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, 2017 and December 31, 2016, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2017 and December 31, 2016:

Table 5.1



	As of June 30, 2017									As of December 31, 2016
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,641,850		$	1,240,624		$	3,882,474		$	2,381,488		$	1,132,966		$	3,514,454
Rural Utilities	1,024,130			—			1,024,130			999,512			—			999,512
Total unpaid principal balance⁽¹⁾	3,665,980			1,240,624			4,906,604			3,381,000			1,132,966			4,513,966
Unamortized premiums, discounts and other cost basis adjustments	4			—			4			(1,116		)	—			(1,116		)
Total loans	3,665,984			1,240,624			4,906,608			3,379,884			1,132,966			4,512,850
Allowance for loan losses	(4,947		)	(1,191		)	(6,138		)	(4,437		)	(978		)	(5,415		)
Total loans, net of allowance	$	3,661,037		$	1,239,433		$	4,900,470		$	3,375,447		$	1,131,988		$	4,507,435


⁽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). Farmer Mac's total allowance for losses was $8.1 million as of June 30, 2017 and $7.4 million as of December 31, 2016. 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, 2017 and 2016:

Table 5.2



	As of June 30, 2017									As of June 30, 2016
	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	$	5,811		$	1,827		$	7,638		$	4,529	$	2,097	$	6,626
Provision for/(release of) losses	327			139			466			364		94		458
Ending Balance	$	6,138		$	1,966		$	8,104		$	4,893	$	2,191	$	7,084

For the Six Months Ended:
Beginning Balance	$	5,415		$	2,020		$	7,435		$	4,480	$	2,083	$	6,563
Provision for/(release of) losses	964			(54		)	910			413		108		521
Charge-offs	(241		)	—			(241		)	—		—		—
Ending Balance	$	6,138		$	1,966		$	8,104		$	4,893	$	2,191	$	7,084

During second quarter 2017, Farmer Mac recorded provisions to its allowance for loan losses and reserve for losses of $0.3 million and $0.1 million, respectively. The provisions to the allowance for loan losses recorded during second quarter 2017 were primarily attributable an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans. The provision to the reserve for losses recorded during the second quarter 2017 was primarily attributable to an increase in the general reserve due to downgrades in risk ratings on certain unimpaired crop and permanent planting loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities. Farmer Mac recorded no charge-offs to its allowance for loan losses during second quarter 2017.

During second quarter 2016, Farmer Mac recorded provisions to its allowance for loan losses of $0.4 million and provisions to its reserve for losses of $0.1 million. The provisions to the allowance for loan losses recorded during second quarter 2016 were attributable to the establishment of a specific reserve for a long-standing impaired permanent planting loan due to collateral shortfalls relative to the unpaid principal balance and an increase in the specific allowance for on-balance sheet impaired loans resulting from a modest increase in the outstanding balance of such loans. The provisions to the reserve for losses recorded during the three months ended June 30, 2016 were attributable to an increase in the general allowance due to downgrades in risk rating on certain unimpaired crop loans and permanent planting loans underlying LTSPCs. The provisions were partially offset by a decrease in the general allowance of Agricultural Storage and Processing loans, both purchased and underlying LTSPCs, due to paydowns of these loans. Farmer Mac recorded no charge-offs to its allowance for loan losses during second quarter 2016.

The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2017 and 2016 by commodity type:

Table 5.3



	June 30, 2017
	Crops			Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing		Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	3,562		$	1,870	$	1,379		$	324		$	472	$	31		$	7,638
Provision for/(release of) losses	173			294		(145		)	73			86		(15		)	466
Ending Balance	$	3,735		$	2,164	$	1,234		$	397		$	558	$	16		$	8,104

For the Six Months Ended:
Beginning Balance	$	3,365		$	1,723	$	1,375		$	405		$	533	$	34		$	7,435
Provision for/(release of) losses	598			441		(128		)	(8		)	25		(18		)	910
Charge-offs	(228		)	—		(13		)	—			—		—			(241		)
Ending Balance	$	3,735		$	2,164	$	1,234		$	397		$	558	$	16		$	8,104



	June 30, 2016
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,892	$	937	$	1,763	$	444	$	587		$	3	$	6,626
Provision for/(release of) losses	219		207		143		3		(114		)	—		458
Ending Balance	$	3,111	$	1,144	$	1,906	$	447	$	473		$	3	$	7,084

For the Six Months Ended:
Beginning Balance	$	2,791	$	931	$	1,781	$	408	$	649		$	3	$	6,563
Provision for/(release of) losses	320		213		125		39		(176		)	—		521
Ending Balance	$	3,111	$	1,144	$	1,906	$	447	$	473		$	3	$	7,084

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 June 30, 2017 and December 31, 2016:

Table 5.4



	As of June 30, 2017
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	2,214,663	$	711,209	$	602,815	$	225,948	$	13,508	$	9,061	$	3,777,204
Off-balance sheet	1,246,599		405,072		682,658		148,932		40,491		4,072		2,527,824
Total	$	3,461,262	$	1,116,281	$	1,285,473	$	374,880	$	53,999	$	13,133	$	6,305,028
Individually evaluated for impairment:
On-balance sheet	$	58,659	$	31,020	$	8,634	$	6,957	$	—	$	—	$	105,270
Off-balance sheet	8,430		2,259		4,544		907		—		80		16,220
Total	$	67,089	$	33,279	$	13,178	$	7,864	$	—	$	80	$	121,490
Total Farm & Ranch loans:
On-balance sheet	$	2,273,322	$	742,229	$	611,449	$	232,905	$	13,508	$	9,061	$	3,882,474
Off-balance sheet	1,255,029		407,331		687,202		149,839		40,491		4,152		2,544,044
Total	$	3,528,351	$	1,149,560	$	1,298,651	$	382,744	$	53,999	$	13,213	$	6,426,518
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	2,007	$	896	$	776	$	190	$	89	$	9	$	3,967
Off-balance sheet	487		328		202		54		469		5		1,545
Total	$	2,494	$	1,224	$	978	$	244	$	558	$	14	$	5,512
Individually evaluated for impairment:
On-balance sheet	$	969	$	933	$	141	$	128	$	—	$	—	$	2,171
Off-balance sheet	272		7		115		25		—		2		421
Total	$	1,241	$	940	$	256	$	153	$	—	$	2	$	2,592
Total Farm & Ranch loans:
On-balance sheet	$	2,976	$	1,829	$	917	$	318	$	89	$	9	$	6,138
Off-balance sheet	759		335		317		79		469		7		1,966
Total	$	3,735	$	2,164	$	1,234	$	397	$	558	$	16	$	8,104



	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

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, 2017 and December 31, 2016:

Table 5.5



	As of June 30, 2017
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	9,011	$	3,657	$	1,204	$	1,959	$	—	$	—	$	15,831
Unpaid principal balance	9,016		3,657		1,204		1,960		—		—		15,837
With a specific allowance:
Recorded investment⁽¹⁾	58,049		29,607		11,970		5,901		—		80		105,607
Unpaid principal balance	58,073		29,622		11,974		5,904		—		80		105,653
Associated allowance	1,241		940		256		153		—		2		2,592
Total:
Recorded investment	67,060		33,264		13,174		7,860		—		80		121,438
Unpaid principal balance	67,089		33,279		13,178		7,864		—		80		121,490
Associated allowance	1,241		940		256		153		—		2		2,592

Recorded investment of loans on nonaccrual status⁽²⁾	$	20,270	$	25,838	$	1,902	$	4,771	$	—	$	—	$	52,781


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $104.2 million (86 percent) of impaired loans as of June 30, 2017, which resulted in a specific allowance of $2.3 million.


⁽²⁾	Includes $11.3 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, 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.

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, 2017 and 2016:

Table 5.6



	June 30, 2017
	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	$	65,295	$	33,222	$	12,557	$	7,926	$	—	$	40	$	119,040
Income recognized on impaired loans	160		68		22		71		—		—		321

For the Six Months Ended:
Average recorded investment in impaired loans	$	61,226	$	32,292	$	13,497	$	8,119	$	—	$	27	$	115,161
Income recognized on impaired loans	462		220		199		174		—		—		1,055



	June 30, 2016
	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	$	28,732	$	24,133	$	14,883	$	8,772	$	—	$	—	$	76,520
Income recognized on impaired loans	60		509		133		105		—		—		807

For the Six Months Ended:
Average recorded investment in impaired loans	$	26,121	$	29,673	$	13,906	$	9,111	$	7,368	$	—	$	86,179
Income recognized on impaired loans	62		553		148		177		—		—		940

For the three and six months ended June 30, 2017, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $0.2 million both before and after restructuring. For the three and six months ended June 30, 2016, there were no TDRs. As of June 30, 2017 and 2016, 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, 2017 and 2016.

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.

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2017 and 2016 and the outstanding balances and carrying amounts of all such loans as of June 30, 2017 and December 31, 2016:

Table 5.7



	For the Three Months Ended				For the Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
	($ in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	311	$	1,267
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities)	104		—		104		148
Total unpaid principal balance at acquisition date	104		—		415		1,415
Contractually required payments receivable	105		—		416		1,435
Impairment recognized subsequent to acquisition	—		208		—		208
Recovery/release of allowance for all outstanding acquired defaulted loans	128		6		142		10

Number of defaulted loans purchased	1		—		4		5



	As of
	June 30, 2017		December 31, 2016
	(in thousands)
Outstanding balance	$	14,156	$	14,669
Carrying amount	12,969		13,069

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet securities representing interests in pools of eligible Farm & Ranch loans ("Farm & Ranch Guaranteed Securities") and LTSPCs are presented in the table below. As of June 30, 2017, 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 (Recoveries)/Losses
	As of				For the Six Months Ended
	June 30, 2017		December 31, 2016		June 30, 2017			June 30, 2016
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	41,433	$	19,757	$	(488	)	$	39
Total on-balance sheet	$	41,433	$	19,757	$	(488	)	$	39
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	468	$	1,281	$	—		$	—
Total off-balance sheet	$	468	$	1,281	$	—		$	—
Total	$	41,901	$	21,038	$	(488	)	$	39


⁽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 $41.4 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2017, $1.4 million were loans subject to "removal-of-account" provisions. 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.

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, 2017 and December 31, 2016:

Table 5.9



	As of June 30, 2017
	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	$	2,167,881	$	710,339	$	579,367	$	220,707	$	13,508	$	9,061	$	3,700,863
Special mention⁽²⁾	46,782		870		23,448		5,241		—		—		76,341
Substandard⁽³⁾	58,659		31,020		8,634		6,957		—		—		105,270
Total on-balance sheet	$	2,273,322	$	742,229	$	611,449	$	232,905	$	13,508	$	9,061	$	3,882,474
Off-Balance Sheet:
Acceptable	$	1,184,805	$	365,541	$	658,528	$	143,232	$	38,680	$	3,589	$	2,394,375
Special mention⁽²⁾	36,862		11,102		13,478		1,348		—		8		62,798
Substandard⁽³⁾	33,362		30,688		15,196		5,259		1,811		555		86,871
Total off-balance sheet	$	1,255,029	$	407,331	$	687,202	$	149,839	$	40,491	$	4,152	$	2,544,044
Total Ending Balance:
Acceptable	$	3,352,686	$	1,075,880	$	1,237,895	$	363,939	$	52,188	$	12,650	$	6,095,238
Special mention⁽²⁾	83,644		11,972		36,926		6,589		—		8		139,139
Substandard⁽³⁾	92,021		61,708		23,830		12,216		1,811		555		192,141
Total	$	3,528,351	$	1,149,560	$	1,298,651	$	382,744	$	53,999	$	13,213	$	6,426,518

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	18,878	$	18,569	$	966	$	3,020	$	—	$	—	$	41,433
Off-balance sheet	—		—		—		468		—		—		468
90 days or more past due	$	18,878	$	18,569	$	966	$	3,488	$	—	$	—	$	41,901


⁽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, 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.

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, 2017 and December 31, 2016:

Table 5.10



	As of
	June 30, 2017		December 31, 2016
	(in thousands)
By commodity/collateral type:
Crops	$	3,528,351	$	3,410,498
Permanent plantings	1,149,560		1,037,440
Livestock	1,298,651		1,305,844
Part-time farm	382,744		324,074
Ag. Storage and Processing	53,999		48,051
Other	13,213		13,397
Total	$	6,426,518	$	6,139,304
By geographic region⁽¹⁾:
Northwest	$	706,366	$	657,403
Southwest	1,898,171		1,791,745
Mid-North	2,196,291		2,104,867
Mid-South	860,428		837,121
Northeast	259,254		229,679
Southeast	506,008		518,489
Total	$	6,426,518	$	6,139,304
By original loan-to-value ratio⁽²⁾:
0.00% to 40.00%	$	1,250,561	$	1,220,432
40.01% to 50.00%	1,607,806		1,466,047
50.01% to 60.00%	2,170,648		2,078,099
60.01% to 70.00%	1,149,539		1,167,395
70.01% to 80.00%	220,932		191,664
80.01% to 90.00%	27,032		15,667
Total	$	6,426,518	$	6,139,304


⁽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).

⁽²⁾

As of second quarter 2017, Farmer Mac revised its calculation of the original loan-to-value ratio of a loan to combine for any cross-collateralized loans: (i) the original loan principal balance amounts in the numerator and (ii) the original appraised property values in the denominator. In previous periods, the ratio was calculated on a loan-by-loan basis without considering the effects of any cross-collateralization. Prior period information has been reclassified to conform to the current period calculation and presentation.

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.