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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.
