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, 2018 and 2017, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2018 and 2017:

Table 8.1



	As of December 31, 2018									As of December 31, 2017
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	3,071,222		$	1,517,101		$	4,588,323		$	2,798,906		$	1,399,827		$	4,198,733
Rural Utilities	938,843			—			938,843			1,076,291			—			1,076,291
Total unpaid principal balance⁽¹⁾	4,010,065			1,517,101			5,527,166			3,875,197			1,399,827			5,275,024
Unamortized premiums, discounts, and other cost basis adjustments	(5,097		)	—			(5,097		)	(1,442		)	—			(1,442		)
Total loans	4,004,968			1,517,101			5,522,069			3,873,755			1,399,827			5,273,582
Allowance for loan losses	(5,565		)	(1,452		)	(7,017		)	(5,493		)	(1,303		)	(6,796		)
Total loans, net of allowance	$	3,999,403		$	1,515,649		$	5,515,052		$	3,868,262		$	1,398,524		$	5,266,786


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

Allowance for Losses

Farm & Ranch

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 $9.2 million as of December 31, 2018 and $8.9 million as of December 31, 2017. See Note 12 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, 2018:

Table 8.2



	Allowance for Loan Losses			Reserve for Losses			Total Allowance for Losses
	(in thousands)
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
Provision for/(release of) losses	1,708			50			1,758
Charge-offs	(327		)	—			(327		)
Balance as of December 31, 2017	$	6,796		$	2,070		$	8,866
Provision for/(release of) losses	238			97			335
Charge-offs	(17		)	—			(17		)
Balance as of December 31, 2018	$	7,017		$	2,167		$	9,184

The total allowance for losses has increased because of increased loan volume within Farmer Mac's Farm & Ranch portfolio. The total allowance for losses in the Farm & Ranch portfolio, as a percentage of outstanding loan volume, has remained consistent in recent years. The total provision for losses decreased by $1.4 million during 2018 as compared to 2017 primarily due to decreased loan growth year-over-year and modestly improved credit quality in the Farm & Ranch portfolio.

During 2017, the net provisions to the allowance for loan losses recorded were primarily attributable to (1) an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans, and (2) an increase in the specific allowance for certain impaired on-balance sheet crop and permanent planting loans resulting from both an increase in the outstanding loan balance of such loans and downgrades in risk ratings on some of those loans. The net provision to the reserve for losses recorded during 2017 was primarily attributable to an increase in the general reserve due to downgrades in risk ratings on certain unimpaired Agricultural Storage and Processing loans underlying LTSPCs.

During 2016, the provisions to its allowance for loan losses recorded 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 underling an LTSPC that was required to be removed from the LTPSC pool by the originator during 2016.

The following tables present the changes in the total allowance for losses for the years ended December 31, 2018, 2017, and 2016 by commodity type:

Table 8.3



	For the Year Ended December 31, 2018
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing		Other			Total
	(in thousands)
Beginning Balance	$	4,081	$	2,469		$	1,211	$	481		$	606	$	18		$	8,866
Provision for/(release of) losses	313		(343		)	249		10			114		(8		)	335
Charge-offs	—		—			—		(17		)	—		—			(17		)
Ending Balance	$	4,394	$	2,126		$	1,460	$	474		$	720	$	10		$	9,184



	For the Year Ended December 31, 2017
	Crops			Permanent Plantings			Livestock			Part-time Farm			Ag. Storage and Processing		Other			Total
	(in thousands)
Beginning Balance	$	3,365		$	1,723		$	1,375		$	405		$	533	$	34		$	7,435
Provision for/(release of) losses	944			816			(151		)	92			73		(16		)	1,758
Charge-offs	(228		)	(70		)	(13		)	(16		)	—		—			(327		)
Ending Balance	$	4,081		$	2,469		$	1,211		$	481		$	606	$	18		$	8,866



	For the Year Ended December 31, 2016
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
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

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, 2018 and 2017:

Table 8.4



	As of December 31, 2018
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	2,452,803	$	952,719	$	705,752	$	329,070	$	12,097	$	4,477	$	4,456,918
Off-balance sheet	1,239,094		515,520		624,522		166,907		73,084		3,286		2,622,413
Total	$	3,691,897	$	1,468,239	$	1,330,274	$	495,977	$	85,181	$	7,763	$	7,079,331
Individually evaluated for impairment:
On-balance sheet	$	66,432	$	36,333	$	21,361	$	7,278	$	—	$	—	$	131,404
Off-balance sheet	13,298		5,249		3,737		883		—		69		23,236
Total	$	79,730	$	41,582	$	25,098	$	8,161	$	—	$	69	$	154,640
Total Farm & Ranch loans:
On-balance sheet	$	2,519,235	$	989,052	$	727,113	$	336,348	$	12,097	$	4,477	$	4,588,322
Off-balance sheet	1,252,392		520,769		628,259		167,790		73,084		3,355		2,645,649
Total	$	3,771,627	$	1,509,821	$	1,355,372	$	504,138	$	85,181	$	7,832	$	7,233,971
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	2,120	$	822	$	731	$	303	$	84	$	4	$	4,064
Off-balance sheet	668		170		207		29		636		5		1,715
Total	$	2,788	$	992	$	938	$	332	$	720	$	9	$	5,779
Individually evaluated for impairment:
On-balance sheet	$	1,329	$	1,065	$	437	$	122	$	—	$	—	$	2,953
Off-balance sheet	277		69		85		20		—		1		452
Total	$	1,606	$	1,134	$	522	$	142	$	—	$	1	$	3,405
Total Farm & Ranch loans:
On-balance sheet	$	3,449	$	1,887	$	1,168	$	425	$	84	$	4	$	7,017
Off-balance sheet	945		239		292		49		636		6		2,167
Total	$	4,394	$	2,126	$	1,460	$	474	$	720	$	10	$	9,184



	As of December 31, 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	$	2,344,821	$	794,478	$	635,768	$	269,337	$	13,023	$	9,030	$	4,066,457
Off-balance sheet	1,236,392		532,666		678,642		155,627		45,738		4,981		2,654,046
Total	$	3,581,213	$	1,327,144	$	1,314,410	$	424,964	$	58,761	$	14,011	$	6,720,503
Individually evaluated for impairment:
On-balance sheet	$	67,828	$	38,180	$	17,766	$	7,858	$	—	$	644	$	132,276
Off-balance sheet	8,904		2,239		2,782		806		—		76		14,807
Total	$	76,732	$	40,419	$	20,548	$	8,664	$	—	$	720	$	147,083
Total Farm & Ranch loans:
On-balance sheet	$	2,412,649	$	832,658	$	653,534	$	277,195	$	13,023	$	9,674	$	4,198,733
Off-balance sheet	1,245,296		534,905		681,424		156,433		45,738		5,057		2,668,853
Total	$	3,657,945	$	1,367,563	$	1,334,958	$	433,628	$	58,761	$	14,731	$	6,867,586
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	2,104	$	1,101	$	738	$	287	$	44	$	11	$	4,285
Off-balance sheet	546		305		231		48		562		5		1,697
Total	$	2,650	$	1,406	$	969	$	335	$	606	$	16	$	5,982
Individually evaluated for impairment:
On-balance sheet	$	1,207	$	1,006	$	172	$	126	$	—	$	—	$	2,511
Off-balance sheet	224		57		70		20		—		2		373
Total	$	1,431	$	1,063	$	242	$	146	$	—	$	2	$	2,884
Total Farm & Ranch loans:
On-balance sheet	$	3,311	$	2,107	$	910	$	413	$	44	$	11	$	6,796
Off-balance sheet	770		362		301		68		562		7		2,070
Total	$	4,081	$	2,469	$	1,211	$	481	$	606	$	18	$	8,866

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, 2018 and 2017:

Table 8.5



	As of December 31, 2018
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	20,734	$	3,592	$	5,764	$	1,922	$	—	$	—	$	32,012
Unpaid principal balance	20,632		3,573		5,737		1,912		—		—		31,854
With a specific allowance:
Recorded investment⁽¹⁾	59,335		38,176		19,443		6,276		—		70		123,300
Unpaid principal balance	59,098		38,009		19,361		6,249		—		69		122,786
Associated allowance	1,606		1,134		522		142		—		1		3,405
Total:
Recorded investment	80,069		41,768		25,207		8,198		—		70		155,312
Unpaid principal balance	79,730		41,582		25,098		8,161		—		69		154,640
Associated allowance	1,606		1,134		522		142		—		1		3,405

Recorded investment of loans on nonaccrual status⁽²⁾	$	26,611	$	21,349	$	8,803	$	4,645	$	—	$	—	$	61,408


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $120.9 million (78%) of impaired loans as of December 31, 2018, which resulted in a specific allowance of $2.7 million.


⁽²⁾	Includes $41.8 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, 2017
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	14,417	$	3,272	$	11,171	$	1,953	$	—	$	644	$	31,457
Unpaid principal balance	14,418		3,273		11,172		1,953		—		644		31,460
With a specific allowance:
Recorded investment⁽¹⁾	62,309		37,143		9,376		6,710		—		76		115,614
Unpaid principal balance	62,314		37,146		9,376		6,711		—		76		115,623
Associated allowance	1,431		1,063		242		146		—		2		2,884
Total:
Recorded investment	76,726		40,415		20,547		8,663		—		720		147,071
Unpaid principal balance	76,732		40,419		20,548		8,664		—		720		147,083
Associated allowance	1,431		1,063		242		146		—		2		2,884

Recorded investment of loans on nonaccrual status⁽²⁾	$	27,630	$	25,701	$	5,333	$	4,929	$	—	$	—	$	63,593


⁽¹⁾	Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $113.2 million (77%) of impaired loans as of December 31, 2017, which resulted in a specific allowance of $2.7 million.


⁽²⁾	Includes $15.7 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 years ended December 31, 2018 and 2017:

Table 8.6



	December 31, 2018
	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	$	74,804	$	44,461	$	24,523	$	8,758	$	—	$	231	$	152,777
Income recognized on impaired loans	1,219		1,687		299		241		—		—		3,446



	December 31, 2017
	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	$	71,154	$	37,597	$	15,913	$	8,135	$	—	$	381	$	133,180
Income recognized on impaired loans	696		530		238		289		—		—		1,753

The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the years ended December 31, 2018 and 2017.

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. After 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 years ended December 31, 2018, 2017, and 2016 and the outstanding balances and carrying amounts of all such loans as of December 31, 2018 and 2017:

Table 8.7



	For the Year Ended December 31,
	2018		2017		2016
	($ in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	1,483	$	311	$	398
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities)	7,748		5,670		2,118
Total unpaid principal balance at acquisition date	9,231		5,981		2,516
Contractually required payments receivable	9,325		6,018		2,544
Impairment recognized subsequent to acquisition	26		60		208
Release of allowance for all outstanding acquired defaulted loans	—		171		67

Number of defaulted loans purchased	16		13		8



	As of
	December 31, 2018		December 31, 2017
	(in thousands)
Outstanding balance	$	23,464	$	18,866
Carrying amount	22,694		17,691

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 December 31, 2018, 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 (Recoveries)/Losses
	As of				For the Year Ended
	December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017			December 31, 2016
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	19,577	$	47,881	$	40	$	(1,397	)	$	154
Total on-balance sheet	$	19,577	$	47,881	$	40	$	(1,397	)	$	154
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	7,304	$	563	$	—	$	—		$	—
Total off-balance sheet	$	7,304	$	563	$	—	$	—		$	—
Total	$	26,881	$	48,444	$	40	$	(1,397	)	$	154


⁽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 $19.6 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2018, $0.1 million were loans subject to "removal-of-account" provisions. Of the $47.9 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2017, $0.3 million were loans subject to "removal-of-account" provisions.

Rural Utilities

No allowance for losses has been provided for Farmer Mac's Rural Utilities line of business based on the performance of the loans in this line of business and the credit quality of the collateral supporting these loans, as well as Farmer Mac's counterparty risk analysis. As of December 31, 2018, there were no delinquencies or probable losses inherent in Farmer Mac's Rural Utilities loans held or underlying LTSPCs.

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, 2018 and 2017:

Table 8.9



	As of December 31, 2018
	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	$	2,381,853	$	937,793	$	679,253	$	321,345	$	10,604	$	4,477	$	4,335,325
Special mention⁽²⁾	71,096		14,926		26,499		7,725		1,493		—		121,739
Substandard⁽³⁾	66,286		36,333		21,361		7,278		—		—		131,258
Total on-balance sheet	$	2,519,235	$	989,052	$	727,113	$	336,348	$	12,097	$	4,477	$	4,588,322
Off-Balance Sheet:
Acceptable	$	1,128,787	$	469,479	$	577,708	$	162,730	$	71,959	$	2,656	$	2,413,319
Special mention⁽²⁾	62,430		36,778		30,703		1,023		—		—		130,934
Substandard⁽³⁾	61,175		14,512		19,848		4,037		1,125		699		101,396
Total off-balance sheet	$	1,252,392	$	520,769	$	628,259	$	167,790	$	73,084	$	3,355	$	2,645,649
Total Ending Balance:
Acceptable	$	3,510,640	$	1,407,272	$	1,256,961	$	484,075	$	82,563	$	7,133	$	6,748,644
Special mention⁽²⁾	133,526		51,704		57,202		8,748		1,493		—		252,673
Substandard⁽³⁾	127,461		50,845		41,209		11,315		1,125		699		232,654
Total	$	3,771,627	$	1,509,821	$	1,355,372	$	504,138	$	85,181	$	7,832	$	7,233,971

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	8,345	$	2,997	$	4,059	$	4,176	$	—	$	—	$	19,577
Off-balance sheet	6,476		197		—		631		—		—		7,304
90 days or more past due	$	14,821	$	3,194	$	4,059	$	4,807	$	—	$	—	$	26,881


⁽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, 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	$	2,274,912	$	771,600	$	617,527	$	260,854	$	13,023	$	9,030	$	3,946,946
Special mention⁽²⁾	70,063		22,878		18,405		8,483		—		—		119,829
Substandard⁽³⁾	67,674		38,180		17,602		7,858		—		644		131,958
Total on-balance sheet	$	2,412,649	$	832,658	$	653,534	$	277,195	$	13,023	$	9,674	$	4,198,733
Off-Balance Sheet
Acceptable	$	1,132,196	$	478,573	$	634,633	$	150,906	$	42,723	$	4,294	$	2,443,325
Special mention⁽²⁾	76,778		26,134		31,451		1,647		—		169		136,179
Substandard⁽³⁾	36,322		30,198		15,340		3,880		3,015		594		89,349
Total off-balance sheet	$	1,245,296	$	534,905	$	681,424	$	156,433	$	45,738	$	5,057	$	2,668,853
Total Ending Balance:
Acceptable	$	3,407,108	$	1,250,173	$	1,252,160	$	411,760	$	55,746	$	13,324	$	6,390,271
Special mention⁽²⁾	146,841		49,012		49,856		10,130		—		169		256,008
Substandard⁽³⁾	103,996		68,378		32,942		11,738		3,015		1,238		221,307
Total	$	3,657,945	$	1,367,563	$	1,334,958	$	433,628	$	58,761	$	14,731	$	6,867,586

Commodity analysis of past due loans⁽¹⁾
On-balance sheet	$	21,702	$	18,833	$	3,835	$	3,511	$	—	$	—	$	47,881
Off-balance sheet	151		—		—		412		—		—		563
90 days or more past due	$	21,853	$	18,833	$	3,835	$	3,923	$	—	$	—	$	48,444


⁽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, the range of original loan-to-value ratios, and the range in the size of borrower exposure for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of December 31, 2018 and 2017:

Table 8.10



	As of
	December 31, 2018		December 31, 2017
	(in thousands)
By commodity/collateral type:
Crops	$	3,771,627	$	3,657,945
Permanent plantings	1,509,821		1,367,563
Livestock	1,355,372		1,334,958
Part-time farm	504,138		433,628
Ag. Storage and Processing	85,181		58,761
Other	7,832		14,731
Total	$	7,233,971	$	6,867,586
By geographic region⁽¹⁾:
Northwest	$	855,596	$	740,991
Southwest	2,273,184		2,093,213
Mid-North	2,296,073		2,244,094
Mid-South	883,279		908,603
Northeast	332,370		296,264
Southeast	593,469		584,421
Total	$	7,233,971	$	6,867,586
By original loan-to-value ratio:
0.00% to 40.00%	$	1,333,790	$	1,322,422
40.01% to 50.00%	1,811,166		1,733,671
50.01% to 60.00%	2,530,484		2,385,605
60.01% to 70.00%	1,244,823		1,150,914
70.01% to 80.00%⁽²⁾	289,427		248,799
80.01% to 90.00%⁽²⁾	24,281		26,175
Total	$	7,233,971	$	6,867,586
By size of borrower exposure⁽³⁾:
Less than $1,000,000	$	2,431,296	$	2,379,596
$1,000,000 to $4,999,999	2,755,996		2,627,617
$5,000,000 to $9,999,999	916,422		867,574
$10,000,000 to $24,999,999	601,349		584,896
$25,000,000 and greater	528,908		407,903
Total	$	7,233,971	$	6,867,586


⁽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⁾	Primarily part-time farm loans. Loans with original loan-to-value ratios of greater than 80% are required to have private mortgage insurance.


⁽³⁾	Includes multiple loans to the same borrower or borrower-related entities.

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.