Direct Answer
51 SEC filers are classified under the Standard Industrial Classification code that describes the agricultural banks industry, and their latest annual reports show $77.5 billion of combined revenue and a median net margin of 172.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Agricultural banks lend to farmers, ranchers and agribusiness and take deposits in rural communities. Credit quality follows crop and livestock prices, land values and weather, and many also use government-guaranteed loan programs. The first numbers to compare across companies here are net interest margin, agricultural loan growth and non-performing and past-due loans.
Key Industry Metrics
- Net interest margin: Spread between income on loans and cost of deposits, relative to earning assets. Local competition and rate cycles drive it, and rural deposit bases can be sticky.
- Agricultural loan growth: Increase in lending to farms and agribusiness. It follows crop prices, input costs and investment in land and equipment, and can reverse in downturns.
- Non-performing and past-due loans: Loans overdue or unlikely to be repaid, as a share of the portfolio. Farm loans track commodity prices and weather, so rises are often linked to a few bad seasons.
- Farmland value trends: Direction of farm real estate values, which secure many loans. Falling values reduce collateral cushions and can lead to stress for lenders.
- Efficiency ratio: Operating costs relative to revenue. Small rural banks have lower scale, so efficiency is a measure of cost control against income.
Primary Macro Drivers
- Crop and livestock prices: Farm incomes decide how well borrowers repay and how much they borrow, so crop and livestock prices show up in agricultural loan growth and past-due loans.
- Farmland values: Land is the main collateral for farm loans, so rising values raise coverage and lending capacity, while falls weaken coverage. Watch farmland value trends.
- Interest rates: Rate levels set loan yields and deposit costs for a rural deposit base, shown in net interest margin, and change borrowers' interest burden.
- Weather and government support payments: Poor harvests strain borrowers, while support payments and government-backed loan programs soften losses and affect repayment. Watch non-performing and past-due loans.
Major Risks
- Commodity price declines: Falling prices reduce farm income and repayment capacity across many borrowers at once. Watch non-performing and past-due agricultural loans and loan growth.
- Drought and weather: Drought, floods or disease can wipe out a season's income, though insurance may cushion it. Watch past-due loans in affected regions and insurance coverage trends.
- Concentration in agricultural loans: A loan book tied to one sector and region means a bad year for farms hits most borrowers together. Watch the share of agricultural loans and portfolio mix.
- Farmland value drops: Collateral values drop and loan-to-value coverage thins, so losses on defaults rise. Watch farmland value trends and loan coverage disclosures.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | U.S. |
Agricultural Banks Filers in the SEC Record
51 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6022. Their latest fiscal years end between 2022 and 2025, and together they reported $77.5 billion of revenue. Median revenue growth over the prior year was 5.1%. Median net margin was 172.1%. Median total liabilities were 89% of total assets, and 51 of 51 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Bank Of New York Mellon Corp | $20.1 billion | 7.8% | n/a | 27.6% | FY 2025 |
| State Street Corp | $13.9 billion | 7.3% | n/a | 21.1% | FY 2025 |
| First Citizens Bancshares Inc | $9.5 billion | -2.2% | n/a | 23.1% | FY 2025 |
| Citizens Financial Group Inc | $8.2 billion | 5.6% | n/a | 22.2% | FY 2025 |
| Northern Trust Corp | $8.1 billion | -2.5% | n/a | 21.5% | FY 2025 |
| Ally Financial Inc. | $7.9 billion | -3.3% | n/a | 10.8% | FY 2025 |
| M&T Bank Corp | $1.7 billion | 7.5% | n/a | 172.1% | FY 2025 |
| Gbank Financial Holdings Inc. | $1.2 billion | n/a | n/a | 1.7% | FY 2025 |
The 8 largest of 51 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Agricultural Banks guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Agricultural Banks industry?
Key performance indicators for the Agricultural Banks industry include: Net interest margin, Agricultural loan growth, Non-performing and past-due loans, Farmland value trends, Efficiency ratio. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Agricultural Banks industry?
The Agricultural Banks industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Agricultural Banks industry?
The primary risks for Agricultural Banks companies include: Commodity price declines, Drought and weather, Concentration in agricultural loans, Farmland value drops. Investors should assess each company's exposure to these factors and its track record of navigating them.