1 

Vincent G. Logan, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member 

MINUTES OF THE REGULAR MEETING 

OF THE 

FARM CREDIT ADMINISTRATION BOARD 

April 13, 2023

These minutes reflect the business transacted at the April 13, 2023, Regular Meeting of the Farm 

Credit Administration Board (FCA Board) pursuant to the Government in the Sunshine Act, 5 

U.S.C. § 552b, and the regulations of the Farm Credit Administration (FCA) adopted thereunder.

The meeting began at 9:00 a.m. and concluded at 9:39 a.m.

Members of the Board present were:

Vincent G. Logan, Chairman and Chief Executive Officer

Jeffery S. Hall, Member

Glen R. Smith, Member

The above named constitute the full Board.

Others present included Ashley Waldron, Secretary to the Board; Clark Ogilvie, General 

Counsel; staff of the FCA and Farm Credit System Insurance Corporation (FCSIC); and 11

members of the general public. (A list of Board and staff attendees is attached as Exhibit A.)

Chairman Logan announced that this meeting of the Board is a hybrid physical/virtual meeting.

Chairman Logan asked everyone to say the Pledge of Allegiance with him as the Flag was 

displayed on the presentation screen.

Chairman Logan asked the Secretary to the Board to address technical and protocol items.

The Secretary addressed technical and protocol items.

The Secretary read a statement that announced the meeting would be conducted according to 

the requirements of the Government in the Sunshine Act.

Chairman Logan reviewed the published agenda. (A copy of the Public Announcement 

publishing the agenda for the meeting is attached as Exhibit B.)

Mr. Hall moved to adopt the agenda as published.

Mr. Smith seconded the motion.
2 

There being no further discussion, Chairman Logan called the question.

The Secretary polled the Board Members and the motion carried unanimously.

Mr. Smith noted that the agenda did not include portions of the meeting that should be closed to 

the public as permitted by the Government in the Sunshine Act and therefore moved that the 

entire meeting remain open. 

Mr. Hall seconded the motion.

There being no further discussion, Chairman Logan called the question.

The Secretary polled the Board Members and the motion carried unanimously.

OPEN SESSION

Approval of Minutes

Minutes for March 9, 2023 

(BM-13-APR-23-01) 

Mr. Hall moved to approve the minutes for the March 9, 2023, FCA regular Board meeting. 

Mr. Smith seconded the motion.

There being no further discussion, Chairman Logan called the question.

The Secretary polled the Board Members and the motion carried unanimously. (BM-13-APR23-01) 

(A copy of the official “Board Action Item” is attached as Exhibit C.)

Reports

Quarterly Report on Economic Conditions

and Farm Credit System Condition and Performance

Gregory Lyons of the Office of Data Analytics and Economics and Hal Johnson of the 

Office of Examination presented the Quarterly Report on Economic Conditions and Farm Credit 

System Condition and Performance. 

Chairman Logan asked if there were any questions or comments from the Board.

There were no further questions or comments.

(A copy of the PowerPoint presentation is attached as Exhibit D.)

ADJOURNMENT

There being no further business to come before the Board, Chairman Logan indicated he would 

entertain a motion to adjourn the meeting.

Mr. Smith moved that the meeting be adjourned.

Mr. Hall seconded the motion.
3 

Chairman Logan called the question.

The Secretary polled the Board Members and the motion carried unanimously.

The meeting adjourned at 9:39 a.m.

NOTATIONAL VOTE ACTIONS 

There were five notational vote actions approved by the FCA Board from March 9, 2023, through 

April 12, 2023. 

Item 

Number

Action 

Date

Voting 

Results

Subject

NV 23-05 03/20/2023 Approved Spring 2023 Abstract Update of the Unified Agenda of Federal 

Regulatory and Deregulatory Actions and Spring 2023 Regulatory 

Projects Plan

NV 23-06 03/21/2023 Approved Extension of Comment Period: Advance Notice of Proposed 

Rulemaking – Farmer Mac Capital Framework

NV 23-07 04/05/2023 Approved Proposed Plan of Merger of Farm Credit of New Mexico, ACA, and 

American AgCredit, ACA

NV 23-08 04/06/2023 Approved Retroactive 2023 Locality Rate Adjustment for Bloomington, Dallas, 

Denver, and Sacramento

NV 23-09 04/07/2023 Approved Establishment of the Office of the Chief of Staff and Realignment of 

Offices and Functions

The undersigned hereby certify that the foregoing minutes are the official minutes of the regular 

meeting of the Farm Credit Administration Board held on April 13, 2023.

___________/s/____________

Vincent G. Logan

Chairman and Chief Executive Officer

___________/s/____________

Ashley Waldron

Secretary to the Board

Approved: May 11, 2023
4

Exhibit A 

BOARD AND STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING 

April 13, 2023

Vincent G. Logan, Chairman and Chief Executive Officer

Jeffery S. Hall, Board Member

Glen R. Smith, Board Member

ATTENDEES OPEN 

SESSION 

Office of the Board

Logan, Vincent X

Hall, Jeffery X

Smith, Glen X

Lund, Zachary X

Donner, Mary Alice X

Stokke, Michael X

Greer, Kristin X

Calhoun, Gaye X

Lewandrowski, Barbara X

Waldron, Ashley X

Hoffman, Bill X

COO

Coleman, Robert X

OEEOI

Burlew, Thais X

Fish, Tyler X

Major, Sara Lynn X

OIT

Versace, Jerry X

Matos, Ricardo X

Rana, Ben X

OCPA

Reuschel, Trevor X

Middleton, Russell X

OGC

Ogilvie, Clark X

Griffin, Ward X

OE

Duffy, Mike X

Fennewald, Dan X

Greenlee, Angela X

Johnson, Hal X

ODAE

Shields, Dennis X

Iannetta, Sal X

Lyons, Greg X

OIG

Laguarda, Wendy X
5 

ATTENDEES OPEN 

SESSION 

Miller, Kevin X

OSMO

Connor, Joe X

Hudson, Bruce X

ORP

Kramp, Kevin X

Agans, Autumn X

OCFO

Walters, Sandi X

Gandy, Doug X

OAS

Bell, Vonda X

Clark, Patrina X

FCSIC

Simonson, John X

Wynn, Wade X

Smith, Gregory X

Morgan, Matthew X

GENERAL PUBLIC 11
6 

Exhibit B 

Farm Credit Administration 1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

PUBLIC ANNOUNCEMENT OF 

MEETING SUBJECT TO THE GOVERNMENT IN THE SUNSHINE ACT

Farm Credit Administration Board 

Regular Meeting 

April 13, 2023

TIME AND DATE: 9:00 a.m., Thursday, April 13, 2023.

PLACE: You may observe this meeting in person at 1501 Farm Credit Drive, McLean, 

Virginia 22102-5090, or virtually. If you would like to observe, at least 24 hours in advance, 

visit FCA.gov, select “Newsroom,” then select “Events.” From there, access the linked 

“Instructions for board meeting visitors” and complete the described registration process.

STATUS: This meeting will be open to the public.

MATTERS TO BE CONSIDERED: The following matters will be considered:

• Approval of March 9, 2023, Minutes

• Quarterly Report on Economic Conditions and Farm Credit System Condition and 

Performance

CONTACT PERSON FOR MORE INFORMATION: If you need more information or assistance 

for accessibility reasons, or have questions, contact Ashley Waldron, Secretary to the Board. 

Telephone: 703-883-4009. TTY: 703-883-4056.

___________/s/___________

Ashley Waldron

Secretary to the Board

March 29, 2023
7 

Exhibit C 

Farm Credit Administration 

BOARD ACTION ITEM

1501 Farm Credit Drive

McLean, VA 22102-5090

(703) 883-4000

FCA BOARD ACTION ON

Minutes for March 9, 2023 

BM-13-APR-23-01

Effective Date: April 13, 2023 

Impact on Prior Board Actions: None

THE FCA BOARD HEREBY:

• Approves the minutes for March 9, 2023. 

DATED THIS 13th DAY OF APRIL 2023 

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board
Exhibit D

Quarterly Report on FCS Condition

April 13, 2023

FCA Board Meeting

April 2023

Greg Lyons

Hal Johnson
2

Topics for Open Session

Economic Conditions Affecting the Farm Credit System

 Farm income outlook

 Review of recent shocks to farm incomes

 Farmland markets

Farm Credit System Condition and Performance

 System growth and loan portfolio

 Earnings and capital

 Financial Institution Rating System (FIRS)
Economic Conditions Affecting 

the Farm Credit System

Greg Lyons

Senior Economist

Office of Data Analytics and Economics
4

Commercial banking update

20

40

60

80

100

120

140

160

180

Jan-2020 Jan-2021 Jan-2022 Jan-2023

DISCOUNT WINDOW PRIMARY CREDIT

($BILLIONS)

Discount Window Primary Credit

Source: Federal Reserve Bank of Chicago National Financial Conditions Index and Federal Reserve Board of Governors, Factors Affecting Reserve Balances – H.4.1

-1

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

2020 2022

ADJUSTED INDEX

Risk Credit Leverage Adjustments

Tighter financial conditions

Looser financial conditions 

Adjusted National Financial Conditions Index
5

Labor markets are very tight, with few signs of 

near-term improvement

5

10

15

20

25

30

35

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023

MILLIONS

Unemployment level NILF - want a job now

Job openings: total nonfarm

Source: BLS Employment Situation Report; BLS Job Openings and Labor Turnover Survey and Federal Reserve Bank of Atlanta Wage Growth Tracker. 

NILF = not in the labor force; individuals who are not working, and who have not actively looked for work in the last 4 weeks.

Wage growth rate represents 12-month moving average.

Job openings and people available to work

0

1

2

3

4

5

6

7

8

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

GROWTH RATE (%)

1st 4th Overall

Percent wage growth by income quartile
6

Inflation shows some signs of moderating

4.23

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

EXPECTED INFLATION RATE (%)

Median one-year ahead expected inflation rate Actual CPI

Shaded area represents 25th to 75th

expectation range 

Source: Federal Reserve Survey of Consumer Expectations. Expected inflation 

rate represents one-year-ahead expectations. 

Actual vs. Consumer Expected Inflation Rate

Mixed evidence of easing costs

 Energy and food plateau

 Wage growth has not slowed

 Service / good producer costs diverge

Consumer demand strong at the moment

 Savings and credit show strain

 Goods purchases slow

Federal Reserve response
7

Farm income forecast trends towards baseline

Changes to Net Cash Farm Income, 2022 vs. 2023F

150.6

Source: USDA Economic Research Service Farm Income and Wealth Statistics

Dashed line represents 2000 – 2021 average NCFI

Income Expenses

Net farm income projected to fall, but 

remain well above recent historic 

averages

Income drivers are similar to 2022, 

though impacts are lessened

Higher expenses often outlast higher 

incomes through agricultural cycles 
8

Commodity prices remain elevated, but futures 

indicate potential weakening

60

80

100

120

140

160

180

Jan-2020 Jul-2020 Jan-2021 Jul-2021 Jan-2022 Jul-2022 Jan-2023

INDEX (2011 = 100)

Crops Livestock Fruit & Tree Nut

Aggregate Commodity Indexes

Source: USDA NASS Agricultural Prices. Indexes represent prices received by growers. 

Common themes

 High input costs

 Slowing exports

Crops

 Global stocks remain low through 2022/23

 Rebound in global harvested in 2023

Livestock

 Lower demand tightens profitability

 Endemic animal diseases add uncertainty

Specialty Commodities

 Weather-dependent outcomes

 Export concentration shapes outlook
9

High U.S. prices and foreign competition slow exports

U.S. annual export quantities

10

20

30

40

50

60

70

80

Corn Soybeans Wheat

EXPORTS, MMT

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 (F)

.0

.5

1.0

1.5

2.0

2.5

3.0

3.5

Dairy Beef Pork

EXPORTS, MMT

2018 2019 2020 2021 2022 2023 (F)

Crops Livestock

Source: USDA Foreign Agricultural Service Production, Supply and Distribution Database. Marketing year for crops; calendar year for livestock products. (F) denotes 

March 2023 forecast. 
10

End of La Niña helps moderate drought, but large 

pockets of strain persist

Source: NOAA National Weather Service Climate Prediction Center 
11

Supply chains improve, though agricultural 

transportation sees continued strain

0

50

100

150

200

250

300

350

400

450

-1

0

1

2

3

4

5

Jan-2020 Jan-2021 Jan-2022 Jan-2023

TRUCKING RATE INDEX (2000 = 100)

GLOBAL SUPPLY CHAIN PRESSURE INDEX

GSCPI Grain Transport Cost Indicator - Trucks

Select transportation indexes

Source: Federal Reserve Bank of New York Global Supply Chain Pressure Index 

and USDA AMS, Grain Transport Cost Indicators

General transport measures normalize

 Shipping volumes

 Vessel container costs 

 Trains and vessel absorption

Residual strain within agriculture

 Domestic transportation costs

 U.S. export costs

 Brazilian soybean transport cost advantage
12

Many input costs decline, but farm machinery 

continues to face tight supplies, high demand 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Jan-2021 Jan-2022 Jan-2023

PRICE PER TON

Anhydrous Ammonia Urea Liquid Nitrogen Red Potash

Sources: USDA Agricultural Marketing Service Iowa Production Cost Report and Iron Solutions 

Iowa average fertilizer costs

-10%

0%

10%

20%

30%

40%

50%

Jan-2020 Jan-2021 Jan-2022 Jan-2023

PERCENT INCREASE

Large Combines Large Tractors High Capacity Sprayers

Equipment price changes
13

Agricultural impacts from the war in Ukraine 

will continue after hostilities end 

Source: StoneX

Broad array of consequences

 Production loss

 Fertilizer

 Transport costs

 Energy

Long tail of impact

 Infrastructure repair

 Capital replacement

 Land rehabilitation
14

Land value growth cools in 2022, with some regional 

variation

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

MEAN TRANSACTED PRICE ($ / ACRE)

AgFirst AgriBank CoBank Texas National

Source: ODAE calculation using CoreLogic farmland transaction data

Average transacted farmland value by FCA district territory

Midwest: slower, but persistent growth

 Divergence in growth by land quality

Mixed evidence in West, Southern regions

 Waning non-farm pressures

 Less benefit from current commodity prices

Potential signs of softening

 Declines in total transactions

 Growth in auction values slows 
15

Questions

THANK YOU
Farm Credit System

Condition and Performance

Hal Johnson

Senior Financial Analyst

Office of Examination
Strong asset growth continued in 2022

Source: Federal Farm Credit Banks Funding Corporation Information Statements 17

+2.7% Qtr +3.2% Qtr 

+9.4% 12M +8.5% 12M 

Total 

Assets

12/31/22

$477.1

billion

Gross

Loans

12/31/22

$373.3

billion

5.0%

6.1%

11.3%

19.5%

0

0

0

0

0

RE Mortgage

(46%)

Production &

Intermediate

(18%)

Agribusiness

(18%)

Rural

Infrastructure

(12%)

Loan Growth by Loan Type

(% change year-over-year)

4.8%

8.0%

8.7%

5.5%

4.5%

5.2% 5.0%

9.9%

9.0% 8.5%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Portfolio Loan Growth

(% change year-over-year)
3.2%

2.9%

4.5%

5.1%

1.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

Total

Portfolio

Real Estate

Mortgage

Production &

Intermediate

Agribusiness

Rural

 Infrastructure

Dec-22 Dec-21 Dec-20

Source: Federal Farm Credit Banks Funding Corporation Information Statements 19

$2,022

$2,282 $2,347

$1,897

$1,578

$1,755

0.78%

0.83% 0.82%

0.60%

0.46% 0.47%

Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Nonaccrual Loans

Accruing Restructured Loans

Accruing loans 90 days+ Past

Due

Other Property Owned (OPO)

% Nonperforming Assets (1)

(1) calculated as a percentage of gross loans outstanding and other property owned

Nonperforming Assets Loans Classified Less than Acceptable

(% of loans outstanding)

Credit quality remained strong
Portfolio is diversified by commodity

Loan Portfolio by Commodity Concentration

Source: Federal Farm Credit Banks Funding Corporation Information Statements 19

Cash Grains 55,669 14.9% 2.7%

Tree Fruits, Nuts & Grapes 23,289 6.2% 8.2%

Field Crops 19,440 5.2% 4.1%

Other Crop Production 19,342 5.2% 6.4%

Total Crop Production 117,740 31.5% 4.6%

Cattle 33,315 8.9% 6.7%

Dairy Farms 22,016 5.9% 0.9%

Poultry & Eggs 9,520 2.6% 3.0%

Hogs 8,413 2.3% 6.0%

Other Livestock 9,839 2.6% 6.4%

Total Animal Production 83,103 22.3% 4.6%

Rural Infrastructure 44,215 11.8% 19.5%

Food Products 32,379 8.7% 22.3%

Rural Home 22,326 6.0% 7.8%

Forestry 21,444 5.7% 7.7%

Farm Supply & Marketing 15,962 4.3% -3.2%

Other 36,097 9.7% 15.5%

 Total 373,266 100.0% 8.5%

 System Loan Portfolio

($ in millions) Dec-22 % of Total

 Portfolio

% chg.

yr. over yr.

Cash Grains

14.9%

Rural 

Infrastructure

11.8%

Cattle

8.9% Food 

Products

8.7%

Tree Fruits, 

Nuts & Grapes

6.2%

Rural Home

6.0%

Dairy Farms

5.9%

Forestry

5.7%

Field 

Crops

5.2%

Other 

Crops

5.2%

Farm Supply & 

Marketing

4.3%

Other 

Livestock

2.6%

Poultry & Eggs

2.6%

Hogs

2.3%

Other

9.7%
Loan volume is geographically dispersed

Top 5 States % of 

Portfolio

California 11.9%

Texas 8.0

Illinois 5.4

Iowa 4.9

Minnesota 4.1

Source: FCS Information Statement 20

Percentage of System Loan Volume by State

(at Dec. 31, 2022 - only states with at least 1% are displayed)
Strong loan growth drives increased earnings

Source: Federal Farm Credit Banks Funding Corporation Information Statements 21

$4,848

$5,189 $5,332 $5,446

$6,002

$6,796

$7,268

$266 $197 $194 $169 $107

-$152

$40

2016 2017 2018 2019 2020 2021 2022

System Net Income

Provisions for Loan Losses

System Earnings

(for the year ended Dec. 31)

9.0%

3.8% 4.4% 5.1%

7.8% 7.8%

11.2%

2016 2017 2018 2019 2020 2021 2022

3.75 4.21 4.40 

3.56 3.16 

3.79 

1.50

2.09 2.36

1.30 0.83

1.63

2.25 

2.12 

2.04 

2.26 2.33 

2.16 

2.48 2.46 2.42 2.46 2.46 

2.39 

2017 2018 2019 2020 2021 2022

% Rate: Earning Assets % Rate: Interest-Bearing Liab.

% Net Interest Spread % Net Interest Margin

Net Interest Spread | Net Interest Margin

Average Earning Assets 

(% change year-over-year)
Capital levels remain sound despite decline

System Capital

(at December 31, 2022)

▶ Total Regulatory capital levels:

- Banks: 13.5% to 16.9%

- Associations: 12.1% to 33.1%.

▶ Over 84% of System institutions 

were in the Capital benchmark 1 

range and all were in the 

benchmark 1 or 2 range.

▶ The System’s capital-to-assets 

ratio equaled 14.4% at year-end, 

down from 15.9%.

Source: Federal Farm Credit Banks Funding Corporation Information Statements

$30.0

33.3

35.9

38.6

42.6

45.7

48.8

52.3

55.4

58.4

61.7

65.5

69.5 $68.6

10.5% 11.0%

8.1% 7.4%

10.3%

7.3% 6.8% 7.1% 5.9% 5.5% 5.6% 6.2% 6.0%

-1.3%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

year-over-year 

capital growth

Total System Capital ($B)

(at December 31)

22
Strong asset growth and rising interest rates 

impact the System’s capital-to-asset ratio

17.1%

12.7%

16.3%

15.9%

14.4%

-2%

1%

4%

7%

10%

13%

16%

19%

22% % year-over-year asset growth

% year-over-year capital growth

capital-to-assets ratio

(1) Accumulated other comprehensive loss Source: Federal Farm Credit Banks Funding Corporation Information Statements

(1,210)

(5,492)

12.7%

15.9%

14.4%

17.1%

13.6%

16.2%

15.5%

AOCL ($M) capital-to-assets ratio capital-to-assets ratio excl. AOCL

Impact of AOCL(1)

on the capital-to-asset ratio System growth and the capital-to-asset ratio

23
24

Quality of capital and liquidity are strong

Source: Federal Farm Credit Banks Funding Corporation Information Statements and Farm Credit System Call Reports

25 31

67

29

77

42

35

65

112

56

74 82

7

30

7 21

221

159

183

197

0

50

100

150

200

250

AgFirst FCB AgriBank FCB CoBank ACB FCB of Texas

Supplemental

Level 3:

Level 2:

Level 1:

90 day 

regulatory 

minimum

Days of Liquidity | Farm Credit System Banks

(at December 31, 2022)

AOCL (b)

($5,492)

-8.0%

Restricted capital (a)

$6,673

9.7%

Retained earnings

$57,273

83.5%

Add'l paid-in 

capital

$4,597

6.7%

Capital stock

$2,134

3.1%

Preferred Stock

$3,416

5.0%

Capital Components

(at December 31, 2022)

(a) Restricted capital represents capital associated with the Insurance Fund

(b) Accumulated other comprehensive loss

System Capital

$68.6 billion
Composite FIRS ratings improve

FIRS Ratings

(based on 12/31/22 financial reporting)

▶ Composite FIRS ratings reflect the 

System’s sound financial condition.

▶ Over 95% of System banks and 

associations have a Composite FIRS 

rating of 1 or 2.

▶ Institutions rated 3 or lower represent 

just over 1% of System assets. 46 44

39

34 30 32 33 35

29 31

29

32

35 35 32 26

3 2

5 7 7 4 4

3

0

10

20

30

40

50

60

70

80

90

1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 1/1/23

Number of Rated Institutions

1 Rated 2 Rated 3 Rated or lower

Composite FIRS Ratings

Farm Credit System Banks and Associations

25