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Loans and Allowance for Losses and Concentrations of Credit Risk | 9 Months Ended
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Sep. 30, 2017
Receivables [Abstract] |
Loans and Allowance for Credit Losses and Concentration Risk Disclosure | 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 September 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 September 30, 2017 and December 31, 2016: Table 5.1
| As of September 30, 2017 |  | As of December 31, 2016
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands)
Farm & Ranch | $ | 2,739,681 |  |  | $ | 1,329,212 |  |  | $ | 4,068,893 |  |  | $ | 2,381,488 |  |  | $ | 1,132,966 |  |  | $ | 3,514,454 |
Rural Utilities | 1,066,482 |  |  | — |  |  | 1,066,482 |  |  | 999,512 |  |  | — |  |  | 999,512 |
Total unpaid principal balance(1) | 3,806,163 |  |  | 1,329,212 |  |  | 5,135,375 |  |  | 3,381,000 |  |  | 1,132,966 |  |  | 4,513,966 |
Unamortized premiums, discounts and other cost basis adjustments | (1,197 | ) |  | — |  |  | (1,197 | ) |  | (1,116 | ) |  | — |  |  | (1,116 | )
Total loans | 3,804,966 |  |  | 1,329,212 |  |  | 5,134,178 |  |  | 3,379,884 |  |  | 1,132,966 |  |  | 4,512,850 |
Allowance for loan losses | (5,195 | ) |  | (1,213 | ) |  | (6,408 | ) |  | (4,437 | ) |  | (978 | ) |  | (5,415 | )
Total loans, net of allowance | $ | 3,799,771 |  |  | $ | 1,327,999 |  |  | $ | 5,127,770 |  |  | $ | 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 $8.5 million as of September 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 nine months ended September 30, 2017 and 2016: Table 5.2
| As of September 30, 2017 |  | As of September 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 | $ | 6,138 |  |  | $ | 1,966 |  |  | $ | 8,104 |  |  | $ | 4,893 |  |  | $ | 2,191 |  |  | $ | 7,084 |
Provision for/(release of) losses | 270 |  |  | 114 |  |  | 384 |  |  | 191 |  |  | (222 | ) |  | (31 | )
Charge-offs | — |  |  | — |  |  | — |  |  | (130 | ) |  | — |  |  | (130 | )
Ending Balance | $ | 6,408 |  |  | $ | 2,080 |  |  | $ | 8,488 |  |  | $ | 4,954 |  |  | $ | 1,969 |  |  | $ | 6,923 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 5,415 |  |  | $ | 2,020 |  |  | $ | 7,435 |  |  | $ | 4,480 |  |  | $ | 2,083 |  |  | $ | 6,563 |
Provision for/(release of) losses | 1,234 |  |  | 60 |  |  | 1,294 |  |  | 604 |  |  | (114 | ) |  | 490 |
Charge-offs | (241 | ) |  | — |  |  | (241 | ) |  | (130 | ) |  | — |  |  | (130 | )
Ending Balance | $ | 6,408 |  |  | $ | 2,080 |  |  | $ | 8,488 |  |  | $ | 4,954 |  |  | $ | 1,969 |  |  | $ | 6,923 |
During third quarter 2017, Farmer Mac recorded net provisions to its allowance for loan losses and reserve for losses of $0.3 million and $0.1 million, respectively. The net provisions to the allowance for loan losses recorded during third quarter 2017 were primarily attributable to (1) 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 balance of such loans and downgrades in risk ratings on certain of those loans, and (2) an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans. The net provision to the reserve for losses recorded during the third quarter 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. Farmer Mac recorded no charge-offs to its allowance for loan losses during third quarter 2017. During third quarter 2016, Farmer Mac recorded net provisions to its allowance for loan losses of $0.2 million and net releases to its reserve for losses of $0.2 million. The net provisions to the allowance for loan losses recorded during third quarter 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 a small number of loans. The net releases to the reserve for losses recorded during the three months ended September 30, 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 third quarter 2016. Farmer Mac recorded $0.1 million charge-offs to its allowance for loan losses during third quarter 2016. The following tables present the changes in the total allowance for losses for the three and nine months ended September 30, 2017 and 2016 by commodity type: Table 5.3
| September 30, 2017
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
For the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 3,735 |  |  | $ | 2,164 |  |  | $ | 1,234 |  |  | $ | 397 |  |  | $ | 558 |  |  | $ | 16 |  |  | $ | 8,104 |
Provision for/(release of) losses | 115 |  |  | 162 |  |  | 35 |  |  | 4 |  |  | 72 |  |  | (4 | ) |  | 384 |
Ending Balance | $ | 3,850 |  |  | $ | 2,326 |  |  | $ | 1,269 |  |  | $ | 401 |  |  | $ | 630 |  |  | $ | 12 |  |  | $ | 8,488 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 3,365 |  |  | $ | 1,723 |  |  | $ | 1,375 |  |  | $ | 405 |  |  | $ | 533 |  |  | $ | 34 |  |  | $ | 7,435 |
Provision for/(release of) losses | 713 |  |  | 603 |  |  | (93 | ) |  | (4 | ) |  | 97 |  |  | (22 | ) |  | 1,294 |
Charge-offs | (228 | ) |  | — |  |  | (13 | ) |  | — |  |  | — |  |  | — |  |  | (241 | )
Ending Balance | $ | 3,850 |  |  | $ | 2,326 |  |  | $ | 1,269 |  |  | $ | 401 |  |  | $ | 630 |  |  | $ | 12 |  |  | $ | 8,488 |
| September 30, 2016
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
For the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 3,111 |  |  | $ | 1,144 |  |  | $ | 1,906 |  |  | $ | 447 |  |  | $ | 473 |  |  | $ | 3 |  |  | $ | 7,084 |
Provision for/(release of) losses | 103 |  |  | 198 |  |  | (354 | ) |  | 36 |  |  | (13 | ) |  | (1 | ) |  | (31 | )
Charge-offs | — |  |  | — |  |  | — |  |  | (130 | ) |  | — |  |  | — |  |  | (130 | )
Ending Balance | $ | 3,214 |  |  | $ | 1,342 |  |  | $ | 1,552 |  |  | $ | 353 |  |  | $ | 460 |  |  | $ | 2 |  |  | $ | 6,923 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 2,791 |  |  | $ | 931 |  |  | $ | 1,781 |  |  | $ | 408 |  |  | $ | 649 |  |  | $ | 3 |  |  | $ | 6,563 |
Provision for/(release of) losses | 423 |  |  | 411 |  |  | (229 | ) |  | 75 |  |  | (189 | ) |  | (1 | ) |  | 490 |
Charge-offs | — |  |  | — |  |  | — |  |  | (130 | ) |  | — |  |  | — |  |  | (130 | )
Ending Balance | $ | 3,214 |  |  | $ | 1,342 |  |  | $ | 1,552 |  |  | $ | 353 |  |  | $ | 460 |  |  | $ | 2 |  |  | $ | 6,923 |
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 September 30, 2017 and December 31, 2016: Table 5.4
| As of September 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 | $ | 2,278,701 |  |  | $ | 767,275 |  |  | $ | 623,499 |  |  | $ | 246,416 |  |  | $ | 13,248 |  |  | $ | 9,004 |  |  | $ | 3,938,143 |
Off-balance sheet | 1,237,846 |  |  | 373,496 |  |  | 668,280 |  |  | 153,278 |  |  | 34,820 |  |  | 3,849 |  |  | 2,471,569 |
Total | $ | 3,516,547 |  |  | $ | 1,140,771 |  |  | $ | 1,291,779 |  |  | $ | 399,694 |  |  | $ | 48,068 |  |  | $ | 12,853 |  |  | $ | 6,409,712 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 68,322 |  |  | $ | 41,201 |  |  | $ | 13,516 |  |  | $ | 7,069 |  |  | $ | — |  |  | $ | 642 |  |  | $ | 130,750 |
Off-balance sheet | 8,847 |  |  | 2,249 |  |  | 4,448 |  |  | 945 |  |  | — |  |  | 79 |  |  | 16,568 |
Total | $ | 77,169 |  |  | $ | 43,450 |  |  | $ | 17,964 |  |  | $ | 8,014 |  |  | $ | — |  |  | $ | 721 |  |  | $ | 147,318 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,347,023 |  |  | $ | 808,476 |  |  | $ | 637,015 |  |  | $ | 253,485 |  |  | $ | 13,248 |  |  | $ | 9,646 |  |  | $ | 4,068,893 |
Off-balance sheet | 1,246,693 |  |  | 375,745 |  |  | 672,728 |  |  | 154,223 |  |  | 34,820 |  |  | 3,928 |  |  | 2,488,137 |
Total | $ | 3,593,716 |  |  | $ | 1,184,221 |  |  | $ | 1,309,743 |  |  | $ | 407,708 |  |  | $ | 48,068 |  |  | $ | 13,574 |  |  | $ | 6,557,030 |
Allowance for Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 1,868 |  |  | $ | 973 |  |  | $ | 748 |  |  | $ | 219 |  |  | $ | 87 |  |  | $ | 6 |  |  | $ | 3,901 |
Off-balance sheet | 560 |  |  | 285 |  |  | 212 |  |  | 46 |  |  | 543 |  |  | 4 |  |  | 1,650 |
Total | $ | 2,428 |  |  | $ | 1,258 |  |  | $ | 960 |  |  | $ | 265 |  |  | $ | 630 |  |  | $ | 10 |  |  | $ | 5,551 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 1,193 |  |  | $ | 1,010 |  |  | $ | 192 |  |  | $ | 112 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,507 |
Off-balance sheet | 229 |  |  | 58 |  |  | 117 |  |  | 24 |  |  | — |  |  | 2 |  |  | 430 |
Total | $ | 1,422 |  |  | $ | 1,068 |  |  | $ | 309 |  |  | $ | 136 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2,937 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 3,061 |  |  | $ | 1,983 |  |  | $ | 940 |  |  | $ | 331 |  |  | $ | 87 |  |  | $ | 6 |  |  | $ | 6,408 |
Off-balance sheet | 789 |  |  | 343 |  |  | 329 |  |  | 70 |  |  | 543 |  |  | 6 |  |  | 2,080 |
Total | $ | 3,850 |  |  | $ | 2,326 |  |  | $ | 1,269 |  |  | $ | 401 |  |  | $ | 630 |  |  | $ | 12 |  |  | $ | 8,488 |
| 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 September 30, 2017 and December 31, 2016: Table 5.5
| As of September 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 | $ | 11,909 |  |  | $ | 4,963 |  |  | $ | 3,942 |  |  | $ | 1,939 |  |  | $ | — |  |  | $ | 644 |  |  | $ | 23,397 |
Unpaid principal balance | 11,885 |  |  | 4,953 |  |  | 3,935 |  |  | 1,936 |  |  | — |  |  | 643 |  |  | 23,352 |
With a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment(1) | 65,391 |  |  | 38,565 |  |  | 14,048 |  |  | 6,088 |  |  | — |  |  | 78 |  |  | 124,170 |
Unpaid principal balance | 65,284 |  |  | 38,497 |  |  | 14,029 |  |  | 6,078 |  |  | — |  |  | 78 |  |  | 123,966 |
Associated allowance | 1,422 |  |  | 1,068 |  |  | 309 |  |  | 136 |  |  | — |  |  | 2 |  |  | 2,937 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment | 77,300 |  |  | 43,528 |  |  | 17,990 |  |  | 8,027 |  |  | — |  |  | 722 |  |  | 147,567 |
Unpaid principal balance | 77,169 |  |  | 43,450 |  |  | 17,964 |  |  | 8,014 |  |  | — |  |  | 721 |  |  | 147,318 |
Associated allowance | 1,422 |  |  | 1,068 |  |  | 309 |  |  | 136 |  |  | — |  |  | 2 |  |  | 2,937 |
Recorded investment of loans on nonaccrual status(2) | $ | 29,535 |  |  | $ | 25,653 |  |  | $ | 2,819 |  |  | $ | 5,037 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,044 |
(1) | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $123.3 million (84 percent) of impaired loans as of September 30, 2017, which resulted in a specific allowance of $2.7 million.
(2) | Includes no 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 nine months ended September 30, 2017 and 2016: Table 5.6
| September 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 | $ | 72,180 |  |  | $ | 38,396 |  |  | $ | 15,582 |  |  | $ | 7,944 |  |  | $ | — |  |  | $ | 401 |  |  | $ | 134,503 |
Income recognized on impaired loans | 101 |  |  | 244 |  |  | 13 |  |  | 61 |  |  | — |  |  | — |  |  | 419 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Average recorded investment in impaired loans | $ | 65,244 |  |  | $ | 35,101 |  |  | $ | 14,620 |  |  | $ | 8,096 |  |  | $ | — |  |  | $ | 201 |  |  | $ | 123,262 |
Income recognized on impaired loans | 563 |  |  | 464 |  |  | 212 |  |  | 235 |  |  | — |  |  | — |  |  | 1,474 |
| September 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 | $ | 33,032 |  |  | $ | 22,980 |  |  | $ | 12,120 |  |  | $ | 8,172 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,304 |
Income recognized on impaired loans | 46 |  |  | 236 |  |  | 81 |  |  | 74 |  |  | — |  |  | — |  |  | 437 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Average recorded investment in impaired loans | $ | 28,293 |  |  | $ | 25,277 |  |  | $ | 13,704 |  |  | $ | 8,654 |  |  | $ | 4,668 |  |  | $ | — |  |  | $ | 80,596 |
Income recognized on impaired loans | 108 |  |  | 789 |  |  | 229 |  |  | 251 |  |  | — |  |  | — |  |  | 1,377 |
For the three months ended September 30, 2017, there were no troubled debt restructurings ("TDRs"). For the nine months ended September 30, 2017, the recorded investment of loans determined to be TDRs was$0.2 million both before and after restructuring. For the three and nine months ended September 30, 2016, there were no TDRs. As of September 30, 2017 and 2016, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the three and nine months ended September 30, 2017 and 2016. When particular criteria are met, such as the default of the borrower, Farmer Mac becomes entitled to purchase the defaulted loans underlying Farmer Mac Guaranteed Securities (commonly referred to as "removal-of-account" provisions). Farmer Mac records all such defaulted loans at their unpaid principal balance during the period in which Farmer Mac becomes entitled to purchase the loans and, therefore, regains effective control over the transferred loans. In accordance with the terms of all LTSPCs, Farmer Mac acquires loans that are either 90 days or 120 days delinquent (depending on the provisions of the applicable agreement) upon the request of the counterparty. Subsequent to the purchase, these defaulted loans are treated as nonaccrual loans and, therefore, interest is accounted for on the cash basis. Any decreases in expected cash flows are recognized as impairment. The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and nine months ended September 30, 2017 and 2016 and the outstanding balances and carrying amounts of all such loans as of September 30, 2017 and December 31, 2016: Table 5.7
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2017 |  | September 30, 2016 |  | September 30, 2017 |  | September 30, 2016
| ($ in thousands)
Unpaid principal balance at acquisition date: |  |  |  |  |  |  |
Loans underlying LTSPCs | $ | — |  |  | $ | 852 |  |  | $ | 311 |  |  | $ | 2,118 |
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) | 3,043 |  |  | 250 |  |  | 3,147 |  |  | 398 |
Total unpaid principal balance at acquisition date | 3,043 |  |  | 1,102 |  |  | 3,458 |  |  | 2,516 |
Contractually required payments receivable | 3,073 |  |  | 1,109 |  |  | 3,490 |  |  | 2,544 |
Impairment recognized subsequent to acquisition | — |  |  | — |  |  | — |  |  | 208 |
Recovery/release of allowance for all outstanding acquired defaulted loans | 29 |  |  | 21 |  |  | 171 |  |  | 31 |
Number of defaulted loans purchased | 6 |  |  | 3 |  |  | 10 |  |  | 8 |
| As of
| September 30, 2017 |  | December 31, 2016
| (in thousands)
Outstanding balance | $ | 16,514 |  |  | $ | 14,669 |
Carrying amount | 15,379 |  |  | 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 September 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 Nine Months Ended
| September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | September 30, 2016
| (in thousands)
On-balance sheet assets: |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |
Loans | $ | 65,105 |  |  | $ | 19,757 |  |  | $ | (520 | ) |  | $ | 154 |
Total on-balance sheet | $ | 65,105 |  |  | $ | 19,757 |  |  | $ | (520 | ) |  | $ | 154 |
Off-balance sheet assets: |  |  |  |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |  |  |  |
LTSPCs | $ | 1,276 |  |  | $ | 1,281 |  |  | $ | — |  |  | $ | — |
Total off-balance sheet | $ | 1,276 |  |  | $ | 1,281 |  |  | $ | — |  |  | $ | — |
Total | $ | 66,381 |  |  | $ | 21,038 |  |  | $ | (520 | ) |  | $ | 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 $65.1 million of on-balance sheet loans reported as 90-day delinquencies as of September 30, 2017, $11,000 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 September 30, 2017 and December 31, 2016: Table 5.9
| As of September 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 | $ | 2,240,054 |  |  | $ | 760,251 |  |  | $ | 603,653 |  |  | $ | 241,208 |  |  | $ | 13,248 |  |  | $ | 9,004 |  |  | $ | 3,867,418 |
Special mention(2) | 38,647 |  |  | 7,024 |  |  | 19,846 |  |  | 5,208 |  |  | — |  |  | — |  |  | 70,725 |
Substandard(3) | 68,322 |  |  | 41,201 |  |  | 13,516 |  |  | 7,069 |  |  | — |  |  | 642 |  |  | 130,750 |
Total on-balance sheet | $ | 2,347,023 |  |  | $ | 808,476 |  |  | $ | 637,015 |  |  | $ | 253,485 |  |  | $ | 13,248 |  |  | $ | 9,646 |  |  | $ | 4,068,893 |
Off-Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 1,133,150 |  |  | $ | 336,780 |  |  | $ | 627,220 |  |  | $ | 148,085 |  |  | $ | 31,502 |  |  | $ | 3,213 |  |  | $ | 2,279,950 |
Special mention(2) | 77,671 |  |  | 8,359 |  |  | 31,264 |  |  | 1,832 |  |  | — |  |  | 169 |  |  | 119,295 |
Substandard(3) | 35,872 |  |  | 30,606 |  |  | 14,244 |  |  | 4,306 |  |  | 3,318 |  |  | 546 |  |  | 88,892 |
Total off-balance sheet | $ | 1,246,693 |  |  | $ | 375,745 |  |  | $ | 672,728 |  |  | $ | 154,223 |  |  | $ | 34,820 |  |  | $ | 3,928 |  |  | $ | 2,488,137 |
Total Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 3,373,204 |  |  | $ | 1,097,031 |  |  | $ | 1,230,873 |  |  | $ | 389,293 |  |  | $ | 44,750 |  |  | $ | 12,217 |  |  | $ | 6,147,368 |
Special mention(2) | 116,318 |  |  | 15,383 |  |  | 51,110 |  |  | 7,040 |  |  | — |  |  | 169 |  |  | 190,020 |
Substandard(3) | 104,194 |  |  | 71,807 |  |  | 27,760 |  |  | 11,375 |  |  | 3,318 |  |  | 1,188 |  |  | 219,642 |
Total | $ | 3,593,716 |  |  | $ | 1,184,221 |  |  | $ | 1,309,743 |  |  | $ | 407,708 |  |  | $ | 48,068 |  |  | $ | 13,574 |  |  | $ | 6,557,030 |
Commodity analysis of past due loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 31,413 |  |  | $ | 22,330 |  |  | $ | 7,367 |  |  | $ | 3,352 |  |  | $ | — |  |  | $ | 643 |  |  | $ | 65,105 |
Off-balance sheet | 862 |  |  | — |  |  | — |  |  | 414 |  |  | — |  |  | — |  |  | 1,276 |
90 days or more past due | $ | 32,275 |  |  | $ | 22,330 |  |  | $ | 7,367 |  |  | $ | 3,766 |  |  | $ | — |  |  | $ | 643 |  |  | $ | 66,381 |
(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, 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 September 30, 2017 and December 31, 2016: Table 5.10
| As of
| September 30, 2017 |  | December 31, 2016
| (in thousands)
By commodity/collateral type: |  |  |
Crops | $ | 3,593,716 |  |  | $ | 3,410,498 |
Permanent plantings | 1,184,221 |  |  | 1,037,440 |
Livestock | 1,309,743 |  |  | 1,305,844 |
Part-time farm | 407,708 |  |  | 324,074 |
Ag. Storage and Processing | 48,068 |  |  | 48,051 |
Other | 13,574 |  |  | 13,397 |
Total | $ | 6,557,030 |  |  | $ | 6,139,304 |
By geographic region(1): |  |  |  |  |
Northwest | $ | 723,616 |  |  | $ | 657,403 |
Southwest | 1,917,692 |  |  | 1,791,745 |
Mid-North | 2,205,750 |  |  | 2,104,867 |
Mid-South | 899,293 |  |  | 837,121 |
Northeast | 290,655 |  |  | 229,679 |
Southeast | 520,024 |  |  | 518,489 |
Total | $ | 6,557,030 |  |  | $ | 6,139,304 |
By original loan-to-value ratio(2): |  |  |  |  |
0.00% to 40.00% | $ | 1,274,050 |  |  | $ | 1,220,432 |
40.01% to 50.00% | 1,622,767 |  |  | 1,466,047 |
50.01% to 60.00% | 2,268,852 |  |  | 2,078,099 |
60.01% to 70.00% | 1,130,748 |  |  | 1,167,395 |
70.01% to 80.00% | 233,963 |  |  | 191,664 |
80.01% to 90.00% | 26,650 |  |  | 15,667 |
Total | $ | 6,557,030 |  |  | $ | 6,139,304 |
By size of borrower exposure(3): |  |  |
Less than $1,000,000 | $ | 2,297,648 |  |  | $ | 2,195,103 |
$1,000,000 to $4,999,999 | 2,500,101 |  |  | 2,398,843 |
$5,000,000 to $9,999,999 | 815,411 |  |  | 782,171 |
$10,000,000 to $24,999,999 | 568,471 |  |  | 469,681 |
$25,000,000 to $50,000,000 | 375,399 |  |  | 293,506 |
Total | $ | 6,557,030 |  |  | $ | 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.
(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.

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