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F E D E R A L R E S E R V E statistical relaaaBRARY
APR

4 1991

E.2A

SURVEY OF TERMS OF BANK LENDING MADE DURING FEBRUARY 4-8,1991
Loans to farmers

For Immediate Release
March 28,1991

FEDERAL RESERVE BANK
OF PHILADELPHIA

Size class of loans (thousands)
all sizes

$1-9

$10-24

$25-49

$50-99

$100-249

$250 and over

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

1,985,617
50,539
10.1

116,750
31,176
8.4

141,849
9,534
10.3

138,094
3,984
17.6

216,531
3,220
12.9

277,518
1,874
26.3

1,094,875
752
3.6

10.43
0.37
9.42- 11.59

11.93
0.15
11.29- 12.58

11.76
0.09
11.07 - 12.56

11.36
0.14
10.52- 12.19

11.44
0.21
10.47 -12.49

11.23
0.20
10.25- 12.19

9.58
0.45
9.31 - 10.26

10.71
10.95
10.76
11.95
11.36
9.46

11.49
12.18
11.94
12.32
12.03
11.82

11.76
12.37
11.77
11.70
11.47
11.47

11.29
12.02
11.23
11.85
11.36
11.39

11.11
11.89
11.45
12.08
11.02
11.18

10.86
11.06
11.44
10.47
11.70
10.61

10.43
10.16
8.81
12.19
10.00
9.20

61.3
77.0

51.8
47.8

65.7
54.8

66.5
55.5

66.5
52.2

77.8
62.3

55.8
94.3

24.9
9.8
29.9
2.3
3.4
29.7

16.4
10.7
55.1
10.1
1.9
5.9

13.9
7.8
53.8
9.7
6.7
8.2

24.7
6.1
46.0
6.1
7.8
9.3

24.5
20.3
35.6
4.9
5.0
9.7

23.6
5.0
51.2
0.4
10.2
9.6

27.6
9.5
15.5
0.1
0.6
46.7

1,231,584
10,305
4.6

17,749
4,499
8.8

34,749
2,310
9.4

45,066
1,306
11.0

59,673
896
10.3

111,752
728
13.0

962,595
566
2.7

9.69
0.37
9.31 - 10.62

11.23
0.09
10.78 - 12.47

10.92
0.10
10.52 - 11.75

10.80
0.08
10.25 - 11.51

10.58
0.09
10.10 -11.35

10.42
0.12
9.96 - 11.07

9.42
0.45
9.65 - 11.07

10.28
10.22
9.56
11.33
10.55
9.32

11.11
11.42
11.30
11.65
10.68
11.00

10.99
11.07
10.93
11.38
10.69
10.76

10.81
10.99
10.79
11.35
10.61
10.75

10.53
10.49
10.59
11.27
10.66
10.54

10.03
10.58
10.69
10.47
10.82
10.26

10.25
9.95
8.69
12.19
10.00
9.20

59.5
93.8

87.2
84.4

89.4
81.3

88.0
82.2

88.5
88.6

95.0
89.0

50.6
95.8

26.9
2.0
22.8
0.6
2.2
45.6

13.0
4.1
63.6
2.7
3.9
12.6

14.8
3.8
52.0
5.3
8.5
15.5

27.3
3.4
39.9
3.4
8.5
17.6

25.9
4.5
37.5
2.2
8.6
21.3

28.7
1.6
41.8
1.0
7.1
19.8

27.4
1.7
17.0
0.1
0.6
53.1

754,033
40,234
16.5

99,001
26,677
8.4

107,100
7,223
10.5

93,028
2,677
19.6

156,859
2,324
13.6

165,766
1,146
32.8

132,280
186
8.3

11.64
12.05
0.19
0.18
9.31 - 10.20 11.57 - 12.64

12.04
0.12
11.57 - 12.63

11.63
0.16
11.00 -12.37

11.77
0.26
11.09 -12.75

11.77
0.16
11.02 -12.25

10.70
0.52
10.14 - 10.78

11.66
11.13
11.80

11.64
10.20
12.19

LARGE FARM LENDERS5
Amount of loans (thousands)
Number of loans
1
Weighted average maturity (months)1
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
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 BANKS5
Amount of loans (thousands)
Number of loans
1
Weighted average maturity (months)1
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
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




11.59
11.06
11.84
12.06
11.89
12.24

11.54
12.23
12.08
12.35
12.64
12.22

12.03
12.55
12.03
11.75
11.82
12.08

11.56
12.24
11.41
11.96
11.78
12.43

11.35
11.99
11.80
12.20
11.34
12.19

12.05
12.35

64.2
49.6

45.5
41.2

58.0
46.2

56.1
42.6

58.1
38.3

66.2
44.3

93.7
83.4

21.6
22.5
41.5
5.2
5.4
3.8

17.0
11.9
53.5
11.4
1.6
4.6

13.6
9.0
54.3
11.2
6.0
5.8

23.5
7.5
49.0
7.4
7.4
5.3

24.0
26.2
34.9
6.0
3.7
5.2

20.1
7.3
57.6

29.1
66.5
4.4

12.3
2.7

NOTES
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 that were secured by farm real estate were included in the survey. Also beginning in August of
1986, one purpose of a loan could be "purchase or improve farm real estate". In previous surveys, the purpose of
such loans was 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 more than $20
million of farm loans, most "other banks" (survey strata 3 to 5) had less than $20 million of farm loans.