Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 222

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 222
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.11 %

(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).    

93

Included in realized losses in the table above is a charge-off in the amount of approximately $0.5 million related to a single $14.5 million agricultural storage and processing borrower exposure in 2024. Also during 2024, Farmer Mac sold $7.0 million of the holding to reduce the overall exposure to this borrower. That sale resulted in a realized loss in the amount of approximately $1.1 million, before tax. As of December 31, 2024, Farmer Mac had transferred the remaining holding in the amount of approximately $7.1 million from loans held for investment to loans held for sale and recognized an unrealized loss in the amount of approximately $1.0 million, before tax. Thus, in 2024 Farmer Mac incurred an aggregate economic loss on this single agricultural storage and processing exposure in the amount of approximately $2.5 million.

Analysis of portfolio performance indicates that commodity type is the primary determinant of Farmer Mac's exposure to loss on a given loan. The following tables present concentrations of Agricultural Finance mortgage loans by commodity type within geographic region and cumulative credit losses by origination year and commodity type:

Table 27As of December 31, 2024Agricultural Finance Mortgage Loans Concentrations by Commodity Type within Geographic RegionCropsPermanentPlantingsLivestockPart-timeFarmAg. Storage andProcessingOtherTotal(dollars in thousands)By geographic region(1):Northwest$718,450 $234,312 $331,297 $126,136 $36,436 $1,376 $1,448,007 5.8 %1.9 %2.7 %1.0 %0.3 %— %11.7 %Southwest796,861 1,898,177 600,