The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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