OLS panel regression results for US agricultural banks, 2008–2017
| (1) | (2) | (3) | (3) | |
|---|---|---|---|---|
| Specification | Agricultural Loan Volume | Δ(Ag Loan) | Ag Loan/Total Loan | Δ(Ag Loan/Total Loan) |
| Post Regulation | 0.0316*** (0.0054) | −0.0332*** (0.0077) | 0.0133*** (0.0015) | −0.0179*** (0.0048) |
| Farm sector control variables | ||||
| Land value | −0.251*** (0.041) | −0.198*** (0.048) | 0.0445*** (0.012) | −0.0687** (0.032) |
| Farm income | −0.000378*** (0.0001) | −0.0000994 (0.0002) | −0.000263*** (0.0000) | 0.0000386 (0.0001) |
| Macroeconomic control variables | ||||
| Interest Rate | 0.00217 (0.0051) | −0.0269*** (0.0065) | −0.00479*** (0.0016) | −0.0123*** (0.0038) |
| Unemployment | −0.0194*** (0.0018) | −0.0124*** (0.0018) | −0.00755*** (0.0005) | 0.000919 (0.0013) |
| GDP | 0.0139*** (0.0015) | 0.00625*** (0.0015) | 0.00730*** (0.0004) | 0.00255** (0.001) |
| Bank characteristics | ||||
| Size | 0.749*** (0.029) | −0.175*** (0.026) | −0.0323*** (0.0082) | −0.00249 (0.013) |
| ROA | 1.211** (0.52) | 0.762* (0.42) | 0.0699 (0.18) | −0.269 (0.27) |
| Credit Risk | −1.176*** (0.17) | −0.789*** (0.16) | 0.0389 (0.066) | 0.430*** (0.10) |
| Capital Ratio | −2.862*** (0.25) | 0.921*** (0.14) | 0.0214 (0.07) | 0.131 (0.089) |
| Leverage | 5.543*** (0.41) | −1.877*** (0.27) | 0.146 (0.13) | −0.501*** (0.16) |
| Constant | 3.307*** (0.55) | 3.477*** (0.49) | 1.060*** (0.16) | 0.105 (0.26) |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| R2 | 0.618 | 0.045 | 0.222 | 0.024 |
| Observations | 9,760 | 9,760 | 9,760 | 9,760 |
| (1) | (2) | (3) | (3) | |
|---|---|---|---|---|
| Specification | Agricultural Loan Volume | Δ( | Δ( | |
| 0.0316*** (0.0054) | −0.0332*** (0.0077) | 0.0133*** (0.0015) | −0.0179*** (0.0048) | |
| −0.251*** (0.041) | −0.198*** (0.048) | 0.0445*** (0.012) | −0.0687** (0.032) | |
| −0.000378*** (0.0001) | −0.0000994 (0.0002) | −0.000263*** (0.0000) | 0.0000386 (0.0001) | |
| 0.00217 (0.0051) | −0.0269*** (0.0065) | −0.00479*** (0.0016) | −0.0123*** (0.0038) | |
| −0.0194*** (0.0018) | −0.0124*** (0.0018) | −0.00755*** (0.0005) | 0.000919 (0.0013) | |
| 0.0139*** (0.0015) | 0.00625*** (0.0015) | 0.00730*** (0.0004) | 0.00255** (0.001) | |
| 0.749*** (0.029) | −0.175*** (0.026) | −0.0323*** (0.0082) | −0.00249 (0.013) | |
| 1.211** (0.52) | 0.762* (0.42) | 0.0699 (0.18) | −0.269 (0.27) | |
| −1.176*** (0.17) | −0.789*** (0.16) | 0.0389 (0.066) | 0.430*** (0.10) | |
| −2.862*** (0.25) | 0.921*** (0.14) | 0.0214 (0.07) | 0.131 (0.089) | |
| 5.543*** (0.41) | −1.877*** (0.27) | 0.146 (0.13) | −0.501*** (0.16) | |
| 3.307*** (0.55) | 3.477*** (0.49) | 1.060*** (0.16) | 0.105 (0.26) | |
| Bank-fixed effects | Yes | Yes | Yes | Yes |
| 0.618 | 0.045 | 0.222 | 0.024 | |
| Observations | 9,760 | 9,760 | 9,760 | 9,760 |
Notes: This table reports results from panel regressions examining agricultural lending on a bank level, from December 31, 2008–December 31, 2017, for agricultural banks. Following the FDIC definition, any commercial bank with agricultural production loans plus real estate loans secured by farmland exceeding 25 percent of total loans and leases is categorized as an agricultural bank. All regressions include previously discussed control variables and bank-fixed effects. Standard errors are clustered on bank level. *,**,***Significant at 10, 5 and 1 percent levels, respectively
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