2011 Annual Report - Carolina Farm Credit

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Carolina Farm Credit, ACA Carolina Farm Credit 2011 Annual Report A significant source of liquidity for the Association is the repayments and maturities of loans. The following table presents the contractual maturity distribution of loans by loan type at December 31, 2011 and indicates that approximately 27.80 percent of loans had maturities of less than one year: (dollars in thousands) Due less than 1 year Due 1 Through 5 years Due after 5 years Total Real estate mortgage $ 54,165 $ 108,825 $ 304,930 $ 467,920 Production and intermediate term 220,239 183,741 178,378 582,358 Agribusiness Loans to cooperatives 7,441 – 26 7,467 Processing and marketing 28,927 2,290 5,007 36,224 Farm-related business 2,188 5,826 447 8,461 Total agribusiness 38,556 8,116 5,480 52,152 Communication 5,775 92 – 5,867 Energy 1,685 – – 1,685 Water and waste disposal 22 – – 22 Rural residential real estate 5,285 12,596 43,619 61,500 Total Loans $ 325,727 $ 313,370 $ 532,407 $ 1,171,504 The following table shows loans and related accrued interest classified under the FCA Uniform Loan Classification System as a percentage of total loans and related accrued interest receivable by loan type as of December 31, 2011, 2010, and 2009: 2011 2010 2009 Real estate mortgage: Acceptable 86.22% 85.42% 86.99% OAEM 3.92 9.20 5.50 Substandard/doubtful/loss 9.86 5.38 7.51 100.00% 100.00% 100.00% Production and intermediate-term: Acceptable 83.63% 87.86% 86.31% OAEM 8.98 5.95 5.91 Substandard/doubtful/loss 7.39 6.19 7.78 100.00% 100.00% 100.00% Agribusiness: Loans to cooperatives: Acceptable 87.42% 100.00% 100.00% OAEM 12.58 – – Substandard/doubtful/loss – – – 100.00% 100.00% 100.00% Processing and marketing: Acceptable 82.32% 69.15% 74.56% OAEM 3.64 16.92 15.44 Substandard/doubtful/loss 14.04 13.93 10.00 100.00% 100.00% 100.00% Farm-related business: Acceptable 99.73% 99.00% 84.36% OAEM – 0.40 1.78 Substandard/doubtful/loss 0.27 0.60 13.86 100.00% 100.00% 100.00% 2011 2010 2009 Total agribusiness: Acceptable 85.88% 75.24% 77.68% OAEM 4.32 13.56 12.68 Substandard/doubtful/loss 9.80 11.20 9.64 100.00% 100.00% 100.00% Energy and water/waste disposal: Acceptable 100.00% 100.00% 100.00% OAEM – – – Substandard/doubtful/loss – – – 100.00% 100.00% 100.00% Communication: Acceptable 100.00% 100.00% 100.00% OAEM – – – Substandard/doubtful/loss – – – 100.00% 100.00% 100.00% Rural residential real estate: Acceptable 95.30% 96.54% 95.98% OAEM 1.59 1.39 2.65 Substandard/doubtful/loss 3.11 2.07 1.37 100.00% 100.00% 100.00% Total Loans: Acceptable 85.47% 86.60% 86.47% OAEM 6.31 7.44 6.11 Substandard/doubtful/loss 8.22 5.96 7.42 100.00% 100.00% 100.00% The following tables provide an aging analysis of past due loans and related accrued interest as of December 31, 2011 and 2010: (dollars in thousands) 30 Through 89 Days Past Due 90 Days or More Past Due Total Past Due December 31, 2011 Not Past Due or Less Than 30 Days Past Due Total Loans Recorded Investment 90 Days or More Past Due and Accruing Interest Real estate mortgage $ 26,832 $ 6,869 $ 33,701 $ 440,679 $ 474,380 $ – Production and intermediate-term 5,294 9,764 15,058 573,515 588,573 – Agribusiness Loans to cooperatives – – – 7,482 7,482 – Processing and marketing – – – 36,345 36,345 – Farm-related business – 1,362 1,362 7,123 8,485 – Total agribusiness – 1,362 1,362 50,950 52,312 – Communication – – – 5,869 5,869 – Energy and water/waste disposal – – – 1,710 1,710 – Rural residential real estate 1,437 1,085 2,522 59,228 61,750 – Total $ 33,563 $ 19,080 $ 52,643 $ 1,131,951 $ 1,184,594 $ – 52 34 2011 Annual Report
Carolina Farm Credit, ACA (dollars in thousands) 30 Through 89 Days Past Due 90 Days or More Past Due Total Past Due December 31, 2010 Not Past Due or Less Than 30 Days Past Due Total Loans Recorded Investment 90 Days or More Past Due and Accruing Interest Real estate mortgage $ 4,617 $ 12,147 $ 16,764 $ 459,059 $ 475,823 $ – Production and intermediate-term 3,887 24,972 28,859 567,125 595,984 – Agribusiness Loans to cooperatives – – – 7,355 7,355 – Processing and marketing – – – 66,823 66,823 – Farm-related business – 1,750 1,750 7,716 9,466 – Total agribusiness – 1,750 1,750 81,894 83,644 – Communication – – – 4,633 4,633 – Energy and water/waste disposal – – – 1,824 1,824 – Rural residential real estate 1,227 701 1,928 66,073 68,001 – Total $ 9,731 $ 39,570 $ 49,301 $ 1,180,608 $ 1,229,909 $ – The recorded investment in the receivable is the face amount increased or decreased by applicable accrued interest and unamortized premium, discount, finance charges, or acquisition costs and may also reflect a previous direct write-down of the investment. 2011 Annual Report Carolina Farm Credit Nonperforming assets (including related accrued interest) and related credit quality statistics are as follows: December 31, (dollars in thousands) 2011 2010 2009 Nonaccrual loans: Real estate mortgage $ 15,441 $ 13,956 $ 11,626 Production and intermediate-term 25,239 27,288 30,776 Agribusiness Processing and marketing 2,348 4,152 – Farm-related business 1,385 1,750 6,343 Total agribusiness 3,733 5,902 6,343 Rural residential real estate 1,392 946 407 Total nonaccrual loans $ 45,805 $ 48,092 $ 49,152 Accruing restructured loans: Real estate mortgage $ 72 $ – $ – Production and intermediate-term 369 – – Rural residential real estate 100 – – Total accruing restructured loans $ 541 $ – $ – Accruing loans 90 days or more past due: Production and intermediate-term $ – $ – $ 50 Total accruing loans 90 days or more past due $ – $ – $ 50 Total nonperforming loans $ 46,346 $ 48,092 $ 49,202 Other property owned 6,825 6,188 2,604 Total nonperforming assets $ 53,171 $ 54,280 $ 51,806 Nonaccrual loans as a percentage of total loans 3.91% 3.95% 4.17% Nonperforming assets as a percentage of total loans and other property owned 4.51% 4.44% 4.38% Nonperforming assets as a percentage of capital 21.74% 22.82% 23.60% The following table presents information relating to impaired loans (including accrued interest) as defined in Note 2: December 31, (dollars in thousands) 2011 2010 2009 Impaired nonaccrual loans: Current as to principal and interest $ 20,404 $ 7,164 $ 10,816 Past due 25,401 40,928 38,336 Total impaired nonaccrual loans 45,805 48,092 49,152 Impaired accrual loans: Restructured 541 – – 90 days or more past due – – 50 Total impaired accrual loans 541 – 50 Total impaired loans $ 46,346 $ 48,092 $ 49,202 35 2011 Annual Report 53
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Loans for land, homes, and living.
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2011 Annual Report - Carolina Farm Credit

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