Loan Valuation and Margins Table

Effective July 1, 2026

The Reserve Banks determine the collateral value of pledged loans as the product of their fair market value estimate and a margin designed to protect the Reserve Banks from financial loss. The estimated fair market value of each pledged loan is calculated monthly based on information provided by the pledging institution, including cash flow and credit characteristics, as well as market data analyzed by the Reserve Banks. Margins take into account both cash flow and credit characteristics of pledged loans, as well as historical price volatility of each category of loan collateral (as identified in the Margins Table below) measured over liquidation periods determined by the Reserve Banks.

The Reserve Banks will make general assumptions in all cases where information about a loan is not available when determining either a loan’s value or its margin. If a loan’s value or its margin cannot be determined due to missing information about a pledged loan, or any other reason, the loan will receive zero collateral value. Contact your local Reserve Bank for further information.

Margins also consider the risk associated within loan collateral categories. Some loan collateral categories have a margin for both a minimal and normal risk rating. A minimal risk rating is roughly equivalent to investment grade while a normal risk rating is roughly equivalent to below investment grade.

There are two sets of margins applied to loan collateral based on the characteristics of the pledging institution: in-scope and out-of-scope. An institution is considered in-scope if it meets one of the criteria listed below, while all other institutions are considered out-of-scope.

All depository institutions (12 CFR 201.2(c)(1)) that are controlled (12 CFR 225.2(e)) by a Bank Holding Company (12 CFR 225.2(c)(1)) (including a Financial Holding Company (12 CFR 225.81)) or an Intermediate Holding Company (12 CFR 252.2(y)) with Fifty Billion Dollars ($50,000,000,000) or more in total consolidated assets, defined as the average over the last four calendar quarters;
All Foreign Banking Organizations (12 CFR 211.21(o)(1));
All other domestic depository institutions with Fifty Billion Dollars ($50,000,000,000) or more in total consolidated assets, defined as the average over the last four calendar quarters; or
An institution that voluntarily becomes an in-scope institution. This is a permanent conversion -- an in-scope institution cannot become out-of-scope.

Reading the Margins Table

Margins for in-scope institutions and out-of-scope institutions are displayed in the respective Loans Margins Tables below. Toggle between the tabs to switch between types of institutions.

The tables display the range of margins that have been applied historically to loans pledged in each category. Each range consists of the minimum margin, the weighted average margin, and the maximum margin observed based on historical loan pledges. When only one number is displayed, either that was the only observed margin for those characteristics, or there was insufficient historical data available. In the case of insufficient historical data, the margin displayed is the margin a typical loan with these characteristics may receive.

The displayed margins are based on the characteristics of loans that have been historically pledged as collateral and therefore represent typical collateral and expected margin for that category. However, the margin applied to any particular pledged loan will be determined based on the actual loan characteristics and could differ from what is displayed. Ranges displayed on the tables are not binding. Depository institutions should contact their local Reserve Bank with questions about their pledged collateral.

Note: The Loan Types and Call Report Mapping Table, found within the Pledging Collateral section of this website shows the collateral category that corresponds to report codes on the FFIEC 031/041/051 Call Report, the FBO FFIEC 002 Call Report, or the NCUA Call Report, as applicable (Call Report).

In Scope
Out of Scope

Effective Date: 7/1/2026
In Scope - Individually Deposited Loans				Time to Maturity (years)
Loan Category	Coupon Type	Risk Rating	Repayment Type	1	3	5	7	10	15	20	25	30
Loans to State and Local Governments	Floating	Minimal	Fully Amortizing	95	93	90	86	82	75 - 75 - 76	70 - 70 - 71	66	61
		Minimal	Bullet	95	88 - 88 - 89	81 - 82 - 83	77	71	64	59	55	52
		Normal	Fully Amortizing	93	85	77	71	63	53	46	41 - 41 - 42	38
		Normal	Bullet	90	73 - 74 - 75	62	54	45	37	33	31	30
	Fixed	Minimal	Fully Amortizing	95	95	93	90	85	80	76	73	71
		Minimal	Bullet	95	92 - 93 - 93	86 - 87 - 88	80 - 82 - 83	74	66 - 70 - 73	64	64	62
		Normal	Fully Amortizing	94	87	79	73	65	56	50	47	45
		Normal	Bullet	91	77 - 77 - 78	65	55	44	36	33	32	33
Agricultural Loans	Floating	Minimal	Fully Amortizing	95	93 - 93 - 95	90	87	83	78	75	74	74
		Minimal	Bullet	95	88 - 89 - 91	84	79	75	70	68	69	71
		Normal	Fully Amortizing	93 - 93 - 94	85 - 85 - 86	77 - 78 - 79	71 - 71 - 73	63 - 64 - 64	55	49	46	43
		Normal	Bullet	90 - 90 - 91	74 - 75 - 77	62 - 63 - 66	57	50	44	41	40	39
	Fixed	Minimal	Fully Amortizing	95	95	93	90	86	82	81	82	85
		Minimal	Bullet	95	93	88	83	78	76	77	80	84
		Normal	Fully Amortizing	94	87	80	74	67	59	55	54	54
		Normal	Bullet	91	77 - 78 - 79	67	59	52	47	46	48	51
Commercial and Industrial Loans & Leases	Floating	Minimal	Fully Amortizing	95	93 - 93 - 95	90 - 90 - 92	87 - 87 - 89	82 - 83 - 85	76 - 77 - 80	72 - 73 - 76	68 - 69 - 72	70
		Minimal	Bullet	95	88 - 88 - 92	81 - 83 - 87	74 - 78 - 81	66 - 72 - 77	64 - 67 - 72	69	67	66
		Normal	Fully Amortizing	93 - 93 - 94	85 - 85 - 86	77 - 78 - 79	71 - 72 - 73	63 - 65 - 66	54 - 57 - 58	49 - 52 - 53	45 - 48 - 50	42 - 46 - 47
		Normal	Bullet	90 - 90 - 91	73 - 75 - 79	59 - 63 - 71	49 - 56 - 62	39 - 52 - 56	39 - 43 - 48	45	36 - 39 - 46	35 - 38 - 43
	Fixed	Minimal	Fully Amortizing	95	95	93	90	86	81	77	73	68
		Minimal	Bullet	95	92 - 93 - 93	86 - 87 - 89	79 - 81 - 83	71 - 75 - 78	64 - 71 - 74	70	66	63
		Normal	Fully Amortizing	94	87	80	74	67	57	49	39	32
		Normal	Bullet	91	76 - 77 - 80	62 - 66 - 71	50 - 57 - 62	37 - 48 - 56	23 - 40 - 47	23 - 34 - 39	16 - 24 - 29	12 - 15 - 21
US Agency Guaranteed Loans	Floating		Fully Amortizing	95	95	95	95	95	95	94 - 95 - 95	93 - 94 - 95	94
	Floating		Bullet	95	95	95	95	95	94	93	93	93
	Fixed		Fully Amortizing	95	95	95	94	93	91	89	87	86
	Fixed		Bullet	95	95	93	91	89	89	84	83	84
US Agency Non-Guaranteed Loans	Floating	Minimal	Fully Amortizing	95	93	90	87	82	76	72	68	65
		Minimal	Bullet	95	89	83	78	72	66	62	59	57
		Normal	Fully Amortizing	93	85	78	71	64	56	50	47	44
		Normal	Bullet	90	74	63	55	48	42	40	39	39
	Fixed	Minimal	Fully Amortizing	95	95	93	90	86	81	77	74	72
		Minimal	Bullet	95	93	87	82	76	71	69	69	66
		Normal	Fully Amortizing	94	87	80	74	67	59	54	51	49
		Normal	Bullet	91	78	67	58	50	44	43	43	43
Consumer Loans - Unsecured	Floating			88	75	66	59	53	46	42	37	30
Consumer Loans - Unsecured	Fixed			89	77	68	62	56	50	47	42	35
Consumer Loans (auto, boat, etc.)	Floating		Fully Amortizing	91	80 - 80 - 81	71	64	56 - 58 - 58	48 - 51 - 51	43	40	40
	Floating		Bullet	86 - 86 - 87	64 - 66 - 68	48 - 52 - 56	40 - 43 - 43	34	25	17	14	14
	Fixed		Fully Amortizing	92	81	73	67	60	53	49	47	47
	Fixed		Bullet	87 - 87 - 88	67 - 69 - 71	53 - 55 - 60	42 - 45 - 50	35 - 36 - 43	30	21	18	18
Consumer Leases (auto, boat, etc.)	Floating			91	80	71	64	56	48	43	39	37
Consumer Leases (auto, boat, etc.)	Fixed			92	81	73	67	60	53	49	47	44
Student Loans	Floating		Fully Amortizing	95	88 - 88 - 89	83 - 83 - 84	77 - 78 - 79	71 - 72 - 73	66 - 66 - 68	61 - 62 - 64	56 - 56 - 57	45
	Floating		Bullet	92	81	72	65	59	56	55	51	39
	Fixed		Fully Amortizing	95	91	86	81	76	70	66	64	60
	Fixed		Bullet	94	84 - 84 - 85	74 - 76 - 78	66 - 69 - 72	63	59	59	58	56
1-4 Family Mortgage Loans (first lien)	Floating		Fully Amortizing	95	92 - 92 - 94	88 - 88 - 90	84 - 85 - 87	79 - 79 - 82	72 - 74 - 76	67 - 70 - 71	63 - 66 - 71	59 - 63 - 66
	Floating		Bullet	95	87	80	75	69	62	58	56	54
	Fixed		Fully Amortizing	95	94	91	88	84	77	73	70	67
	Fixed		Bullet	95	90	84	78	70	65	62	60	59
1-4 Family Mortgage Loans (second lien, home equity)	Floating		Fully Amortizing	95	88	82 - 83 - 83	77 - 77 - 78	71 - 71 - 72	63 - 63 - 64	57 - 57 - 58	53 - 54 - 55	50 - 51 - 52
	Floating		Bullet	92 - 92 - 93	81	70 - 72 - 73	61 - 65 - 66	54 - 58 - 60	51 - 51 - 52	49	47	46
	Fixed		Fully Amortizing	95	89	83	78	71	63	57	52	49
	Fixed		Bullet	93	82	73	67	59	52	48	45	42
Commercial Real Estate Loans	Floating	Minimal	Fully Amortizing	95	89 - 89 - 91	84 - 84 - 85	79 - 79 - 80	73 - 73 - 75	65 - 65 - 67	59 - 60 - 61	55	51
		Minimal	Bullet	93 - 93 - 94	81 - 81 - 84	70 - 73 - 75	61 - 66 - 69	58	51	48	45	44
		Normal	Fully Amortizing	92	81 - 81 - 83	72 - 73 - 75	65 - 65 - 68	56 - 58 - 60	46 - 48 - 51	39 - 42 - 45	35 - 38 - 41	32
		Normal	Bullet	87 - 87 - 89	68 - 69 - 72	52 - 56 - 61	41 - 46 - 52	33 - 38 - 45	28 - 32 - 41	27	25	24
	Fixed	Minimal	Fully Amortizing	95	91	87	82	77	69	66	61	59
		Minimal	Bullet	94	85 - 85 - 86	76 - 77 - 78	67 - 68 - 71	60 - 60 - 64	57	55	53	52
		Normal	Fully Amortizing	93	83	75	69	61	51	46	43	40
		Normal	Bullet	89	71 - 72 - 73	57 - 59 - 62	46 - 48 - 52	29 - 40 - 47	32 - 34 - 39	34	33	33
Construction Loans	Floating	Minimal	Fully Amortizing	87	72 - 72 - 73	61 - 61 - 62	52 - 53 - 53	43 - 44 - 45	33 - 35 - 36	28 - 32 - 32	25	24
		Minimal	Bullet	81	53 - 56 - 57	38 - 41 - 44	31	24	19	18	18	19
		Normal	Fully Amortizing	84 - 84 - 85	66 - 66 - 67	53 - 54 - 55	44 - 45 - 46	35 - 36 - 38	26 - 27 - 30	22 - 23 - 26	19 - 20 - 24	17 - 19 - 21
		Normal	Bullet	76 - 76 - 78	44 - 47 - 50	30 - 32 - 35	21 - 24 - 27	13 - 18 - 24	13 - 16 - 19	13 - 14 - 19	13	14
	Fixed	Minimal	Fully Amortizing	88	73	63	54	46	37	33	30	27
		Minimal	Bullet	81 - 82 - 82	58	44	36	30	27	26	25	23
		Normal	Fully Amortizing	85	68	56	47	38	30	25	22	21
		Normal	Bullet	77 - 77 - 78	46 - 50 - 51	27 - 33 - 36	28	7 - 19 - 23	20	19	18	18
Raw Land Loans	Floating	Minimal		81	56	41	33	26	22	21	20	19
	Floating	Normal		76 - 76 - 77	44 - 47 - 48	32	24	19	16	15	14	14
	Fixed	Minimal		81 - 82 - 82	56 - 57 - 58	43	32 - 34 - 35	27	24	22	22	21
	Fixed	Normal		77 - 77 - 78	48 - 49 - 51	31 - 34 - 37	22 - 24 - 29	16 - 19 - 23	15 - 17 - 19	17	17	16
Consumer Loans - Credit Card Receivables				0 - 71 - 75

Effective Date: 7/1/2026
Out of Scope - Individually Deposited Loans			Time to Maturity (years)
Loan Category	Coupon Type	Risk Rating	1	3	5	7	10	15	20	25	30
Bank Loans to State and Local Governments	Floating	Minimal	95	93	90	86 - 86 - 87	82	75 - 75 - 76	70 - 70 - 71	66	61
	Floating	Normal	93	85	77 - 77 - 78	71	63	53	46	41 - 42 - 42	38 - 38 - 39
	Fixed	Minimal	95	95	93	90	85	80	76	73	71
	Fixed	Normal	94	87	79	73	65	56	50	47	45
Agricultural Loans	Floating	Minimal	95	93	90	87	83	78	75	74	74
	Floating	Normal	93	85	77 - 78 - 78	71 - 71 - 72	64	55	49 - 49 - 50	45 - 46 - 46	43 - 44 - 44
	Fixed	Minimal	95	95	93	90	86	82	81	82	85
	Fixed	Normal	94	87	80	74	67	59	55	54	54
Commercial and Industrial Loans & Leases	Floating	Minimal	95	93 - 93 - 94	90	87 - 87 - 88	83 - 83 - 84	77 - 78 - 79	73 - 74 - 75	70 - 71 - 73	68 - 69 - 72
	Floating	Normal	93	85	78	72	65 - 65 - 66	57 - 57 - 58	52	48 - 49 - 50	46 - 47 - 48
	Fixed	Minimal	95	95	93	90	86	81	77	73	68
	Fixed	Normal	94	87	80	74	67	57	49	39	32
US Agency Guaranteed Loans	Floating		95	95	95	95	95	95	94 - 95 - 95	93 - 95 - 95	94 - 94 - 95
US Agency Guaranteed Loans	Fixed		95	95	95	94	93	91	89	87	86
US Agency Non-Guaranteed Loans	Floating	Minimal	95	93	90	87	82	76	72	68	65
	Floating	Normal	93	85	77 - 78 - 78	71 - 71 - 72	64	56	50 - 50 - 51	46 - 47 - 47	44
	Fixed	Minimal	95	95	93	90	86	81	77	74	72
	Fixed	Normal	94	87	80	74	67	59	54	51	49
Consumer Loans - Unsecured	Floating		88 - 88 - 89	75	66	59	52 - 52 - 53	46 - 46 - 47	42 - 42 - 43	36 - 38 - 39	30 - 31 - 32
Consumer Loans - Unsecured	Fixed		89	77	68	62	56	50	47	42	35
Consumer Loans (auto, boat, etc.)	Floating		91	80	71	64 - 64 - 65	56 - 56 - 57	48 - 48 - 49	43 - 43 - 44	39 - 40 - 42	39 - 40 - 42
Consumer Loans (auto, boat, etc.)	Fixed		92	81	73	67	60	53	49	47	47
Consumer Leases (auto, boat, etc.)	Floating		91	80	71	64	56	48	43	39	37
Consumer Leases (auto, boat, etc.)	Fixed		92	81	73	67	60	53	49	47	44
Student Loans	Floating		95	88 - 89 - 89	83	77 - 78 - 78	72	66 - 66 - 67	61 - 62 - 63	56 - 57 - 58	45
Student Loans	Fixed		95	91	86	81	76	70	66	64	60
1-4 Family Mortgage Loans (first lien)	Floating		95	92 - 92 - 93	88 - 88 - 89	84 - 84 - 85	79 - 79 - 80	72 - 73 - 74	67 - 67 - 69	63 - 63 - 66	59 - 60 - 64
1-4 Family Mortgage Loans (first lien)	Fixed		95	94	91	88	84	77	73	70	67
1-4 Family Mortgage Loans (second lien, home equity)	Floating		95	88	83	77 - 77 - 78	71	63	57 - 57 - 58	53 - 53 - 54	50 - 51 - 51
1-4 Family Mortgage Loans (second lien, home equity)	Fixed		95	89	83	78	71	63	57	52	49
Commercial Real Estate Loans	Floating	Minimal	95	89	84	79	73	65	58 - 59 - 61	54 - 54 - 56	50 - 51 - 52
	Floating	Normal	92	81 - 81 - 82	72 - 72 - 73	65 - 65 - 66	56 - 57 - 58	46 - 46 - 49	39 - 40 - 43	35 - 35 - 38	31 - 32 - 37
	Fixed	Minimal	95	91	87	82	77	69	66	61	59
	Fixed	Normal	93	83	75	69	61	51	46	43	40
Construction Loans	Floating	Minimal	87	72	61	52	43	33	28	25 - 25 - 26	23 - 24 - 25
	Floating	Normal	84	66	53 - 54 - 54	44 - 44 - 45	35 - 35 - 36	26 - 26 - 27	21 - 22 - 22	19 - 19 - 20	18 - 19 - 21
	Fixed	Minimal	88	73	63	54	46	37	33	30	27
	Fixed	Normal	85	68	56	47	38	30	25	22	21
Raw Land Loans	Floating	Minimal	81	53 - 56 - 57	36 - 40 - 44	25 - 29 - 36	16 - 23 - 31	11 - 20 - 26	10 - 18 - 23	9 - 16 - 21	10 - 17 - 20
	Floating	Normal	76 - 76 - 77	44 - 47 - 51	26 - 31 - 37	16 - 22 - 32	9 - 17 - 26	6 - 14 - 20	5 - 13 - 18	5 - 11 - 16	5 - 12 - 15
	Fixed	Minimal	81 - 82 - 82	56 - 57 - 59	39 - 43 - 46	28 - 33 - 38	22 - 28 - 32	18 - 25 - 27	20 - 23 - 25	18 - 22 - 24	21
	Fixed	Normal	77 - 77 - 78	46 - 50 - 53	27 - 35 - 40	22 - 26 - 31	11 - 21 - 28	7 - 19 - 24	13 - 18 - 20	13 - 17 - 19	13 - 16 - 17
Consumer Loans - Credit Card Receivables			75
Consumer Loans - Subprime Credit Card Receivables			34