12

A.8. Characteristics of Bank Loans to Farmers -- All Banks, by Size of Loan, May 3-7, 2004Percent except as noted

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

Loan characteristic All sizes $9,999 $24,999 $49,999 $99,999 $249,999 Volume of loans (thousands of dollars) 1,404,564 80,437 137,125 129,724 168,499 274,7Number of loans 39,705 21,609 8,956 3,855 2,551 1,8Weighted average maturity (months)1 21.58 11.11 12.59 14.30 19.37 29.

Weighted average repricing interval (months)2 5.49 4.34 5.91 5.51 8.01 10.Weighted average risk rating3 3.07 2.84 2.83 3.00 2.92 2.

Weighted average interest rate4 5.29 6.49 6.21 5.77 5.50 5.

 Standard error5 .15 .17 .14 .17 .11 . Interquartile range6 75th percentile 6.18 7.49 7.23 6.71 6.57 6. 25th percentile 4.07 5.55 5.12 4.79 4.33 4.0 Purpose of loan Feeder livestock 4.86 6.41 5.61 5.62 5.68 5. Other livestock 5.38 7.07 6.87 6.40 5.74 5. Other current operating expenses7 5.48 6.46 6.25 5.70 5.59 5.

 Farm machinery and equipment 5.43 6.94 6.36 6.00 5.09 4. Farm real estate 5.76 6.60 6.50 6.01 6.08 5. Other8 4.81 5.48 5.25 5.55 4.92 4.

Share of total loan volume Features of loan Floating rate 76.85 67.08 64.46 68.97 63.31 69. Under commitment 76.28 75.53 71.41 72.10 68.93 64. Callable 19.78 21.67 20.39 24.98 26.74 17. Subject to prepayment penalty 3.44 1.80 2.16 1.93 3.87 5.4 Purpose of loan Feeder livestock 5.30 3.57 4.52 6.16 5.71 8. Other livestock 6.82 6.22 7.46 6.96 9.65 9.4 Other current operating expenses7 46.13 76.28 71.85 60.80 54.11 35.0

 Farm machinery and equipment 5.62 7.61 7.50 13.45 11.07 3. Farm real estate 9.48 1.26 1.56 2.06 6.19 25.7 Other8 26.64 5.07 7.12 10.58 13.27 18.

 Type of collateral Farm real estate 17.86 5.53 8.75 12.63 19.18 35. Other 78.63 86.43 84.72 82.03 74.04 62. 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 3-7, 2004 (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.