LOANS AND ALLOWANCE FOR LOSSES

Loans

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of June 30, 2015 and December 31, 2014, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2015 and December 31, 2014:

Table 5.1



	As of June 30, 2015									As of December 31, 2014
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,197,934		$	512,559		$	2,710,493		$	2,118,867		$	421,355		$	2,540,222
Rural Utilities	954,188			—			954,188			718,213			267,396			985,609
Total unpaid principal balance⁽¹⁾	3,152,122			512,559			3,664,681			2,837,080			688,751			3,525,831
Unamortized premiums, discounts and other cost basis adjustments	890			—			890			(3,619		)	3,727			108
Total loans	3,153,012			512,559			3,665,571			2,833,461			692,478			3,525,939
Allowance for loan losses	(5,395		)	(544		)	(5,939		)	(5,324		)	(540		)	(5,864		)
Total loans, net of allowance	$	3,147,617		$	512,015		$	3,659,632		$	2,828,137		$	691,938		$	3,520,075


(1)	Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Losses

Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities. As of June 30, 2015 and December 31, 2014, Farmer Mac reported allowances for losses of $10.6 million and $10.1 million, respectively. See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs.

The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014:

Table 5.2



	As of June 30, 2015								As of June 30, 2014
	Allowance for Loan Losses			Reserve for Losses		Total Allowance for Losses			Allowance for Loan Losses			Reserve for Losses			Total Allowance for Losses
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

During second quarter 2015, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and provisions to its reserve for losses of $1.1 million, primarily related to a specific allowance for an impaired loan to a canola facility underlying an LTSPC. The establishment of a specific allowance for this loan was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loan. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2015.

During second quarter 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.6 million and releases from its reserve for losses of $1.0 million. The releases recorded during second quarter 2014 primarily related to a significant decline in the balance of Farmer Mac's ethanol-related Agricultural Storage and Processing portfolio. Farmer Mac also recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2014.

The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014 by commodity type:

Table 5.3



	June 30, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,640	$	2,284		$	1,343	$	459		$	2,698		$	7	$	9,431
Provision for/(release of) losses	13		(63		)	417		85			804			—		1,256
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

For the Six Months Ended:
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7	$	10,127
Provision for/(release of) losses	134		62			337		77			(50		)	—		560
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576



	June 30, 2014
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,278	$	2,131	$	1,387		$	464		$	7,715		$	4		$	13,979
Provision for/(release of) losses	112		86		(19		)	(20		)	(2,716		)	—			(2,557		)
Charge-offs	—		—		(57		)	—			—			—			(57		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365

For the Six Months Ended:
Beginning Balance	$	2,124	$	2,186	$	1,271		$	454		$	7,292		$	7		$	13,334
Provision for/(release of) losses	266		31		97			19			(2,293		)	(3		)	(1,883		)
Charge-offs	—		—		(57		)	(29		)	—			—			(86		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of June 30, 2015 and December 31, 2014:

Table 5.4



	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,748,310	$	377,534	$	417,004	$	67,853	$	25,071	$	80	$	2,635,852
Off-balance sheet	1,262,318		528,186		785,805		103,521		58,433		6,009		2,744,272
Total	$	3,010,628	$	905,720	$	1,202,809	$	171,374	$	83,504	$	6,089	$	5,380,124
Individually evaluated for impairment:
On-balance sheet	$	20,372	$	38,672	$	6,118	$	9,479	$	—	$	—	$	74,641
Off-balance sheet	5,565		3,736		7,302		702		13,500		—		30,805
Total	$	25,937	$	42,408	$	13,420	$	10,181	$	13,500	$	—	$	105,446
Total Farm & Ranch loans:
On-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-balance sheet	1,267,883		531,922		793,107		104,223		71,933		6,009		2,775,077
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,806	$	459	$	651	$	76	$	367	$	—	$	3,359
Off-balance sheet	311		139		310		59		881		7		1,707
Total	$	2,117	$	598	$	961	$	135	$	1,248	$	7	$	5,066
Individually evaluated for impairment:
On-balance sheet	$	391	$	1,469	$	446	$	274	$	—	$	—	$	2,580
Off-balance sheet	145		154		353		24		2,254		—		2,930
Total	$	536	$	1,623	$	799	$	298	$	2,254	$	—	$	5,510
Total Farm & Ranch loans:
On-balance sheet	$	2,197	$	1,928	$	1,097	$	350	$	367	$	—	$	5,939
Off-balance sheet	456		293		663		83		3,135		7		4,637
Total	$	2,653	$	2,221	$	1,760	$	433	$	3,502	$	7	$	10,576



	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,621,360	$	359,517	$	406,049	$	57,851	$	29,003	$	—	$	2,473,780
Off-balance sheet	1,305,141		521,535		839,286		102,857		85,357		6,781		2,860,957
Total	$	2,926,501	$	881,052	$	1,245,335	$	160,708	$	114,360	$	6,781	$	5,334,737
Individually evaluated for impairment:
On-balance sheet	$	12,307	$	35,904	$	6,571	$	11,660	$	—	$	—	$	66,442
Off-balance sheet	2,458		3,239		8,712		1,586		—		—		15,995
Total	$	14,765	$	39,143	$	15,283	$	13,246	$	—	$	—	$	82,437
Total Farm & Ranch loans:
On-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-balance sheet	1,307,599		524,774		847,998		104,443		85,357		6,781		2,876,952
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,824	$	495	$	658	$	51	$	503	$	—	$	3,531
Off-balance sheet	298		149		404		52		3,049		7		3,959
Total	$	2,122	$	644	$	1,062	$	103	$	3,552	$	7	$	7,490
Individually evaluated for impairment:
On-balance sheet	$	283	$	1,410	$	328	$	312	$	—	$	—	$	2,333
Off-balance sheet	114		105		33		52		—		—		304
Total	$	397	$	1,515	$	361	$	364	$	—	$	—	$	2,637
Total Farm & Ranch loans:
On-balance sheet	$	2,107	$	1,905	$	986	$	363	$	503	$	—	$	5,864
Off-balance sheet	412		254		437		104		3,049		7		4,263
Total	$	2,519	$	2,159	$	1,423	$	467	$	3,552	$	7	$	10,127

The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of June 30, 2015 and December 31, 2014:

Table 5.5



	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,272	$	6,352	$	4,085	$	1,486	$	—	$	—	$	16,195
Unpaid principal balance	4,231		6,354		4,085		1,486		—		—		16,156
With a specific allowance:
Recorded investment⁽¹⁾	21,706		36,342		9,341		8,699		13,500		—		89,588
Unpaid principal balance	21,706		36,054		9,335		8,695		13,500		—		89,290
Associated allowance	536		1,623		799		298		2,254		—		5,510
Total:
Recorded investment	25,978		42,694		13,426		10,185		13,500		—		105,783
Unpaid principal balance	25,937		42,408		13,420		10,181		13,500		—		105,446
Associated allowance	536		1,623		799		298		2,254		—		5,510

Recorded investment of loans on nonaccrual status⁽²⁾	$	3,608	$	24,835	$	4,230	$	5,944	$	—	$	—	$	38,617


(1)	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $77.7 million (73 percent) of impaired loans as of June 30, 2015, which resulted in a specific reserve of $3.8 million.


(2)	Includes $12.5 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.



	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,877	$	5,837	$	9,576	$	2,001	$	—	$	—	$	22,291
Unpaid principal balance	4,723		5,750		9,386		1,981		—		—		21,840
With a specific allowance:
Recorded investment⁽¹⁾	10,753		33,690		5,979		11,350		—		—		61,772
Unpaid principal balance	10,042		33,393		5,897		11,265		—		—		60,597
Associated allowance	397		1,515		361		364		—		—		2,637
Total:
Recorded investment	15,630		39,527		15,555		13,351		—		—		84,063
Unpaid principal balance	14,765		39,143		15,283		13,246		—		—		82,437
Associated allowance	397		1,515		361		364		—		—		2,637

Recorded investment of loans on nonaccrual status⁽²⁾	$	5,168	$	14,413	$	4,438	$	6,133	$	—	$	—	$	30,152


(1)	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million.


(2)	Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014:

Table 5.6



	June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	24,392	$	42,347	$	14,247	$	10,924	$	6,750	$	—	$	98,660
Income recognized on impaired loans	58		142		49		92		—		—		341

For the Six Months Ended:
Average recorded investment in impaired loans	$	21,471	$	41,407	$	14,683	$	11,733	$	4,500	$	—	$	93,794
Income recognized on impaired loans	340		225		197		150		—		—		912



	June 30, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	22,969	$	43,329	$	12,798	$	12,116	$	—	$	—	$	91,212
Income recognized on impaired loans	105		76		59		79		—		—		319

For the Six Months Ended:
Average recorded investment in impaired loans	$	23,197	$	44,228	$	13,289	$	12,410	$	—	$	40	$	93,164
Income recognized on impaired loans	275		270		135		201		—		—		881

For the three and six months ended June 30, 2015, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $1.1 million both before and after restructuring. For the three and six months ended June 30, 2014, the recorded investment of loans determined to be TDRs was $0.3 million and $0.8 million both before and after restructuring. As of June 30, 2015, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the three and six months ended June 30, 2015 and 2014.

When particular criteria are met, such as the default of the borrower, Farmer Mac becomes entitled to purchase the defaulted loans underlying Farmer Mac Guaranteed Securities (commonly referred to as "removal-of-account" provisions). Farmer Mac records all such defaulted loans at their unpaid principal balance during the period in which Farmer Mac becomes entitled to purchase the loans and therefore regains effective control over the transferred loans. In accordance with the terms of all LTSPCs, Farmer Mac acquires loans that are either 90 days or 120 days delinquent (depending on the provisions of the applicable agreement) upon the request of the counterparty. Subsequent to the purchase, these defaulted loans are treated as nonaccrual loans and, therefore, interest is accounted for on the cash basis. Any decreases in expected cash flows are recognized as impairment.

During the three months ended June 30, 2015, Farmer Mac purchased one defaulted loan having an unpaid principal balance of $1.3 million from a pool underlying a Farm & Ranch Guaranteed Security. During the six months ended June 30, 2015, Farmer Mac purchased two defaulted loans having an unpaid principal balance of $2.0 million from pools underlying Farm & Ranch Guaranteed Securities. During the three and six months ended June 30, 2014, Farmer Mac purchased no defaulted loans and one defaulted loan having an unpaid principal balance of $0.4 million, respectively, from a pool underlying an LTSPC.

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of June 30, 2015 and December 31, 2014:

Table 5.7



	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	—	$	440
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities	1,324		—		1,981		—
Total unpaid principal balance at acquisition date	1,324		—		1,981		440
Contractually required payments receivable	—		—		—		440
Impairment recognized subsequent to acquisition	57		17		109		69
Recovery/release of allowance for defaulted loans	—		5		121		7



	As of
	June 30, 2015		December 31, 2014
	(in thousands)
Outstanding balance	$	25,484	$	24,921
Carrying amount	22,546		22,149

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below. As of June 30, 2015, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans.

Table 5.8



	90-Day Delinquencies⁽¹⁾				Net Credit Losses
	As of				For the Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		June 30, 2014
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	26,140	$	18,427	$	112	$	(21	)
Total on-balance sheet	$	26,140	$	18,427	$	112	$	(21	)
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	5,712	$	490	$	—	$	—
Total off-balance sheet	$	5,712	$	490	$	—	$	—
Total	$	31,852	$	18,917	$	112	$	(21	)


(1)	Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $26.1 million and $18.4 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2015 and December 31, 2014, respectively, $1.8 million were loans subject to "removal-of-account" provisions.

Credit Quality Indicators

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2015 and December 31, 2014:

Table 5.9



	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade⁽¹⁾
On-balance sheet:
Acceptable	$	1,735,454	$	377,534	$	382,150	$	65,353	$	25,071	$	80	$	2,585,642
Special mention⁽²⁾	12,856		—		34,854		2,500		—		—		50,210
Substandard⁽³⁾	20,372		38,672		6,118		9,479		—		—		74,641
Total on-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-Balance Sheet:
Acceptable	$	1,221,082	$	514,384	$	757,470	$	97,822	$	52,299	$	5,365	$	2,648,422
Special mention⁽²⁾	35,174		10,185		18,364		1,143		—		8		64,874
Substandard⁽³⁾	11,627		7,353		17,273		5,258		19,634		636		61,781
Total off-balance sheet	$	1,267,883	$	531,922	$	793,107	$	104,223	$	71,933	$	6,009	$	2,775,077
Total Ending Balance:
Acceptable	$	2,956,536	$	891,918	$	1,139,620	$	163,175	$	77,370	$	5,445	$	5,234,064
Special mention⁽²⁾	48,030		10,185		53,218		3,643		—		8		115,084
Substandard⁽³⁾	31,999		46,025		23,391		14,737		19,634		636		136,422
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	1,296	$	20,606	$	1,802	$	2,436	$	—	$	—	$	26,140
Off-balance sheet	2,889		608		2,114		101		—		—		5,712
90-days or more past due	$	4,185	$	21,214	$	3,916	$	2,537	$	—	$	—	$	31,852


(1)	Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.


(2)	Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.


(3)	Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.



	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade⁽¹⁾
On-balance sheet:
Acceptable	$	1,604,546	$	353,487	$	375,010	$	57,239	$	29,003	$	—	$	2,419,285
Special mention⁽²⁾	16,814		6,030		31,039		612		—		—		54,495
Substandard⁽³⁾	12,307		35,904		6,571		11,660		—		—		66,442
Total on-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-Balance Sheet
Acceptable	$	1,282,773	$	503,414	$	799,047	$	97,692	$	64,363	$	6,117	$	2,753,406
Special mention⁽²⁾	13,603		12,150		30,281		1,351		—		8		57,393
Substandard⁽³⁾	11,223		9,210		18,670		5,400		20,994		656		66,153
Total off-balance sheet	$	1,307,599	$	524,774	$	847,998	$	104,443	$	85,357	$	6,781	$	2,876,952
Total Ending Balance:
Acceptable	$	2,887,319	$	856,901	$	1,174,057	$	154,931	$	93,366	$	6,117	$	5,172,691
Special mention⁽²⁾	30,417		18,180		61,320		1,963		—		8		111,888
Substandard⁽³⁾	23,530		45,114		25,241		17,060		20,994		656		132,595
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	4,175	$	6,869	$	4,555	$	2,828	$	—	$	—	$	18,427
Off-balance sheet	—		—		490		—		—		—		490
90-days or more past due	$	4,175	$	6,869	$	5,045	$	2,828	$	—	$	—	$	18,917


(1)	Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.


(2)	Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.


(3)	Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

Concentrations of Credit Risk

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of June 30, 2015 and December 31, 2014:

Table 5.10



	As of
	June 30, 2015		December 31, 2014
	(in thousands)
By commodity/collateral type:
Crops	$	3,036,565	$	2,941,266
Permanent plantings	948,128		920,195
Livestock	1,216,229		1,260,618
Part-time farm	181,555		173,954
Ag. Storage and Processing	97,004		114,360
Other	6,089		6,781
Total	$	5,485,570	$	5,417,174
By geographic region⁽¹⁾:
Northwest	$	591,539	$	573,135
Southwest	1,720,074		1,753,606
Mid-North	1,907,771		1,873,041
Mid-South	670,976		627,615
Northeast	209,909		214,402
Southeast	385,301		375,375
Total	$	5,485,570	$	5,417,174
By original loan-to-value ratio:
0.00% to 40.00%	$	1,520,752	$	1,503,076
40.01% to 50.00%	1,199,107		1,191,804
50.01% to 60.00%	1,522,736		1,491,502
60.01% to 70.00%	1,102,486		1,091,759
70.01% to 80.00%	119,173		115,645
80.01% to 90.00%	21,316		23,388
Total	$	5,485,570	$	5,417,174


(1)	Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN).

The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment. Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios.