Federal Reserve Statistical Release E.15 (125) 

Board of Governors of the Federal Reserve System 

Agricultural Finance Databook 

Second Quarter 2003 

Contents Page

A. Amount and Characteristics of Farm Loans Made by Commercial Banks . . . . . . . . . . 2 

Summary charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Tables 

A.1. Number of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 

A.2. Average Size of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 

A.3. Volume of Non-real-estate Bank Loans . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 7 

A.4. Average Maturity of Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 

A.5. Average Effective Interest Rates on Non-real-estate Bank Loans . . . . . . . . . . . . . . . . . 9 

A.6. Share of Non-real-estate Bank Loans with a Floating Interest Rate. . . . . . . . . . . . . . . . 10 

A.7. Distribution of Dollar Amount of Non-real-estate Farm Loans . . . . . . . . . . . . . . . . . . 11 

A.8-A.13. Characteristics of Bank Loans to Farmers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 

A.14. Regional Disaggregation of Survey Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

B. Selected Statistics from the Quarterly Reports of Condition of Commercial Banks . . . . 20 

Tables 

Commercial banks 

B.1. Farm Debt Outstanding at Commercial Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 

B.2. Delinquent Non-real-estate Farm Loans Held by Insured Commercial Banks . . . . . . . . . 22 

B.3. Net Charge-offs of Non-real-estate Farm Loans Held by Insured Commercial Banks . . . 23 

B.4. Delinquent Real Estate Farm Loans Held by Insured Commercial Banks. . . . . . . . . . . . . 24 

B.5. Net Charge-offs of Real Estate Farm Loans Held by Insured Commercial Banks. . . . . . . 25 

Agricultural banks 

B.6. Distribution of Agricultural Banks by the Share of Their Total Loans that are 

 Nonperforming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 

B.7. Selected Measures of Financial Performance of Agricultural and Other Small Banks . . . 27 

B.8. Average Loan-Deposit Ratios at Agricultural Banks in Selected Federal Reserve 

 Districts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

B.9. Number of Agricultural Bank Failures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

C. Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values . . . . . . . . . . 30 

Tables 

C.1. Non-real-estate Farm Lending Compared with a Year Earlier . . . . . . . . . . . . . . . . . . . . . 31 

C.2. Expected Farm Loan Volume for the Next Quarter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 

C.3. Indicators of Relative Credit Availability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 

C.4. Average Fixed Interest Rates on Farm Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 

C.5. Average Variable Interest Rates on Farm Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 

C.6. Trends in Farm Real Estate Values and Loan Volume . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 

C.7. Local Trends in Farm Income and Expenditures as Reported in Each Region . . . . . . . . . 42 
1

The Agricultural Finance Databook is a compilation of various data on current developments in agricultural 

finance. Large portions of the data come from regular surveys conducted by the Board of Governors of 

the Federal Reserve System or by Federal Reserve Banks. Other portions come from the quarterly Call 

Report data of commercial banks or from the reports of other financial institutions involved in agricultural 

lending. When the current issue went to press, data from the Survey of Terms of Bank Lending were 

available for the second quarter of 2003; the other data generally were available through the first quarter of 

2003. 

Parts or all of the Agricultural Finance Databook may be copied and distributed freely. Any redistribution 

of selected parts of the databook should be accompanied by the front cover identifying the databook and 

date of issue. Remaining questions may be sent to: 

Agricultural Finance Databook 

Mail Stop 80 

Division of Research and Statistics 

Board of Governors of the Federal Reserve System 

20th Street and Constitution Avenue, NW 

Washington, DC 20551 

 

The databook is available online at http://www.federalreserve.gov/releases/e15. 
2

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook

Section A: Amount and Characteristics of Farm Loans Made by Commercial Banks 

These data are for non-real-estate farm loans of $1,000 or more made by commercial banks. They are 

derived from quarterly sample surveys conducted by the Federal Reserve System during the first full week 

of the second month of each quarter. Data obtained from the sample are expanded into national estimates 

for all commercial banks, which are shown in the following tables. 

Since May 1997, the Federal Reserve has collected data on the assessment by the lender of the risk 

associated with each loan, the next date that the rate of interest could be adjusted, whether the loan was 

callable by the bank, and whether the borrower could prepay the loan without penalty. Over time, the data 

on the lender’s perception of the riskiness of farm loans should help provide a better picture of the effect of 

fluctuations in the creditworthiness of farm borrowers as farm financial conditions or the broader economic 

environment changes. The new data on loan repricing dates, the callability of the loan, and the existence of 

prepayment penalties should help to refine estimates of the duration of farm loans made by commercial 

banks. 

Tables A.8 through A.13 contain most of the new data, whereas the other tables in this section show 

estimates that are comparable to those that have been presented for a number of years. However, for 

several quarters while the new survey was being designed, banks that left the survey panel were not 

replaced immediately because new replacement banks would soon have been forced to revise their newly 

instituted reporting procedures when the new survey form went into effect. As a result, the size of the 

survey panel dwindled through early 1997, and an unusually large number of new reporters (about 25) 

were added with the May 1997 survey. This change did not affect the validity of the May survey 

information, but it likely introduced sampling error, especially when the May survey results are compared 

with those of previous quarters. 

The format and the information contained in the tables are likely to change as more of the new survey 

information is acquired. 

Since November 1991, several survey statistics have been estimated for each of ten farm production 

regions as defined by the United States Department of Agriculture. These statistics, which are presented in 

table A.14, should be treated with some caution. Although an effort was made to choose a good regional 

mix of banks for the panel, the panel never has been stratified by region. Consequently, the survey results 

are less precise for each region than for the totals for the nation. More-detailed results from each quarterly 

survey were previously published in Statistical Release E.2A, Survey of Terms of Bank Lending to 

Farmers. Since February 1992, these results have been included at the end of section A of the databook. 

The E.2A was discontinued in February 1992. 
Chart 1

Number, Size, and Volume of Non-real-estate Farm Loans, 1980-2003

 -- Four-quarter moving average.

 Source. Survey of Terms of Bank Lending to Farmers.

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

1

2

3

4

5

Number of non-real-estate farm loans Millions, annual rate

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

10

20

30

40

50

Average size of non-real-estate farm loans Thousands of dollars

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

25

50

75

100

125

Volume of non-real-estate farm loans

3

Billions of dollars, annual rate
Chart 2

Maturity and Interest Rate of Non-real-estate Farm Loans, 1980-2003

 Note. Effective (compounded) annual interest rates are calculated from the stated rate and other

 terms of the loans and weighted by loan size.

 -- Four-quarter moving average.

 Source. Survey of Terms of Bank Lending to Farmers.

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

4

8

12

16

Average maturity of non-real-estate farm loans 20

Months

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

4

8

12

16

Average effective interest rate on non-real-estate farm loans 20

Percent

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

0

25

50

75

100 Share of farm loans with a floating interest rate

4

Percent
5

A.1. Number of Non-real-estate Bank Loans Made to FarmersMillions

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

Feeder Other operating and to to to and Sm

Period Total livestock livestock expenses1 equipment Other2 9 24 99 over mid

1991...... 2.60 .35 .23 1.64 .17 .21 1.66 .51 .32 .10 1992...... 2.69 .35 .25 1.67 .18 .24 1.67 .54 .37 .11 1993...... 2.70 .36 .27 1.62 .18 .27 1.65 .56 .37 .12 1994...... 2.53 .28 .23 1.56 .18 .27 1.55 .51 .35 .12 1995...... 2.49 .26 .19 1.48 .17 .39 1.45 .57 .36 .12 1996...... 2.22 .18 .17 1.38 .14 .36 1.33 .48 .31 .11 1997...... 2.27 .19 .20 1.40 .15 .33 1.32 .50 .34 .11 1998...... 2.10 .15 .18 1.39 .17 .22 1.20 .45 .33 .12 1999...... 1.96 .14 .16 1.32 .16 .18 1.09 .44 .32 .11 2000...... 1.91 .11 .17 1.30 .13 .19 1.09 .44 .28 .10 2001...... 1.76 .13 .16 1.08 .13 .26 .97 .40 .28 .11 2002...... 1.95 .11 .15 1.34 .12 .23 1.11 .42 .31 .12 1999: Q4... 1.49 .15 .15 .88 .13 .17 .74 .36 .29 .10 2000: Q1... 1.91 .09 .16 1.36 .13 .16 1.07 .43 .27 .14  Q2... 2.27 .12 .19 1.56 .18 .22 1.28 .54 .33 .11  Q3... 1.86 .09 .15 1.29 .12 .20 1.10 .43 .26 .08  Q4... 1.59 .14 .19 .96 .11 .19 .90 .35 .26 .08 2001: Q1... 1.63 .12 .17 .97 .14 .23 .84 .37 .30 .11  Q2... 2.16 .13 .19 1.34 .16 .34 1.23 .49 .32 .12  Q3... 1.66 .09 .13 1.09 .12 .23 1.00 .36 .23 .08  Q4... 1.57 .17 .15 .92 .10 .24 .81 .38 .26 .12 2002: Q1... 1.76 .14 .16 1.10 .13 .24 .90 .39 .34 .14  Q2... 2.44 .11 .15 1.78 .13 .26 1.44 .52 .34 .14  Q3... 1.95 .07 .14 1.40 .14 .20 1.16 .40 .29 .10  Q4... 1.65 .13 .15 1.09 .07 .20 .92 .36 .28 .09 2003: Q1... 1.69 .13 .14 1.08 .16 .18 .84 .37 .33 .15  Q2... 1.81 .11 .12 1.28 .15 .15 1.08 .37 .27 .09  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates aannual rate and are based on loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
6

A.2. Average Size of Non-real-estate Bank Loans Made to FarmersThousands of dollars

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

All Feeder Other operating and to to to and Sm

Period loans livestock livestock expenses1 equipment Other2 9 24 99 over mid

1991...... 31.86 60.97 25.25 15.56 15.08 129.31 3.64 14.90 46.59 539.87 1992...... 31.18 68.23 26.89 14.73 15.94 108.68 3.70 14.82 45.85 468.20 1993...... 34.28 79.68 23.07 15.25 13.91 111.99 3.71 14.94 46.12 490.33 1994...... 33.91 60.27 27.58 16.29 17.54 123.60 3.72 14.57 46.98 480.70 1995...... 33.77 49.68 26.74 18.46 15.59 93.60 3.73 14.72 44.94 451.25 1996...... 39.25 59.00 24.23 26.00 17.23 95.19 3.73 14.95 45.22 545.93 1997...... 31.40 42.33 25.99 16.82 17.79 97.18 3.76 14.86 45.78 385.35 1998...... 32.36 41.46 24.32 18.16 28.10 127.91 3.73 14.78 45.40 357.03 1999...... 30.92 35.63 26.42 21.43 31.82 101.12 3.82 14.83 46.80 322.06 2000...... 26.30 43.25 25.96 21.27 29.27 48.49 3.85 14.94 45.33 258.41 2001...... 29.40 39.71 29.75 20.03 31.76 62.16 3.87 14.76 45.45 269.62 2002...... 28.77 47.63 33.26 21.43 24.44 62.04 3.72 15.02 45.83 269.92 1999: Q4... 31.47 46.45 33.15 24.91 25.91 54.53 4.09 14.90 46.67 242.08 2000: Q1... 31.07 38.53 29.88 27.57 47.97 43.51 3.82 15.15 47.72 256.28  Q2... 25.36 40.29 23.29 20.10 23.30 58.50 3.97 14.76 45.62 255.62  Q3... 22.88 56.90 23.79 18.06 25.56 36.16 3.50 14.83 43.59 273.03  Q4... 25.90 40.24 27.02 18.56 20.65 54.79 4.16 15.11 44.23 252.17 2001: Q1... 33.29 30.14 25.26 24.29 34.58 78.43 3.91 15.23 46.59 274.01  Q2... 26.91 31.36 29.51 19.30 41.18 47.15 3.89 14.50 44.07 263.70  Q3... 23.23 43.62 27.17 16.20 23.42 46.14 3.70 14.68 43.97 255.59  Q4... 35.30 51.03 37.52 21.12 22.89 83.12 4.01 14.69 47.12 280.16 2002: Q1... 33.13 48.19 33.07 25.93 26.71 60.82 3.65 15.01 47.55 237.43  Q2... 23.72 41.55 32.41 18.55 19.26 48.30 3.69 15.06 45.28 216.61  Q3... 28.88 48.00 28.87 21.00 30.85 75.68 3.69 14.83 44.27 329.62  Q4... 31.46 52.06 38.39 22.16 17.78 67.64 3.85 15.19 46.02 333.67 2003: Q1... 35.98 68.86 32.35 27.73 38.74 62.19 3.72 14.88 46.71 249.54  Q2... 24.56 43.91 32.67 17.94 28.73 55.73 3.70 14.66 48.45 241.93  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates aannual rate and are based on loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
7

A.3. Volume of Non-real-estate Bank Loans Made to FarmersBillions of dollars

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

Feeder Other operating and to to to and Sm

Period Total livestock livestock expenses1 equipment Other2 9 24 99 over mid

1991...... 82.8 21.4 5.8 25.5 2.5 27.6 6.1 7.6 15.1 54.0 1992...... 83.7 23.6 6.7 24.6 2.9 26.0 6.2 8.0 16.8 52.8 1993...... 92.6 28.7 6.2 24.7 2.5 30.6 6.1 8.3 17.1 61.0 1994...... 85.7 16.8 6.4 25.4 3.2 33.9 5.8 7.4 16.5 56.0 1995...... 84.1 12.7 5.2 27.3 2.7 36.1 5.4 8.3 16.0 54.4 1996...... 87.3 10.6 4.0 35.9 2.4 34.5 5.0 7.1 13.9 61.3 1997...... 71.4 8.0 5.3 23.6 2.7 31.9 5.0 7.4 15.8 43.3 1998...... 68.0 6.1 4.4 25.2 4.9 27.5 4.5 6.7 14.9 41.9 1999...... 60.6 4.9 4.2 28.4 5.2 18.0 4.2 6.6 15.1 34.9 2000...... 50.2 4.8 4.5 27.6 3.9 9.3 4.2 6.5 12.6 26.8 2001...... 51.6 5.1 4.7 21.7 4.1 16.1 3.7 5.9 12.6 29.3 2002...... 56.2 5.3 5.1 28.8 2.9 14.1 4.1 6.3 14.3 31.5 1999: Q4... 47.0 7.1 5.0 22.0 3.4 9.4 3.0 5.3 13.7 24.9 2000: Q1... 59.4 3.6 4.8 37.6 6.3 7.1 4.1 6.6 12.7 36.0  Q2... 57.4 4.8 4.4 31.5 4.1 12.7 5.1 7.9 15.1 29.3  Q3... 42.6 5.1 3.7 23.4 3.0 7.4 3.8 6.3 11.3 21.2  Q4... 41.2 5.8 5.1 17.8 2.3 10.2 3.7 5.3 11.4 20.8 2001: Q1... 54.3 3.6 4.3 23.7 4.7 18.0 3.3 5.7 13.9 31.4  Q2... 58.0 4.1 5.5 25.9 6.7 15.9 4.8 7.1 14.1 32.1  Q3... 38.6 4.1 3.5 17.7 2.8 10.5 3.7 5.3 10.2 19.5  Q4... 55.6 8.4 5.6 19.4 2.4 19.8 3.2 5.6 12.5 34.3 2002: Q1... 58.5 6.5 5.4 28.5 3.4 14.7 3.3 5.8 16.1 33.2  Q2... 57.9 4.7 5.0 33.1 2.5 12.6 5.3 7.9 15.3 29.4  Q3... 56.4 3.3 4.1 29.4 4.3 15.3 4.3 6.0 12.7 33.4  Q4... 51.9 6.9 5.9 24.0 1.3 13.7 3.5 5.4 12.9 30.0 2003: Q1... 60.8 8.8 4.5 30.0 6.1 11.4 3.1 5.6 15.3 36.9  Q2... 44.4 4.9 3.8 22.9 4.3 8.4 4.0 5.4 13.1 21.9  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates aannual rate and are based on loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
8

A.4. Average Maturity of Non-real-estate Bank Loans Made to FarmersMonths

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

All Feeder Other operating and to to to and Sma

Period loans livestock livestock expenses1 equipment Other2 9 24 99 over mid-

1991...... 7.3 6.7 8.5 7.2 24.6 5.3 7.7 8.3 10.6 5.8 1992...... 8.9 6.1 9.5 8.6 20.1 9.4 8.3 9.7 11.1 7.2 1993...... 9.2 7.3 9.6 8.3 30.4 9.4 8.5 10.0 11.1 7.4 1994...... 10.3 7.6 9.8 8.6 36.6 9.4 8.6 11.6 13.5 7.2 1995...... 9.9 8.7 9.9 8.5 26.5 10.0 9.0 10.8 12.1 8.2 1996...... 8.5 7.8 11.3 7.6 29.4 9.2 8.6 10.5 12.1 7.3 1997...... 9.9 9.1 11.0 10.7 30.6 7.4 8.8 11.6 12.4 8.8 1998...... 9.8 8.0 10.3 9.9 27.5 6.8 8.8 11.3 12.5 8.7 1999...... 11.5 8.0 11.0 11.3 20.1 10.5 9.8 11.2 12.4 11.4 2000...... 11.2 8.0 10.8 9.5 22.4 13.2 9.7 11.5 11.1 11.4 2001...... 13.2 8.5 14.0 10.3 24.3 15.3 9.6 11.9 12.5 14.1 2002...... 11.2 8.6 11.5 10.2 23.3 11.7 9.4 10.9 12.5 10.8 1999: Q4... 11.5 7.7 10.9 8.7 24.1 16.9 9.7 11.1 12.9 11.1 2000: Q1... 11.2 9.0 10.4 10.0 17.4 14.1 9.8 12.0 10.9 11.4  Q2... 11.6 9.7 9.3 10.1 22.3 13.4 10.8 11.9 11.7 11.6  Q3... 11.1 6.7 14.8 9.1 30.7 10.2 9.0 11.2 10.2 11.9  Q4... 10.6 7.2 9.7 7.9 25.8 14.5 8.9 10.5 11.5 10.5 2001: Q1... 18.7 8.7 18.6 12.4 30.6 25.9 9.9 13.3 13.5 23.0  Q2... 11.8 8.1 16.9 10.2 14.0 12.8 11.1 11.9 12.5 11.6  Q3... 11.0 6.8 10.7 8.6 32.3 11.3 9.1 11.2 11.8 10.9  Q4... 10.6 9.5 9.8 9.6 31.4 9.9 7.6 11.1 12.1 10.3 2002: Q1... 11.7 9.3 9.7 10.9 29.8 10.8 10.0 12.4 14.6 10.3  Q2... 13.4 11.3 19.6 10.6 27.7 16.8 10.2 12.6 14.2 13.8  Q3... 9.9 6.3 8.0 9.8 12.7 10.6 9.4 9.4 10.6 9.7  Q4... 9.5 7.3 8.8 9.1 32.8 9.3 7.7 8.3 9.7 9.8 2003: Q1... 14.1 8.8 11.3 11.8 35.2 14.2 10.4 11.7 15.5 14.3  Q2... 13.5 6.9 9.0 13.7 21.1 15.0 10.3 12.4 13.3 14.5  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates annual rate and are based on loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
9

A.5. Average Effective Interest Rates on Non-real-estate Bank Loans Made to FarmersPercent

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

All Feeder Other operating and to to to and Sma

Period loans livestock livestock expenses1 equipment Other2 9 24 99 over mid-

1991...... 9.8 10.2 11.0 10.4 11.3 8.6 11.5 11.2 10.7 9.2 1992...... 7.8 8.2 8.6 8.8 9.3 6.3 9.7 9.3 8.8 7.1 1993...... 7.5 8.0 8.1 8.1 8.7 6.2 9.0 8.7 8.3 6.9 1994...... 7.8 8.3 8.0 8.4 8.6 7.0 9.1 8.8 8.6 7.3 1995...... 9.5 10.1 10.2 10.0 10.3 8.8 10.6 10.5 10.3 9.0 1996...... 8.4 8.8 9.5 8.6 9.7 8.0 10.2 10.1 9.8 7.8 1997...... 9.2 9.6 9.8 9.9 9.8 8.5 10.2 10.0 9.9 8.8 1998...... 9.0 9.4 9.7 9.6 9.3 8.0 10.1 9.9 9.7 8.4 1999...... 8.7 9.1 9.1 9.2 8.8 7.6 9.7 9.5 9.3 8.1 2000...... 9.7 9.8 9.9 9.9 9.3 9.3 10.3 10.2 10.1 9.4 2001...... 7.8 7.6 8.0 8.4 8.3 7.0 9.1 8.7 8.3 7.3 2002...... 5.9 6.1 5.8 6.4 6.7 4.8 7.3 7.0 6.5 5.3 1999: Q4... 9.2 9.3 9.2 9.4 9.4 8.6 9.9 9.7 9.4 8.8 2000: Q1... 9.2 9.2 9.3 9.5 8.0 9.2 9.8 9.7 9.5 9.0  Q2... 9.7 9.6 9.9 9.9 10.1 9.2 10.3 10.1 10.0 9.4  Q3... 10.2 10.4 10.2 10.3 10.1 9.6 10.7 10.7 10.4 9.8  Q4... 10.0 10.0 10.3 10.3 10.3 9.4 10.6 10.5 10.3 9.7 2001: Q1... 9.1 9.6 9.6 9.6 9.2 8.3 10.1 9.8 9.6 8.7  Q2... 8.3 8.3 8.6 8.6 8.1 7.8 9.2 8.9 8.6 7.9  Q3... 7.7 7.8 7.5 8.1 8.2 6.9 8.9 8.5 8.0 7.1  Q4... 6.2 6.2 6.3 6.8 7.4 5.3 7.9 7.4 6.8 5.5 2002: Q1... 6.3 6.5 5.6 6.8 6.7 5.2 7.6 7.2 6.7 5.7  Q2... 6.2 6.1 6.3 6.4 7.1 5.3 7.2 6.9 6.4 5.6  Q3... 5.7 6.3 6.1 6.0 6.3 4.7 7.3 7.0 6.5 4.9  Q4... 5.5 5.6 5.4 6.2 7.2 4.2 7.1 6.7 6.2 4.8 2003: Q1... 5.6 5.3 5.2 6.0 6.2 4.8 6.8 6.5 6.1 5.2  Q2... 5.9 5.6 5.7 6.4 6.2 4.9 6.8 6.6 6.3 5.4  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Effective (compoundcalculated from the stated rate and other terms of the loans and weighted by loan size. Quarterly estimates are expressed as an annual loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
10

A.6. Share of Non-real-estate Bank Loans with a Floating Interest Rate Made to FarmersPercent

Size of loan Si

Purpose of loan (thousands of dollars) 

Other Farm 

current machinery 1 10 25 100

All Feeder Other operating and to to to and Sma

Period loans livestock livestock expenses1 equipment Other2 9 24 99 over mid-

1991...... 65.1 81.5 69.3 68.8 40.6 50.3 52.0 59.0 64.0 67.8 1992...... 71.7 78.5 63.5 66.3 47.8 75.3 57.3 59.1 61.2 78.6 1993...... 76.7 84.6 70.0 70.3 48.2 78.1 60.1 61.0 64.5 83.9 1994...... 75.1 82.9 74.3 72.3 51.6 75.7 58.6 59.8 70.4 80.2 1995...... 73.8 83.9 75.9 73.0 53.1 72.2 61.7 63.9 73.6 76.7 1996...... 63.1 58.1 71.2 67.3 32.9 61.4 60.6 61.5 69.1 62.2 1997...... 65.8 66.4 73.2 67.8 49.9 64.3 60.1 58.0 68.0 67.0 1998...... 54.4 55.0 59.4 68.5 46.7 42.0 57.6 54.8 62.7 51.1 1999...... 60.7 45.6 66.0 68.6 58.2 52.0 52.6 54.6 60.2 63.1 2000...... 66.9 57.3 60.7 67.0 62.2 76.7 53.4 54.6 61.8 74.5 2001...... 74.5 72.9 65.6 75.0 61.0 80.5 58.8 60.9 69.4 81.5 2002...... 75.1 64.6 65.4 75.8 60.9 84.1 67.8 64.5 68.4 81.2 1999: Q4... 62.3 31.2 59.9 65.4 54.1 82.6 54.2 58.0 57.9 66.5 2000: Q1... 63.0 46.4 69.2 59.4 80.6 70.8 51.8 52.4 53.0 69.7  Q2... 68.3 51.0 57.8 69.7 57.6 78.4 53.0 54.7 61.8 78.0  Q3... 71.0 60.0 59.5 78.9 38.6 72.9 57.3 57.9 67.8 79.2  Q4... 66.5 66.8 56.2 62.8 51.0 81.6 51.6 53.2 65.7 73.1 2001: Q1... 67.7 64.7 73.7 73.4 50.8 63.9 60.0 60.4 66.4 70.4  Q2... 76.1 77.5 56.8 73.8 79.0 85.1 57.3 57.4 69.0 86.2  Q3... 76.5 72.5 72.6 75.5 54.9 86.9 58.0 63.5 70.7 86.6  Q4... 78.1 74.2 63.6 78.3 38.0 88.5 60.5 63.3 72.2 84.4 2002: Q1... 72.3 62.1 64.1 69.7 57.9 88.1 64.2 57.5 64.4 79.5  Q2... 75.1 56.2 72.9 74.5 52.8 89.1 69.6 67.6 72.9 79.3  Q3... 72.2 53.6 57.8 78.2 75.1 67.9 68.5 68.7 68.5 74.8  Q4... 81.4 78.1 65.4 81.8 37.9 93.5 67.6 62.8 68.0 92.2 2003: Q1... 74.7 64.0 79.5 75.4 61.7 86.0 68.2 67.5 63.7 80.8  Q2... 69.2 53.9 63.8 67.1 74.0 84.1 66.7 62.9 54.8 79.9  Note. Data are estimates from the Federal Reserve System’s Survey of the Terms of Bank Lending to Farmers. Quarterly estimates annual rate and are based on loans made during the first full week of the second month of the quarter. 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including p 2. Typically loans for which the lender does not know the purpose. 3. Portfolios with $25 million or less in farm loans. 4. Portfolios with more than $25 million in farm loans.
11

A.7. Distribution of Dollar Amount of Non-real-estate Farm Loans, by Effective Interest RatePercent

Effective interest rate (percent)

Zero 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 

All to to to to to to to to to to to to to to 

Quarter rates 5.0 5.9 6.9 7.9 8.9 9.9 10.9 11.9 12.9 13.9 14.9 15.9 16.9 17.9 1992: Q2... 100 * 11.00 13.00 18.00 23.00 17.00 10.00 7.00 1.00 * * * * * 1993: Q2... 100 * 4.00 14.00 22.00 18.00 16.00 20.00 5.00 1.00 * * * * * 1994: Q2... 100 4.00 4.00 23.00 21.00 22.00 20.00 4.00 2.00 .01 .01 .01 * * * 1995: Q2... 100 * * 3.00 14.00 11.00 35.00 24.00 11.00 1.00 1.00 * * .01 * 1996: Q2... 100 * 14.00 14.00 19.00 15.00 18.00 15.00 3.00 1.00 .01 .01 * .01 * 1997: Q2... 100 * .01 6.00 11.00 20.00 30.00 21.00 9.00 2.00 .01 .01 .01 .01 * 1998: Q2... 100 * .01 3.00 14.00 31.00 30.00 14.00 7.00 1.00 .01 .01 .01 * * 1999: Q2... 100 .01 4.00 4.00 12.00 37.00 30.00 11.00 2.00 .01 .01 * .01 * * 2000: Q2... 100 .01 .01 .01 4.00 19.00 36.00 27.00 11.00 2.00 .01 .01 .01 * * 2001: Q2... 100 .01 3.00 8.00 29.00 31.00 22.00 5.00 2.00 .39 .07 .03 .01 * * 2002: Q2... 100 23.24 22.45 17.77 22.77 10.15 2.75 .77 .00 .00 .00 .00 .00 .00 .00 2003: Q2... 100 27.25 23.90 21.19 18.64 6.55 1.77 .51 .08 .08 * .03 * * * 1999: Q4... 100 .01 .01 3.00 9.00 30.00 36.00 17.00 5.00 1.00 .01 .01 * * * 2000: Q1... 100 * .01 5.00 4.00 30.00 36.00 18.00 6.00 1.00 .01 .01 * * *  Q2... 100 .01 .01 .01 4.00 19.00 36.00 27.00 11.00 2.00 .01 .01 .01 * *  Q3... 100 .01 .01 1.00 1.00 16.00 30.00 28.00 19.00 5.00 1.00 .01 .01 .01 .01  Q4... 100 * .01 .01 3.00 15.00 30.00 34.00 13.00 4.00 .01 .01 .01 * * 2001: Q1... 100 .01 * 8.00 7.00 28.00 33.00 17.00 5.00 2.00 .01 .01 * .01 .01  Q2... 100 .01 3.00 8.00 29.00 31.00 22.00 5.00 2.00 .39 .07 .03 .01 * *  Q3... 100 1.10 9.00 23.00 25.00 25.00 12.00 3.00 1.00 .26 .01 * * * *  Q4... 100 21.20 32.80 13.60 16.40 10.50 4.10 .90 .30 .10 .00 .00 * * * 2002: Q1... 100 23.76 17.31 19.76 23.14 10.76 4.30 .80 .00 .00 * .00 .00 * .00  Q2... 100 23.24 22.45 17.77 22.77 10.15 2.75 .77 .00 .00 .00 .00 .00 .00 .00  Q3... 100 26.33 27.25 18.41 15.57 8.76 2.82 .49 .29 .06 * * * * *  Q4... 100 38.69 23.76 14.20 12.97 7.73 2.02 .44 .04 .04 .04 .02 .02 * * 2003: Q1... 100 37.28 22.16 18.64 14.73 4.88 1.72 .47 .02 .02 * * * * *  Q2... 100 27.25 23.90 21.19 18.64 6.55 1.77 .51 .08 .08 * .03 * * *  Note. Non-real-estate farm loans of $1,000 or more made by insured commercial banks. Effective (compounded) annual interest from the stated rate and other terms of the loans and weighted by loan size. Percentages may not sum to 100 because of rounding. * Indicates value of zero. Source. Federal Reserve Survey of the Terms of Bank Lending to Farmers, conducted during the first full business week of the sequarter.
12

A.8. Characteristics of Bank Loans to Farmers -- All Banks, by Size of Loan, May 5-9, 2003Percent except as noted

$1,000 to $10,000 to $25,000 to $50,000 to $100,000 

Loan characteristic All sizes $9,000 $24,000 $49,000 $99,000 $249,000 Volume of loans (thousands of dollars) 1,095,971 81,747 115,860 112,839 183,361 272,17Number of loans 38,582 22,146 7,865 3,439 2,668 1,8Weighted average maturity (months)1 27.01 11.09 13.95 15.18 22.39 37.7

Weighted average repricing interval (months)2 10.80 4.14 5.99 8.02 9.64 13.Weighted average risk rating3 2.93 2.88 2.97 2.99 2.74 2.

Weighted average interest rate4 6.04 6.81 6.55 6.28 6.32 6. Standard error5 .12 .16 .22 .12 .14 .

 Interquartile range6

 75th percentile 7.14 7.57 7.52 7.28 7.27 7. 25th percentile 5.05 5.92 5.39 5.32 5.39 5. Purpose of loan Feeder livestock 5.64 6.63 7.03 6.19 6.77 5.4 Other livestock 5.71 7.09 6.13 6.86 6.60 5. Other current operating expenses7 6.37 6.85 6.65 6.28 6.30 6.4

 Farm machinery and equipment 6.18 6.96 6.32 5.78 5.86 5. Farm real estate 6.50 6.84 7.08 6.25 6.45 6. Other8 5.24 6.08 5.75 6.09 5.80 5.Share of total loan volume Features of loan Floating rate 64.12 66.47 63.77 54.72 53.25 57.0 Under commitment 67.75 77.28 70.04 67.54 68.81 52. Callable 21.33 23.71 26.78 26.73 19.64 30.0 Subject to prepayment penalty 2.08 1.29 1.24 1.84 1.41 1.7 Purpose of loan Feeder livestock 8.70 4.06 8.25 7.77 16.19 6. Other livestock 7.38 4.43 6.93 15.00 8.22 5. Other current operating expenses7 47.76 75.81 65.42 48.63 51.57 48.4

 Farm machinery and equipment 7.89 8.12 8.35 11.11 8.41 7. Farm real estate 9.31 1.01 2.19 4.01 4.45 11.4 Other8 18.95 6.57 8.85 13.47 11.16 20. Type of collateral Farm real estate 22.33 6.32 10.56 15.91 14.42 34.0 Other 71.13 84.05 83.20 77.54 82.36 59. Note. Data in tables A.8 through A.13 are from the the Survey of Terms of Bank Lending to Farmers, which collects data oextensions made during the first full business week in the mid-month of each quarter by a sample of 250 banks of all sizes. Tdata are used to infer an estimate of the lending terms at all insured agricultural banks during that week. The estimated terms lending are not intended for use in collecting the terms of loans extended over the entire quarter or those residing in the portfbanks. Loans of less than $1,000 are excluded from the survey. (notes continued on next page)
13

 A.8. Characteristics of Bank Loans to Farmers -- All Banks, by Size of Loan, May 5-9, 2003 (cont.)

 1. Average maturities are weighted by loan size and exclude loans with no stated maturity. 2. The repricing interval measures the period from the date the loan is made until it first may be repriced. For floating-rate loans that ar at any time--such as many prime-based loans--the repricing interval is zero. For floating rate loans that have a scheduled repricing interv the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that re matures (fixed-rate loans), the interval measures the number of days between the date the loan is made and the date on which it matures.  are assumed to reprice on the business day after they are made. 3. A complete description of these risk rating categories is available from the Banking Analysis Section, mail stop 81, the Federal Rese DC 20551. The category ’Moderate Risk’ includes the average loan, under average economic conditions, at the typical lender. The weig are alculated by assigning a value of ’1’ to minimal risk loans; ’2’ to low risk loans; ’3’ to moderate risk loans; ’4’ to acceptable risk loa mention and classified loans. In calculating the average risk rating, these values are weighted by loan amount and exclude loans with no  loans are not rated for risk. 4. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan si 5. 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 w complete survey of lending at all banks. 6. The interquartile range shows the interest rate range that encompasses the middle 50 percent of the total dollar amount of loans mad 7. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (including pou 8. Typically loans for which the lender does not know the purpose.
14

A.9. Characteristics of Bank Loans to Farmers -- Large Farm Lenders, by Size of Loan, May 5-9, 200Percent except as noted

$1,000 to $10,000 to $25,000 to $50,000 to $100,000 t

Loan characteristic All sizes $9,000 $24,000 $49,000 $99,000 $249,000 Volume of loans (thousands of dollars) 590,927 36,307 57,878 56,454 91,759 134,80Number of loans 17,598 9,265 3,939 1,711 1,396 90Weighted average maturity (months)1 20.65 10.87 11.07 14.90 22.36 30.9

Weighted average repricing interval (months)2 4.72 2.41 2.82 6.79 8.15 5.6

Weighted average risk rating3 3.22 3.21 3.25 3.16 3.11 3.0Weighted average interest rate4 5.47 6.30 6.03 5.97 5.66 5.7 Standard error5 .23 .17 .19 .14 .09 .2 Interquartile range6

 75th percentile 6.69 7.23 6.92 6.92 6.44 7.0 25th percentile 4.33 5.36 4.86 5.00 4.86 4.3 Purpose of loan Feeder livestock 4.78 5.97 6.28 6.15 5.84 5.3 Other livestock 4.59 5.86 5.95 6.37 4.52 5.0 Other current operating expenses7 5.96 6.42 6.16 5.96 5.70 6.2

 Farm machinery and equipment 5.98 6.37 5.67 5.82 5.75 5.3 Farm real estate 6.13 6.44 6.45 6.31 6.34 6.3 Other8 4.77 5.80 5.51 5.78 5.45 5.0Share of total loan volume Features of loan Floating rates 81.46 84.77 82.57 71.82 76.03 75.8 Under commitment 85.28 91.78 88.12 77.76 82.64 77.5 Callable 22.73 35.01 35.88 35.04 29.75 31.6 Purpose of loan Feeder livestock 9.81 4.77 5.53 9.50 8.84 10.4 Other livestock 7.13 3.95 4.90 7.75 4.96 5.6 Other current operating expenses7 44.79 69.68 65.31 47.39 50.89 44.9

 Farm machinery and equipment 10.11 8.19 9.15 9.30 12.31 9.4 Farm real estate 4.05 .67 1.18 2.78 6.41 6.1 Other8 24.11 12.75 13.92 23.27 16.59 23.4 Type of collateral Farm real estate 15.80 5.38 7.15 13.15 13.74 20.5 Other 75.47 84.10 84.99 82.15 82.66 70.6 Note. Most large farm lenders that reported loans to farmers had more than $25 million in farm loans. For explanation of footnotes, see table A.8.
15

A.10. Characteristics of Bank Loans to Farmers -- Small and Mid-sized Farm Lenders, by Size of LoaPercent except as noted

$1,000 to $10,000 to $25,000 to $50,000 to $100,000 t

Loan characteristic All sizes $9,000 $24,000 $49,000 $99,000 $249,000 Volume of loans (thousands of dollars) 505,044 45,440 57,982 56,385 91,602 137,37Number of loans 20,984 12,881 3,926 1,728 1,272 91Weighted average maturity (months)1 34.18 11.25 16.82 15.43 22.41 44.1

Weighted average repricing interval (months)2 17.62 5.46 9.08 9.20 11.10 20.2Weighted average risk rating3 2.52 2.55 2.62 2.77 2.29 2.6

Weighted average interest rate4 6.71 7.22 7.06 6.59 6.97 6.6 Standard error5 .08 .08 .22 .21 .16 .1 Interquartile range6

 75th percentile 7.38 7.79 7.75 7.54 7.65 7.2 25th percentile 6.17 6.60 6.34 5.84 6.35 6.1 Purpose of loan Feeder livestock 6.97 7.34 7.41 6.24 7.12 6.0 Other livestock 6.93 7.89 6.23 7.03 7.50 6.2 Other current operating expenses7 6.78 7.14 7.13 6.59 6.88 6.6

 Farm machinery and equipment 6.62 7.44 7.11 5.75 6.17 7.0 Farm real estate 6.62 7.01 7.31 6.21 6.74 6.6 Other8 6.27 7.82 6.63 8.03 6.85 6.5Share of total loan volume Features of loan Floating rates 43.83 51.85 45.00 37.59 30.43 38.5 Under commitment 47.23 65.69 52.00 57.30 54.96 28.2 Callable 19.69 14.67 17.69 18.40 9.52 28.3 Purpose of loan Feeder livestock 7.41 3.49 10.96 6.04 23.56 3.2 Other livestock 7.68 4.81 8.95 22.26 11.49 6.0 Other current operating expenses7 51.24 80.70 65.54 49.87 52.25 51.8

 Farm machinery and equipment 5.29 8.08 7.56 12.92 4.50 5.3 Farm real estate 15.45 1.28 3.20 5.25 2.48 16.6 Other8 12.92 1.63 3.79 3.67 5.71 16.8 Type of collateral Farm real estate 29.96 7.06 13.97 18.67 15.10 47.3 Other 66.06 84.01 81.41 72.93 82.05 48.3 Note. Most small and mid-sized farm lenders that reported loans to farmers had less than $25 million in farm loans. For explanation of footnotes, see table A.8. n.a. Not available.
16

A.11. Characteristics of Bank Loans to Farmers -- All Banks, by Risk Rating, May 5-9, 2003Percent except as noted

Loan characteristic All Minimal Low Moderate Acceptable Special Not ratVolume of loans (thousands of dollars) 1,095,971 90,597 182,827 352,272 191,202 56,655 65,65Number of loans 38,582 2,940 6,345 13,264 6,186 1,286 1,84Weighted average maturity (months)1 27.01 19.00 26.68 25.51 27.52 17.63 17.9

Weighted average repricing interval (months)2 10.80 13.76 6.90 9.92 3.77 2.91 6.Weighted average risk rating3 2.93 1.00 2.00 3.00 4.00 5.00 n

Weighted average interest rate4 6.04 6.76 6.48 5.72 5.53 6.72 5. Standard error5 .12 .26 .21 .32 .43 .33 .4

 Interquartile range6

 75th percentile 7.14 8.11 7.38 6.97 6.50 7.50 6. 25th percentile 5.05 6.25 5.39 4.55 4.33 5.90 3. Purpose of loan Feeder livestock 5.64 6.19 6.86 4.55 5.30 5.63 5.4 Other livestock 5.71 4.49 6.79 5.20 4.64 6.31 7.5 Other current operating expenses7 6.37 6.95 6.54 6.23 5.90 6.71 5.5

 Farm machinery and equipment 6.18 8.43 6.96 5.79 5.14 7.46 6. Farm real estate 6.50 5.84 6.64 6.56 6.61 6.55 6.0 Other8 5.24 6.38 5.99 4.69 4.71 6.17 4.Share of total loan volume Features of loan Floating rates 64.12 38.31 53.87 68.02 91.59 84.92 74.9 Under commitment 67.75 71.47 66.41 63.23 89.65 81.42 74.9 Callable 21.33 14.35 21.57 25.83 13.89 9.73 17.0 Subject to prepayment penalty 2.08 .21 .62 3.77 3.99 .50 .4 Purpose of loan Feeder livestock 8.70 6.17 17.21 10.83 3.83 7.05 2.9 Other livestock 7.38 3.88 11.20 7.22 9.09 2.36 2.7 Other current operating expenses7 47.76 78.74 38.61 41.02 49.51 34.76 40.0

 Farm machinery and equipment 7.89 .96 .61 8.42 11.19 29.03 3. Farm real estate 9.31 .48 4.54 15.44 8.51 6.90 8. Other8 18.95 9.77 27.84 17.07 17.87 19.90 41.5 Type of collateral Farm real estate 22.33 33.19 23.32 26.32 12.48 16.69 19. Other 71.13 63.89 71.89 64.09 82.20 82.69 69.9 For explanation of footnotes, see table A.8. n.a. Not available.
17

A.12. Characteristics of Bank Loans to Farmers -- Large Farm Lenders, by Risk Rating, May 5-9, 2003Percent except as notedLoan characteristic All Minimal Low Moderate Acceptable Special Not rated Volume of loans (thousands of dollars) 590,927 37,884 61,634 214,874 155,289 47,409 46,671 Number of loans 17,598 486 2,087 7,460 4,433 895 910 Weighted average maturity (months)1 20.65 11.69 20.48 24.16 18.29 19.56 22.70 

Weighted average repricing interval (months)2 4.72 6.41 6.97 4.78 3.26 2.70 7.45 

Weighted average risk rating3 3.22 1.00 2.00 3.00 4.00 5.00 n.aWeighted average interest rate 4 5.47 7.00 6.11 5.15 5.10 6.71 4.53  Standard error5 .23 .47 .35 .38 .42 .34 .50 

 Interquartile range6

 75th percentile 6.69 8.11 7.25 6.55 5.82 7.50 6.00  25th percentile 4.33 5.65 5.25 3.80 4.33 5.38 3.36  Purpose of loan Feeder livestock 4.78 5.62 5.95 4.25 5.26 5.14 4.23  Other livestock 4.59 4.48 5.90 4.24 4.29 3.93 7.20  Other current operating expenses7 5.96 7.41 6.19 5.88 5.37 6.71 5.00 

 Farm machinery and equipment 5.98 6.15 6.56 5.67 5.03 7.46 6.62  Farm real estate 6.13 5.84 6.56 5.87 6.47 5.11 5.88  Other8 4.77 6.03 5.83 4.64 4.67 6.16 3.65 Share of total loan volume Features of loan Floating rates 81.46 27.04 58.07 87.27 95.38 96.36 81.26  Under commitment 85.28 90.30 77.82 78.35 91.65 92.06 94.08  Callable 22.73 23.76 41.09 27.87 8.79 7.05 .44  Purpose of loan Feeder livestock 9.81 10.01 10.31 15.76 4.65 7.44 2.81  Other livestock 7.13 6.87 10.10 7.27 10.38 .28 .92  Other current operating expenses7 44.79 81.27 56.30 37.35 45.76 33.78 41.62 

 Farm machinery and equipment 10.11 .55 .84 8.46 13.26 34.69 2.62  Farm real estate 4.05 1.14 6.49 3.63 4.30 .15 8.58  Other8 24.11 .17 15.96 27.54 21.65 23.66 43.45  Type of collateral Farm real estate 15.80 46.08 20.95 16.95 8.74 8.38 9.67  Other 75.47 47.13 66.72 68.96 87.89 90.88 80.65  Note. Most large farm lenders that reported loans to farmers had more than $25 million in farm loans. For explanation of footnotes, see table A.8. n.a. Not available.
18

A.13. Characteristics of Bank Loans to Farmers -- Small and Mid-sized Farm Lenders, by Risk Rating, MPercent except as noted

Loan characteristic All Minimal Low Moderate Acceptable Special Not rateVolume of loans (thousands of dollars) 505,044 52,713 121,193 137,398 35,913 9,246 18,98Number of loans 20,984 2,455 4,258 5,804 1,753 390 93Weighted average maturity (months)1 34.18 24.24 29.78 27.52 67.45 5.59 8.6

Weighted average repricing interval (months)2 17.62 19.03 6.86 17.54 5.97 3.97 4.1Weighted average risk rating3 2.52 1.00 2.00 3.00 4.00 5.00 n.a

Weighted average interest rate4 6.71 6.58 6.67 6.63 7.35 6.77 6.7 Standard error5 .08 .14 .22 .15 .18 .36 .3

 Interquartile range6

 75th percentile 7.38 7.25 7.64 7.04 8.25 6.62 7.5 25th percentile 6.17 6.25 6.00 6.16 6.50 6.57 6.4 Purpose of loan Feeder livestock 6.97 7.40 7.09 6.91 7.81 9.38 8.0 Other livestock 6.93 4.49 n.a. 6.71 9.11 6.57 7.6 Other current operating expenses7 6.78 6.59 6.88 6.66 7.50 6.71 6.9

 Farm machinery and equipment 6.62 9.15 7.30 5.96 7.93 n.a. 7.1 Farm real estate 6.62 n.a. 6.72 6.68 6.71 6.57 6.5 Other8 6.27 6.39 6.02 7.99 7.41 6.76 6.3Share of total loan volume Features of loan Floating rates 43.83 46.41 51.73 37.93 75.17 26.28 59.3 Under commitment 47.23 57.94 60.61 39.59 81.02 26.90 27.9 Callable 19.69 7.58 11.64 22.64 35.93 23.50 57.7 Purpose of loan Feeder livestock 7.41 3.41 20.72 3.11 .28 5.06 3.1 Other livestock 7.68 1.74 11.75 7.15 3.52 13.05 7.1 Other current operating expenses7 51.24 76.92 29.61 46.75 65.71 39.78 36.1

 Farm machinery and equipment 5.29 1.26 .49 8.37 2.25 14.29 62.4 Farm real estate 15.45 8.16 38.44 6.99 10.68 19.78 62.5 Other8 12.92 16.67 33.88 .71 1.51 .62 37.0 Type of collateral Farm real estate 29.96 23.93 24.53 40.98 28.68 59.30 42.3 Other 66.06 75.93 74.53 56.47 57.59 40.70 43.4 Note. Most small and mid-sized farm lenders that reported loans to farmers had less than $25 million in farm loans. For explanation of footnotes, see table A.8. n.a. Not available.
19

A.14. Survey of Terms of Bank Lending to Farmers, Selected Quarters 

Percent except as noted 

 USDA Farm Production Region 

 NE LS CB NP AP SE DL SP MN PA 

Proportion of farm loans 

 outstanding, 2002 Q4 survey, 

 region share of national 

 total 2.6 9.2 27.8 17.8 8.6 4.8 4.8 9.1 5.7 9.7 

Sample coverage, 2002 Q4 

 survey, sample share of total 

 regional loans 18.2 6.2 21.1 11.1 20.0 14.9 6.8 9.9 7.5 20.7 

Avg. loan size, 2002 Q4 survey 

(thousands of dollars) 34.2 16.4 48.3 17.8 38.6 34.1 115.2 45.6 21.5 67.3 

 

Survey date Weighted average interest rate during sample week 

 1996: Q3 8.3 9.9 8.9 9.4 7.6 9.4 10.0 9.4 8.9 8.1 

 Q4 10.1 9.9 9.3 9.0 7.5 9.3 9.9 9.1 9.0 8.6 

 1997: Q1 8.8 9.5 9.5 9.3 8.0 9.9 9.5 9.5 10.1 8.7 

 Q2 9.4 10.1 9.2 9.5 8.3 9.9 10.2 9.7 10.0 8.7 

 Q3 9.3 9.8 9.6 9.9 8.5 10.1 9.9 9.7 10.5 8.7 

 Q4 9.2 9.5 9.3 9.8 7.5 9.8 9.4 9.4 10.1 8.8 

 1998: Q1 9.3 9.0 9.4 9.8 7.3 10.0 10.3 9.8 9.6 8.5 

 Q2 9.2 9.4 9.2 9.7 7.6 10.2 10.3 9.6 9.8 8.4 

 Q3 10.2 9.5 9.5 9.5 8.8 9.5 9.7 9.5 9.6 8.5 

 Q4 9.4 9.2 8.7 9.0 8.3 9.4 9.7 9.2 9.1 8.0 

 1999: Q1 8.4 8.9 8.9 9.1 8.2 9.0 9.6 9.1 9.0 7.5 

 Q2 9.6 9.1 8.8 9.0 8.0 9.0 9.8 9.0 8.7 8.0 

 Q3 10.2 8.9 8.7 9.3 8.2 8.9 10.0 8.8 9.0 8.5 

 Q4 9.1 9.2 8.8 9.4 8.3 8.8 9.8 9.0 9.5 8.8 

 2000: Q1 9.4 9.2 9.2 9.6 8.4 9.8 9.3 10.0 9.8 8.4 

 Q2 10.7 9.5 9.7 9.7 9.1 9.1 10.5 10.0 10.1 9.5 

 Q3 10.5 10.30 10.0 10.3 9.7 9.2 10.5 10.0 10.6 9.7 

 Q4 10.7 9.3 9.9 10.1 9.2 9.4 9.2 10.3 10.3 9.8 

 2001: Q1 9.3 9.1 9.4 9.7 8.4 7.8 9.5 9.0 9.8 8.8 

 Q2 8.2 8.7 8.3 8.8 7.4 8.1 8.3 9.2 8.6 7.9 

 Q3 8.3 9.8 7.9 8.2 6.3 7.6 8.7 8.8 7.8 7.2 

 Q4 6.9 7.9 6.3 7.0 5.2 6.3 8.7 7.6 6.1 5.2 

 (.23) (.78) (.38) (.29) (.36) (1.71) (.42) (.79) (.33) (.35) 

 2002: Q1 6.9 7.8 6.7 7.2 5.2 5.5 7.3 7.4 6.8 4.9 

 (.12) (.37) (.26) (.22) (.63) (1.14) (.39) (.45) (.26) (.25) 

 Q2 6.8 7.4 6.4 7.2 5.0 5.9 7.6 7.5 6.5 5.1 

 (.14) (.29) (.27) (.21) (.48) (1.03) (.23) (.34) (.36) (.26) 

 Q3 6.4 7.5 5.8 6.5 4.6 6.0 7.5 7.3 6.5 5.3 

 (.43) (.29) (.50) (.68) (.67) (1.19) (.34) (.68) (.41) (1.06) 

 Q4 5.7 6.9 5.1 5.5 4.6 5.2 6.7 7.6 6.4 4.5 

 (.35) (.45) (.47) (1.01) (.56) (.62) (.68) (.35) (.47) (.62) 

 2003: Q1 5.3 7.0 5.6 5.7 4.4 5.6 6.7 7.4 6.1 4.5 

 (.15) (.26) (.31) (.73) (.65) (.63) (.54) (.66) (.35) (.40) 

 Q2 6.0 6.7 5.3 6.5 4.6 6.1 7.3 5.7 6.4 5.2 

 (.29) (.17) (.37) (.34) (.71) (.63) (.45) (.71) (.36) (.50) 

 

 Notes. NE is Northeast, LS is Lake States, CB is Cornbelt, NP is Northern Plains, AP is Appalachia, SE is Southeast, DL is Delta States, 

SP is Southern Plains, MN is Mountain States, and PA is Pacific. The numbers in parentheses are standard errors. They are calculated from 

100 replications of a bootstrap procedure (resampling of banks) in each region.
20

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook 

Section B: Selected Statistics from the Quarterly Reports of Condition of Commercial Banks 

The data in tables B.1 through B.8 are prepared using data from the quarterly reports of condition and income for 

commercial banks. These reports changed substantially beginning in March 2001, and the information on the 

delinquencies and charge-offs of non-real-estate farm loans after that date is not directly comparable to that shown in 

earlier editions of the databook. Under the new system, banks with more than $300 million in assets or banks with 

foreign offices report the same information as before. However, smaller banks at which farm production loans account 

for more than 5 percent of total loans now report the same information on delinquencies and charge-offs of farm 

production loans that larger bank do. In the new reporting system, small banks at which farm production loans account 

for less than 5 percent of total loans are excused from reporting delinquencies or charge-offs of farm production loans. 

Before March 2001, these small banks had reported delinquencies and charge-offs of "agricultural loans" according to 

each bank’s own definition, and we used these responses to help estimate total delinquencies of farm production loans. 

Under the new reporting system, the totals for the nation as a whole include estimates of delinquencies and charge-offs 

of non-real-estate farm loans for small banks that hold about 35 percent of the volume of such loans that is outstanding. 

 All banks continue to report delinquencies and charge-offs of loans that are secured by farm real estate, which are 

shown in tables B.4 and B.5. 

Examination of total lending at banks that have a high exposure to agricultural loans provides an alternative perspective 

on the agricultural lending situation. Agricultural banks in table B.4 through table B.9 are those that have a proportion 

of farm loans (real-estate plus non-real-estate) to total loans that is greater than the unweighted average at all banks. 

The current estimate of this average can be found in the far right column of table B.8. 

Information about failed banks (table B.9) is obtained from news releases of the Federal Deposit Insurance 

Corporation, with agricultural banks in our tabulation defined as in the previous paragraph. 
B.1. Farm Debt Outstanding at Commercial Banks

Loan volume Percent change from Percent change from

(billions of dollars) previous quarter previous year

Real Non-real- Real Non-real- Real Non-realTotal estate estate Total estate estate Total estate estate

Quarter loans loans loans loans loans loans loans loans loans

1990: Q4... 50.1 17.2 32.9 -.8 -.6 -.9 5.7 3.5 6.9

1991: Q1... 49.5 17.5 32.0 -1.3 1.5 -2.8 7.4 4.3 9.1

 Q2... 52.6 18.1 34.5 6.2 3.4 7.7 7.2 5.5 8.1

 Q3... 53.9 18.3 35.6 2.5 1.4 3.1 6.6 5.8 7.1

 Q4... 53.0 18.4 34.6 -1.6 .6 -2.7 5.7 7.0 5.1

1992: Q1... 51.9 18.9 33.0 -2.1 2.7 -4.6 4.9 8.2 3.1

 Q2... 55.1 19.5 35.6 6.2 3.3 7.8 4.9 8.1 3.2

 Q3... 56.2 19.9 36.2 1.9 1.9 1.9 4.2 8.6 1.9

 Q4... 54.5 19.9 34.7 -2.9 -.2 -4.4 2.9 7.8 .2

1993: Q1... 52.8 20.0 32.8 -3.2 .5 -5.3 1.7 5.6 -.5

 Q2... 56.0 20.6 35.4 6.0 3.1 7.8 1.6 5.4 -.6

 Q3... 58.0 20.8 37.1 3.5 1.2 4.9 3.2 4.7 2.4

 Q4... 57.7 20.9 36.8 -.5 .1 -.8 5.8 5.0 6.2

1994: Q1... 56.8 21.2 35.5 -1.5 1.8 -3.4 7.6 6.4 8.3

 Q2... 61.1 21.9 39.2 7.6 3.2 10.2 9.1 6.4 10.7

 Q3... 63.0 22.4 40.6 3.1 2.2 3.6 8.7 7.5 9.3

 Q4... 61.3 22.6 38.7 -2.7 .7 -4.6 6.2 8.2 5.2

1995: Q1... 59.9 22.9 36.9 -2.3 1.6 -4.6 5.4 8.0 3.9

 Q2... 63.5 23.6 40.0 6.1 2.7 8.2 4.0 7.5 2.0

 Q3... 65.3 23.8 41.5 2.9 1.1 3.9 3.7 6.3 2.3

 Q4... 63.7 23.9 39.8 -2.5 .4 -4.1 3.9 5.9 2.8

1996: Q1... 61.7 24.0 37.7 -3.1 .5 -5.3 3.1 4.8 2.0

 Q2... 65.7 24.7 41.0 6.5 2.7 8.9 3.4 4.7 2.7

 Q3... 66.6 24.9 41.6 1.3 1.1 1.5 1.9 4.7 .3

 Q4... 65.5 25.0 40.5 -1.6 .3 -2.8 2.8 4.6 1.8

1997: Q1... 63.8 25.4 38.4 -2.6 1.4 -5.1 3.4 5.5 2.0

 Q2... 69.0 26.2 42.8 8.2 3.3 11.5 5.1 6.2 4.4

 Q3... 71.1 27.0 44.2 3.0 2.9 3.1 6.8 8.1 6.0

 Q4... 71.3 27.1 44.2 .3 .7 .0 8.9 8.5 9.1

1998: Q1... 70.1 27.6 42.4 -1.7 1.8 -3.9 9.8 9.0 10.4

 Q2... 75.0 28.5 46.5 7.1 3.2 9.6 8.6 8.8 8.5

 Q3... 76.3 28.9 47.4 1.7 1.3 1.9 7.2 7.2 7.3

 Q4... 74.7 29.3 45.5 -2.0 1.3 -4.0 4.8 7.8 3.0

1999: Q1... 72.7 29.7 42.9 -2.8 1.7 -5.6 3.7 7.6 1.1

 Q2... 75.8 30.8 45.1 4.4 3.5 5.0 1.1 8.0 -3.1

 Q3... 76.8 31.4 45.5 1.3 1.9 .9 .7 8.6 -4.1

 Q4... 76.0 31.8 44.2 -1.0 1.5 -2.8 1.7 8.8 -2.8

2000: Q1... 71.5 31.4 40.1 -5.9 -1.4 -9.2 -1.6 5.5 -6.5

 Q2... 79.7 33.7 45.9 11.4 7.5 14.4 5.0 9.6 1.9

 Q3... 80.1 33.9 46.2 .6 .5 .6 4.3 8.1 1.6

 Q4... 80.9 34.0 46.9 1.0 .3 1.5 6.4 6.8 6.1

2001: Q1... 79.4 34.3 45.1 -1.9 .8 -3.9 11.0 9.2 12.4

 Q2... 82.9 35.1 47.7 4.4 2.5 5.8 4.0 4.2 3.9

 Q3... 82.5 35.4 47.1 -.4 .8 -1.3 3.0 4.5 2.0

 Q4... 82.2 35.6 46.7 -.3 .4 -.9 1.6 4.6 -.5

2002: Q1... 80.1 36.0 44.1 -2.6 1.2 -5.5 .9 4.9 -2.2

 Q2... 83.7 37.0 46.7 4.4 2.7 5.9 1.0 5.1 -2.1

 Q3... 84.4 37.7 46.7 .9 2.1 -.1 2.3 6.5 -.9

 Q4... 83.9 38.0 45.9 -.6 .6 -1.6 2.0 6.8 -1.7

2003: Q1... 82.0 38.7 43.3 -2.3 1.9 -5.7 2.4 7.5 -1.9

 Note. Data are as of end of quarter.

21
B.2. Delinquent Non-real-estate Farm Loans Held by Insured Commercial Banks

Share of outstanding farm production

Estimated volume (billions of dollars) loans (percent)

Nonperforming Nonperforming 

Past due Past due

30 to 89 Past due 30 to 89 Past due

days, 90 days, Non- days, 90 days, NonPeriod Total accruing Total accruing accruing Total accuring Total accruing accruing

1992...... 1.0 .3 .6 .1 .5 2.8 1.0 1.8 .3 1.5

1993...... .8 .3 .5 .1 .4 2.2 .8 1.4 .2 1.2

1994...... .8 .3 .4 .1 .3 2.0 .9 1.1 .2 .9

1995...... .8 .4 .4 .1 .3 2.1 .9 1.1 .3 .9

1996...... 1.0 .5 .5 .1 .4 2.4 1.2 1.3 .3 1.0

1997...... .9 .4 .5 .1 .4 2.0 .9 1.1 .2 .9

1998...... 1.0 .5 .5 .1 .4 2.2 1.0 1.2 .3 .9

1999...... .9 .3 .6 .1 .5 2.1 .8 1.3 .2 1.1

2000...... 1.0 .4 .6 .1 .5 2.1 .9 1.2 .2 1.0

2001...... 1.3 .5 .7 .1 .6 2.7 1.2 1.5 .2 1.3

2002...... 1.2 .5 .7 .1 .6 2.6 1.0 1.6 .3 1.3

1995: Q4... .8 .4 .4 .1 .3 2.1 .9 1.1 .3 .9

1996: Q1... 1.3 .7 .6 .2 .4 3.4 1.8 1.6 .5 1.1

 Q2... 1.2 .5 .7 .2 .5 2.8 1.2 1.6 .5 1.1

 Q3... 1.0 .3 .6 .2 .4 2.3 .8 1.5 .4 1.0

 Q4... 1.0 .5 .5 .1 .4 2.4 1.2 1.3 .3 1.0

1997: Q1... 1.3 .7 .6 .2 .4 3.3 1.7 1.5 .5 1.0

 Q2... 1.0 .4 .6 .2 .4 2.4 1.0 1.4 .5 .9

 Q3... .9 .3 .6 .1 .4 2.0 .7 1.3 .3 .9

 Q4... .9 .4 .5 .1 .4 2.0 .9 1.1 .2 .9

1998: Q1... 1.3 .8 .6 .2 .4 3.2 1.8 1.3 .4 .9

 Q2... 1.1 .5 .6 .2 .4 2.4 1.1 1.3 .5 .8

 Q3... 1.0 .4 .6 .2 .4 2.1 .8 1.3 .4 .9

 Q4... 1.0 .5 .5 .1 .4 2.2 1.0 1.2 .3 .9

1999: Q1... 1.6 .9 .7 .2 .4 3.7 2.1 1.5 .5 1.0

 Q2... 1.3 .5 .7 .2 .5 2.8 1.2 1.6 .5 1.1

 Q3... 1.0 .4 .6 .2 .5 2.2 .8 1.4 .4 1.0

 Q4... .9 .3 .6 .1 .5 2.1 .8 1.3 .2 1.1

2000: Q1... 1.3 .6 .6 .2 .5 3.0 1.5 1.5 .4 1.1

 Q2... 1.0 .4 .6 .1 .4 2.2 .9 1.3 .3 1.0

 Q3... .9 .3 .6 .1 .5 1.9 .7 1.2 .2 1.0

 Q4... 1.0 .4 .6 .1 .5 2.1 .9 1.2 .2 1.0

2001: Q1... 1.7 1.0 .8 .2 .6 3.9 2.2 1.7 .4 1.3

 Q2... 1.4 .6 .8 .2 .6 2.9 1.2 1.8 .4 1.3

 Q3... 1.3 .5 .8 .2 .7 2.8 1.0 1.8 .4 1.4

 Q4... 1.3 .5 .7 .1 .6 2.7 1.2 1.5 .2 1.3

2002: Q1... 1.7 .9 .8 .2 .6 3.9 2.1 1.8 .4 1.4

 Q2... 1.4 .5 .8 .2 .6 2.9 1.2 1.8 .5 1.3

 Q3... 1.3 .4 .8 .2 .6 2.7 .9 1.8 .4 1.4

 Q4... 1.2 .5 .7 .1 .6 2.6 1.0 1.6 .3 1.3

2003: Q1... 1.7 .9 .8 .2 .6 4.0 2.1 1.9 .4 1.5

 Note. Data are estimates of the national totals for non-real-estate farm loans. Reported amounts are adjusted to exclude foreign

results for large banks that report farm delinquencies on a consolidated basis and for small banks that are allowed to report

delinquencies according to their internal definition of agricultural loans. Yearly data are as of December 31. Quarterly data

are as of end of quarter.

22
23

B.3. Net Charge-offs of Non-real-estate Farm Loans Held by Insured Commercial Banks

Estimated volume Share of total non-real-estate farm loans

(millions of dollars) (percent)

Year Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4

1992...... 82 14 20 29 18 .237 .039 .062 .083 .050

1993...... 54 7 16 5 26 .155 .020 .049 .014 .069

1994...... 69 10 11 15 33 .187 .026 .032 .037 .082

1995...... 51 -2 14 13 25 .131 -.004 .039 .032 .061

1996...... 95 16 27 24 30 .240 .039 .070 .058 .071

1997...... 93 6 19 19 50 .230 .014 .049 .045 .112

1998...... 87 4 15 24 45 .198 .008 .036 .051 .095

1999...... 126 18 37 35 36 .280 .040 .086 .078 .080

2000...... 108 11 17 34 45 .259 .027 .041 .075 .098

2001...... 308 67 53 140 48 .656 .142 .118 .294 .101

2002...... 221 40 50 58 73 .471 .085 .114 .124 .157

2003...... n.a. 34 n.a. n.a. n.a. n.a. .074 n.a. n.a. n.a.

 Note. Components might not sum to totals because of rounding. Reported amounts are adjusted to exclude

foreign results for large banks that report farm net charge-offs on a consolidated basis and for small banks that

are allowed to report net charge-offs according to their internal definition of agricultural loans. Quarterly data

are as of end of quarter.

 n.a. Not available.
B.4. Delinquent Real Estate Farm Loans Held by Insured Commercial Banks

Share of outstanding farm real estate

Volume (billions of dollars) loans (percent)

Nonperforming Nonperforming 

Past due Past due

30 to 89 Past due 30 to 89 Past due

days, 90 days, Non- days, 90 days, NonPeriod Total accruing Total accruing accruing Total accuring Total accruing accruing

1992...... .6 .2 .4 .1 .3 3.2 1.2 2.0 .6 1.4

1993...... .5 .2 .3 .1 .2 2.4 .9 1.5 .5 1.1

1994...... .5 .2 .3 .1 .2 2.4 1.0 1.4 .5 .9

1995...... .6 .2 .3 .1 .2 2.4 1.0 1.4 .5 .9

1996...... .7 .3 .4 .2 .2 2.8 1.1 1.7 .7 1.0

1997...... .7 .3 .4 .2 .2 2.6 1.1 1.5 .6 .9

1998...... .8 .3 .5 .2 .3 2.9 1.2 1.7 .8 1.0

1999...... .6 .2 .4 .2 .2 2.0 .8 1.3 .5 .7

2000...... .8 .3 .5 .2 .3 2.3 .9 1.4 .6 .8

2001...... .9 .4 .5 .1 .4 2.6 1.1 1.5 .3 1.2

2002...... .9 .4 .6 .1 .5 2.5 1.0 1.5 .3 1.2

1994: Q1... .7 .3 .4 .2 .2 3.1 1.3 1.8 .7 1.1

 Q2... .5 .2 .3 .1 .2 2.4 .8 1.6 .6 .9

 Q3... .5 .2 .3 .1 .2 2.1 .7 1.3 .5 .8

 Q4... .5 .2 .3 .1 .2 2.4 1.0 1.4 .5 .9

1995: Q1... .7 .3 .4 .2 .2 3.1 1.3 1.8 .7 1.0

 Q2... .6 .2 .4 .2 .2 2.6 .9 1.6 .7 1.0

 Q3... .6 .2 .4 .1 .2 2.4 .9 1.6 .6 .9

 Q4... .6 .2 .3 .1 .2 2.4 1.0 1.4 .5 .9

1996: Q1... .9 .4 .5 .2 .3 3.7 1.6 2.1 1.0 1.2

 Q2... .7 .3 .5 .2 .3 3.0 1.1 1.9 .9 1.0

 Q3... .6 .2 .4 .2 .2 2.6 .9 1.7 .7 1.0

 Q4... .7 .3 .4 .2 .2 2.8 1.1 1.7 .7 1.0

1997: Q1... .8 .4 .4 .2 .2 3.2 1.4 1.8 .8 1.0

 Q2... .7 .3 .5 .2 .3 2.8 1.0 1.8 .8 1.0

 Q3... .6 .2 .4 .2 .2 2.3 .8 1.4 .6 .8

 Q4... .7 .3 .4 .2 .2 2.6 1.1 1.5 .6 .9

1998: Q1... .9 .4 .5 .2 .3 3.5 1.6 1.9 .9 1.0

 Q2... .7 .3 .5 .2 .2 2.6 1.0 1.6 .8 .8

 Q3... .7 .3 .4 .2 .2 2.5 .9 1.6 .7 .9

 Q4... .8 .3 .5 .2 .3 2.9 1.2 1.7 .8 1.0

1999: Q1... 1.1 .5 .6 .3 .3 3.6 1.6 2.0 .9 1.0

 Q2... .8 .3 .5 .2 .3 2.7 1.0 1.7 .8 .9

 Q3... .7 .2 .5 .2 .3 2.3 .8 1.5 .7 .8

 Q4... .6 .2 .4 .2 .2 2.0 .8 1.3 .5 .7

2000: Q1... 1.0 .4 .6 .3 .3 3.2 1.3 1.9 .9 1.0

 Q2... .9 .3 .6 .3 .3 2.7 1.0 1.7 .7 1.0

 Q3... .7 .2 .5 .2 .3 2.1 .7 1.4 .6 .8

 Q4... .8 .3 .5 .2 .3 2.3 .9 1.4 .6 .8

2001: Q1... 1.1 .6 .5 .1 .4 3.2 1.7 1.4 .4 1.1

 Q2... .9 .4 .6 .1 .4 2.7 1.0 1.7 .4 1.2

 Q3... .9 .3 .6 .1 .4 2.5 .9 1.7 .4 1.3

 Q4... .9 .4 .5 .1 .4 2.6 1.1 1.5 .3 1.2

2002: Q1... 1.2 .6 .6 .2 .4 3.3 1.6 1.7 .5 1.2

 Q2... 1.0 .4 .6 .2 .4 2.6 1.0 1.6 .4 1.1

 Q3... .9 .3 .6 .1 .5 2.4 .9 1.6 .4 1.2

 Q4... .9 .4 .6 .1 .5 2.5 1.0 1.5 .3 1.2

2003: Q1... 1.2 .6 .6 .1 .5 3.2 1.6 1.6 .4 1.2

 Note. Yearly data are as of December 31. Quarterly data are as of end of quarter.

24
25

B.5. Net Charge-offs of Real Estate Farm Loans Held by Insured Commercial Banks

Estimated volume Share of outstanding real estate farm loans

(millions of dollars) (percent)

Year Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4

1992...... 44 7 11 16 10 .232 .038 .058 .079 .049

1993...... 24 2 4 7 11 .121 .010 .018 .035 .054

1994...... 10 1 1 3 6 .048 .003 .003 .013 .026

1995...... 12 0 3 6 4 .055 -.001 .011 .027 .016

1996...... 7 0 1 2 4 .031 .000 .003 .009 .017

1997...... 16 -1 0 3 14 .064 -.003 -.001 .010 .054

1998...... 6 -1 3 0 5 .022 -.004 .009 .000 .016

1999...... 15 0 3 5 7 .051 -.001 .011 .015 .022

2000...... 12 -12 3 8 14 .037 -.037 .009 .022 .040

2001...... 42 10 9 5 17 .123 .030 .027 .014 .049

2002...... 35 8 6 5 16 .097 .022 .017 .014 .041

2003...... n.a. 4 n.a. n.a. n.a. n.a. .010 n.a. n.a. n.a.

 Note. Components might not sum to totals because of rounding. Quarterly data are as of end of quarter.

 n.a. Not available.
B.6. Distribution of Agricultural Banks by the Share of Their Total Loans that are Nonperforming

Percent

Less than 20.0 percent

2.0 2.0-4.9 5.0-9.9 10.0-14.9 15.0-19.9 and

Period Total percent percent percent percent percent over

1992...... 100.0 76.2 18.8 3.9 .8 .2 .0

1993...... 100.0 80.7 15.8 2.8 .6 .1 ...

1994...... 100.0 85.5 12.3 1.9 .2 .1 .0

1995...... 100.0 83.4 14.0 2.1 .3 .1 .1

1996...... 100.0 81.9 15.4 2.3 .2 .1 .1

1997...... 100.0 84.5 12.9 2.5 .1 .1 .0

1998...... 100.0 81.7 15.1 2.8 .3 ... .1

1999...... 100.0 84.8 12.6 2.4 .3 .0 ...

2000...... 100.0 85.0 12.8 1.8 .3 ... ...

2001...... 100.0 80.0 17.3 2.5 .1 .0 ...

2002...... 100.0 79.7 17.1 2.8 .2 .1 ...

1993: Q4... 100.0 80.7 15.8 2.8 .6 .1 ...

1994: Q1... 100.0 79.3 16.7 3.3 .5 .1 ...

 Q2... 100.0 80.9 16.2 2.4 .4 .1 ...

 Q3... 100.0 83.5 13.7 2.4 .3 .0 .0

 Q4... 100.0 85.5 12.3 1.9 .2 .1 .0

1995: Q1... 100.0 81.6 15.3 2.7 .2 .1 .1

 Q2... 100.0 82.0 15.0 2.6 .2 .1 .1

 Q3... 100.0 82.8 14.3 2.4 .3 .0 .1

 Q4... 100.0 83.4 14.0 2.1 .3 .1 .1

1996: Q1... 100.0 78.1 17.4 3.6 .6 .1 .1

 Q2... 100.0 78.0 17.2 4.0 .6 .1 .1

 Q3... 100.0 79.2 17.1 3.1 .5 .1 .1

 Q4... 100.0 81.9 15.4 2.3 .2 .1 .1

1997: Q1... 100.0 79.1 16.7 3.7 .4 .1 .1

 Q2... 100.0 80.5 15.8 3.2 .3 ... .1

 Q3... 100.0 81.8 15.2 2.7 .2 .1 .1

 Q4... 100.0 84.5 12.9 2.5 .1 .1 .0

1998: Q1... 100.0 80.6 16.3 2.8 .1 .1 .1

 Q2... 100.0 80.8 15.9 2.9 .3 .1 .0

 Q3... 100.0 80.3 16.2 3.1 .3 .1 .0

 Q4... 100.0 81.7 15.1 2.8 .3 ... .1

1999: Q1... 100.0 77.2 17.8 4.5 .5 .0 .0

 Q2... 100.0 78.7 16.9 3.8 .6 ... ...

 Q3... 100.0 80.4 15.9 3.4 .3 .0 ...

 Q4... 100.0 84.8 12.6 2.4 .3 .0 ...

2000: Q1... 100.0 81.8 14.8 2.9 .5 .0 ...

 Q2... 100.0 82.2 15.1 2.4 .3 .0 .0

 Q3... 100.0 83.0 14.9 1.7 .4 .0 ...

 Q4... 100.0 85.0 12.8 1.8 .3 ... ...

2001: Q1... 100.0 80.3 16.9 2.6 .2 .1 ...

 Q2... 100.0 80.2 16.6 3.0 .2 .1 ...

 Q3... 100.0 78.7 17.8 3.2 .3 ... ...

 Q4... 100.0 80.0 17.3 2.5 .1 .0 ...

2002: Q1... 100.0 76.8 19.3 3.7 .2 .0 ...

 Q2... 100.0 76.8 19.6 3.1 .4 .0 ...

 Q3... 100.0 77.8 18.8 3.2 .2 .0 ...

 Q4... 100.0 79.7 17.1 2.8 .2 .1 ...

2003: Q1... 100.0 75.4 19.9 4.1 .3 .2 .0

 Note. Nonperforming loans are loans in nonaccruing status or past due 90 days or more. Renegotiated or restructured

loans in compliance with the modified terms are not included. Agricultural banks are defined in the introduction to section B.

Yearly data are as of December 31. Quarterly data are as of end of quarter.

 ... Not applicable.

26
B.7. Selected Measures of Financial Performance of Agricultural and Other Small Banks

Percent

Distribution of net income as a Average rate Rate N

share of average equity at of return of return 

agricultural banks on equity to assets 

25 percent Agri- Other Agri- Other A

Negative 0-4 5-9 10-14 15-19 20-24 and cultural Small cultural small cu

Period All banks income percent percent percent percent percent over banks Banks banks banks ba1991...... 100.0 4.3 7.6 32.2 39.2 13.3 2.5 .9 10.9 8.8 1.0 .7 1992...... 100.0 2.0 5.3 25.3 41.1 19.6 5.1 1.6 12.5 11.3 1.2 1.0 1993...... 100.0 1.6 5.9 27.8 40.4 18.4 4.6 1.3 12.3 12.3 1.2 1.1 1994...... 100.0 1.5 5.9 31.4 40.1 16.9 3.3 .9 11.8 12.5 1.2 1.1 1995...... 100.0 1.4 5.7 37.1 39.6 13.4 2.3 .6 11.2 12.1 1.2 1.2 1996...... 100.0 2.1 5.6 33.4 41.6 14.2 2.6 .5 11.4 12.3 1.2 1.2 1997...... 100.0 1.6 5.9 34.5 39.7 14.2 3.1 1.1 11.4 12.3 1.2 1.2 1998...... 100.0 2.0 8.7 35.6 35.5 13.4 3.5 1.3 11.3 11.7 1.2 1.2 1999...... 100.0 2.9 7.9 34.8 33.3 14.2 4.9 1.9 11.8 11.9 1.2 1.1 2000...... 100.0 2.4 8.9 35.3 33.5 13.8 4.2 1.8 11.7 11.4 1.2 1.1 2001...... 100.0 3.1 12.6 37.6 28.6 13.1 3.7 1.3 10.8 10.4 1.1 1.0 2002...... 100.0 3.0 10.7 35.1 31.4 13.5 4.6 1.7 11.5 10.6 1.2 1.1 1998: Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.1 6.4 .6 .6  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.9 9.1 1.0 .9  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11.3 11.7 1.2 1.2 1999: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.9 3.0 .3 .3  Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.0 6.1 .6 .6  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9.1 8.9 .9 .9  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11.8 11.9 1.2 1.1 2000: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.2 3.1 .3 .3  Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.5 6.1 .6 .6  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9.3 8.9 .9 .9  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11.7 11.4 1.2 1.1 2001: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.8 2.8 .3 .3  Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.6 5.4 .6 .5  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.2 7.9 .9 .8  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.8 10.4 1.1 1.0 2002: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.0 2.9 .3 .3  Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.0 5.6 .6 .6  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.9 8.3 .9 .8  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11.5 10.6 1.2 1.1 2003: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3.0 2.9 .3 .3  Note. Agricultural and other banks are defined in the introduction to section B; small banks have less than $500 million in assets. Total primary anavailable at the end of the period specified) are measured as a percentage of total assets. Quarterly data are cumulative through the end of the quarte n.a. Not available.

27
B.8. Average Loan-Deposit Ratios at Agricultural Banks in Selected Federal Reserve Districts

Total Kansas 

(entire U.S.) Cleveland Atlanta Chicago St. Louis Minneapolis City D

Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Number Loans to Numbe

Period of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of banks deposits of bank1992...... 3,843 .55 74 .64 129 .61 949 .57 452 .56 693 .58 1,090 .53 31993...... 3,707 .58 66 .65 126 .62 909 .60 429 .59 669 .62 1,062 .57 31994...... 3,530 .63 56 .71 124 .64 857 .64 398 .63 656 .67 1,012 .62 31995...... 3,352 .64 53 .72 118 .66 816 .65 375 .65 619 .68 959 .63 31996...... 3,239 .66 49 .77 113 .68 795 .68 363 .66 609 .70 928 .64 31997...... 3,101 .69 45 .75 113 .70 759 .72 346 .70 574 .72 890 .68 31998...... 2,968 .68 40 .76 99 .71 733 .71 321 .69 558 .71 868 .68 21999...... 2,866 .72 41 .85 93 .74 715 .75 300 .72 538 .74 838 .71 22000...... 2,767 .75 39 .86 92 .77 693 .78 293 .75 519 .76 796 .76 22001...... 2,683 .74 40 .79 83 .75 675 .75 283 .73 497 .76 776 .76 22002...... 2,591 .76 43 .80 84 .77 646 .76 281 .75 489 .78 746 .79 21996: Q3... 3,276 .67 50 .78 127 .71 794 .68 381 .69 611 .72 928 .66 3 Q4... 3,239 .66 49 .77 113 .68 795 .68 363 .66 609 .70 928 .64 31997: Q1... 3,219 .66 45 .77 115 .70 782 .68 357 .66 603 .70 922 .64 3 Q2... 3,202 .69 50 .80 129 .73 772 .71 359 .70 591 .74 910 .68 3 Q3... 3,161 .70 51 .80 128 .74 771 .73 355 .72 583 .75 898 .69 3 Q4... 3,101 .69 45 .75 113 .70 759 .72 346 .70 574 .72 890 .68 31998: Q1... 3,058 .69 45 .76 109 .71 740 .72 328 .69 570 .73 886 .68 3 Q2... 3,065 .72 46 .77 110 .74 737 .75 341 .73 570 .77 889 .71 3 Q3... 3,036 .72 46 .79 109 .75 733 .75 341 .73 569 .77 880 .72 2 Q4... 2,968 .68 40 .76 99 .71 733 .71 321 .69 558 .71 868 .68 21999: Q1... 2,957 .69 42 .79 100 .72 720 .72 317 .69 550 .72 868 .68 2 Q2... 2,872 .72 41 .85 93 .74 716 .75 302 .72 539 .74 838 .71 2 Q3... 2,918 .74 44 .84 106 .75 716 .77 319 .74 547 .77 846 .72 2 Q4... 2,866 .72 41 .85 93 .74 715 .75 300 .72 538 .74 838 .71 22000: Q1... 2,842 .73 41 .86 97 .75 705 .76 288 .71 536 .76 831 .72 2 Q2... 2,834 .76 43 .89 96 .78 707 .79 306 .76 529 .80 814 .76 2 Q3... 2,790 .77 42 .88 93 .80 698 .80 306 .77 523 .79 796 .76 2 Q4... 2,767 .75 39 .86 92 .77 693 .78 293 .75 519 .76 796 .76 22001: Q1... 2,755 .75 40 .84 95 .75 696 .78 282 .73 514 .76 798 .76 2 Q2... 2,736 .77 41 .84 95 .76 682 .78 291 .76 508 .80 791 .77 2 Q3... 2,725 .77 43 .82 100 .77 683 .78 296 .76 506 .80 778 .77 2 Q4... 2,683 .74 40 .79 83 .75 675 .75 283 .73 497 .76 776 .76 22002: Q1... 2,653 .74 40 .79 84 .74 664 .76 273 .72 498 .77 770 .76 2 Q2... 2,637 .77 40 .79 89 .77 654 .77 284 .75 494 .81 762 .78 2 Q3... 2,625 .77 37 .79 89 .78 657 .78 289 .77 497 .82 753 .79 2 Q4... 2,591 .76 43 .80 84 .77 646 .76 281 .75 489 .78 746 .79 22003: Q1... 2,578 .75 39 .80 80 .75 646 .75 271 .72 490 .77 750 .78 2

 Note. The loan-deposit ratio is defined as total loans divided by total deposits. Agricultural banks are defined as banks with a farm loan ratio at least as described in the introduction to section B. Yearly data are as of December 31. Quarterly data are as of end of quarter.28
29

B.9. Number of Agricultural Bank Failures

Year Q1 Q2 Q3 Q4 Total

1982...... 2 3 3 3 11

1983...... 1 1 2 3 7

1984...... 3 7 10 12 32

1985...... 12 21 17 18 68

1986...... 14 14 21 16 65

1987...... 22 19 12 16 69

1988...... 11 6 12 7 36

1989...... 5 7 5 5 22

1990...... 3 5 6 3 17

1991...... 2 2 3 1 8

1992...... 1 1 1 4 7

1993...... 1 2 2 0 5

1994...... 0 0 0 0 0

1995...... 0 0 0 0 0

1996...... 0 2 0 0 2

1997...... 0 0 0 1 1

1998...... 0 0 1 0 1

1999...... 0 1 0 0 1

2000...... 0 0 0 0 0

2001...... 0 0 0 0 0

2002...... 1 0 0 1 2

2003...... 0 n.a. n.a. n.a. n.a.

 Note. Data exclude banks assisted to prevent failure. Industrial banks and

mutual savings banks also are excluded. Agricultural banks are defined in

the introduction to section B.

 n.a. Not available.
30

Federal Reserve Statistical Release E.15 – Agricultural Finance Databook

Section C: Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values 

Data are from quarterly surveys of agricultural credit conditions at commercial banks. Currently, these surveys are 

conducted during each quarter in five Federal Reserve districts. The surveys differ considerably in size, as is noted in 

the information below. They also differ in subject matter covered (as is evident in the tables), wording of basically 

similar questions, and type of banks covered. Most of the differences in wording are reflected in the use of different 

column headings on the two pages of each table. The states included in each District are indicated in the table headings; 

states that fall only partly within a given District are marked with asterisks. 

In the second quarter of 2002, the Kansas City and Minneapolis Federal Reserve Banks revised their surveys. 

Questions were changed, and it was not always possible to match the data to the categories that were shown in previous 

editions of the databook. Whenever possible, the data from the revised survey were fit into the older format. Series 

that were discontinued show no data for the second quarter, whereas new series show no data for the previous quarters. 

When a significant break in the data occurred, the new data were included and a footnote was added to highlight the 

changes. 

In coming quarters, surveys from the Cleveland, Philadelphia, and San Francisco Federal Reserve Banks are expected to 

be included in the databook. 

Research departments at each of the five Reserve Banks issue more-detailed quarterly reports on their survey results; 

these reports are available at the addresses given below. 

Federal Reserve Bank of Chicago, Box 834, Chicago, Illinois 60690 

The sample includes member banks at which farm loans represented 25 percent or more of total loans as of June 1972 

(a 10 percent standard is used for banks in the state of Michigan). The sample has undergone periodic review. The 

latest survey results were based on the responses of about 450 banks. 

Federal Reserve Bank of Kansas City, Federal Reserve P.O. Station, Kansas City, Missouri 64198 

The original sample chosen in 1976 had 181 banks selected from banks at which farm loans constituted 50 percent or 

more of total loans, with appropriate representation of all farm areas. The sample was redrawn and significantly 

expanded in 1987; roughly 280 banks responded to the latest survey. 

Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota 55480 

Before 1987, the sample provided a cross-section of banks of all sizes that were engaged in farm lending. Members of 

the Upper Midwest Agricultural Credit Council formed the core of the survey panel. In 1987, the sample was redrawn 

to include only banks at which farm loans represented 25 percent or more of total loans. As outlined above, the 

Minneapolis survey changed considerably beginning in the first quarter of 1994. In recent surveys, about 120 banks 

responded. 

Federal Reserve Bank of Dallas, P.O. Box 655906, Dallas, Texas 75265-5906 

The sample is stratified regionally and includes banks at which farm loans are relatively important or that hold a major 

portion of bank loans in their region. The sample was enlarged in the first quarter of 1985 and was redrawn in the 

second quarter of 1989. The results for the most-recent quarter were based on the responses from about 200 

respondents. 

Federal Reserve Bank of Richmond, Richmond, Virginia 23261 

The number of agricultural banks in this District is much smaller than that in the other Districts. When the survey was 

initiated in 1975, the sample consisted of forty-three banks of all sizes; banks with larger amounts of farm loans were 

sampled more heavily. More recently, the sample has consisted of about thirty banks, roughly three-fourths of which 

typically respond to the quarterly surveys. 
31

C.1. Non-real-estate Farm Lending Compared with a Year EarlierPercent

Demand for loans Funds availability Loan repayment rate Renewals or extensions Coll

Quarter Lower Same Higher Lower Same Higher Lower Same Higher Lower Same Higher Lower 

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)

2001: Q1... 17 48 35 18 64 18 37 58 5 4 61 35 0  Q2... 23 48 29 13 65 22 31 65 4 4 60 36 0  Q3... 28 54 18 8 57 35 21 72 7 8 70 22 1  Q4... 23 52 24 6 60 34 33 59 8 7 59 34 0 2002: Q1... 19 55 27 10 62 28 38 57 4 6 55 39 0  Q2... 21 52 26 7 66 27 32 65 3 4 65 31 0  Q3... 25 51 24 8 61 31 30 64 6 6 64 30 1  Q4... 23 52 25 6 58 36 29 55 16 14 60 25 0 2003: Q1... 22 46 31 6 57 36 31 60 9 7 61 31 1 

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2001: Q1... 12 63 25 12 71 17 25 71 4 4 70 26 0  Q2... 14 62 25 17 65 17 26 72 2 2 76 22 1  Q3... 19 63 18 11 61 28 21 76 3 4 78 19 0  Q4... 21 61 19 9 63 27 24 70 6 6 73 21 1 2002: Q1... 19 63 18 8 69 24 30 67 4 4 71 25 0  Q2... 15 60 25 11 73 16 34 64 2 3 63 34 0  Q3... 18 58 24 10 72 18 40 57 4 2 59 39 0  Q4... 20 56 24 8 69 23 38 54 8 1 58 41 0 2003: Q1... 22 53 26 5 71 24 48 48 3 1 51 48 0 

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

2001: Q1... 17 54 29 8 74 17 31 60 9 7 61 32 1  Q2... 22 55 23 10 69 21 27 66 7 7 62 31 0  Q3... 27 55 18 10 68 22 18 77 5 8 75 17 0  Q4... 24 58 18 8 69 23 28 61 11 7 68 25 1 2002: Q1... 25 60 16 9 72 20 24 70 6 8 68 25 0  Q2... 35 54 11 6 72 22 25 70 5 8 69 23 0  Q3... 24 61 15 10 71 19 22 72 7 8 73 18 0  Q4... 22 61 16 6 74 20 21 69 10 7 73 20 0 2003: Q1... 25 63 12 6 68 26 19 73 8 8 73 19 0 
32

C.1. Non-real-estate Farm Lending Compared with a Year Earlier (continued)Percent

Demand for loans Funds availability Loan repayment rate Renewals or extensions Coll

Quarter Lower Same Higher Lower Same Higher Lower Same Higher Lower Same Higher Lower 

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... n.a. n.a. n.a. 10 69 21 25 58 18 6 76 18 0  Q2... n.a. n.a. n.a. 14 62 24 15 72 12 6 71 23 2  Q3... n.a. n.a. n.a. 13 58 30 15 77 8 13 76 11 0  Q4... n.a. n.a. n.a. 3 49 49 17 74 9 3 79 18 0 2002: Q1... n.a. n.a. n.a. 27 73 0 6 55 39 35 59 6 25  Q2... n.a. n.a. n.a. 10 72 19 33 64 4 2 60 38 0  Q3... n.a. n.a. n.a. 8 77 15 33 62 6 3 66 31 0  Q4... n.a. n.a. n.a. 6 64 31 28 56 16 13 57 30 0 2003: Q1... n.a. n.a. n.a. 5 69 26 34 52 14 10 60 30 1 

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 

2001: Q1... 19 58 23 0 85 15 15 81 4 0 92 8 0  Q2... 24 70 6 3 76 21 15 85 0 6 82 12 0  Q3... 40 56 4 0 56 44 4 92 4 8 84 8 4  Q4... 29 61 11 4 64 32 11 86 4 7 79 14 0 2002: Q1... 23 73 3 7 63 30 7 93 0 0 97 3 0  Q2... 30 60 10 10 67 23 10 90 0 3 93 3 3  Q3... 41 52 7 19 59 22 30 70 0 11 70 19 11  Q4... 24 62 14 5 67 29 38 62 0 0 67 33 0 2003: Q1... 36 55 9 5 68 27 27 73 0 5 77 18 0  * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
33

C.2. Expected Farm Loan Volume for the Next Quarter, Compared with a Year EarlierPercent

Purpose of loan

Total Feeder cattle Dairy Crop storage Operating 

Quarter Lower Same Higher Lower Same Higher Lower Same Higher Lower Same Higher Lower Same Hig

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)

2001: Q1... 13 54 33 14 70 16 25 68 7 29 61 10 8 43  Q2... 20 57 23 22 65 13 22 71 7 29 61 9 12 53  Q3... 23 59 18 24 67 9 22 72 6 27 66 7 13 60  Q4... 19 53 28 24 68 8 16 77 6 28 67 5 12 47 2002: Q1... 19 54 27 25 68 7 20 72 8 27 67 6 11 49  Q2... 18 63 19 32 64 3 20 73 7 28 65 6 12 60  Q3... 23 54 23 32 64 3 26 67 7 25 69 6 16 49  Q4... 19 58 23 21 70 9 20 74 6 23 73 4 14 50 2003: Q1... 23 53 24 19 73 8 24 71 5 26 72 2 14 46 

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

2001: Q1... 21 57 22 17 65 18 18 77 5 14 83 3 17 57  Q2... 24 54 21 16 64 20 18 78 5 14 77 9 18 60  Q3... 22 60 18 19 63 19 18 77 5 15 80 5 18 63  Q4... 24 63 13 18 67 16 16 78 6 11 81 8 19 64 2002: Q1... 29 55 16 25 65 10 18 75 7 18 77 5 25 59  Q2... 29 60 11 37 58 5 20 74 6 20 74 6 23 58  Q3... 24 63 13 30 60 10 20 73 7 16 76 9 21 58  Q4... 22 66 12 26 58 15 19 75 6 18 76 6 20 64 2003: Q1... 20 67 13 22 69 10 14 84 3 11 85 4 16 67 

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*)

2001: Q1... 17 70 13 12 88 0 18 82 0 10 81 10 8 72  Q2... 27 70 3 17 83 0 26 74 0 19 73 8 13 88  Q3... 40 55 5 28 72 0 27 73 0 6 76 18 8 88  Q4... 25 67 8 30 70 0 18 76 6 29 57 14 19 74 2002: Q1... 19 70 11 16 76 8 20 72 8 18 79 4 21 69  Q2... 31 62 8 27 73 0 23 77 0 29 67 4 33 63  Q3... 30 57 13 22 78 0 22 78 0 21 63 16 33 59  Q4... 27 53 20 15 69 15 21 71 7 40 53 7 30 50 2003: Q1... 29 53 18 13 75 13 19 75 6 17 67 17 23 55 
34

C.2. Expected Farm Loan Volume for the Next Quarter, Compared with a Year Earlier (continued)Percent

Purpose of loan

Feeder livestock Other intermediate1 Farm real estate Other operating2 Far

Quarter Lower Same Higher Lower Same Higher Lower Same Higher Lower Same Higher Lower 

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... 14 76 10 18 76 6 28 62 11 7 69 23 34  Q2... 17 75 8 19 76 6 28 64 8 6 67 27 35  Q3... 17 77 6 16 78 6 26 62 12 10 68 22 28  Q4... 17 77 6 25 64 11 29 55 17 6 75 19 44 2002: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2003: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Note. Beginning in 2002, the Minneapolis Reserve District will no longer report loan demand. 1. Non-real-estate loans with a term greater than one season. Primarily comprises loans for farm machinery. 2. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock (inclu * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
35

C.3. Indicators of Relative Credit AvailabilityPercent

Number of farm loan referrals to:

Refused or Correspondent banks Nonbank ag

Average Loan-to-deposit ratio reduced a Actively

loan-to- farm loan seeking Compared with Comp

deposit because of new year earlier year 

ratio, Lower At Higher a shortage farm

end of than desired than of loanable loan

Quarter quarter desired level desired funds accounts None Lower Same Higher None Lower S

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)

2001: Q1... 75 41 35 23 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q2... 75 46 34 20 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q3... 75 48 33 19 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q4... 73 52 34 14 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2002: Q1... 73 54 30 16 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q2... 75 50 33 17 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q3... 76 50 30 20 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.  Q4... 73 56 27 17 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2003: Q1... 72 59 27 14 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2001: Q1... 70 49 11 40 0 71 84 5 91 4 74 5  Q2... 70 58 7 33 1 72 85 7 89 4 77 9  Q3... 71 56 9 34 1 71 83 7 89 4 78 6  Q4... 69 59 8 32 0 74 85 6 90 4 77 8 2002: Q1... 71 56 11 33 0 71 83 5 90 5 73 6  Q2... n.a. n.a. n.a. n.a. 5 n.a. n.a. 6 92 2 n.a. 5  Q3... n.a. n.a. n.a. n.a. 2 n.a. n.a. 4 94 2 n.a. 3  Q4... n.a. n.a. n.a. n.a. 1 n.a. n.a. 4 92 4 n.a. 4 2003: Q1... n.a. n.a. n.a. n.a. 2 n.a. n.a. 4 93 2 n.a. 4 

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

2001: Q1... 56 n.a. n.a. n.a. 2 n.a. n.a. 8 82 10 n.a. 8  Q2... 58 n.a. n.a. n.a. 2 n.a. n.a. 12 79 9 n.a. 10  Q3... 60 n.a. n.a. n.a. 1 n.a. n.a. 11 83 6 n.a. 11  Q4... 56 n.a. n.a. n.a. 3 n.a. n.a. 9 85 6 n.a. 8 2002: Q1... 58 n.a. n.a. n.a. 0 n.a. n.a. 10 85 5 n.a. 11  Q2... 59 n.a. n.a. n.a. 0 n.a. n.a. 11 81 9 n.a. 13  Q3... 60 n.a. n.a. n.a. 0 n.a. n.a. 10 81 9 n.a. 9  Q4... 60 n.a. n.a. n.a. 0 n.a. n.a. 9 83 8 n.a. 10 2003: Q1... 59 n.a. n.a. n.a. 0 n.a. n.a. 7 87 6 n.a. 4 
36

C.3. Indicators of Relative Credit Availability (continued)Percent

Number of farm loan referrals to:

Refused or Correspondent banks Nonbank ag

Average Loan-to-deposit ratio reduced a Actively

loan-to- farm loan seeking Compared with Comp

deposit because of new year earlier year 

ratio, Lower At Higher a shortage farm

end of than desired than of loanable loan

Quarter quarter desired level desired funds accounts None Lower Same Higher None Lower S

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... 84 68 11 21 1 n.a. n.a. 9 86 5 n.a. 9  Q2... 71 64 12 23 1 n.a. n.a. 9 85 6 n.a. 12  Q3... 76 55 11 35 6 n.a. n.a. 11 84 4 n.a. 7  Q4... 73 70 8 23 1 n.a. n.a. 10 86 4 n.a. 10 2002: Q1... n.a. n.a. n.a. n.a. 3 n.a. n.a. 4 92 4 n.a. 16  Q2... n.a. n.a. n.a. n.a. 2 n.a. n.a. 8 86 7 n.a. 7  Q3... n.a. n.a. n.a. n.a. 1 n.a. n.a. 7 91 2 n.a. 6  Q4... n.a. n.a. n.a. n.a. 3 n.a. n.a. 5 91 4 n.a. 5 2003: Q1... n.a. n.a. n.a. n.a. 2 n.a. n.a. 11 83 6 n.a. 9 

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 

2001: Q1... 84 46 46 8 0 73 80 0 20 0 80 0  Q2... 78 61 32 6 0 72 83 3 13 0 77 3  Q3... 74 68 28 4 0 72 78 0 22 0 74 0  Q4... 74 56 37 7 0 71 93 0 7 0 93 0 2002: Q1... 73 47 47 7 0 70 93 0 7 0 93 0  Q2... 75 52 37 11 0 69 90 0 10 0 90 0  Q3... 75 35 58 8 0 65 85 0 15 0 81 0  Q4... 75 62 29 10 0 75 89 0 11 0 84 0 2003: Q1... 72 52 43 5 0 71 86 0 14 0 85 0 

 Note. Beginning in 2002, the Minneapolis Reserve District will no longer report loan-to-deposit ratios. * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
37

C.4. Average Fixed Interest Rates on Farm Loans

Percent

Feeder cattle Other operating Intermediate non-real- Long-term real

Quarter loans loans1 estate loans estate loans

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)

2001: Q1... 9.2 9.2 n.a. 8.2

 Q2... 8.6 8.6 n.a. 7.9

 Q3... 8.1 8.0 n.a. 7.5

 Q4... 7.5 7.4 n.a. 7.2

2002: Q1... 7.5 7.3 n.a. 7.2

 Q2... 7.3 7.3 n.a. 7.1

 Q3... 7.2 7.2 n.a. 6.8

 Q4... 6.8 6.7 n.a. 6.5

2003: Q1... 6.7 6.6 n.a. 6.4

 Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2001: Q1... 9.6 9.8 9.5 8.9

 Q2... 9.0 9.1 9.0 8.5

 Q3... 8.4 8.6 8.5 8.0

 Q4... 7.8 8.1 8.2 7.6

2002: Q1... 7.7 7.9 7.9 7.5

 Q2... n.a. 8.1 8.0 7.7

 Q3... n.a. 7.9 7.9 7.5

 Q4... n.a. 7.6 7.6 7.2

2003: Q1... n.a. 7.4 7.5 7.0

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... n.a. 9.8 9.8 9.1

 Q2... n.a. 9.3 9.3 8.6

 Q3... n.a. 8.9 8.9 8.5

 Q4... n.a. 8.2 8.1 7.6

2002: Q1... n.a. 7.5 7.7 7.3

 Q2... n.a. 7.6 7.7 7.4

 Q3... n.a. 7.4 7.5 7.2

 Q4... n.a. 7.2 7.2 6.9

2003: Q1... n.a. 6.9 7.0 6.6

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

2001: Q1... 10.3 10.4 10.1 9.5

 Q2... 9.7 9.7 9.5 9.0

 Q3... 9.2 9.2 9.2 8.5

 Q4... 8.3 8.4 8.5 8.0

2002: Q1... 8.2 8.3 8.2 8.0

 Q2... 8.1 8.2 8.2 7.8

 Q3... 8.1 8.1 8.1 7.8

 Q4... 7.6 7.7 7.7 7.5

2003: Q1... 7.6 7.6 7.7 7.5
38

C.4. Average Fixed Interest Rates on Farm Loans (continued)

Percent

Feeder cattle Other operating Intermediate non-real Long-term real

Quarter loans loans1 -estate loans estate loans

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 

2001: Q1... 9.4 9.4 9.2 8.9

 Q2... 8.6 11.0 8.5 8.3

 Q3... 8.2 7.9 8.0 7.6

 Q4... 9.9 7.2 7.2 7.0

2002: Q1... 7.0 7.1 9.4 7.3

 Q2... 7.5 7.3 7.5 7.2

 Q3... 7.3 6.9 7.3 7.2

 Q4... 6.8 6.7 7.0 6.7

2003: Q1... 6.5 6.5 6.6 6.6

 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of

livestock (including poultry).

 * State falls only partly within the indicated Reserve District.

 n.a. Not available.

 Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
39

C.5. Average Variable Interest Rates on Farm Loans

Percent

Other operating Intermediate non-real- Long-term real

Quarter loans1 estate loans estate loans

 Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... 9.7 9.6 9.1

 Q2... 9.3 9.1 8.5

 Q3... 8.8 8.7 8.1

 Q4... 7.9 7.7 7.2

2002: Q1... 7.4 7.5 7.0

 Q2... 7.2 7.2 6.8

 Q3... 6.8 6.7 6.4

 Q4... 6.7 6.6 6.3

2003: Q1... 6.5 6.4 6.1

 Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2001: Q1... n.a. n.a. n.a.

 Q2... n.a. n.a. n.a.

 Q3... n.a. n.a. n.a.

 Q4... n.a. n.a. n.a.

2002: Q1... n.a. n.a. n.a.

 Q2... 7.7 7.6 7.1

 Q3... 7.5 7.4 6.9

 Q4... 7.2 7.0 6.6

2003: Q1... 9.7 6.9 6.4

 1. Loans used primarily to finance such items as current crop production expenses and the care and

feeding of livestock (including poultry).

 * State falls only partly within the indicated Reserve District.

 n.a. Not available.

 Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
40

C.6. Trends in Farm Real Estate Values and Loan Volume

Market value of good farmland

Trend expected during 

Percentage change Percentage change from the next quarter 

during quarter a year earlier (percentage of banks) 

Dry- Irri- Ranch- Dry- Irri- RanchQuarter All land gated land All land gated land Down Stable Up 

Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*)

2001: Q1... 1 n.a. n.a. n.a. 4 n.a. n.a. n.a. 15 74 11  Q2... 1 n.a. n.a. n.a. 5 n.a. n.a. n.a. 10 79 11  Q3... 1 n.a. n.a. n.a. 5 n.a. n.a. n.a. 13 79 7  Q4... 1 n.a. n.a. n.a. 5 n.a. n.a. n.a. 7 78 14 2002: Q1... 3 n.a. n.a. n.a. 6 n.a. n.a. n.a. 5 77 18  Q2... 1 n.a. n.a. n.a. 6 n.a. n.a. n.a. 3 76 21  Q3... 2 n.a. n.a. n.a. 7 n.a. n.a. n.a. 6 67 27  Q4... 2 n.a. n.a. n.a. 7 n.a. n.a. n.a. 2 66 32 2003: Q1... 1 n.a. n.a. n.a. 6 n.a. n.a. n.a. 2 68 30 

Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) 

2001: Q1... 5 n.a. n.a. n.a. 9 n.a. n.a. n.a. 0 65 35  Q2... 4 n.a. n.a. n.a. 13 n.a. n.a. n.a. 0 73 27  Q3... -3 n.a. n.a. n.a. 11 n.a. n.a. n.a. 12 68 20  Q4... 6 n.a. n.a. n.a. 13 n.a. n.a. n.a. 4 75 21 2002: Q1... -2 n.a. n.a. n.a. 5 n.a. n.a. n.a. 0 87 13  Q2... -5 n.a. n.a. n.a. -5 n.a. n.a. n.a. 7 83 10  Q3... 9 n.a. n.a. n.a. 7 n.a. n.a. n.a. 4 89 7  Q4... 6 n.a. n.a. n.a. 7 n.a. n.a. n.a. 0 95 5 2003: Q1... -9 n.a. n.a. n.a. -0 n.a. n.a. n.a. 9 82 9 

Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX)

2001: Q1... n.a. 4 3 9 n.a. 5 6 19 n.a. n.a. n.a.  Q2... n.a.012 n.a. 6 7 24 n.a. n.a. n.a.  Q3... n.a. 1 -0 -0 n.a. 8 5 19 n.a. n.a. n.a.  Q4... n.a. -1 1 1 n.a. 5 4 12 n.a. n.a. n.a. 2002: Q1... n.a.102 n.a. 2 2 6 n.a. n.a. n.a.  Q2... n.a. -0 -1 0 n.a.103 n.a. n.a. n.a. 

 Q3... n.a. 2 -0 1 n.a. 2 -0 5 n.a. n.a. n.a.  Q4... n.a.222 n.a. 6 1 5 n.a. n.a. n.a. 2003: Q1... n.a.102 n.a. 6 1 5 n.a. n.a. n.a. 
41

C.6. Trends in Farm Real Estate Values and Loan Volume (continued)

Market value of good farmland

Trend expected during 

Percentage change Percentage change from the next quarter 

during quarter a year earlier (percentage of banks) 

Dry- Irri- Ranch- Dry- Irri- RanchQuarter All land gated land All land gated land Down Stable Up 

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2001: Q1... n.a. n.a. n.a. n.a. n.a.862 n.a. n.a. n.a. 

 Q2... n.a. 5 9 37 n.a. 10 7 10 n.a. n.a. n.a.  Q3... n.a. -8 -9 -30 n.a.656 n.a. n.a. n.a.  Q4... n.a. -5 13 14 n.a.765 n.a. n.a. n.a. 

2002: Q1... n.a. 18 -15 -3 n.a. 8 -5 7 n.a. n.a. n.a.  Q2... n.a. 2 20 31 n.a.553 n.a. n.a. n.a. 

 Q3... n.a. -6 1 -13 n.a. 7 17 26 n.a. n.a. n.a.  Q4... n.a. -3 -4 1 n.a. 10 -0 12 n.a. n.a. n.a. 2003: Q1... n.a. 20 1 16 n.a. 12 19 33 n.a. n.a. n.a. 

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2001: Q1... n.a. -1 1 -1 n.a.222 n.a. n.a. n.a.  Q2... n.a. -1 -1 1 n.a.224 n.a. n.a. n.a. 

 Q3... n.a.322 n.a. 3 4 4 n.a. n.a. n.a.  Q4... n.a. -1 -1 -0 n.a.132 n.a. n.a. n.a. 

2002: Q1... n.a.321 n.a. 4 3 3 n.a. n.a. n.a.  Q2... n.a. 2 -2 4 n.a.727 n.a. n.a. n.a. 

 Q3... n.a.462 n.a. 9 5 7 n.a. n.a. n.a.  Q4... n.a.434 n.a. 13 8 12 n.a. n.a. n.a. 2003: Q1... n.a. -0 -1 -3 n.a. 10 6 8 n.a. n.a. n.a.  * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.
42

C.7. Local Trends in Farm Income and Expenditures as Reported by Banks in Each RegionPercent

Farm income Farm household spending Farm capital sp

Quarter Lower Same Higher Lower Same Higher Lower Same 

Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)

2000: Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.2001: Q1... 38 43 20 21 67 13 45 4 Q2... 35 47 18 22 69 9 50 4 Q3... 28 59 13 16 75 9 38 5 Q4... 49 39 12 29 64 7 57 32002: Q1... 8 32 60 16 63 21 10 3 Q2... 58 41 2 19 68 12 49 4 Q3... 58 33 9 34 60 6 55 4 Q4... 48 22 30 27 56 17 46 32003: Q1... 52 27 20 30 52 18 53 3

Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)

2000: Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.2001: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q2... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q3... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q4... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.2002: Q1... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. Q2... 65 33 2 35 54 11 63 3 Q3... 70 27 3 33 56 11 65 3 Q4... 63 30 8 40 50 9 65 32003: Q1... 71 24 5 44 48 8 67 3 * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks.