Quarterly Report. The Second Quarter Ended June 30, Of the Fiscal Year Ending December 31, 2014

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1 Quarterly Report The Second Quarter Ended June 30, 2014 Of the Fiscal Year Ending December 31, 2014

2 Table of Contents Page Report of Management... 2 Management s Discussion & Analysis... 3 Unaudited Consolidated Financial Statements: Unaudited Consolidated Balance Sheets... 6 Unaudited Consolidated Statements of Comprehensive Income... 7 Unaudited Consolidated Statements of Changes in Members Equity... 8 Notes to Unaudited Consolidated Financial Statements... 9 June 30, 2014 Quarterly Report 1

3 Report of Management AgTexas Farm Credit Services ( Association ) management prepares the unaudited consolidated financial statements ( CFS ) and are responsible for the integrity and objectivity of the CFS, including amounts that are necessarily based on judgments and estimates. The Association s CFS are prepared in conformity with accounting principles generally accepted in the United States of America ( GAAP ) appropriate in the circumstances. Other financial information included in the Association s June 30, 2014 Quarterly Report ( Quarterly Report ) is consistent with the CFS. The undersigned certify that they have reviewed this Quarterly Report, that it has been prepared in accordance with all applicable statutory or regulatory requirements, and that the information contained herein is true, accurate, and complete to the best of their knowledge or belief. Mitchell Harris, Chief Executive Officer James Ray Schronk, Chairman, Board of Directors July 24, 2014 July 24, 2014 Jerry Spruill, Chief Financial Officer July 24, 2014 June 30, 2014 Quarterly Report 2

4 Management s Discussion & Analysis The following commentary explains management s assessment of the principal aspects of the consolidated financial condition and results of operations of AgTexas Farm Credit Services, including its wholly-owned subsidiaries AgTexas, PCA and AgTexas, FLCA (collectively referred to herein as the Association ), for the quarter and six months ended June 30, 2014, and should be read in conjunction with the accompanying unaudited consolidated financial statements ( CFS ) and the Association s 2013 Annual Report to Stockholders ( 2013 Annual Report ). Management prepared the accompanying CFS under the oversight of the Association s Audit Committee. Significant Events. The Association s board of directors declared a cash patronage of $3,164,539 in 2013 that was paid in the first quarter of This patronage refund reduced the average member s 2013 interest rate by more than 0.70% (70 basis points). During the second quarter of 2014, the Boards of the Association and Great Plains Ag Credit, ACA entered into a letter of intent to merge. The Boards believe the merger will provide greater loan portfolio diversification, operating efficiencies, and improve the patronage program for the stockholders. The merger is expected to be effective January 1, Loan Portfolio. Changes in the Association s loan portfolio from December 31, 2013, to June 30, 2014, follow: $ in Thousands June 30, 2014 December 31, 2013 % of % of Increase (Decrease) Amount Total Amount Total Amount Percent 100% USDA guaranteed loans... $ 154, % $ 127, % $ 27, % Loans under Rural America Bond program... 51, , , Mission related investment loans , , , Real estate mortgage , , , Production & intermediate term , , , Agribusiness... 30, , , All other loans... 21, , , Loans, Gross , , , ALL... 2, , Loans, net... $ 723, % $ 616, % $ 107, % The Association s portfolio includes significant mission related investments ( MRIs ), including the Rural America Bond Pilot Program ( RAB ), approved by the Farm Credit Administration ( FCA ). RAB is designed to meet the growing and changing needs of agricultural enterprises, agribusinesses, and various infrastructure needs in rural communities through investment in these areas. During the FCA November 2013 board meeting, a resolution passed that will discontinue the authorities granted to originate under RAB effective as of December 31, The increase in loans in the six months ended June 30, 2014, is due to approximately $154.5 million in originations comprised of $88.4 million in new Association loans, $5.3 million in Association RAB originations, $41.5 million in 100% USDA guaranteed loan purchases, and $19.2 million in participations purchased. Risk Exposure. Non performing assets include impaired loans and other property owned. Impaired loans are comprised of nonaccrual, past due 90 days and still accruing interest, and formally restructured loans. Composition of non performing assets follows: $ in Thousands June 30, 2014 December 31, 2013 % of % of Increase (Decrease) Amount Total Amount Total Amount Percent Nonaccrual... $ 1, % $ 1, % $ (687) (36.0)% Past due 90 days & still accruing... 2, , Formally restructured (271) (100.0) Impaired loans... 3, , Other property owned, net Non Performing Assets... $ 4, % $ 3, % $ 1, % Loans past due 90 days and still accruing interest as of June 30, 2014 & December 31, 2013 of $1,264,571 & $486,653, respectively, are 100% guaranteed by the USDA (principal and interest) and are part of the mission related loan portfolio. June 30, 2014 Quarterly Report 3

5 Management s Discussion & Analysis Results of Operations. Changes in the Association s results of operations for the quarters ended June 30, 2014 & 2013 follow: $ in Thousands Quarters Ended June 30, 2014 June 30, 2013 % of % of Increase (Decrease) Amount Total Amount Total Amount Percent Interest income... $ 7, % $ 6, % $ % Interest expense... (2,785) (98.1) (2,325) (79.1) (460) (19.8) (Provision for) reversal of loan losses... (76) (2.7) (248) (144.2) Net Interest Margin... 4, , Non interest income... 1, Non interest expense... (2,929) (103.2) (2,552) (86.8) (377) (14.8) Net Income... $ 2, % $ 2, % $ (101) (3.4) % Changes in the Association s results of operations for the six months ended June 30, 2014 & 2013 follow: $ in Thousands Six Months Ended June 30, 2014 June 30, 2013 % of % of Increase (Decrease) Amount Total Amount Total Amount Percent Interest income... $ 14, % $ 13, % $ 1, % Interest expense... (5,262) (94.1) (4,631) (80.5) (631) (13.6) (Provision for) reversal of loan losses... (133) (2.4) (546) (132.2) Net Interest Margin... 8, , (80) (0.9) Non interest income... 2, , Non interest expense... (5,788) (103.5) (5,047) (87.7) (741) (14.7) Net Income... $ 5, % $ 5, % $ (162) (2.8) % Interest margin (interest income less interest expense) is the principal source of earnings and results from relative volumes of interestearning assets and interest-bearing liabilities, yields on interest-earning assets, and rates on interest-bearing liabilities. The effects of changes in average volumes, yields, and rates on interest margin follow: $ in Thousands Quarter Ended June 30, 2014 Quarter Ended June 30, 2013 Average Interest Yield/ Average Interest Yield/ Balance Inc/Exp Rate Balance Inc/Exp Rate Loans & investments... $ 682,893 $ 7, % $ 580,676 $ 6, % Int-Brg Liabilities ,437 2, ,124 2, Net Int-Earning Assets... $ 74,456 $ 71,552 Interest Margin... $ 4,711 $ 4,425 Interest Rate Spread % 2.83 % $ in Thousands Six Months Ended June 30, 2014 Six Months Ended June 30, 2013 Average Interest Yield/ Average Interest Yield/ Balance Inc/Exp Rate Balance Inc/Exp Rate Loans & investments... $ 650,105 $ 14, % $ 568,413 $ 13, % Int-Brg Liabilities ,308 5, ,951 4, Net Int-Earning Assets... $ 73,797 $ 70,462 Interest Margin... $ 9,056 $ 8,590 Interest Rate Spread % 2.81 % The net interest rate spreads, as indicated above, decreased for the three and six month periods in 2014 compared with 2013 due to market pressure and greater competition in most business segments. June 30, 2014 Quarterly Report 4

6 Management s Discussion & Analysis Results of Operations (continued). The Association s return on average assets was 1.61% & 1.97% for the quarters ended June 30, 2014 & 2013, respectively, and 1.68% & 1.98% for the six months ended June 30, 2014 & 2013, respectively. The Association s return on average equity was 13.24% & 15.12% for the quarters ended June 30, 2014 & 2013, respectively, and 13.11% & 14.78% for the six months ended June 30, 2014 & 2013, respectively. Liquidity and Funding Sources. Interest rate risk ( IRR ) inherent in the loan portfolio is substantially mitigated through the funding relationship with the Farm Credit Bank of Texas ( FCBT ). FCBT manages IRR through direct loan pricing and asset/liability management. The Association s primary source of liquidity and funding is a direct note payable to FCBT ( Direct Note ). The Direct Note balance was $642,757,937 & $539,845,044 at June 30, 2014 & December 31, 2013, respectively. Capital Resources. The Association s members equity was $91,595,288 & $85,944,841 at June 30, 2014 & December 31, 2013, respectively, a $5,650,447 (6.6%) increase. The Association must maintain minimum adjusted permanent capital of 7.0% of risk-adjusted assets and off-balance-sheet contingencies, as defined by the FCA, under regulations governing minimum permanent capital adequacy and other capitalization issues. This ratio is an indicator of the Association's financial capacity to absorb potential losses beyond that provided in the ALL. The Association s adjusted permanent capital ratios were 15.1% & 15.0% at June 30, 2014 & December 31, 2013, respectively. The FCA requires the Association to maintain minimum available core surplus capital of 3.5% of risk-adjusted assets and off-balancesheet contingencies. This ratio is an indicator of the quality of capital that exists to maintain stable earnings and financial strength. The Association s core surplus ratios were 14.8% & 14.4% at June 30, 2014 & December 31, 2013, respectively. The FCA requires the Association to maintain available surplus capital of 7.0% of risk-adjusted assets and off-balance-sheet contingencies. This ratio is an indicator of the reserves existing to protect borrowers investments in Association stock. The Association s total surplus ratios were 14.8% & 14.4% at June 30, 2014 & December 31, 2013, respectively. Relationship With FCBT. The Association has a statutory obligation to borrow only from FCBT, which is discussed in note 9, Note Payable to FCBT, in the Association s consolidated financial statements in the 2013 Annual Report. FCBT s ability to access Association capital is discussed in note 2, Summary of Significant Accounting Policies, in the Association s consolidated financial statements in the 2013 Annual Report, within the Capital Stock Investment in FCBT section. FCBT s role to help mitigate Association exposure to IRR is described in the Liquidity and Funding Sources section of Management s Discussion & Analysis of Financial Condition and Results of Operations and note 9, Note Payable to FCBT, in the Association s consolidated financial statements in the 2013 Annual Report. FCBT provides computer systems to support the critical operations of all District associations. In addition, each association has operating systems and facility-based systems that are not supported by FCBT. As disclosed in note 13, Related Party Transactions, in the Association s consolidated financial statements in the 2013 Annual Report, FCBT provides many services to the Association, which include administrative, marketing, and accounting services and information systems. The Association s financial condition may be impacted by factors that affect FCBT. The financial condition and results of operations of FCBT may materially affect Association stockholders investment in the Association. Annual & Quarterly Stockholder Report Availability. FCBT and its related associations, which include the Association, are collectively referred to as the District. Annual and quarterly stockholder reports for the District are available free of charge on the FCBT website (www.farmcreditbank.com) or by i) writing to FCBT, The Ag Agency, P.O. Box , Austin, Texas 78720, ii) calling (512) , or iii) ing Annual and quarterly stockholder reports for the Association are available free of charge on the Association s website (www.agtexas.com/reports.htm) or by i) writing to AgTexas Farm Credit Services, P.O. Box 53240, Lubbock, Texas 79453, ii) calling (806) , or iii) ing June 30, 2014 Quarterly Report 5

7 Unaudited Consolidated Balance Sheets June 30, December 31, Cash $ 489,094 $ 1,379,249 Held to maturity investments, at amortized cost 2,879,147 3,117,504 Loans, net of allowance for loan losses of $2,959,670 & $2,870,587, respectively 723,361, ,005,219 Accrued interest receivable 6,816,331 8,201,060 Farm Credit Bank of Texas capital stock 12,279,515 12,279,515 Receivable from Farm Credit Bank of Texas 1,706,322 2,588,140 Other property owned, net 729, ,470 Premises & equipment, net 3,435,415 3,480,046 Other assets 1,293, ,205 Assets $ 752,990,984 $ 647,842,408 Note payable to Farm Credit Bank of Texas $ 642,757,937 $ 539,845,044 Advance conditional payments 9,052,776 10,517,320 Accrued interest payable 951, ,030 Drafts outstanding 3,089,095 1,690,015 Patronage dividends payable - 3,164,539 Other liabilities 5,543,980 5,836,619 Liabilities 661,395, ,897,567 Capital stock & participation certificates 2,783,785 2,725,940 Allocated retained earnings 8,222,388 8,224, Unallocated retained earnings 80,629,684 75,037,784 Accumulated other comprehensive loss (40,569) (43,374) Members' Equity 91,595,288 85,944,841 Liabilities & Members' Equity $ 752,990,984 $ 647,842,408 The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements. June 30, 2014 Quarterly Report 6

8 Unaudited Consolidated Statements of Comprehensive Income Quarter Ended June 30, Six Months Ended June 30, Loan interest income $ 7,456,600 $ 6,700,815 $ 14,237,634 $ 13,117,350 Investments held to maturity interest income 39,281 49,063 80, ,395 Interest income 7,495,881 6,749,878 14,317,912 13,220,745 Note payable to FCBT interest expense 2,776,173 2,316,769 5,243,366 4,612,948 Advance conditional payment interest expense 8,469 8,104 18,793 17,604 Interest expense 2,784,642 2,324,873 5,262,159 4,630,552 Interest Margin 4,711,239 4,425,005 9,055,753 8,590,193 Provision for loan losses (reversals) 76,045 (171,896) 133,276 (412,597) Net Interest Margin 4,635,194 4,596,901 8,922,477 9,002,790 Patronage income from FCBT 699, ,347 1,359, ,181 Loan fees 75, , , ,177 Refunds from FCS Insurance Corp ,978 Financially related services income 340, , , ,642 Net gain on other property owned sales - 3, ,175 3,573 Net gain on disposal of premises & equipment ,431 Other non interest income 16,769 3,442 80,220 61,792 Non Interest Income 1,132, ,344 2,455,410 1,795,774 Compensation & benefits 2,023,661 1,804,824 3,954,745 3,491,709 Directors 61,006 38, ,726 92,148 Purchased services 127,334 91, , ,083 Travel 126, , , ,224 Occupancy & equipment 143, , , ,693 Communications 39,788 31,156 75,327 68,048 Advertising 64,356 77, , ,127 Public & member relations 76,602 53, , ,855 Supervisory 40,498 37,832 80,996 75,665 Insurance Fund premiums 110,586 85, , ,997 Other non interest expense 114,267 54, ,361 97,049 Non Interest Expense 2,928,750 2,552,204 5,787,934 5,046,598 Net Income 2,839,033 2,940,041 5,589,953 5,751,966 Decrease in post retirement benefits 1,403 17,307 2,805 34,615 Other Comprehensive Income 1,403 17,307 2,805 34,615 Comprehensive Income $ 2,840,436 $ 2,957,348 $ 5,592,758 $ 5,786,581 The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements. June 30, 2014 Quarterly Report 7

9 Unaudited Consolidated Statements of Changes in Members' Equity Accumulated Capital stock & Other Participation Retained Earnings: Comprehensive Members' Certificates Allocated Unallocated Loss Equity December 31, 2012 $ 2,648,860 $ 10,177,271 $ 66,661,614 $ (667,845) $ 78,819,900 Net income - - 5,751,966-5,751,966 Other comprehensive income ,615 34,615 Capital stock & participation certificates: Issued 292, ,920 Retired (299,095) (299,095) Patronage dividends declared: Cash Capital stock & participation certificates and allocated retained earnings - (1,947,593) 88 - (1,947,505) June 30, 2013 $ 2,642,685 $ 8,229,678 $ 72,413,668 $ (633,230) $ 82,652,801 December 31, 2013 $ 2,725,940 $ 8,224,491 $ 75,037,784 $ (43,374) $ 85,944,841 Net income - - 5,589,953-5,589,953 Other comprehensive income ,805 2,805 Capital stock & participation certificates: Issued 322, ,780 Retired (264,935) (264,935) Patronage dividends declared: Cash Capital stock & participation certificates and allocated retained earnings - (2,103) 1,947 - (156) June 30, 2014 $ 2,783,785 $ 8,222,388 $ 80,629,684 $ (40,569) $ 91,595,288 The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements. June 30, 2014 Quarterly Report 8

10 Notes to Unaudited Consolidated Financial Statements Note 1: Organization, Operations & Significant Accounting Policies AgTexas Farm Credit Services ( AgTX ACA ) and its wholly-owned subsidiaries, AgTexas, PCA ( PCA ), AgTexas, FLCA ( FLCA ), and AgTexas Asset Management, LLC ( ATAM ), are collectively referred to herein as the Association. AgTX ACA provides financing and related services through FLCA and PCA. FLCA makes secured long-term agricultural real estate and rural home mortgage loans. PCA makes short- and intermediate-term loans for agricultural production or operating purposes. ATAM was formed in August 2010 to hold equities acquired in a loan settlement. These notes and the encompassing unaudited consolidated financial statements for AgTX ACA (collectively referred to herein as CFS ), include the accounts of PCA and FLCA. All significant intercompany balances and transactions are eliminated in consolidation. In management s opinion, these CFS reflect all adjustments necessary to fairly state results for the interim periods presented, which are of a normal recurring nature. Management strives to prepare and present the CFS in accordance with accounting principles generally accepted in the United States of America ( GAAP ) for interim financial information and prevailing practices within the banking industry, in all material respects. Accordingly, these CFS do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited consolidated financial statements included in the Association s 2013 Annual Report to Stockholders. The preparation of CFS that conform with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS. Actual results could differ from management s estimates. In February 2013, the FASB issued guidance, entitled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income ( AOCI ) by component. In addition, an entity is required to present significant amounts reclassified out of AOCI by the respective line items of net income only if the amount reclassified is required by GAAP to be reclassified to net income in its entirety in the same reporting period, either on the face of the statement of comprehensive income or in the notes. Other amounts not required by GAAP to be reclassified in their entirety to net income are to be cross-referenced to other disclosures required by GAAP that provide additional detail about those amounts. This guidance was adopted for the Association s annual reporting period that began on January 1, The adoption of this guidance did not impact the Association s financial condition, results of operations, or disclosures. The Association is a lending institution of the Farm Credit System ( System ), a nationwide system of cooperatively owned banks and associations that was established by Acts of Congress to meet the credit needs of American agriculture and is subject to the provisions of the Farm Credit Act of 1971, as amended ( Act ). The Farm Credit Bank of Texas ( FCBT ) and its related associations, which includes the Association, are collectively referred to as the District. The Act specifies authorized lending activity, persons eligible to borrow, and financial services that can be offered by the Association. The Association is authorized to provide credit, credit commitments, and related services to eligible borrowers directly or in participation with other lenders. Eligible borrowers include farmers, ranchers, producers, or harvesters of aquatic products, rural residents, and farm-related businesses. The Association originates and services short- and intermediate-term loans, for agricultural production or operating purposes, and secured long-term real estate mortgage loans, with funding from FCBT. The Association offers credit life insurance and multi-peril crop insurance as an intermediary and provides additional services to borrowers which include financial management and an investment bond program. Association employees participate in either the Farm Credit Bank of Texas Pension Plan ( DB Plan ) or in a non elective defined contribution feature ( DC Plan ) within the Farm Credit Benefits Alliance 401(k) Plan ( 401k ). All employees are also eligible to participate in the 401k. Reclassifications. Certain prior year amounts have been aggregated and/or reclassified to conform with the current interim presentation. June 30, 2014 Quarterly Report 9

11 Notes to Unaudited Consolidated Financial Statements Note 2: Held to Maturity ( HTM ) Investment Securities Federal Agricultural Mortgage Corporation ( Farmer Mac ) guaranteed agricultural mortgage-backed securities ( AMBS ) comprise the Association s investment portfolio, and the Association services the underlying loans. Additional information follows: $ in Thousands Weighted Amortized Gross Unrealized Fair Average Cost Gains Losses Value Yield June 30, $ 2,879 $ 47 $ $ 2, % December 31, , , The Association has not experienced impairments of these securities. Farmer Mac guarantees the underlying mortgages, and the Association has the ability and intent to hold these securities to maturity or pay-off and it is unlikely the Association would be required to sell these securities. These AMBS have contractual weighted average maturities of 2.5 years at June 30, 2014, however, expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Note 3: Loans & Allowance for Loan Losses ( ALL ) Loans. Loan carrying amounts (outstanding principal adjusted as applicable for capitalized accrued interest, direct partial charge-offs, deferred fees or costs on originated loans, and unamortized purchase premiums and discounts; excludes uncapitalized accrued interest) by portfolio segment and the ALL follow: $ in Thousands June 30, 2014 December 31, 2013 Amount % Amount % Real estate mortgage... $ 279, % $ 251, % Mission related investment loans , , Production & intermediate term , , Agribusiness: Cooperatives... 1, , Processing & marketing... 22, , Farm-related business... 6, , Rural residential real estate... 8, , Energy... 5, , Communication... 5, , Water & waste water... 1, , Agricultural export finance Loans, Gross , , ALL... 2, , Loans, Net... $ 723, % $ 616, % Management purchases loans and extends credit in accordance with mission related investment programs, including the Rural America Bond program, approved by FCA. This activity allows the Association to provide credit that furthers the System s mission to serve rural America. These transactions generally involve government guarantees or taxing authority and purchase premiums and discounts. Carrying amount details for mission related investment loans to be held to maturity follow: $ in Thousands June 30, 2014 December 31, 2013 Amount % Amount % 100% USDA guaranteed loans... $ 154, % $ 127, % Loans under Rural America Bond program... 51, , Mission Related Investment Loans... $ 205, % $ 165, % June 30, 2014 Quarterly Report 10

12 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Loans (continued). Mission related investment loans purchased with 100% U.S. government agency or government sponsored enterprise guarantees present essentially no credit risk other than purchase premiums, which could be forfeited if borrowers prepaid or refinanced their loans before the premiums were fully amortized. Management anticipates and considers potential prepayments to estimate an appropriate amortization period. Net purchased premiums included in the mission related investment loans above were $6.258 million & $5.839 million at June 30, 2014 & December 31, 2013, respectively. The Association may purchase or sell participations in loans to diversify risk, manage loan volume, and comply with FCA regulations. Participation carrying amount details follow: $ in Thousands Other System Institutions Non System Institutions Total Participations Participations Participations Purchased Sold Purchased Sold Purchased Sold Real estate mortgage... $ 6,757 $ 36,796 $ 13,914 $ 5,325 $ 20,671 $ 42,121 Mission related investment loans... Production & intermediate term... 17,606 2,256 17,606 2,256 Agribusiness... 22,308 22,308 Rural residential real estate... Energy... 5,987 5,987 Communication... 5,429 5,429 Water & waste water Agricultural export finance... June 30, $ 58,692 $ 39,052 $ 13,914 $ 5,325 $ 72,606 $ 44,377 Real estate mortgage... $ 6,456 $ 35,236 $ 417 $ 5,433 $ 6,873 $ 40,669 Mission related investment loans... Production & intermediate term... 12,653 2,900 12,653 2,900 Agribusiness... 19,438 19,438 Rural residential real estate... Energy... 4,315 4,315 Communication... 3,825 3,825 Water & waste water Water Agricultural export finance... December 31, $ 47,401 $ 38,136 $ 417 $ 5,433 $ 47,818 $ 43,569 The Association s lending concentrations/diversification geographically and across various agricultural commodities and other loan categories are provided in the following tables. Concentration/diversification do not necessarily equate to credit risk since loans are collateralized and borrowers abilities to repay vary widely and do not necessarily correspond with the geography, commodity, and other loan categories provided below, although there may be strong correlations from time-to-time. Management considers myriad factors to assess and manage credit risks, and these factors influence credit risk assessments, which are a significant input in management s estimate of an appropriate ALL. June 30, 2014 Quarterly Report 11

13 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Credit Quality. Loans are the Association s primary asset. Collectability of these assets is critical to the Association s financial position and results of operations. Collectability is primarily a function of credit quality. Loans that have not performed in accordance with terms demonstrate heightened credit risk, and the level and trends in non performing loans is a strong indicator of credit quality. Non performing loans and other property owned ( OPO ) comprise non performing assets. The recorded investment in a loan, as defined by GAAP, includes the outstanding principal adjusted as applicable for accrued interest, direct partial charge-offs, deferred fees or costs on originated loans, and unamortized purchase premiums and discounts; the recorded investment in a loan does not include an allocation of the ALL or any specific valuation adjustments. The recorded investment in non performing asset balances by loan portfolio segment and OPO follow: $ in Thousands June 30, December 31, Real estate mortgage... $ 1,138 $ 1,779 Mission related investment loans... Production & intermediate term Agribusiness... Rural residential real estate... Energy... Communication... Water & waste water... Agricultural export finance... Nonaccrual Loans... 1,219 1,906 Real estate mortgage Mission related investment loans... Production & intermediate term... Agribusiness... Rural residential real estate... Energy... Communication... Water & waste water... Agricultural export finance... Accruing Restructured Loans Real estate mortgage... Mission related investment loans... 1, Production & intermediate term Agribusiness... Rural residential real estate... Energy... Communication... Water & waste water... Agricultural export finance... Accruing Loans Ninety Days Past Due... 2, Non Performing Loans... 3,388 2,674 Other Property Owned, Net Non Performing Assets... $ 4,118 $ 3,115 Loans past due 90 days and still accruing interest as of June 30, 2014 & December 31, 2013 of $1,264,571 & $486,653, respectively, are 100% guaranteed by the USDA (principal and interest) and are part of the mission related loan portfolio. June 30, 2014 Quarterly Report 12

14 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Credit Quality (continued). Age analysis of the recorded investment in past due loans by loan segment follows: $ in Thousands Not Past Accruing Total Due or Recorded Loans Days Past Due Past < 30 Days Investment Due Past Due in Loans Past Due Real estate mortgage... $ 1,771 $ 507 $ 2,278 $ 279,507 $ 281,785 $ Mission related investment loans... 5,297 1,265 6, , ,286 1,265 Production & intermediate term , , , Agribusiness: Cooperatives... 1,464 1,464 Processing & marketing... 22,779 22,779 Farm-related business... 6,276 6,276 Rural residential real estate ,145 8,336 Energy... 5,999 5,999 Communication... 5,430 5,430 Water & waste water... 1,215 1,215 Agricultural export finance June 30, $ 7,365 $ 2,756 $ 10,121 $ 722,977 $ 733,098 $ 2,169 Real estate mortgage... $ 2,109 $ 1,207 $ 3,316 $ 252,049 $ 255,365 $ Mission related investment loans... 6, , , , Production & intermediate term , , ,226 Agribusiness: Cooperatives... 1,581 1,581 Processing & marketing... 20,101 20,101 Farm-related business... 6,514 6,514 Rural residential real estate ,316 6,513 Energy... 4,323 4,323 Communication... 3,826 3,826 Water & waste water... 1,508 1,508 Agricultural export finance December 31, $ 9,362 $ 1,831 $ 11,193 $ 615,884 $ 627,077 $ 497 June 30, 2014 Quarterly Report 13

15 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Credit Quality (continued). Management has rated each loan in the portfolio using the System s 14-point rating system. These aggregated classifications are a significant indicator of credit quality. The following table presents the Association s loan portfolio segment balances, including accrued interest thereon, as a percentage of the total category, as classified by management and aggregated under the Farm Credit Administration s Uniform Loan Classification System: June 30, December 31, Acceptable % 95.8 % OAEM Substandard & doubtful Real Estate Mortgage % % Acceptable % 97.9 % OAEM... Substandard & doubtful Mission Related Investment Loans % % Acceptable % 99.0 % OAEM Substandard & doubtful Production & Intermediate Term % % Acceptable % % OAEM... Substandard & doubtful... Cooperatives % % Acceptable % % OAEM... Substandard & doubtful... Processing & Marketing % % Acceptable % 99.2 % OAEM Substandard & doubtful... Farm-Related Business % % Acceptable % 96.9 % OAEM Substandard & doubtful Rural Residential Real Estate % % Acceptable % % OAEM... Substandard & doubtful... Energy % % Acceptable % % OAEM... Substandard & doubtful... Communication % % Acceptable % % OAEM... Substandard & doubtful... Water & Wastewater % % Acceptable % % OAEM... Substandard & doubtful... Agricultural Export Finance % % Acceptable % 97.4 % OAEM Substandard & doubtful Total Loans % % June 30, 2014 Quarterly Report 14

16 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Credit Quality (continued). Based on current information and events, management has determined it is probable that scheduled payments of principal or interest on the following loans will not be collected when due according to the contractual terms of the loan agreements and has classified these loans as impaired. Once classified as impaired, management then determines the amount of impairment, if any, on each individual impaired loan; aggregated impairment on individual impaired loans is included in management s estimate of an appropriate ALL at each reporting date. Impaired loan information, by loan portfolio segment, follows: $ in Thousands Unpaid Recorded Investments in Impairment Contractual Identified Impaired Loans on Identified Average Interest Principal Without With Impaired Impaired Income Balance Total Impairment Loans Loans Recognized Real estate mortgage... $ 1,333 $ 1,138 $ 1,138 $ $ $ 1,451 $ 88 Mission related investment loans... 1,822 1,237 1,237 1, Production & intermediate term... 4, As of and for the Six Months Ended June 30, $ 7,284 $ 3,322 $ 3,322 $ $ $ 3,666 $ 131 Real estate mortgage... $ 2,207 $ 2,050 $ 2,050 $ $ $ 2,058 $ 44 Mission related investment loans... 1, Production &intermediate term... 3, As of and for the Year Ended December 31, $ 6,579 $ 2,674 $ 2,674 $ $ $ 2,753 $ 69 From time-to-time, the Association restructures troubled-debt and grants concessions to borrowers to minimize losses incurred due to borrowers inability to perform in accordance with the loan agreements. Loans classified as TDR are impaired loans. Accordingly, TDRs are included in the impaired loan information above. Additional information on recorded investments in TDR loans, by portfolio segment and accrual status, follows: $ in Thousands June 30, December 31, Real estate mortgage... $ 230 $ 456 Production & intermediate term TDR loans on nonaccrual Energy TDR loans accruing TDR Loans... $ 230 $ 745 Impairment on TDR Loans... $ $ Outstanding Commitments to Lend to Borrowers with TDR Loans... $ $ TDR loans restructured in the 12-month periods ended June 30, 2014 & 2013 were not significant. No TDRs were charged off in the 12-month periods ended June 30, 2014 or June 30, 2014 Quarterly Report 15

17 Notes to Unaudited Consolidated Financial Statements Note 3: Loans & ALL (continued) Allowance for Loan Losses ( ALL ). Annual ALL activity by portfolio segment follows: $ in Thousands Beginning Charge- (Reversals) End of Period Offs Recoveries Provision of Period Real estate mortgage... $ 2,650 $ (37) $ $ 150 $ 2,763 Production & intermediate term (10) 3 (17) 197 Six Months Ended June 30, $ 2,871 $ (47) $ 3 $ 133 $ 2,960 Real estate mortgage... $ 2,675 $ (1) $ $ (132) $ 2,542 Production & intermediate term (9) Communication (300) Six Months Ended June 30, $ 3,246 $ (10) $ 5 $ (413) $ 2,828 The recorded investment in loans and ALL disaggregated by portfolio segment and impairment methodology follow: $ in Thousands ALL Recorded Investment in Loans Individually 1 Collectively 2 Total Individually 3 Collectively 4 Total Real estate mortgage... $ $ 2,763 $ 2,763 $ $ 281,785 $ 281,785 Production & intermediate term , ,399 Agribusiness... 30,519 30,519 Communication... 5,430 5,430 Energy... 5,999 5,999 Water & wastewater... 1,215 1,215 Rural residential real estate... 8,336 8,336 Agricultural export finance Mission related investment loans , ,286 June 30, $ $ 2,960 $ 2,960 $ $ 733,098 $ 733,098 Real estate mortgage... $ $ 2,650 $ 2,650 $ 2,050 $ 253,315 $ 255,365 Production & intermediate term , ,226 Agribusiness... 28,196 28,196 Communication... 3,826 3,826 Energy... 4,323 4,323 Water & wastewater... 1,508 1,508 Rural residential real estate... 6,513 6,513 Agricultural export finance Mission related investment loans , ,983 December 31, $ $ 2,871 $ 2,871 $ 2,674 $ 624,403 $ 627,077 1 Impairment on impaired loans determined individually in accordance with ASC , Receivables. 2 Impairment on loans determined collectively in accordance with ASC , Loss Contingencies. 3 Recorded investment in impaired loans individually evaluated for impairment in accordance with ASC , Receivables. 4 Recorded investment in loans collectively evaluated for impairment in accordance with ASC , Loss Contingencies. June 30, 2014 Quarterly Report 16

18 Notes to Unaudited Consolidated Financial Statements Note 4: Employee Benefit Plans Employee Retirement Benefits. Association employees participate in either the DB Plan or the DC Plan. All eligible employees may also participate in the 401k. DB Plan participants generally include employees hired prior to January 1, The Association recognized pension costs of $189,453 & $266,042 in the quarters ended June 30, 2014 & 2013, respectively, and $378,906 & $532,084 in the six month periods ended June 30, 2014 & 2013, respectively. Assets the Association contributes to the DB Plan may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the DB Plan, the unfunded DB Plan obligations may be borne by the remaining participating employers, including the Association. Participants in the DC Plan generally include employees who elected to transfer from the DB Plan prior to January 1, 1996, and employees hired on or after January 1, The Association recognized pension costs for the DC Plan of $37,268 & $36,889 in the quarters ended June 30, 2014 & 2013, respectively, and $111,496 & $93,986 in the six month periods ended June 30, 2014 & 2013, respectively. The Association s contribution expense to the 401k was $44,274 & $43,954 in the quarters ended June 30, 2014 & 2013, respectively, and $131,247 & $109,575 in the six month periods ended June 30, 2014 & 2013, respectively. Other Postretirement Benefits. The Association provides certain health care benefits to qualifying retired employees (other postretirement benefits). These benefits are not characterized as multiemployer, and the liability for these benefits is included in other liabilities in the accompanying consolidated balance sheets. The Association s net postretirement benefit cost was $40,057 & $60,776 in the quarters ended June 30, 2014 & 2013, respectively, and $80,114 & $121,552 in the six month periods ended June 30, 2014 & 2013, respectively. Note 5: Merger During the second quarter of 2014, the Boards of the Association and Great Plains Ag Credit, ACA entered into a letter of intent to merge. The Boards believe the merger will provide greater loan portfolio diversification, operating efficiencies, and improve the patronage program for the stockholders. The merger is expected to be effective January 1, Note 6: Subsequent Events Association management has evaluated subsequent events through July 24, 2014, which is the date the CFS were issued or available to be issued, with no significant events to report. June 30, 2014 Quarterly Report 17

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