AgriBank, FCB. Quarterly Report March 31, 2007 MANAGEMENT'S DISCUSSION AND ANALYSIS
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1 Quarterly Report March 31, 2007 Copies of quarterly and annual reports are available upon request by contacting, 375 Jackson Street, St. Paul, Minnesota or by calling (651) Reports are also available at Information regarding the year-to-date average daily balances (ADBs) and annualized average rates earned and paid on our portfolio follows (dollars in millions): MANAGEMENT'S DISCUSSION AND ANALYSIS The following discussion is a review of the financial position and results of operations of. This information should be read in conjunction with the accompanying financial statements, the notes to the financial statements and the 2006 annual report. We provide funding and services to Associations in states across America s heartland. The Associations are chartered to service customers in substantially all of Arkansas, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee, Wisconsin and Wyoming. The Associations provide credit and services to farmers, ranchers, rural residents and agribusinesses. AgriBank and its affiliated Associations are collectively referred to as the District. RESULTS OF OPERATIONS Our net income for the three months ended March 31, 2007 totaled $36.3 million compared to $35.3 million for the same period in The return on average assets was 0.30% for the three months ended March 31, 2007 compared to 0.35% for the comparable period in The following table illustrates changes in the significant components of net income (in millions): Increase (decrease) in net income 2007 vs Three months ended March Net interest income $6.2 Non-interest income (6.0) Operating expenses 0.8 Total change in net income $1.0 Net interest income for the three months ended March 31, 2007 increased $6.2 million or 16.9% compared to the three months ended March 31, The increase in net interest income was due to the effects of changes in volume ($4.8 million) and the effect of changes in rates ($1.2 million) and a $154 thousand increase in nonaccrual income. The positive impacts on net interest income from the increase in the average daily balance of wholesale and retail loans as well as investments and federal funds was partially offset by the impact of increased debt. Three months ended March 31, 2007 ADB Rate Earning assets: Wholesale loans $36, % Retail accrual loans % Retail nonaccrual loans % Investments and federal funds 10, % Total earning assets 47, % Total interest bearing liabilities 45, % Total interest rate spread 0.12% Impact of equity financing $2, % Net interest margin 0.36% Three months ended March 31, 2006 ADB Rate Earning assets: Wholesale loans $30, % Retail accrual loans % Retail nonaccrual loans % Investments and federal funds 8, % Total earning assets 40, % Total interest bearing liabilities 38, % Total interest rate spread 0.13% Impact of equity financing $2, % Net interest margin 0.37% Net interest margin decreased by one basis point from the same period last year due to a 1 basis point decrease in interest rate spread and a consistent impact of equity financing. Equity financing represents the benefit of not requiring debt to fund every dollar of earning assets. The average interest rate spread was.12% during the first three months of 2007, a slight decrease from.13% during the first three months of The largest component of earning assets is wholesale loans. Our wholesale loans earned 11 basis points on average in the first three months of Changes in loan volumes are discussed in the Loan Portfolio section of this discussion. Other significant changes in net income are as follows: The decrease in non-interest income results primarily from a $4.7 million loss related to the first quarter 2007 purchases of Farm Credit System Financial Assistance Corporation stock held by certain District Associations. The decrease also related to reduced income from business services. The decrease in operating expense is primarily due to a decrease in salaries and employee benefits expense from a reduction in head count, which resulted from the late 2006 reorganization of our Information Services Group. 1
2 LOAN PORTFOLIO The following table presents the components of loan volume at March 31, 2007 and December 31, 2006 (in millions): March 31, December 31, Accrual loans Wholesale $37,247.8 $36,089.4 Retail Nonaccrual loans Total loan volume $38,216.2 $37,090.1 Loan volume totaled $38.2 billion at March 31, 2007, an increase of $1.1 billion from December 31, The increase in loan volume is due to our Associations retail loan volume growth. This growth is resulting from strong marketing activities, competitive rates and products, and participation activity. The components of risk asset volume follow (in millions): March 31, December 31, Nonaccrual $4.5 $5.0 Accruing restructured Past due 90 days or more still accruing Total risk loans $8.3 $8.4 Other property owned Total risk assets $8.4 $8.4 Risk loans as % of total loans 0.02% 0.02% Delinquencies as a % of total loans 0.01% 0.00% Total risk assets are consistent with December 31, 2006, and are at acceptable levels. At March 31, 2007, 70.9% of nonaccrual volume was current in payment. AGRICULTURAL CONDITIONS Net farm income for 2007 is forecasted by USDA to increase over 2006 net farm income by 10%. USDA estimates that 2006 net farm income was down significantly from 2005 levels, but slightly above the 10-year average. The 2005 and 2004 years were the two highest net farm income years on record. The six year Farm Security and Rural Investment Act of 2002 just completed its fifth year. The Act includes significant federal financial support for wheat, feed grains, cotton, rice, and oilseeds, and expanded assistance to certain specialty crops and certain livestock operations (particularly smaller dairy farms). The Act provides a high degree of income support for major crops, which helps support credit quality and decreases the volatility of overall farm income over the term of the program. Management believes that the United States budget deficit, world trade negotiations, pressures and demands from other groups including commodity groups whose products are not covered, and litigation under existing trade agreements may result in reduced government support of agriculture. FUNDING, LIQUIDITY AND MEMBERS EQUITY AgriBank is responsible for meeting the District's funding, liquidity and asset/liability management needs. Total members equity at March 31, 2007 was $2.3 billion, up slightly from December 31, Members equity was positively impacted during the first three months of 2007 by net income, increased stock and participation certificates, and changes in other comprehensive income. These increases were partially offset by earnings reserved for patronage distributions. At March 31, 2007 we exceeded the regulatory minimum capital ratios, which are further discussed in Note 3 to the financial statements. The undersigned certify that the March 31, 2007 quarterly report of has been prepared under the oversight of the audit committee and in accordance with all applicable statutory or regulatory requirements and that the information contained herein is true, accurate, and complete to the best of our knowledge and belief. Comparative allowance coverage of various loan categories follows: March 31, December 31, Allowance as a percentage of: Loans 0.01% 0.01% Nonaccrual loans 68.45% 60.29% Total risk loans 37.05% 36.10% Roy Tiarks L. William York Chairperson of the Board Chief Executive Officer April 30, 2007 April 30, 2007 The allowance for loan losses is an estimate of losses on loans in our portfolio as of the financial statement date. We determine the appropriate allowance level based on periodic evaluation of factors such as loan loss history, portfolio quality and current economic and environmental conditions. We consider the allowance for loan losses at March 31, 2007 to be reasonable in relation to the risk in our loan portfolio. 2
3 STATEMENT OF CONDITION (Dollars in thousands) (Unaudited) March 31, December 31, Assets Loans $38,216,167 $37,090,083 Allowance for loan losses 3,098 3,029 Net loans 38,213,069 37,087,054 Investment securities 9,041,371 8,624,856 Cash 6,435 56,436 Federal funds 445, ,200 Accrued interest receivable 494, ,100 Derivative assets 3,573 4,449 Other assets 77,984 89,276 Total assets $48,282,325 $47,007,371 Liabilities Bonds and notes $45,399,840 $44,152,111 Accrued interest payable 450, ,086 Derivative liabilities 59,413 84,129 Other liabilities 61,507 99,067 Total liabilities 45,971,114 44,754,393 Contingent liabilities Members' equity Capital stock and participation certificates 961, ,287 Unallocated surplus 1,351,626 1,340,535 Accumulated other comprehensive loss (2,096) (19,844) Total members' equity 2,311,211 2,252,978 Total liabilities and members' equity $48,282,325 $47,007,371 The accompanying notes are an integral part of these financial statements. 3
4 STATEMENT OF INCOME (Dollars in thousands) (Unaudited) Period ended March Interest income Loans $478,487 $358,814 Investment securities and federal funds 131,966 98,909 Total interest income 610, ,723 Interest expense 567, ,973 Net interest income 42,963 36,750 Provision for loan losses - - Net interest income after provision for loan losses 42,963 36,750 Non-interest income Business services income 4,902 6,624 Loan prepayment and fee income 1,179 1,359 Miscellaneous income and other (losses) gains, net (1,712) 2,358 Total non-interest income 4,369 10,341 Non-interest expense Salaries and employee benefits 6,146 7,095 Other operating 4,755 4,546 Compensation expense Total non-interest expense 11,006 11,772 Net income $36,326 $35,319 The accompanying notes are an integral part of these financial statements. 4
5 STATEMENT OF CHANGES IN MEMBERS' EQUITY (Dollars in thousands) (Unaudited) Capital Stock and Accumulated Other Comprehensive Comprehensive Participation Unallocated Income (Loss) Income Certificates Surplus Investments Derivatives Total Balance at December 31, 2005 $842,505 $1,288,681 $(28,147) $10,803 $2,113,842 Comprehensive income Net income $35,319 35,319 35,319 Other comprehensive loss: Change in net unrealized losses on investment securities, net of reclassification adjustment of $0 (23,082) (23,082) (23,082) Change in net unrealized gains on cash flow hedges, net of reclassification adjustment of $(584) 10,348 10,348 10,348 Other comprehensive loss (12,734) Total comprehensive income $22,585 Patronage (20,713) (20,713) Capital stock/participation certificates issued 31,883 31,883 Capital stock/participation certificates retired (25,359) (25,359) Balance at March 31, 2006 $849,029 $1,303,287 $(51,229) $21,151 $2,122,238 Balance at December 31, 2006 $932,287 $1,340,535 $(30,059) $10,215 $2,252,978 Comprehensive income Net income $36,326 36,326 36,326 Other comprehensive income: Change in net unrealized losses on investment securities, net of reclassification adjustment of $0 21,267 21,267 21,267 Change in net unrealized gains on cash flow hedges, net of reclassification adjustment of $1,483 (3,519) (3,519) (3,519) Other comprehensive income 17,748 Total comprehensive income $54,074 Patronage (25,235) (25,235) Capital stock/participation certificates issued 36,015 36,015 Capital stock/participation certificates retired (6,621) (6,621) Balance at March 31, 2007 $961,681 $1,351,626 $(8,792) $6,696 $2,311,211 The accompanying notes are an integral part of these financial statements. 5
6 STATEMENT OF CASH FLOWS (Dollars in thousands) (Unaudited) Three months ended March Cash flows from operating activities Net income $36,326 $35,319 Adjustments to reconcile net income to cash flow from operating activities: Depreciation on premises and equipment Increase in accrued interest receivable (472,941) (345,761) Decrease (increase) in other assets 11,274 (6,239) Increase in accrued interest payable 31,268 37,663 Decrease in other liabilities (37,340) (993) (Gain) loss on derivative activities (705) 26 Loss (gain) on sale of premises and equipment 28 (1) Loss on Farm Credit System Financial Assistance Corporation stock 4, Total adjustments (463,185) (314,695) Net cash used in by operating activities (426,859) (279,376) Cash flows from investing activities Increase in loans, net (663,130) (283,884) Increase in investment securities (395,248) (906,268) Purchases of premises and equipment, net (521) (365) Purchases of Farm Credit System Financial Assistance Corporation stock (4,657) -- Net cash used in investing activities (1,063,556) (1,190,517) Cash flows from financing activities Consolidated bonds and notes issued, net 1,221,075 1,176,861 Cash patronage paid (25,455) (20,886) Capital stock/participation certificates issued, net 29,394 6,524 Net cash provided by financing activities 1,225,014 1,162,499 Net decrease in cash and federal funds (265,401) (307,394) Cash and federal funds at beginning of year 717, ,484 Cash and federal funds at end of period $452,235 $648,090 Supplemental schedule of non-cash activities Decrease (increase) in derivative assets $877 $(1,236) (Decrease) increase in derivative liabilities (24,717) 18,018 Increase (decrease) in bonds and notes related to hedging activities 26,654 (27,104) (Decrease) increase in members' equity from cash flow derivatives (3,519) 10,348 Increase (decrease) in members' equity from investments 21,267 (23,082) Loans transferred to other property owned Interest capitalized to loan principal 462, ,415 Patronage distributions payable to members Supplemental information Interest paid $536,222 $383,310 6
7 NOTES TO FINANCIAL STATEMENTS NOTE 1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES A description of our organization and operation, significant accounting policies followed, and financial condition and results of operations as of and for the year ended December 31, 2006 are contained in the 2006 annual report. These unaudited first quarter 2007 financial statements should be read in conjunction with the annual report. The accompanying financial statements contain all adjustments necessary for a fair presentation of the interim financial condition and results of operations and conform to generally accepted accounting principles and prevailing practices within the banking industry. Certain prior period amounts have been reclassified to conform to current year presentation. NOTE 2 ALLOWANCE FOR LOAN LOSSES A summary of changes in the allowance for loan losses is presented in the following table (in thousands): Three months ended March Balance at beginning of period $3,029 $3,141 Charge-offs (6) (35) Recoveries Balance at end of period $3,098 $3,165 NOTE 3 CAPITAL Farm Credit Administration's capital adequacy regulations require us to maintain permanent capital of at least 7% of risk-adjusted assets, a total surplus to risk-adjusted assets ratio of at least 7% and a core surplus to risk-adjusted assets ratio of at least 3.5%. March 31, 2007, we exceeded these requirements with a 19.9% permanent capital ratio, 19.8% total surplus ratio, and 12.0% core surplus ratio. Farm Credit Administration regulations also require us to maintain a collateral ratio of at least 103.0%. At March 31, 2007 this requirement was exceeded with a net collateral ratio of 104.8%. NOTE 4 EMPLOYEE BENEFIT PLANS We participate in District-wide employee benefit plans. Our allocated portion of the benefit costs for the first three months of 2007 were $658.9 thousand for pension benefits and $15.8 thousand for other postretirement benefits. Total District net periodic benefit costs for the District plans in which we participate included the following components (in thousands): Pension Other Three months ended March 31, 2007 Benefits Benefits Components of net periodic benefit cost Service cost $4,896 $138 Interest cost 8, Expected return on plan assets (10,345) (104) Amortization of prior service cost 158 (169) Amortization of loss or (gain) 2,562 (16) Net periodic benefit cost $5,896 $377 The amount of total employer contributions to be paid during 2007 for the benefit plans of the District that we participate in are expected to be $10.5 million for pension benefits and $1.5 million for other postretirement benefits. On September 30, 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standard No. 158 Employers Accounting for Defined Benefit Pension and Other Postretirement Plans. The Standard requires an employer to recognize the overfunded or underfunded status of a defined benefit pension or other postretirement plan as an asset or liability in its statement of financial position and recognize changes in that funded status in the year in which the changes occur through other comprehensive income. The Standard is effective for employers with publicly traded securities for the fiscal year ending after December 15, 2006 and for employers without publicly traded securities for the fiscal year ending after June 15, We will be required to implement the Standard for the year ended December 31, In addition, this Standard requires that the funded status of a plan be measured as of the date of the year-end financial statements. Currently, we use a measurement date of September 30th. The requirement to measure the funded status as of the fiscal year-end is effective for fiscal years ending after December 15, The implementation of this Standard will have no impact on the Statement of Income. Based on the current funded status of the defined benefit and other postretirement benefit plans, implementation of this Standard will reverse our prepaid pension asset and record a prepaid pension liability in the amount of our share of the underfunded status of the plans. The offset to this transaction will be a decrease to equity (through other comprehensive income) by approximately $22.7 million at December 31, Our regulatory capital ratios will not be impacted by the implementation of this standard as other comprehensive income does not impact the calculation of these ratios. 7
8 NOTE 5 FARM CREDIT SYSTEM FINANCIAL ASSISTANCE CORPORATION STOCK TRANSACTIONS In October 2006, the Board of Directors authorized to offer to purchase all Farm Credit System Financial Assistance Corporation stock held by certain District associations at a purchase price equal to approximately 71% of the face value of that stock. Legislation in 1987 had required certain associations to purchase stock to capitalize the Farm Credit System Financial Assistance Corporation. We purchased $5.3 million of stock in December 2006 and $4.7 million in January and February of The Farm Credit Act sets out a formula for retirement of this stock at full face value; however, due to uncertainty regarding the timing of the stock retirement this stock has been and will continue to be recorded at zero book value. As a result, we recorded a loss of $4.7 million in the first quarter of 2007, which has been included in Miscellaneous income and other (losses) gains, net on the Statement of Income. NOTE 6 ASSOCIATION OPERATIONS DISRUPTION United Farm Credit Services, one Association in the District, operates with subsidiaries in both Minnesota and Wisconsin. On the afternoon of February 20, 2007, there was a brief disruption in the operations of the Wisconsin subsidiaries. The United board of directors has since adopted and is implementing an action plan to address the issues that led to the disruption of operations in Wisconsin. The day to day operations of United are continuing in a normal manner. Neither the disruption of operation, nor the implementation of the action plan, is anticipated to have a material adverse effect on the financial condition of United. 375 Jackson Street St. Paul, Minnesota (651) Visit us at 8
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