Loans and Allowance for Losses and Concentrations of Credit Risk (Tables)

9 Months Ended

Sep. 30, 2013

Loans and Allowance for Losses [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

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. The following table displays the composition of the loan balances as of September 30, 2013 and December 31, 2012:

Table 5.1

	September 30, 2013									December 31, 2012
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	1,773,782		$	176,921		$	1,950,703		$	1,519,415		$	160,436		$	1,679,851
Rural Utilities	663,533			354,241			1,017,774			663,097			368,848			1,031,945
Total unpaid principal balance (1)	2,437,315			531,162			2,968,477			2,182,512			529,284			2,711,796
Unamortized premiums, discounts and other cost basis adjustments	(1,663		)	32,693			31,030			981			34,291			35,272
Lower of cost or fair value adjustment on loans held for sale	—			—			—			(5,943		)	—			(5,943		)
Total loans	$	2,435,652		$	563,855		$	2,999,507		$	2,177,550		$	563,575		$	2,741,125
Loans held for investment, at amortized cost	$	2,435,652		$	563,855		$	2,999,507		$	1,503,559		$	563,575		$	2,067,134
Loans held for sale, at lower of cost or fair value	—			—			—			673,991			—			673,991
Total loans	2,435,652			563,855			2,999,507			2,177,550			563,575			2,741,125
Allowance for loan losses	(6,636		)	(233		)	(6,869		)	(10,986		)	(365		)	(11,351		)
Total loans, net of allowance	$	2,429,016		$	563,622		$	2,992,638		$	2,166,564		$	563,210		$	2,729,774

(1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. See "Management's Discussion and Analysis—Results of Operations—Business Volume."

Allowance for Credit Losses on Financing Receivables [Table Text Block]

The following is a summary of the changes in the allowance for losses for the three and nine months endedSeptember 30, 2013 and 2012:

Table 5.2

	September 30, 2013								September 30, 2012
	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	$	7,368		$	6,110	$	13,478		$	9,361		$	8,779		$	18,140
(Release of)/provision for losses	(499		)	463		(36		)	137			(43		)	94
Charge-offs	—			—		—			(448		)	—			(448		)
Ending Balance	$	6,869		$	6,573	$	13,442		$	9,050		$	8,736		$	17,786
For the Nine Months Ended:
Beginning Balance	$	11,351		$	5,539	$	16,890		$	10,161		$	7,355		$	17,516
(Release of)/provision for losses	(598		)	1,034		436			(663		)	1,381			718
Charge-offs	(3,884		)	—		(3,884		)	(448		)	—			(448		)
Ending Balance	$	6,869		$	6,573	$	13,442		$	9,050		$	8,736		$	17,786

During third quarter2013, Farmer Mac recorded releases to its allowance for loan losses of $0.5 million and provisions to its reserve for losses of $0.5 million. Farmer Mac recorded no charge-offs to its allowance for loan losses during third quarter 2013. The charge-offs recorded for the nine months ended September 30, 2013 included a $3.6 million charge-off related to one ethanol loan that transitioned to real estate owned ("REO") during first quarter 2013 and for which Farmer Mac had previously provided a specific allowance. During third quarter 2012, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and releases to its reserve for losses of $43,000, and charged off $0.4 million of losses upon acquisition of REO or upon liquidation.

The following tables present the changes in the allowance for losses for the three and nine months endedSeptember 30, 2013 and 2012 by commodity type:

Table 5.3

	September 30, 2013
	Crops			Permanent Plantings			Livestock			Part-time Farm			Ag. Storage and Processing (including ethanol facilities)			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,405		$	2,168		$	1,279		$	425		$	7,196		$	5	$	13,478
(Release of)/provision for losses	(225		)	(105		)	(84		)	13			364			1		(36		)
Charge-offs	—			—			—			—			—			—		—
Ending Balance	$	2,180		$	2,063		$	1,195		$	438		$	7,560		$	6	$	13,442
For the Nine Months Ended:
Beginning Balance	$	2,589		$	2,316		$	1,534		$	784		$	9,661		$	6	$	16,890
(Release of)/provision for losses	(409		)	(64		)	(339		)	(276		)	1,524			—		436
Charge-offs	—			(189		)	—			(70		)	(3,625		)	—		(3,884		)
Ending Balance	$	2,180		$	2,063		$	1,195		$	438		$	7,560		$	6	$	13,442

	September 30, 2012
	Crops			Permanent Plantings			Livestock			Part-time Farm			Ag. Storage and Processing (including ethanol facilities)		Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	4,281		$	2,522		$	1,471		$	557		$	9,302	$	7		$	18,140
(Release of)/provision for losses	(305		)	176			(129		)	192			161		(1		)	94
Charge-offs	—			(375		)	—			(73		)	—		—			(448		)
Ending Balance	$	3,976		$	2,323		$	1,342		$	676		$	9,463	$	6		$	17,786
For the Nine Months Ended:
Beginning Balance	$	4,133		$	3,099		$	1,697		$	477		$	8,106	$	4		$	17,516
(Release of)/provision for losses	(157		)	(401		)	(355		)	272			1,357		2			718
Charge-offs	—			(375		)	—			(73		)	—		—			(448		)
Ending Balance	$	3,976		$	2,323		$	1,342		$	676		$	9,463	$	6		$	17,786

Schedule of Allowance for Losses by Impairment Method and Commodity [Table Text Block]

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and Farmer Mac Guaranteed Securities and the related allowance for losses by impairment method and commodity type as of September 30, 2013 and December 31, 2012:

Table 5.4

	As of September 30, 2013
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including ethanol facilities)		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,231,014	$	281,773	$	280,286	$	42,653	$	39,690	$	559	$	1,875,975
Off-balance sheet	1,277,905		588,589		945,021		114,311		139,937		8,867		3,074,630
Total	$	2,508,919	$	870,362	$	1,225,307	$	156,964	$	179,627	$	9,426	$	4,950,605
Individually evaluated for impairment:
On-balance sheet	$	21,013	$	32,149	$	11,060	$	10,391	$	—	$	115	$	74,728
Off-balance sheet	1,991		3,102		3,222		2,100		—		—		10,415
Total	$	23,004	$	35,251	$	14,282	$	12,491	$	—	$	115	$	85,143
Total Farm & Ranch loans:
On-balance sheet	$	1,252,027	$	313,922	$	291,346	$	53,044	$	39,690	$	674	$	1,950,703
Off-balance sheet	1,279,896		591,691		948,243		116,411		139,937		8,867		3,085,045
Total	$	2,531,923	$	905,613	$	1,239,589	$	169,455	$	179,627	$	9,541	$	5,035,748
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,302	$	330	$	338	$	25	$	2,569	$	—	$	4,564
Off-balance sheet	397		203		673		44		4,991		4		6,312
Total	$	1,699	$	533	$	1,011	$	69	$	7,560	$	4	$	10,876
Individually evaluated for impairment:
On-balance sheet	$	379	$	1,483	$	119	$	324	$	—	$	—	$	2,305
Off-balance sheet	102		47		65		45		—		2		261
Total	$	481	$	1,530	$	184	$	369	$	—	$	2	$	2,566
Total Farm & Ranch loans:
On-balance sheet	$	1,681	$	1,813	$	457	$	349	$	2,569	$	—	$	6,869
Off-balance sheet	499		250		738		89		4,991		6		6,573
Total	$	2,180	$	2,063	$	1,195	$	438	$	7,560	$	6	$	13,442

	As of December 31, 2012
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including ethanol facilities)		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	977,564	$	260,047	$	268,869	$	50,287	$	42,812	$	—	$	1,599,579
Off-balance sheet	1,169,710		584,880		1,002,164		136,482		144,637		11,000		3,048,873
Total	$	2,147,274	$	844,927	$	1,271,033	$	186,769	$	187,449	$	11,000	$	4,648,452
Individually evaluated for impairment:
On-balance sheet	$	22,002	$	29,647	$	11,511	$	12,660	$	4,337	$	115	$	80,272
Off-balance sheet	2,073		7,958		5,197		2,436		—		901		18,565
Total	$	24,075	$	37,605	$	16,708	$	15,096	$	4,337	$	1,016	$	98,837
Total Farm & Ranch loans:
On-balance sheet	$	999,566	$	289,694	$	280,380	$	62,947	$	47,149	$	115	$	1,679,851
Off-balance sheet	1,171,783		592,838		1,007,361		138,918		144,637		11,901		3,067,438
Total	$	2,171,349	$	882,532	$	1,287,741	$	201,865	$	191,786	$	12,016	$	4,747,289
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,406	$	586	$	499	$	46	$	2,265	$	—	$	4,802
Off-balance sheet	476		215		680		57		3,996		5		5,429
Total	$	1,882	$	801	$	1,179	$	103	$	6,261	$	5	$	10,231
Individually evaluated for impairment:
On-balance sheet	$	684	$	1,465	$	335	$	665	$	3,400	$	—	$	6,549
Off-balance sheet	23		50		20		16		—		1		110
Total	$	707	$	1,515	$	355	$	681	$	3,400	$	1	$	6,659
Total Farm & Ranch loans:
On-balance sheet	$	2,090	$	2,051	$	834	$	711	$	5,665	$	—	$	11,351
Off-balance sheet	499		265		700		73		3,996		6		5,539
Total	$	2,589	$	2,316	$	1,534	$	784	$	9,661	$	6	$	16,890

Impaired Financing Receivables [Table Text Block]

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, 2013 and December 31, 2012:

Table 5.5

	As of September 30, 2013
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including  ethanol facilities)		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	5,636	$	13,590	$	7,175	$	1,665	$	—	$	—	$	28,066
Unpaid principal balance	5,554		13,528		7,094		1,652		—		—		27,828
With a specific allowance:
Recorded investment (1)	18,379		23,756		7,331		10,927		—		119		60,512
Unpaid principal balance	17,450		21,723		7,188		10,839		—		115		57,315
Associated allowance	481		1,530		184		369		—		2		2,566
Total:
Recorded investment	24,015		37,346		14,506		12,592		—		119		88,578
Unpaid principal balance	23,004		35,251		14,282		12,491		—		115		85,143
Associated allowance	481		1,530		184		369		—		2		2,566
Recorded investment of loans on nonaccrual status (2)	$	10,647	$	16,158	$	5,473	$	5,986	$	—	$	—	$	38,264

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $53.6 million (61 percent) of impaired loans as of September 30, 2013, which resulted in a specific reserve of $1.3 million.

(2) Includes $5.6 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, 2012
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including  ethanol facilities)		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	7,295	$	11,652	$	7,644	$	3,140	$	—	$	907	$	30,638
Unpaid principal balance	7,247		11,509		7,489		3,090		—		901		30,236
With a specific allowance:
Recorded investment (1)	17,214		26,567		9,360		12,118		4,337		117		69,713
Unpaid principal balance	16,829		26,095		9,219		12,007		4,337		114		68,601
Associated allowance	706		1,515		355		682		3,400		1		6,659
Total:
Recorded investment	24,509		38,219		17,004		15,258		4,337		1,024		100,351
Unpaid principal balance	24,076		37,604		16,708		15,097		4,337		1,015		98,837
Associated allowance	706		1,515		355		682		3,400		1		6,659
Recorded investment of loans on nonaccrual status (2)	$	11,888	$	15,789	$	5,141	$	8,180	$	4,337	$	—	$	45,335

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $56.0 million (56 percent) of impaired loans as of December 31, 2012, which resulted in a specific reserve of $1.1 million.

(2) Includes $15.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and nine months endedSeptember 30, 2013 and 2012:

Table 5.6

	September 30, 2013
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including  ethanol facilities)		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	27,311	$	37,340	$	15,252	$	11,909	$	—	$	119	$	91,931
Income recognized on impaired loans	248		169		38		87		—		—		542
For the Nine Months Ended:
Average recorded investment in impaired loans	$	29,570	$	42,041	$	16,579	$	13,053	$	1,084	$	571	$	102,898
Income recognized on impaired loans	651		666		230		359		—		—		1,906

	September 30, 2012
	Crops		Permanent Plantings		Livestock			Part-time Farm		Ag. Storage and Processing (including  ethanol facilities)		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	31,490	$	34,566	$	17,643		$	16,526	$	4,449	$	1,033	$	105,707
Income recognized on impaired loans	72		1,015		94			76		—		—		1,257
For the Nine Months Ended:
Average recorded investment in impaired loans	$	29,583	$	34,284	$	14,973		$	16,127	$	4,785	$	1,035	$	100,787
Income recognized on impaired loans	213		1,691		210		—	250		—		—		2,364

Schedule of Certain Loans Acquired in Transfer Acquired During Period [Table Text Block]

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and nine months ended September 30, 2013 and 2012 and the outstanding balances and carrying amounts of all such loans as of September 30, 2013 and December 31, 2012:

Table 5.7

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	432	$	37	$	2,962
Loans underlying Farmer Mac Guaranteed Securities	629		6,742		6,667		8,069
Total unpaid principal balance at acquisition date	629		7,174		6,704		11,031
Contractually required payments receivable	678		7,373		6,907		11,230
Impairment recognized subsequent to acquisition	—		367		447		382
Recovery/release of allowance for defaulted loans	57		46		946		979

	September 30, 2013		December 31, 2012
	(in thousands)
Outstanding balance	$	37,687	$	41,737
Carrying amount	33,481		33,798

Schedule of Certain Loans Acquired in Transfer Acquired During Period, Delinquencies and Credit Losses [Table Text Block]

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying Farm & Ranch Farmer Mac Guaranteed Securities and LTSPCs are presented in the table below. Information is not presented for loans underlying Farm & Ranch AgVantage securities and the USDA Guarantees and Rural Utilities lines of business.  Each AgVantage security is a general obligation of an issuing institution approved by Farmer Mac and is secured by eligible loans in an amount at least equal to the outstanding principal amount of the security.  Farmer Mac excludes the loans that secure AgVantage securities from the credit risk metrics it discloses because of the credit quality of the issuing institutions, the collateralization level for the securities, and because delinquent loans are required to be removed from the pool of pledged loans and replaced with current eligible loans.  

As of September 30, 2013, there were no probable losses inherent in Farmer Mac's AgVantage securities due to the credit quality of the obligors, as well as the underlying collateral.  To date, Farmer Mac has not experienced any credit losses on any Farm & Ranch AgVantage securities. All USDA Guaranteed Securities, including those that collateralize the Farmer Mac Guaranteed Securities issued in Farmer Mac's USDA Guarantees line of business, are guaranteed by the USDA. Each USDA guarantee that covers a USDA Guaranteed Security is an obligation backed by the full faith and credit of the United States. As of September 30, 2013, neither Farmer Mac nor Farmer Mac II LLC had experienced any credit losses on any of those USDA Guaranteed Securities, including those underlying Farmer Mac Guaranteed Securities. As of September 30, 2013, there were no delinquencies and no probable losses inherent in Farmer Mac's rural utilities loans held or in any Farmer Mac Guaranteed Securities – Rural Utilities.  As of September 30, 2013, Farmer Mac has not experienced credit losses on any rural utilities loans held or on any Farmer Mac Guaranteed Securities – Rural Utilities.

Table 5.8

	90-Day Delinquencies (1)				Net Credit Losses/(Recoveries)
	As of				For the Nine Months Ended
	September 30, 2013		December 31, 2012		September 30, 2013		September 30, 2012
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	32,711	$	29,592	$	2,825	$	199
Total on-balance sheet	$	32,711	$	29,592	$	2,825	$	199
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	331	$	3,671	$	—	$	—
Total off-balance sheet	$	331	$	3,671	$	—	$	—
Total	$	33,042	$	33,263	$	2,825	$	199

(1) Includes loans and loans underlying Farm & Ranch Farmer Mac Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, and in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $32.7 million and $29.6 million of on-balance sheet loans reported as 90-day delinquencies as of September 30, 2013 and December 31, 2012, respectively, $1.4 million and $4.6 million, respectively, are loans subject to "removal-of-account" provisions.

Financing Receivable Credit Quality Indicators [Table Text Block]

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and Farm & Ranch Farmer Mac Guaranteed Securities (excluding AgVantage securities) as of September 30, 2013 and December 31, 2012:  

Table 5.9

	As of September 30, 2013
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including ethanol facilities)		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade (1)
On-balance sheet:
Acceptable	$	1,228,416	$	273,869	$	277,058	$	41,222	$	11,248	$	559	$	1,832,372
Other assets especially mentioned ("OAEM") (2)	2,598		7,904		3,228		1,431		9,831		—		24,992
Substandard (2)	21,013		32,149		11,060		10,391		18,611		115		93,339
Total on-balance sheet	$	1,252,027	$	313,922	$	291,346	$	53,044	$	39,690	$	674	$	1,950,703
Off-Balance Sheet:
Acceptable	$	1,249,498	$	567,479	$	874,604	$	109,056	$	100,655	$	8,176	$	2,909,468
Other assets especially mentioned ("OAEM") (2)	6,639		10,381		38,892		2,038		18,798		585		77,333
Substandard (2)	23,759		13,831		34,747		5,317		20,484		106		98,244
Total off-balance sheet	$	1,279,896	$	591,691	$	948,243	$	116,411	$	139,937	$	8,867	$	3,085,045
Total Ending Balance:
Acceptable	$	2,477,914	$	841,348	$	1,151,662	$	150,278	$	111,903	$	8,735	$	4,741,840
Other assets especially mentioned ("OAEM") (2)	9,237		18,285		42,120		3,469		28,629		585		102,325
Substandard (2)	44,772		45,980		45,807		15,708		39,095		221		191,583
Total	$	2,531,923	$	905,613	$	1,239,589	$	169,455	$	179,627	$	9,541	$	5,035,748
Commodity analysis of past due loans (1)
On-balance sheet	$	5,799	$	17,001	$	6,537	$	3,255	$	—	$	119	$	32,711
Off-balance sheet	220		39		—		72		—		—		331
90-days or more past due	$	6,019	$	17,040	$	6,537	$	3,327	$	—	$	119	$	33,042

(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 OAEM category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  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, 2012
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing (including ethanol facilities)		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade (1)
On-balance sheet:
Acceptable	$	947,097	$	226,253	$	252,525	$	48,156	$	11,972	$	—	$	1,486,003
Other assets especially mentioned ("OAEM") (2)	30,466		33,794		16,344		2,131		19,981		—		102,716
Substandard (2)	22,003		29,647		11,511		12,660		15,196		115		91,132
Total on-balance sheet	$	999,566	$	289,694	$	280,380	$	62,947	$	47,149	$	115	$	1,679,851
Off-Balance Sheet
Acceptable	$	1,143,790	$	567,064	$	922,254	$	130,557	$	114,983	$	10,287	$	2,888,935
Other assets especially mentioned ("OAEM") (2)	10,459		5,068		40,410		3,220		23,372		592		83,121
Substandard (2)	17,534		20,706		44,697		5,141		6,282		1,022		95,382
Total off-balance sheet	$	1,171,783	$	592,838	$	1,007,361	$	138,918	$	144,637	$	11,901	$	3,067,438
Total Ending Balance:
Acceptable	$	2,090,887	$	793,317	$	1,174,779	$	178,713	$	126,955	$	10,287	$	4,374,938
Other assets especially mentioned ("OAEM") (2)	40,925		38,862		56,754		5,351		43,353		592		185,837
Substandard (2)	39,537		50,353		56,208		17,801		21,478		1,137		186,514
Total	$	2,171,349	$	882,532	$	1,287,741	$	201,865	$	191,786	$	12,016	$	4,747,289
Commodity analysis of past due loans (1)
On-balance sheet	$	3,971	$	10,756	$	4,389	$	6,022	$	4,337	$	117	$	29,592
Off-balance sheet	697		45		2,833		96		—		—		3,671
90-days or more past due	$	4,668	$	10,801	$	7,222	$	6,118	$	4,337	$	117	$	33,263

(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 OAEM category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  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.

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying Farm & Ranch Farmer Mac Guaranteed Securities (excluding AgVantage securities) and LTSPCs as of September 30, 2013 and December 31, 2012:

Table 5.10

	September 30, 2013		December 31, 2012
	(in thousands)
By commodity/collateral type:
Crops	$	2,531,923	$	2,171,349
Permanent plantings	905,613		882,532
Livestock	1,239,589		1,287,741
Part-time farm	169,455		201,865
Ag. Storage and Processing (including ethanol facilities)	179,627		191,786
Other	9,541		12,016
Total	$	5,035,748	$	4,747,289
By geographic region (1):
Northwest	$	477,582	$	456,522
Southwest	1,751,921		1,781,822
Mid-North	1,618,632		1,298,148
Mid-South	602,125		589,418
Northeast	236,644		261,756
Southeast	348,844		359,623
Total	$	5,035,748	$	4,747,289
By original loan-to-value ratio:
0.00% to 40.00%	$	1,316,912	$	1,338,715
40.01% to 50.00%	1,046,710		851,980
50.01% to 60.00%	1,389,189		1,296,225
60.01% to 70.00%	1,129,331		1,091,427
70.01% to 80.00%	113,787		122,259
80.01% to 90.00%	39,819		46,683
Total	$	5,035,748	$	4,747,289

(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). Amounts by geographic region as of December 31, 2012 have been restated to reflect the current regional classifications.

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.