0.38
8.84

8.87
0.15
8.52 - 10.38

8.59
0.16
8.00 - 9.61

8.14
0.24
7.75 - 9.38

7.93
0.23
7.23 - 8.84

7.71
0.15
7.21 - 8.50

7.06
0.42
6.95 - 8.50

8.10
7.46
8.09
8.52
9.60
6.26

8.58
9.30
9.04
8.94
8.00
8.28

8.28
9.39
8.76
8.92
8.32
8.18

8.10
8.35
9.40
8.47
7.58

7.99

7.75
9.23
8.14
8.74
7.86
7.61

7.45
8.41
7.98
8.91
8.96
7.46

8.23
6.95
7.42
6.50
10.18
5.97

83.3
89.2

88.0
84.3

85.0
82.1

86.8
82.7

90.8
88.4

89.2
87.8

80.9
90.8

27.6
2.7
20.3
1.2
6.4
42.0

11.7
2.9
68.0
2.7
4.0
10.6

14.0
2.5
57.3
2.5
8.2
15.6

27.9
2.4
39.6
3.7
6.7
19.6

23.9
2.2
38.6
2.1
9.8
23.5

31.1
1.8
30.1
3.6
2.0
31.4

29.2
2.9
9.9
0.3
6.6
51.1

768,657
44,822
20.3

101,095
28,497
8.8

140,224
9,442
12.3

121,055
3,570
17.2

142,752
2,107
23.3

132,650
880
33.2

130,879
327
23.6

9.37
0.20
5.44 - 8.84

10.10
0.11
9.50 - 10.83

9.82
0.10
9.01 - 10.68

9.80
0.13
8.87 -10.75

9.30
0.15
8.25 -10.37

9.02
0.32
8.13 - 9.76

8.38
0.59
7.13 - 9.72

8.72
10.21
9.57
9.70
8.29
8.69

9.71
9.99
10.10
10.59
8.97
10.77

9.98
9.55
9.89
9.87
8.85
9.88

9.44
10.58
9.54
10.60
8.69
10.31

9.22
10.78
9.18
8.87
8.62
8.41

8.29
9.17
9.84
10.79
7.74
8.81

7.35
11.65
8.23
9.72

60.1
55.6

52.5
57.4

48.2
49.0

49.1
50.1

49.0
47.1

75.1
53.1

85.7
78.2

11.5
13.6
47.7
7.8
6.5
12.9

6.8
9.4
74.5
5.2
1.0
3.2

9.2
12.0
64.3
5.7
3.9
4.9

14.1
18.4
44.8
7.7
7.2
7.9

7.8
17.3
42.6

11.6
16.6
34.0
1.7
16.2
20.0

19.1
7.1
31.4
10.9

7.00 -

7.23-

6.50 -

BANKS5

41
42
43

47
48
49
50
51
52

188,883
12,746
11.8

FARM L E N D E R S 5

21

27
28
29
30
31
32

129,602
35,916
8.7

Percentage of the amount of loans
With floating rates
Made under commitment
Byj>urpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other
LARGE

22
23

1,674,095
59,347
17.1

Percentage of the amount of loans
With floating rates
Made under commitment
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Farm real estate
Other




14.9
9.4
8.0

7.95

31.5

NOTES TO TABLE I.H

The Survey of Terms of Bank Lending to Farmers collects data on gross loan extensions made during the first full
business week in the mid-month of each quarter by a sample of 250 banks of all sizes. The sample data are blown up to
estimate the lending terms at all insured agricultural banks during that week. The estimated terms of bank lending are
not intended for use in collecting the terms of loans extended over the entire quarter or residing in the portfolios of those
banks. Loans of less than $1,000 are excluded from the survey. Beginning with the August 1986 survey, loans secured
by farm real estate are included in the survey, and one purpose of a loan may be "purchase or improve farm real estate".
In previous surveys, the purpose of such loans are reported as "other".
1. Average maturities are weighted by loan size and exclude demand loans.
2. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and
weighted by loan size.
3. The chances are about two out of three that the average rate shown would differ by less than this amount from the
average rate that would be found by a complete survey of lending at all banks.
4. The interquartile range shows the interest rate range that encompasses the middle 50 percent of the total dollar
amount of loans made.
5. Among banks reporting loans to farmers, most "large banks" (survey strata 1 and 2) had over $20 million in farm
loans, most "other banks" (survey strata 3 to 5) had farm loans below $20 million.




16
SECTION II:

SELECTED STATISTICS FROM THE QUARTERLY REPORTS OF CONDITION OF COMMERCIAL BANKS

TABLES:

Page

Commercial hankeII.A
II.B

Estimated delinquent nonreal estate farm loans at insured commercial banks
Estimated net charge-offs of nonreal estate farm loans at insured commercial banks

. . 18
. 19

Agricultural banks:
II.C
II.D
II.E
II.F
II.G
II.H

Distribution of agricultural banks by ratio of nonperforming loans to total loans
Distribution of agricultural banks by ratio of net charge-offs to total loans
Distribution of agricultural banks by ratio of nonperforming loans to total capital
Distribution of agricultural banks by rate of return to equity
Loan-deposit ratios at agricultural banks
Failures of agricultural banks

20
21
22
23
24
25

SOURCES OF DATA:
The data in tables II.A through II.G are prepared using data from the quarterly reports of condition and
income for commercial banks. Delinquencies and charge-offs of nonreal estate farm loans for the nation as a
whole (table II.A and table II.B) are estimated from reports of banks that hold more than 90 percent of total
nonreal estate farm loans. Banks that do not report delinquencies of agricultural loans are assumed to have
the same delinquency rates as those that report. Recently, banks began to report delinquencies of loans that
are secured by farm real estate. These data will be included in the Databook in the near future when a
sufficient historical series is available.
Examination of total lending at banks that have a high exposure to agricultural loans provides an alternative
perspective on the agricultural lending situation. Agricultural banks in table II.C through table II.H are
those that have a proportion of farm loans (real estate plus nonreal estate) to total loans that is greater
than the unweighted average at all banks. The estimate of this average was 16.43 percent in March of 1992.
Failures of agricultural banks (table II.H) are obtained from news releases of the Federal Deposit Insurance
Corporation, with agricultural banks defined, as above, by the amount of farm loans relative to total loans
that they hold.




SECTION II:

(continued)

Recent Developments:
Problem loans: The volume of delinquent nonreal estate farm loans (table II.A) rose slightly at the
of 1992, but this rise may have been merely a normal seasonal uptick, similar to those seen in the
quarters of 1990 and 1991. At the end of March, the rate of delinquencies amounted to 4.3 percent
outstanding nonreal estate farm loans, a rate that is roughly the same as at the beginning of 1991

a year earlier

beginning
first
of
and one

(table II.C).

percent in the first quarter of 1992. roughly 1 percent greater than the capital ratio maintained by small
nonagricultural banks.
The ratio of loans to deposits at agricultural banks in the first quarter of 1992
(table II.G) was slightly lower than in the first quarter of 1991 in all Federal R e s e r v e districts except
Atlanta and St. Louis.
Loan to deposit ratios are currently at the low end of the narrow range that had
prevailed for the previous ten quarters.

end of 1991. about three in one. thousand agricultural banks had nonperforming loans that w e r e greater t
capital (table II.E), suggesting that the number of agricultural banks that w e r e under severe financial
distress is quite small.




17

TABLE II.A
ESTIMATED DELINQUENT FARM NONRBAL ESTATE LOANS
INSURED COMMERCIAL BANKS

TOTAL

PAST DUE
30 TO 89
DAYS
ACCRUING

BILLIONS OP DOLLARS

AS PERCENTAGE OP OUTSTANDING PARM PRODUCTION LOANS

NONPBRPORMING

NONPERPORMING

TOTAL

PAST DUE
90 DAYS
ACCRUING

TOTAL

PAST DUE
30 TO 89
DAYS
ACCRUING

TOTAL

6 .3
7 .8
10,.1
9 .4
6 .5
4 .5
3 .7
3 .1
3 .2

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

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

0.5
0.5
0.4
0.4

5.5
4.4
3.8
3.7

1.9
1.3

0.4
0.4
0.4
0.4

4.8
3.5
3.2
3.1

2.1

0.5

0.4
0.3
0.3
0.3

4.2
3.3
2.9
3.2

0.6

0.3

4.3

NONACCRUAL

MEMO:
RESTRUCTURED
LOANS IN
COMPLIANCE

PAST DUE
90 DAYS
ACCRUING

NONACCRUAL

RESTRUCTURED
LOANS IN
COMPLIANCE

1.,1
1.,1
1.,2
1.,1
0.,7
0. 5
0. 5
0. 3
0. 3

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

1*A
1
1IA
1,.4
1,.7
1,.6
1,.4
1,.1
0,.9

3.5
3.2
2.7
2.3

0.6
0.6
0.5
0.5

2.9
2.5
2.2
1.9

1.5
1.4
1.4

2.7
2.4
2.0
1.9

0.7
0.5
0.4
0.3

2.0

2.0
1.3
0.9
1.3

2.2

0.6

1.6
1.6

2.0
1.9

0.5
0.4
0.3

1.9

2.4

0.6

-December 31 of year indicated1983
1984
1985
1986
1987
1988
1989
1990
1991

1
1
I
I
1
1
1
1
1

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

1,.0
1,.0
1,.0
0,.8
0,.5
0,.4
0,.4
0,.4
0..4

1.,5
2.,1

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

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

1,.1
1,.6
2 .2
1,.9
1,.2
0,.9
0..6
0,.5
0,.5

NA
NA
NA
0.4
0.5
0.5
0.4
0.4
0.3

1
1
I
1
I
1
1
I
1

-End of quarter0.5
0.4
0.3
0.4

1. 0
1. 0

0.6
0.4
0.4
0.4

0.8

0.7
0.7
0.7
0.7

0.2

1.1

0.6
0.4
0.3
0.4

1.4

0.6

0.8

0.2

1.6
1.4
1.2

1.1
1.4

1.1
1.0
1.0
1.3

1.2
1.0

1992 Ql.

0.9
0.7

0.8
0.7

0.6

0.2
0.2
0.2

0.1

0.1
0.1
0.2
0.1
0.1

0.8
0.8
0.7

0.6
0.6
0.6
0.5
0.5
0.5
0.6

0.6

1.1
1.3

1.2

1.1
1.3

2.1

1.8
1.6
1.6

1.6

1.6
1.8

1.6

1.3
1.2

1.1
1.1
1.1
1.0

1.0
0.9

0.8

Data are estimates of the national totals for farm no ureal estate loans. After 1984, estimates are based on reports from banks that hold more than 90
percent of such loans. Earlier, only large banks that held about one-fourth of such loans reported nonaccrual and renegotiated farm loans; for other banks,
estimates of delinquent farm loans are based on a study of delinquent total loans at these banks.




TABLE II.B
ESTIMATED NET CHARGE-OPPS OF NONREAL ESTATE FARM LOANS
INSURED COMMERCIAL BANKS*

198 5
198 6
198 7
198 8
1989
199 0
199 1
199 2

I
|
I
I
|
|
|
I

1300
1195
503
128
91
51
105
**

200
235
173
28
10
-5
12
14

320
360
133
39
26
19
25
**

255
230
57
24
15
10
36
**

525
370
140
37
40
28
32
**

I
I
I
I
I
I
I
|

3.32
3.36
1.60
0.46
0.27
0.20
0.32
**

0.51
0.66
0.55
0.10
0.03
-0.02
0.04
0.04

0.84
1.07
0.46
0.14
0.09
0.06
0.08
**

0.64
0.67
0.19
0.10
0.05
0.03
0.10
**

1.34
1.10
0.46
0.12
0.13
0.08
0.09
**

•Data are estimates of the national charge-offs of farm nonreal estate loans based on reports from banks that hold more than
90 percent of the outstanding national volume of such loans. Additional uncertainty of the estimates arises because small
banks report only charge-offs of 'agricultural' loans as defined by each bank for its internal purposes. Banks first reported
these data on the March 1984 Report of Income.




TABLE II.C
DISTRIBUTION OF AGRICULTURAL BANKS BY THE SHARE OF THEIR LOANS THAT ARE NONPERFORMING*

NONPERFORMING LOANS AS A PERCENTAGE OF TOTAL LOANS

TOTAL

UNDER
2.0

2.0
TO
4.9

5.0
TO
9.9

10.0
TO
14.9

15.0
TO
19.9

20.0
AND
OVER

Percentage distribution, December 31 of year Indicated1984
1985
1986
1987
1988
1989
1990
1991

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

44.7
36.4
39.6
50.3
59.0
65.8
69.6
70.8

33.4
33.1
32.2
30.6
28.9
25.1
22.7
22.3

16.4
21.6
19.7
14.4
9.7
7.6
6.4
5.8

3.9
5.6
5.5
3.3
1.9
1.2
1.0
0.7

1.1
2.1
1.9
0.9
0.4
0.2
0.2
0.3

0.5
1.2
1.0
0.3
0.2
0.1
0.0
0.1

0.4

0.2
0.2

Percentage distribution, end of quarter
1989 Ql.

02.
Q3.
04.

1990 Ql.

02.
03.
04.

100,
100,
100,
100,
100,
100,
100,

100.0

57.6

60.2
61.7
65.8
61.9
65.4
66.6
69.6

29.3
29.3
27.6
25.1

10.6
8.3
8.5
7.6

26.8

9.2

25.0
24.8
22.7

7.3
6.4

1.0
1.0

0.2
0.2

7.7
7.1

1.4
1.3

1.0

5.8

0.2
0.2
0.2

0.7

0.3

0.1
0.1
0.0
0.1

7.5

1.0

0.3

0.1

1991 Ql.
02.
03.
04.

100.0
100.0
100.0

66,

100.0

70.8

25.5
25.5
25.7
22.3

1992 Ql.

100.0

66.4

24.6

65,
65,

8.0

6.6

1.9
1.5

0.6

1.6
1.2

0.4
0.2

1.5
1.3

0.5
0.3

0.2

0.1
0.2

0.1
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.




20

TABLE II.D
DISTRIBUTION OF AGRICULTURAL BANKS BY THE PROPORTION OF THEIR LOANS CHARGED OFF

NET CHARGE-OFFS AS A PERCENTAGE OF TOTAL LOANS*

TOTAL

UNDER
0.10

0.10
TO
0.49

0.50
TO
0.99

1.00
TO
2.49

2.50
TO
4.99

5.00
AND
OVER

-Percentage distribution during year indicated1985
1986
1987
1988
1989
1990
1991

1
1
1
1
1
1
1

100.0
100.0
100.0
100.0
100.0
100.0
100.0

10.6
9.7
19.4
31.8
36.0
40.2
40.2

14.5
13.4
20.6
25.7
28.1
29.3
31.9

18.0
15.5
18.5
17.2
16.5
15.3
14.7

30.2
30.7
25.4
17.3
14.1
11.8
10.2

16.1
18.0
11.0
5.8
3.9
2.7
2.5

10.5
12.6
5.1
2.2
1.4
0.8
0.6

distribution based on the year-to-date charge-offs through the quarter :
1990 01...
02...
03...
Q4. . .

1
1
1
1

100.0
100.0
100.0
100.0

77.2
61.8
53.2
40.2

16.3
24.2
26.7
29.3

3.8
7.9
10.5
15.3

2.2
4.9
7.4
11.8

0.4
1.0
1.7
2.7

0.1
0.3
0.3
0.8

1991 Ql...
02...
03...
04...

1
1
1
1

100.0
100.0
100.0
100.0

78.6
63.8
54.5
40.2

16.2
24.7
28.1
31.9

3.6
7.1
10.2
14.7

1.3
3.7
5.7
10.2

0.2
0.6
1.1
2.5

0.1
0.1
0.3
0.6

1992 oi...

1

100.0

80.1

14.9

3.2

1.6

0.2

0.1

* Net charge-offs are charge-offs less recoveries for all loans (both agricultural and nonagricultural) in the year
indicated. Agricultural banks are defined in the introduction to section II.




21

22
TABLE II.B

DISTRIBUTION OF AGRICULTURAL BANKS BY RATIO OP NONPERPORMING LOANS TO TOTAL CAPITAL

NONPERFORMINO LOANS AS A PERCENTAGE OF TOTAL CAPITAL

UNDER
ALL BANKS
distribution, December 31 of year indicated-

1985..
1986..
1987..
1988..
1989..
1990..
1991..

1990 01.

Q2.

Q3 -

04.

1991 01.

02.
Q3.
04.

1992 01.

100. 0
100. 0
100,,0
100,>0
100 .0
100 .0
100 .0

70. 2
72. 4
81.,5
87,.5
90 .1
91 .6
93 .0

5.6
5.4
3.6

2.1
1.1
1.0
0.7

2.6
2.3
1.5
0.7
0.6
0.4
0.4

1.1
1.1
0.6
0.4

0.1
0.1
0.2

0.3
0.3
0.3
0.2

0.2

0.0

0.0

0.0
0.0

0.0
0.0

0.1
0.1

0.1

0.3
0.2

0.1
0.1
0.1

0.0
0.0
0.0
0.0

0.1
0.1
0.1

0.1
0.1

0.0
0.0
0.0
0.0

0.0

0.1
0.1

0.0

0.0
0.0

0.0

0.1

0.0
0.0
0.0

0.0

0.1

0.0

89.0
90.1
90.9
91.6

7.4
6.9
6.6

1.5
1.5

1.0

89.6
90.9
91.4
93.0

1.3
1.2
1.3
0.7

0.4
0.5
0.3
0.4

0.2

100.0
100.0
100.0
100.0

8.2
7.1
6.7
5.6

0.2
0.2

0.0
0.0
0.0
0.0

1.1

0.3

0.1

100.0

6.7

0.1

91.5

100.0
100.0
100.0
100.0

1.6

that are available at

0.5
0.3
0.3

0.3
0.2
0.1
0.1

0.6
0.4
0.3
0.4

8.1

0.6
1.0

0.6
0.6
0.3
0.2

-Percentage distribution, end of quarter-

* Total primary and secondary capital items
in the introduction to section II. ^
** includes banks with negative capital.




18.7
16.5
11.5
8.4
7.6
6.6
5.6

0.1

the end of the period specified.

0.0

0.0

0.0
0.0

Agricultural banks are defined

TABLE II.P

SELECTED 1BASURBS OF FINANCIAL PERFORMANCE OF AGRICULTURAL AND OTHER BANKS*

ALL BANKS

NEGATIVE

0
TO
4

5
TO
9

15
TO
19

20
TO
24

35.0
32.0

14.0
13.0

10
TO
14

AGRICULTURAL
BANKS

25
AND
OVER

NET CHARGE-OPPS
AS PERCENTAGE
OP TOTAL LOANS

RATE
OP RETURN
TO ASSETS

AVERAGE RATE
OP RETURN
TO EQUITY

NET INCOME AS A PERCENTAGE
OP AVERAGE EQUITY AT
AGRICULTURAL BANKS

OTHER
SHALL
BANKS

AGRICULTURAL
BANKS

14. 0
13. 0
12. 0
12. 0
12. 0
11. 0
8. 0
8.,0
9..0
10 .0
8 .5
8 .9

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

OTHER
SMALL
BANKS

AGRICULTURAL
BANKS

OTHER
SMALL
BANKS

0.3
0.4
0.7
0.9

0.4
0.4

2.3
1.3
0.7

1.1

-percentage distribution-

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.
1989.
1990.
1991.

1.0
2.0
4.0
7.0
13.0

18.0
19.0
13.0
9.0
5.0
4.9
4.1

3.0
5.0
7.0
9.0

12.0

22.0

33.0
33.0
33.0
36.0
36.0
33.0

14.0
13.0
9.0
7.0
7.5
7.7

27.0
31.0
30.0
29.0
33.4
32.2

31.0
36.0
38.0
37.6
39.2

2.0

11.0

9.0
15.0

18.0

23.0

28.0

28.0
24.0
15.0
13.0
9.0
9.0
12.0
14.0
12.9
13.4

16. 0
15. 0
14. 0
11. 0
8. 0
6.,0
5.,0
8..0
10 .0
11 .0
10 .8
10 .9

5.0

6.0

11.0 4.0
7.0
3.0
3.0

2.0
2.0
3.0
4.0

2.6
2.5

2.0

1.0
1.0
1.0
1.0
2.0
3.0

1.1
0.9

1. 0
0. 9
0. 9
0. 9
0. 8
0.,8
0..6
0 .6
0 .7
0 .8
0 .7
0 .7

1.2
2.1

0.6
0.7

0.6
0.8

AVERAGE
CAPITAL RATIO
(PERCENT)
AGRICULTURAL
BANKS

9.2
9.2
9.3
9.4
9.5
9.6
9.5
9.8
9.9

OTHER
SMALL
BANKS

8.6
8.6
8.5
8.4
8.5
8.5
8.4

8.8
8.8

0.9
0.7
0.7
0.7

10.1
9.9

0.8

10.1

9.0
9.0
9.2

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

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

10. 2
10. 2
10. 3
9..9

9. 0
9. 0
9. 1
9. 0

0.,2
0..4
0 .5
0 .8

10 .1
10 .2
10 .3
10 .1

9,.1
9 .1
9 .2
9 .2

0 .1

10 .3

9 .3

0.6
0.4
0.4

QUARTERLY
-YEAR TO DATE-

1990 Ql...
Q2. . .
Q3. ..
Q4 • • e

100. 0
100. 0
100. 0
100. 0

1991 Ql...
Q2. ..
Q3. ..
Q4...

100,,0
100..0
100,.0
100 .0

1992 Ql...

|

100.0

**

**

**

**

**

**

**

*

0
6
5
8

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

0.3
0.5
0.8
1.0

0.2

.9
.7
.6
.9

2..4
5,.2
7 .5
8 .9

0.3
0.5
0.8
1.0

0.2
0.7

0,.1
0 .2
0 .2
0 .4

.4

3 .0

0.3

0.3

0 .1

0.4

0.6
0.7
0.4

0.6

**
**

the annual data in the upper panel.




23

24

AVERAGE LOAN-DEPOSIT RATIOS AT AGRICULTURAL BANKS IN SELECTED FEDERAL RESERVE DISTRICTS*

MARCH 31

CLEVELAND

U. S.

ATLANTA

LOANS NUMBER
LOANS
LOANS NUMBER
NUMBER
OF
TO
OF
TO
TO
OF
BANKS DEPOSITS BANKS DEPOSITS BANKS DEPOSITS

CHICAGO

KANSAS
CITY

MINNEAPOLIS

ST. LOUIS

LOANS
LOANS NUMBER
NUMBER
LOANS NUMBER
OF
TO
OF
TO
OF
TO
BANKS DEPOSITS BANKS DEPOSITS BANKS DEPOSITS

DALLAS

SAN
FRANCISCO

MINIMUM
FARM LOAN
RATIO

LOANS
NUMBER
LOANS NUMBER
LOANS NUMBER
OF
TO
OF
TO
OF
TO
BANKS DEPOSITS BANKS DEPOSITS BANKS DEPOSITS

4489
4344
4181
4068
3955

0.52
0.54
0.54
0.55
0.55

106
96
84
77
71

0.62
0.64
0.64
0.65
0.64

148
144
138
135
133

0.58
0.59
0.59
0.59
0.61

1158
1111
1055
1009
969

0..50
0..53
0..55
0..56
0,.57

531
500
477
477
470

0. 53
0.,55
0..56
0..57
0..57

812
778
758
743
725

0..52
0..53
0..55
0,,56
0,.57

1272
1239
1196
1171
1135

0..49
0..51
0,.51
0..51
0,.52

368
392
393
385
378

0..53
0..51
0..48
0,.46
0,.44

61
62
57
57
60

0..65
0..64
0..64
0,.70
0..71

15. 55
15. 72
15..87
15..92
16..56

01. ..
Q2. ..,
Q3...
04...

4177
4196
4149
4068

0. 54
0. 55
0. 56
0. 55

81
85
81
77

0. 65
0. 67
0. 68
0. 65

151
161
153
135

0. 59
0. 61
0. 61
0. 59

1037
1033
1023
1009

0..54
0,.55
0..56
0,,56

487
495
511
477

0.,55
0.,57
0..59
0..57

756
755
749
743

0.,56
0.,58
0.,59
0,.56

1191
1183
1164
1171

0..50
0,.51
0..52
0..51

398
401
389
385

0. 47
0. 47
0. 48
0. 46

54
60
60
57

0. 62
0.,71
0.,71
0.,70

15. 63
16. 08
16. 25
15. 92

01. .,
02..
03..
04. .

4076
4080
4059
3955

0..55
0.,56
0.,56
0,,55

77
77
77
71

0..66
0,.66
0,.66
0..64

139
152
144
133

0.,61
0.,63
0., 62
0..61

1010
998
992
969

0 .57
0 .58
0 .58
0 .57

476
485
503
470

0 .56
0 .59
0 .59
0 .57

748
74 0
742
725

0 .58
0 .60
0 .60
0 .57

1160
1157
1149
1135

0,.51
0 .51
0 .52
0 .52

390
389
378
378

0..44
0,.45
0,.45
0 .44

60
60
61
60

0..68
0.,76
0,.74
0 .71

15.,93
16.,47
16..77
16..56

oi.. .

3977

0 .54

72

0,.65

157

0,.61

964

0 .56

460

0 .56

725

0 .57

1133

0 .51

386

0 .43

58

0 .66

16..43

1997
198 8
198 9
199 0
199 1

•The loan-d.po.it ratio is defined « . total loan, divided by total deposit.. Agricultural bank, are defined a, bank, with a farm loan ratio at lea.t a . great a .
that shown in the last column, as described in the introduction to section II.







TABLE II.H
FAILURES OF AGRICULTURAL BANKS*
NUMBER OF FAILURES

1984
1985
1986
1987
1988. ,
1989
,
1990
1991.
1992 , .

Q1

Q2

Q3

Q4

ANNUAL
TOTAL

3
12
14
22
11
5
3
2
1

7
21
14
19
6
7
5
2
1

10
17
21
12
12
5
6
3

12
18
16
16
7
5
3
1

32
68
65
69
36
22
17
8

**

**

**

•Data exclude banks assisted to prevent failure. Industrial
banks and mutual savings banks also are excluded. Agricultural
banks are defined in the introduction to section II.

26
SECTION III:

FEDERAL RESERVE BANK QUARTERLY SURVEYS OF FARM CREDIT CONDITIONS AND FARM LAND VALUES

Page

TABLES:
III.A
III.B
III.C
III.D
III.E

Nonreal estate lending experience
Expected change in non-real- estate loan volume and repayment conditions
Average loan/deposit ratio, and other indicators of relative credit availability
Interest rates
Trends in real estate values and loan volume

29
31
33
35
37

SOURCES OF DATA:
Data are from quarterly surveys of agricultural credit conditions at commercial banks. These surveys are
conducted at the end of each quarter by five Federal Reserve Banks. The size of the surveys differs
considerably, as is noted in the information below.
In addition, the five surveys differ in subject matter
covered (as is evident in the tables), wording of basically similar questions, and type of banks covered.
Most of the differences in wording are reflected in the use of different column headings on the two pages of
each table. The states included in each district are indicated in the table headings; states that fall only
partly within a given district are marked with asterisks.
Research departments at each of the five Reserve Banks issue more detailed quarterly reports on their survey
results; these reports are available at the addresses given below.
Federal Reserve Bank of Chicago. Box 834, Chicago, Illinois, 60690
The sample includes member banks at which farm loans represented 25 percent or more of total loans as of
June 1972 (a 10 percent standard is used for banks in the state of Michigan). The sample has undergone
periodic review. The latest survey results were based on the responses of about 400 banks.
Federal Reserve Bank of Kansas City. Federal Reserve P.O. Station, Kansas City Missouri 64198
The sample chosen originally in 1976 consisted of 181 banks selected from banks at which farm loans
constituted 50 percent or more of total loans, with appropriate representation of all farm areas. The sample
was redrawn and significantly expanded in 1987. Nearly 340 banks responded to the first-quarter 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.
In the first quarter 118 banks responded to the survey.




Section III:

(continued)

Federal Reserve Bank of Dallas. Station K, Dallas, Texas 75222
The sample is stratified regionally and includes banks at which farm loans are relatively important or
which hold a major portion of bank loans in their region. The sample was enlarged in the first quarter of
1985 and was redrawn in the second quarter of 1989. The results for the most recent quarter was based on the
responses from nearly 220 respondents.
Federal Reserve Bank of Richmond. Richmond, Virginia 23261
The number of agricultural banks in this district is much smaller than those of the other districts. When
the survey was initiated in 1975, the sample consisted of 43 banks of all sizes; banks with larger amounts of
farm loans were sampled more heavily. More recently, the sample has consisted of about 30 banks, roughly
three-fourths of which typically respond to the quarterly surveys.

RECENT DEVELOPMENTS:
The results of the first-quarter surveys of agricultural credit conditions were quite similar in many respects
to those of the previous quarter. The demand for farm loans at agricultural banks appears to have held to a
moderate uptrend in the first quarter, and respondents seem to have been anticipating further moderate
increases in loan demand in the the spring.
Bankers also continue to report that ample supplies of funds are available to meet the demand for farm loans.
The ratios of loans to deposits at the end of the first quarter were about the same as those of a year
earlier, and a majority of the respondents still characterize these ratios as being lower than desired.
Consistent with the softening of farm prices and farm incomes since 1990, the repayment rates on farm loans
have slowed in recent quarters and the demand for renewals and extensions of farm loans has picked up. The
first-quarter readings for those indicators were little different from the results reported in the previous
quarter.
Other indicators of farm credit conditions also changed little in the first quarter.
In particular, a large
majority of the respondents continue to say that they are actively seeking new farm loan accounts, and the
distribution of responses regarding collateral requirements has remained relatively stable.
Interest rates on farm loans continued to drop in the first quarter of 1992 although these decreases were not
as large as those of the previous quarter. The rates seen in the past two quarters are the lowest reported
since the late 1970s--in all districts and for all types of farm loans.




27

28

Section III: (continued)

Land values increased slightly in most of the districts in the first quarter of 1992.
Over the past year,
nominal land values have changed little, on average, according to the results of the Reserve Bank surveys,
respondents in the Chicago. Kansas City, and Minneapolis districts reported small increases over the year, and
respondents to the Dallas and Richmond surveys reported declines that, on balance, also were small.




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
III • Al

SAME

FUND AVAILABILITY

HIGHER

LOWER

SAME

LOAN REPAYMENT RATE

HIGHER

LOWER

SAME

RENEWALS OR EXTENSIONS

HIGHER

LOWER

SAME

COLLATERAL REQUIRED

HIGHER

LOWER

SAME

HIGHER

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

1990 Ql.
02.
03.
04.

1
1
1
1

15
18
16
18

45
46
52
48

40
36
32
34

1
1
1
1

6
5
6
7

63
65
66
62

31
30
28
31

1
1
1
1

10
5
5
18

59
71
76
64

31
24
19
18

1
I
1
1

29
22
22
19

61
72
74
64

11
6
4
17

I
1
1
1

1
o
0
0

81
87
84
83

18
12
16
17

1991 Ql.
02.
Q3.
04.

1
1
1
1

14
13
21
23

44
45
46
45

42
43
33
32

I
I
1
1

8
8
10
5

56
63
59
59

36
29
31
36

1
1
1
1

19
29
26
40

65
67
66
52

16
3
8
9

1
1
1
1

15
8
9
7

64
63
65
52

21
29
26
41

1
1
1
1

1
1
1
1

78
80
76
79

22
20
23
21

1992 Ql.

1

15

42

44

1

6

59

34

1

34

55

11

1

10

53

37

1

1

73

26

III . A2
1990 Ql.
02. .
03. •
04.
1991 Ql.
02. •
03.
04.

«
•

•

1992 Ql.

1
1
1
1

15
15
17
14

57
54
52
55

28
30
30
31

1
I
1
I

6
8
11
7

65
60
63
63

29
32
27
30

1
1
1
1

12
5
14
18

70
76
70
66

18
19
16
17

1
I
I
I

17
19
15
15

70
75
73
71

13
5
13
15

1
1
1
1

0
1
0
0

79
79
79
79

21
19
21
21

1
1
1
1

14
18
20
20

56
54
56
58

30
28
24
23

I
I
I
I

7
7
9
7

64
65
63
64

29
29
29
30

1
1
1
1

13
14
21
31

77
77
71
61

10
9
8
8

1
1
1
1

9
7
9
5

79
81
75
68

12
12
16
26

1
1
1
1

0
0
1
1

77
81
81
76

23
19
18
24

1

16

53

31

1

10

59

31

1

30

62

8

1

10

63

27

1

1

76

23

III A3
1990 Ql.
02. •
03. .
04.
1991 01.
02. •
03. •
04.
1992 01.

#

.

»

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

ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX )

1
1
1
1

16
18
17
23

54
56
53
49

30
25
30
29

1
1
1
1

7
8
13
7

60
61
58
61

33
31
29
32

1
1
1
1

22
17
23
20

68
73
67
66

10
10
9
14

1
1
1
1

13
13
13
13

65
73
64
64

22
14
24
23

1
1
1
1

0
1
4
1

59
62
52
57

41
37
44
42

1
1
I

23
23
24
22

44
55
49
53

33
23
27
26

|
|
I
I

5
5
7
6

59
59
59
56

36
37
34
38

1
1
1
1

25
18
10
30

61
69
77
56

14
14
13
14

1
1
1
1

13
11
17
13

64
72
72
59

24
17
10
29

I
I
1
1

0
0
0
0

57
60
66
61

42
40
34
39

1

18

49

33

1

5

59

36

1

29

58

13

1

13

56

31

I

o

64

35

*




29

30
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)

LOWER
III.A4

SAME

LOWER

HIGHER

LOWER

HIGHER

SAME

HIGHER

LOWER

SAME

HIGHER

LOWER

SAME

HIGHER

NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI* )
|
|

1990 01...
Q2...
Q3. ..
04...

1
1
1
1

4
7
10
6

78
78
76
82

18
15
14
11

1991 Ql...
02...
03...
04...

1
1
1
1

5
6
4
8

77
71
76
75

17
23
20
17

|

1992 Ql...

1

6

77

17

j

III.A5

SAME

COLLATERAL REQUIRED

RENEWALS OR EXTENSIONS

LOAN REPAYMENT RATE

FUND AVAILABILITY

DEMAND FOR LOANS

***
***

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

1
1
1

25
10
19
29

70
82
78
70

5
8
3
1

1
1
1
1

12
16
16
11

68
70
78
70

20
14
6
19

***

1
1
1
1

34
26
33
33

63
74
65
63

3
0
2
3

|
|
1
1

9
6
8
7

73
83
78
64

18
11
14
29

***

1

31

65

4

1

2

69

30

1

***
***
***

***
***
***

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

1990 Ql...
Q2...
03...
04...

1
1
1
1

21
25
12
25

68
68
72
63

11
7
16
13

1
I
1
1

11
7
12
13

68
82
72
75

21
11
16
13

1
1
1
1

11
7
8
13

79
93
76
75

11
0
16
13

I
|
I
1

18
7
21
21

79
86
71
67

4
7
8
13

I
I
I
|

4
1
4
0

74
62
60
58

22
37
36
42

1991 Ql...
Q2...
Q3...
04...

1
1
I
I

19
25
30
27

62
63
59
68

19
13
11
5

1
1
1
1

5
4
4
o

76
72
63
59

19
24
33
41

1
1
1
1

14
12
7
14

81
88
85
86

5
0
7
0

1
1
I
1

14
12
22
14

67
72
63
59

19
16
15
27

I
1
1
1

0
o
o
o

67
72
67
76

33
28
33
24

1992 Ql...

I

22

65

13

1

o

52

48

1

9

78

13

1

23

59

18

1

0

82

18




FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.B
FARM NONRBAL ESTATE LOAN VOLUME EXPECTED DURING THE NEXT QUARTER, COMPARED WITH VOLUME OF LOANS MADE A YEAR EARLIER
(PERCENTAGE OF BANKS REPORTING)
TOTAL
LOWER SAME
III.B1

FEEDER CATTLE
HIGHER

LOWER SAME

DAIRY

HIGHER

LOWER SAME

CROP STORAGE
HIGHER

LOWER SAME

OPERATING

HIGHER

LOWER SAME

FARM MACHINERY

HIGHER

LOWER SAME

HIGHER

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

1990 Ql. . .
02...
Q3. . .
Q4...

1
I
1
1

12
15
14
15

50
58
58
52

38
27
28
33

|
|
|
|

20
20
20
16

60
70
66
71

20
10
14
13

I
|
I
|

13
12
16
25

77
81
78
70

11
7
6
6

I
|
|
|

23
21
12
21

71
72
58
57

6
7
30
23

I
1
1
I

13
17
15
9

46
56
62
42

41
27
23
49

1
1
1
I

6
8
8
20

41
51
47
53

53
40
45
27

1991 Ql. . .
Q2...
Q3. • •
04...

|
I
I
I

10
12
17
18

45
58
52
48

45
30
31
34

|
I
I
I

19
31
33
36

65
63
61
59

16
7
6
5

|
I
|
|

22
27
28
20

70
65
68
73

9
8
4
8

|
|
I
|

22
19
19
20

66
63
58
63

12
18
23
17

I
I
1
1

10
7
10
7

36
48
53
44

54
45
37
49

I
1
I
I

17
34
38
37

49
49
44
48

34
17
18
15

1992 Ql. . .

1

11

49

40

I

24

69

7

1

19

71

10

1

21

72

7

1

8

43

49

1

27

51

22

III.B2

ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX)

1990 Ql. . .
Q2. . .
Q3 . . .
Q4...

I
1
1
1

17
18
21
21

59
61
55
56

25
21
23
24

|
I
|
|

22
25
26
25

62
64
58
62

16
12
16
13

I
|
I
|

19
15
15
18

76
79
79
76

5
6
7
6

|
|
I
|

17
22
18
23

80
70
74
73

3
8
8
4

1
1
1
1

11
15
16
17

58
61
54
54

31
24
30
29

1
1
I
1

20
27
22
25

62
63
64
60

17
10
14
14

1991 Ql.
Q2.
Q3.
Q4.

.
.
.
.

I
1
1
1

19
17
16
19

58
62
62
57

23
21
22
24

|
I
I
I

22
26
22
29

63
65
63
64

14
9
15
7

|
I
|
I

22
23
21
18

75
72
73
79

4
5
6
3

I
|
I
|

20
23
14
22

75
67
81
73

4
10
5
5

1
I
1
1

14
13
14
18

58
60
63
53

28
28
23
29

1
1
1
I

20
17
17
27

62
67
60
57

17
16
23
15

1992 Ql. . .

1

17

58

24

I

18

72

11

1

17

75

7

I

15

80

5

1

14

55

31

1

28

58

14

.
.
.
.

III.B3

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

1990 Ql. . .
Q2. . .
Q3. . .
04...

I
I
I
I

23
11
17
23

65
85
78
68

12
4
4
9

I
I
I
I

20
12
9
27

80
85
87
68

0
4
4
5

1
|
|
|

28
26
18
24

72
70
82
71

0
4
0
5

|
I
|
|

24
27
5
25

72
65
81
70

4
8
14
5

1
1
I
1

15
7
4
13

67
82
83
74

19
11
13
13

I
1
1
I

19
11
17
26

67
71
67
61

15
18
17
13

1991 Ql. . .
02...
03...
04...

I
I
I
I

20
17
20
24

60
79
64
57

20
4
16
19

|
|
|
|

21
15
27
21

68
85
68
68

11
0
5
11

1
I
I
I

30
43
30
26

65
57
70
74

5
0
0
0

|
|
|
|

29
21
19
20

71
79
81
65

0
0
0
15

1
1
1
1

15
17
19
14

70
75
62
59

15
8
19
27

1
1
1
I

15
21
37
23

75
75
44
64

10
4
19
14

1992 Ql. . .

1

13

78

9

I

5

90

5

I

15

80

5

I

10

85

5

1

17

65

17

1

13

74

13




31

FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.B (CONTINUED)
EXPECTED DEMAND FOR FARM LOANS DURING NEXT QUARTER,
COMPARED WITH NORMAL DEMAND
(PERCENTAGE OF BANKS REPORTING)
SHORT-TERM
NONREAL ESTATE LOANS

INTERMEDIATE-TERM
NONREAL ESTATE LOANS

LOWER

LOWER

III.B4

SAME

HIGHER

SAME

HIGHER

DEBT EXTENSION
OR REFINANCING
LOWER

SAME

HIGHER

NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*)

1989 Ql•
Q2.
Q3.
Q4.

6
3
7
3

64
82
81
82

30
16
13
16

5
11
10
7

80
82
80
78

14
7
10
16

10
11
7
2

82
83
81
88

9
6
12
10

1990 Ql.
Q2.
Q304.

0
4
8
8

80
86
76
69

19
10
16
23

4
4
9
9

86
83
81
81

10
12
11
10

5
12
9
11

81
80
78
68

13
8
13
20

1991 Ql.
Q2.
Q3 •
Q4.

5
4
3
8

72
75
78
75

23
21
18
18

12
14
12
11

82
84
81
82

6
2
7
7

6
5
5
4

83
78
66
69

12
16
29
27

86

11

79

18

1992 Ql.




90

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

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

LOAN/DEPOSIT RATIO IS
LOWER
AT
THAN
DESIRED
DESIRED LEVEL

HIGHER
THAN
DESIRED

NUMBER OF FARM LOAN REFERRALS TO

ACTIVELY
SEEKING
NEW
FARM
LOAN
ACCOUNTS

CORRESPONDENT BANKS

NONE

COMPARED WITH
A YEAR EARLIER
LOWER SAME
HIGHER

NONE

COMPARED WITH
A YEAR EARLIER
LOWER SAME
HIGHER

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

1990 Q3...
04...

1
1

57
57

1
1

65
64

27
28

8
8

1
1

|

1991 01...
02...
03...
04...

1
1
1
1

56
58
58
57

1
1
1
1

67
66
63
64

26
27
28
30

7
7
9
6

1
1
1
1

1
1

|
|

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

1992 oi...

1

57

1

67

26

7

1

1

***

III .C2

NONBANK AGENCIES

1

***
***

1
j

***

j

|
|
|

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

j

***

***

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

1990 03...
04. ..

1
1

53
52

1
1

78
79

7
7

15
14

1
1

2
4

72
73

1
I

80
77

16
14

80
78

4
8

1
1

72
68

17
14

75
75

8
11

1991 oi...
02...
03...
04...

1
1
1
1

52
52
53
52

1
1
1
1

80
83
81
80

7
5
5
6

12
12
14
14

1
1
1
|

3
3
3
2

72
73
73
74

I
1
|
I
|
I
|
1

77
77
80
78

13
15
17
15

80
79
77
80

8
6
6
4

1
1
1
1

65
68
68
68

12
14
16
16

77
74
73
74

11
12
11
10

1992 oi...

1

52

1

82

5

12

1

4

76

|
1

76

24

69

7

1

64

23

63

14

***

I
1
|
I

***
***

17
19

74
74

9
7

|
|

***
***

11
13

76
74

13
13

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

16
14
14
13

72
80
75
79

12
6
11
8

j
|
|
j

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

16
10
9
9

70
77
83
83

14
13
8
8

***

8

85

7

j

***

8

79

12

III .C3

ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT ( LA*, NM*, TX)

1990 03...
04...

1
1

47
45

|
|

***
***

***
***

1991 01...
02...
03...
04...

1
1
1
1

42
43
45
43

|
|
|
|

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

***
***
***

42

|

***

***

1992 oi...

1




|
1

|

4
4

1

2
3
3
2

***

|
1
|
I
|
1

|

1

***

j

1

|

***
***

33

34
FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.C (CONTINUED)
AVERAGE LOAN-TO-DEPOSIT RATIO AND OTHER INDICATORS OF RELATIVE CREDIT AVAILABILITY (PERCENTAGE OF BANKS REPORTING)
AVERAGE
LOAN-TODEPOSIT
RATIO,
END OF
QUARTER
PERCENT
Ill .C4

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

LOAN/DEPOSIT RATIO IS
AT
LOWER
DESIRED
THAN
DESIRED LEVEL

HIGHER
THAN
DESIRED

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

NONBANK AGENCIES

CORRESPONDENT BANKS

NONE

COMPARED WITH
NORMAL NUMBER
LOWER SAME HIGHER

NONE

COMPARED WITH
NORMAL NUMBER
LOWER SAME
HIGHER

NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT ( MI*, MN, MT, ND, SD, WI*)

1990 Q3...
04...

1
1

55
56

I
1

40
36

55
56

5
8

1
1

2
4

1
1

30
27

7
5

62
64

1
3

1
1

31
28

7
3

58
65

4
4

1991 oi...
02...
Q3...
04...

1
1
1
1

54
56
58
56

1
1
1
1

38
42
45
40

54
51
49
54

7
7
6
7

1
1
1
1

2
3
4
5

1
1
1
1

24
39
25
42

4
6
4
2

69
52
69
52

2
3
2
5

1
1
1
1

21
36
28
35

6
6
3
1

68
53
64
54

5
6
5
10

1992 oi...

1

54

1

43

49

8

1

2

1

28

5

64

3

1

27

5

64

3

III .C5

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

1990 Q3...
04...

1
1

77
76

1
1

26
26

61
65

13
9

1
1

0
0

80
74

1
1

87
75

0
0

13
25

0
0

1
1

77
63

5
5

18
32

0
0

1991 oi...
02...
Q3...
Q4...

1
I
I
1

73
73
71
72

I
1
1
1

40
50
48
45

55
50
44
45

5
0
8
10

1
1
1
1

0
0
4
9

71
68
74
82

1
1
1
1

83
83
84
85

0
0
0
5

17
17
12
10

0
0
4
0

1
1
1
1

71
78
79
79

6
4
4
5

24
17
17
11

0
0
0
5

1992 oi...

1

71

1

43

52

5

1

0

87

1

95

0

5

0

1

90

0

11

0




FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.D
INTEREST RATES ON FARM LOANS
AVERAGE INTEREST RATE EXPECTED DURING THE NEXT QUARTER
COMPARED WITH AVERAGE RATES IN THE CURRENT QUARTER
(PERCENTAGE OF BANKS REPORTING)

MOST COMMON INTEREST RATE ON FARM LOANS
(AVERAGE, PERCENT)

FEEDER
CATTLE
LOANS
III.D1
1990 03...
Q4...
1991 Ql.
Q2.
Q3.
Q4.

.
.
.
.

.
.
.
.

1992 01. ..

OTHER
OPERATING
LOANS

SHORTTERM
NONRBAL
ESTATE

INTERMEDIATE
NONRBAL
ESTATE

LONG-TERM
REAL
ESTATE
LOANS

SHORT-TERM
NONRBAL ESTATE LOANS

INTERMEDIATE-TERM
NONRBAL ESTATE LOANS

LOWER

LOWER

11 .9
11 .8

11,.9
11 .8

11.1
10.9

1
1

1
1
1
1

11 .4
11 .2
10 .9
10 .1

11 .4
11,. 2
10,.9
10,.1

10.6
10.4
10.1
9.4

|

***

1
1
1

***

1

9 .8

9,. 8

9.2

|

***

SAME

HIGHER

LOWER

SAME

HIGHER

***

|

***

***

|

***

|1

***

|

***
***

1
1

***

|

|
|

***

***

|

|
1

***

||

***

||

***

***

||

***

***

||

***

***

||

***

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

***

|

***

1990 03...
04. . .

1
1

12 .2
12 .1

12,,1
11,• 9

12.1
12.0

11.5
11.3

1991 Ql. . .
02...
03...
04...

1
1
1
1

11 .7
11 .5
11 .2
10 .4

11,,5
11,,3
11,,0
10,. 2

11.7
11.4
11.1
10.4

10.9
10.7
10.5
9.7

1
1
1
|

***

1992 Ql. . .

1

10 .1

9,,9

10.1

9.5

|

***




HIGHER

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

1
1

III.D2

SAME

LONG-TERM
REAL ESTATE LOANS

***

1

***

|

***
***

j
j

***

|

***

***

j

***

***

j

***

|
|

***

|
|

***

|1

***

1

***

|
|

***

||

***

35

36

FEDERAL RESERVE BANK QUARTERLY SURVEYS OF AGRICULTURAL CREDIT CONDITIONS AT COMMERCIAL BANKS
TABLE III.D (CONTINUED)
INTEREST RATES ON FARM LOANS
AVERAGE INTEREST RATE EXPECTED DURING THE NEXT QUARTER
COMPARED WITH AVERAGE RATES IN THE CURRENT QUARTER
(PERCENTAGE OF BANKS REPORTING)

MOST COMMON INTEREST RATE ON FARM LOANS
(AVERAGE, PERCENT)

FEEDER
CATTLE
LOANS
III.D3

OTHER
OPERATING
LOANS

SHORTTERM
NONREAL
ESTATE

INTERMEDIATE
NONREAL
ESTATE

LOWER

SAME

LONG-TERM
REAL ESTATE LOANS

INTERMEDIATE-TERM
NONREAL ESTATE LOANS

SHORT-TERM
NONREAL ESTATE LOANS

LONG-TERM
REAL
ESTATE
LOANS

HIGHER

LOWER

SAME

HIGHER

LOWER

SAME

HIGHER

NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, MN, MT, ND, SD, WI*)

1990 Q3. . .
Q4. . .

|
|

***
***

12.3
12.3

12.3
12.2

11.7
11.6

1
|

11
60

77
39

12
1

1
1

11
61

77
35

12
4

1
1

8
52

82
45

10
4

1991 Ql.
Q2.
Q3.
Q4.

.
.
.
.

|
j
|
|

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

11.9
11.6
11.6
11.0

11.9
11.6
11.4
11.0

11.2
11.1
11.0
10.4

1
1
1
1

29
10
57
51

67
79
40
48

4
11
3
1

1
1
1
1

24
9
50
47

73
79
47
53

3
11
3
1

1
1
1
1

8
50
45

84
49
55

8
2
0

1992 Ql. . .

|

***

10.4

10.4

9.9

1

15

71

14

I

13

70

18

1

10

75

15

I

***

.
.
.
.

III.D4

ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA*, NM*, TX)

1990 Q3...
Q4. . .

I
I

12.6
12.7

12.7
12.7

***
***

12.7
12.8

12.5
12.5

|

***

***

1991 Ql...
Q2...
Q3...
04...

I
I
|
I

11.8
11.8
11.5
10.6

12.2
11.9
11.6
10.6

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

12.2
12.0
11.6
10.8

11.9
11.7
11.5
10.7

I
I
I
I

***

***

***

|

***

* * *

***

|

***

***

***

I

***

***

***

I

1992 Ql...

I

10.4

10.3

***

10.6

10.4

I

***

***

***

I

***
***

I
I

***
***

III.D5

** *

***

***

|

***

***

***

I

* * *

***

|

* **

***

***

***

***

***

|

***

***

***

* * *

* * *

***

|

***

* * *

***

***

***

***

I

***

***

***

***

***

***

I

***

***

***
***

***
***

I
I

***
***

***
***

"*
***
***

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

1990 Q3...
04...

I
|

12.0
11.9

12.0
11.9

***
***

12.1
12.0

11.9
11.8

1991 Ql...
Q2...
Q3...
Q4...

I
|
|
I

11.5
11.3
10.8
9.3

11.5
11.2
10.8
9.4

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

11.7
11.2
11.0
9.7

11.6
11.3
10.7
9.8

1992 Ql...

I

9.2

9.2

***

9.5

9.6




***

I
I

***
***

***
***

***

***

***

|

***

***

***

|

***

* * *

***

***

***

|

***

***

***

|

***

***

***

***

***

***

|

***

***

***

|

***

***

***

***

** *

***

|

***

***

***

I

***

***

***

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

RANCHLAND

DOWN

STABLE

UP

LOWER

SAME

HIGHER

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

1990 Q3. .
Q4. .•

1
1

1
0

1
1

4
4

1991 Ql. •
Q2. •
03..
04.. •

1
1
1
1

1
0
0
0

1
1
I
1

2
2
2
1

1992 Ql. .•

1

1

1

1

III .E2

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

3
11

73
77

24
12

1
1

12
22

68
62

20
16

***
***
***

1
|
|
|

8
13
13
13

82
81
77
77

11
6
10
10

1
1
1
1

19
29
24
26

58
57
63
51

23
14
13
23

***

|

4

83

13

1

18

56

26

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

1990 03. .
04.. •

1
1

6
-2

1
1

4
5

***
***

|
j

4
17

80
71

16
13

1
1

22
36

65
59

13
5

1991 Ql. .
02..
03..
04. .•

1
1
1
1

4
3
-6
0

1
1
1
1

-4
11
-2
1

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

|
j
j
|

5
8
15
5

76
76
74
86

19
16
11
9

1
1
1
1

21
22
38
29

79
78
54
57

0
0
8
14

1992 Ql. .•

1

3

1

-1

***

|

4

78

17

1

9

82

9

III .S3

ELEVENTH (DALLAS) FEDERAL RESERVE DISTRICT (LA* , NM*, TX)

1990 03. .
04. .•

1
1

-1
-1

1
2

-2
-1

|
|

***
***

-1
-3

-3
1

-7
-6

1
I

1
1

29
34

64
59

6
7

1991 Ql..
02..
03..
04.. •

1
1
1
1

-0
1
-1
-1

2
2
-2
-3

1
1
-0
-2

|
|
|
j

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

-3
-2
-2
-2

4
7
4
-1

-4
-2
0
-0

I
1
1
I

1
I
1
1

28
26
23
28

62
65
68
62

8
8
9
9

1992 Ql. .•

1

-2

-4

-1

1

-3

-7

-2

I

1

27

65

8




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

ALL

DRYLAND

IRRIGATED

TREND EXPECTED DURING
THE NEXT QUARTER
(PERCENTAGE OF BANKS)

PERCENTAGE CHANGE FROM
A YEAR EARLIER

PERCENTAGE CHANGE
DURING QUARTER
RANCHLAND

ALL

DRYLAND

IRRIGATED

RANCHLAND

DOWN

STABLE

UP

EXPECTED DEMAND FOR
FARM REAL ESTATE LOANS
DURING THE NEXT QUARTER,
COMPARED WITH NORMAL
(PERCENTAGE OF BANKS)
LOWER

SAME

HIGHER

7
15

84
79

9
7

10
15
11
13

82
78
81
75

8
8
8
12

82

10

6
5

1990 Q3.
04.

1

-0
1
-0
-1

2
0
-0
1

1

3

2

1991 Ql...
02...
Q3 . . .
04...

1
1

1992 Ql...

1

III.E5

1990 Q3.
04.

2
2

1
-0
I

NINTH (MINNEAPOLIS) FEDERAL RESERVE DISTRICT (MI*, MN, MT, ND, SC, WI*)

|
* * *

|

***

***

1991 Ql.

***

***

***

* * *

***

03.
04.

***

***

***

|

***

***

***

|

1992 Ql.

***

***

02.




I

I
|

SECTION IV:

FARM DEBT OUTSTANDING

(including farm households)

TABLES:
Debt held bv institutional lenders
IV.A

Quarterly estimates

Page
40

SOURCES OF DATAThe sources of the data in this section are:
quarterly reports of condition, all insured commercial banks:
the quarterly information statements of the Farm Credit System: "Gross Flow of Mortgage Loans in the United
States," American Council of Life Insurance; and "Report 616," Farmers Home Administration, U.S. Department of
Agriculture.
The farm debt series on a USDA basis is from the Economic Research Service.
The data are not
seasonally adjusted.
The quarterly data shown here for commercial banks, life insurance companies, and the Farmers Home
Administration align closely with those reported annually in the USDA accounts that include the debt of farm
households (as well as the debt of farm businesses).
By contrast, the numbers shown here for the Farm Credit
System differ somewhat from those shown in the USDA accounts, owing to adjustments by the USDA to exclude
loans extended to borrowers other than farmers.
(The total volume of loans held by the Farm Credit System
also includes loans to cooperatives, which are not included either in the figures shown here or in the USDA
tabulations of farm debt.)
Recent developments:
Although data for the first quarter still were incomplete at the time that this issue of the Datahook went to
press, it would appear that the total volume of farm loans held by the major farm lending institutions at the
end of March probably was slightly below the level of a year earlier, with increases in the volume of b a n k
loans being more than offset by declines in the loans held by some of the other lenders.




39

40
TABLE IV.A

FARM DEBT OUTSTANDING:

A COMPILATION OF DATA REPORTED BY THE MAJOR FARM LENDING INSTITUTIONS
(END OF QUARTER)

REAL ESTATE DEBT
TOTAL

IV.A1

TOTAL

INSURED
COMMERCIAL
BANKS

FARM
CREDIT
SYSTEM

LIFE
INSURANCE
COMPANIES

NONREAL ESTATE DEBT
FARMERS
HOME
ADMINISTRATION

TOTAL

INSURED
COMMERCIAL
BANKS

FARM
CREDIT
SYSTEM

FARMERS
HOME
ADMINISTRATI ON

AMOUNT, END OF QUARTER, BILLIONS OF DOLLARS

1989 Ql.
Q2.
Q3.
Q4.

118.2
121.2
122.0
118.4

65.9
65.9
65.8
65.2

15.8
16.3
16.5
16.6

31.1
30.6
30.5
30.2

9.5
9.5
9.5
9.6

9.6
9.4
9.3
8.7

52.3
55.3
56.2
53.2

28.4
30.7
31.5
30.8

9.3
10.0
10.2
10.0

14.6
14.6
14.4
12.4

1990 Ql.
Q2.
Q3.
Q4.

116.1
119.3
121.1
119.2

64.9
65.0
65.3
64.9

16.8
17.1
17.3
17.2

29.9
29.6
29.4
29.4

9.6
9.8
10.2
10.2

8.6
8.5
8.3

8.1

51.2
54.4
55.8
54.3

29.3
31.9
33.2
32.9

9.7
10.5
11.0
10.7

12.1
11.9
11.7
10.7

1991 Ql.
Q2.
Q3.
Q4.

118.9
121.3
122.6
119.9

65.1
65.2
65.5
64.7

17.8
18.1
18.3
18.4

29.1
29.2
29.3
28.8

10.2
10.2
10.2
10.1

8.0
7.8
7.7
7.4

53.9
56.1
57.1
55.2

32.0
34.5
35.6
34.6

11.3
11.2
11.4
11.2

10.6
10.4
10.2
9.4

18.9

28.8

7.3

52.9

33.0

10.6

9.3

1992 Ql.
IV.A2

PERCENTAGE OF TOTAL SPECIFIED DEBT, END OF QUARTER

1989 Ql.

02.
Q3.
04.

1990 Ql.

02.
03.
04.

1991 Ql.

02.
03.
04.

1992 Ql.




100.0
100.0
100.0
100.0

24.0
24.7
25.1
25.5

47.1
46.5
46.3
46.4

14.4
14.4
14.5
14.7

14.5
14.3
14.2
13.3

100.0
100.0
100.0
100.0

54.3
55.5
56.1
57.9

17.8
18.1
18.2
18.8

27.9
26.4
25.7
23.3

100.0
100.0
100.0
100.0

25.8
26.4
26.5
26.5

46.1
45.5
45.1
45.3

14.8
15.1
15.6
15.7

13.3
13.0
12.8
12.4

100.0
100.0
100.0
100.0

57.3
58.7
59.5
60.6

19.0
19.4
19.7
19.7

23.7
21.9
20.9
19.7

100.0
100.0
100.0
100.0

27.4
27.7
28.0
28.5

44.7
44.7
44.7
44.5

15.7
15.6
15.6
15.6

12.3
12.0
11.7
11.5

100.0
100.0
100.0
100.0

59.4
61.5
62.2
62.7

21.0
20.0
19.9
20.3

19.6
18.6
17.8
17.0

100.0

62.4

20.1

17.5

MEMO:
FARM DEBT
HELD BY MAJOR
FARM LENDING
INSTITUTIONS,
USDA BASIS

TABLE IV.A (CONTINUED)
FARM DEBT OUTSTANDING:

A COMPILATION OF DATA REPORTED BY THE MAJOR FARM LENDING INSTITUTIONS
REAL ESTATE DEBT

TOTAL
TOTAL

IV.A3

INSURED
COMMERCIAL
BANKS

FARM
CREDIT
SYSTEM

LIFE
INSURANCE
COMPANIES

NONREAL ESTATE DEBT
FARMERS
HOME
ADMINISTRATION

TOTAL

INSURED
COMMERCIAL
BANKS

FARM
CREDIT
SYSTEM

MEMO:
FARM DEBT
HELD BY MAJOR
FARM LENDING
INSTITUTIONS ,
USDA BASIS

FARMERS
HOME
ADMINISTRATION

PERCENT CHANGE FROM PREVIOUS QUARTER

1989 01.. .
02...
Q3. . .
Q4...

I
I
I
I

-2.0
2.5
0.7
-3.0

I
I
1
I

-1.4
-0.1
-0.1
-1.0

2.7
3.0
1.2
0.9

-3 .5
-1 .4
-0 .5
-0 .8

-1. 7
0. 0
0. 2
0. 9

-0.4
— 1.2
-1.2
-6.8

1
I
1
I

-2.8
5.8
1.6
-5.3

-4.7
8.2
2.5
-2.2

0.3
7.5
2.6
-2.1

-0.7
-0.0
-1.0
-14.4

|
|
|
|

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

1990 Ql. . .
Q2. . .
03...
04.. .

I
I
1
I

-1.9
2.8
1.5
-1.6

1
1
1
I

-0.4
0.1
0.5
-0.6

0.7
2.2
1.1
— 0.6

-1 .1
-1 .1
-0 .5
-0 .1

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

-0.9
-1.9
-1.4
-3.3

1
1
I
I

-3.7
6.2
2.7
-2.7

-4.7
8.7
4.1
-0.9

-3.2
8.7
4.1
-2.8

-1.8
-1.7
-2.3
-8.0

|
|
|
|

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

1991 01.. .
02...
03...
04...

1
1
1
1

-0.2
2.0
1.0
-2.2

1
1
I
I

0.2
0.3
0.3
-1.2

3.4
1.5
1.4
0.6

-1 .2
0 .3
0 .4
-1 .7

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

-0.8
-2.2
-1.8
-3.5

1
1
1
1

-0.8
4.1
1.9
-3.4

-2.8
7.7
3.1
-2.7

5.9
-1.0
1.8
-1.5

-1.4
-1.5
-2.2
-7.7

|
|
|
|

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

1992 Ql.. .

|

***

1

2.7

0 .0

-1.2

1

-4.2

-4.6

-5.1

-1.5

I

IV.A4

PERCENTAGE CHANGE FROM SAME QUARTER OF PREVIOUS YEAR

1989 Ql.. .
02...
03...
04 . . .

1
I
I
1

-2.6
-2.4
-1.8
-1.9

1
1
1
1

-2.9
-2.7
-2.9
-2.5

7.5
7.6
7.6
8.0

-7 .5
-7 .3
-7 .8
-6 .0

-1. 6
-0. 8
-0.7
-0. 6

-4.1
-4.9
-5.1
-9.3

1
1
1
1

-2.2
-2.0
-0.4
-1.1

1.0
1.5
2.4
3.3

-2.0
-1.5
4.4
8.3

-8.0
-9.0
-8.6
-15.9

|
|
|
|

-1.8

1990 Ql. ..
02...
03...
04...

I
I
I
I

-1.8
-1.5
-0.7
0.7

1
1
1
1

-1.5
-1.4
-0.8
-0.4

5.9
5.1
5.0
3.5

-3 .6
-3 .4
-3 .4
-2 .7

1. 5
3. 1
7. 1
6. 3

-9.8
-10.5
-10.7
-7.3

1
1
I
I

-2.1
-1.6
-0.6
2.1

3.4
3.9
5.5
6.9

4.5
5.6
7.2
6.5

-16.9
-18.3
-19.3
-13.3

|
|
|
|

-0.3

1991 Ql...
03...
03...
04...

1
1
I
I

2.4
1.7
1.2
0.5

1
1
I
I

0.2
0.4
0.3
-0.4

6.2
5.5
5.8
7.0

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

5. 7
4. 0
0. 0
-1.4

-7.2
-7.4
-7.8
-8.0

1
1
1
1

5.3
3.2
2.3
1.6

9.1
8.1
7.1
5.1

16.5
6.1
3.8
5.2

-12.9
-12.7
-12.7
-12.3

|
|
|
|

1992 Ql...

I

I

***

6.3

-1 .0

— 8.4

1

-1.8

3.1

-5.8

-12.4

|




***

41