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

June 8, 2023

These minutes reflect the business transacted at the June 8, 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 was held at the FCA office in McLean, Virginia. The meeting began at 9:00 a.m. and 

concluded at 10:07 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 (Secretary); Ward Griffin,

Acting General Counsel; and staff of the FCA and Farm Credit System Insurance Corporation 

(FCSIC). There were nine members of the general public registered to attend. (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 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.
2

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.

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 May 11, 2023

(BM-8-JUN-23-01)

Mr. Hall moved to approve the minutes for the May 11, 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-8-JUN-23-

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 

Yuri Katrinic 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.)

Semiannual Report on Office of Examination Operations 

Dan Fennewald and Angela Greenlee of the Office of Examination presented the

Semiannual Report on Office of Examination Operations.

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

There were no further questions or comments.
3 

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

Chairman Logan expressed that he wanted to take a moment to recognize Pride Month, before 

moving the meeting to adjournment.

Chairman Logan read aloud a written statement in recognition of Pride Month and the recent 

flying of the Pride flag at FCA. Chairman Logan requested that the Secretary include this 

statement in the minutes. (Chairman Logan’s statement is attached as Exhibit F.)

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.

Chairman Logan called the question.

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

The meeting adjourned at 10:07 a.m.

NOTATIONAL VOTE ACTIONS 

There were three notational vote actions approved by the FCA Board from May 11, 2023, through 

June 7, 2023. 

Item 

Number

Action 

Date

Voting 

Results

Subject

NV 23-11 05/12/2023 Approved Farm Credit Administration Budget Reallocation for Office of 

Information Technology Labor

NV 23-12 05/22/2023 Approved Appointment of Ward P. Griffin as Acting General Counsel

NV 23-13 05/31/2023 Approved Farm Credit Administration 2023 Enhanced Workforce Benefits

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

Meeting of the Farm Credit Administration Board held on June 8, 2023.

___________/s/____________

Vincent G. Logan

Chairman and Chief Executive Officer

___________/s/____________

Ashley Waldron

Secretary to the Board

Approved: July 13, 2023
4

Exhibit A 

BOARD AND STAFF PRESENT AT THE 

FCA REGULAR BOARD MEETING 

June 8, 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

OCoS

Hoffman, Bill X

Duran, Maribel X

OCOO

Clark, Patrina X

OEEOI

Burlew, Thais X

OIT

Golley, Jerry X

Versace, Jerry X

Matos, Ricardo X

Rana, Ben X

OCPA

Reuschel, Trevor X

Middleton, Russell X

OGC

Griffin, Ward X

OE

Duffy, Mike X

Fennewald, Dan X

Greenlee, Angela X

Johnson, Hal X

Yaddof, Nicole X

ODAE

D’Antoni, Jeremy X

Katrinic, Yuri X

OIG

Laguarda, Wendy X
5 

ATTENDEES OPEN 

SESSION 

Miller, Kevin X

OSMO

Connor, Joe X

Hudson, Bruce X

Thomas, Elu X

ORP

Kramp, Kevin X

Agans, Autumn X

Suen, Vania X

OCFO

Walters, Sandi X

Gandy, Doug X

OAS

Bell, Vonda X

Keller, Joshua X

FCSIC

Grimaldi, Andrew X

Wynn, Wade X

Smith, Gregory X

Morgan, Matthew X

GENERAL PUBLIC 9
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 

June 8, 2023 

TIME AND DATE: 9:00 a.m., Thursday, June 8, 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 May 11, 2023, Minutes

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

Performance

• Semiannual Report on Office of Examination Operations 

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

May 23, 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 May 11, 2023 

BM-8-JUN-23-01 

Effective Date: June 8, 2023 

Impact on Prior Board Actions: None

THE FCA BOARD HEREBY:

• Approves the minutes for May 11, 2023. 

DATED THIS 8th DAY OF JUNE 2023 

BY ORDER OF THE BOARD

___________/s/___________

Ashley Waldron

Secretary to the Board
Quarterly Report on FCS Conditions 

June 8, 2023

Yuri Katrinic - Senior Economist

Hal Johnson - Senior Financial Analyst

Exhibit D
9

Topics for Open Session

Economic Conditions Affecting the Farm Credit System

 Macroeconomic conditions

 Supply and demand for commodities

 Farm and ranch margin outlook

Farm Credit System Condition and Performance

 System growth and loan portfolio

 Earnings and capital

 Financial Institution Rating System (FIRS)
10

Inflation levels-off, supply chain pressures ease as 

interest rates rise

Source: Federal Reserve, Federal Reserve Bank of New York, Bureau of Labor Statistics 

Federal Funds 

Rate

Core PCE inflation

0%

1%

2%

3%

4%

5%

6%

2020 2021 2022 2023

Consumer inflation and interest rates

Global Supply 

Chain Pressure 

Index

Producer Price 

Index

-4%

0%

4%

8%

12%

16%

-2

-1

0

1

2

3

4

5

2020 2021 2022 2023

Supply chain pressure and wholesale inflation
11

Inflation has shifted from goods to services

▶ Early pandemic:

▪Supply chain disruptions

▪Changing consumption trends

▪Inflation in goods

▶ Today:

▪Normalized consumption

▪Labor and housing shortages

▪Inflation in services

Source: Bureau of Labor Statistics

Services, less 

energy

Durable Goods

-5%

0%

5%

10%

15%

20%

25%

2018 2019 2020 2021 2022 2023

Change in CPI for core services and 

durable goods since 2018
12

Workforce struggles to meet demand for labor

Source: Bureau of Labor Statistics

Unemployment

Participation, Age 25 to 54

78%

80%

82%

84%

0%

5%

10%

15%

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

▶ 1.6 job openings per applicant, Unemployment and labor force participation

down from 2

▶ Fed continues to watch wages to

inform interest rate decisions

▶ Longer term labor supply

constraints from aging population
13

High mortgage rates weigh on housing market

Source: Census Bureau, Department for Housing and Urban Development

Monthly supply 

of new houses

Median sales 

price 

-50%

-25%

0%

25%

50%

75%

2020 2021 2022 2023

Change since 2020

Change in supply and price of houses

Housing starts

30-year fixed

rate mortgage

2%

4%

6%

8%

800

1,200

1,600

2,000

2020 2021 2022 2023

Thousands of Units

Housing starts and mortgage rates
14

Consumer debt and spending continues to evolve 

with inflation and wage growth

Source: New York Fed Center for Microeconomic Data, Bureau of Economic Analysis

Auto

Credit cards

Personal Loans

3%

4%

5%

6%

7%

8%

9%

10%

Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23

Total household debt, 90+ days delinquent

$11

$12

$13

$14

$15

Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23

Trillions 

Real consumer spending 
15

Weather has improved from a year ago

2020

2021

2022

2023

1,040

1,050

1,060

1,070

1,080

1,090

1,100

JAN MAR MAY JUL SEP NOV

Feet above sea level

Lake Mead water surface elevation

Source: U.S. Drought Monitor, Bureau of Reclamation 

0% 25% 50% 75% 100%

Missouri

Iowa

Washington

South Dakota

Oklahoma

Idaho

Kansas

Nebraska

Wyoming

Colorado

Montana

Oregon

Arizona

California

Severe drought by state

2023

2022
16

Commodity prices and production costs fall

Source: Bureau of Labor Statistics, Energy Information Administration, Green Markets, Chicago Board of Trade

Fertilizer

Producer Price Index 

Ag Equipment

Diesel

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

May-22 Aug-22 Nov-22 Feb-23 May-23

Change in input costs last 12 months

Wheat

Soybeans

Corn

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

May-22 Aug-22 Nov-22 Feb-23 May-23

Change in commodity prices last 12 months
17

Livestock producer margins diverge

▶ Cattle

▪High calf demand as pastures

improve

▪High beef prices after herd

reductions

▪Lower feed costs

▶ Hogs

▪Higher than expected supplies

▪Tepid export demand

▪California production policy

changes

Source: Iowa State University

Hogs farrow to 

finish

Steer calves to 

finish

-$20

-$10

$0

$10

$20

Apr-22 Jul-22 Oct-22 Jan-23 Apr-23

$/cwt

Iowa estimated returns
18

Questions
Farm Credit System

Condition and Performance

as of March 31, 2023

Hal Johnson

Senior Financial Analyst

Office of Examination
System growth slows in the first quarter

Source: Federal Farm Credit Banks Funding Corporation Information Statements 20

2.0% 1.6% 1.5%

4.6%

2.0%

0.4% 0.8%

5.6%

4.7%

-0.8%

1.2%

3.2%

1.0%

Portfolio Loan Growth

(% change year-over-year)

2.2%

-6.1%

10.1%

3.5%

1.2%

-8.8%

30.1%

2.3%

-1.0%

-8.0%

10.8%

7.3%

RE Mortgage

(45%)

Prod. & Intermediate

(16%)

Agribusiness

 (20%)

Rural Infrastructure

(13%)

Loan Growth by Loan Type

(% change from prior quarter) +1.6% Qtr +1.0% Qtr

+7.0% 12M +4.7% 12M

Total 

Assets

3/31/23

$484.5

billion

Gross

Loans

3/31/23

$377.0

billion
Source: Federal Farm Credit Banks Funding Corporation Information Statements 21

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

Nonperforming assets rise, but overall level 

remains low

$2,022

$2,282 $2,347

$1,897

$1,578

$1,755

$2,007

0.78%

0.83% 0.82%

0.60%

0.46% 0.47%

0.53%

Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23

Nonaccrual Loans

Accruing Restructed Loans

Accruing 90 days+ Past Due

Loans

OPO

% Nonperforming Assets (1)

Nonperforming Assets

3.3%

3.0%

5.0%

4.8%

1.1%

3.8%

3.6%

6.0%

4.7%

0.7%

5.6%

5.5%

8.5%

6.6%

1.2%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

Total

Portfolio

Real Estate

Mortgage

Production &

Intermediate

Agribusiness

Rural

 Infrastructure

Mar-23 Mar-22 Mar-21

Loans Classified Less than Acceptable

(% of loans outstanding)
1st quarter earnings impacted by increased 

provisions and higher noninterest expenses

Source: Federal Farm Credit Banks Funding Corporation Information Statements 22

4.40%

3.56% 3.16%

3.79%

5.16%

2.36%

1.30% 0.83% 1.63%

3.18%

2.04%

2.26% 2.33%

2.16%

1.98%

2.42% 2.46% 2.46% 2.39% 2.41%

2019 2020 2021 2022 Q1 2023

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

% Net Interest Spread % Net Interest Margin

Net Interest Spread | Net Interest Margin

8.6%

6.3%

3.6%

5.2% 4.8%

10.3% 9.6%

7.6%

1Q-16 1Q-17 1Q-18 1Q-19 1Q-20 1Q-21 1Q-22 1Q-23

Average Earning Assets 

(% change year-over-year)

1,157 

1,244 1,266 1,288 

1,432 

1,693 1,758 1,722 

69 37 69 65 57 28 

(5)

236 

1Q-16 1Q-17 1Q-18 1Q-19 1Q-20 1Q-21 1Q-22 1Q-23

System Net Income

Provisions for Loan Losses

System Earnings

(for the quarter ended Mar. 31)
System continues to be strongly capitalized 

Capital

(as of March 31, 2023)

▶ Total capital grew by 2.5% or $1.7

billion for the quarter.

▶ The System’s capital-to-assets

ratio increased to 14.5% compared

with 14.4% at year-end.

▶ Total regulatory capital ratios:

- Banks: 12.5% to 17.6%

- Associations: 11.8% to 34.2%.

▶ Over 80% of System institutions

were in the capital benchmark 1

range and all institutions were in

the benchmark 1 or 2 range.

Source: Federal Farm Credit Banks Funding Corporation Information Statements 23

$45.7

$48.8

$52.3

$55.4

$58.4

$61.7

$65.5

$69.5 $68.6 $70.3

16.2% 16.1% 16.4% 16.8% 16.7% 16.9% 16.4% 15.9%

14.4% 14.5%

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23

System Capital ($B)

(at quarter-end)

capital-to-assets ratio
Accumulated other comprehensive loss 

improves; Bank liquidity levels are strong

24

(1,297) (1,534) (1,735)

(621) (1,210)

(5,492) (4,871)

16.9%

14.5%

16.6%

17.3%

15.5%

accumulated other comprehensive loss

capital-to-assets ratio

capital-to-assets ratio excl. AOCL

23

37

86

44

80 49

29

72

82

56

77 64

9

18

2

12

194

160

194 192

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

(as of March 31, 2023)

Accumulated Other Comprehensive Loss

Source: Federal Farm Credit Banks Funding Corporation Information Statements and Farm Credit System Call Reports
Composite FIRS ratings remain steady

FIRS Ratings

(based on 3/31/23 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.

Composite FIRS Ratings

Farm Credit System Banks and Associations

25

44 39 34 30 32 33 35 34

31

29

32 35 35 32 26 25

2

5 7 7 4 4

3 3

0

10

20

30

40

50

60

70

80

90

1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 1/1/23 4/1/23

Number of Rated Institutions

1 Rated 2 Rated 3 Rated or lower

Source: FCA’s FIRS ratings database
Semi-Annual Report on 

Office of Examination 

Operations

June 8, 2023

Dan Fennewald, Deputy Director 

Angela Greenlee, Director of Operations

Office of Examination

FCA Board Meeting 

June 2023 Exhibit E

26
OE Operations Agenda Topics

▶ Fiscal Year 2023 Operating Plan Objectives

• Risk Supervision and Examination Activities

• Public Mission

• Operational Efficiency and Effectiveness

• Human Capital

27
Risk Supervision & Examination

▶ Conducted onsite examination and/or oversight

activities at all funding banks, 29 associations, and 4

other entities

▶ Issued 28 reports of examination, 17 interim activity

letters, and 32 FIRS Letters

▶ Maintained a higher level of supervisory oversight at

four System institutions

▶ Issued examination guidance

28
Risk Supervision & Examination (continued)

▶ National Oversight Plan Focus Areas

• Risk management practices in an uncertain environment

• Phaseout of the London Interbank Offered Rate

• Current Expected Credit Losses (CECL) implementation

• Standards of Conduct

▶ Completed or on target to complete the 5 systemic risk

strategies and the 5 institution risk strategies

29
Public Mission

▶ Young, Beginning, and Small Farmers (YBS) Programs

• Made progress on strategies related to the YBS rating system

and YBS data

▶ Small, low risk associations

• Issued a memo to System institutions clarifying our

expectations for internal audit programs at certain low-risk

institutions

• Provided additional guidance to examiners on differential

expectations for smaller associations with a lower risk profile

30
Operational Efficiency and Effectiveness

▶ Examination Tools

• Continued developing the Examiner Feedback application

• Made enhancements to the EDGe application and reports

▶ OE Operational Processes

• Developed the Risk Control Matrix for OE OMB A-123 audits

▶ FCS Loan Database

• Continued to assess and improve data reliability and develop

new reports

31
Human Capital

▶ On target to complete strategies related to training,

development, recruitment and retention, and knowledge

transfer

• Hired 13 associate examiners and 6 technical specialists

• Attrition levels declined to 6 percent compared to 14 percent at

the same time last year

• OE Conference planned for August 2023

32
Human Capital (continued)

▶ We are on target with total staff, but remain below

target for commissioned examiners

Total OE Staff

Total OE Staff Planned Projected Variance

Beginning FY 2023 179 173 (6)

Attrition | Retirements (15) (15) 0

Hirings 16 23 7

Ending FY 2023 180 181 1 

Commissioned Examiners

Commissioned Examiners Planned Projected Variance

Beginning FY 2023 87 84 (3)

Attrition | Retirements (7) (8) (1)

Hirings 2 3 1 

Newly Commissioned 7 2 (5)

Ending FY 2023 89 81 (8)

33
OE Budget Results

▶ Fiscal YTD as of 3/31/2023

• Actual expenses are in line with budget as we return to normal

travel

• Full Time Equivalents (FTEs) projected to be slightly over budget

Funds Used

$17.7

47.3%

Funds 

Remaining

$19.7

52.7%

FY 2023 OE Budget

As of 3/31/2023 

FTEs

♦ Projected Full Year FTEs 178.2

♦ Budgeted Full Year FTEs 177.7

Budget Variance 0.5 

34
Summary

▶ Effectively conducted examination and oversight

activities through the 1st half of FY 2023

▶ On target to complete 2023 Operating Plan objectives

▶ Focusing on ensuring OE has sufficient highly skilled

staff to accomplish our mission

▶ Actively managing our budget as we return to

normalized travel

35
Discussion

THANK YOU

36
Exhibit F

Statement on Pride Month and Flying the Pride Flag at FCA

Vincent G. Logan

FCA Board Chairman and Chief Executive Officer

Farm Credit Administration Board Meeting

June 8, 2023 

June is Pride Month. It is an opportunity to honor and celebrate the generations of LGBTQI+

individuals who fought to make our country more inclusive and more vibrant, including 

those who served our nation to preserve our freedom. It is also a moment to reflect on the

trials many have and continue to face in day-to-day life – experiences I know personally – 

just for being their true selves. We have made tremendous progress, but we still have work

to do.

In President Biden’s proclamation recognizing Pride Month on May 31, he said, “I call upon

the people of the United States to recognize the achievements of the LGBTQI+ community,

to celebrate the great diversity of the American people, and to wave their flags of pride

high.” In keeping with the president’s sentiment, and at the request of our PRIDE at FCA

Special Emphasis Program, we raised the first official Pride flag at our headquarters earlier 

this week. 

This country, and we as an agency, are stronger when our public servants reflect the

diversity that makes this country great. FCA respects and is proud of our PRIDE members,

and we recognize their contributions to this agency during Pride month and beyond. 

Thank you. 

37