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 December 31, 2016 and 2015, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2016 and 2015:

Table 8.1



	As of December 31, 2016									As of December 31, 2015
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,381,488		$	1,132,966		$	3,514,454		$	2,249,864		$	708,111		$	2,957,975
Rural Utilities	999,512			—			999,512			1,008,126			—			1,008,126
Total unpaid principal balance⁽¹⁾	3,381,000			1,132,966			4,513,966			3,257,990			708,111			3,966,101
Unamortized premiums, discounts and other cost basis adjustments	(1,116		)	—			(1,116		)	423			—			423
Total loans	3,379,884			1,132,966			4,512,850			3,258,413			708,111			3,966,524
Allowance for loan losses	(4,437		)	(978		)	(5,415		)	(3,736		)	(744		)	(4,480		)
Total loans, net of allowance	$	3,375,447		$	1,131,988		$	4,507,435		$	3,254,677		$	707,367		$	3,962,044


⁽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 (excluding AgVantage securities). As of December 31, 2016 and 2015, Farmer Mac's total allowances for losses were $7.4 million and $6.6 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 each year in the three-year period ended December 31, 2016 and 2015:

Table 8.2



	Allowance for Loan Losses			Reserve for Losses			Total Allowance for Losses
	(in thousands)
Balance as of December 31, 2013	$	6,866		$	6,468		$	13,334
Release of losses	(961		)	(2,205		)	$	(3,166	)
Charge-offs	(86		)	—			$	(86	)
Recoveries	45			—			$	45
Balance as of December 31, 2014	$	5,864		$	4,263		$	10,127
Provision for/(release of) losses	2,388			(2,180		)	208
Charge-offs	(3,772		)	—			(3,772		)
Balance as of December 31, 2015	$	4,480		$	2,083		$	6,563
Provision for/(release of) losses	1,065			(63		)	1,002
Charge-offs	(130		)	—			(130		)
Balance as of December 31, 2016	$	5,415		$	2,020		$	7,435

During 2016, Farmer Mac recorded provisions to its allowance for loan losses of $1.1 million and releases to its reserve for losses of $0.1 million. The provisions to the allowance for loan losses recorded during 2016 were attributable to an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans and downgrades in risk ratings for certain loans. The releases to the reserve for losses recorded during the year ended December 31, 2016 were attributable to the release of a specific reserve on an impaired livestock loan underlying an LTSPC that was required to be removed from the LTSPC pool by the originator during 2016. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during 2016.

During 2015, Farmer Mac recorded provisions to its allowance for loan losses of $2.4 million and releases to its reserve for losses of $2.2 million. The provisions to the allowance for loan losses recorded during 2015 were primarily attributable to the establishment of a specific allowance for two Agricultural Storage and Processing loans that financed one canola facility. Farmer Mac recognized a charge-off of $3.7 million in fourth quarter 2015 on those loans. The provisions to the allowance for losses were offset by the reduction in the specific allowance for a permanent planting loan based on the updated appraised value of the collateral underlying such loan and releases to the general reserve from the reserve for losses due to substantial paydowns of Agricultural Storage and Processing loans underlying LTSPCs due to repayments of these loans at par.

During 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.0 million and releases from its reserve for losses of $2.2 million, primarily related to a decrease in the balance of its ethanol loans as well as a general improvement in the quality of the ethanol loans held and loans underlying LTSPCs. Farmer Mac recorded $0.1 million of charge-offs and recoveries of $45,000 to its allowance for loan losses during 2014.

The following tables present the changes in the total allowance for losses for year ended December 31, 2016 and 2015 by commodity type:

Table 8.3



	December 31, 2016
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Year Ended:
Beginning Balance	$	2,791	$	931	$	1,781		$	408		$	649		$	3	$	6,563
Provision for/(release of) losses	574		792		(406		)	127			(116		)	31		1,002
Charge-offs	—		—		—			(130		)	—			—		(130		)
Ending Balance	$	3,365	$	1,723	$	1,375		$	405		$	533		$	34	$	7,435



	December 31, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other			Total
	(in thousands)
For the Year Ended
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7		$	10,127
Provision for/(release of) losses	272		(1,228		)	358		52			758			(4		)	208
Charge-offs	—		—			—		(111		)	(3,661		)	—			(3,772		)
Ending Balance	$	2,791	$	931		$	1,781	$	408		$	649		$	3		$	6,563

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related total allowance for losses by impairment method and commodity type as of December 31, 2016 and 2015:

Table 8.4



	As of December 31, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	2,115,450	$	569,360	$	537,859	$	183,660	$	11,545	$	8,894	$	3,426,768
Off-balance sheet	1,241,851		437,575		752,473		131,889		36,506		4,503		2,604,797
Total	$	3,357,301	$	1,006,935	$	1,290,332	$	315,549	$	48,051	$	13,397	$	6,031,565
Individually evaluated for impairment:
On-balance sheet	$	41,648	$	27,770	$	10,658	$	7,610	$	—	$	—	$	87,686
Off-balance sheet	11,549		2,735		4,854		915		—		—		20,053
Total	$	53,197	$	30,505	$	15,512	$	8,525	$	—	$	—	$	107,739
Total Farm & Ranch loans:
On-balance sheet	$	2,157,098	$	597,130	$	548,517	$	191,270	$	11,545	$	8,894	$	3,514,454
Off-balance sheet	1,253,400		440,310		757,327		132,804		36,506		4,503		2,624,850
Total	$	3,410,498	$	1,037,440	$	1,305,844	$	324,074	$	48,051	$	13,397	$	6,139,304
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	2,000	$	652	$	735	$	193	$	22	$	28	$	3,630
Off-balance sheet	420		281		241		54		511		6		1,513
Total	$	2,420	$	933	$	976	$	247	$	533	$	34	$	5,143
Individually evaluated for impairment:
On-balance sheet	$	613	$	770	$	270	$	132	$	—	$	—	$	1,785
Off-balance sheet	332		20		129		26		—		—		507
Total	$	945	$	790	$	399	$	158	$	—	$	—	$	2,292
Total Farm & Ranch loans:
On-balance sheet	$	2,613	$	1,422	$	1,005	$	325	$	22	$	28	$	5,415
Off-balance sheet	752		301		370		80		511		6		2,020
Total	$	3,365	$	1,723	$	1,375	$	405	$	533	$	34	$	7,435



	As of December 31, 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	$	1,911,039	$	433,654	$	444,320	$	92,712	$	15,944	$	3,199	$	2,900,868
Off-balance sheet	1,313,872		483,473		777,663		110,378		56,208		7,142		2,748,736
Total	$	3,224,911	$	917,127	$	1,221,983	$	203,090	$	72,152	$	10,341	$	5,649,604
Individually evaluated for impairment:
On-balance sheet	$	12,803	$	21,247	$	5,958	$	7,261	$	9,838	$	—	$	57,107
Off-balance sheet	5,937		3,037		8,840		774		—		—		18,588
Total	$	18,740	$	24,284	$	14,798	$	8,035	$	9,838	$	—	$	75,695
Total Farm & Ranch loans:
On-balance sheet	$	1,923,842	$	454,901	$	450,278	$	99,973	$	25,782	$	3,199	$	2,957,975
Off-balance sheet	1,319,809		486,510		786,503		111,152		56,208		7,142		2,767,324
Total	$	3,243,651	$	941,411	$	1,236,781	$	211,125	$	81,990	$	10,341	$	5,725,299
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,968	$	434	$	702	$	116	$	167	$	—	$	3,387
Off-balance sheet	347		137		292		65		482		3		1,326
Total	$	2,315	$	571	$	994	$	181	$	649	$	3	$	4,713
Individually evaluated for impairment:
On-balance sheet	$	290	$	218	$	384	$	201	$	—	$	—	$	1,093
Off-balance sheet	186		142		403		26		—		—		757
Total	$	476	$	360	$	787	$	227	$	—	$	—	$	1,850
Total Farm & Ranch loans:
On-balance sheet	$	2,258	$	652	$	1,086	$	317	$	167	$	—	$	4,480
Off-balance sheet	533		279		695		91		482		3		2,083
Total	$	2,791	$	931	$	1,781	$	408	$	649	$	3	$	6,563

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 December 31, 2016 and 2015:

Table 8.5



	As of December 31, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	20,761	$	3,683	$	1,054	$	1,970	$	—	$	—	$	27,468
Unpaid principal balance	20,816		3,688		1,055		1,975		—		—		27,534
With a specific allowance:
Recorded investment⁽¹⁾	32,326		26,748		14,322		6,535		—		—		79,931
Unpaid principal balance	32,381		26,817		14,457		6,550		—		—		80,205
Associated allowance	945		790		399		158		—		—		2,292
Total:
Recorded investment	53,087		30,431		15,376		8,505		—		—		107,399
Unpaid principal balance	53,197		30,505		15,512		8,525		—		—		107,739
Associated allowance	945		790		399		158		—		—		2,292

Recorded investment of loans on nonaccrual status⁽²⁾	$	13,405	$	10,785	$	2,696	$	5,256	$	—	$	—	$	32,142


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $76.5 million (71 percent) of impaired loans as of December 31, 2016, which resulted in a specific allowance of $1.6 million.


⁽²⁾	Includes $12.4 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, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	3,772	$	12,340	$	5,644	$	1,851	$	—	$	—	$	23,607
Unpaid principal balance	3,720		12,346		5,645		1,851		—		—		23,562
With a specific allowance:
Recorded investment⁽¹⁾	15,103		11,939		9,050		6,185		9,838		—		52,115
Unpaid principal balance	15,020		11,938		9,153		6,184		9,838		—		52,133
Associated allowance	476		360		787		227		—		—		1,850
Total:
Recorded investment	18,875		24,279		14,694		8,036		9,838		—		75,722
Unpaid principal balance	18,740		24,284		14,798		8,035		9,838		—		75,695
Associated allowance	476		360		787		227		—		—		1,850

Recorded investment of loans on nonaccrual status⁽²⁾	$	5,105	$	16,546	$	4,313	$	5,870	$	9,838	$	—	$	41,672


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $46.4 million (61 percent) of impaired loans as of December 31, 2015, which resulted in a specific allowance of $1.0 million.


⁽²⁾	Includes $14.7 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 year ended December 31, 2016 and 2015:

Table 8.6



	December 31, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Year Ended:
Average recorded investment in impaired loans	$	33,252	$	24,737	$	14,450	$	8,396	$	1,968	$	—	$	82,803
Income recognized on impaired loans	136		866		238		329		—		—		1,569



	December 31, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Year Ended:
Average recorded investment in impaired loans	$	22,315	$	36,326	$	14,077	$	10,605	$	7,368	$	—	$	90,691
Income recognized on impaired loans	381		472		353		308		—		—		1,514

A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring ("TDR"). Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. For the year ended December 31, 2016, there were no TDRs. For the year ended ended December 31, 2015, the recorded investment of loans determined to be TDRs was $1.1 million both before and after restructuring. For the year ended December 31, 2014, the recorded investment of loans determined to be TDRs was $5.3 million before restructuring and $6.0 million after restructuring. As of December 31, 2016 and 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 years ended December 31, 2016 and 2015.

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 year ended ended December 31, 2016, Farmer Mac purchased eight defaulted loans having an unpaid principal balance of $2.5 million from pools underlying LTSPCs and Farm & Ranch Guaranteed Securities. During the year ended ended December 31, 2015, Farmer Mac purchased six defaulted loans having an unpaid principal balance of $16.9 million from pools underlying Farm & Ranch Guaranteed Securities. During 2014, Farmer Mac purchased two defaulted loans having an unpaid principal balance of $0.7 million from a pool underlying an LTSPC.

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the years ended ended December 31, 2016, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of December 31, 2016 and 2015:

Table 8.7



	For the Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014

Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	2,118	$	13,500	$	705
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities)	398		3,407		—
Total unpaid principal balance at acquisition date	2,516		16,907		705
Contractually required payments receivable	2,544		17,036		705
Impairment recognized subsequent to acquisition	208		3,772		69
Recovery/release of allowance for all outstanding acquired defaulted loans	67		1,019		233



	As of
	December 31, 2016		December 31, 2015
	(in thousands)
Outstanding balance	$	14,669	$	36,195
Carrying amount	13,069		34,015

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 December 31, 2016, 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 8.8



	90-Day Delinquencies⁽¹⁾				Net Credit Losses
	As of				For the Year Ended
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015		December 31, 2014
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	19,757	$	26,935	$	154	$	3,853	$	(6	)
Total on-balance sheet	$	19,757	$	26,935	$	154	$	3,853	$	(6	)
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	1,281	$	5,201	$	—	$	—	$	—
Total off-balance sheet	$	1,281	$	5,201	$	—	$	—	$	—
Total	$	21,038	$	32,136	$	154	$	3,853	$	(6	)


⁽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 with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $19.8 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2016, $0.1 million were loans subject to "removal-of-account" provisions. Of the $26.9 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2015, none 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 December 31, 2016 and 2015:

Table 8.9



	As of December 31, 2016
	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	$	2,080,227	$	568,221	$	504,784	$	179,288	$	11,545	$	8,894	$	3,352,959
Special mention⁽²⁾	35,223		1,139		33,075		4,372		—		—		73,809
Substandard⁽³⁾	41,648		27,770		10,658		7,610		—		—		87,686
Total on-balance sheet	$	2,157,098	$	597,130	$	548,517	$	191,270	$	11,545	$	8,894	$	3,514,454
Off-Balance Sheet:
Acceptable	$	1,201,144	$	403,256	$	724,056	$	125,440	$	34,537	$	3,916	$	2,492,349
Special mention⁽²⁾	20,422		16,881		15,341		2,344		—		6		54,994
Substandard⁽³⁾	31,834		20,173		17,930		5,020		1,969		581		77,507
Total off-balance sheet	$	1,253,400	$	440,310	$	757,327	$	132,804	$	36,506	$	4,503	$	2,624,850
Total Ending Balance:
Acceptable	$	3,281,371	$	971,477	$	1,228,840	$	304,728	$	46,082	$	12,810	$	5,845,308
Special mention⁽²⁾	55,645		18,020		48,416		6,716		—		6		128,803
Substandard⁽³⁾	73,482		47,943		28,588		12,630		1,969		581		165,193
Total	$	3,410,498	$	1,037,440	$	1,305,844	$	324,074	$	48,051	$	13,397	$	6,139,304

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	13,449	$	3,245	$	669	$	2,394	$	—	$	—	$	19,757
Off-balance sheet	373		407		38		463		—		—		1,281
90 days or more past due	$	13,822	$	3,652	$	707	$	2,857	$	—	$	—	$	21,038


⁽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, 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	$	1,888,762	$	431,038	$	409,003	$	89,541	$	15,944	$	3,199	$	2,837,487
Special mention⁽²⁾	22,255		2,616		35,317		2,918		—		—		63,106
Substandard⁽³⁾	12,825		21,247		5,958		7,514		9,838		—		57,382
Total on-balance sheet	$	1,923,842	$	454,901	$	450,278	$	99,973	$	25,782	$	3,199	$	2,957,975
Off-Balance Sheet
Acceptable	$	1,279,454	$	473,335	$	753,472	$	102,990	$	56,208	$	6,517	$	2,671,976
Special mention⁽²⁾	24,422		7,226		13,121		2,938		—		523		48,230
Substandard⁽³⁾	15,933		5,949		19,910		5,224		—		102		47,118
Total off-balance sheet	$	1,319,809	$	486,510	$	786,503	$	111,152	$	56,208	$	7,142	$	2,767,324
Total Ending Balance:
Acceptable	$	3,168,216	$	904,373	$	1,162,475	$	192,531	$	72,152	$	9,716	$	5,509,463
Special mention⁽²⁾	46,677		9,842		48,438		5,856		—		523		111,336
Substandard⁽³⁾	28,758		27,196		25,868		12,738		9,838		102		104,500
Total	$	3,243,651	$	941,411	$	1,236,781	$	211,125	$	81,990	$	10,341	$	5,725,299

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	4,656	$	7,405	$	2,517	$	2,519	$	9,838	$	—	$	26,935
Off-balance sheet	511		—		4,542		148		—		—		5,201
90 days or more past due	$	5,167	$	7,405	$	7,059	$	2,667	$	9,838	$	—	$	32,136


⁽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 December 31, 2016 and 2015:

Table 8.10



	As of
	December 31, 2016		December 31, 2015
	(in thousands)
By commodity/collateral type:
Crops	$	3,410,498	$	3,243,651
Permanent plantings	1,037,440		941,411
Livestock	1,305,844		1,236,781
Part-time farm	324,074		211,125
Ag. Storage and Processing	48,051		81,990
Other	13,397		10,341
Total	$	6,139,304	$	5,725,299
By geographic region⁽¹⁾:
Northwest	$	657,403	$	582,127
Southwest	1,791,745		1,726,927
Mid-North	2,104,867		2,009,654
Mid-South	837,121		769,831
Northeast	229,679		215,883
Southeast	518,489		420,877
Total	$	6,139,304	$	5,725,299
By original loan-to-value ratio:
0.00% to 40.00%	$	1,740,792	$	1,594,818
40.01% to 50.00%	1,401,630		1,279,321
50.01% to 60.00%	1,706,099		1,593,025
60.01% to 70.00%	1,086,295		1,107,710
70.01% to 80.00%	180,142		126,860
80.01% to 90.00%	24,346		23,565
Total	$	6,139,304	$	5,725,299


⁽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.