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Loans and Allowance for Losses | 9 Months Ended
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Sep. 30, 2019
Receivables [Abstract] |
LOANS AND ALLOWANCE FOR LOSSES | 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. The following table displays the composition of the loan balances as of September 30, 2019 and December 31, 2018: Table 5.1
| As of September 30, 2019 |  | As of December 31, 2018
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands)
Farm & Ranch | $ | 3,310,248 |  |  | $ | 1,526,718 |  |  | $ | 4,836,966 |  |  | $ | 3,071,222 |  |  | $ | 1,517,101 |  |  | $ | 4,588,323 |
Rural Utilities | 1,612,773 |  |  | — |  |  | 1,612,773 |  |  | 938,843 |  |  | — |  |  | 938,843 |
Total unpaid principal balance(1) | 4,923,021 |  |  | 1,526,718 |  |  | 6,449,739 |  |  | 4,010,065 |  |  | 1,517,101 |  |  | 5,527,166 |
Unamortized premiums, discounts, and other cost basis adjustments | 75,505 |  |  | — |  |  | 75,505 |  |  | (5,097 | ) |  | — |  |  | (5,097 | )
Total loans | 4,998,526 |  |  | 1,526,718 |  |  | 6,525,244 |  |  | 4,004,968 |  |  | 1,517,101 |  |  | 5,522,069 |
Allowance for loan losses | (6,549 | ) |  | (1,475 | ) |  | (8,024 | ) |  | (5,565 | ) |  | (1,452 | ) |  | (7,017 | )
Total loans, net of allowance | $ | 4,991,977 |  |  | $ | 1,525,243 |  |  | $ | 6,517,220 |  |  | $ | 3,999,403 |  |  | $ | 1,515,649 |  |  | $ | 5,515,052 |
(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 The following is a summary of the changes in the total allowance for losses for the three and nine months ended September 30, 2019 and 2018: Table 5.2
| September 30, 2019 |  | September 30, 2018
| 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 | $ | 7,264 |  |  | $ | 1,880 |  |  | $ | 9,144 |  |  | $ | 6,789 |  |  | $ | 2,249 |  |  | $ | 9,038 |
Provision for/(release of) losses | 760 |  |  | (137 | ) |  | 623 |  |  | 99 |  |  | (102 | ) |  | (3 | )
Charge-offs | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | (17 | )
Ending Balance | $ | 8,024 |  |  | $ | 1,743 |  |  | $ | 9,767 |  |  | $ | 6,871 |  |  | $ | 2,147 |  |  | $ | 9,018 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 7,017 |  |  | $ | 2,167 |  |  | $ | 9,184 |  |  | $ | 6,796 |  |  | $ | 2,070 |  |  | $ | 8,866 |
Provision for/(release of) losses | 1,074 |  |  | (424 | ) |  | 650 |  |  | 92 |  |  | 77 |  |  | 169 |
Charge-offs | (67 | ) |  | — |  |  | (67 | ) |  | (17 | ) |  | — |  |  | (17 | )
Ending Balance | $ | 8,024 |  |  | $ | 1,743 |  |  | $ | 9,767 |  |  | $ | 6,871 |  |  | $ | 2,147 |  |  | $ | 9,018 |
The provision for the allowance for loan losses recorded during third quarter 2019 was attributable to a decrease in the portfolio credit quality, primarily related to idiosyncratic factors of a few large loans and less related to systemic, macroeconomic factors. The release from the reserve for losses recorded during third quarter 2019 was primarily attributable to a net volume decrease in off-balance sheet Farm & Ranch LTSPCs and a slight improvement in off-balance sheet portfolio credit quality. The $0.1 million charge-off that occurred during the nine months ended September 30, 2019 related to the foreclosure of one part-time farm loan. During both the three and nine months ended September 30, 2018, Farmer Mac recorded a provision to its allowance for loan losses of $0.1 million. During those same periods, Farmer Mac also recorded a release of reserve for losses of $0.1 million and a provision to the reserve for losses of $0.1 million, respectively. The provisions for the allowance for loan losses recorded during the three and nine months ended September 30, 2018 were attributable to an increase in the balance of on-balance sheet Farm & Ranch loans, which was partially offset by a slight improvement in over portfolio credit quality. The release of the reserve for losses recorded during third quarter 2018 was attributable to a decrease in the balance of loans underlying LTSPCs since second quarter 2018. The provision for the reserve for losses recorded during the nine months ended September 30, 2018 was attributable to an increase in the balance of loans underlying LTSPCs since December 31, 2017. The charge-off that Farmer Mac recorded during the three and nine months ended September 30, 2018 related to one loan that was foreclosed and transitioned to REO during third quarter 2018. The following tables present the changes in the total allowance for losses for the three and nine months ended September 30, 2019 and 2018 by commodity type: Table 5.3
| September 30, 2019
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
For the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,773 |  |  | $ | 1,926 |  |  | $ | 1,423 |  |  | $ | 400 |  |  | $ | 603 |  |  | $ | 19 |  |  | $ | 9,144 |
Provision for/(release of) losses | 88 |  |  | 179 |  |  | 404 |  |  | (16 | ) |  | (18 | ) |  | (14 | ) |  | 623 |
Ending Balance | $ | 4,861 |  |  | $ | 2,105 |  |  | $ | 1,827 |  |  | $ | 384 |  |  | $ | 585 |  |  | $ | 5 |  |  | $ | 9,767 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,394 |  |  | $ | 2,126 |  |  | $ | 1,460 |  |  | $ | 474 |  |  | $ | 720 |  |  | $ | 10 |  |  | $ | 9,184 |
Provision for/(release of) losses | 467 |  |  | (21 | ) |  | 367 |  |  | (23 | ) |  | (135 | ) |  | (5 | ) |  | 650 |
Charge-offs | — |  |  | — |  |  | — |  |  | (67 | ) |  | — |  |  | — |  |  | (67 | )
Ending Balance | $ | 4,861 |  |  | $ | 2,105 |  |  | $ | 1,827 |  |  | $ | 384 |  |  | $ | 585 |  |  | $ | 5 |  |  | $ | 9,767 |
| September 30, 2018
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
For the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,125 |  |  | $ | 2,368 |  |  | $ | 1,322 |  |  | $ | 448 |  |  | $ | 720 |  |  | $ | 55 |  |  | $ | 9,038 |
Provision for/(release of) losses | (99 | ) |  | 40 |  |  | 148 |  |  | 50 |  |  | (97 | ) |  | (45 | ) |  | (3 | )
Charge-offs | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | — |  |  | (17 | )
Ending Balance | $ | 4,026 |  |  | $ | 2,408 |  |  | $ | 1,470 |  |  | $ | 481 |  |  | $ | 623 |  |  | $ | 10 |  |  | $ | 9,018 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,081 |  |  | $ | 2,469 |  |  | $ | 1,211 |  |  | $ | 481 |  |  | $ | 606 |  |  | $ | 18 |  |  | $ | 8,866 |
Provision for/(release of) losses | (55 | ) |  | (61 | ) |  | 259 |  |  | 17 |  |  | 17 |  |  | (8 | ) |  | 169 |
Charge-offs | — |  |  | — |  |  | — |  |  | (17 | ) |  | — |  |  | — |  |  | (17 | )
Ending Balance | $ | 4,026 |  |  | $ | 2,408 |  |  | $ | 1,470 |  |  | $ | 481 |  |  | $ | 623 |  |  | $ | 10 |  |  | $ | 9,018 |
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, 2019 and December 31, 2018: Table 5.4
| As of September 30, 2019
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,494,029 |  |  | $ | 1,043,626 |  |  | $ | 738,936 |  |  | $ | 338,798 |  |  | $ | 11,379 |  |  | $ | 1,425 |  |  | $ | 4,628,193 |
Off-balance sheet | 1,187,972 |  |  | 519,924 |  |  | 605,422 |  |  | 161,045 |  |  | 67,562 |  |  | 2,855 |  |  | 2,544,780 |
Total | $ | 3,682,001 |  |  | $ | 1,563,550 |  |  | $ | 1,344,358 |  |  | $ | 499,843 |  |  | $ | 78,941 |  |  | $ | 4,280 |  |  | $ | 7,172,973 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 108,497 |  |  | $ | 49,225 |  |  | $ | 43,346 |  |  | $ | 7,705 |  |  | $ | — |  |  | $ | — |  |  | $ | 208,773 |
Off-balance sheet | 5,116 |  |  | 2,122 |  |  | 3,975 |  |  | 712 |  |  | — |  |  | 57 |  |  | 11,982 |
Total | $ | 113,613 |  |  | $ | 51,347 |  |  | $ | 47,321 |  |  | $ | 8,417 |  |  | $ | — |  |  | $ | 57 |  |  | $ | 220,755 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,602,526 |  |  | $ | 1,092,851 |  |  | $ | 782,282 |  |  | $ | 346,503 |  |  | $ | 11,379 |  |  | $ | 1,425 |  |  | $ | 4,836,966 |
Off-balance sheet | 1,193,088 |  |  | 522,046 |  |  | 609,397 |  |  | 161,757 |  |  | 67,562 |  |  | 2,912 |  |  | 2,556,762 |
Total | $ | 3,795,614 |  |  | $ | 1,614,897 |  |  | $ | 1,391,679 |  |  | $ | 508,260 |  |  | $ | 78,941 |  |  | $ | 4,337 |  |  | $ | 7,393,728 |
Allowance for Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 1,729 |  |  | $ | 885 |  |  | $ | 550 |  |  | $ | 242 |  |  | $ | 28 |  |  | $ | 1 |  |  | $ | 3,435 |
Off-balance sheet | 556 |  |  | 106 |  |  | 294 |  |  | 23 |  |  | 557 |  |  | 4 |  |  | 1,540 |
Total | $ | 2,285 |  |  | $ | 991 |  |  | $ | 844 |  |  | $ | 265 |  |  | $ | 585 |  |  | $ | 5 |  |  | $ | 4,975 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,495 |  |  | $ | 1,070 |  |  | $ | 920 |  |  | $ | 104 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,589 |
Off-balance sheet | 81 |  |  | 44 |  |  | 63 |  |  | 15 |  |  | — |  |  | — |  |  | 203 |
Total | $ | 2,576 |  |  | $ | 1,114 |  |  | $ | 983 |  |  | $ | 119 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,792 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 4,224 |  |  | $ | 1,955 |  |  | $ | 1,470 |  |  | $ | 346 |  |  | $ | 28 |  |  | $ | 1 |  |  | $ | 8,024 |
Off-balance sheet | 637 |  |  | 150 |  |  | 357 |  |  | 38 |  |  | 557 |  |  | 4 |  |  | 1,743 |
Total | $ | 4,861 |  |  | $ | 2,105 |  |  | $ | 1,827 |  |  | $ | 384 |  |  | $ | 585 |  |  | $ | 5 |  |  | $ | 9,767 |
| 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 |
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, 2019 and December 31, 2018: Table 5.5
| As of September 30, 2019
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands)
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
With no specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment | $ | 29,146 |  |  | $ | 16,721 |  |  | $ | 4,771 |  |  | $ | 2,240 |  |  | $ | — |  |  | $ | 57 |  |  | $ | 52,935 |
Unpaid principal balance | 29,055 |  |  | 16,669 |  |  | 4,758 |  |  | 2,233 |  |  | — |  |  | 57 |  |  | 52,772 |
With a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment(1) | 84,808 |  |  | 34,781 |  |  | 42,686 |  |  | 6,202 |  |  | — |  |  | — |  |  | 168,477 |
Unpaid principal balance | 84,558 |  |  | 34,678 |  |  | 42,563 |  |  | 6,184 |  |  | — |  |  | — |  |  | 167,983 |
Associated allowance | 2,576 |  |  | 1,114 |  |  | 983 |  |  | 119 |  |  | — |  |  | — |  |  | 4,792 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment | 113,954 |  |  | 51,502 |  |  | 47,457 |  |  | 8,442 |  |  | — |  |  | 57 |  |  | 221,412 |
Unpaid principal balance | 113,613 |  |  | 51,347 |  |  | 47,321 |  |  | 8,417 |  |  | — |  |  | 57 |  |  | 220,755 |
Associated allowance | 2,576 |  |  | 1,114 |  |  | 983 |  |  | 119 |  |  | — |  |  | — |  |  | 4,792 |
Recorded investment of loans on nonaccrual status(2) | $ | 34,543 |  |  | $ | 24,425 |  |  | $ | 30,213 |  |  | $ | 3,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,287 |
(1) | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $166.1 million (75%) of impaired loans as of September 30, 2019, which resulted in a specific allowance of $3.4 million.
(2) | Includes $36.3 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, 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.
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, 2019 and 2018: Table 5.6
| September 30, 2019
| 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 | $ | 106,535 |  |  | $ | 45,197 |  |  | $ | 36,859 |  |  | $ | 8,265 |  |  | $ | — |  |  | $ | 58 |  |  | $ | 196,914 |
Income recognized on impaired loans | 178 |  |  | 166 |  |  | 87 |  |  | 105 |  |  | — |  |  | — |  |  | 536 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Average recorded investment in impaired loans | $ | 93,088 |  |  | $ | 41,524 |  |  | $ | 31,189 |  |  | $ | 8,079 |  |  | $ | — |  |  | $ | 63 |  |  | $ | 173,943 |
Income recognized on impaired loans | 879 |  |  | 586 |  |  | 504 |  |  | 227 |  |  | — |  |  | — |  |  | 2,196 |
| September 30, 2018
| 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 | $ | 75,920 |  |  | $ | 44,818 |  |  | $ | 24,443 |  |  | $ | 8,898 |  |  | $ | — |  |  | $ | 72 |  |  | $ | 154,151 |
Income recognized on impaired loans | 223 |  |  | 933 |  |  | 122 |  |  | 56 |  |  | — |  |  | — |  |  | 1,334 |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |
Average recorded investment in impaired loans | $ | 73,968 |  |  | $ | 44,122 |  |  | $ | 23,358 |  |  | $ | 8,874 |  |  | $ | — |  |  | $ | 394 |  |  | $ | 150,716 |
Income recognized on impaired loans | 942 |  |  | 1,597 |  |  | 261 |  |  | 173 |  |  | — |  |  | — |  |  | 2,973 |
For the nine months ended September 30, 2019, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $35.6 million both before and after restructuring. For the nine months ended September 30, 2018, the recorded investment of loans determined to be TDRs was immaterial. As of September 30, 2019 and 2018, 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 loans losses was immaterial for the nine months ended September 30, 2019 and 2018. 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, 2019, 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 5.7
| 90-Day Delinquencies(1) |  | Net Credit Losses/(Recoveries)
| As of |  | For the Nine Months Ended
| September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | September 30, 2018
| (in thousands)
On-balance sheet assets: |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |
Loans | $ | 55,987 |  |  | $ | 19,577 |  |  | $ | 131 |  |  | $ | 40 |
Total on-balance sheet | $ | 55,987 |  |  | $ | 19,577 |  |  | $ | 131 |  |  | $ | 40 |
Off-balance sheet assets: |  |  |  |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |  |  |  |
LTSPCs | $ | 3,704 |  |  | $ | 7,304 |  |  | $ | — |  |  | $ | — |
Total off-balance sheet | $ | 3,704 |  |  | $ | 7,304 |  |  | $ | — |  |  | $ | — |
Total | $ | 59,691 |  |  | $ | 26,881 |  |  | $ | 131 |  |  | $ | 40 |
(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 $56.0 million of on-balance sheet loans reported as 90-day delinquencies as of September 30, 2019, none were subject to "removal-of-account" provisions. 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. 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, 2019 and December 31, 2018: Table 5.8
| As of September 30, 2019
| 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 | $ | 2,401,258 |  |  | $ | 1,006,255 |  |  | $ | 715,900 |  |  | $ | 327,882 |  |  | $ | 11,379 |  |  | $ | 1,362 |  |  | $ | 4,464,036 |
Special mention(2) | 92,771 |  |  | 37,371 |  |  | 23,036 |  |  | 10,916 |  |  | — |  |  | 63 |  |  | 164,157 |
Substandard(3) | 108,497 |  |  | 49,225 |  |  | 43,346 |  |  | 7,705 |  |  | — |  |  | — |  |  | 208,773 |
Total on-balance sheet | $ | 2,602,526 |  |  | $ | 1,092,851 |  |  | $ | 782,282 |  |  | $ | 346,503 |  |  | $ | 11,379 |  |  | $ | 1,425 |  |  | $ | 4,836,966 |
Off-Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 1,067,311 |  |  | $ | 485,044 |  |  | $ | 537,370 |  |  | $ | 157,630 |  |  | $ | 67,562 |  |  | $ | 2,280 |  |  | $ | 2,317,197 |
Special mention(2) | 80,746 |  |  | 30,935 |  |  | 45,302 |  |  | 845 |  |  | — |  |  | — |  |  | 157,828 |
Substandard(3) | 45,031 |  |  | 6,067 |  |  | 26,725 |  |  | 3,282 |  |  | — |  |  | 632 |  |  | 81,737 |
Total off-balance sheet | $ | 1,193,088 |  |  | $ | 522,046 |  |  | $ | 609,397 |  |  | $ | 161,757 |  |  | $ | 67,562 |  |  | $ | 2,912 |  |  | $ | 2,556,762 |
Total Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 3,468,569 |  |  | $ | 1,491,299 |  |  | $ | 1,253,270 |  |  | $ | 485,512 |  |  | $ | 78,941 |  |  | $ | 3,642 |  |  | $ | 6,781,233 |
Special mention(2) | 173,517 |  |  | 68,306 |  |  | 68,338 |  |  | 11,761 |  |  | — |  |  | 63 |  |  | 321,985 |
Substandard(3) | 153,528 |  |  | 55,292 |  |  | 70,071 |  |  | 10,987 |  |  | — |  |  | 632 |  |  | 290,510 |
Total | $ | 3,795,614 |  |  | $ | 1,614,897 |  |  | $ | 1,391,679 |  |  | $ | 508,260 |  |  | $ | 78,941 |  |  | $ | 4,337 |  |  | $ | 7,393,728 |
Commodity analysis of past due loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 24,112 |  |  | $ | 15,598 |  |  | $ | 15,139 |  |  | $ | 1,138 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,987 |
Off-balance sheet | 1,493 |  |  | 903 |  |  | 824 |  |  | 484 |  |  | — |  |  | — |  |  | 3,704 |
90 days or more past due | $ | 25,605 |  |  | $ | 16,501 |  |  | $ | 15,963 |  |  | $ | 1,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,691 |
(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, 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.
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, 2019 and December 31, 2018: Table 5.9
| As of
| September 30, 2019 |  | December 31, 2018
| (in thousands)
By commodity/collateral type: |  |  |
Crops | $ | 3,795,614 |  |  | $ | 3,771,627 |
Permanent plantings | 1,614,897 |  |  | 1,509,821 |
Livestock | 1,391,679 |  |  | 1,355,372 |
Part-time farm | 508,260 |  |  | 504,138 |
Ag. Storage and Processing | 78,941 |  |  | 85,181 |
Other | 4,337 |  |  | 7,832 |
Total | $ | 7,393,728 |  |  | $ | 7,233,971 |
By geographic region(1): |  |  |  |  |
Northwest | $ | 850,862 |  |  | $ | 855,596 |
Southwest | 2,417,144 |  |  | 2,273,184 |
Mid-North | 2,297,159 |  |  | 2,296,073 |
Mid-South | 917,889 |  |  | 883,279 |
Northeast | 325,674 |  |  | 332,370 |
Southeast | 585,000 |  |  | 593,469 |
Total | $ | 7,393,728 |  |  | $ | 7,233,971 |
By original loan-to-value ratio: |  |  |  |  |
0.00% to 40.00% | $ | 1,332,719 |  |  | $ | 1,333,790 |
40.01% to 50.00% | 1,864,787 |  |  | 1,811,166 |
50.01% to 60.00% | 2,557,798 |  |  | 2,530,484 |
60.01% to 70.00% | 1,300,301 |  |  | 1,244,823 |
70.01% to 80.00%(2) | 318,671 |  |  | 289,427 |
80.01% to 90.00%(2) | 19,452 |  |  | 24,281 |
Total | $ | 7,393,728 |  |  | $ | 7,233,971 |
By size of borrower exposure(3): |  |  |
Less than $1,000,000 | $ | 2,436,975 |  |  | $ | 2,431,296 |
$1,000,000 to $4,999,999 | 2,731,458 |  |  | 2,755,996 |
$5,000,000 to $9,999,999 | 957,901 |  |  | 916,422 |
$10,000,000 to $24,999,999 | 644,231 |  |  | 601,349 |
$25,000,000 and greater | 623,163 |  |  | 528,908 |
Total | $ | 7,393,728 |  |  | $ | 7,233,971 |
(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.

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