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FEDERAL FIESERVEf^jttoal RESERVEr statistical release •f<4LRt T} °° 9 <987 «a>E84t E.2 ti SURVEY OF TERMS OF BANK LENDING . FOR IMMEDIATE RELEASE October 14, 1987 Note to Users The E.2 release containing data for the May 1987 Survey, dated July 20, 1987, reported that an edit examination of commercial and industrial loan data had resulted in an increase in reported demand loans, loans having no stated maturity, and a decrease in loans reported as having a maturity of one year and over. The edit examination of the May Survey was limited to certain large respondent banks. A follow-up edit review of commercial and industrial loans of all respondents reporting to the August Survey has resulted in further reclassifications from maturities of "one year and over" to "no stated maturity." Under the terms of a commonly used lending arrangement, revolv- ing loan commitments, banks provide many larger business customers with two borrowing options. Loans taken down for specific maturities, for example 60 days, typically are priced with reference to domestic or foreign money market rates such as rates on certificates of deposit or the London Interbank Offered Rate (LIBOR). Alternatively, credit may be taken down under terms that allow the borrower to repay or reprice the loan at any time without penalty; loans having these more flexible features are more expensive and typically are priced with reference to the prime rate. Loans taken down under the so-called "prime option" are properly reported as having "no stated maturity" since they may be repaid or repriced at any time. However, some respondents have mistakenly reported the expiration date of the underlying commitment as the maturity date of such loans. The reclassifications reflect corrections of these reporting errors. Revised data for Table 5, "Loans to Farmers" from the survey made during May 4-8, 1987, are attached to this release. The revised data exclude the portion of a large long-term loan that was not retained by the originating bank, but which inadvertently had been included in data originally reported. Users may note that the revised data still show an unusually long weighted average maturity. Such an unusual maturity occurs when one or more large sample loans with relatively long maturities (e.g., 10 years) are reported by the less intensively sampled smaller banks. Sampling variability of data on average maturity has probably increased since August 1986, when the Survey began to include loans secured by farm real estate. FEDERAL RESERVE statistical release FOR IMMEDIATE RELEASE OCTOBER 14, 1987 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 3-7, 1987 COMMERCIAL AND INDUSTRIAL LOANS (OTHER THAN CONSTRUCTION AND LAND DEVELOPMENT) MADE BY ALL COMMERCIAL BANKS 1 LOAN CHARACTERISTICS AMOUNT OF LOANS ($1,000) | | | DAYS MOST | COMMON BASE I PRICINGI COMMITMENTj PARTICIPATION RATE I INTERQUARTILE RANGE 5/ AVERAGE WEIGHTED| WEIGHTED| AVERAGE I AVERAGE |STANDARD SIZE ($1,000) MATURITY EFFECTIVEI ERROR 2/1 3/1 4/ 1/ PERCENTAGE OF AMOUNT OF LOANS MADE UNDER> LOAN RATE (PERCENT) 6 / , . i | 1. ALL C & I LOANS 7.53 0.04 7.25-7.79 78.5 5.6 FED FUNDS 16 14 21 7.87 7.68 8.71 0.16 0.16 0.15 7.25-8.12 7.19-7.93 7.76-9.66 81.9 81.7 82.7 7.0 6.7 8.4 DOMESTIC DOMESTIC PRIME 119 74 167 8.81 8.54 9.09 0.18 0.23 0.19 7.84-9.65 7.59-9.38 8.48-9.65 »;! 13.8 19.6 7.6 PRIME FOREIGN PRIME lis! 0.12 8.93 III 7.76-9.65 6.94-7.65 8.51-9.65 80.1 91.6 78.9 5.9 2.1 6.3 PRIME FED FUNDS PRIME 42 8. 20 0.15 7.36-8.75 78.9 7.8 FED FUNDS 19 107 114 90 70 56 16 7. 76 11. 22 10. 55 10. 20 9..49 8,.20 7,.66 0.12 0.17 0.22 0.19 0.18 0.08 0.06 7.26-7.97 10.25-12.19 9.84-11.57 9.57-10.94 8.42-10.47 7.58-8.64 7.25-7.89 78.9 19.0 30.4 24.6 46.9 77.9 80.5 8.4 0.2 0.1 0.8 3.4 4.2 8.7 FED FUNDS PRIME PRIME PRIME PRIME DOMESTIC FED FUNDS 184 10 34 65 198 666 4 ,253 138 144 134 143 175 164 120 8 .96 10 .32 10 .19 9.94 9.53 9 .22 8 .57 0.12 0.10 0.11 0.07 0.02 0.05 0.11 8.31-9.65 9.58-10.86 9.38-10.75 9.14-10.65 8.75-10.20 8.57-9.69 7.65-9.31 78.9 68.5 70.7 81.0 82.2 83.3 78.0 6.8 0.9 4.8 4.1 5.6 7.4 7.7 PRIME PRIME PRIME PRIME PRIME PRIME PRIME 226 "35 8.78 0.24 7.56-9.65 72.3 5.7 PRIME IS:? 44.7 5.6 1.5 4.7 53.7 1.1 FED FUNDS OTHER PRIME OTHER FED FUNDS 70.6 38.2 49.7 64.4 78.6 5.8 1.5 3.1 3.3 6.9 15,529,996 8,127 6,707,864 5,502,495 1,205,369 622 OVER ONE MONTH AND UNDER A YEAR -FIXED RATE -FLOATING RATE 10,387,888 5,400,259 4,987,630 138 DEMAND 8/ -FIXED RATE -FLOATING RATE 11,085,901 1,099,847 9,986,053 234 442 222 TOTAL UNDER ONE YEAR -FIXED RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500-999 1000+ -FLOATING RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500-999 1000+ 43,711,649 323 27,515,318 226,738 124,988 134,771 488,361 305,991 26,234,470 586 7 31 62 177 646 8 ,765 16,196,331 413,423 496,363 770,480 2,936,644 1,385,636 10,193,785 4,107,851 OVERNIGHT 7/ ONE MONTH AND UNDER (EXCL OVERNIGHT) -FIXED RATE -FLOATING RATE III HONtHS TOTAL ONE YEAR AND OVER FI D E BY SIZE (tl,000) 1-99 100-499 500-999 1000+ FL BY T SIZE R (Il,000) 1-99 100-499 500-999 1000+ 1,631,886 124,599 68,226 133,674 1,305,388 209 18 206 598 7,515 57 50 54 45 59 8.68 12.11 10.41 9,49 8.18 0.31 0.34 0.18 0.62 0.38 7.56-9.31 10.25-12.75 9.17-11.30 8.99-10.20 7.43-8.69 2,475,965 191,560 358,589 120,155 1,805,660 239 24 193 661 5,039 48 41 51 47 48 8.84 10.54 10.14 9.24 8.38 0.19 0.18 0.17 0.13 0.15 7.72-9.65 9.65-11.63 9.38-10.75 8.57-9.65 7.51-9.01 -5S7T I LOAN AATfe (PEftdENti I I E l e c t i v e I NOMINAL 3/ I I !l_i. 11:1 PRIME RATE 10/ 2. LOANS MADE BE,OH PRIME 11/ 14,789,118 9,862 ONE MONTH AND UNDER (EXCL OVERNIGHT) 5,581,887 3,995 OVER ONE MONTH AND UNDER A YEAR 4,314,622 974 DEMAND 8/ 3,416,337 1,796 TOTAL UNDER ONE YEAR -FIXED RATE -FLOATING RATE 28,101,964 23,810,304 4,291,661 3,045 3,880 1,389 OVERNIGHT 7/ 7.47 7.20 8.25 80.1 6.5 14 7.53 7.26 8.26 84.2 6.3 102 7.70 7.45 8.36 79.2 10.8 7.47 7.25 8.30 58.9 3.8 7.51 7.49 7.62 ;:!! 8.27 8.26 8.33 78.2 80.9 63.0 6.8 6.8 6.9 7.65 7.68 7.62 7.46 7.52 7.40 8.31 8.35 90.1 84.1 96.0 !:! 22 14 120 MONTHS TOTAL ONE YEAR AND OVER -FIXED RATE -FLOATING RATE SEE LAST PAGE FOR FOOTNOTES 1,942,217 960,376 981,842 1,752 1,578 1,963 —43 51 42 8.28 PRIME PRIME PRIME PRIME DOMESTIC SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 3-7, 1987 COMMERCIAL AND INDUSTRIAL LOANS (OTHER THAN CONSTRUCTION AND LAND DEVELOPMENT) MADE BY LARGE BANKS LOAN CHARACTERISTICS AMOUNT OF LOANS ($1,000) | | I AVERAGE WEIGHTED| W E I G H T E D I f SIZE I AVERAGEI AVERAGE I STANDARD ($1,000)(MATURITY!EFFECTIVE! ERROR 2/1 3/| 4/I INTERQUARTILE RANGE 5/ _!_ DAYS 1/ MOST I COMMON I BASE | PRICING) I COMMITMENT I PARTICIPATION RATE I PERCENTAGE OF AMOUNT OF LOANS MADE UNDER, LOAN RATE (PERCENT) „! I _Z_I ALL C & I LOANS 13,559,929 10,061 X 7.50 0.07 7.25-7.72 76.0 3.6 FED FUNDS ONE MONTH AND UNDER (EXCL OVERNIGHT) -FIXED RATE -FLOATING RATE 5,221,946 4,516,988 704,958 2,491 4,488 647 15 14 19 7.70 7.57 8.52 0.10 0.09 0.20 7.19-7.93 7.17-7.87 7.62-9.49 83.1 82.9 84.8 6.0 6.4 3.4 DOMESTIC DOMESTIC DOMESTIC OVER ONE MONTH AND UNDER A YEAR -FIXED RATE -FLOATING RATE 6,520,728 4,210,278 2,310,450 783 2,724 341 98 66 157 8.42 8.32 8.58 0.11 0.17 0.21 7.59-9.11 7.59-8.94 7.89-9.17 82.7 82.1 83.7 17.2 22.1 8.4 FOREIGN FOREIGN PRIME DEMAND 8/ -FIXED RATE -FLOATING RATE 6,782,199 462,720 6,319,479 531 1,734 505 X X X 8.71 7.61 8.79 0.21 0.32 0.22 7.63-9.65 7.37-7.57 7.83-9.65 75.9 90.3 74.9 5-5 3.9 4.0 PRIME DOMESTIC PRIME OVERNIGHT 7/ TOTAL UNDER ONE YEAR -FIXED RATE BY SIZE (*1,000) 1-24 25-49 50-99 100-499 500-999 1000+ -FLOATING RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500-999 1000+ 32,084,802 1,307 29 7.98 0.11 7.32-8.57 78.5 6.8 FED FUNDS 22,740,014 7,126 8,051 15,679 124,586 160,198 22,424,374 5,468 10 33 66 222 673 10,361 16 104 91 88 62 50 16 7.67 10.18 9.92 9.44 8.80 8.34 7.66 0.09 0.16 0.43 0.22 0.11 0.12 0.09 7.25-7.89 9.38-11.02 9.58-10.67 9.04-10.11 8.21-9.58 7.65-8.65 7.25-7.86 78.8 32.0 21.4 39.6 63.1 83.7 78.9 7 .6 5.1 1.2 2.0 2.6 3.0 7.7 FED FUNDS PRIME PRIME PRIME PRIME DOMESTIC FED FUNDS 9,344,787 82,032 98,881 195,510 1,020,245 655,438 7,292,681 458 11 34 65 209 678 5,421 124 143 139 138 145 138 119 8.72 10.08 9.97 9.73 9.45 9.16 8.52 0.18 0.12 0.13 0.07 0.02 0.08 0.20 7.81-9.58 9.20-10.75 9.11-10.75 9.11-10.20 8.60-9.96 8.57-9.66 7.57-9.14 77.9 83.0 82.0 83.2 86.7 84.8 75.7 5.0 0.3 0.7 1.1 2.9 6.7 5.3 PRIME PRIME PRIME PRIME PRIME PRIME PRIME 2,752,198 1,450 52 8.28 0.22 7.43-8.84 81.5 2.2 DOMESTIC 1,113,028 7,666 13,900 25,119 1,066,343 2,241 27 255 715 8,876 58 49 52 48 59 8.06 11.54 10.65 9.95 7.96 0.29 0.32 0.24 1.17 0.23 7.43-8.57 10.35-12.40 10.20-11.30 8.02-10.52 7.43-8.53 87.9 41.3 46.5 77.3 89.1 0.0 1.0 0.0 0.0 0.0 FOREIGN OTHER DOMESTIC FED FUNDS FOREIGN 1,639,170 24,517 77,910 58,101 1,478,642 1,169 34 226 643 6,201 47 40 47 52 47 8.42 10.19 9.59 9.19 8.30 0.21 0.28 0.12 0.22 0.23 7.53-9.31 9.14-10.75 9.11-9.92 8.57-9.73 7.44-8.84 77.2 58.4 65.5 77.7 78.1 3.6 0.2 4.8 0.0 3.8 DOMESTIC PRIME PRIME PRIME DOMESTIC | TOTAL ONE YEAR AND OVER -FIXED RATE BY SIZE ($1,000) 1-99 100-499 500-999 1000+ -FLOATING RATE BY SIZE ($1,000) 1-99 100-499 500-999 1000+ MONTHS DAYS | I LOAN RATE: (PERCENT) "(EFFECTIVE I NOMINAL I 3/ | 9/ 7.44 7.17 8.25 77.8 3.8 14 7.50 7.24 8.25 83.9 5.9 92 7.58 7.34 8.25 82.1 9.5 7.50 7.27 8.25 40.0 1.5 1:11 !:!! 8.25 75.9 79.4 54.2 4.8 4.9 4.6 7.40 7.43 7.39 ill 93.7 90.1 96.8 0.3 0.6 0.0 12,854,344 11,398 ONE MONTH AND UNDER (EXCL OVERNIGHT) 4,635,102 5,903 OVER ONE MONTH AND UNDER A YEAR 3,376,213 5,819 DEMAND 2,280,917 4,426 23,146,576 19,910,195 3,236,381 7,694 8,559 4,745 19 12 115 1,664,677 784,716 879,961 7,236 9,026 6,149 ~~46 54 40 OVERNIGHT 7/ 8/ TOTAL UNDER ONE YEAR -FIXED RATE -FLOATING RATE I I 2. LOANS MADE BELOW PRIME 11/ 7.56 MONTHS TOTAL ONE YEAR AND OVER -FIXED RATE -FLOATING RATE SEE LAST PAGE FOR FOOTNOTES PRIME | RATE | 10/ | 7.58 7.56 7.60 8.25 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 3-7, 1987 TABLE 3 COMMERCIAL AND INDUSTRIAL LOANS (OTHER THAN CONSTRUCTION AND LAND DEVELOPMENT) MADE BY OTHER BANKS j LOAN CHARACTERISTICS AMOUNT OF LOANS ($1,000) J T LOAN RATE (PERCENT) AVERAGE I WEIGHTEDI"WEIGHTED! | SIZE I AVERAGE) AVERAGE |STANDARDI ($1,000)1 MATURITY|EFFECTIVE| ERROR j J 2/1 3/1 4/1 INTERQUARTILE RANGE 1/ PERCENTAGE OF AMOUNT OF LOANS MADE UNDER: MOST COMMON BASE PRICING |COMMITMENT|PARTICIPATION RATE 6/ I DAYS 1. ALL C & I LOANS OVERNIGHT 7/ 1,970,067 3,498 X 7 .69 0.06 7.45-7.90 95.5 19.1 FED FUNDS ONE MONTH AND UNDER (EXCL OVERNIGHT) -FIXED RATE -FLOATING RATE 1,485,918 985,508 500,410 171 170 172 18 14 24 8 .45 8 .18 8.97 0.18 0.23 0.21 7.57-8.81 7.50-8.24 8.04-9.66 77.7 76.6 79.7 10.7 8.3 15.5 PRIME FED FUNDS PRIME OVER ONE MONTH AND UNDER A YEAR -FIXED RATE -FLOATING RATE 3,867,161 1,189,981 2,677,180 58 35 83 153 104 175 9 .46 9 .31 9..53 0.11 0.14 0.15 8.53-10.20 7.97-10.47 8.57-10.20 65.3 48.6 72.8 8.1 10.9 6.9 PRIME PRIME PRIME DEMAND 8/ -FIXED RATE -FLOATING RATE 4,303,702 637,128 3,666,574 124 286 113 X X X 8. 92 7. 50 9. 16 0.12 0.14 0.09 8.30-9.65 6.90-7.80 8.57-9.65 86.7 92.5 85.7 8.9 0.4 10.4 PRIME FED FUNDS PRIME 11,626,848 105 85 8. 83 0.10 7.72-9.65 79.9 10.6 PRIME 4,775,304 219,611 116,937 119,092 363,775 145,793 3,810,096 112 6 31 62 165 618 4,597 34 107 116 90 73 63 20 8. 17 11. 26 10. 60 10.30 9. 73 8. 04 7. 70 0.14 0.09 0.17 0.18 0.11 0.11 0.07 7.39-8.19 10.25-12.19 9.84-11.57 9.58-11.20 8.51-10.97 7.56-8.60 7.33-7.96 79.5 18.6 31.0 22.7 41.4 71.6 90.2 12.4 0.1 0.1 0.6 3.6 5.6 14.9 FED FUNDS PRIME PRIME PRIME PRIME OTHER FED FUNDS 6,851,544 331,391 397,482 574,970 1,916,399 730,198 2,901,104 101 9 34 65 192 655 2,758 151 144 133 145 187 180 122 9. 29 10. 38 10.25 10. 01 9. 57 9. 27 8. 72 0.09 0.14 0.18 0.11 0.03 0.04 0.13 8.57-9.92 9.65-10.97 9.58-10.75 9.38-10.75 8.84-10.20 8.57-9.92 8.10-9.58 80.2 65.0 67.9 80.3 79.8 81.9 83.5 9.4 1.1 5.9 5.2 7.0 8.0 13.6 PRIME PRIME PRIME PRIME PRIME PRIME PRIME 1,355,652 83 52 9.80 0.14 8.87-10.53 53.5 12 .9 PRIME 518,858 116,932 54,326 108,555 239,045 71 17 197 577 4,462 55 50 55 44 63 10.00 12.14 10.34 9.39 9.16 0.29 0.62 0.27 0.20 0.52 8.99-10.53 10.25-12.75 9.07-11.07 8.99-9.87 7.56-9.92 46.7 12.9 44.2 28.7 72.0 17 .7 1 .5 5 .9 66 .1 6 .2 OTHER OTHER PRIME OTHER FED FUNDS 836,795 167,043 280,679 62,054 327,018 93 23 185 679 2,727 50 42 52 43 53 9.68 10.59 10.30 9.29 8.75 0.10 0.16 0.28 0.09 0.19 8.77-10.52 9.65-11.85 9.65-10.75 8.57-9.65 7.81-9.38 57.8 35.2 45.3 51.9 81.2 10 .0 1 .6 2 .6 6 .5 21 .2 PRIME PRIME PRIME PRIME PRIME TOTAL UNDER ONE YEAR -FIXED RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500-999 1000+ -FLOATING RATE BY SIZE (31,000) 1-24 25-49 50-99 100-499 500-999 1000+ MONTHS TOTAL ONE YEAR AND OVER -FIXED RATE BY SIZE ($1,000) 1-99 100-499 500-999 1000+ -FLOATING RATE BY SIZE ($1,000) 1-99 100-499 500-999 1000+ DAYS LOAN RATE (PERCENT) I EFFECTIVE I 3/ NOMINAL 9/ PRIME RATE 10/ 2. LOANS MADE BELON PRIME 11/ 1,934,775 5,203 ONE MONTH AND UNDER (EXCL OVERNIGHT) 946,784 1,546 OVER ONE MONTH AND UNDER A YEAR 938,409 244 8/ 1,135,420 819 TOTAL UNDER ONE YEAR -FIXED RATE -FLOATING RATE 4,955,388 3,900,108 1,055,280 797 1,023 438 OVERNIGHT DEMAND 7/ 7.67 7.39 8.25 95.4 24.5 15 7.67 7.40 8.29 85.7 8.2 136 8.13 7.85 8.75 68.7 15.3 7.40 7.23 8.40 96.8 8.3 7.70 7.67 7.80 7.44 7.42 7.54 8.39 8.34 8.57 88.8 88.6 89.8 if:! 8.03 8.21 7.72 7.78 7.95 7.49 8.70 8.81 8.51 68.9 57.1 89.0 36.0 37.6 33.2 38 23 133 14.0 MONTHS TOTAL ONE YEAR AND OVER -FIXED RATE -FLOATING RATE SEE LAST PAGE FOR FOOTNOTES 277,541 175,660 101,881 316 337 285 —43 39 58 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 3-7, 1987 TABLE 4 CONSTRUCTION AND LAND DEVELOPMENT LOANS (SECURED AND UNSECURED BY REAL ESTATE) 1 LOAN RATE (PERCENT) AMOUNT 1 AVERAGE 1 OF LOANS | SIZE 1 ($1,000) 1 ($1,000) LOAN CHARACTERISTICS ! 1. ALL BANKS 1/ FIXED RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ FLOATING RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ BY TYPE OF CONSTRUCTION SINGLE FAMILY MULTIFAMILY NONRESIDENTIAL 2. LARGE BANKS FIXED RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ FLOATING RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ BY TYPE OF CONSTRUCTION SINGLE FAMILY MULTIFAMILY NONRESIDENTIAL 3. OTHER BANKS 1/ AVERAGE |1 WEIGHTED MATURITY |1 AVERAGE (MONTHS) I1 EFFECTIVE 2/ !1 1 STANDARD ERROR 4/ INTERQUARTILE RANGE 5/ PERCENTAGE OF AMOUNT COMMITMENT 1 PARTICIPATION 1 i 3 ,679,913 236 5 9.30 0.11 8.75-9 .65 88.4 16.0 1 ,944,077 40,789 40,700 63,707 36,819 1 ,762,062 327 12 34 71 175 11,236 3 6 18 9 9 2 9.23 11.04 11.12 10.56 10.13 9.08 0.31 0.25 0.36 0.50 0.71 0.26 8.75-9.28 10.47-12 .13 10.47-12 .03 10.47-10 .97 10.47-10 .78 8.75-9 .28 92.0 41.6 31.6 12.7 81.7 97.6 6.8 36.8 14.2 11.3 5.2 5.8 1 ,735,836 50,856 52,673 68,682 306,440 1 ,257,185 180 10 36 72 200 3,256 8 8 7 10 13 7 9.38 10.35 9.85 10.01 9.55 9.25 0.13 0.12 0.09 0.10 0.15 0.15 8.57-9 .92 9.66-10 .75 9.42-10 .24 9.65-10 .75 9.11-10 .20 8.57-9 .92 84.4 84.3 89.5 78.9 62.6 89.8 26.3 1.6 1.9 3.6 19.7 31.2 621,561 218,765 2 ,839,587 63 177 626 9 5 4 9.75 9.65 9.18 0.15 0.12 0.11 9.17-10 .47 9.21-10,.34 8.73-9 32 67.1 89.8 93.0 19.1 6.0 16.1 2,814,435 1,512 0.14 8.73-9 .32 95 .0 16 .6 1,753,481 1,510 1,054 5,094 11 37 5 .9 4 .7 0 .0 3,829 1,746,234 50 .4 5 .8 9.07 10.20 9.99 x 7.23 9.08 0.36 0.18 0.51 8.75-9 .28 9 .92-10 .75 9 .92-10 .75 215 11,832 2 9 11 x 18 2 1.06 0.34 1 .13-10 .75 8.75-9 .28 97 .5 67 .1 54 .8 x 71 .8 97 .6 1,060,953 5,701 7,393 14,718 85,785 947,357 699 11 34 73 232 4,438 5 10 9 8 9 4 9.25 9.80 9.60 9.71 9.63 9.20 0.18 0.15 0.09 0.12 0.13 0.23 8.57-9 .79 9 .52-10 .20 9.11-9 .92 9.38-9 .92 9.31-9 .92 8.51-9 .69 91 .0 93 .1 88 .1 90 .7 76 .8 92 .3 34 .4 5,.2 5 .9 8,.6 7..5 37..6 189,325 148,590 2,476,519 2,257 9.24 9.67 9.10 0.20 0.15 0.16 8.12-9 .65 9 .21-10 .34 8.73-9 .28 97 .1 96 .4 94 .8 14 .7 4 .2 17 .5 865,478 63 12 9.83 0.09 9 .11-10,.47 66 .9 13 .8 X X ill X X X FIXED RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ FLOATING RATE BY SIZE ($1,000) 1-24 25-49 50-99 100-499 500+ 190,596 39,280 39,646 62,853 32,990 34 12 34 71 171 x 10 6 18 9 8 x 10.66 11.07 11.15 10.58 10.47 0.21 0.40 0.18 0.30 0.22 10 .47-10 .97 10 .47-12,.13 10 .47-12,.03 10 .47-10 .97 10 .47-10,.78 41 .4 40,.6 30,.9 12 .0 82 .9 14 .6 38 .0 14 .6 11 .2 0 .0 674,883 45,155 45,279 53,965 220,656 309,828 83 9 36 71 190 1,795 13 8 7 10 14 13 9.60 10.42 9.89 10.09 9.51 9.41 0.20 0.11 0.13 0.14 0.29 0.20 9 .11-10 20 9 .92-10,.75 9 .42-10..61 9 .65-10..75 8 .84-10. 20 8 .87-10, 20 74 .1 83,.1 89. 8 75..6 57. 1 82. 2 13 .6 1 .1 1. 3 2. 2 24. 5 11. 5 BY TYPE OF CONSTRUCTION SINGLE FAMILY MULTIFAMILY NONRESIDENTIAL 432,236 70,175 363,068 47 70 106 8 14 11 9.97 9.60 9.71 0.16 0.21 0.08 9 .58-10. 65 8 .59-10. 20 9 .11-10. 20 53. 9 75. 8 80. 6 21. 1 10. 0 6. 0 X X X NOTE, 41.2 PERCENT OF CONSTRUCTION AND LAND DEVELOPMENT LOANS WERE PRICED RELATIVE TO THE PRIME RATE SEE LAST PAGE FOR FOOTNOTES * FEWER THAN 10 SAMPLE LOANS. X X , Table 5 LOANS TO FARMERS Size class of loans (thousands) all slates ALLBANKS Amount of loans (thousands) Number of loans Weighted average maturity (months)2 Weighted average interest rate (%)3 Standard error4 Interquartile range5 By purpose of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other Percentage of 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 LARGE BANKS" Amount of loans (thousands) Number of loans Weighted average maturity (months)2 Weighted average interest rate (•/•)' Standard error4 Interquartile range5 By purpose of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other Percentage of 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 BANKS" Amount of loans (thousands) Number of loans Weighted average maturity (months)2 Weighted average Interest rate (%)3 Standard error4 Interquartile range5 By purpose of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other Percentage of 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 See last page for notes to tables 'Fewer than 10 sample loans $1-9 $10-24 $25-49 $250 and over $100-249 $50-99 $972,091 4u,yu«* 8.0 $ 113,363 33,550 7.0 $107,665 7,292 6.9 $96,060 2,797 7.3 $140,093 1,981 15.3 $162,069 989 8.6 $352,841 336 5.4 10.41 .57 9.50-11.33 11.54 .39 10.77-12.31 11.19 .26 10.34-12.13 11.09 .48 10.36-12.13 10.98 .41 1 0 . 5 2 - 1 1 . 83 10.59 .53 10.11-11.07 9.32 .79 8. 6 0 - 1 0 . 38 9.92 11.05 10.82 10.77 10.88 9.77 11.88 12.25 11.40 11.39 11.59 12.04 11.42 12.0# 11.19 10. 22 11.76 10.24 11.19 10.2? 11.21 11.19 11.95 10.63 10.56 11.57 10.79 9.93 9.00 55.9 59.9 52. 4 46.9 55.9 50.6 65.7 51.8 55.2 47.2 45.4 52.3 59.6 77.7 29.6 3.8 4b. 8 2.8 2.6 14.4 14.7 4.3 68.4 6.4 1.2 5.1 10.9 6.4 69.2 2.1 3.2 8.1 20.8 2.4 57.5 36.8 7.0 30.7 17.7 45.2 8.6 11.8 19.3 19.8 $374,132 4,194 5.1 $8,197 2,050 5.3 $12,060 818 6.2 $16,781 483 6.4 $24,929 387 6.5 $43,127 296 7.8 $269,038 161 4.7 9.30 .55 8.60-10.20 10.53 .38 10.00-10.83 10. 15 .16 9 . 5 8 - 1 0 . 74 10.02 .42 9.50-10.52 9.94 .35 9 . 2 4 - 1 0 . 4? 9.92 .37 9. 1 4 - 1 0 . 5 2 8.9* 9.40 9.84 10.28 10. 19 9.05 10.35 10.54 10.46 11.09 11.86 10.47 9 . 94 9.99 10.46 9.98 10. 13 10.03 8.79 9.81 9.81 9. 75 59.6 93.2 10.16 $ * $ * * $ $ $ $ $ $ * $ 8.93 $ • 10.83 10.08 * $ $ * 32.9 54.4 * * * * 8.6*- 9.02 .74 9.84 * * 10.18 10.08 9 . 97 9.87 4.73 90.5 82.4 91.8 85.4 92.2 84.7 95.3 91-8 9Q.0 91.7 47.0 94. 7 42.5 3.0 32.5 .6 .9 20.5 9.7 1.4 68.0 5.2 3. 2 12.6 15.2 19.3 7.5 53.7 22 ..2 27.2 50.5 60.6 46.1 # $ 44.2 25.6 16.3 14.8 22.6 19.7 21.2 $597,959 42,750 9.4 $105,166 31,500 7. 1 $95,604 6,474 7.0 $79,279 2,313 7.4 $115,165 1,594 16.6 $118,942 693 8.4 * * 11.20 . 19 10. 7 9 - 1 1 . 8 3 10.84 .37 10.21-11.80 * * * $ # $ * 11.11 .12 10.47-11.91 11.62 .10 10.79-12.31 11.32 .20 10.50-12.19 11.32 .22 10.52-12.17 11.09 11.77 11.18 10.82 10.99 10.64 11.96 12.29 11.47 11.41 11.69 11.42 11. 32 11.44 10.93 53.6 39.1 49.2 44.2 51.3 46.3 64.0 44.8 46.5 37.6 21.6 4.3 55.7 4.1 3.6 10.6 15.1 4.5 68.4 6.5 10.3 21.1 s 58.3 39.9 .e 27.2 12.38 4.5 * 11.31 * * $ $ * $ * • * • * * * $ * * 70.3 * * * * * • * $ • * * 29.2 38.0 * * * # * • * * * * * $ * * REVISED DATA FROM SURVEY MADE DURING MAY 4-8, 1987 Table 5 LOANS TO FARMERS Size <slass of loans (thousands) all slzee ALL BANKS Amount of loans (thousands) Number of loans Weighted average maturity (months)* Weighted average interest rate (%}' Standard error4 Interquartile range6 By purpose of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other Weighted average Intereet rate (%)' Standard error4 Interquartile range* By purpoee of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other Percentage of amount of loans: With floating ratee Made under commitment By purpoee of loan: Feeder llveetock Other llveetock Other current operating expenses Farm machinery and equipment Farm real estate Other OTHER BANKS" Amount of loans (thousands) Number of loans Weighted average maturity (monthe)* Weighted average Intereet rate (•/«)' Standard error4 Interquartile range* By purpoee of loan: Feeder livestock Other livestock Other current operating expeneee Farm machinery and equipment Farm real aetata Other Percentage of amount of loans: With floating rates Made under commitment By purpoee of loan: Feeder livestock Other llveetock Other current operating expeneee Farm machinery and equipment Farm real eetate Other See last page for notes to tables •Fewer than 10 sample loans $10-24 S2S-40 $90-90 $250 and over $100-249 **57,646 52,023 16. J * 124,782 33,606 8.2 *154,320 10,685 d.7 *147,788 4,187 13.1 *132,058 2,053 19.1 *124,44* 954 10.6 *274,254 538 39.0 10.64 • bl 9.84-11.83 11.39 .34 10.73-12.21 11.18 .34 10.50-12.10 11.07 .45 10.38-11.95 10.51 .42 9.89-11.35 10.62 .56 9.46-12.00 9 . 82 .57 9.04-10.02 10.72 9.59 10.94 10.93 11.02 10.00 11.23 10.79 11.46 11.84 9.95 11.67 11.37 10.92 11.25 10.78 10.89 10.21 11.16 10.27 11.21 11.23 11.00 10.43 10,35 11.03 10.13 9.19 9 . 72 10.49 9.93 9.20 9.93 58.1 50.9 49.6 44. 1 44.7 42.9 64.5 42.1 56.0 33.6 84.3 61.1 55.1 67.1 21.5 6.7 47.6 4.1 2.6 17.6 13.2 3.9 72.6 4.2 2.2 4.0 13.4 4.2 71.6 3.6 2.8 4.3 25.1 4.5 45.2 8.4 27.0 23.9 42.7 56.8 24.1 15.0 22.1 14.6 9.9 12.* 38.8 $254,080 3,925 8.2 *7,227 1,843 7.4 *11,850 792 7.5 *15,256 461 6.7 *23,246 348 6.0 *41,874 279 9.6 *154,625 203 8.5 9.38 .58 9.92 10.27 .30 9.73-10.75 9.93 .28 9.31-10.51 9.91 .39 9.38-10.47 9.78 .32 9. 29-10.38 9.58 .39 9.0Q-10.15 9.13 .44 9.50 9.49 8.64 9.69 10.12 9.77 9.25 10.09 10.56 10.26 10.96 10.50 10.10 9.71 9.70 9.69 9.76 9.82 9.53 9.73 9.91 9.83 9.43 9.03 95.0 79.5 87.5 71.8 90.2 73.8 93.6 82.2 90.2 85.3 100.0 81.7 95.1 78.6 27.3 12.9 29.7 1-0 .7 28.4 14.7 4-0 57.4 5.7 3.5 14.6 *703,566 48,098 20.4 *117,555 31,763 8.2 Percentage of amount of loans: With floating ratee Made under commitment By purpose of loan: Feeder livestock Other livestock Other current operating expenses Farm machinery and equipment Farm real estate Other LARGE BANKS11 Amount of loans (thousands) Number of loans Weighted average maturity (months)* $1-9 8.78- * 9.97 $ * * * * 9.98 * * * $ $ $ * * • • $ * • # * * $ » $ $ $ $ * $ 8.51- 9.31 * 9.55 $ * 15.5 26.9 26.8 39.9 25.5 57.5 38.5 • 35.4 28.2 e 24.9 $ $ * # * $ # * 18.0 26.1 28.2 24.9 *142,470 9,893 8.8 *132,531 3,726 13.7 *108,810 1,705 20.8 *82,574) 674 10.. 9 11.09 .17 10.04-12.00 11.46 .16 10.77-12.25 11.29 .19 1 0 . 5 2 - 1 2 . 13 11.20 .21 10.50-11.95 11.35 10.57 11.18 10.98 11.13 10.55 11.31 10.81 11.52 11.92 9.89 12.10 11.53 10.95 11.34 10.76 11.35 10.44 10.62 44.8 40.6 47.2 42.4 40.9 40.3 61.1 37.5 19.4 4.5 54.0 5.2 3.2 13.7 13.1 3.9 73.5 4. 1 2. 1 3.3 13.2 4.3 72.8 3.7 24.9 $ * 3.2 * 11.33 10.67 .27 10.91-11.78 * # 10.44 * # # * * 45.9 * # 13.3 e 48.6 22.6 * * 44.3 # * # 11.14 .40 10.30-12.08 $ $ 11.33 * $ * 76.4 54.6 # $ 71.4 • • * * * 31.0 * e * • * # * » • • • • * * * • * * • • NOTES The survey of terms of bank lending to business collects data on gross loan extensions made during the first full business week in the mid- month of each quarter by a sample of 340 commercial banks of all sizes. A subsample of 250 banks also report loans to farmers. The sample data are blown up to estimate the lending terms at all insured commercial 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. Construction and land development loans include both unsecured loans and loans secured by real estate. Thus, some of the construction and land development loans would be reported on the statement of condition as reals estate loans and the remainder as business loans. Mortgage loans, purchased loans, foreign loans, and loans of less than $1,000 are excluded from the survey. 1. As of December 31, 1985, assets of most of the large banks were at least § 5.5 billion. For all insured banks, total assets averaged $ 165 million. 2. Average maturities are weighted by loan size and exclude demand loans. 3. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loan and weighted by loan size. 4. The chances are about 2 out of 3 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. 5. The interquartile range shows the interest rate range that encompasses the middle fifty percent of the total dollar amount of loans made. 6. The most common base rate is that rate used to price the largest dollar volume of loans. Base pricing rates include the prime rate (sometimes referred to as a bank's "basic" or "reference" rate); the federal funds rate; domestic money market rates other than the federal funds rate; foreign money market rates; and other base rates not included in the foregoing classifications; 7. Overnight loans mature on the business day after they are made. 8. Demand loans have no stated date of maturity. 9. Nominal (not compounded) annual interest rates are calculated from survey data on the stated rate and other terms of the loan and weighted by loan size. 10. Ihe prime rate reported by each bank is weighted by the volume of loans extended and then averaged. 11. The proportion of loans made at rates below prime may vary substantially from the proportion of such loans outstanding in banks' portfolios. 12. Among banks reporting loans to farmers (Table 5), most "large banks" (survey strata 1 to 3) had over $ 600 million in total assets, and most "other banks" (survey strata 4 to 6) had total assets below $ 600 million.
@FedFRASER