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Loans and Allowance for Losses | 12 Months Ended
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Dec. 31, 2019
Receivables [Abstract] |
LOANS AND ALLOWANCE FOR LOSSES | LOANS AND ALLOWANCE FOR LOSSES Loans 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 December 31, 2019 and 2018: Table 8.1
| As of December 31, 2019 |  |  |  |  |  | As of December 31, 2018 |  |  |  |
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 3,675,640 |  |  | $ | 1,600,917 |  |  | $ | 5,276,557 |  |  | $ | 3,071,222 |  |  | $ | 1,517,101 |  |  | $ | 4,588,323 |
Rural Utilities | 1,671,293 |  |  | — |  |  | 1,671,293 |  |  | 938,843 |  |  | — |  |  | 938,843 |
Total unpaid principal balance(1) | 5,346,933 |  |  | 1,600,917 |  |  | 6,947,850 |  |  | 4,010,065 |  |  | 1,517,101 |  |  | 5,527,166 |
Unamortized premiums, discounts, and other cost basis adjustments | 44,044 |  |  | — |  |  | 44,044 |  |  | (5,097) |  |  | — |  |  | (5,097) |
Total loans | 5,390,977 |  |  | 1,600,917 |  |  | 6,991,894 |  |  | 4,004,968 |  |  | 1,517,101 |  |  | 5,522,069 |
Allowance for loan losses | (8,853) |  |  | (1,601) |  |  | (10,454) |  |  | (5,565) |  |  | (1,452) |  |  | (7,017) |
Total loans, net of allowance | $ | 5,382,124 |  |  | $ | 1,599,316 |  |  | $ | 6,981,440 |  |  | $ | 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 each year in the three-year period ended December 31, 2019: Table 8.2
| Allowance for Loan Losses |  | Reserve for Losses |  | Total Allowance for Losses
| (in thousands) |  |  |  |
Balance as of December 31, 2016 | $ | 5,415 |  |  | $ | 2,020 |  |  | $ | 7,435 |
Provision for losses | 1,708 |  |  |  | 50 |  |  | 1,758 |
Charge-offs | (327) |  |  | — |  |  | (327) |
Balance as of December 31, 2017 | $ | 6,796 |  |  | $ | 2,070 |  |  | $ | 8,866 |
Provision for losses | 238 |  |  |  | 97 |  |  | 335 |
Charge-offs | (17) |  |  | — |  |  | (17) |
Balance as of December 31, 2018 | $ | 7,017 |  |  | $ | 2,167 |  |  | $ | 9,184 |
Provision for/(release of) losses | 3,504 |  |  |  | (3) |  |  | 3,501 |
Charge-offs | (67) |  |  | — |  |  | (67) |
Balance as of December 31, 2019 | $ | 10,454 |  |  | $ | 2,164 |  |  | $ | 12,618 |
The provision to the allowance for loan losses recorded during 2019 was primarily due to a specific reserve on a single specialized poultry loan, a decrease in overall credit quality, and net portfolio growth. The total allowance for losses in the Farm & Ranch portfolio, as a percentage of outstanding loan volume, increased slightly from the previous year. The total provision for losses increased by $3.2 million, during 2019 as compared to 2018, primarily due to the specific reserve on the single specialized poultry loan mentioned above and a decrease in overall credit quality combined with net portfolio growth. During 2018, the total allowance for losses 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, remained consistent with 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. The following tables present the changes in the total allowance for losses for the years ended December 31, 2019, 2018, and 2017 by commodity type: Table 8.3
| For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,394 |  |  | $ | 2,126 |  |  | $ | 1,460 |  |  | $ | 474 |  |  | $ | 720 |  |  | $ | 10 |  |  | $ | 9,184 |
Provision for/(release of) losses | 810 |  |  | 383 |  |  | 2,198 |  |  | 21 |  |  | 94 |  |  | (5) |  |  | 3,501 |
Charge-offs | — |  |  | — |  |  | — |  |  | (67) |  |  | — |  |  | — |  |  | (67) |
Ending Balance | $ | 5,204 |  |  | $ | 2,509 |  |  | $ | 3,658 |  |  | $ | 428 |  |  | $ | 814 |  |  | $ | 5 |  |  | $ | 12,618 |
| 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 |
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, 2019 and 2018: Table 8.4
| As of December 31, 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 | $ | 2,664,362 |  |  | $ | 1,161,900 |  |  | $ | 871,341 |  |  | $ | 356,920 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,069,480 |
Off-balance sheet | 1,151,983 |  |  | 511,991 |  |  | 581,377 |  |  | 167,395 |  |  | 66,106 |  |  | 2,760 |  |  | 2,481,612 |
Total | $ | 3,816,345 |  |  | $ | 1,673,891 |  |  | $ | 1,452,718 |  |  | $ | 524,315 |  |  | $ | 76,466 |  |  | $ | 7,357 |  |  | $ | 7,551,092 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 108,815 |  |  | $ | 51,256 |  |  | $ | 39,962 |  |  | $ | 7,044 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,077 |
Off-balance sheet | 5,698 |  |  | 2,114 |  |  | 10,207 |  |  | 706 |  |  | — |  |  | 56 |  |  | 18,781 |
Total | $ | 114,513 |  |  | $ | 53,370 |  |  | $ | 50,169 |  |  | $ | 7,750 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 225,858 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,773,177 |  |  | $ | 1,213,156 |  |  | $ | 911,303 |  |  | $ | 363,964 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,276,557 |
Off-balance sheet | 1,157,681 |  |  | 514,105 |  |  | 591,584 |  |  | 168,101 |  |  | 66,106 |  |  | 2,816 |  |  | 2,500,393 |
Total | $ | 3,930,858 |  |  | $ | 1,727,261 |  |  | $ | 1,502,887 |  |  | $ | 532,065 |  |  | $ | 76,466 |  |  | $ | 7,413 |  |  | $ | 7,776,950 |
Allowance for Losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 1,880 |  |  | $ | 1,362 |  |  | $ | 714 |  |  | $ | 249 |  |  | $ | 47 |  |  | $ | 4 |  |  | $ | 4,256 |
Off-balance sheet | 599 |  |  | 96 |  |  | 308 |  |  | 50 |  |  | 767 |  |  | 1 |  |  | 1,821 |
Total | $ | 2,479 |  |  | $ | 1,458 |  |  | $ | 1,022 |  |  | $ | 299 |  |  | $ | 814 |  |  | $ | 5 |  |  | $ | 6,077 |
Individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 2,628 |  |  | $ | 1,008 |  |  | $ | 2,447 |  |  | $ | 115 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,198 |
Off-balance sheet | 97 |  |  | 43 |  |  | 189 |  |  | 14 |  |  | — |  |  | — |  |  | 343 |
Total | $ | 2,725 |  |  | $ | 1,051 |  |  | $ | 2,636 |  |  | $ | 129 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,541 |
Total Farm & Ranch loans: |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 4,508 |  |  | $ | 2,370 |  |  | $ | 3,161 |  |  | $ | 364 |  |  | $ | 47 |  |  | $ | 4 |  |  | $ | 10,454 |
Off-balance sheet | 696 |  |  | 139 |  |  | 497 |  |  | 64 |  |  | 767 |  |  | 1 |  |  | 2,164 |
Total | $ | 5,204 |  |  | $ | 2,509 |  |  | $ | 3,658 |  |  | $ | 428 |  |  | $ | 814 |  |  | $ | 5 |  |  | $ | 12,618 |
| 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 December 31, 2019 and 2018: Table 8.5
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
With no specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment | $ | 30,846 |  |  | $ | 16,696 |  |  | $ | 3,195 |  |  | $ | 1,398 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 52,191 |
Unpaid principal balance | 30,741 |  |  | 16,638 |  |  | 3,185 |  |  | 1,394 |  |  | — |  |  | 56 |  |  | 52,014 |
With a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment(1) | 84,044 |  |  | 36,852 |  |  | 47,113 |  |  | 6,376 |  |  | — |  |  | — |  |  | 174,385 |
Unpaid principal balance | 83,772 |  |  | 36,732 |  |  | 46,984 |  |  | 6,356 |  |  | — |  |  | — |  |  | 173,844 |
Associated allowance | 2,725 |  |  | 1,051 |  |  | 2,636 |  |  | 129 |  |  | — |  |  | — |  |  | 6,541 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |
Recorded investment | 114,890 |  |  | 53,548 |  |  | 50,308 |  |  | 7,774 |  |  | — |  |  | 56 |  |  | 226,576 |
Unpaid principal balance | 114,513 |  |  | 53,370 |  |  | 50,169 |  |  | 7,750 |  |  | — |  |  | 56 |  |  | 225,858 |
Associated allowance | 2,725 |  |  | 1,051 |  |  | 2,636 |  |  | 129 |  |  | — |  |  | — |  |  | 6,541 |
Recorded investment of loans on nonaccrual status(2) | $ | 34,037 |  |  | $ | 22,849 |  |  | $ | 28,441 |  |  | $ | 2,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,781 |
(1)Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $159.1 million (70%) of impaired loans as of December 31, 2019, which resulted in a specific allowance of $3.0 million. (2)Includes $30.1 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 years ended December 31, 2019 and 2018: Table 8.6
| December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| 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 | $ | 101,053 |  |  | $ | 44,986 |  |  | $ | 36,054 |  |  | $ | 7,953 |  |  | $ | — |  |  | $ | 60 |  |  | $ | 190,106 |
Income recognized on impaired loans | 1,157 |  |  | 625 |  |  | 687 |  |  | 284 |  |  | — |  |  | — |  |  | 2,753 |
| 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 |
For the year ended December 31, 2019, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $38.5 million both before and after restructuring. For the year ended December 31, 2018, the recorded investment of loans determined to be TDRs was immaterial. As of December 31, 2019 and 2018, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The effect of TDRs on Farmer Mac's allowance for loans losses was immaterial for the years ended December 31, 2019 and 2018. 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 a cash basis. Any decreases in expected cash flows are recognized as impairment. 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, 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 8.7
| 90-Day Delinquencies(1) |  |  |  | Net Credit Losses/(Recoveries) |  |  |  |
| As of |  |  |  | For the Year Ended |  |  |  |
| December 31, 2019 |  | December 31, 2018 |  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017
| (in thousands) |  |  |  |  |  |  |  |
On-balance sheet assets: |  |  |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |  |  |
Loans | $ | 57,719 |  |  | $ | 19,577 |  |  | $ | 131 |  |  | $ | 40 |  |  | $ | (1,397) |
Total on-balance sheet | $ | 57,719 |  |  | $ | 19,577 |  |  | $ | 131 |  |  | $ | 40 |  |  | $ | (1,397) |
Off-balance sheet assets: |  |  |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |  |  |
LTSPCs | $ | 3,235 |  |  | $ | 7,304 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total off-balance sheet | $ | 3,235 |  |  | $ | 7,304 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total | $ | 60,954 |  |  | $ | 26,881 |  |  | $ | 131 |  |  | $ | 40 |  |  | $ | (1,397) |
(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 $57.7 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 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. 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, 2019, 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, 2019 and 2018: Table 8.8
| As of December 31, 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 | $ | 2,556,956 |  |  | $ | 1,050,160 |  |  | $ | 825,234 |  |  | $ | 343,329 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 4,790,636 |
Special mention(2) | 107,406 |  |  | 111,739 |  |  | 46,107 |  |  | 13,591 |  |  | — |  |  | — |  |  | 278,843 |
Substandard(3) | 108,815 |  |  | 51,257 |  |  | 39,962 |  |  | 7,044 |  |  | — |  |  | — |  |  | 207,078 |
Total on-balance sheet | $ | 2,773,177 |  |  | $ | 1,213,156 |  |  | $ | 911,303 |  |  | $ | 363,964 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,276,557 |
Off-Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 1,033,002 |  |  | $ | 484,601 |  |  | $ | 521,341 |  |  | $ | 161,361 |  |  | $ | 66,106 |  |  | $ | 2,594 |  |  | $ | 2,269,005 |
Special mention(2) | 68,372 |  |  | 22,909 |  |  | 35,618 |  |  | 1,612 |  |  | — |  |  | — |  |  | 128,511 |
Substandard(3) | 56,307 |  |  | 6,595 |  |  | 34,625 |  |  | 5,128 |  |  | — |  |  | 222 |  |  | 102,877 |
Total off-balance sheet | $ | 1,157,681 |  |  | $ | 514,105 |  |  | $ | 591,584 |  |  | $ | 168,101 |  |  | $ | 66,106 |  |  | $ | 2,816 |  |  | $ | 2,500,393 |
Total Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 3,589,958 |  |  | $ | 1,534,761 |  |  | $ | 1,346,575 |  |  | $ | 504,690 |  |  | $ | 76,466 |  |  | $ | 7,191 |  |  | $ | 7,059,641 |
Special mention(2) | 175,778 |  |  | 134,648 |  |  | 81,725 |  |  | 15,203 |  |  | — |  |  | — |  |  | 407,354 |
Substandard(3) | 165,122 |  |  | 57,852 |  |  | 74,587 |  |  | 12,172 |  |  | — |  |  | 222 |  |  | 309,955 |
Total | $ | 3,930,858 |  |  | $ | 1,727,261 |  |  | $ | 1,502,887 |  |  | $ | 532,065 |  |  | $ | 76,466 |  |  | $ | 7,413 |  |  | $ | 7,776,950 |
Commodity analysis of past due loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |
On-balance sheet | $ | 21,167 |  |  | $ | 15,828 |  |  | $ | 19,354 |  |  | $ | 1,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,719 |
Off-balance sheet | 1,493 |  |  | 196 |  |  | 1,066 |  |  | 480 |  |  | — |  |  | — |  |  | 3,235 |
90 days or more past due | $ | 22,660 |  |  | $ | 16,024 |  |  | $ | 20,420 |  |  | $ | 1,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,954 |
(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 December 31, 2019 and 2018: Table 8.9
| As of |  |
| December 31, 2019 |  | December 31, 2018
| (in thousands) |  |
By commodity/collateral type: |  |  |
Crops | $ | 3,930,858 |  |  | $ | 3,771,627 |
Permanent plantings | 1,727,261 |  |  | 1,509,821 |
Livestock | 1,502,887 |  |  | 1,355,372 |
Part-time farm | 532,065 |  |  | 504,138 |
Ag. Storage and Processing | 76,466 |  |  | 85,181 |
Other | 7,413 |  |  | 7,832 |
Total | $ | 7,776,950 |  |  | $ | 7,233,971 |
By geographic region(1): |  |  |
Northwest | $ | 982,222 |  |  | $ | 855,596 |
Southwest | 2,573,691 |  |  | 2,273,184 |
Mid-North | 2,358,592 |  |  | 2,296,073 |
Mid-South | 947,544 |  |  | 883,279 |
Northeast | 321,794 |  |  | 332,370 |
Southeast | 593,107 |  |  | 593,469 |
Total | $ | 7,776,950 |  |  | $ | 7,233,971 |
By original loan-to-value ratio: |  |  |
0.00% to 40.00% | $ | 1,418,075 |  |  | $ | 1,333,790 |
40.01% to 50.00% | 2,008,307 |  |  | 1,811,166 |
50.01% to 60.00% | 2,616,272 |  |  | 2,530,484 |
60.01% to 70.00% | 1,385,116 |  |  | 1,244,823 |
70.01% to 80.00%(2) | 329,979 |  |  | 289,427 |
80.01% to 90.00%(2) | 19,201 |  |  | 24,281 |
Total | $ | 7,776,950 |  |  | $ | 7,233,971 |
By size of borrower exposure(3): |  |  |
Less than $1,000,000 | $ | 2,455,109 |  |  | $ | 2,431,296 |
$1,000,000 to $4,999,999 | 2,812,060 |  |  | 2,755,996 |
$5,000,000 to $9,999,999 | 1,003,021 |  |  | 916,422 |
$10,000,000 to $24,999,999 | 773,658 |  |  | 601,349 |
$25,000,000 and greater | 733,102 |  |  | 528,908 |
Total | $ | 7,776,950 |  |  | $ | 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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