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Agricultural loan delinquencies grow year over year

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Agricultural loan delinquencies grow year over year

Total agricultural loans at U.S. banks and thrifts grew to $186.46 billion as of Sept. 30, marking a 3.0% jump year over year and a 2.0% increase from the prior quarter.

Farm loans totaled $104.10 billion, a $1.19 billion increase from the previous quarter and a $4.04 billion increase year over year. Meanwhile, total agriculture production loans rose by $2.51 billion sequentially and $1.47 billion from the prior year to $82.36 billion.

Delinquent farm loans accounted for 2.09% of total farm loans at the end of the third quarter, down from 2.18% in the previous quarter, but up from 1.99% in the year-ago quarter. Meanwhile, 1.52% of agriculture production loans were past due or in nonaccrual status in the quarter, compared to 1.65% in the previous quarter and 1.37% in the year-ago quarter.

Reno, Nev.-based John Deere Capital Corp. remained the nation's largest agricultural lender among banks and thrifts, with $15.72 billion in total agricultural loans at Sept. 30.

The agricultural lending landscape could be poised for further change after Congress passed a farm bill Dec. 12. The bill, which is heading to President Donald Trump's desk, includes billions of dollars of subsidies that aim to stabilize farmers as the U.S. negotiates tariffs with China.

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Banks report loan information on call report schedule RC-C and Form Y9-C schedule HC-C.