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Loans (Tables) | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Schedule of Composition of Loan Balances | The following table displays the composition of the loan balances as of March 31, 2020 and December 31, 2019: Table 5.1
| As of March 31, 2020(1) |  |  |  |  |  | As of December 31, 2019(2) |  |  |  |
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 3,817,693 |  |  | $ | 1,540,689 |  |  | $ | 5,358,382 |  |  | $ | 3,675,640 |  |  | $ | 1,600,917 |  |  | $ | 5,276,557 |
Rural Utilities | 1,789,726 |  |  | — |  |  | 1,789,726 |  |  | 1,671,293 |  |  | — |  |  | 1,671,293 |
Total unpaid principal balance(3) | 5,607,419 |  |  | 1,540,689 |  |  | 7,148,108 |  |  | 5,346,933 |  |  | 1,600,917 |  |  | 6,947,850 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 181,972 |  |  | — |  |  | 181,972 |  |  | 44,044 |  |  | — |  |  | 44,044 |
Total loans | 5,789,391 |  |  | 1,540,689 |  |  | 7,330,080 |  |  | 5,390,977 |  |  | 1,600,917 |  |  | 6,991,894 |
Allowance for losses | (13,663) |  |  | (1,193) |  |  | (14,856) |  |  | (8,853) |  |  | (1,601) |  |  | (10,454) |
Total loans, net of allowance | $ | 5,775,728 |  |  | $ | 1,539,496 |  |  | $ | 7,315,224 |  |  | $ | 5,382,124 |  |  | $ | 1,599,316 |  |  | $ | 6,981,440 |
(1)Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2)Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained an allowance for losses to cover estimated probable incurred losses on loans held. (3)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of March 31, 2020 and December 31, 2019: Table 5.2
| March 31, 2020(1) |  | December 31, 2019(2)
| Allowance for Losses |  | Allowance for Losses
| (in thousands) |  |
Loans: |  |  |
Farm & Ranch | $ | 7,353 |  |  |  | $ | 10,454 |
Rural Utilities | 7,503 |  |  |  | — |
Total | $ | 14,856 |  |  | $ | 10,454 |
(1)Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2)Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. The following is a summary of the changes in the allowance for losses for the three month period ended March 31, 2020 and 2019: Table 5.3
| For the Three Months Ended |  |
| March 31, 2020(1) |  | March 31, 2019(2)
| Allowance for Losses |  | Allowance for Losses
| (in thousands) |  |
Farm & Ranch: |  |  |
Balance as of December 31, | $ | 10,454 |  |  | $ | 7,017 |
Cumulative effect adjustment from adoption of current expected credit loss standard | (3,909) |  |  |  | — |
Balance as of January 1, | 6,545 |  |  | 7,017 |
Provision for/(release of) losses | $ | 808 |  |  | $ | (264) |
Charge-offs | — |  |  | — |
Ending Balance(3) | $ | 7,353 |  |  | $ | 6,753 |
Rural Utilities: |  |  |  |
Balance as of December 31, | $ | — |  |  | $ | — |
Cumulative effect adjustment from adoption of current expected credit loss standard | 5,378 |  |  |  | — |
Balance as of January 1, | 5,378 |  |  | — |
Provision for/(release of) losses | $ | 2,125 |  |  | $ | — |
Charge-offs | — |  |  | — |
Ending Balance(4) | $ | 7,503 |  |  | $ | — |
(1)Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2)Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. (3)Allowance for losses includes $2.2 million for collateral dependent assets secured by commercial real estate. (4)Allowance for losses includes no allowance for collateral dependent assets.
Schedule of Past Due Financing Receivables | The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of March 31, 2020: Table 5.4
| As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| Accruing |  |  |  |  |  |  |  |  |  |  |  |
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Nonaccrual loans(2)(3) |  | Total Loans
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 5,206,313 |  |  |  | $ | 4,821 |  |  |  | $ | 3,024 |  |  |  | $ | 22,152 |  |  | $ | 29,997 |  |  | $ | 122,072 |  |  | $ | 5,358,382 |
Rural Utilities | 1,789,726 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | 1,789,726 |
Total | $ | 6,996,039 |  |  | $ | 4,821 |  |  | $ | 3,024 |  |  | $ | 22,152 |  |  | $ | 29,997 |  |  | $ | 122,072 |  |  | $ | 7,148,108 |
(1)Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (2)Includes loans 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. (3)Includes $24.0 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2020, Farmer Mac received $1.0 million in interest on nonaccrual loans.Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held 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 5.8
| 90-Day Delinquencies(1) |  | Net Credit Losses/(Recoveries)
| As of |  | For the Three Months Ended
| December 31, 2019 |  | March 31, 2019
| (in thousands) |  |
Farm & Ranch loans | $ | 57,719 |  |  | $ | — |
(1)Includes loans 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. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of March 31, 2020: Table 6.7
| As of March 31, 2020 |  |  |  |  |  |  |  |  |  |
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands) |  |  |  |  |  |  |  |  |  |
Farm and Ranch: |  |  |  |  |  |  |  |  |  |  |
LTSPCs and Farmer Mac Guaranteed Securities | $ | 2,434,531 |  |  |  | $ | 6,183 |  |  |  | $ | 7,893 |  |  |  | $ | 4,605 |  |  | $ | 18,681 |  |  | $ | 2,453,212 |
Rural Utilities: |  |  |  |  |  |  |  |  |  |  |
LTSPCs | $ | 595,685 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |  |  | $ | 595,685 |
(1)Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of 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. Table 6.9
| 90-Day Delinquencies(1) |  | Net Credit Losses/(Recoveries)
| As of |  | For the Three Months Ended
| December 31, 2019 |  | March 31, 2019
| (in thousands) |  |
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities | $ | 3,235 |  |  | $ | — |
(1)Includes 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.
Schedule of Allowance for Losses by Impairment Method and Commodity | The following tables present the unpaid principal balances of loans held and the related total allowance for losses by impairment method and commodity type as of December 31, 2019: Table 5.5
| 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 | $ | 2,664,362 |  |  | $ | 1,161,900 |  |  | $ | 871,341 |  |  | $ | 356,920 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,069,480 |
Individually evaluated for impairment | 108,815 |  |  | 51,256 |  |  | 39,962 |  |  | 7,044 |  |  | — |  |  | — |  |  | 207,077 |
Total Farm & Ranch loans | $ | 2,773,177 |  |  | $ | 1,213,156 |  |  | $ | 911,303 |  |  | $ | 363,964 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,276,557 |
Allowance for Losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment | $ | 1,880 |  |  | $ | 1,362 |  |  | $ | 714 |  |  | $ | 249 |  |  | $ | 47 |  |  | $ | 4 |  |  | $ | 4,256 |
Individually evaluated for impairment | 2,628 |  |  | 1,008 |  |  | 2,447 |  |  | 115 |  |  | — |  |  | — |  |  | 6,198 |
Total Farm & Ranch loans | $ | 4,508 |  |  | $ | 2,370 |  |  | $ | 3,161 |  |  | $ | 364 |  |  | $ | 47 |  |  | $ | 4 |  |  | $ | 10,454 |
The following tables present the unpaid principal balances of Farm & Ranch loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related reserve for losses by impairment method and commodity type as of December 31, 2019: Table 6.8
| 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: | $ | 1,151,983 |  |  | $ | 511,991 |  |  | $ | 581,377 |  |  | $ | 167,395 |  |  | $ | 66,106 |  |  | $ | 2,760 |  |  | $ | 2,481,612 |
Individually evaluated for impairment: | 5,698 |  |  | 2,114 |  |  | 10,207 |  |  | 706 |  |  | — |  |  | 56 |  |  | 18,781 |
Total Farm & Ranch | $ | 1,157,681 |  |  | $ | 514,105 |  |  | $ | 591,584 |  |  | $ | 168,101 |  |  | $ | 66,106 |  |  | $ | 2,816 |  |  | $ | 2,500,393 |
Allowance for Losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Collectively evaluated for impairment: | $ | 599 |  |  | $ | 96 |  |  | $ | 308 |  |  | $ | 50 |  |  | $ | 767 |  |  | $ | 1 |  |  | $ | 1,821 |
Individually evaluated for impairment: | 97 |  |  | 43 |  |  | 189 |  |  | 14 |  |  | — |  |  | — |  |  | 343 |
Total Farm & Ranch | $ | 696 |  |  | $ | 139 |  |  | $ | 497 |  |  | $ | 64 |  |  | $ | 767 |  |  | $ | 1 |  |  | $ | 2,164 |
Schedule of Impaired Financing Receivables | 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: Table 5.6
| 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. The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2019: Table 5.7
| March 31, 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 | $ | 88,653 |  |  | $ | 40,495 |  |  | $ | 28,123 |  |  | $ | 7,730 |  |  | $ | — |  |  | $ | 65 |  |  | $ | 165,066 |
Income recognized on impaired loans | 322 |  |  | 299 |  |  | 113 |  |  | 67 |  |  | — |  |  | — |  |  | 801 |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of March 31, 2020, by year of origination: Table 5.9
| As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year of Origination: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 286,971 |  |  |  | $ | 819,220 |  |  |  | $ | 588,761 |  |  |  | $ | 688,649 |  |  |  | $ | 555,678 |  |  |  | $ | 1,452,711 |  |  |  | $ | 468,114 |  |  | $ | 4,860,104 |
Special mention(1) | 9,916 |  |  |  | 159,523 |  |  |  | 36,786 |  |  |  | 20,937 |  |  |  | 32,227 |  |  |  | 18,283 |  |  |  | 9,230 |  |  | 286,902 |
Substandard(2) | — |  |  |  | 4,431 |  |  |  | 16,938 |  |  |  | 58,407 |  |  |  | 41,973 |  |  |  | 78,189 |  |  |  | 11,438 |  |  | 211,376 |
Total | $ | 296,887 |  |  | $ | 983,174 |  |  | $ | 642,485 |  |  | $ | 767,993 |  |  | $ | 629,878 |  |  | $ | 1,549,183 |  |  | $ | 488,782 |  |  | $ | 5,358,382 |
Current period charge-offs | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Current period recoveries | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Current period Farm & Ranch net charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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 March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year of Origination: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rural Utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 152,385 |  |  |  | $ | 836,763 |  |  |  | $ | 8,337 |  |  |  | $ | 92,568 |  |  |  | $ | 31,829 |  |  |  | $ | 662,830 |  |  |  | $ | — |  |  | $ | 1,784,712 |
Special mention(1) | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Substandard(2) | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,014 |  |  |  | — |  |  | 5,014 |
Total | $ | 152,385 |  |  | $ | 836,763 |  |  | $ | 8,337 |  |  | $ | 92,568 |  |  | $ | 31,829 |  |  | $ | 667,844 |  |  | $ | — |  |  | $ | 1,789,726 |
Current period charge-offs | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Current period recoveries | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Current period Rural Utilities net charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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. The following table presents credit quality indicators related to Farm & Ranch loans held as of December 31, 2019: Table 5.10
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating(1) |  |  |  |  |  |  |  |  |  |  |  |  |
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 | $ | 2,773,177 |  |  | $ | 1,213,156 |  |  | $ | 911,303 |  |  | $ | 363,964 |  |  | $ | 10,360 |  |  | $ | 4,597 |  |  | $ | 5,276,557 |
Commodity analysis of past due loans(1) | $ | 21,167 |  |  | $ | 15,828 |  |  | $ | 19,354 |  |  | $ | 1,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,719 |
(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. The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of March 31, 2020, by year of origination: Table 6.10
| As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year of Origination: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 31,243 |  |  |  | $ | 219,342 |  |  |  | $ | 183,228 |  |  |  | $ | 249,022 |  |  |  | $ | 225,466 |  |  |  | $ | 1,132,870 |  |  |  | $ | 173,082 |  |  | $ | 2,214,253 |
Special mention(1) | — |  |  |  | 3,600 |  |  |  | 7,843 |  |  |  | 29,982 |  |  |  | 17,482 |  |  |  | 68,709 |  |  |  | 10,379 |  |  | 137,995 |
Substandard(2) | — |  |  |  | — |  |  |  | 3,393 |  |  |  | 16,435 |  |  |  | 16,282 |  |  |  | 60,133 |  |  |  | 4,721 |  |  | 100,964 |
Total | $ | 31,243 |  |  | $ | 222,942 |  |  | $ | 194,464 |  |  | $ | 295,439 |  |  | $ | 259,230 |  |  | $ | 1,261,712 |  |  | $ | 188,182 |  |  | $ | 2,453,212 |
Current period charge-offs | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Current period recoveries | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Current period Farm & Ranch net charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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 March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year of Origination: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rural Utilities LTSPCs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 595,685 |  |  |  | $ | — |  |  | $ | 595,685 |
Special mention(1) | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Substandard(2) | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 595,685 |  |  | $ | — |  |  | $ | 595,685 |
Current period charge-offs | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Current period recoveries | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |
Current period Rural Utilities net charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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. The following table presents credit quality indicators related to Farm & Ranch loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities as of December 31, 2019: Table 6.11
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Crops |  | Permanent Plantings |  | Livestock |  | Part-time Farm |  | Ag. Storage and Processing |  | Other |  | Total
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating(1) |  |  |  |  |  |  |  |  |  |  |  |  |
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 | $ | 1,157,681 |  |  | $ | 514,105 |  |  | $ | 591,584 |  |  | $ | 168,101 |  |  | $ | 66,106 |  |  | $ | 2,816 |  |  | $ | 2,500,393 |
Commodity analysis of past due loans(1) | $ | 1,493 |  |  | $ | 196 |  |  | $ | 1,066 |  |  | $ | 480 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,235 |
(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.

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