COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 03, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-14951 | ||
Entity Registrant Name | FEDERAL AGRICULTURAL MORTGAGE CORPORATION | ||
Entity Incorporation, State or Country Code | X1 | ||
Entity Tax Identification Number | 52-1578738 | ||
Entity Address, Address Line One | 1999 K Street, N.W., 4th Floor, | ||
Entity Address, City or Town | Washington, | ||
Entity Address, State or Province | DC | ||
Entity Address, Postal Zip Code | 20006 | ||
City Area Code | (202) | ||
Local Phone Number | 872-7700 | ||
Title of 12(g) Security | Class B voting common stock | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 639,482,137 | ||
Documents Incorporated by Reference | The definitive proxy statement relating to the registrant's 2020 Annual Meeting of Stockholders (portions of which are incorporated by reference into Part III of this Annual Report on Form 10-K) | ||
Entity Central Index Key | 0000845877 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Class A voting common stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class A voting common stock | ||
Trading Symbol | AGM.A | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 1,030,780 | ||
Common Class B, Voting | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 500,301 | ||
Class C non-voting common stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class C non-voting common stock | ||
Trading Symbol | AGM | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 9,180,969 | ||
5.875% Non-Cumulative Preferred Stock, Series A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.875% Non-Cumulative Preferred Stock, Series A | ||
Trading Symbol | AGM.PRA | ||
Security Exchange Name | NYSE | ||
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | ||
Trading Symbol | AGM.PRC | ||
Security Exchange Name | NYSE | ||
5.700% Non-Cumulative Preferred Stock, Series D | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.700% Non-Cumulative Preferred Stock, Series D | ||
Trading Symbol | AGM.PRD | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 604,381 | $ 425,256 |
Loans: | ||
Loans held for investment, at amortized cost | 5,390,977 | 4,004,968 |
Loans held for investment in consolidated trusts, at amortized cost | 1,600,917 | 1,517,101 |
Allowance for loan losses | (10,454) | (7,017) |
Total loans, net of allowance | 6,981,440 | 5,515,052 |
Real estate owned, at lower of cost or fair value | 1,770 | 128 |
Financial derivatives, at fair value | 10,519 | 7,487 |
Interest receivable (includes $20,568 and $19,783, respectively, related to consolidated trusts) | 199,195 | 180,080 |
Guarantee and commitment fees receivable | 38,442 | 40,366 |
Deferred tax asset, net | 16,510 | 6,369 |
Prepaid expenses and other assets | 20,693 | 9,418 |
Total Assets | 21,709,374 | 18,694,328 |
Notes payable: | ||
Due within one year | 10,019,082 | 7,757,050 |
Due after one year | 9,079,566 | 8,486,647 |
Total | 19,098,648 | 16,243,697 |
Debt securities of consolidated trusts held by third parties | 1,616,504 | 1,528,957 |
Total | 19,098,648 | 16,243,697 |
Financial derivatives, at fair value | 27,042 | 19,633 |
Accrued interest payable (includes $18,018 and $17,125, respectively, related to consolidated trusts) | 106,959 | 96,743 |
Guarantee and commitment obligation | 36,700 | 38,683 |
Accounts payable and accrued expenses | 22,081 | 11,891 |
Reserve for losses | 2,164 | 2,167 |
Total Liabilities | 20,910,098 | 17,941,771 |
Commitments and Contingencies | ||
Common stock: | ||
Additional paid-in capital | 119,304 | 118,822 |
Accumulated other comprehensive (loss)/income, net of tax | (16,161) | 24,956 |
Retained earnings | 457,047 | 393,351 |
Total Equity | 799,276 | 752,557 |
Total Liabilities and Equity | 21,709,374 | 18,694,328 |
5.875% Non-Cumulative Preferred Stock, Series A | ||
Preferred stock: | ||
Preferred stock | 58,333 | 58,333 |
Series B Preferred Stock | ||
Preferred stock: | ||
Preferred stock | 0 | 73,044 |
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | ||
Preferred stock: | ||
Preferred stock | 73,382 | 73,382 |
5.700% Non-Cumulative Preferred Stock, Series D | ||
Preferred stock: | ||
Preferred stock | 96,659 | 0 |
Class A voting common stock | ||
Common stock: | ||
Common Stock | 1,031 | 1,031 |
Common Class B, Voting | ||
Common stock: | ||
Common Stock | 500 | 500 |
Class C non-voting common stock | ||
Common stock: | ||
Common Stock | 9,181 | 9,138 |
Debt Securities | ||
Assets: | ||
Available-for-sale, at fair value | 2,959,843 | 2,217,852 |
Held-to-maturity, at amortized cost | 45,032 | 45,032 |
Total Securities | 3,004,875 | 2,262,884 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 7,143,025 | 5,974,497 |
Held-to-maturity, at amortized cost | 1,447,451 | 2,096,618 |
Total Securities | 8,590,476 | 8,071,115 |
USDA Securities: | ||
Assets: | ||
Held-to-maturity, at amortized cost | 2,232,160 | 2,166,174 |
Trading, at fair value | 8,913 | 9,999 |
Total Securities | $ 2,241,073 | $ 2,176,173 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Interest receivable - Consolidated Trusts amount | $ 199,195,000 | $ 180,080,000 |
Accrued interest payable - Consolidated Trusts amount | 106,959,000 | 96,743,000 |
Variable Interest Entity, Primary Beneficiary | ||
Interest receivable - Consolidated Trusts amount | 20,568,000 | 19,783,000 |
Accrued interest payable - Consolidated Trusts amount | $ 18,018,000 | $ 17,125,000 |
5.875% Non-Cumulative Preferred Stock, Series A | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 2,400,000 | 2,400,000 |
Preferred stock, shares issued (in shares) | 2,400,000 | 2,400,000 |
Preferred stock, shares outstanding (in shares) | 2,400,000 | 2,400,000 |
Series B Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, redemption amount | $ 75,000,000 | $ 75,000,000 |
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
5.700% Non-Cumulative Preferred Stock, Series D | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares outstanding (in shares) | 4,000,000 | 4,000,000 |
Class A voting common stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 1,030,780 | 1,030,780 |
Common Class B, Voting | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 500,301 | 500,301 |
Class C non-voting common stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 9,180,744 | 9,137,550 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Investments and cash equivalents | $ 81,522 | $ 55,179 | $ 34,586 |
Farmer Mac Guaranteed Securities and USDA Securities | 333,896 | 290,953 | 203,796 |
Loans | 229,675 | 198,152 | 162,150 |
Total interest income | 645,093 | 544,284 | 400,532 |
Total interest expense | 471,958 | 369,848 | 242,885 |
Net interest income | 173,135 | 174,436 | 157,647 |
Provision for loan losses | (3,504) | (238) | (1,708) |
Net interest income after provision for loan losses | 169,631 | 174,198 | 155,939 |
Non-interest income: | |||
Guarantee and commitment fees | 13,666 | 13,976 | 14,114 |
Gains/(losses) on financial derivatives | 5,282 | (3,687) | 753 |
Gains/(losses) on trading securities | 326 | 81 | (24) |
(Losses)/gains on sale of available-for-sale investment securities | (236) | 0 | 89 |
(Losses)/gains on sale of real estate owned | 0 | (7) | 1,748 |
Other income | 1,904 | 1,377 | 832 |
Non-interest income | 20,942 | 11,740 | 17,512 |
Non-interest expense: | |||
Compensation and employee benefits | 28,762 | 27,534 | 24,233 |
General and administrative | 20,311 | 19,707 | 15,959 |
Regulatory fees | 2,788 | 2,562 | 2,500 |
Real estate owned operating costs, net | 64 | 16 | 23 |
(Release of)/provision for reserve for losses | (3) | 97 | 50 |
Non-interest expense | 51,922 | 49,916 | 42,765 |
Income before income taxes | 138,651 | 136,022 | 130,686 |
Income tax expense | 29,105 | 27,942 | 46,369 |
Net income | 109,546 | 108,080 | 84,317 |
Less: Net loss attributable to non-controlling interest | 0 | 0 | 165 |
Net income attributable to Farmer Mac | 109,546 | 108,080 | 84,482 |
Preferred stock dividends | (13,940) | (13,182) | (13,182) |
Loss on retirement of preferred stock | (1,956) | 0 | 0 |
Net income attributable to common stockholders | $ 93,650 | $ 94,898 | $ 71,300 |
Earnings per common share: | |||
Basic earnings per common share (in dollars per share) | $ 8.76 | $ 8.91 | $ 6.73 |
Diluted earnings per common share (in dollars per share) | $ 8.69 | $ 8.83 | $ 6.60 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 109,546 | $ 108,080 | $ 84,317 |
Before Tax | |||
Net unrealized (losses)/gains on available-for-sale securities | (22,831) | (29,980) | 20,012 |
Net changes in held-to-maturity securities | (13,415) | (6,067) | (9,329) |
Net unrealized (losses)/gains on cash flow hedges | (15,801) | 2,938 | |
Net unrealized (losses)/gains on cash flow hedges | 2,046 | ||
Other comprehensive (loss)/income before tax | (52,047) | (33,109) | 12,729 |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 10,930 | 6,953 | (4,455) |
Other comprehensive (loss)/income net of tax | (41,117) | (26,156) | 8,274 |
Comprehensive income | 68,429 | 81,924 | 92,591 |
Less: comprehensive loss attributable to non-controlling interest | 0 | 0 | 165 |
Comprehensive income attributable to Farmer Mac | $ 68,429 | $ 81,924 | $ 92,756 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Class C non-voting common stock | 5.700% Non-Cumulative Preferred Stock, Series D | Series B Preferred Stock | Preferred Stock | Preferred Stock5.700% Non-Cumulative Preferred Stock, Series D | Preferred StockSeries B Preferred Stock | Common Stock | Common StockClass C non-voting common stock | Additional Paid-in Capital | Additional Paid-in CapitalClass C non-voting common stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest |
Beginning balance ( in shares) at Dec. 31, 2016 | 8,400 | 10,539 | ||||||||||||
Beginning balance at Dec. 31, 2016 | $ 643,647 | $ 204,759 | $ 10,539 | $ 118,655 | $ 33,758 | $ 275,714 | $ 222 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) attributable to Farmer Mac | 84,482 | 84,482 | ||||||||||||
Net income (loss) attributable to non-controlling interest | (165) | (165) | ||||||||||||
Other comprehensive (loss)/income net of tax | 8,274 | 8,274 | ||||||||||||
Reclassification of stranded tax effects due to enactment of new tax legislation | 0 | 9,053 | (9,053) | |||||||||||
Cash dividends, preferred stock | (13,182) | (13,182) | ||||||||||||
Common stock | (15,257) | (15,257) | ||||||||||||
Issuance of stock (in shares) | 80 | |||||||||||||
Issuance of stock | $ 311 | $ 80 | $ 231 | |||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||
Stock-based compensation cost | 2,701 | 2,701 | ||||||||||||
Other stock-based award activity | (2,608) | (2,608) | ||||||||||||
Redemption of interest in subsidiary | (57) | (57) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 8,400 | 10,619 | ||||||||||||
Ending balance at Dec. 31, 2017 | 708,146 | $ 204,759 | $ 10,619 | 118,979 | 51,085 | 322,704 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Beginning balance, as adjusted | $ 204,759 | $ 10,619 | 118,979 | 0 | ||||||||||
Net income (loss) attributable to Farmer Mac | 108,080 | 108,080 | ||||||||||||
Net income (loss) attributable to non-controlling interest | 0 | |||||||||||||
Other comprehensive (loss)/income net of tax | (26,156) | (26,156) | ||||||||||||
Cash dividends, preferred stock | (13,182) | (13,182) | ||||||||||||
Common stock | (24,722) | (24,722) | ||||||||||||
Issuance of stock (in shares) | 50 | |||||||||||||
Issuance of stock | 57 | $ 50 | 7 | |||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||
Stock-based compensation cost | 2,518 | 2,518 | ||||||||||||
Other stock-based award activity | (2,682) | (2,682) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 8,400 | 10,669 | ||||||||||||
Ending balance at Dec. 31, 2018 | 752,557 | $ 204,759 | $ 10,669 | 118,822 | 24,956 | 393,351 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) attributable to Farmer Mac | 109,546 | 109,546 | ||||||||||||
Net income (loss) attributable to non-controlling interest | 0 | |||||||||||||
Other comprehensive (loss)/income net of tax | (41,117) | (41,117) | ||||||||||||
Cash dividends, preferred stock | (13,940) | (13,940) | ||||||||||||
Common stock (in shares) | 0 | |||||||||||||
Common stock | (29,954) | (29,954) | ||||||||||||
Issuance of stock (in shares) | 4,000 | 43 | ||||||||||||
Issuance of stock | $ 87 | $ 96,659 | $ 96,659 | $ 43 | $ 44 | |||||||||
Redemption of Series B preferred stock (in shares) | (3,000) | |||||||||||||
Redemption of Series B preferred stock | $ (73,044) | $ (73,044) | ||||||||||||
Loss on retirement of preferred stock | (1,956) | (1,956) | ||||||||||||
Stock-based compensation cost | 2,258 | 2,258 | ||||||||||||
Other stock-based award activity | (1,820) | (1,820) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 9,400 | 10,712 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 799,276 | $ 228,374 | $ 10,712 | $ 119,304 | $ (16,161) | $ 457,047 | $ 0 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends per common share (in dollars per share) | $ 0.7 | $ 0.58 | $ 0.36 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 109,546 | $ 108,080 | $ 84,317 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities | (10,399) | (1,104) | 1,739 |
Amortization of debt premiums, discounts and issuance costs | 50,052 | 30,207 | 22,858 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | (220,080) | (23,747) | (11,187) |
Loss/(gain) on sale of real estate owned | 0 | 7 | (1,748) |
Total provision for losses | 3,501 | 335 | 1,758 |
Excess tax benefits related to stock-based awards | 449 | 946 | 860 |
Deferred income tax expense | 789 | 2,625 | 3,221 |
Other | 236 | 0 | 11 |
Stock-based compensation expense | 2,258 | 2,517 | 2,702 |
Purchases of loans held for sale | 0 | (25,000) | 0 |
Proceeds from the sale of loans held for sale | 0 | 25,000 | 0 |
Proceeds from repayment of loans purchased as held for sale | 54,195 | 92,060 | 70,630 |
Net change in: | |||
Interest receivable | (19,080) | (25,866) | (32,468) |
Guarantee and commitment fees receivable | (59) | (188) | 94 |
Other assets | (2,744) | (6,435) | 3,641 |
Accrued interest payable | 10,216 | 21,341 | 25,702 |
Other liabilities | 1,421 | (747) | 2,881 |
Net cash (used in)/provided by operating activities | (19,699) | 200,031 | 175,011 |
Cash flows from investing activities: | |||
Purchases of held-to-maturity investment securities | 0 | 0 | (45,032) |
Purchases of loans held for investment | (2,234,715) | (947,495) | (1,266,926) |
Purchases of defaulted loans | (469) | (1,483) | (311) |
Proceeds from repayment of loans purchased as held for investment | 758,192 | 611,344 | 435,356 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 321,414 | 382,929 | 519,219 |
Proceeds from sale of real estate owned | 0 | 116 | 8,099 |
Net cash used in investing activities | (2,384,587) | (591,462) | (1,842,605) |
Cash flows from financing activities: | |||
Payments to third parties on debt securities of consolidated trusts | (181,493) | (138,806) | (106,888) |
Proceeds from common stock issuance | 44 | 7 | 238 |
Retirement of Series B preferred stock | (75,000) | 0 | 0 |
Proceeds from Series D preferred stock issuance, net of stock issuance costs | 96,659 | 0 | 0 |
Tax payments related to share-based awards | (1,777) | (2,631) | (2,536) |
Dividends paid on common and preferred stock | (43,894) | (37,905) | (28,439) |
Net cash provided by financing activities | 2,583,411 | 514,665 | 1,704,387 |
Net change in cash and cash equivalents | 179,125 | 123,234 | 36,793 |
Cash and cash equivalents at beginning of period | 425,256 | 302,022 | 265,229 |
Cash and cash equivalents at end of period | 604,381 | 425,256 | 302,022 |
Cash paid during the period for: | |||
Interest | 365,526 | 268,728 | 161,060 |
Income taxes | 23,100 | 30,882 | 39,500 |
Non-cash activity: | |||
Real estate owned acquired through loan liquidation | 0 | 128 | 5,400 |
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 321,414 | 382,929 | 519,219 |
Consolidation of Farmer Mac Guaranteed Securities from off-balance sheet to loans held for investment in consolidated trusts and to debt securities of consolidated trusts held by third parties | 263,561 | 255,080 | 363,475 |
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 5,479 | 7,748 | 5,670 |
Purchases of securities - traded, not yet settled | 0 | (1,400) | 1,400 |
Medium-term Notes | |||
Cash flows from financing activities: | |||
Proceeds from issuance of discount notes and medium-term notes | 10,195,775 | 7,692,845 | 8,600,860 |
Payments to redeem notes | (7,970,126) | (6,834,057) | (4,675,300) |
Notes Payable to Banks | |||
Cash flows from financing activities: | |||
Proceeds from issuance of discount notes and medium-term notes | 64,642,545 | 41,726,788 | 51,980,890 |
Payments to redeem notes | (64,079,322) | (41,891,576) | (54,064,438) |
Debt Securities | |||
Cash flows from investing activities: | |||
Purchases of securities | (2,166,376) | (1,221,392) | (979,671) |
Proceeds from repayment of securities | 1,425,402 | 1,242,310 | 1,326,779 |
Proceeds from sale of available-for-sale investment securities | 12,367 | 0 | 10,218 |
Farmer Mac Guaranteed Securities and USDA Securities | |||
Cash flows from investing activities: | |||
Purchases of securities | (2,691,104) | (3,470,832) | (2,913,514) |
Proceeds from repayment of securities | $ 2,190,702 | $ 2,813,041 | $ 1,063,178 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the availability of long-term credit at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Farmer Mac's secondary market activities include: • purchasing eligible loans directly from lenders; • providing advances against eligible loans by purchasing obligations secured by those loans; • securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and • issuing long-term standby purchase commitments ("LTSPCs") for eligible loans. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements:Principles of ConsolidationThe consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. The accounts of Contour Valuation Services, LLC (which began doing business as AgVisory during first quarter 2016) ("AgVisory"), Farmer Mac's former majority-owned subsidiary, are also included through June 30, 2017. Farmer Mac redeemed its ownership interest in AgVisory on May 1, 2017.Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(n) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Troubled Debt Restructuring ("TDR") A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans, Rural Utilities loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farm & Ranch Guaranteed Security becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the property securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Beginning in first quarter 2018, changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "(Losses)/gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in "Net interest income" in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Before 2018, gains and losses on financial derivatives were included in "Gains/(losses) on financial derivatives" whether or not they were designated in hedge accounting relationships. See Notes 6 and 13 for more information on financial derivatives. Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by: commodity type, portfolio, and risk rating; is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense, and decreases by charge-offs for realized losses, net of recoveries. Negative provisions, or releases from the allowance for losses, generally occur when the estimate of probable losses as of the end of a period is less than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is released and a corresponding amount is provided to the allowance for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. Farmer Mac separately evaluates the Rural Utilities loans it owns to determine if there are any probable losses inherent in those assets. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring impairment of individual loans. Farmer Mac's impaired loans include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. Updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just before the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). A property appraisal value may also be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value, less estimated costs to sell, does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock awards. The following schedule reconciles basic and diluted EPS for the years ended December 31, 2019, 2018, and 2017: Table 2.1 For the Years Ended December 31, 2019 2018 2017 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 93,650 10,696 $ 8.76 $ 94,898 10,654 $ 8.91 $ 71,300 10,594 $ 6.73 Effect of dilutive securities (1) SARs and restricted stock — 82 (0.07) — 92 (0.08) — 209 (0.13) Diluted EPS $ 93,650 10,778 $ 8.69 $ 94,898 10,746 $ 8.83 $ 71,300 10,803 $ 6.60 (1) For the years ended December 31, 2019, 2018, and 2017, SARs and restricted stock of 43,374, 15,812, and 28,579, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2019, 2018, and 2017, contingent shares of unvested restricted stock of 10,349, 13,138, and 29,647, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Tax legislation was enacted on December 22, 2017, that included a broad range of provisions, including a reduction to the corporate tax rate. Farmer Mac re-measured its deferred tax assets and liabilities as of December 31, 2017 using the newly enacted statutory tax rate of 21% and recognized a one-time, non-cash charge of $1.4 million to income tax expense during 2017. Due to the re-measurement of Farmer Mac's deferred tax assets and liabilities as of December 31, 2017 at the new statutory federal income tax rate of 21%, items originally recorded through other comprehensive income did not reflect the new statutory federal income tax rate. Farmer Mac adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," for the year ended December 31, 2017. This change in accounting principle resulted in an increase to "Accumulated other comprehensive income, net of tax" and a corresponding decrease to "Retained earnings" of $9.1 million. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $2.3 million, $2.5 million, and $2.7 million of compensation expense related to stock options, SARs, and non-vested restricted stock awards for 2019, 2018, and 2017, respectively. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2019, 2018, and 2017: Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2017 $ (14,387) $ 45,752 $ 2,393 $ 33,758 Other comprehensive income before reclassifications 23,925 — 152 24,077 Amounts reclassified from AOCI (10,917) (6,064) 1,178 (15,803) Net comprehensive income/(loss) 13,008 (6,064) 1,330 8,274 Stranded tax effects reclassified from AOCI due to enactment of new tax legislation (297) 8,548 802 9,053 Balance as of December 31, 2017 $ (1,676) $ 48,236 $ 4,525 $ 51,085 Cumulative effect from change in hedge accounting — — 27 27 Balance as of January 1, 2018 (1,676) 48,236 4,552 51,112 Other comprehensive income before reclassifications (19,151) — 2,571 (16,580) Amounts reclassified from AOCI (4,533) (4,793) (250) (9,576) Net comprehensive income/(loss) (23,684) (4,793) 2,321 (26,156) Balance as of December 31, 2018 $ (25,360) $ 43,443 $ 6,873 $ 24,956 Other comprehensive income before reclassifications (14,976) — (11,561) (26,537) Amounts reclassified from AOCI (3,061) (10,598) (921) (14,580) Net comprehensive income/(loss) (18,037) (10,598) (12,482) (41,117) Balance as of December 31, 2019 $ (43,397) $ 32,845 $ (5,609) $ (16,161) The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2019, 2018, and 2017: Table 2.3 For the Years Ended December 31, 2019 2018 2017 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale securities $ (18,958) $ (3,982) $ (14,976) $ (24,241) $ (5,090) $ (19,151) $ 36,809 $ 12,884 $ 23,925 Less reclassification adjustments included in: Net interest income (1) (3,834) (805) (3,029) (5,784) (1,215) (4,569) — — — Gains/(losses) on financial derivatives (1) — — — — — — (16,845) (5,897) (10,948) (Losses)/gains on sale of available-for-sale investment securities (2) 236 50 186 — — — (89) (31) (58) Other income (3) (275) (57) (218) 45 9 36 137 48 89 Total $ (22,831) $ (4,794) $ (18,037) $ (29,980) $ (6,296) $ (23,684) $ 20,012 $ 7,004 $ 13,008 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (4) (13,415) (2,817) (10,598) (6,067) (1,274) (4,793) (9,329) (3,265) (6,064) Total $ (13,415) $ (2,817) $ (10,598) $ (6,067) $ (1,274) $ (4,793) $ (9,329) $ (3,265) $ (6,064) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (14,635) $ (3,074) $ (11,561) $ 3,254 $ 683 $ 2,571 $ 233 $ 81 $ 152 Less reclassification adjustments included in: Net interest income (5) (1,166) (245) (921) (316) (66) (250) 1,813 635 1,178 Total $ (15,801) $ (3,319) $ (12,482) $ 2,938 $ 617 $ 2,321 $ 2,046 $ 716 $ 1,330 Other comprehensive (loss)/income $ (52,047) $ (10,930) $ (41,117) $ (33,109) $ (6,953) $ (26,156) $ 12,729 $ 4,455 $ 8,274 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents unrealized gains and losses on sales of available-for-sale securities. (3) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying agricultural real estate mortgage and Rural Utilities loans. See Note 2(g) for Farmer Mac's policy for estimating probable losses for LTSPCs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices in active markets. Farmer Mac classifies these fair value measurements as "Level 1." For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, senior agency debt securities, and Government/GSE guaranteed mortgage-backed securities, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as "Level 2." For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility, and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as "Level 3." Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expect |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Farmer Mac considers an entity to be a related party if (1) the entity holds at least 5% of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect 5 members of Farmer Mac's 15-member board of directors and that Class B stockholders elect 5 members of the board of directors. Farmer Mac generally requires financial institutions to own a requisite amount of common stock, based on the size and type of institution, to participate in the Farm & Ranch line of business. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. Zions Bancorporation, National Association : Farmer Mac considers Zions Bancorporation, National Association and its affiliates ("Zions") a related party due to the ownership by Zions of approximately 31.2% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2019, 2018, and 2017: Table 3.1 For the Years Ended December 31, 2019 2018 2017 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 129,040 $ 114,719 $ 126,449 USDA Securities 8,875 19,120 20,368 Sales of Farmer Mac Guaranteed Securities 163,134 68,721 128,924 The purchases of loans from Zions under the Farm & Ranch line of business represented approximately 9.5%, 11.9%, and 11.2% of Farm & Ranch loan purchases for the years ended December 31, 2019, 2018, and 2017, respectively, and 7.6%, 8.2% and 7.5%, respectively, of total new Farm & Ranch business volume. The purchases of USDA Securities from Zions under the USDA Guarantees line of business represented approximately 2.1%, 4.2%, and 3.8% of purchases in that line of business for the years ended December 31, 2019, 2018, and 2017, respectively. Outstanding Farm & Ranch loans, USDA Securities, and AgVantage securities purchased from Zions represented 4.5% and 4.7%, respectively, of Farmer Mac's outstanding business volume as of December 31, 2019 and 2018. Zions retained servicing fees of $12.2 million, $11.6 million, and $11.5 million in 2019, 2018, and 2017, respectively, for its work as a Farmer Mac servicer. National Rural Utilities Cooperative Financial Corporation : Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party because of its ownership of approximately 7.9% of Farmer Mac's Class A voting common stock and because a member of Farmer Mac's board of directors has an affiliation with that entity. The following transactions occurred between Farmer Mac and CFC during 2019, 2018, and 2017: Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2019 2018 2017 (in thousands) Unpaid Principal Balance: Loans $ 85,000 $ 11,645 $ 137,341 On-balance sheet AgVantage Securities 575,000 675,000 350,000 Off-balance sheet revolving floating rate AgVantage facility — 300,000 — Total purchases and guarantees $ 660,000 $ 986,645 $ 487,341 The transactions with CFC represented 9.8% of Farmer Mac's loan purchase volume under the Rural Utilities line of business for 2019, compared to 100% of Farmer Mac's loan purchase volume for both 2018 and 2017. These transactions represented 25.5%, 29.5%, and 14.7% of AgVantage securities volume under the Institutional Credit line of business for 2019, 2018, and 2017, respectively, and represented 12.5%, 19.1%, and 10.3% of total purchases, guarantees, and LTSPCs for 2019, 2018, and 2017, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2019 and 2018, Rural Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 21.2% and 23.6%, respectively. Farmer Mac had interest receivable of $9.2 million and $9.4 million as of December 31, 2019 and 2018, respectively, and earned interest income of $97.3 million, $76.8 million, and $43.9 million during 2019, 2018, and 2017, respectively, related to its AgVantage transactions with CFC. As of both December 31, 2019 and 2018, Farmer Mac had $0.1 million of commitment fees receivable from CFC and earned commitment fees of $1.7 million , $1.9 million, and $2.2 million, respectively for 2019, 2018, and 2017. CFC retained servicing fees of $3.2 million, $3.6 million and $3.5 million in 2019, 2018, and 2017, respectively, for its work as a Farmer Mac central servicer. CoBank : Farmer Mac has a related party relationship with CoBank because CoBank is a major holder (32.6%) of Farmer Mac Class B voting common stock and because a member of Farmer Mac's board of directors has an affiliation with that entity. Farmer Mac entered into $776.4 million of loan purchases from CoBank, under the Rural Utilities line of business in 2019. The transactions with CoBank represented 89.1% of Farmer Mac's volume of loan purchases transactions under the Rural Utilities line of business for 2019. During 2018 and 2017, Farmer Mac did not do any business with CoBank through any of its lines of business. CoBank retained servicing fees of $1.2 million during 2019 for its work as a Farmer Mac central servicer. During 2018 and 2017, CoBank was not a Farmer Mac central servicer. AgFirst Farm Credit Bank : Farmer Mac has a related party relationship with AgFirst Farm Credit Bank ("AgFirst") resulting from AgFirst being a holder of approximately 16.8% of Farmer Mac's Class B voting common stock. AgFirst entered into $26.7 million, $26.6 million and $40.0 million of LTSPC transactions in 2019, 2018, and 2017, respectively, and the aggregate balance of LTSPCs outstanding as of December 31, 2019 and 2018 was $332.4 million and $340.5 million, respectively. Farmer Mac received from AgFirst $1.2 million, $1.2 million, and $1.1 million in commitment fees in 2019, 2018, and 2017, respectively, and had $0.1 million of commitment fees receivable as of both December 31, 2019 and 2018. AgFirst owns certain securities backed by rural housing loans. Farmer Mac guarantees the last ten percent of losses (based on the original principal balance at the time of pooling) from each loan in the pool backing those securities. As of December 31, 2019 and 2018, the outstanding balance of those securities owned by AgFirst was $7.0 million and $8.6 million, respectively. Farmer Mac received guarantee fees of $29,000 , $33,000, and $38,000 in 2019, 2018, and 2017, respectively, on those securities. Farm Credit Bank of Texas : Farmer Mac has a related party relationship with Farm Credit Bank of Texas resulting from the bank being a holder of approximately 7.7% of Farmer Mac Class B voting common stock and because a member of Farmer Mac's board of directors has an affiliation with that entity. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $1.1 million, $1.0 million, and $1.0 million in 2019, 2018, and 2017, respectively. The aggregate amount of LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2019 and 2018 was $270.3 million and $226.5 million, respectively. In 2019, 2018, and 2017, Farm Credit Bank of Texas retained $0.1 million, $0.2 million, and $0.2 million, respectively, in servicing fees for its work as a Farmer Mac central servicer. Other Related Party Transactions : The following institutions had a related party relationship with Farmer Mac because a member of Farmer Mac's board of directors is affiliated with each of those entities. Farmer Mac purchased $51.4 million, $39.5 million, and $28.5 million in loans from First Dakota National Bank in 2019, 2018, and 2017, respectively. Farmer Mac entered into $3.2 million, $3.0 million , and $0.4 million of new USDA Securities in 2019, 2018, and 2017, respectively, with First Dakota National Bank. In addition, Farmer Mac entered into $3.6 million, $0.0 million, and $0.0 million of new LTSPCs in 2019, 2018, and 2017, respectively, with First Dakota National Bank. First Dakota National Bank retained servicing fees of $1.2 million, $1.4 million, and $1.2 million in 2019, 2018, and 2017, respectively, for its work as a Farmer Mac servicer. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's investment securities as of December 31, 2019 and 2018: Table 4.1 As of December 31, 2019 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. As of December 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (985) $ 18,715 Floating rate asset-backed securities 28,940 (136) 28,804 2 (128) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882) 793,031 119 (548) 792,602 Total available-for-sale 2,226,409 (3,489) 2,222,920 860 (5,928) 2,217,852 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489) $ 2,267,952 $ 1,422 $ (5,928) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018. During the year ended December 31, 2019, Farmer Mac received proceeds of $12.4 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized losses of $0.2 million. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the year ended December 31, 2018. During the year ended December 31, 2017, Farmer Mac received proceeds of $10.2 million from the sale of securities from its available-for-sale portfolio, resulting in gross realized gains of $0.1 million. As of December 31, 2019 and 2018, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985) Floating rate asset-backed securities 6,456 (38) 19,058 (90) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907) 196,416 (1,360) Fixed rate U.S. Treasuries 499,581 (336) 81,597 (212) Total $ 1,433,453 $ (3,281) $ 315,786 $ (2,647) Number of securities in loss position 72 48 The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2019 and 2018, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2019 and December 31, 2018, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2019 that is, on average, approximately 99.3% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of December 31, 2019 and 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,226,467 $ 1,227,930 1.57% Due after one year through five years 271,300 270,938 2.19% Due after five years through ten years 788,901 786,549 2.15% Due after ten years 674,762 674,426 2.49% Total $ 2,961,430 $ 2,959,843 1.99% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2019 and 2018: Table 5.1 As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194) $ 2,068,991 $ 2,637 $ (11,948) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204) $ 6,003,529 $ 22,335 $ (51,367) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018. As of December 31, 2019 and 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2019 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) As of December 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 669,610 $ (1,760) $ 976,318 $ (10,188) USDA Securities 38,203 (696) 2,065,743 (61,531) Total held-to-maturity $ 707,813 $ (2,456) $ 3,042,061 $ (71,719) Available-for-sale: AgVantage $ 1,480,423 $ (9,364) $ 1,599,679 $ (42,003) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2019 and 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both December 31, 2019 and 2018 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 17 and 38 available-for-sale securities as of December 31, 2019 and 2018, respectively. There were 4 and 43 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and December 31, 2018, 13 and 21 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporarily impaired as of either December 31, 2019 or 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. During the years ended December 31, 2019, 2018, and 2017, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities and, therefore, Farmer Mac realized no gains or losses. The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 781,341 $ 781,680 2.35 % Due after one year through five years 3,455,526 3,512,820 2.93 % Due after five years through ten years 1,240,670 1,271,208 2.92 % Due after ten years 1,539,434 1,577,317 3.30 % Total $ 7,016,971 $ 7,143,025 2.94 % As of December 31, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 452,256 $ 452,712 2.51 % Due after one year through five years 1,045,189 1,061,151 3.23 % Due after five years through ten years 207,706 210,690 3.40 % Due after ten years 1,974,460 2,024,631 3.56 % Total $ 3,679,611 $ 3,749,184 3.33 % |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
FARMER MAC GUARANTEED SECURITES AND USDA SECURITIES | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's investment securities as of December 31, 2019 and 2018: Table 4.1 As of December 31, 2019 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. As of December 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (985) $ 18,715 Floating rate asset-backed securities 28,940 (136) 28,804 2 (128) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882) 793,031 119 (548) 792,602 Total available-for-sale 2,226,409 (3,489) 2,222,920 860 (5,928) 2,217,852 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489) $ 2,267,952 $ 1,422 $ (5,928) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018. During the year ended December 31, 2019, Farmer Mac received proceeds of $12.4 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized losses of $0.2 million. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the year ended December 31, 2018. During the year ended December 31, 2017, Farmer Mac received proceeds of $10.2 million from the sale of securities from its available-for-sale portfolio, resulting in gross realized gains of $0.1 million. As of December 31, 2019 and 2018, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985) Floating rate asset-backed securities 6,456 (38) 19,058 (90) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907) 196,416 (1,360) Fixed rate U.S. Treasuries 499,581 (336) 81,597 (212) Total $ 1,433,453 $ (3,281) $ 315,786 $ (2,647) Number of securities in loss position 72 48 The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2019 and 2018, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2019 and December 31, 2018, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2019 that is, on average, approximately 99.3% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of December 31, 2019 and 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,226,467 $ 1,227,930 1.57% Due after one year through five years 271,300 270,938 2.19% Due after five years through ten years 788,901 786,549 2.15% Due after ten years 674,762 674,426 2.49% Total $ 2,961,430 $ 2,959,843 1.99% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2019 and 2018: Table 5.1 As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194) $ 2,068,991 $ 2,637 $ (11,948) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204) $ 6,003,529 $ 22,335 $ (51,367) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018. As of December 31, 2019 and 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2019 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) As of December 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 669,610 $ (1,760) $ 976,318 $ (10,188) USDA Securities 38,203 (696) 2,065,743 (61,531) Total held-to-maturity $ 707,813 $ (2,456) $ 3,042,061 $ (71,719) Available-for-sale: AgVantage $ 1,480,423 $ (9,364) $ 1,599,679 $ (42,003) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2019 and 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both December 31, 2019 and 2018 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 17 and 38 available-for-sale securities as of December 31, 2019 and 2018, respectively. There were 4 and 43 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and December 31, 2018, 13 and 21 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporarily impaired as of either December 31, 2019 or 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. During the years ended December 31, 2019, 2018, and 2017, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities and, therefore, Farmer Mac realized no gains or losses. The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 781,341 $ 781,680 2.35 % Due after one year through five years 3,455,526 3,512,820 2.93 % Due after five years through ten years 1,240,670 1,271,208 2.92 % Due after ten years 1,539,434 1,577,317 3.30 % Total $ 7,016,971 $ 7,143,025 2.94 % As of December 31, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 452,256 $ 452,712 2.51 % Due after one year through five years 1,045,189 1,061,151 3.23 % Due after five years through ten years 207,706 210,690 3.40 % Due after ten years 1,974,460 2,024,631 3.56 % Total $ 3,679,611 $ 3,749,184 3.33 % |
Financial Derivatives
Financial Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL DERIVATIVES | FINANCIAL DERIVATIVES Farmer Mac enters into financial derivative transactions to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes. Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., LIBOR). Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. Certain financial derivatives are not designated in hedge accounting relationships. Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of forward sale contracts on the debt of other GSEs and futures contracts involving U.S. Treasury securities. Farmer Mac uses forward sale contracts on GSE securities to reduce its interest rate exposure to changes in both U.S. Treasury rates and spreads on Farmer Mac debt. Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of December 31, 2019 and 2018: Table 6.1 As of December 31, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,955,686 $ 7,163 $ (3,281) 2.47% 1.93% 11.26 Receive fixed non-callable 1,413,200 76 (5,329) 1.88% 2.13% 1.25 Receive fixed callable 524,000 476 (772) 1.52% 1.91% 2.83 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,882 (1,514) 2.36% 2.12% 5.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 342,745 7 (14,046) 3.55% 2.00% 5.51 Receive fixed non-callable 3,124,148 49 (1,637) 1.88% 2.06% 1.66 Receive fixed callable 525,000 79 (80) 1.64% 1.68% 0.83 Basis swaps 2,670,000 787 (395) 1.86% 1.76% 0.90 Treasury futures 39,400 (51) 128.29 Credit valuation adjustment — 63 Total financial derivatives $ 14,022,179 $ 10,519 $ (27,042) Collateral (held)/pledged (2,685) 132,129 Net amount $ 7,834 $ 105,087 As of December 31, 2018 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 3,097,084 $ 3,004 $ (4,326) 2.42% 2.58% 9.75 Receive fixed non-callable 1,871,200 547 (4,484) 2.50% 1.84% 1.58 Receive fixed callable 160,000 338 (28) 2.35% 3.06% 2.91 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 2,441 (99) 2.40% 2.83% 6.12 No hedge designation: Interest rate swaps: Pay fixed non-callable 316,664 796 (10,399) 3.69% 2.52% 6.25 Receive fixed non-callable 2,347,371 — — 2.37% 2.10% 0.86 Basis swaps 1,770,026 421 (130) 2.45% 2.49% 1.27 Treasury futures 20,400 — (188) 121.09 Credit valuation adjustment (60) 21 Total financial derivatives $ 9,955,745 $ 7,487 $ (19,633) Collateral (held)/pledged (1,778) 47,018 Net amount $ 5,709 $ 27,385 As of December 31, 2019, Farmer Mac expects to reclassify $0.9 million after tax from accumulated other comprehensive income to earnings over the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after December 31, 2019. During the years ended December 31, 2019 and 2018, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would occur. The following table summarizes the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2019, 2018, and 2017: Table 6.2 For the Year Ended December 31, 2019 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 333,896 $ 229,675 $ (471,958) $ 5,282 $ 96,895 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (2,177) (2,053) (6,227) — (10,457) Recognized on hedged items 118,609 26,352 (45,309) — 99,652 Discount amortization recognized on hedged items — — (631) — (631) Income/(expense) related to interest settlements on fair value hedging relationships $ 116,432 $ 24,299 $ (52,167) $ — $ 88,564 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (184,478) $ (50,141) $ 18,401 $ — $ (216,218) Recognized on hedged items 181,144 43,194 (16,027) — 208,311 (Losses)/gains on fair value hedging relationships $ (3,334) $ (6,947) $ 2,374 $ — $ (7,907) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 1,166 $ — $ 1,166 Recognized on hedged items — — (10,569) — (10,569) Discount amortization recognized on hedged items — — (4) — (4) Expense recognized on cash flow hedges $ — $ — $ (9,407) $ — $ (9,407) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 10,321 $ 10,321 Interest expense on interest rate swaps — — — (4,213) (4,213) Treasury futures — — — (826) (826) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 5,282 $ 5,282 For the Year Ended December 31, 2018 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 290,953 $ 198,152 $ (369,848) $ (3,687) $ 115,570 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,861 (630) (7,995) — (6,764) Recognized on hedged items 65,238 6,284 (36,837) — 34,685 Discount amortization recognized on hedged items — — (668) — (668) Income/(expense) related to interest settlements on fair value hedging relationships $ 67,099 $ 5,654 $ (45,500) $ — $ 27,253 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (20,279) $ 5,031 $ 835 $ — $ (14,413) Recognized on hedged items 21,460 (5,243) 3,137 — 19,354 Gains/(losses) on fair value hedging relationships $ 1,181 $ (212) $ 3,972 $ — $ 4,941 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 316 $ — $ 316 Recognized on hedged items — — (9,182) — (9,182) Discount amortization recognized on hedged items — — (6) — (6) Expense recognized on cash flow hedges $ — $ — $ (8,872) $ — $ (8,872) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 7,206 $ 7,206 Interest expense on interest rate swaps — — — (10,920) (10,920) Treasury futures — — — 27 27 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,687) $ (3,687) For the Year Ended December 31, 2017 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 203,796 $ 162,150 $ (242,885) $ 753 $ 123,814 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (10,346) (1,141) 2,642 — (8,845) Recognized on hedged items 46,389 3,379 (14,283) — 35,485 Discount amortization recognized on hedged items — — (345) — (345) Income/(expense) related to interest settlements on fair value hedging relationships $ 36,043 $ 2,238 $ (11,986) $ — $ 26,295 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ — $ — $ — $ 1,694 $ 1,694 Recognized on hedged items — — — (2,413) (2,413) (Losses)/gains on fair value hedging relationships $ — $ — $ — $ (719) $ (719) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,974) $ — $ (1,974) Recognized on hedged items — — (4,133) — (4,133) Discount amortization recognized on hedged items — — (5) — (5) Losses recognized in income for hedge ineffectiveness — — — (320) (320) Expense recognized on cash flow hedges $ — $ — $ (6,112) $ (320) $ (6,432) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 12,240 $ 12,240 Interest expense on interest rate swaps — — — (10,200) (10,200) Agency forwards — — — (588) (588) Treasury futures — — — 340 340 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 1,792 $ 1,792 (1) Included in the assessment of hedge effectiveness as of December 31, 2017, but excluded from the amounts in the table, were gains of $0.1 million for the year ended December 31, 2017, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amount recognized as hedge ineffectiveness for the year ended December 31, 2017 were gains of $0.6 million. The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of December 31, 2019 and 2018: Table 6.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 4,092,611 $ 2,882,919 $ 180,215 $ (906) Loans held for investment, at amortized cost 1,050,335 194,617 37,907 (5,287) Notes Payable, due after one year (1) (2,761,052) (2,021,356) (7,433) 8,785 (1) Carrying amount represents amortized cost. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of December 31, 2019 and 2018: Table 6.4 December 31, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 56,139 $ 53,771 $ 2,368 Liabilities: Derivatives Interest rate swap $ 305,584 $ 291,326 $ 14,258 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2018 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 51,267 $ 48,124 $ 3,143 Liabilities: Derivatives Interest rate swaps $ 78,437 $ 64,568 $ 13,869 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. As of December 31, 2019, Farmer Mac held $2.7 million of cash and no investment securities as collateral for its derivatives in net asset positions, compared to $0.7 million of cash and $1.1 million of investment securities as collateral for its derivatives in net asset positions as of December 31, 2018. Farmer Mac posted $0.5 million cash and $131.7 million of investment securities as of December 31, 2019 and posted no cash and $47.0 million investment securities as of December 31, 2018. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of December 31, 2019 and 2018, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of December 31, 2019 and 2018, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge. Of Farmer Mac's $14.0 billion notional amount of interest rate swaps outstanding as of December 31, 2019, $11.0 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $9.9 billion notional amount of interest rate swaps outstanding as of December 31, 2018, $8.5 billion were cleared through the swap clearinghouse. During 2019, the Company increased its use of non-cleared basis swaps as it began to prepare for the transition away from the use of LIBOR as a reference rate. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLEFarmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1.0 year or less, whereas medium-term notes generally have maturities of 0.5 years to 15.0 years. The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2019 and 2018: Table 7.1 December 31, 2019 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,194,177 1.72 % $ 1,977,214 2.25 % Medium-term notes 1,152,770 1.98 % 1,780,517 2.33 % Current portion of long-term notes 6,672,135 1.85 % Total due within one year $ 10,019,082 1.84 % Due after one year: Medium-term notes due in: 2021 $ 3,700,835 2.04 % 2022 1,594,709 2.15 % 2023 1,205,276 2.27 % 2024 760,887 2.25 % Thereafter 1,817,859 2.89 % Total due after one year 9,079,566 2.28 % Total $ 19,098,648 2.05 % December 31, 2018 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,586,385 2.35 % $ 1,432,470 1.83 % Medium-term notes 1,826,380 2.29 % 1,977,445 1.83 % Current portion of long-term notes 4,344,285 1.93 % Total due within one year $ 7,757,050 2.10 % Due after one year: Medium-term notes due in: 2020 $ 3,090,405 2.11 % 2021 2,220,651 2.41 % 2022 859,470 2.19 % 2023 881,738 2.88 % Thereafter 1,434,383 3.34 % Total due after one year 8,486,647 2.48 % Total $ 16,243,697 2.30 % During 2019, the Company increased its use of short-term funding in order to fund the growth of short-term assets in its liquidity portfolio. The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2019 and 2018 was $2.3 billion and $1.6 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2020 as of December 31, 2019: Table 7.2 Debt Callable in 2020 as of December 31, 2019 Amount Weighted-Average Rate (dollars in thousands) Maturity: 2021 $ 518,746 2.03 % 2022 289,742 2.30 % 2023 22,978 1.93 % 2024 191,688 2.32 % Thereafter 374,064 2.80 % Total $ 1,397,218 2.33 % The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2019, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 Earliest Interest Rate Reset Date of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets in: 2020 $ 11,842,948 1.85 % 2021 2,399,892 2.18 % 2022 1,463,737 2.16 % 2023 1,160,300 2.28 % 2024 727,900 2.26 % Thereafter 1,503,871 3.03 % Total $ 19,098,648 2.05 % During 2019 and 2018, Farmer Mac called $1.5 billion and none of callable medium-term notes, respectively. The decrease in market interest rates throughout 2019 led to an increase in called medium-term notes compared to the prior year. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2019, Farmer Mac had not used this borrowing authority and does not expect to use this borrowing authority in the future. Gains on Repurchase of Outstanding Debt |
Loans and Allowance for Losses
Loans and Allowance for Losses | 12 Months Ended |
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 Reserve Total (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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES | GUARANTEES Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities, which are available through each of the Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business. The contractual terms of Farmer Mac's off-balance sheet guarantees and LTSPCs range from less than 1 year to 30 years. However, the actual term of each guarantee or LTSPC may be significantly less than the contractual term based on the prepayment characteristics of the related loans. Farmer Mac's maximum potential exposure under these off-balance sheet guarantees and LTSPCs is comprised of the unpaid principal balance of the underlying loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $3.5 billion and $4.0 billion as of December 31, 2019 and 2018, respectively. Farmer Mac's maximum potential exposure for guarantees issued before January 1, 2003, which are not recorded on the consolidated balance sheets, was $15.5 million and $23.8 million as of December 31, 2019 and 2018, respectively. The maximum exposure from these guarantees and LTSPCs is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees or LTSPCs, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(g) and Note 8. The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2019, 2018, and 2017: Table 12.1 For the Years Ended December 31, 2019 2018 2017 (in thousands) Beginning balance, January 1 $ 38,683 $ 38,400 $ 37,282 Additions to the guarantee and commitment obligation (1) 4,398 6,202 7,683 Amortization of the guarantee and commitment obligation (6,381) (5,919) (6,565) Ending balance, December 31 $ 36,700 $ 38,683 $ 38,400 (1) Represents the fair value of the guarantee and commitment obligation at inception. Off-Balance Sheet Farmer Mac Guaranteed Securities The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2019 and 2018, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 107,322 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 389,216 367,684 Institutional Credit: AgVantage Securities 7,567 9,898 Revolving floating rate AgVantage facility (1) — 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 504,105 $ 813,444 (1) Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. This facility was terminated during fourth quarter 2019. Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3 For the Years Ended December 31, 2019 2018 2017 (in thousands) Proceeds from new securitizations $ 321,414 $ 382,929 $ 519,219 Guarantee fees received 1,413 1,920 2,610 Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the consolidated balance sheets. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 12.4 As of December 31, 2019 2018 (dollars in thousands) Guarantee and commitment obligation $ 2,230 $ 2,804 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.8 years 10.3 years AgVantage Securities 5.0 years 5.0 years Long-Term Standby Purchase Commitments Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 12.5 As of December 31, 2019 2018 (dollars in thousands) Guarantee and commitment obligation (1) $ 34,470 $ 35,880 Maximum principal amount 3,002,349 3,163,059 Weighted-average remaining maturity 15.2 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Commitments Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2019 and 2018, commitments to purchase Farm & Ranch loans and USDA Guarantees totaled $65.1 million and $37.1 million, respectively, all of which were mandatory commitments. As of December 31, 2019, there were no commitments to purchase Rural Utilities loans. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. Rental expense for Farmer Mac's office space for each of the years ended December 31, 2019, 2018, and 2017 was $2.0 million , $2.0 million, and $1.6 million, respectively. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2019 are as follows: Table 12.6 Future Minimum Lease Payments Other Contractual Obligations (in thousands) 2020 $ 1,978 $ 3,223 2021 1,982 1,751 2022 2,021 1,097 2023 1,995 1,090 2024 1,311 611 Thereafter — — Total $ 9,287 $ 7,772 Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
EQUITY | EQUITY Common Stock Farmer Mac has three classes of common stock outstanding: • Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33% of the outstanding shares of Class A voting common stock. • Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. • Class C non-voting common stock, which has no ownership restrictions. During 2019, 2018, and 2017, Farmer Mac paid a quarterly dividend of $0.70, $0.58, and $0.36 per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on its common stock could be restricted if it fails to comply with applicable capital requirements. Farmer Mac's board of directors approved a share repurchase program during third quarter 2015 authorizing Farmer Mac to repurchase up to $25.0 million of its outstanding Class C non-voting common stock. The share repurchase program, last modified on March 14, 2019, authorizes Farmer Mac to repurchase to up to $10.0 million of Farmer Mac's outstanding Class C non-voting common stock. Farmer Mac did not repurchase any shares during 2019 under this program. As of December 31, 2019, Farmer Mac had repurchased approximately 668,000 shares of Class C non-voting common stock at a cost of approximately $19.6 million under the share repurchase program, and has not repurchased any shares since first quarter 2016. The program expires at the end of March 2021. Preferred Stock On May 13, 2019, Farmer Mac issued 4.0 million shares of $5.700% Non-Cumulative Preferred Stock, Series D ("Series D Preferred Stock"), which has a par value and liquidation preference of $25.00 per share, or $100.0 million aggregate outstanding. On June 12, 2019, Farmer Mac used part of the net proceeds from the sale of the Series D Preferred Stock to redeem and repurchase all $75.0 million aggregate outstanding of Farmer Mac's $6.875% Non-Cumulative Preferred Stock, Series B ("Series B Preferred Stock"), plus any declared and unpaid dividends through and including the redemption date. As a result of the retirement of the Series B Preferred Stock, Farmer Mac recognized $2.0 million of deferred issuance costs, which is presented as "Loss on retirement of preferred stock" on the consolidated statements of operations The following table presents the Series A Preferred Stock, the Series C Preferred Stock, and the Series D Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2019: Table 9.1 Name Issuance Date Shares Issued Annual Dividend Rate (3) Liquidation Value Redemption Date (4) Series A January 17, 2013 2,400,000 5.875 % $ 25.00 Any Time Series C (1) June 20, 2014 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D (2) May 13, 2019 4,000,000 5.700 % $ 25.00 July 17, 2024 (1) The Series C Preferred Stock pays an annual dividend rate of 6.000% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%. (2) Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. (3) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (4) Farmer Mac has the right but not the obligation to redeem. Farmer Mac incurred direct costs of $1.7 million related to the issuance of the Series A Preferred Stock, direct costs of $1.9 million related to the issuance of the Series B Preferred Stock, direct costs of $1.6 million related to the issuance of the Series C Preferred Stock, and direct costs of $3.3 million related to the issuance of the Series D Preferred Stock. For the first and second quarters of 2019, and each quarter in 2018 and 2017, Farmer Mac paid the following quarterly dividends on its outstanding preferred stock: • $0.3672 per share on its 5.875% Non-Cumulative Preferred Stock, Series A; • $0.4297 per share on its 6.875% Non-Cumulative Preferred Stock, Series B; and • $0.3750 per share on its 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C. For second quarter 2019, Farmer Mac also paid $0.2626 per share on the Series B Preferred Stock for the period from but not including April 17, 2019 to and including the June 12, 2019 redemption date. For third and fourth quarter 2019, Farmer Mac paid the following quarterly dividends on its outstanding preferred stock: • $0.3672 per share on its 5.875% Non-Cumulative Preferred Stock, Series A; • $0.3750 per share on its 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C; and • $0.35625 per share on its 5.700% Non-Cumulative Preferred Stock, Series D. Equity-Based Incentive Compensation Plans Farmer Mac's Amended and Restated 2008 Omnibus Incentive Compensation Plan authorizes the grant of restricted stock, stock options, and SARs, among other alternative forms of equity-based compensation, to Farmer Mac's directors, officers, and employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or cancelled earlier due to the termination of employment, SARs granted to officers or employees expire after 10 years from the grant date. For all SARs granted, the exercise price is equal to the closing price of Farmer Mac's Class C non-voting common stock on the date of grant. SARs granted during 2019 have an exercise price of $82.76 per share, SARs granted during 2018 have an exercise price of $86.15 per share, and SARs granted during 2017 have an exercise price of $60.84 per share. During 2019, 2018, and 2017, restricted stock awards were granted to employees, officers, and directors with vesting periods of one The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2019, 2018, and 2017: Table 9.2 For the Years Ended December 31, 2019 2018 2017 Stock Weighted- Stock Weighted- Stock Weighted- Outstanding, beginning of year 124,960 $ 38.38 163,272 $ 32.95 367,535 $ 30.18 Granted 24,582 82.76 10,122 86.15 24,657 60.84 Exercised (40,851) 35.61 (48,434) 30.06 (111,278) 31.47 Canceled (9,855) 79.45 — — (117,642) 31.55 Outstanding, end of year 98,836 46.47 124,960 38.38 163,272 32.95 Exercisable at end of year 72,696 34.07 95,675 31.41 93,085 28.57 For the Years Ended December 31, 2019 2018 2017 Non-vested Weighted- Non-vested Weighted- Non-vested Weighted- Outstanding, beginning of year 80,153 $ 60.98 95,015 $ 44.39 138,497 $ 34.63 Granted 41,735 80.51 32,070 84.03 45,828 59.79 Canceled (17,054) 74.97 (1,098) 86.15 (28,815) 42.15 Vested and issued (42,237) 52.65 (45,834) 42.12 (60,495) 34.77 Outstanding, end of year 62,597 75.81 80,153 60.98 95,015 44.39 The cancellations of stock options, SARs, and non-vested restricted stock during 2019, 2018, and 2017 were due to unvested awards terminating in accordance with the provisions of the applicable equity compensation plans or award agreements upon directors' or employees' departures from Farmer Mac. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock. During 2019, 2018, and 2017, the reduction of income taxes payable as a result of the deduction for the exercise of stock options and SARs and the vesting or accelerated tax elections of restricted stock was $1.0 million, $1.5 million, and $2.6 million, respectively. During 2019 and 2018, Farmer Mac recognized $0.4 million and $0.9 million, respectively, of tax benefits recognized in income tax expense associated with stock compensation activity. During 2019, 2018, and 2017 , Farmer Mac recorded a net decrease to additional paid-in capital of $1.8 million, $2.7 million, and $2.6 million, respectively, related to stock-based compensation awards. Farmer Mac has a policy that permits directors of Farmer Mac to elect to receive shares of Class C non-voting common stock in lieu of cash retainers. During 2019, Farmer Mac issued 768 shares of Class C non-voting common stock with a fair value of $60,000 to the 4 directors who made that election. During 2018, Farmer Mac issued 174 shares of Class C non-voting common stock with a fair value of $14,000 to the 4 directors who made that election. During 2017, Farmer Mac issued 698 shares of Class C non-voting common stock with a fair value of $41,000 to the 4 directors who made that election. As of December 31, 2019, Farmer Mac had no stock options outstanding. The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2019: Table 9.3 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $10.00 - $24.99 14,000 1.6 years 14,000 1.6 years 14,000 1.6 years 25.00 - 39.99 51,449 4.7 years 51,449 4.7 years 51,449 4.7 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 6,619 7.3 years 3,873 7.3 years 6,619 7.3 years 70.00 - 84.99 19,422 9.3 years — 0.0 years 19,422 9.3 years 85.00 - 99.99 7,346 8.3 years 3,374 8.3 years 7,346 8.3 years 98,836 72,696 98,836 Non-vested Restricted Stock: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Weighted-Average Remaining Contractual Non-vested Restricted Stock Weighted-Average Remaining Contractual $35.00 - $49.99 — 0.0 years — 0.0 years 50.00 - 64.99 13,535 0.3 years 13,535 0.3 years 65.00 - 79.99 15,851 1.9 years 15,851 1.9 years 80.00 - 94.99 33,211 1.4 years 33,211 1.4 years 62,597 62,597 As of December 31, 2019 and 2018, the intrinsic value of SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $8.9 million and $7.9 million, respectively. During 2019, 2018, and 2017, the total intrinsic value of options and SARs exercised was $1.9 million, $3.0 million, and $3.8 million, respectively. As of December 31, 2019, there was $2.7 million of total unrecognized compensation cost related to non-vested SARs and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.8 years. The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2019, 2018, and 2017 were $58.27, $69.38, and $44.93 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $2.3 million, $2.5 million, and $2.7 million during 2019, 2018, and 2017, respectively. The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.4 For the Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.5% 2.7% 2.3% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 33.8% 33.0% 34.8% Dividend yield 3.4% 2.7% 2.4% The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2019, 2018, and 2017 was $80.51, $84.03, and $59.79 per share, respectively, which is based on the closing price of the stock on the date granted. Capital Requirements Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of both December 31, 2019 and 2018, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements. As of December 31, 2019, Farmer Mac's minimum capital requirement was $618.8 million and its core capital level was $815.4 million, which was $196.6 million above the minimum capital requirement as of that date. As of December 31, 2018, Farmer Mac's minimum capital requirement was $545.0 million and its core capital level was $727.6 million, which was $182.6 million above the minimum capital requirement as of that date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESFarmer Mac is subject to federal corporate income taxes but is exempt from state and local corporate income taxes. The components of the federal corporate income tax expense for the years ended December 31, 2019, 2018, and 2017 were as follows: Table 10.1 For the Year Ended December 31, 2019 2018 2017 (in thousands) Current income tax expense $ 28,316 $ 25,317 $ 43,148 Deferred income tax expense 789 2,625 3,221 Income tax expense $ 29,105 $ 27,942 $ 46,369 A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2019, 2018, and 2017 is as follows: Table 10.2 For the Year Ended December 31, 2019 2018 2017 (dollars in thousands) Tax expense at statutory rate $ 29,117 $ 28,564 $ 45,740 Re-measurement of net deferred tax asset due to enactment of new tax legislation — — 1,365 Excess tax benefits related to stock-based awards (449) (946) (860) Valuation allowance 49 — 4 Other 388 324 120 Income tax expense $ 29,105 $ 27,942 $ 46,369 Statutory tax rate 21.0 % 21.0 % 35.0 % The components of the deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: Table 10.3 As of December 31, 2019 2018 (in thousands) Deferred tax assets: Basis differences related to financial derivatives $ 51,177 $ 7,614 Basis differences related to hedged items — 1,810 Unrealized losses on securities 2,805 — Allowance for losses 2,650 1,929 Unrealized losses on cash flow hedges 1,491 — Compensation and benefits 819 967 Stock-based compensation 571 623 Capital loss carryforwards and other-than-temporary impairment 86 36 Valuation allowance (86) (36) Other 88 121 Total deferred tax assets 59,601 13,064 Deferred tax liability: Basis differences related to hedged items 42,940 — Unrealized gains on securities — 4,807 Unrealized gains on cash flow hedges — 1,827 Other 151 61 Total deferred tax liability 43,091 6,695 Net deferred tax asset $ 16,510 $ 6,369 A valuation allowance is required to reduce a deferred tax asset to an amount that is more likely than not to be realized. Future realization of the tax benefit from a deferred tax asset depends on the existence of sufficient taxable income of the appropriate character. After the evaluation of both positive and negative objective evidence regarding the likelihood that its deferred tax assets will be realized, Farmer Mac established a valuation allowance of $86,000 and $36,000 as of December 31, 2019 and 2018, respectively, which was attributable to capital loss carryforwards on investment securities. Farmer Mac did not establish a valuation allowance for the remainder of its deferred tax assets because it believes it is more likely than not that those deferred tax assets will be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. As of December 31, 2019, no capital loss carryforwards expired. As of December 31, 2019, the amount of capital loss carryforwards was $0.4 million. These capital loss carryforwards will expire in 2024 . Deferred tax assets are measured at rates in effect when they arise. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A reduction in corporate tax rates would result in a reduction in the value of the deferred tax asset. The Tax Cuts and Jobs Act was enacted on December 22, 2017. This new legislation provided for significant changes to the U.S. Internal Revenue Code of 1986, as amended, that was in effect through the end of 2017 and included a reduction of the federal corporate income tax rate from 35% to 21%, which became effective January 1, 2018. As a result of this reduction in the federal corporate income tax rate, Farmer Mac re-measured its net deferred tax asset at the newly enacted 21% federal corporate income tax rate and thus reduced its value by $1.4 million. Accordingly, Farmer Mac recorded an increase to income tax expense of $1.4 million, or an increase of 1.04%, in Farmer Mac's effective tax rate for 2017. As of December 31, 2019 and 2018, Farmer Mac did not identify any uncertain tax positions. Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2019, 2018, and 2017. Tax years 2017 through 2019 remain subject to examination. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITSFarmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2% of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($280,000 for 2019, $275,000 for 2018, and $270,000 for 2017), plus 5.7% of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years.  Expenses for this plan for the years ended December 31, 2019, 2018, and 2017 were $1.9 million, $1.8 million, and $1.5 million, respectively.Farmer Mac established a Nonqualified Deferred Compensation Plan ("NQDC Plan") for its executive officers effective May 1, 2017. Under the NQDC Plan, Farmer Mac credits the account of each participant each calendar year with an amount equal to 18.9% of the difference between: (1) the amount established under EGTRRA and (2) a participant’s gross annual base salary, which for purposes of calculating employer credits under the NQDC Plan is capped at $700,000 for Farmer Mac’s Chief Executive Officer and $500,000 for all other participants. This fixed contribution percentage is the same formula used for determining employer contributions to Farmer Mac’s defined contribution retirement plan based on an employee’s gross annual base salary that is above the amount established under EGTRRA for that year. Expenses for the NQDC Plan were $0.1 million for both of the years ended December 31, 2019 and 2018. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Fair Value Classification and Transfers The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ 18,912 Floating rate asset-backed securities — 11,085 — 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,632,583 — 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities — 340 — 340 Fixed rate U.S. Treasuries 1,296,923 — — 1,296,923 Total Investment Securities 1,296,923 1,644,008 18,912 2,959,843 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,143,025 7,143,025 Total Farmer Mac Guaranteed Securities — — 7,143,025 7,143,025 USDA Securities: Trading — — 8,913 8,913 Total USDA Securities — — 8,913 8,913 Financial derivatives — 10,519 — 10,519 Total Assets at fair value $ 1,296,923 $ 1,654,527 $ 7,170,850 $ 10,122,300 Liabilities: Financial derivatives $ 51 $ 26,991 $ — $ 27,042 Total Liabilities at fair value $ 51 $ 26,991 $ — $ 27,042 (1) Level 3 assets represent 33% of total assets and 71% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ 18,715 Floating rate asset-backed securities — 28,678 — 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,377,454 — 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities — 403 — 403 Fixed rate U.S. Treasuries 792,602 — — 792,602 Total available-for-sale 792,602 1,406,535 18,715 2,217,852 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,974,497 5,974,497 Total Farmer Mac Guaranteed Securities — — 5,974,497 5,974,497 USDA Securities: Trading — — 9,999 9,999 Total USDA Securities — — 9,999 9,999 Financial derivatives — 7,487 — 7,487 Total Assets at fair value $ 792,602 $ 1,414,022 $ 6,003,211 $ 8,209,835 Liabilities: Financial derivatives $ 188 $ 19,445 $ — $ 19,633 Total Liabilities at fair value $ 188 $ 19,445 $ — $ 19,633 (1) Level 3 assets represent 32% of total assets and 73% of financial instruments measured at fair value. There were no significant assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2019 or 2018. Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. During both 2019 and 2018, there were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives. During 2017, there was one transfer within the fair value hierarchy from Level 2 to Level 3 for the fair value measurement of a fixed-rate GSE guaranteed mortgage-backed security (interest-only security). The transfer to Level 3 was because unobservable inputs became significant to the overall estimate of the fair value of the security as of March 31, 2017. The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the years ended December 31, 2019 and 2018. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 $ — $ — $ — $ — $ 197 $ 18,912 Total available-for-sale 18,715 — — — — 197 18,912 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,974,497 2,033,713 — (1,020,294) 181,144 (26,035) 7,143,025 Total available-for-sale 5,974,497 2,033,713 — (1,020,294) 181,144 (26,035) 7,143,025 USDA Securities: Available-for-sale — 57,853 (57,853) — — — — Trading 9,999 — — (1,412) 326 — 8,913 Total USDA Securities 9,999 57,853 (57,853) (1,412) 326 — 8,913 Total Assets at fair value $ 6,003,211 $ 2,091,566 $ (57,853) $ (1,021,706) $ 181,470 $ (25,838) $ 7,170,850 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2018 Beginning Cumulative Effect from Change in Hedge Accounting Purchases Sales Settlements Realized and Unrealized Gains/(Losses) included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 $ — $ — $ — $ — $ — $ (99) $ 18,715 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137) (2,092) (104) — Total available-for-sale 23,147 — — — (2,137) (2,092) (203) 18,715 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 2,177,546 — (1,670,402) 21,459 (26,507) 5,974,497 Total available-for-sale 5,471,914 487 2,177,546 — (1,670,402) 21,459 (26,507) 5,974,497 USDA Securities: Available-for-sale — — 127,850 (127,850) — — — — Trading (1) 13,515 — — — (3,597) 81 — 9,999 Total USDA Securities 13,515 — 127,850 (127,850) (3,597) 81 — 9,999 Total Assets at fair value $ 5,508,576 $ 487 $ 2,305,396 $ (127,850) $ (1,676,136) $ 19,448 $ (26,710) $ 6,003,211 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of December 31, 2018 that are recorded in "Gains/(losses) on trading securities." Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2017 Beginning Transfers in Purchases Sales Settlements Realized and Unrealized Losses included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 17,730 $ — $ — $ — $ — $ — $ 1,084 $ 18,814 Fixed rate GSE guaranteed mortgage-backed securities — $ 7,041 — — (444) — (2,264) 4,333 Total available-for-sale 17,730 7,041 — — (444) — (1,180) 23,147 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 4,853,685 — 1,134,132 — (526,650) (7,625) 18,372 5,471,914 Total available-for-sale 4,853,685 — 1,134,132 — (526,650) (7,625) 18,372 5,471,914 USDA Securities: Available-for-sale — — 155,744 (155,744) — — — — Trading (1) 20,388 — — — (6,849) (24) — 13,515 Total USDA Securities 20,388 — 155,744 (155,744) (6,849) (24) — 13,515 Total Assets at fair value $ 4,891,803 $ 7,041 $ 1,289,876 $ (155,744) $ (533,943) $ (7,649) $ 17,192 $ 5,508,576 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of December 31, 2017 that are recorded in "Gains/(losses) on trading securities." The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2019 and 2018: Table 13.3 As of December 31, 2019 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 Indicative bids Range of broker quotes 96.0% - 96.0% (96.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,143,025 Discounted cash flow Discount rate 2.3% - 5.5% (2.6%) USDA Securities $ 8,913 Discounted cash flow Discount rate 2.3% - 2.6% (2.1%) CPR 10% - 21% (19%) As of December 31, 2018 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 Indicative bids Range of broker quotes 95.0% - 95.0% (95.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,974,497 Discounted cash flow Discount rate 3.0% - 4.4% (3.3%) USDA Securities $ 9,999 Discounted cash flow Discount rate 3.2% - 5.2% (4.9%) CPR 7% - 17% (16%) The significant unobservable input used in the fair value measurements of AgVantage Farmer Mac Guaranteed Securities is the discount rate commensurate with the risks involved. Typically, significant increases (decreases) in this input in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease. Prepayment rates are not presented in the table above for AgVantage securities because they generally have fixed maturity dates when the secured general obligations are due and don't prepay. The significant unobservable inputs used in the fair value measurements of USDA Securities are the prepayment rate and discount rate commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Disclosures on Fair Value of Financial Instruments The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2019 and 2018: Table 13.4 As of December 31, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 604,381 $ 604,381 $ 425,256 $ 425,256 Investment securities 3,005,828 3,004,875 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,606,451 8,590,476 8,061,903 8,071,115 USDA Securities 2,294,671 2,241,073 2,113,946 2,176,173 Loans 7,317,091 6,981,440 5,512,781 5,515,052 Financial derivatives 10,519 10,519 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 34,107 35,600 37,461 36,870 Farmer Mac Guaranteed Securities 2,625 2,842 3,424 3,496 Financial liabilities: Notes payable: Due within one year 10,024,109 10,019,082 7,744,388 7,757,050 Due after one year 9,209,970 9,079,566 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,663,177 1,616,504 1,501,754 1,528,957 Financial derivatives 27,042 27,042 19,633 19,633 Guarantee and commitment obligations: LTSPCs 32,977 34,470 36,471 35,880 Farmer Mac Guaranteed Securities 2,013 2,230 2,731 2,803 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. The fair value of investments in U.S. Treasuries are valued based on unadjusted quoted prices in active markets and are classified as Level 1. A significant portion of Farmer Mac's investment portfolio is valued using a reputable nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are |
Business Segment Reporting
Business Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | BUSINESS SEGMENT REPORTING Farmer Mac's operations consist of four operating segments – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Institutional Credit segment comprises Farmer Mac's purchases and guarantees of AgVantage securities related to general obligations of lenders that are secured by pools of eligible loans. Each segment is based on distinct products and distinct business activities. In addition to these four operating segments, a corporate segment is presented. That segment represents activity in Farmer Mac's investment portfolio and other corporate activities. Each operating segment's financial results include directly attributable revenues and expenses. Corporate charges for administrative expenses that are not directly attributable to an operating segment are allocated to each segment based on headcount. Farmer Mac uses core earnings to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. Core earnings principally differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with generally accepted accounting principles if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This corporate economic performance measure may not be comparable to similarly labeled measures disclosed by other companies. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship. The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's reportable operating segments will differ from the stand-alone financial statements of Farmer Mac's subsidiaries. These differences will be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level. The allocation of general and administrative expenses that are not directly attributable to an operating segment may also result in differences. The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the years ended December 31, 2019, 2018, and 2017: Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 65,098 $ 17,470 $ 10,459 $ 69,039 $ 11,069 $ — $ 173,135 Less: reconciling adjustments (1)(2)(3) (9,471) (732) 6,143 520 (987) 4,527 — Net effective spread 55,627 16,738 16,602 69,559 10,082 4,527 — Guarantee and commitment fees (2) 18,593 958 1,412 372 — (7,669) 13,666 Other income/(expense) (3) 1,397 174 38 — 166 5,501 7,276 Non-interest income/(loss) 19,990 1,132 1,450 372 166 (2,168) 20,942 Provision for loan losses (3,504) — — — — — (3,504) Release of reserve for losses 3 — — — — — 3 Other non-interest expense (19,375) (5,757) (3,898) (8,390) (14,505) — (51,925) Non-interest expense (4) (19,372) (5,757) (3,898) (8,390) (14,505) — (51,922) Core earnings before income taxes 52,741 12,113 14,154 61,541 (4,257) 2,359 (5) 138,651 Income tax (expense)/benefit (11,076) (2,545) (2,972) (12,924) 907 (495) (29,105) Core earnings before preferred stock dividends 41,665 9,568 11,182 48,617 (3,350) 1,864 (5) 109,546 Preferred stock dividends — — — — (13,940) — (13,940) Loss on retirement of preferred stock — — — — — (1,956) (1,956) Segment core earnings/(losses) $ 41,665 $ 9,568 $ 11,182 $ 48,617 $ (17,290) $ (92) (5) $ 93,650 Total assets at carrying value $ 5,408,302 $ 2,311,932 $ 1,717,405 $ 8,606,912 $ 3,664,823 $ — $ 21,709,374 Total on- and off-balance sheet program assets at principal balance $ 7,776,950 $ 2,620,175 $ 2,280,571 $ 8,440,246 $ — $ — $ 21,117,942 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 62,951 $ 20,554 $ 12,505 $ 69,321 $ 9,105 $ — $ 174,436 Less: reconciling adjustments (1)(2)(3) (9,889) (2,499) (922) (7,884) (2,047) 23,241 — Net effective spread 53,062 18,055 11,583 61,437 7,058 23,241 — Guarantee and commitment fees (2) 17,976 797 1,599 360 — (6,756) 13,976 Other income/(expense) (3) 1,371 20 33 — (913) (2,747) (2,236) Non-interest income/(loss) 19,347 817 1,632 360 (913) (9,503) 11,740 Provision for loan losses (238) — — — — — (238) Provision for reserve for losses (97) — — — — — (97) Other non-interest expense (19,026) (5,309) (3,062) (8,011) (14,411) — (49,819) Non-interest expense (4) (19,123) (5,309) (3,062) (8,011) (14,411) — (49,916) Core earnings before income taxes 53,048 13,563 10,153 53,786 (8,266) 13,738 (5) 136,022 Income tax (expense)/benefit (11,140) (2,848) (2,133) (11,295) 2,361 (2,887) (27,942) Core earnings before preferred stock dividends 41,908 10,715 8,020 42,491 (5,905) 10,851 (5) 108,080 Preferred stock dividends — — — — (13,182) — (13,182) Segment core earnings/(losses) $ 41,908 $ 10,715 $ 8,020 $ 42,491 $ (19,087) $ 10,851 (5) $ 94,898 Total assets at carrying value $ 4,701,736 $ 2,240,906 $ 945,282 $ 8,089,410 $ 2,716,994 $ — $ 18,694,328 Total on- and off-balance sheet program assets at principal balance $ 7,233,972 $ 2,515,620 $ 1,592,115 $ 8,382,817 $ — $ — $ 19,724,524 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2017 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 54,290 $ 21,106 $ 11,598 $ 59,842 $ 10,811 $ — $ 157,647 Less: reconciling adjustments (1)(2)(3) (8,922) (2,287) (539) (3,505) (1,091) 16,344 — Net effective spread 45,368 18,819 11,059 56,337 9,720 16,344 — Guarantee and commitment fees (2) 17,175 456 1,914 805 — (6,236) 14,114 Other income (3)(4) 2,449 43 20 — 171 715 3,398 Non-interest income/(loss) 19,624 499 1,934 805 171 (5,521) 17,512 Provision for loan losses (1,708) — — — — — (1,708) Provision for reserve for losses (50) — — — — — (50) Other non-interest expense (16,554) (4,384) (2,430) (6,439) (12,908) — (42,715) Non-interest expense (5) (16,604) (4,384) (2,430) (6,439) (12,908) — (42,765) Core earnings before income taxes 46,680 14,934 10,563 50,703 (3,017) 10,823 (6) 130,686 Income tax (expense)/benefit (16,338) (5,227) (3,696) (17,746) 1,792 (5,154) (46,369) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 30,342 9,707 6,867 32,957 (1,225) 5,669 (6) 84,317 Preferred stock dividends — — — — (13,182) — (13,182) Non-controlling interest — — — — 165 — 165 Segment core earnings/(losses) $ 30,342 $ 9,707 $ 6,867 $ 32,957 $ (14,242) $ 5,669 (6) $ 71,300 Total assets at carrying value $ 4,274,693 $ 2,195,189 $ 1,088,986 $ 7,627,749 $ 2,605,657 $ — $ 17,792,274 Total on- and off-balance sheet program assets at principal balance $ 6,867,586 $ 2,352,214 $ 1,882,633 $ 7,904,878 — — $ 19,007,311 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. (5) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (6) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Table 15.1 2019 Quarter Ended Dec. 31 Sept. 30 June 30 Mar. 31 (in thousands, except per share amounts) Interest income: Interest income $ 162,954 $ 161,496 $ 165,128 $ 155,515 Interest expense 113,584 121,384 122,074 114,916 Net interest income 49,370 40,112 43,054 40,599 (Provision for)/release of loan losses (2,430) (760) (578) 264 Net interest income after (provision for)/release of loan losses 46,940 39,352 42,476 40,863 Non-interest income: Guarantee and commitment fees 3,401 3,349 3,403 3,513 Gains/(losses) on financial derivatives 4,089 (7,360) 8,913 (360) Gains on trading assets 172 49 61 44 Losses on sale of available-for-sale securities (236) — — — Other income 526 530 355 493 Non-interest income 7,952 (3,432) 12,732 3,690 Non-interest expense 13,651 13,458 12,052 12,761 Income before income taxes 41,241 22,462 43,156 31,792 Income tax expense 8,743 4,629 9,111 6,622 Net income 32,498 17,833 34,045 25,170 Preferred stock dividends (3,432) (3,427) (3,785) (3,296) Loss on retirement of preferred stock — — (1,956) — Net income attributable to common stockholders $ 29,066 $ 14,406 $ 28,304 $ 21,874 Earnings per common share: Basic earnings per common share $ 2.72 $ 1.34 $ 2.65 $ 2.05 Diluted earnings per common share $ 2.70 $ 1.33 $ 2.63 $ 2.03 2018 Quarter Ended Dec. 31 Sept. 30 June 30 Mar. 31 (in thousands, except per share amounts) Interest income: Interest income $ 146,453 $ 142,615 $ 135,670 $ 119,546 Interest expense 104,237 97,557 91,737 76,317 Net interest income 42,216 45,058 43,933 43,229 (Provision for)/release of loan losses (146) (99) (424) 431 Net interest income after (provision for)/release of loan losses 42,070 44,959 43,509 43,660 Non-interest income/(loss): Guarantee and commitment fees 3,506 3,490 3,481 3,499 (Losses)/gains on financial derivatives (2,999) 628 2,534 (3,850) Gains/(losses) on trading assets 57 (3) 11 16 (Losses)/gains on sale of real estate owned — (41) 34 — Other income 118 365 320 574 Non-interest income 682 4,439 6,380 239 Non-interest expense 13,703 11,650 12,921 11,642 Income before income taxes 29,049 37,748 36,968 32,257 Income tax expense 6,193 7,979 7,332 6,438 Net income 22,856 29,769 29,636 25,819 Preferred stock dividends (3,296) (3,295) (3,296) (3,295) Net income attributable to common stockholders $ 19,560 $ 26,474 $ 26,340 $ 22,524 Earnings per common share: Basic earnings per common share $ 1.84 $ 2.48 $ 2.47 $ 2.12 Diluted earnings per common share $ 1.82 $ 2.46 $ 2.45 $ 2.10 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Account Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP").  The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period.  Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: |
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. The accounts of Contour Valuation Services, LLC (which began doing business as AgVisory during first quarter 2016) ("AgVisory"), Farmer Mac's former majority-owned subsidiary, are also included through June 30, 2017. Farmer Mac redeemed its ownership interest in AgVisory on May 1, 2017. |
Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities | Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. |
Loans | Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(n) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Troubled Debt Restructuring ("TDR") A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. |
Securitization | Securitization Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans, Rural Utilities loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farm & Ranch Guaranteed Security becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the property securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. |
Financial Derivatives | Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Beginning in first quarter 2018, changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "(Losses)/gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in "Net interest income" in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Before 2018, gains and losses on financial derivatives were included in "Gains/(losses) on financial derivatives" whether or not they were designated in hedge accounting relationships. See Notes 6 and 13 for more information on financial derivatives. |
Notes Payable | Notes PayableNotes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities.  Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. |
Allowance for Loan Losses and Reserve for Losses | Allowance for Loan Losses and Reserve for Losses Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by: commodity type, portfolio, and risk rating; is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense, and decreases by charge-offs for realized losses, net of recoveries. Negative provisions, or releases from the allowance for losses, generally occur when the estimate of probable losses as of the end of a period is less than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is released and a corresponding amount is provided to the allowance for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. Farmer Mac separately evaluates the Rural Utilities loans it owns to determine if there are any probable losses inherent in those assets. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring impairment of individual loans. Farmer Mac's impaired loans include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. Updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just before the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). A property appraisal value may also be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value, less estimated costs to sell, does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock awards. The following schedule reconciles basic and diluted EPS for the years ended December 31, 2019, 2018, and 2017: Table 2.1 For the Years Ended December 31, 2019 2018 2017 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 93,650 10,696 $ 8.76 $ 94,898 10,654 $ 8.91 $ 71,300 10,594 $ 6.73 Effect of dilutive securities (1) SARs and restricted stock — 82 (0.07) — 92 (0.08) — 209 (0.13) Diluted EPS $ 93,650 10,778 $ 8.69 $ 94,898 10,746 $ 8.83 $ 71,300 10,803 $ 6.60 (1) For the years ended December 31, 2019, 2018, and 2017, SARs and restricted stock of 43,374, 15,812, and 28,579, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2019, 2018, and 2017, contingent shares of unvested restricted stock of 10,349, 13,138, and 29,647, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. |
Income Taxes | Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Tax legislation was enacted on December 22, 2017, that included a broad range of provisions, including a reduction to the corporate tax rate. Farmer Mac re-measured its deferred tax assets and liabilities as of December 31, 2017 using the newly enacted statutory tax rate of 21% and recognized a one-time, non-cash charge of $1.4 million to income tax expense during 2017. Due to the re-measurement of Farmer Mac's deferred tax assets and liabilities as of December 31, 2017 at the new statutory federal income tax rate of 21%, items originally recorded through other comprehensive income did not reflect the new statutory federal income tax rate. Farmer Mac adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," for the year ended December 31, 2017. This change in accounting principle resulted in an increase to "Accumulated other comprehensive income, net of tax" and a corresponding decrease to "Retained earnings" of $9.1 million. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit |
Stock-Based Compensation | Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $2.3 million, $2.5 million, and $2.7 million of compensation expense related to stock options, SARs, and non-vested restricted stock awards for 2019, 2018, and 2017, respectively. |
Comprehensive Income | Comprehensive IncomeComprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. |
Guarantees | GuaranteesFarmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of off-balance sheet obligations for Farmer Mac. Farmer Mac records, at the inception of an off-balance sheet guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset at inception are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying agricultural real estate mortgage and Rural Utilities loans.See Note 2(g) for Farmer Mac's policy for estimating probable losses for LTSPCs. |
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices in active markets. Farmer Mac classifies these fair value measurements as "Level 1." For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, senior agency debt securities, and Government/GSE guaranteed mortgage-backed securities, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as "Level 2." For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility, and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as "Level 3." Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Farmer Mac classifies these fair value measurements as Level 3 because there is limited market activity and therefore little or no price transparency. On a sample basis, Farmer Mac corroborates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by obtaining a secondary valuation from an independent third-party service. Financial Derivatives The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as Level 1. Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon the counterparty valuations. Farmer Mac internally values its derivative portfolio using a discounted cash flow valuation technique and obtains a secondary valuation for certain interest rate swaps to corroborate the counterparty valuations. Farmer Mac also regularly reviews the counterparty valuations as part of the collateral exchange process. Farmer Mac classifies these fair value measurements as Level 2. Certain basis swaps are non-standard interest rate swap structures and are therefore internally modeled using significant assumptions and unobservable inputs, resulting in Level 3 classification. Farmer Mac uses a discounted cash flow valuation technique, using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. See Note 13 for more information regarding fair value measurement. |
Consolidation of Variable Interest Entities | Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both: (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts in which Farmer Mac has a variable interest but is not the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. The following tables present, by line of business, details about the consolidation of VIEs: Table 2.4 Consolidation of Variable Interest Entities As of December 31, 2019 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,600,917 $ — $ — $ 1,600,917 Debt securities of consolidated trusts held by third parties (1) 1,616,504 — — 1,616,504 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,041 — 32,041 Maximum exposure to loss (3) — 31,887 — 31,887 Investment securities: Carrying value (4) — — 1,117,203 1,117,203 Maximum exposure to loss (3) (4) — — 1,120,765 1,120,765 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 107,322 389,216 — 496,538 (1) Includes borrower remittances of $15.6 million. The borrower remittances had not been passed through to third party investors as of December 31, 2019. (2) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. Consolidation of Variable Interest Entities As of December 31, 2018 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,517,101 $ — $ — $ 1,517,101 Debt securities of consolidated trusts held by third parties (1) 1,528,957 — — 1,528,957 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 27,627 — 27,627 Maximum exposure to loss (3) — 27,383 — 27,383 Investment securities: Carrying value (4) — — 1,000,942 1,000,942 Maximum exposure to loss (3) (4) — — 1,003,968 1,003,968 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 135,862 367,684 — 503,546 (1) Includes borrower remittances of $11.9 million. The borrower remittances had not been passed through to third party investors as of December 31, 2018. (2) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. |
New Accounting Standards | New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-02 , Leases (Topic 842) This Update provides new guidance intended to improve financial reporting about leasing transactions. This Update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. It also requires new disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. January 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-15 , Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). July 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts, as well as require entities to use forward-looking information to form their credit loss estimates. January 1, 2020 Farmer Mac has completed its models to estimate lifetime expected credit losses on financial instruments measured at amortized cost and on available-for-sale debt securities. The adoption of this new guidance will not have a material effect on its financial condition, results of operations or cash flows. ASU 2017-08 , Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. There is no required accounting change for securities held at a discount in this Update. January 1, 2020 The adoption of this new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 The adoption of this new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Earnings Per Common Share | The following schedule reconciles basic and diluted EPS for the years ended December 31, 2019, 2018, and 2017: Table 2.1 For the Years Ended December 31, 2019 2018 2017 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 93,650 10,696 $ 8.76 $ 94,898 10,654 $ 8.91 $ 71,300 10,594 $ 6.73 Effect of dilutive securities (1) SARs and restricted stock — 82 (0.07) — 92 (0.08) — 209 (0.13) Diluted EPS $ 93,650 10,778 $ 8.69 $ 94,898 10,746 $ 8.83 $ 71,300 10,803 $ 6.60 (1) For the years ended December 31, 2019, 2018, and 2017, SARs and restricted stock of 43,374, 15,812, and 28,579, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2019, 2018, and 2017, contingent shares of unvested restricted stock of 10,349, 13,138, and 29,647, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. |
Schedule of Accumulated Other Comprehensive Income, Net of Tax | The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2019, 2018, and 2017: Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2017 $ (14,387) $ 45,752 $ 2,393 $ 33,758 Other comprehensive income before reclassifications 23,925 — 152 24,077 Amounts reclassified from AOCI (10,917) (6,064) 1,178 (15,803) Net comprehensive income/(loss) 13,008 (6,064) 1,330 8,274 Stranded tax effects reclassified from AOCI due to enactment of new tax legislation (297) 8,548 802 9,053 Balance as of December 31, 2017 $ (1,676) $ 48,236 $ 4,525 $ 51,085 Cumulative effect from change in hedge accounting — — 27 27 Balance as of January 1, 2018 (1,676) 48,236 4,552 51,112 Other comprehensive income before reclassifications (19,151) — 2,571 (16,580) Amounts reclassified from AOCI (4,533) (4,793) (250) (9,576) Net comprehensive income/(loss) (23,684) (4,793) 2,321 (26,156) Balance as of December 31, 2018 $ (25,360) $ 43,443 $ 6,873 $ 24,956 Other comprehensive income before reclassifications (14,976) — (11,561) (26,537) Amounts reclassified from AOCI (3,061) (10,598) (921) (14,580) Net comprehensive income/(loss) (18,037) (10,598) (12,482) (41,117) Balance as of December 31, 2019 $ (43,397) $ 32,845 $ (5,609) $ (16,161) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2019, 2018, and 2017: Table 2.3 For the Years Ended December 31, 2019 2018 2017 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale securities $ (18,958) $ (3,982) $ (14,976) $ (24,241) $ (5,090) $ (19,151) $ 36,809 $ 12,884 $ 23,925 Less reclassification adjustments included in: Net interest income (1) (3,834) (805) (3,029) (5,784) (1,215) (4,569) — — — Gains/(losses) on financial derivatives (1) — — — — — — (16,845) (5,897) (10,948) (Losses)/gains on sale of available-for-sale investment securities (2) 236 50 186 — — — (89) (31) (58) Other income (3) (275) (57) (218) 45 9 36 137 48 89 Total $ (22,831) $ (4,794) $ (18,037) $ (29,980) $ (6,296) $ (23,684) $ 20,012 $ 7,004 $ 13,008 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (4) (13,415) (2,817) (10,598) (6,067) (1,274) (4,793) (9,329) (3,265) (6,064) Total $ (13,415) $ (2,817) $ (10,598) $ (6,067) $ (1,274) $ (4,793) $ (9,329) $ (3,265) $ (6,064) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (14,635) $ (3,074) $ (11,561) $ 3,254 $ 683 $ 2,571 $ 233 $ 81 $ 152 Less reclassification adjustments included in: Net interest income (5) (1,166) (245) (921) (316) (66) (250) 1,813 635 1,178 Total $ (15,801) $ (3,319) $ (12,482) $ 2,938 $ 617 $ 2,321 $ 2,046 $ 716 $ 1,330 Other comprehensive (loss)/income $ (52,047) $ (10,930) $ (41,117) $ (33,109) $ (6,953) $ (26,156) $ 12,729 $ 4,455 $ 8,274 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents unrealized gains and losses on sales of available-for-sale securities. (3) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
Schedule of Consolidation of Variable Interest Entities | The following tables present, by line of business, details about the consolidation of VIEs: Table 2.4 Consolidation of Variable Interest Entities As of December 31, 2019 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,600,917 $ — $ — $ 1,600,917 Debt securities of consolidated trusts held by third parties (1) 1,616,504 — — 1,616,504 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,041 — 32,041 Maximum exposure to loss (3) — 31,887 — 31,887 Investment securities: Carrying value (4) — — 1,117,203 1,117,203 Maximum exposure to loss (3) (4) — — 1,120,765 1,120,765 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 107,322 389,216 — 496,538 (1) Includes borrower remittances of $15.6 million. The borrower remittances had not been passed through to third party investors as of December 31, 2019. (2) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. Consolidation of Variable Interest Entities As of December 31, 2018 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,517,101 $ — $ — $ 1,517,101 Debt securities of consolidated trusts held by third parties (1) 1,528,957 — — 1,528,957 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 27,627 — 27,627 Maximum exposure to loss (3) — 27,383 — 27,383 Investment securities: Carrying value (4) — — 1,000,942 1,000,942 Maximum exposure to loss (3) (4) — — 1,003,968 1,003,968 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 135,862 367,684 — 503,546 (1) Includes borrower remittances of $11.9 million. The borrower remittances had not been passed through to third party investors as of December 31, 2018. (2) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. |
Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance, Note Yet Adopted Within Out Consolidated Financial Statements | Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-02 , Leases (Topic 842) This Update provides new guidance intended to improve financial reporting about leasing transactions. This Update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. It also requires new disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. January 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-15 , Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). July 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts, as well as require entities to use forward-looking information to form their credit loss estimates. January 1, 2020 Farmer Mac has completed its models to estimate lifetime expected credit losses on financial instruments measured at amortized cost and on available-for-sale debt securities. The adoption of this new guidance will not have a material effect on its financial condition, results of operations or cash flows. ASU 2017-08 , Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. There is no required accounting change for securities held at a discount in this Update. January 1, 2020 The adoption of this new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 The adoption of this new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following transactions occurred between Farmer Mac and Zions during 2019, 2018, and 2017: Table 3.1 For the Years Ended December 31, 2019 2018 2017 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 129,040 $ 114,719 $ 126,449 USDA Securities 8,875 19,120 20,368 Sales of Farmer Mac Guaranteed Securities 163,134 68,721 128,924 Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2019 2018 2017 (in thousands) Unpaid Principal Balance: Loans $ 85,000 $ 11,645 $ 137,341 On-balance sheet AgVantage Securities 575,000 675,000 350,000 Off-balance sheet revolving floating rate AgVantage facility — 300,000 — Total purchases and guarantees $ 660,000 $ 986,645 $ 487,341 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Investment Securities | The following tables set forth information about Farmer Mac's investment securities as of December 31, 2019 and 2018: Table 4.1 As of December 31, 2019 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. As of December 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (985) $ 18,715 Floating rate asset-backed securities 28,940 (136) 28,804 2 (128) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882) 793,031 119 (548) 792,602 Total available-for-sale 2,226,409 (3,489) 2,222,920 860 (5,928) 2,217,852 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489) $ 2,267,952 $ 1,422 $ (5,928) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2019 and 2018: Table 5.1 As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194) $ 2,068,991 $ 2,637 $ (11,948) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204) $ 6,003,529 $ 22,335 $ (51,367) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of December 31, 2019 and 2018, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985) Floating rate asset-backed securities 6,456 (38) 19,058 (90) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907) 196,416 (1,360) Fixed rate U.S. Treasuries 499,581 (336) 81,597 (212) Total $ 1,433,453 $ (3,281) $ 315,786 $ (2,647) Number of securities in loss position 72 48 As of December 31, 2019 and 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2019 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) As of December 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 669,610 $ (1,760) $ 976,318 $ (10,188) USDA Securities 38,203 (696) 2,065,743 (61,531) Total held-to-maturity $ 707,813 $ (2,456) $ 3,042,061 $ (71,719) Available-for-sale: AgVantage $ 1,480,423 $ (9,364) $ 1,599,679 $ (42,003) |
Schedule of Available-for-Sale Securities Maturities | The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,226,467 $ 1,227,930 1.57% Due after one year through five years 271,300 270,938 2.19% Due after five years through ten years 788,901 786,549 2.15% Due after ten years 674,762 674,426 2.49% Total $ 2,961,430 $ 2,959,843 1.99% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 781,341 $ 781,680 2.35 % Due after one year through five years 3,455,526 3,512,820 2.93 % Due after five years through ten years 1,240,670 1,271,208 2.92 % Due after ten years 1,539,434 1,577,317 3.30 % Total $ 7,016,971 $ 7,143,025 2.94 % As of December 31, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 452,256 $ 452,712 2.51 % Due after one year through five years 1,045,189 1,061,151 3.23 % Due after five years through ten years 207,706 210,690 3.40 % Due after ten years 1,974,460 2,024,631 3.56 % Total $ 3,679,611 $ 3,749,184 3.33 % |
Farmer Mac Guaranteed Securit_2
Farmer Mac Guaranteed Securities and USDA Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Guaranteed Securities and USDA Securities | The following tables set forth information about Farmer Mac's investment securities as of December 31, 2019 and 2018: Table 4.1 As of December 31, 2019 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. As of December 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (985) $ 18,715 Floating rate asset-backed securities 28,940 (136) 28,804 2 (128) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882) 793,031 119 (548) 792,602 Total available-for-sale 2,226,409 (3,489) 2,222,920 860 (5,928) 2,217,852 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489) $ 2,267,952 $ 1,422 $ (5,928) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2019 and 2018: Table 5.1 As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194) $ 2,068,991 $ 2,637 $ (11,948) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204) $ 6,003,529 $ 22,335 $ (51,367) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of December 31, 2019 and 2018, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985) Floating rate asset-backed securities 6,456 (38) 19,058 (90) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907) 196,416 (1,360) Fixed rate U.S. Treasuries 499,581 (336) 81,597 (212) Total $ 1,433,453 $ (3,281) $ 315,786 $ (2,647) Number of securities in loss position 72 48 As of December 31, 2019 and 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2019 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) As of December 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 669,610 $ (1,760) $ 976,318 $ (10,188) USDA Securities 38,203 (696) 2,065,743 (61,531) Total held-to-maturity $ 707,813 $ (2,456) $ 3,042,061 $ (71,719) Available-for-sale: AgVantage $ 1,480,423 $ (9,364) $ 1,599,679 $ (42,003) |
Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities | The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,226,467 $ 1,227,930 1.57% Due after one year through five years 271,300 270,938 2.19% Due after five years through ten years 788,901 786,549 2.15% Due after ten years 674,762 674,426 2.49% Total $ 2,961,430 $ 2,959,843 1.99% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 781,341 $ 781,680 2.35 % Due after one year through five years 3,455,526 3,512,820 2.93 % Due after five years through ten years 1,240,670 1,271,208 2.92 % Due after ten years 1,539,434 1,577,317 3.30 % Total $ 7,016,971 $ 7,143,025 2.94 % As of December 31, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 452,256 $ 452,712 2.51 % Due after one year through five years 1,045,189 1,061,151 3.23 % Due after five years through ten years 207,706 210,690 3.40 % Due after ten years 1,974,460 2,024,631 3.56 % Total $ 3,679,611 $ 3,749,184 3.33 % |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of December 31, 2019 and 2018: Table 6.1 As of December 31, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,955,686 $ 7,163 $ (3,281) 2.47% 1.93% 11.26 Receive fixed non-callable 1,413,200 76 (5,329) 1.88% 2.13% 1.25 Receive fixed callable 524,000 476 (772) 1.52% 1.91% 2.83 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,882 (1,514) 2.36% 2.12% 5.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 342,745 7 (14,046) 3.55% 2.00% 5.51 Receive fixed non-callable 3,124,148 49 (1,637) 1.88% 2.06% 1.66 Receive fixed callable 525,000 79 (80) 1.64% 1.68% 0.83 Basis swaps 2,670,000 787 (395) 1.86% 1.76% 0.90 Treasury futures 39,400 (51) 128.29 Credit valuation adjustment — 63 Total financial derivatives $ 14,022,179 $ 10,519 $ (27,042) Collateral (held)/pledged (2,685) 132,129 Net amount $ 7,834 $ 105,087 As of December 31, 2018 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 3,097,084 $ 3,004 $ (4,326) 2.42% 2.58% 9.75 Receive fixed non-callable 1,871,200 547 (4,484) 2.50% 1.84% 1.58 Receive fixed callable 160,000 338 (28) 2.35% 3.06% 2.91 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 2,441 (99) 2.40% 2.83% 6.12 No hedge designation: Interest rate swaps: Pay fixed non-callable 316,664 796 (10,399) 3.69% 2.52% 6.25 Receive fixed non-callable 2,347,371 — — 2.37% 2.10% 0.86 Basis swaps 1,770,026 421 (130) 2.45% 2.49% 1.27 Treasury futures 20,400 — (188) 121.09 Credit valuation adjustment (60) 21 Total financial derivatives $ 9,955,745 $ 7,487 $ (19,633) Collateral (held)/pledged (1,778) 47,018 Net amount $ 5,709 $ 27,385 |
Schedule of Net Income/(Expense) Recognized | The following table summarizes the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2019, 2018, and 2017: Table 6.2 For the Year Ended December 31, 2019 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 333,896 $ 229,675 $ (471,958) $ 5,282 $ 96,895 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (2,177) (2,053) (6,227) — (10,457) Recognized on hedged items 118,609 26,352 (45,309) — 99,652 Discount amortization recognized on hedged items — — (631) — (631) Income/(expense) related to interest settlements on fair value hedging relationships $ 116,432 $ 24,299 $ (52,167) $ — $ 88,564 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (184,478) $ (50,141) $ 18,401 $ — $ (216,218) Recognized on hedged items 181,144 43,194 (16,027) — 208,311 (Losses)/gains on fair value hedging relationships $ (3,334) $ (6,947) $ 2,374 $ — $ (7,907) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 1,166 $ — $ 1,166 Recognized on hedged items — — (10,569) — (10,569) Discount amortization recognized on hedged items — — (4) — (4) Expense recognized on cash flow hedges $ — $ — $ (9,407) $ — $ (9,407) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 10,321 $ 10,321 Interest expense on interest rate swaps — — — (4,213) (4,213) Treasury futures — — — (826) (826) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 5,282 $ 5,282 For the Year Ended December 31, 2018 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 290,953 $ 198,152 $ (369,848) $ (3,687) $ 115,570 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,861 (630) (7,995) — (6,764) Recognized on hedged items 65,238 6,284 (36,837) — 34,685 Discount amortization recognized on hedged items — — (668) — (668) Income/(expense) related to interest settlements on fair value hedging relationships $ 67,099 $ 5,654 $ (45,500) $ — $ 27,253 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (20,279) $ 5,031 $ 835 $ — $ (14,413) Recognized on hedged items 21,460 (5,243) 3,137 — 19,354 Gains/(losses) on fair value hedging relationships $ 1,181 $ (212) $ 3,972 $ — $ 4,941 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 316 $ — $ 316 Recognized on hedged items — — (9,182) — (9,182) Discount amortization recognized on hedged items — — (6) — (6) Expense recognized on cash flow hedges $ — $ — $ (8,872) $ — $ (8,872) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 7,206 $ 7,206 Interest expense on interest rate swaps — — — (10,920) (10,920) Treasury futures — — — 27 27 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,687) $ (3,687) For the Year Ended December 31, 2017 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 203,796 $ 162,150 $ (242,885) $ 753 $ 123,814 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (10,346) (1,141) 2,642 — (8,845) Recognized on hedged items 46,389 3,379 (14,283) — 35,485 Discount amortization recognized on hedged items — — (345) — (345) Income/(expense) related to interest settlements on fair value hedging relationships $ 36,043 $ 2,238 $ (11,986) $ — $ 26,295 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ — $ — $ — $ 1,694 $ 1,694 Recognized on hedged items — — — (2,413) (2,413) (Losses)/gains on fair value hedging relationships $ — $ — $ — $ (719) $ (719) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,974) $ — $ (1,974) Recognized on hedged items — — (4,133) — (4,133) Discount amortization recognized on hedged items — — (5) — (5) Losses recognized in income for hedge ineffectiveness — — — (320) (320) Expense recognized on cash flow hedges $ — $ — $ (6,112) $ (320) $ (6,432) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 12,240 $ 12,240 Interest expense on interest rate swaps — — — (10,200) (10,200) Agency forwards — — — (588) (588) Treasury futures — — — 340 340 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 1,792 $ 1,792 |
Schedule of Hedged Items in Fair Value Hedging Relationships | The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of December 31, 2019 and 2018: Table 6.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 4,092,611 $ 2,882,919 $ 180,215 $ (906) Loans held for investment, at amortized cost 1,050,335 194,617 37,907 (5,287) Notes Payable, due after one year (1) (2,761,052) (2,021,356) (7,433) 8,785 (1) Carrying amount represents amortized cost. |
Schedule of Credit Exposure to Interest Rate Swap Counterparties | The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of December 31, 2019 and 2018: Table 6.4 December 31, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 56,139 $ 53,771 $ 2,368 Liabilities: Derivatives Interest rate swap $ 305,584 $ 291,326 $ 14,258 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2018 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 51,267 $ 48,124 $ 3,143 Liabilities: Derivatives Interest rate swaps $ 78,437 $ 64,568 $ 13,869 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. |
Notes Payable - Notes Payable (
Notes Payable - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2019 and 2018: Table 7.1 December 31, 2019 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,194,177 1.72 % $ 1,977,214 2.25 % Medium-term notes 1,152,770 1.98 % 1,780,517 2.33 % Current portion of long-term notes 6,672,135 1.85 % Total due within one year $ 10,019,082 1.84 % Due after one year: Medium-term notes due in: 2021 $ 3,700,835 2.04 % 2022 1,594,709 2.15 % 2023 1,205,276 2.27 % 2024 760,887 2.25 % Thereafter 1,817,859 2.89 % Total due after one year 9,079,566 2.28 % Total $ 19,098,648 2.05 % December 31, 2018 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,586,385 2.35 % $ 1,432,470 1.83 % Medium-term notes 1,826,380 2.29 % 1,977,445 1.83 % Current portion of long-term notes 4,344,285 1.93 % Total due within one year $ 7,757,050 2.10 % Due after one year: Medium-term notes due in: 2020 $ 3,090,405 2.11 % 2021 2,220,651 2.41 % 2022 859,470 2.19 % 2023 881,738 2.88 % Thereafter 1,434,383 3.34 % Total due after one year 8,486,647 2.48 % Total $ 16,243,697 2.30 % Table 7.2 Debt Callable in 2020 as of December 31, 2019 Amount Weighted-Average Rate (dollars in thousands) Maturity: 2021 $ 518,746 2.03 % 2022 289,742 2.30 % 2023 22,978 1.93 % 2024 191,688 2.32 % Thereafter 374,064 2.80 % Total $ 1,397,218 2.33 % |
Schedule of Long-Term Debt Instruments | The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2019, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 Earliest Interest Rate Reset Date of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets in: 2020 $ 11,842,948 1.85 % 2021 2,399,892 2.18 % 2022 1,463,737 2.16 % 2023 1,160,300 2.28 % 2024 727,900 2.26 % Thereafter 1,503,871 3.03 % Total $ 19,098,648 2.05 % |
Loans and Allowance for Losses
Loans and Allowance for Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Balances | 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 |
Schedule of Allowance for Credit Losses | 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 Reserve Total (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 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 |
Schedule of Allowance for Losses by Impairment Method and Commodity | 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 |
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 and 2018: Table 8.5 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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 |
Schedule of Past Due Financing Receivables | 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. |
Schedule of Financing Receivable 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 Livestock Part-time Ag. Storage and 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 Livestock Part-time Ag. Storage and 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. |
Schedule of Concentration of Risk, by Risk Factor | 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. |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2019, 2018, and 2017: Table 12.1 For the Years Ended December 31, 2019 2018 2017 (in thousands) Beginning balance, January 1 $ 38,683 $ 38,400 $ 37,282 Additions to the guarantee and commitment obligation (1) 4,398 6,202 7,683 Amortization of the guarantee and commitment obligation (6,381) (5,919) (6,565) Ending balance, December 31 $ 36,700 $ 38,683 $ 38,400 (1) Represents the fair value of the guarantee and commitment obligation at inception. The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2019 and 2018, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 107,322 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 389,216 367,684 Institutional Credit: AgVantage Securities 7,567 9,898 Revolving floating rate AgVantage facility (1) — 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 504,105 $ 813,444 (1) Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. This facility was terminated during fourth quarter 2019. Table 12.4 As of December 31, 2019 2018 (dollars in thousands) Guarantee and commitment obligation $ 2,230 $ 2,804 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.8 years 10.3 years AgVantage Securities 5.0 years 5.0 years |
Schedule of Cash Flows Related To Transfer of Securitizations | The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3 For the Years Ended December 31, 2019 2018 2017 (in thousands) Proceeds from new securitizations $ 321,414 $ 382,929 $ 519,219 Guarantee fees received 1,413 1,920 2,610 |
Schedule of Long-Term Standby Purchase Commitments | The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 12.5 As of December 31, 2019 2018 (dollars in thousands) Guarantee and commitment obligation (1) $ 34,470 $ 35,880 Maximum principal amount 3,002,349 3,163,059 Weighted-average remaining maturity 15.2 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. |
Future Minimum Lease Payments | The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2019 are as follows: Table 12.6 Future Minimum Lease Payments Other Contractual Obligations (in thousands) 2020 $ 1,978 $ 3,223 2021 1,982 1,751 2022 2,021 1,097 2023 1,995 1,090 2024 1,311 611 Thereafter — — Total $ 9,287 $ 7,772 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table presents the Series A Preferred Stock, the Series C Preferred Stock, and the Series D Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2019: Table 9.1 Name Issuance Date Shares Issued Annual Dividend Rate (3) Liquidation Value Redemption Date (4) Series A January 17, 2013 2,400,000 5.875 % $ 25.00 Any Time Series C (1) June 20, 2014 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D (2) May 13, 2019 4,000,000 5.700 % $ 25.00 July 17, 2024 (1) The Series C Preferred Stock pays an annual dividend rate of 6.000% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%. (2) Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. (3) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. |
Schedule of Stock Options, SAR, and Non-Vested Restricted Stock | The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2019, 2018, and 2017: Table 9.2 For the Years Ended December 31, 2019 2018 2017 Stock Weighted- Stock Weighted- Stock Weighted- Outstanding, beginning of year 124,960 $ 38.38 163,272 $ 32.95 367,535 $ 30.18 Granted 24,582 82.76 10,122 86.15 24,657 60.84 Exercised (40,851) 35.61 (48,434) 30.06 (111,278) 31.47 Canceled (9,855) 79.45 — — (117,642) 31.55 Outstanding, end of year 98,836 46.47 124,960 38.38 163,272 32.95 Exercisable at end of year 72,696 34.07 95,675 31.41 93,085 28.57 For the Years Ended December 31, 2019 2018 2017 Non-vested Weighted- Non-vested Weighted- Non-vested Weighted- Outstanding, beginning of year 80,153 $ 60.98 95,015 $ 44.39 138,497 $ 34.63 Granted 41,735 80.51 32,070 84.03 45,828 59.79 Canceled (17,054) 74.97 (1,098) 86.15 (28,815) 42.15 Vested and issued (42,237) 52.65 (45,834) 42.12 (60,495) 34.77 Outstanding, end of year 62,597 75.81 80,153 60.98 95,015 44.39 |
Schedule of SARs and Non-Vested Restricted Stock Outstanding | The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2019: Table 9.3 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $10.00 - $24.99 14,000 1.6 years 14,000 1.6 years 14,000 1.6 years 25.00 - 39.99 51,449 4.7 years 51,449 4.7 years 51,449 4.7 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 6,619 7.3 years 3,873 7.3 years 6,619 7.3 years 70.00 - 84.99 19,422 9.3 years — 0.0 years 19,422 9.3 years 85.00 - 99.99 7,346 8.3 years 3,374 8.3 years 7,346 8.3 years 98,836 72,696 98,836 Non-vested Restricted Stock: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Weighted-Average Remaining Contractual Non-vested Restricted Stock Weighted-Average Remaining Contractual $35.00 - $49.99 — 0.0 years — 0.0 years 50.00 - 64.99 13,535 0.3 years 13,535 0.3 years 65.00 - 79.99 15,851 1.9 years 15,851 1.9 years 80.00 - 94.99 33,211 1.4 years 33,211 1.4 years 62,597 62,597 |
Assumptions for Estimating Fair Value of Stock Options and SARs | The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.4 For the Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.5% 2.7% 2.3% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 33.8% 33.0% 34.8% Dividend yield 3.4% 2.7% 2.4% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Federal Corporate Income Tax Expense | The components of the federal corporate income tax expense for the years ended December 31, 2019, 2018, and 2017 were as follows: Table 10.1 For the Year Ended December 31, 2019 2018 2017 (in thousands) Current income tax expense $ 28,316 $ 25,317 $ 43,148 Deferred income tax expense 789 2,625 3,221 Income tax expense $ 29,105 $ 27,942 $ 46,369 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2019, 2018, and 2017 is as follows: Table 10.2 For the Year Ended December 31, 2019 2018 2017 (dollars in thousands) Tax expense at statutory rate $ 29,117 $ 28,564 $ 45,740 Re-measurement of net deferred tax asset due to enactment of new tax legislation — — 1,365 Excess tax benefits related to stock-based awards (449) (946) (860) Valuation allowance 49 — 4 Other 388 324 120 Income tax expense $ 29,105 $ 27,942 $ 46,369 Statutory tax rate 21.0 % 21.0 % 35.0 % |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: Table 10.3 As of December 31, 2019 2018 (in thousands) Deferred tax assets: Basis differences related to financial derivatives $ 51,177 $ 7,614 Basis differences related to hedged items — 1,810 Unrealized losses on securities 2,805 — Allowance for losses 2,650 1,929 Unrealized losses on cash flow hedges 1,491 — Compensation and benefits 819 967 Stock-based compensation 571 623 Capital loss carryforwards and other-than-temporary impairment 86 36 Valuation allowance (86) (36) Other 88 121 Total deferred tax assets 59,601 13,064 Deferred tax liability: Basis differences related to hedged items 42,940 — Unrealized gains on securities — 4,807 Unrealized gains on cash flow hedges — 1,827 Other 151 61 Total deferred tax liability 43,091 6,695 Net deferred tax asset $ 16,510 $ 6,369 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ 18,912 Floating rate asset-backed securities — 11,085 — 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,632,583 — 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities — 340 — 340 Fixed rate U.S. Treasuries 1,296,923 — — 1,296,923 Total Investment Securities 1,296,923 1,644,008 18,912 2,959,843 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,143,025 7,143,025 Total Farmer Mac Guaranteed Securities — — 7,143,025 7,143,025 USDA Securities: Trading — — 8,913 8,913 Total USDA Securities — — 8,913 8,913 Financial derivatives — 10,519 — 10,519 Total Assets at fair value $ 1,296,923 $ 1,654,527 $ 7,170,850 $ 10,122,300 Liabilities: Financial derivatives $ 51 $ 26,991 $ — $ 27,042 Total Liabilities at fair value $ 51 $ 26,991 $ — $ 27,042 (1) Level 3 assets represent 33% of total assets and 71% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ 18,715 Floating rate asset-backed securities — 28,678 — 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,377,454 — 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities — 403 — 403 Fixed rate U.S. Treasuries 792,602 — — 792,602 Total available-for-sale 792,602 1,406,535 18,715 2,217,852 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,974,497 5,974,497 Total Farmer Mac Guaranteed Securities — — 5,974,497 5,974,497 USDA Securities: Trading — — 9,999 9,999 Total USDA Securities — — 9,999 9,999 Financial derivatives — 7,487 — 7,487 Total Assets at fair value $ 792,602 $ 1,414,022 $ 6,003,211 $ 8,209,835 Liabilities: Financial derivatives $ 188 $ 19,445 $ — $ 19,633 Total Liabilities at fair value $ 188 $ 19,445 $ — $ 19,633 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the years ended December 31, 2019 and 2018. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 $ — $ — $ — $ — $ 197 $ 18,912 Total available-for-sale 18,715 — — — — 197 18,912 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,974,497 2,033,713 — (1,020,294) 181,144 (26,035) 7,143,025 Total available-for-sale 5,974,497 2,033,713 — (1,020,294) 181,144 (26,035) 7,143,025 USDA Securities: Available-for-sale — 57,853 (57,853) — — — — Trading 9,999 — — (1,412) 326 — 8,913 Total USDA Securities 9,999 57,853 (57,853) (1,412) 326 — 8,913 Total Assets at fair value $ 6,003,211 $ 2,091,566 $ (57,853) $ (1,021,706) $ 181,470 $ (25,838) $ 7,170,850 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2018 Beginning Cumulative Effect from Change in Hedge Accounting Purchases Sales Settlements Realized and Unrealized Gains/(Losses) included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 $ — $ — $ — $ — $ — $ (99) $ 18,715 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137) (2,092) (104) — Total available-for-sale 23,147 — — — (2,137) (2,092) (203) 18,715 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 2,177,546 — (1,670,402) 21,459 (26,507) 5,974,497 Total available-for-sale 5,471,914 487 2,177,546 — (1,670,402) 21,459 (26,507) 5,974,497 USDA Securities: Available-for-sale — — 127,850 (127,850) — — — — Trading (1) 13,515 — — — (3,597) 81 — 9,999 Total USDA Securities 13,515 — 127,850 (127,850) (3,597) 81 — 9,999 Total Assets at fair value $ 5,508,576 $ 487 $ 2,305,396 $ (127,850) $ (1,676,136) $ 19,448 $ (26,710) $ 6,003,211 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of December 31, 2018 that are recorded in "Gains/(losses) on trading securities." Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2017 Beginning Transfers in Purchases Sales Settlements Realized and Unrealized Losses included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 17,730 $ — $ — $ — $ — $ — $ 1,084 $ 18,814 Fixed rate GSE guaranteed mortgage-backed securities — $ 7,041 — — (444) — (2,264) 4,333 Total available-for-sale 17,730 7,041 — — (444) — (1,180) 23,147 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 4,853,685 — 1,134,132 — (526,650) (7,625) 18,372 5,471,914 Total available-for-sale 4,853,685 — 1,134,132 — (526,650) (7,625) 18,372 5,471,914 USDA Securities: Available-for-sale — — 155,744 (155,744) — — — — Trading (1) 20,388 — — — (6,849) (24) — 13,515 Total USDA Securities 20,388 — 155,744 (155,744) (6,849) (24) — 13,515 Total Assets at fair value $ 4,891,803 $ 7,041 $ 1,289,876 $ (155,744) $ (533,943) $ (7,649) $ 17,192 $ 5,508,576 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of December 31, 2017 that are recorded in "Gains/(losses) on trading securities." |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2019 and 2018: Table 13.3 As of December 31, 2019 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 Indicative bids Range of broker quotes 96.0% - 96.0% (96.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,143,025 Discounted cash flow Discount rate 2.3% - 5.5% (2.6%) USDA Securities $ 8,913 Discounted cash flow Discount rate 2.3% - 2.6% (2.1%) CPR 10% - 21% (19%) As of December 31, 2018 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 Indicative bids Range of broker quotes 95.0% - 95.0% (95.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,974,497 Discounted cash flow Discount rate 3.0% - 4.4% (3.3%) USDA Securities $ 9,999 Discounted cash flow Discount rate 3.2% - 5.2% (4.9%) CPR 7% - 17% (16%) |
Fair Value, by Balance Sheet Grouping | The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2019 and 2018: Table 13.4 As of December 31, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 604,381 $ 604,381 $ 425,256 $ 425,256 Investment securities 3,005,828 3,004,875 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,606,451 8,590,476 8,061,903 8,071,115 USDA Securities 2,294,671 2,241,073 2,113,946 2,176,173 Loans 7,317,091 6,981,440 5,512,781 5,515,052 Financial derivatives 10,519 10,519 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 34,107 35,600 37,461 36,870 Farmer Mac Guaranteed Securities 2,625 2,842 3,424 3,496 Financial liabilities: Notes payable: Due within one year 10,024,109 10,019,082 7,744,388 7,757,050 Due after one year 9,209,970 9,079,566 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,663,177 1,616,504 1,501,754 1,528,957 Financial derivatives 27,042 27,042 19,633 19,633 Guarantee and commitment obligations: LTSPCs 32,977 34,470 36,471 35,880 Farmer Mac Guaranteed Securities 2,013 2,230 2,731 2,803 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the years ended December 31, 2019, 2018, and 2017: Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 65,098 $ 17,470 $ 10,459 $ 69,039 $ 11,069 $ — $ 173,135 Less: reconciling adjustments (1)(2)(3) (9,471) (732) 6,143 520 (987) 4,527 — Net effective spread 55,627 16,738 16,602 69,559 10,082 4,527 — Guarantee and commitment fees (2) 18,593 958 1,412 372 — (7,669) 13,666 Other income/(expense) (3) 1,397 174 38 — 166 5,501 7,276 Non-interest income/(loss) 19,990 1,132 1,450 372 166 (2,168) 20,942 Provision for loan losses (3,504) — — — — — (3,504) Release of reserve for losses 3 — — — — — 3 Other non-interest expense (19,375) (5,757) (3,898) (8,390) (14,505) — (51,925) Non-interest expense (4) (19,372) (5,757) (3,898) (8,390) (14,505) — (51,922) Core earnings before income taxes 52,741 12,113 14,154 61,541 (4,257) 2,359 (5) 138,651 Income tax (expense)/benefit (11,076) (2,545) (2,972) (12,924) 907 (495) (29,105) Core earnings before preferred stock dividends 41,665 9,568 11,182 48,617 (3,350) 1,864 (5) 109,546 Preferred stock dividends — — — — (13,940) — (13,940) Loss on retirement of preferred stock — — — — — (1,956) (1,956) Segment core earnings/(losses) $ 41,665 $ 9,568 $ 11,182 $ 48,617 $ (17,290) $ (92) (5) $ 93,650 Total assets at carrying value $ 5,408,302 $ 2,311,932 $ 1,717,405 $ 8,606,912 $ 3,664,823 $ — $ 21,709,374 Total on- and off-balance sheet program assets at principal balance $ 7,776,950 $ 2,620,175 $ 2,280,571 $ 8,440,246 $ — $ — $ 21,117,942 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 62,951 $ 20,554 $ 12,505 $ 69,321 $ 9,105 $ — $ 174,436 Less: reconciling adjustments (1)(2)(3) (9,889) (2,499) (922) (7,884) (2,047) 23,241 — Net effective spread 53,062 18,055 11,583 61,437 7,058 23,241 — Guarantee and commitment fees (2) 17,976 797 1,599 360 — (6,756) 13,976 Other income/(expense) (3) 1,371 20 33 — (913) (2,747) (2,236) Non-interest income/(loss) 19,347 817 1,632 360 (913) (9,503) 11,740 Provision for loan losses (238) — — — — — (238) Provision for reserve for losses (97) — — — — — (97) Other non-interest expense (19,026) (5,309) (3,062) (8,011) (14,411) — (49,819) Non-interest expense (4) (19,123) (5,309) (3,062) (8,011) (14,411) — (49,916) Core earnings before income taxes 53,048 13,563 10,153 53,786 (8,266) 13,738 (5) 136,022 Income tax (expense)/benefit (11,140) (2,848) (2,133) (11,295) 2,361 (2,887) (27,942) Core earnings before preferred stock dividends 41,908 10,715 8,020 42,491 (5,905) 10,851 (5) 108,080 Preferred stock dividends — — — — (13,182) — (13,182) Segment core earnings/(losses) $ 41,908 $ 10,715 $ 8,020 $ 42,491 $ (19,087) $ 10,851 (5) $ 94,898 Total assets at carrying value $ 4,701,736 $ 2,240,906 $ 945,282 $ 8,089,410 $ 2,716,994 $ — $ 18,694,328 Total on- and off-balance sheet program assets at principal balance $ 7,233,972 $ 2,515,620 $ 1,592,115 $ 8,382,817 $ — $ — $ 19,724,524 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2017 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 54,290 $ 21,106 $ 11,598 $ 59,842 $ 10,811 $ — $ 157,647 Less: reconciling adjustments (1)(2)(3) (8,922) (2,287) (539) (3,505) (1,091) 16,344 — Net effective spread 45,368 18,819 11,059 56,337 9,720 16,344 — Guarantee and commitment fees (2) 17,175 456 1,914 805 — (6,236) 14,114 Other income (3)(4) 2,449 43 20 — 171 715 3,398 Non-interest income/(loss) 19,624 499 1,934 805 171 (5,521) 17,512 Provision for loan losses (1,708) — — — — — (1,708) Provision for reserve for losses (50) — — — — — (50) Other non-interest expense (16,554) (4,384) (2,430) (6,439) (12,908) — (42,715) Non-interest expense (5) (16,604) (4,384) (2,430) (6,439) (12,908) — (42,765) Core earnings before income taxes 46,680 14,934 10,563 50,703 (3,017) 10,823 (6) 130,686 Income tax (expense)/benefit (16,338) (5,227) (3,696) (17,746) 1,792 (5,154) (46,369) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 30,342 9,707 6,867 32,957 (1,225) 5,669 (6) 84,317 Preferred stock dividends — — — — (13,182) — (13,182) Non-controlling interest — — — — 165 — 165 Segment core earnings/(losses) $ 30,342 $ 9,707 $ 6,867 $ 32,957 $ (14,242) $ 5,669 (6) $ 71,300 Total assets at carrying value $ 4,274,693 $ 2,195,189 $ 1,088,986 $ 7,627,749 $ 2,605,657 $ — $ 17,792,274 Total on- and off-balance sheet program assets at principal balance $ 6,867,586 $ 2,352,214 $ 1,882,633 $ 7,904,878 — — $ 19,007,311 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. (5) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (6) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Table 15.1 2019 Quarter Ended Dec. 31 Sept. 30 June 30 Mar. 31 (in thousands, except per share amounts) Interest income: Interest income $ 162,954 $ 161,496 $ 165,128 $ 155,515 Interest expense 113,584 121,384 122,074 114,916 Net interest income 49,370 40,112 43,054 40,599 (Provision for)/release of loan losses (2,430) (760) (578) 264 Net interest income after (provision for)/release of loan losses 46,940 39,352 42,476 40,863 Non-interest income: Guarantee and commitment fees 3,401 3,349 3,403 3,513 Gains/(losses) on financial derivatives 4,089 (7,360) 8,913 (360) Gains on trading assets 172 49 61 44 Losses on sale of available-for-sale securities (236) — — — Other income 526 530 355 493 Non-interest income 7,952 (3,432) 12,732 3,690 Non-interest expense 13,651 13,458 12,052 12,761 Income before income taxes 41,241 22,462 43,156 31,792 Income tax expense 8,743 4,629 9,111 6,622 Net income 32,498 17,833 34,045 25,170 Preferred stock dividends (3,432) (3,427) (3,785) (3,296) Loss on retirement of preferred stock — — (1,956) — Net income attributable to common stockholders $ 29,066 $ 14,406 $ 28,304 $ 21,874 Earnings per common share: Basic earnings per common share $ 2.72 $ 1.34 $ 2.65 $ 2.05 Diluted earnings per common share $ 2.70 $ 1.33 $ 2.63 $ 2.03 2018 Quarter Ended Dec. 31 Sept. 30 June 30 Mar. 31 (in thousands, except per share amounts) Interest income: Interest income $ 146,453 $ 142,615 $ 135,670 $ 119,546 Interest expense 104,237 97,557 91,737 76,317 Net interest income 42,216 45,058 43,933 43,229 (Provision for)/release of loan losses (146) (99) (424) 431 Net interest income after (provision for)/release of loan losses 42,070 44,959 43,509 43,660 Non-interest income/(loss): Guarantee and commitment fees 3,506 3,490 3,481 3,499 (Losses)/gains on financial derivatives (2,999) 628 2,534 (3,850) Gains/(losses) on trading assets 57 (3) 11 16 (Losses)/gains on sale of real estate owned — (41) 34 — Other income 118 365 320 574 Non-interest income 682 4,439 6,380 239 Non-interest expense 13,703 11,650 12,921 11,642 Income before income taxes 29,049 37,748 36,968 32,257 Income tax expense 6,193 7,979 7,332 6,438 Net income 22,856 29,769 29,636 25,819 Preferred stock dividends (3,296) (3,295) (3,296) (3,295) Net income attributable to common stockholders $ 19,560 $ 26,474 $ 26,340 $ 22,524 Earnings per common share: Basic earnings per common share $ 1.84 $ 2.48 $ 2.47 $ 2.12 Diluted earnings per common share $ 1.82 $ 2.46 $ 2.45 $ 2.10 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)subsidiary | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Number of subsidiaries | subsidiary | 2 | ||
One-time, non cash charge to income tax expense | $ 0 | $ 0 | $ 1,365 |
Increase to accumulated other comprehensive income, net of tax | 9,053 | ||
Decrease to retained earnings | (9,053) | ||
Compensation expense | $ 2,300 | $ 2,500 | 2,700 |
Retained Earnings | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Increase to accumulated other comprehensive income, net of tax | (9,100) | ||
Decrease to retained earnings | 9,100 | ||
AOCI Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Increase to accumulated other comprehensive income, net of tax | 9,100 | ||
Decrease to retained earnings | $ (9,100) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic EPS | |||||||||||
Net income attributable to common stockholders | $ 29,066 | $ 14,406 | $ 28,304 | $ 21,874 | $ 19,560 | $ 26,474 | $ 26,340 | $ 22,524 | $ 93,650 | $ 94,898 | $ 71,300 |
Weighted-Average Shares (in shares) | 10,696,000 | 10,654,000 | 10,594,000 | ||||||||
Dollars per share (in dollars per share) | $ 2.72 | $ 1.34 | $ 2.65 | $ 2.05 | $ 1.84 | $ 2.48 | $ 2.47 | $ 2.12 | $ 8.76 | $ 8.91 | $ 6.73 |
Effect of dilutive securities | |||||||||||
SARs and restricted stock (in shares) | 82,000 | 92,000 | 209,000 | ||||||||
SARs and restricted stock (in dollars per share) | $ (0.07) | $ (0.08) | $ (0.13) | ||||||||
Net income, Diluted EPS | $ 93,650 | $ 94,898 | $ 71,300 | ||||||||
Weighted-Average Shares, Diluted EPS (in shares) | 10,778,000 | 10,746,000 | 10,803,000 | ||||||||
Diluted EPS (in dollars per share) | $ 2.70 | $ 1.33 | $ 2.63 | $ 2.03 | $ 1.82 | $ 2.46 | $ 2.45 | $ 2.10 | $ 8.69 | $ 8.83 | $ 6.60 |
Stock Appreciation Rights and Restricted Stock | |||||||||||
Effect of dilutive securities | |||||||||||
Antidilutive securities excluded from earnings per share (in shares) | 43,374 | 15,812 | 28,579 | ||||||||
Performance Shares | |||||||||||
Effect of dilutive securities | |||||||||||
Antidilutive securities excluded from earnings per share (in shares) | 10,349 | 13,138 | 29,647 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 752,557 | $ 708,146 | $ 643,647 | |
Beginning balance, as adjusted | $ 708,644 | |||
Other comprehensive income before reclassifications | (26,537) | (16,580) | 24,077 | |
Amounts reclassified from AOCI | (14,580) | (9,576) | (15,803) | |
Other comprehensive (loss)/income net of tax | (41,117) | (26,156) | 8,274 | |
Stranded tax effects reclassified from AOCI due to enactment of new tax legislation | 9,053 | |||
Cumulative effect from change in hedge accounting | 27 | |||
Ending balance | 799,276 | 752,557 | 708,146 | |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Available-for-Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (25,360) | (1,676) | (14,387) | |
Beginning balance, as adjusted | (1,676) | |||
Other comprehensive income before reclassifications | (14,976) | (19,151) | 23,925 | |
Amounts reclassified from AOCI | (3,061) | (4,533) | (10,917) | |
Other comprehensive (loss)/income net of tax | (18,037) | (23,684) | 13,008 | |
Stranded tax effects reclassified from AOCI due to enactment of new tax legislation | (297) | |||
Cumulative effect from change in hedge accounting | 0 | |||
Ending balance | (43,397) | (25,360) | (1,676) | |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Held-to-Maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 43,443 | 48,236 | 45,752 | |
Beginning balance, as adjusted | 48,236 | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | |
Amounts reclassified from AOCI | (10,598) | (4,793) | (6,064) | |
Other comprehensive (loss)/income net of tax | (10,598) | (4,793) | (6,064) | |
Stranded tax effects reclassified from AOCI due to enactment of new tax legislation | 8,548 | |||
Cumulative effect from change in hedge accounting | 0 | |||
Ending balance | 32,845 | 43,443 | 48,236 | |
Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 6,873 | 4,525 | 2,393 | |
Beginning balance, as adjusted | 4,552 | |||
Other comprehensive income before reclassifications | (11,561) | 2,571 | 152 | |
Amounts reclassified from AOCI | (921) | (250) | 1,178 | |
Other comprehensive (loss)/income net of tax | (12,482) | 2,321 | 1,330 | |
Stranded tax effects reclassified from AOCI due to enactment of new tax legislation | 802 | |||
Cumulative effect from change in hedge accounting | 27 | |||
Ending balance | (5,609) | 6,873 | 4,525 | |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 24,956 | 51,085 | 33,758 | |
Beginning balance, as adjusted | $ 51,112 | |||
Other comprehensive (loss)/income net of tax | (41,117) | (26,156) | 8,274 | |
Ending balance | $ (16,161) | $ 24,956 | $ 51,085 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Before Tax | |||
Unrealized holding (losses)/gains on available-for-sale-securities, before tax | $ (18,958) | $ (24,241) | $ 36,809 |
Other comprehensive (loss)/income before tax | (52,047) | (33,109) | 12,729 |
Provision (Benefit) | |||
Unrealized holding (losses)/gains on available-for-sale securities, provision (benefit) | (3,982) | (5,090) | 12,884 |
Other comprehensive (loss)/income provision (benefit) | (10,930) | (6,953) | 4,455 |
After Tax | |||
Unrealized holding (losses)/gains on available-for-sale securities, after tax | (14,976) | (19,151) | 23,925 |
Reclassification adjustments, after tax | (14,580) | (9,576) | (15,803) |
Other comprehensive income before reclassifications | (26,537) | (16,580) | 24,077 |
Other comprehensive (loss)/income net of tax | (41,117) | (26,156) | 8,274 |
Cash Flow Hedges | |||
Before Tax | |||
Unrealized (losses)/gains on cash flow hedges, before tax | (14,635) | 3,254 | 233 |
Other comprehensive (loss)/income before tax | (15,801) | 2,938 | 2,046 |
Provision (Benefit) | |||
Unrealized (losses)/gains on cash flow hedges, provision (benefit) | (3,074) | 683 | 81 |
Other comprehensive (loss)/income provision (benefit) | (3,319) | 617 | 716 |
After Tax | |||
Reclassification adjustments, after tax | (921) | (250) | 1,178 |
Other comprehensive income before reclassifications | (11,561) | 2,571 | 152 |
Other comprehensive (loss)/income net of tax | (12,482) | 2,321 | 1,330 |
Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Other comprehensive (loss)/income before tax | (22,831) | (29,980) | 20,012 |
Provision (Benefit) | |||
Other comprehensive (loss)/income provision (benefit) | (4,794) | (6,296) | 7,004 |
After Tax | |||
Reclassification adjustments, after tax | (3,061) | (4,533) | (10,917) |
Other comprehensive income before reclassifications | (14,976) | (19,151) | 23,925 |
Other comprehensive (loss)/income net of tax | (18,037) | (23,684) | 13,008 |
Held-to-Maturity Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Other comprehensive (loss)/income before tax | (13,415) | (6,067) | (9,329) |
Provision (Benefit) | |||
Other comprehensive (loss)/income provision (benefit) | (2,817) | (1,274) | (3,265) |
After Tax | |||
Reclassification adjustments, after tax | (10,598) | (4,793) | (6,064) |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Other comprehensive (loss)/income net of tax | (10,598) | (4,793) | (6,064) |
Gains/(losses) on financial derivatives | Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Reclassification adjustments, before tax | 0 | 0 | (16,845) |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | 0 | 0 | (5,897) |
After Tax | |||
Reclassification adjustments, after tax | 0 | 0 | (10,948) |
Gain (Loss) on Investments | Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Reclassification adjustments, before tax | 236 | 0 | (89) |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | 50 | 0 | (31) |
After Tax | |||
Reclassification adjustments, after tax | 186 | 0 | (58) |
Net Interest Income | Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Reclassification adjustments, before tax | (3,834) | (5,784) | 0 |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | (805) | (1,215) | 0 |
After Tax | |||
Reclassification adjustments, after tax | (3,029) | (4,569) | 0 |
Net Interest Income | Reclassification out of Accumulated Other Comprehensive Income | Held-to-Maturity Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Reclassification adjustments, before tax | (13,415) | (6,067) | (9,329) |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | (2,817) | (1,274) | (3,265) |
After Tax | |||
Reclassification adjustments, after tax | (10,598) | (4,793) | (6,064) |
Other Income | Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Before Tax | |||
Reclassification adjustments, before tax | (275) | 45 | 137 |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | (57) | 9 | 48 |
After Tax | |||
Reclassification adjustments, after tax | (218) | 36 | 89 |
Interest Expense | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Before Tax | |||
Reclassification adjustments, before tax | (1,166) | (316) | 1,813 |
Provision (Benefit) | |||
Reclassification adjustments, provision (benefit) | (245) | (66) | 635 |
After Tax | |||
Reclassification adjustments, after tax | $ (921) | $ (250) | $ 1,178 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | $ 5,390,977 | $ 4,004,968 |
Long-term Debt | 19,098,648 | 16,243,697 |
Farm & Ranch | ||
Variable Interest Entity [Line Items] | ||
Borrower remittances | 15,600 | 11,900 |
USDA Guarantees | ||
Variable Interest Entity [Line Items] | ||
Unamortized premiums and discounts | 200 | 200 |
On-Balance Sheet: | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 1,600,917 | 1,517,101 |
Long-term Debt | 1,616,504 | 1,528,957 |
Off-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 496,538 | 503,546 |
Farmer Mac Guaranteed Securities: | On-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 32,041 | 27,627 |
Maximum exposure to loss | 31,887 | 27,383 |
Debt Securities | ||
Variable Interest Entity [Line Items] | ||
Unamortized premiums and discounts | (1,382) | 3,489 |
Debt Securities | On-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 1,117,203 | 1,000,942 |
Maximum exposure to loss | 1,120,765 | 1,003,968 |
Operating Segments | On-Balance Sheet: | Farm & Ranch | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 1,600,917 | 1,517,101 |
Long-term Debt | 1,616,504 | 1,528,957 |
Operating Segments | On-Balance Sheet: | USDA Guarantees | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 0 | 0 |
Long-term Debt | 0 | 0 |
Operating Segments | Off-Balance Sheet: | Farm & Ranch | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 107,322 | 135,862 |
Operating Segments | Off-Balance Sheet: | USDA Guarantees | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 389,216 | 367,684 |
Operating Segments | Farmer Mac Guaranteed Securities: | On-Balance Sheet: | Farm & Ranch | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | Farmer Mac Guaranteed Securities: | On-Balance Sheet: | USDA Guarantees | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 32,041 | 27,627 |
Maximum exposure to loss | 31,887 | 27,383 |
Operating Segments | Debt Securities | On-Balance Sheet: | Farm & Ranch | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | Debt Securities | On-Balance Sheet: | USDA Guarantees | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Corporate | On-Balance Sheet: | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 0 | 0 |
Long-term Debt | 0 | 0 |
Corporate | Off-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 0 | 0 |
Corporate | Farmer Mac Guaranteed Securities: | On-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Corporate | Debt Securities | On-Balance Sheet: | Unconsolidated VIEs: | ||
Variable Interest Entity [Line Items] | ||
Carrying value | 1,117,203 | 1,000,942 |
Maximum exposure to loss | $ 1,120,765 | $ 1,003,968 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)director | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Related party threshold (as a percent) | 5.00% | ||
Number of board of directors | director | 15 | ||
Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Related party percent of Farmer Mac's outstanding business volume (as a percent) | 4.50% | 4.70% | |
Servicing fees | $ 12,200 | $ 11,600 | $ 11,500 |
CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume (as a percent) | 12.50% | 19.10% | 10.30% |
Related party percent of Farmer Mac's outstanding business volume (as a percent) | 21.20% | 23.60% | |
Servicing fees | $ 3,200 | $ 3,600 | $ 3,500 |
Interest receivables | 9,200 | 9,400 | |
Interest income | 97,300 | 76,800 | 43,900 |
Commitment fees receivable | 100 | 100 | |
Commitment fees earned | 1,700 | 1,900 | 2,200 |
Purchases | 660,000 | 986,645 | 487,341 |
CoBank | |||
Related Party Transaction [Line Items] | |||
Servicing fees | 1,200 | ||
AgFirst Farm Credit Bank | |||
Related Party Transaction [Line Items] | |||
Guarantee fees | 29 | 33 | 38 |
Commitment fees receivable | 100 | 100 | |
Commitment fees earned | 1,200 | 1,200 | 1,100 |
AgFirst Farm Credit Bank | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Purchases | 26,700 | 26,600 | 40,000 |
Outstanding balance | 332,400 | 340,500 | |
AgFirst Farm Credit Bank | Performance Guarantee | |||
Related Party Transaction [Line Items] | |||
Outstanding balance | 7,000 | 8,600 | |
Farm Credit Bank of Texas | |||
Related Party Transaction [Line Items] | |||
Servicing fees | 100 | 200 | 200 |
Commitment fees earned | 1,100 | 1,000 | 1,000 |
Farm Credit Bank of Texas | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Outstanding balance | 270,300 | 226,500 | |
First Dakota Bank | |||
Related Party Transaction [Line Items] | |||
Servicing fees | 1,200 | 1,400 | 1,200 |
First Dakota Bank | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Purchases | $ 3,600 | $ 0 | $ 0 |
Class A voting common stock | |||
Related Party Transaction [Line Items] | |||
Number of board of directors elected by stockholders | director | 5 | ||
Class A voting common stock | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party (as a percent) | 31.20% | ||
Class A voting common stock | CFC | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party (as a percent) | 7.90% | ||
Common Class B | |||
Related Party Transaction [Line Items] | |||
Number of board of directors elected by stockholders | director | 5 | ||
Common Class B | CoBank | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party (as a percent) | 32.60% | ||
Common Class B | AgFirst Farm Credit Bank | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party (as a percent) | 16.80% | ||
Common Class B | Farm Credit Bank of Texas | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party (as a percent) | 7.70% | ||
Farm & Ranch | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases (as a percent) | 9.50% | 11.90% | 11.20% |
Transaction with related party, percent of volume (as a percent) | 7.60% | 8.20% | 7.50% |
USDA Guarantee | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume (as a percent) | 2.10% | 4.20% | 3.80% |
Rural Utilities | CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases (as a percent) | 9.80% | 100.00% | 100.00% |
Transaction with related party, percent of volume (as a percent) | 100.00% | 100.00% | |
Rural Utilities | CFC | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Purchases | $ 575,000 | $ 675,000 | $ 350,000 |
Rural Utilities | CoBank | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases (as a percent) | 89.10% | ||
Institutional Credit | CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume (as a percent) | 25.50% | 29.50% | 14.70% |
Mortgages | Farm & Ranch | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Purchases | $ 129,040 | $ 114,719 | $ 126,449 |
Mortgages | Farm & Ranch | First Dakota Bank | |||
Related Party Transaction [Line Items] | |||
Purchases | 51,400 | 39,500 | 28,500 |
Mortgages | Rural Utilities | |||
Related Party Transaction [Line Items] | |||
Purchases | 776,400 | ||
USDA Securities: | First Dakota Bank | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Purchases | 3,200 | 3,000 | 400 |
USDA Securities: | USDA Guarantee | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Purchases | 8,875 | 19,120 | 20,368 |
USDA Securities: | USDA Guarantee | Bath State Bank | |||
Related Party Transaction [Line Items] | |||
Purchases | $ 4,000 | $ 2,000 | $ 5,400 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgages | Rural Utilities | |||
Related Party Transaction [Line Items] | |||
Purchases: | $ 776,400 | ||
Zions Bancorporation, National Association | Sale of Farmer Mac Guaranteed Securities | |||
Related Party Transaction [Line Items] | |||
Sales of Farmer Mac Guaranteed Securities | 163,134 | $ 68,721 | $ 128,924 |
Zions Bancorporation, National Association | USDA Guarantee | USDA Securities: | |||
Related Party Transaction [Line Items] | |||
Purchases: | 8,875 | 19,120 | 20,368 |
Zions Bancorporation, National Association | Mortgages | Farm & Ranch | |||
Related Party Transaction [Line Items] | |||
Purchases: | 129,040 | 114,719 | 126,449 |
CFC | |||
Related Party Transaction [Line Items] | |||
Purchases: | 660,000 | 986,645 | 487,341 |
CFC | Rural Utilities | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Purchases: | 575,000 | 675,000 | 350,000 |
CFC | Institutional Credit | US Government-sponsored Enterprises Debt Securities | Off-Balance Sheet: | |||
Related Party Transaction [Line Items] | |||
Purchases: | 0 | 300,000 | 0 |
CFC | Real Estate Loan | Rural Utilities | |||
Related Party Transaction [Line Items] | |||
Purchases: | $ 85,000 | $ 11,645 | $ 137,341 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities | ||
Available-for-sale: | ||
Amount Outstanding | $ 2,960,048 | $ 2,226,409 |
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Amortized Cost | 2,961,430 | 2,222,920 |
Unrealized Gains | 3,959 | 860 |
Unrealized Losses | (5,546) | (5,928) |
Fair Value | 2,959,843 | 2,217,852 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Total investment securities | ||
Amount Outstanding | 3,005,080 | 2,271,441 |
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Amortized Cost | 3,006,462 | 2,267,952 |
Unrealized Gains | 4,912 | 1,422 |
Unrealized Losses | (5,546) | (5,928) |
Fair Value | 3,005,828 | 2,263,446 |
Available-for-Sale Securities | Debt Securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Total investment securities | ||
Unamortized Premium/(Discount) | 1,382 | (3,489) |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Available-for-sale: | ||
Amount Outstanding | 19,700 | 19,700 |
Amortized Cost | 19,700 | 19,700 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (788) | (985) |
Fair Value | 18,912 | 18,715 |
Floating Interest Rate | Floating rate asset-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 11,092 | 28,940 |
Amortized Cost | 11,092 | 28,804 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | (7) | (128) |
Fair Value | 11,085 | 28,678 |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | ||
Available-for-sale: | ||
Amount Outstanding | 1,633,731 | 1,379,472 |
Amortized Cost | 1,634,905 | 1,381,000 |
Unrealized Gains | 2,414 | 721 |
Unrealized Losses | (4,736) | (4,267) |
Fair Value | 1,632,583 | 1,377,454 |
Floating Interest Rate | Available-for-Sale Securities | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Total investment securities | ||
Unamortized Premium/(Discount) | 0 | 0 |
Floating Interest Rate | Available-for-Sale Securities | Floating rate asset-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | (136) |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | (136) |
Total investment securities | ||
Unamortized Premium/(Discount) | 0 | (136) |
Floating Interest Rate | Available-for-Sale Securities | Government/GSE Guaranteed Mortgage Backed Securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,174 | 1,528 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,174 | 1,528 |
Total investment securities | ||
Unamortized Premium/(Discount) | 1,174 | 1,528 |
Fixed Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | ||
Available-for-sale: | ||
Amount Outstanding | 315 | 384 |
Amortized Cost | 315 | 385 |
Unrealized Gains | 25 | 18 |
Unrealized Losses | 0 | 0 |
Fair Value | 340 | 403 |
Held-to-maturity: | ||
Amount Outstanding | 45,032 | 45,032 |
Amortized Cost | 45,032 | 45,032 |
Unrealized Gains | 953 | 562 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 45,985 | $ 45,594 |
Total investment securities | ||
Held-to-maturity investment securities weighted average yield | 3.30% | 3.50% |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Amount Outstanding | $ 1,295,210 | $ 797,913 |
Amortized Cost | 1,295,418 | 793,031 |
Unrealized Gains | 1,520 | 119 |
Unrealized Losses | (15) | (548) |
Fair Value | 1,296,923 | 792,602 |
Fixed Interest Rate | Available-for-Sale Securities | Government/GSE Guaranteed Mortgage Backed Securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 1 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 1 |
Total investment securities | ||
Unamortized Premium/(Discount) | 0 | 1 |
Fixed Interest Rate | Available-for-Sale Securities | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 208 | (4,882) |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 208 | (4,882) |
Total investment securities | ||
Unamortized Premium/(Discount) | 208 | (4,882) |
Fixed Interest Rate | Held-to-Maturity Securities | Government/GSE Guaranteed Mortgage Backed Securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Total investment securities | ||
Unamortized Premium/(Discount) | $ 0 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Gross realized losses | $ 0.2 | |
Gross realized gains | $ 0.1 | |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale of securities | $ 12.4 | $ 10.2 |
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months | 99.30% |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security |
Unrealized loss position for less than 12 months | ||
Fair Value | $ 879,683 | $ 1,433,453 |
Unrealized Loss | (2,260) | (3,281) |
Unrealized loss position for more than 12 months | ||
Fair Value | 464,035 | 315,786 |
Unrealized Loss | $ (3,286) | $ (2,647) |
Debt Securities | ||
Unrealized loss position for less than 12 months | ||
Number of securities in loss position | security | 57 | 72 |
Unrealized loss position for more than 12 months | ||
Number of securities in loss position | security | 62 | 48 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Unrealized loss position for less than 12 months | ||
Fair Value | $ 0 | $ 0 |
Unrealized Loss | 0 | 0 |
Unrealized loss position for more than 12 months | ||
Fair Value | 18,912 | 18,715 |
Unrealized Loss | (788) | (985) |
Floating Interest Rate | Floating rate asset-backed securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 2,583 | 6,456 |
Unrealized Loss | (1) | (38) |
Unrealized loss position for more than 12 months | ||
Fair Value | 8,502 | 19,058 |
Unrealized Loss | (6) | (90) |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 841,993 | 927,416 |
Unrealized Loss | (2,244) | (2,907) |
Unrealized loss position for more than 12 months | ||
Fair Value | 436,621 | 196,416 |
Unrealized Loss | (2,492) | (1,360) |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 35,107 | 499,581 |
Unrealized Loss | (15) | (336) |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | 81,597 |
Unrealized Loss | $ 0 | $ (212) |
Investment Securities - Debt Ma
Investment Securities - Debt Maturities (Details) - Debt Securities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 1,226,467 | |
Due after one year through five years | 271,300 | |
Due after five years through ten years | 788,901 | |
Due after ten years | 674,762 | |
Amortized Cost | 2,961,430 | $ 2,222,920 |
Fair Value | ||
Due within one year | 1,227,930 | |
Due after one year through five years | 270,938 | |
Due after five years through ten years | 786,549 | |
Due after ten years | 674,426 | |
Total | $ 2,959,843 | $ 2,217,852 |
Weighted- Average Yield | ||
Due within one year | 1.57% | |
Due after one year through five years | 2.19% | |
Due after five years through ten years | 2.15% | |
Due after ten years | 2.49% | |
Total | 1.99% |
Farmer Mac Guaranteed Securit_3
Farmer Mac Guaranteed Securities and USDA Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 3,638,142 | $ 4,207,531 |
Amortized Cost | 3,679,611 | 4,262,792 |
Unrealized Gains | 70,495 | 2,735 |
Unrealized Losses | (922) | (74,175) |
Fair Value | 3,749,184 | 4,191,352 |
Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,447,471 | 2,096,568 |
Amortized Cost | 1,447,451 | 2,096,618 |
Unrealized Gains | 16,139 | 2,735 |
Unrealized Losses | (164) | (11,948) |
Fair Value | 1,463,426 | 2,087,405 |
Available-for-sale: | ||
Amortized Cost | 7,016,971 | |
Fair Value | 7,143,025 | |
USDA Securities: | ||
Trading: | ||
Fair Value | 8,913 | 9,999 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 41,469 | 55,261 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 41,469 | 55,261 |
Trading: | ||
Unamortized Premium/(Discount) | 41,469 | 55,261 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (20) | 50 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (20) | 50 |
Trading: | ||
Unamortized Premium/(Discount) | (20) | 50 |
Institutional Credit | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,415,584 | 2,069,185 |
Amortized Cost | 1,415,410 | 2,068,991 |
Unrealized Gains | 15,300 | 2,637 |
Unrealized Losses | (164) | (11,948) |
Fair Value | 1,430,546 | 2,059,680 |
Available-for-sale: | ||
Unpaid Principal Balance | 7,017,095 | 6,003,733 |
Amortized Cost | 7,016,971 | 6,003,529 |
Unrealized Gains | 161,316 | 22,335 |
Unrealized Losses | (35,262) | (51,367) |
Fair Value | 7,143,025 | 5,974,497 |
Institutional Credit | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (174) | (194) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (174) | (194) |
Trading: | ||
Unamortized Premium/(Discount) | (174) | (194) |
Institutional Credit | Available-for-Sale Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (124) | (204) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (124) | (204) |
Trading: | ||
Unamortized Premium/(Discount) | (124) | (204) |
USDA Guarantees | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (200) | (200) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (200) | (200) |
Trading: | ||
Unamortized Premium/(Discount) | (200) | (200) |
USDA Guarantees | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 31,887 | 27,383 |
Amortized Cost | 32,041 | 27,627 |
Unrealized Gains | 839 | 98 |
Unrealized Losses | 0 | 0 |
Fair Value | 32,880 | 27,725 |
USDA Guarantees | USDA Securities: | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,190,671 | 2,110,963 |
Amortized Cost | 2,232,160 | 2,166,174 |
Unrealized Gains | 54,356 | 0 |
Unrealized Losses | (758) | (62,227) |
Fair Value | 2,285,758 | 2,103,947 |
Trading: | ||
Unpaid Principal Balance | 8,400 | 9,591 |
Amortized Cost | 8,879 | 10,292 |
Unrealized Gains | 61 | 20 |
Unrealized Losses | (27) | (313) |
Fair Value | $ 8,913 | $ 9,999 |
Trading securities, weighted-average yield | 5.20% | 5.21% |
USDA Guarantees | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | $ 154 | $ 244 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 154 | 244 |
Trading: | ||
Unamortized Premium/(Discount) | 154 | 244 |
USDA Guarantees | Held-to-Maturity Securities | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 41,489 | 55,211 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 41,489 | 55,211 |
Trading: | ||
Unamortized Premium/(Discount) | 41,489 | 55,211 |
USDA Guarantees | Trading Securities | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 479 | 701 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 479 | 701 |
Trading: | ||
Unamortized Premium/(Discount) | $ 479 | $ 701 |
Farmer Mac Guaranteed Securit_4
Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrealized loss position for less than 12 months | ||
Fair Value | $ 879,683 | $ 1,433,453 |
Unrealized Loss | (2,260) | (3,281) |
Unrealized loss position for more than 12 months | ||
Fair Value | 464,035 | 315,786 |
Unrealized Loss | (3,286) | (2,647) |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 707,813 |
Unrealized Loss | 0 | (2,456) |
Unrealized loss position for more than 12 months | ||
Fair Value | 328,925 | 3,042,061 |
Unrealized Loss | (922) | (71,719) |
Institutional Credit | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 669,610 |
Unrealized Loss | 0 | (1,760) |
Unrealized loss position for more than 12 months | ||
Fair Value | 301,836 | 976,318 |
Unrealized Loss | (164) | (10,188) |
Unrealized loss position for less than 12 months | ||
Fair Value | 225,239 | 1,480,423 |
Unrealized Loss | (2,203) | (9,364) |
Unrealized loss position for more than 12 months | ||
Fair Value | 1,394,802 | 1,599,679 |
Unrealized Loss | (33,059) | (42,003) |
USDA Guarantees | USDA Securities: | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 38,203 |
Unrealized Loss | 0 | (696) |
Unrealized loss position for more than 12 months | ||
Fair Value | 27,089 | 2,065,743 |
Unrealized Loss | $ (758) | $ (61,531) |
Farmer Mac Guaranteed Securit_5
Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) - Institutional Credit - Farmer Mac Guaranteed Securities - security | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions | 17 | 38 |
Held-to-maturity, securities in unrealized loss positions | 4 | 43 |
Number of securities in loss position | 13 | 21 |
Farmer Mac Guaranteed Securit_6
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-sale Securities (Details) - Farmer Mac Guaranteed Securities $ in Thousands | Dec. 31, 2019USD ($) |
Amortized Cost | |
Due within one year | $ 781,341 |
Due after one year through five years | 3,455,526 |
Due after five years through ten years | 1,240,670 |
Due after ten years | 1,539,434 |
Amortized Cost | 7,016,971 |
Fair Value | |
Due within one year | 781,680 |
Due after one year through five years | 3,512,820 |
Due after five years through ten years | 1,271,208 |
Due after ten years | 1,577,317 |
Total | $ 7,143,025 |
Weighted- Average Yield | |
Due within one year | 2.35% |
Due after one year through five years | 2.93% |
Due after five years through ten years | 2.92% |
Due after ten years | 3.30% |
Total | 2.94% |
Farmer Mac Guaranteed Securit_7
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Held-to-maturity Securities (Details) - Farmer Mac Guaranteed Securities and USDA Securities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 452,256 | |
Due after one year through five years | 1,045,189 | |
Due after five years through ten years | 207,706 | |
Due after ten years | 1,974,460 | |
Amortized Cost | 3,679,611 | $ 4,262,792 |
Fair Value | ||
Due within one year | 452,712 | |
Due after one year through five years | 1,061,151 | |
Due after five years through ten years | 210,690 | |
Due after ten years | 2,024,631 | |
Total | $ 3,749,184 | $ 4,191,352 |
Weighted- Average Yield | ||
Due within one year | 2.51% | |
Due after one year through five years | 3.23% | |
Due after five years through ten years | 3.40% | |
Due after ten years | 3.56% | |
Total | 3.33% |
Financial Derivatives - Schedul
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notional Disclosures [Abstract] | ||
Notional Amount | $ 14,022,179 | $ 9,955,745 |
Fair Value | ||
Asset | 10,519 | 7,487 |
Collateral (held)/pledged | (2,685) | (1,778) |
Net amount | 7,834 | 5,709 |
(Liability) | (27,042) | (19,633) |
Collateral (held)/pledged | 132,129 | 47,018 |
Net amount | 105,087 | 27,385 |
Designated as Hedging Instrument | Fair value hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 4,955,686 | 3,097,084 |
Fair Value | ||
Asset | 7,163 | 3,004 |
(Liability) | $ (3,281) | $ (4,326) |
Weighted- Average Pay Rate | 2.47% | 2.42% |
Weighted- Average Receive Rate | 1.93% | 2.58% |
Weighted- Average Remaining Term (in years) | 11 years 3 months 3 days | 9 years 9 months |
Designated as Hedging Instrument | Fair value hedges: | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,413,200 | $ 1,871,200 |
Fair Value | ||
Asset | 76 | 547 |
(Liability) | $ (5,329) | $ (4,484) |
Weighted- Average Pay Rate | 1.88% | 2.50% |
Weighted- Average Receive Rate | 2.13% | 1.84% |
Weighted- Average Remaining Term (in years) | 1 year 3 months | 1 year 6 months 29 days |
Designated as Hedging Instrument | Fair value hedges: | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 524,000 | $ 160,000 |
Fair Value | ||
Asset | 476 | 338 |
(Liability) | $ (772) | $ (28) |
Weighted- Average Pay Rate | 1.52% | 2.35% |
Weighted- Average Receive Rate | 1.91% | 3.06% |
Weighted- Average Remaining Term (in years) | 2 years 9 months 29 days | 2 years 10 months 28 days |
Designated as Hedging Instrument | Cash flow hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 428,000 | $ 373,000 |
Fair Value | ||
Asset | 1,882 | 2,441 |
(Liability) | $ (1,514) | $ (99) |
Weighted- Average Pay Rate | 2.36% | 2.40% |
Weighted- Average Receive Rate | 2.12% | 2.83% |
Weighted- Average Remaining Term (in years) | 5 years 5 months 4 days | 6 years 1 month 13 days |
Not Designated as Hedging Instrument | ||
Fair Value | ||
Credit valuation adjustment | $ 0 | $ (60) |
Credit valuation adjustment | 63 | 21 |
Not Designated as Hedging Instrument | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 342,745 | 316,664 |
Fair Value | ||
Asset | 7 | 796 |
(Liability) | $ (14,046) | $ (10,399) |
Weighted- Average Pay Rate | 3.55% | 3.69% |
Weighted- Average Receive Rate | 2.00% | 2.52% |
Weighted- Average Remaining Term (in years) | 5 years 6 months 3 days | 6 years 3 months |
Not Designated as Hedging Instrument | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 3,124,148 | $ 2,347,371 |
Fair Value | ||
Asset | 49 | 0 |
(Liability) | $ (1,637) | $ 0 |
Weighted- Average Pay Rate | 1.88% | 2.37% |
Weighted- Average Receive Rate | 2.06% | 2.10% |
Weighted- Average Remaining Term (in years) | 1 year 7 months 28 days | 10 months 9 days |
Not Designated as Hedging Instrument | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 525,000 | |
Fair Value | ||
Asset | 79 | |
(Liability) | $ (80) | |
Weighted- Average Pay Rate | 1.64% | |
Weighted- Average Receive Rate | 1.68% | |
Weighted- Average Remaining Term (in years) | 9 months 29 days | |
Not Designated as Hedging Instrument | Basis swaps | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 2,670,000 | $ 1,770,026 |
Fair Value | ||
Asset | 787 | 421 |
(Liability) | $ (395) | $ (130) |
Weighted- Average Pay Rate | 1.86% | 2.45% |
Weighted- Average Receive Rate | 1.76% | 2.49% |
Weighted- Average Remaining Term (in years) | 10 months 24 days | 1 year 3 months 7 days |
Not Designated as Hedging Instrument | Treasury futures | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 39,400 | $ 20,400 |
Fair Value | ||
Asset | 0 | |
(Liability) | $ (51) | $ (188) |
Weighted- Average Forward Price (in dollars per share) | $ 128.29 | $ 121.09 |
Financial Derivatives - Narrati
Financial Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Gain expected to be reclassified from AOCI to earnings over next 12 months | $ 900,000 | |
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings | 0 | $ 0 |
Investments held as collateral | 0 | (1,100,000) |
Cash posted as collateral | 132,129,000 | 47,018,000 |
Financial derivatives in net payable position | 0 | 0 |
Notional amount | 14,022,179,000 | 9,955,745,000 |
Cash | ||
Derivative [Line Items] | ||
Cash held as collateral | (2,700,000) | (700,000) |
Cash posted as collateral | 500,000 | 0 |
Available-for-Sale Securities | ||
Derivative [Line Items] | ||
Cash posted as collateral | 131,700,000 | 47,000,000 |
Exchange Cleared | ||
Derivative [Line Items] | ||
Notional amount | 11,000,000,000 | 8,500,000,000 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | $ 14,000,000,000 | $ 9,900,000,000 |
Financial Derivatives - Sched_2
Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Interest Income, Operating | $ 290,953 | $ 203,796 | |||||||||
Interest Income Loans | $ 229,675 | 198,152 | 162,150 | ||||||||
Total Interest Expense | $ (113,584) | $ (121,384) | $ (122,074) | $ (114,916) | $ (104,237) | $ (97,557) | $ (91,737) | $ (76,317) | (471,958) | (369,848) | (242,885) |
Gains/(losses) on financial derivatives | 5,282 | (3,687) | 753 | ||||||||
Total | 96,895 | 115,570 | 123,814 | ||||||||
Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 208,311 | 19,354 | (2,413) | ||||||||
(Losses)/gains on fair value hedging relationships | (7,907) | 4,941 | (719) | ||||||||
Cash flow hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Discount amortization recognized on hedged items | (4) | (6) | (5) | ||||||||
Interest settlements reclassified from AOCI into net income on derivatives | 1,166 | 316 | (1,974) | ||||||||
Recognized on hedged items | (10,569) | (9,182) | (4,133) | ||||||||
Expense recognized on cash flow hedges | (9,407) | (8,872) | |||||||||
Expense recognized on cash flow hedges | (6,432) | ||||||||||
Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 99,652 | 34,685 | 35,485 | ||||||||
Discount amortization recognized on hedged items | (631) | (668) | (345) | ||||||||
Losses recognized in income for hedge ineffectiveness | (320) | ||||||||||
Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 5,282 | (3,687) | 1,792 | ||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 181,144 | 21,460 | 0 | ||||||||
(Losses)/gains on fair value hedging relationships | (3,334) | 1,181 | 0 | ||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Cash flow hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | ||||||||
Recognized on hedged items | 0 | 0 | 0 | ||||||||
Expense recognized on cash flow hedges | 0 | 0 | |||||||||
Expense recognized on cash flow hedges | 0 | ||||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 118,609 | 65,238 | 46,389 | ||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Interest Income Loans | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 43,194 | (5,243) | 0 | ||||||||
(Losses)/gains on fair value hedging relationships | (6,947) | (212) | 0 | ||||||||
Interest Income Loans | Cash flow hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | ||||||||
Recognized on hedged items | 0 | 0 | 0 | ||||||||
Expense recognized on cash flow hedges | 0 | 0 | |||||||||
Expense recognized on cash flow hedges | 0 | ||||||||||
Interest Income Loans | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 26,352 | 6,284 | 3,379 | ||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Interest Income Loans | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Total Interest Expense | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | (16,027) | 3,137 | 0 | ||||||||
(Losses)/gains on fair value hedging relationships | 2,374 | 3,972 | 0 | ||||||||
Total Interest Expense | Cash flow hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Discount amortization recognized on hedged items | (4) | (6) | (5) | ||||||||
Interest settlements reclassified from AOCI into net income on derivatives | 1,166 | 316 | (1,974) | ||||||||
Recognized on hedged items | (10,569) | (9,182) | (4,133) | ||||||||
Expense recognized on cash flow hedges | (9,407) | (8,872) | |||||||||
Expense recognized on cash flow hedges | (6,112) | ||||||||||
Total Interest Expense | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | (45,309) | (36,837) | (14,283) | ||||||||
Discount amortization recognized on hedged items | (631) | (668) | (345) | ||||||||
Total Interest Expense | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Gains/(losses) on financial derivatives | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 0 | 0 | (2,413) | ||||||||
(Losses)/gains on fair value hedging relationships | 0 | 0 | (719) | ||||||||
Gains/(losses) on financial derivatives | Cash flow hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | ||||||||
Recognized on hedged items | 0 | 0 | 0 | ||||||||
Expense recognized on cash flow hedges | 0 | 0 | |||||||||
Expense recognized on cash flow hedges | (320) | ||||||||||
Gains/(losses) on financial derivatives | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on hedged items | 0 | 0 | 0 | ||||||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | ||||||||
Losses recognized in income for hedge ineffectiveness | (320) | ||||||||||
Gains/(losses) on financial derivatives | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 5,282 | (3,687) | 1,792 | ||||||||
Interest Rate Swap | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on derivatives | (10,457) | (6,764) | (8,845) | ||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | 88,564 | 27,253 | 26,295 | ||||||||
Recognized on derivatives | (216,218) | (14,413) | 1,694 | ||||||||
Gains attributable to fair value of swaps at inception | (100) | ||||||||||
Gains recognized as hedge ineffectiveness | 600 | ||||||||||
Interest Rate Swap | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total Interest Expense | (4,213) | (10,920) | (10,200) | ||||||||
Gains/(losses) on financial derivatives | 10,321 | 7,206 | 12,240 | ||||||||
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on derivatives | (2,177) | 1,861 | (10,346) | ||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | 116,432 | 67,099 | 36,043 | ||||||||
Recognized on derivatives | (184,478) | (20,279) | 0 | ||||||||
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Losses recognized in income for hedge ineffectiveness | 0 | ||||||||||
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total Interest Expense | 0 | 0 | 0 | ||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Interest Rate Swap | Interest Income Loans | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on derivatives | (2,053) | (630) | (1,141) | ||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | 24,299 | 5,654 | 2,238 | ||||||||
Recognized on derivatives | (50,141) | 5,031 | 0 | ||||||||
Interest Rate Swap | Interest Income Loans | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Losses recognized in income for hedge ineffectiveness | 0 | ||||||||||
Interest Rate Swap | Interest Income Loans | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total Interest Expense | 0 | 0 | 0 | ||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Interest Rate Swap | Total Interest Expense | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on derivatives | (6,227) | (7,995) | 2,642 | ||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | (52,167) | (45,500) | (11,986) | ||||||||
Recognized on derivatives | 18,401 | 835 | 0 | ||||||||
Interest Rate Swap | Total Interest Expense | Designated as Hedging Instrument | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Losses recognized in income for hedge ineffectiveness | 0 | ||||||||||
Interest Rate Swap | Total Interest Expense | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total Interest Expense | 0 | 0 | 0 | ||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Interest Rate Swap | Gains/(losses) on financial derivatives | Fair value hedges: | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Recognized on derivatives | 0 | 0 | 0 | ||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 | 0 | ||||||||
Recognized on derivatives | 0 | 0 | 1,694 | ||||||||
Interest Rate Swap | Gains/(losses) on financial derivatives | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total Interest Expense | (4,213) | (10,920) | (10,200) | ||||||||
Gains/(losses) on financial derivatives | 10,321 | 7,206 | 12,240 | ||||||||
Treasury futures | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | (826) | 27 | 340 | ||||||||
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Treasury futures | Interest Income Loans | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Treasury futures | Total Interest Expense | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | ||||||||
Treasury futures | Gains/(losses) on financial derivatives | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | $ (826) | $ 27 | 340 | ||||||||
Forward Contracts | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | (588) | ||||||||||
Forward Contracts | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | ||||||||||
Forward Contracts | Interest Income Loans | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | ||||||||||
Forward Contracts | Total Interest Expense | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | 0 | ||||||||||
Forward Contracts | Gains/(losses) on financial derivatives | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gains/(losses) on financial derivatives | $ (588) |
Financial Derivatives - Hedged
Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | $ 1,050,335 | $ 194,617 |
Hedged Asset | 37,907 | (5,287) |
Long-term Debt | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | (2,761,052) | (2,021,356) |
Hedged Liability | (7,433) | 8,785 |
Farmer Mac Guaranteed Securities: | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 4,092,611 | 2,882,919 |
Hedged Asset | $ 180,215 | $ (906) |
Financial Derivatives - Sched_3
Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Liabilities derivatives interest rate swaps | $ 27,042 | $ 19,633 |
Gross Amount Recognized | Including Accrued Interest | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 56,139 | 51,267 |
Liabilities derivatives interest rate swaps | 305,584 | 78,437 |
Counterparty Netting | Including Accrued Interest | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 53,771 | 48,124 |
Liabilities derivatives interest rate swaps | 291,326 | 64,568 |
Net Amount Presented in the Consolidated Balance Sheet | Including Accrued Interest | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 2,368 | 3,143 |
Liabilities derivatives interest rate swaps | $ 14,258 | $ 13,869 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Medium term notes called during period | $ 1,500,000,000 | $ 0 | |
Maximum borrowing capacity from U.S. Treasury | 1,500,000,000 | ||
Outstanding debt repurchases | $ 0 | 0 | $ 0 |
Discount Notes | |||
Debt Instrument [Line Items] | |||
Maturities of notes | 1 year | ||
Medium-term Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Maturities of notes | 6 months | ||
Medium-term Notes | Maximum | |||
Debt Instrument [Line Items] | |||
Maturities of notes | 15 years | ||
Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Maximum amount of discount notes outstanding at any month end | $ 2,300,000,000 | $ 1,600,000,000 |
Notes Payable - Borrowings (Det
Notes Payable - Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Due within one year: | ||
Short-term debt | $ 10,019,082 | $ 7,757,050 |
Weighted - Average Rate (as a percent) | 1.84% | 2.10% |
Medium-term notes due in: | ||
2021 | $ 3,700,835 | $ 3,090,405 |
2022 | 1,594,709 | 2,220,651 |
2023 | 1,205,276 | 859,470 |
2024 | 760,887 | 881,738 |
Thereafter | 1,817,859 | 1,434,383 |
Total due after one year | 9,079,566 | 8,486,647 |
Total | $ 19,098,648 | $ 16,243,697 |
Weighted - Average Rate (as a percent) | 2.28% | 2.48% |
Total Weighted - Average Rate (as a percent) | 2.05% | 2.30% |
2021 | ||
Medium-term notes due in: | ||
Weighted - Average Rate (as a percent) | 2.04% | 2.11% |
2022 | ||
Medium-term notes due in: | ||
Weighted - Average Rate (as a percent) | 2.15% | 2.41% |
2023 | ||
Medium-term notes due in: | ||
Weighted - Average Rate (as a percent) | 2.27% | 2.19% |
2024 | ||
Medium-term notes due in: | ||
Weighted - Average Rate (as a percent) | 2.25% | 2.88% |
Thereafter | ||
Medium-term notes due in: | ||
Weighted - Average Rate (as a percent) | 2.89% | 3.34% |
Notes Payable to Banks | ||
Due within one year: | ||
Short-term debt | $ 2,194,177 | $ 1,586,385 |
Weighted - Average Rate (as a percent) | 1.72% | 2.35% |
Average Outstanding During the Year | $ 1,977,214 | $ 1,432,470 |
Weighted - Average Rate (as a percent) | 2.25% | 1.83% |
Medium-term Notes | ||
Due within one year: | ||
Short-term debt | $ 1,152,770 | $ 1,826,380 |
Weighted - Average Rate (as a percent) | 1.98% | 2.29% |
Average Outstanding During the Year | $ 1,780,517 | $ 1,977,445 |
Weighted - Average Rate (as a percent) | 2.33% | 1.83% |
Long-term Debt | ||
Due within one year: | ||
Current portion of long-term notes | $ 6,672,135 | $ 4,344,285 |
Weighted - Average Rate (as a percent) | 1.85% | 1.93% |
Notes Payable - Callable Medium
Notes Payable - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2021 | $ 3,700,835 | $ 3,090,405 |
2022 | 1,594,709 | 2,220,651 |
2023 | 1,205,276 | 859,470 |
2024 | 760,887 | 881,738 |
Thereafter | 1,817,859 | 1,434,383 |
Total | $ 19,098,648 | $ 16,243,697 |
Long-term debt, weighted average rate (as a percent) | 2.28% | 2.48% |
Call Option | ||
Debt Instrument [Line Items] | ||
2021 | $ 518,746 | |
2022 | 289,742 | |
2023 | 22,978 | |
2024 | 191,688 | |
Thereafter | 374,064 | |
Total | $ 1,397,218 | |
Long-term debt, weighted average rate (as a percent) | 2.33% | |
2021 | Call Option | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average rate (as a percent) | 2.03% | |
2022 | Call Option | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average rate (as a percent) | 2.30% | |
2023 | Call Option | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average rate (as a percent) | 1.93% | |
2024 | Call Option | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average rate (as a percent) | 2.32% | |
Thereafter | Call Option | ||
Debt Instrument [Line Items] | ||
Long-term debt, weighted average rate (as a percent) | 2.80% |
Notes Payable - Earliest Intere
Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short-term debt | $ 10,019,082 | $ 7,757,050 |
2021 | 3,700,835 | 3,090,405 |
2022 | 1,594,709 | 2,220,651 |
2023 | 1,205,276 | 859,470 |
2024 | 760,887 | 881,738 |
Thereafter | 1,817,859 | 1,434,383 |
Total | $ 19,098,648 | $ 16,243,697 |
Short-term debt, weighted average rate (as a percent) | 1.84% | 2.10% |
Weighted - Average Rate (as a percent) | 2.28% | 2.48% |
Total Weighted - Average Rate (as a percent) | 2.05% | 2.30% |
2020 | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 11,842,948 | |
Short-term debt, weighted average rate (as a percent) | 1.85% | |
2021 | ||
Debt Instrument [Line Items] | ||
2021 | $ 2,399,892 | |
Weighted - Average Rate (as a percent) | 2.18% | |
2022 | ||
Debt Instrument [Line Items] | ||
2022 | $ 1,463,737 | |
Weighted - Average Rate (as a percent) | 2.16% | |
2023 | ||
Debt Instrument [Line Items] | ||
2023 | $ 1,160,300 | |
Weighted - Average Rate (as a percent) | 2.28% | |
2024 | ||
Debt Instrument [Line Items] | ||
2024 | $ 727,900 | |
Weighted - Average Rate (as a percent) | 2.26% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Thereafter | $ 1,503,871 | |
Weighted - Average Rate (as a percent) | 3.03% |
Loans and Allowance for Losse_2
Loans and Allowance for Losses - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 5,390,977 | $ 4,004,968 |
Allowance for loan losses | (10,454) | (7,017) |
Total loans, net of allowance | 6,981,440 | 5,515,052 |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 6,947,850 | 5,527,166 |
Unamortized premiums, discounts, and other cost basis adjustments | 44,044 | (5,097) |
Total loans | 6,991,894 | 5,522,069 |
Allowance for loan losses | (10,454) | (7,017) |
Total loans, net of allowance | 6,981,440 | 5,515,052 |
Farm & Ranch | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 5,276,557 | 4,588,323 |
Rural Utilities | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,671,293 | 938,843 |
Unsecuritized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 5,346,933 | 4,010,065 |
Unamortized premiums, discounts, and other cost basis adjustments | 44,044 | (5,097) |
Total loans | 5,390,977 | 4,004,968 |
Allowance for loan losses | (8,853) | (5,565) |
Total loans, net of allowance | 5,382,124 | 3,999,403 |
Unsecuritized | Farm & Ranch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 3,675,640 | 3,071,222 |
Unsecuritized | Rural Utilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,671,293 | 938,843 |
In Consolidated Trusts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,600,917 | 1,517,101 |
Unamortized premiums, discounts, and other cost basis adjustments | 0 | 0 |
Total loans | 1,600,917 | 1,517,101 |
Allowance for loan losses | (1,601) | (1,452) |
Total loans, net of allowance | 1,599,316 | 1,515,649 |
In Consolidated Trusts | Farm & Ranch | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,600,917 | 1,517,101 |
In Consolidated Trusts | Rural Utilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 0 | $ 0 |
Loans and Allowance for Losse_3
Loans and Allowance for Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses | |||||||||||
Beginning balance | $ 7,017 | $ 7,017 | |||||||||
Provision for losses | $ 2,430 | $ 760 | $ 578 | (264) | $ 146 | $ 99 | $ 424 | $ (431) | 3,504 | $ 238 | $ 1,708 |
Charge-offs | (67) | (17) | (327) | ||||||||
Ending balance | 10,454 | 7,017 | 10,454 | 7,017 | |||||||
Reserve for Losses | |||||||||||
Beginning balance | 2,167 | 2,167 | |||||||||
(Release of)/provision for reserve for losses | (3) | 97 | 50 | ||||||||
Charge-offs | (67) | (17) | (327) | ||||||||
Ending balance | 2,164 | 2,167 | 2,164 | 2,167 | |||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 9,184 | 8,866 | 9,184 | 8,866 | 7,435 | ||||||
Provision for/(release of) losses | 3,501 | 335 | 1,758 | ||||||||
Charge-offs | (67) | (17) | (327) | ||||||||
Ending balance | 12,618 | 9,184 | 12,618 | 9,184 | 8,866 | ||||||
Crops | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | (228) | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | 0 | 0 | (228) | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 4,394 | 4,081 | 4,394 | 4,081 | 3,365 | ||||||
Provision for/(release of) losses | 810 | 313 | 944 | ||||||||
Charge-offs | 0 | 0 | (228) | ||||||||
Ending balance | 5,204 | 4,394 | 5,204 | 4,394 | 4,081 | ||||||
Permanent Plantings | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | (70) | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | 0 | 0 | (70) | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 2,126 | 2,469 | 2,126 | 2,469 | 1,723 | ||||||
Provision for/(release of) losses | 383 | (343) | 816 | ||||||||
Charge-offs | 0 | 0 | (70) | ||||||||
Ending balance | 2,509 | 2,126 | 2,509 | 2,126 | 2,469 | ||||||
Livestock | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | (13) | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | 0 | 0 | (13) | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 1,460 | 1,211 | 1,460 | 1,211 | 1,375 | ||||||
Provision for/(release of) losses | 2,198 | 249 | (151) | ||||||||
Charge-offs | 0 | 0 | (13) | ||||||||
Ending balance | 3,658 | 1,460 | 3,658 | 1,460 | 1,211 | ||||||
Part-time Farm | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | (67) | (17) | (16) | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | (67) | (17) | (16) | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 474 | 481 | 474 | 481 | 405 | ||||||
Provision for/(release of) losses | 21 | 10 | 92 | ||||||||
Charge-offs | (67) | (17) | (16) | ||||||||
Ending balance | 428 | 474 | 428 | 474 | 481 | ||||||
Ag. Storage and Processing | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 720 | 606 | 720 | 606 | 533 | ||||||
Provision for/(release of) losses | 94 | 114 | 73 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Ending balance | 814 | 720 | 814 | 720 | 606 | ||||||
Other | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Reserve for Losses | |||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Total Allowance for Losses | |||||||||||
Beginning balance | 10 | 18 | 10 | 18 | 34 | ||||||
Provision for/(release of) losses | (5) | (8) | (16) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Ending balance | 5 | 10 | 5 | 10 | 18 | ||||||
Allowance for Loan Losses | |||||||||||
Allowance for Loan Losses | |||||||||||
Beginning balance | 7,017 | 6,796 | 7,017 | 6,796 | 5,415 | ||||||
Provision for losses | 3,504 | 238 | 1,708 | ||||||||
Charge-offs | (67) | (17) | (327) | ||||||||
Ending balance | 10,454 | 7,017 | 10,454 | 7,017 | 6,796 | ||||||
Reserve for Losses | |||||||||||
Charge-offs | (67) | (17) | (327) | ||||||||
Total Allowance for Losses | |||||||||||
Charge-offs | (67) | (17) | (327) | ||||||||
Reserve for Losses | |||||||||||
Allowance for Loan Losses | |||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Reserve for Losses | |||||||||||
Beginning balance | $ 2,167 | $ 2,070 | 2,167 | 2,070 | 2,020 | ||||||
(Release of)/provision for reserve for losses | (3) | 97 | 50 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Ending balance | $ 2,164 | $ 2,167 | 2,164 | 2,167 | 2,070 | ||||||
Total Allowance for Losses | |||||||||||
Charge-offs | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Losse_4
Loans and Allowance for Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Charge-offs | $ 67,000 | $ 17,000 | $ 327,000 | ||||||||
Change in total provision for losses | 3,200,000 | (1,400,000) | |||||||||
Troubled debt restructurings, recorded investment | $ 38,500,000 | 38,500,000 | |||||||||
Past due financing receivables | 60,954,000 | $ 26,881,000 | 60,954,000 | 26,881,000 | |||||||
Loans subject to removal-of-account provisions | 0 | 100,000 | 0 | 100,000 | |||||||
Provision for losses | 2,430,000 | $ 760,000 | $ 578,000 | $ (264,000) | 146,000 | $ 99,000 | $ 424,000 | $ (431,000) | 3,504,000 | 238,000 | 1,708,000 |
Allowance for Loan Losses | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Charge-offs | 67,000 | 17,000 | 327,000 | ||||||||
Provision for losses | 3,504,000 | 238,000 | 1,708,000 | ||||||||
Reserve for Losses | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Charge-offs | 0 | 0 | $ 0 | ||||||||
On-Balance Sheet: | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Past due financing receivables | $ 57,719,000 | $ 19,577,000 | $ 57,719,000 | $ 19,577,000 |
Loans and Allowance for Losse_5
Loans and Allowance for Losses - Schedule of Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | $ 7,551,092 | $ 7,079,331 | ||
Individually evaluated for impairment: | 225,858 | 154,640 | ||
Total | 7,776,950 | 7,233,971 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 6,077 | 5,779 | ||
Individually evaluated for impairment: | 6,541 | 3,405 | ||
Total | 12,618 | 9,184 | $ 8,866 | $ 7,435 |
Crops | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 3,816,345 | 3,691,897 | ||
Individually evaluated for impairment: | 114,513 | 79,730 | ||
Total | 3,930,858 | 3,771,627 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 2,479 | 2,788 | ||
Individually evaluated for impairment: | 2,725 | 1,606 | ||
Total | 5,204 | 4,394 | 4,081 | 3,365 |
Permanent Plantings | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 1,673,891 | 1,468,239 | ||
Individually evaluated for impairment: | 53,370 | 41,582 | ||
Total | 1,727,261 | 1,509,821 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1,458 | 992 | ||
Individually evaluated for impairment: | 1,051 | 1,134 | ||
Total | 2,509 | 2,126 | 2,469 | 1,723 |
Livestock | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 1,452,718 | 1,330,274 | ||
Individually evaluated for impairment: | 50,169 | 25,098 | ||
Total | 1,502,887 | 1,355,372 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1,022 | 938 | ||
Individually evaluated for impairment: | 2,636 | 522 | ||
Total | 3,658 | 1,460 | 1,211 | 1,375 |
Part-time Farm | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 524,315 | 495,977 | ||
Individually evaluated for impairment: | 7,750 | 8,161 | ||
Total | 532,065 | 504,138 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 299 | 332 | ||
Individually evaluated for impairment: | 129 | 142 | ||
Total | 428 | 474 | 481 | 405 |
Ag. Storage and Processing | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 76,466 | 85,181 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 76,466 | 85,181 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 814 | 720 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 814 | 720 | 606 | 533 |
Other | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 7,357 | 7,763 | ||
Individually evaluated for impairment: | 56 | 69 | ||
Total | 7,413 | 7,832 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 5 | 9 | ||
Individually evaluated for impairment: | 0 | 1 | ||
Total | 5 | 10 | $ 18 | $ 34 |
On-Balance Sheet: | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 5,069,480 | 4,456,918 | ||
Individually evaluated for impairment: | 207,077 | 131,404 | ||
Total | 5,276,557 | 4,588,322 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 4,256 | 4,064 | ||
Individually evaluated for impairment: | 6,198 | 2,953 | ||
Total | 10,454 | 7,017 | ||
On-Balance Sheet: | Crops | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 2,664,362 | 2,452,803 | ||
Individually evaluated for impairment: | 108,815 | 66,432 | ||
Total | 2,773,177 | 2,519,235 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1,880 | 2,120 | ||
Individually evaluated for impairment: | 2,628 | 1,329 | ||
Total | 4,508 | 3,449 | ||
On-Balance Sheet: | Permanent Plantings | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 1,161,900 | 952,719 | ||
Individually evaluated for impairment: | 51,256 | 36,333 | ||
Total | 1,213,156 | 989,052 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1,362 | 822 | ||
Individually evaluated for impairment: | 1,008 | 1,065 | ||
Total | 2,370 | 1,887 | ||
On-Balance Sheet: | Livestock | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 871,341 | 705,752 | ||
Individually evaluated for impairment: | 39,962 | 21,361 | ||
Total | 911,303 | 727,113 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 714 | 731 | ||
Individually evaluated for impairment: | 2,447 | 437 | ||
Total | 3,161 | 1,168 | ||
On-Balance Sheet: | Part-time Farm | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 356,920 | 329,070 | ||
Individually evaluated for impairment: | 7,044 | 7,278 | ||
Total | 363,964 | 336,348 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 249 | 303 | ||
Individually evaluated for impairment: | 115 | 122 | ||
Total | 364 | 425 | ||
On-Balance Sheet: | Ag. Storage and Processing | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 10,360 | 12,097 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 10,360 | 12,097 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 47 | 84 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 47 | 84 | ||
On-Balance Sheet: | Other | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 4,597 | 4,477 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 4,597 | 4,477 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 4 | 4 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 4 | 4 | ||
Off-Balance Sheet: | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 2,481,612 | 2,622,413 | ||
Individually evaluated for impairment: | 18,781 | 23,236 | ||
Total | 2,500,393 | 2,645,649 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1,821 | 1,715 | ||
Individually evaluated for impairment: | 343 | 452 | ||
Total | 2,164 | 2,167 | ||
Off-Balance Sheet: | Crops | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 1,151,983 | 1,239,094 | ||
Individually evaluated for impairment: | 5,698 | 13,298 | ||
Total | 1,157,681 | 1,252,392 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 599 | 668 | ||
Individually evaluated for impairment: | 97 | 277 | ||
Total | 696 | 945 | ||
Off-Balance Sheet: | Permanent Plantings | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 511,991 | 515,520 | ||
Individually evaluated for impairment: | 2,114 | 5,249 | ||
Total | 514,105 | 520,769 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 96 | 170 | ||
Individually evaluated for impairment: | 43 | 69 | ||
Total | 139 | 239 | ||
Off-Balance Sheet: | Livestock | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 581,377 | 624,522 | ||
Individually evaluated for impairment: | 10,207 | 3,737 | ||
Total | 591,584 | 628,259 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 308 | 207 | ||
Individually evaluated for impairment: | 189 | 85 | ||
Total | 497 | 292 | ||
Off-Balance Sheet: | Part-time Farm | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 167,395 | 166,907 | ||
Individually evaluated for impairment: | 706 | 883 | ||
Total | 168,101 | 167,790 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 50 | 29 | ||
Individually evaluated for impairment: | 14 | 20 | ||
Total | 64 | 49 | ||
Off-Balance Sheet: | Ag. Storage and Processing | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 66,106 | 73,084 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 66,106 | 73,084 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 767 | 636 | ||
Individually evaluated for impairment: | 0 | 0 | ||
Total | 767 | 636 | ||
Off-Balance Sheet: | Other | ||||
Allowance for Loan Losses | ||||
Collectively evaluated for impairment: | 2,760 | 3,286 | ||
Individually evaluated for impairment: | 56 | 69 | ||
Total | 2,816 | 3,355 | ||
Allowance for Loan and Lease Losses Write-offs, Net [Abstract] | ||||
Collectively evaluated for impairment: | 1 | 5 | ||
Individually evaluated for impairment: | 0 | 1 | ||
Total | $ 1 | $ 6 |
Loans and Allowance for Losse_6
Loans and Allowance for Losses - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | $ 52,191 | $ 32,012 |
Impaired loans, with no specific allowance, unpaid principal balance | 52,014 | 31,854 |
Impaired loan, with a specific allowance, recorded investment | 174,385 | 123,300 |
Impaired loans, with a specific allowance, unpaid principal balance | 173,844 | 122,786 |
Impaired loans, associated allowance | 6,541 | 3,405 |
Recorded investment | 226,576 | 155,312 |
Unpaid principal balance | 225,858 | 154,640 |
Recorded investment of loans on nonaccrual status | 87,781 | 61,408 |
Average recorded investment in impaired loans | 190,106 | 152,777 |
Income recognized on impaired loans | 2,753 | 3,446 |
Less than 90 days past due | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment of loans on nonaccrual status | 30,100 | 41,800 |
Crops | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 30,846 | 20,734 |
Impaired loans, with no specific allowance, unpaid principal balance | 30,741 | 20,632 |
Impaired loan, with a specific allowance, recorded investment | 84,044 | 59,335 |
Impaired loans, with a specific allowance, unpaid principal balance | 83,772 | 59,098 |
Impaired loans, associated allowance | 2,725 | 1,606 |
Recorded investment | 114,890 | 80,069 |
Unpaid principal balance | 114,513 | 79,730 |
Recorded investment of loans on nonaccrual status | 34,037 | 26,611 |
Average recorded investment in impaired loans | 101,053 | 74,804 |
Income recognized on impaired loans | 1,157 | 1,219 |
Permanent Plantings | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 16,696 | 3,592 |
Impaired loans, with no specific allowance, unpaid principal balance | 16,638 | 3,573 |
Impaired loan, with a specific allowance, recorded investment | 36,852 | 38,176 |
Impaired loans, with a specific allowance, unpaid principal balance | 36,732 | 38,009 |
Impaired loans, associated allowance | 1,051 | 1,134 |
Recorded investment | 53,548 | 41,768 |
Unpaid principal balance | 53,370 | 41,582 |
Recorded investment of loans on nonaccrual status | 22,849 | 21,349 |
Average recorded investment in impaired loans | 44,986 | 44,461 |
Income recognized on impaired loans | 625 | 1,687 |
Livestock | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 3,195 | 5,764 |
Impaired loans, with no specific allowance, unpaid principal balance | 3,185 | 5,737 |
Impaired loan, with a specific allowance, recorded investment | 47,113 | 19,443 |
Impaired loans, with a specific allowance, unpaid principal balance | 46,984 | 19,361 |
Impaired loans, associated allowance | 2,636 | 522 |
Recorded investment | 50,308 | 25,207 |
Unpaid principal balance | 50,169 | 25,098 |
Recorded investment of loans on nonaccrual status | 28,441 | 8,803 |
Average recorded investment in impaired loans | 36,054 | 24,523 |
Income recognized on impaired loans | 687 | 299 |
Part-time Farm | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 1,398 | 1,922 |
Impaired loans, with no specific allowance, unpaid principal balance | 1,394 | 1,912 |
Impaired loan, with a specific allowance, recorded investment | 6,376 | 6,276 |
Impaired loans, with a specific allowance, unpaid principal balance | 6,356 | 6,249 |
Impaired loans, associated allowance | 129 | 142 |
Recorded investment | 7,774 | 8,198 |
Unpaid principal balance | 7,750 | 8,161 |
Recorded investment of loans on nonaccrual status | 2,454 | 4,645 |
Average recorded investment in impaired loans | 7,953 | 8,758 |
Income recognized on impaired loans | 284 | 241 |
Ag. Storage and Processing | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 0 | 0 |
Impaired loans, with no specific allowance, unpaid principal balance | 0 | 0 |
Impaired loan, with a specific allowance, recorded investment | 0 | 0 |
Impaired loans, with a specific allowance, unpaid principal balance | 0 | 0 |
Impaired loans, associated allowance | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Recorded investment of loans on nonaccrual status | 0 | 0 |
Average recorded investment in impaired loans | 0 | 0 |
Income recognized on impaired loans | 0 | 0 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, with no specific allowance, recorded investment | 56 | 0 |
Impaired loans, with no specific allowance, unpaid principal balance | 56 | 0 |
Impaired loan, with a specific allowance, recorded investment | 0 | 70 |
Impaired loans, with a specific allowance, unpaid principal balance | 0 | 69 |
Impaired loans, associated allowance | 0 | 1 |
Recorded investment | 56 | 70 |
Unpaid principal balance | 56 | 69 |
Recorded investment of loans on nonaccrual status | 0 | 0 |
Average recorded investment in impaired loans | 60 | 231 |
Income recognized on impaired loans | 0 | 0 |
Collateral Dependent Not Individually Analyzed | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, associated allowance | 3,000 | 2,700 |
Recorded investment | $ 159,100 | $ 120,900 |
Impaired loans, impairment analysis performed percent | 70.00% | 78.00% |
Loans and Allowance for Losse_7
Loans and Allowance for Losses - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | $ 60,954 | $ 26,881 | |
Net Credit Losses/(Recoveries) | 131 | 40 | $ (1,397) |
On-Balance Sheet: | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | 57,719 | 19,577 | |
Net Credit Losses/(Recoveries) | 131 | 40 | (1,397) |
Off-Balance Sheet: | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | 3,235 | 7,304 | |
Net Credit Losses/(Recoveries) | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Losse_8
Loans and Allowance for Losses - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | $ 7,776,950 | $ 7,233,971 |
Past due financing receivables | 60,954 | 26,881 |
Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,059,641 | 6,748,644 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 407,354 | 252,673 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 309,955 | 232,654 |
Crops | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,930,858 | 3,771,627 |
Past due financing receivables | 22,660 | 14,821 |
Crops | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,589,958 | 3,510,640 |
Crops | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 175,778 | 133,526 |
Crops | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 165,122 | 127,461 |
Permanent Plantings | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,727,261 | 1,509,821 |
Past due financing receivables | 16,024 | 3,194 |
Permanent Plantings | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,534,761 | 1,407,272 |
Permanent Plantings | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 134,648 | 51,704 |
Permanent Plantings | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 57,852 | 50,845 |
Livestock | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,502,887 | 1,355,372 |
Past due financing receivables | 20,420 | 4,059 |
Livestock | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,346,575 | 1,256,961 |
Livestock | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 81,725 | 57,202 |
Livestock | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 74,587 | 41,209 |
Part-time Farm | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 532,065 | 504,138 |
Past due financing receivables | 1,850 | 4,807 |
Part-time Farm | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 504,690 | 484,075 |
Part-time Farm | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 15,203 | 8,748 |
Part-time Farm | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 12,172 | 11,315 |
Ag. Storage and Processing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 76,466 | 85,181 |
Past due financing receivables | 0 | 0 |
Ag. Storage and Processing | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 76,466 | 82,563 |
Ag. Storage and Processing | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,493 |
Ag. Storage and Processing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,125 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,413 | 7,832 |
Past due financing receivables | 0 | 0 |
Other | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,191 | 7,133 |
Other | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 222 | 699 |
On-Balance Sheet: | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 5,276,557 | 4,588,322 |
Past due financing receivables | 57,719 | 19,577 |
On-Balance Sheet: | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,790,636 | 4,335,325 |
On-Balance Sheet: | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 278,843 | 121,739 |
On-Balance Sheet: | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 207,078 | 131,258 |
On-Balance Sheet: | Crops | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,773,177 | 2,519,235 |
Past due financing receivables | 21,167 | 8,345 |
On-Balance Sheet: | Crops | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,556,956 | 2,381,853 |
On-Balance Sheet: | Crops | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 107,406 | 71,096 |
On-Balance Sheet: | Crops | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 108,815 | 66,286 |
On-Balance Sheet: | Permanent Plantings | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,213,156 | 989,052 |
Past due financing receivables | 15,828 | 2,997 |
On-Balance Sheet: | Permanent Plantings | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,050,160 | 937,793 |
On-Balance Sheet: | Permanent Plantings | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 111,739 | 14,926 |
On-Balance Sheet: | Permanent Plantings | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 51,257 | 36,333 |
On-Balance Sheet: | Livestock | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 911,303 | 727,113 |
Past due financing receivables | 19,354 | 4,059 |
On-Balance Sheet: | Livestock | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 825,234 | 679,253 |
On-Balance Sheet: | Livestock | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 46,107 | 26,499 |
On-Balance Sheet: | Livestock | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 39,962 | 21,361 |
On-Balance Sheet: | Part-time Farm | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 363,964 | 336,348 |
Past due financing receivables | 1,370 | 4,176 |
On-Balance Sheet: | Part-time Farm | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 343,329 | 321,345 |
On-Balance Sheet: | Part-time Farm | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 13,591 | 7,725 |
On-Balance Sheet: | Part-time Farm | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,044 | 7,278 |
On-Balance Sheet: | Ag. Storage and Processing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 10,360 | 12,097 |
Past due financing receivables | 0 | 0 |
On-Balance Sheet: | Ag. Storage and Processing | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 10,360 | 10,604 |
On-Balance Sheet: | Ag. Storage and Processing | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,493 |
On-Balance Sheet: | Ag. Storage and Processing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
On-Balance Sheet: | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,597 | 4,477 |
Past due financing receivables | 0 | 0 |
On-Balance Sheet: | Other | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,597 | 4,477 |
On-Balance Sheet: | Other | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
On-Balance Sheet: | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-Balance Sheet: | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,500,393 | 2,645,649 |
Past due financing receivables | 3,235 | 7,304 |
Off-Balance Sheet: | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,269,005 | 2,413,319 |
Off-Balance Sheet: | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 128,511 | 130,934 |
Off-Balance Sheet: | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 102,877 | 101,396 |
Off-Balance Sheet: | Crops | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,157,681 | 1,252,392 |
Past due financing receivables | 1,493 | 6,476 |
Off-Balance Sheet: | Crops | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,033,002 | 1,128,787 |
Off-Balance Sheet: | Crops | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 68,372 | 62,430 |
Off-Balance Sheet: | Crops | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 56,307 | 61,175 |
Off-Balance Sheet: | Permanent Plantings | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 514,105 | 520,769 |
Past due financing receivables | 196 | 197 |
Off-Balance Sheet: | Permanent Plantings | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 484,601 | 469,479 |
Off-Balance Sheet: | Permanent Plantings | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 22,909 | 36,778 |
Off-Balance Sheet: | Permanent Plantings | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 6,595 | 14,512 |
Off-Balance Sheet: | Livestock | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 591,584 | 628,259 |
Past due financing receivables | 1,066 | 0 |
Off-Balance Sheet: | Livestock | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 521,341 | 577,708 |
Off-Balance Sheet: | Livestock | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 35,618 | 30,703 |
Off-Balance Sheet: | Livestock | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 34,625 | 19,848 |
Off-Balance Sheet: | Part-time Farm | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 168,101 | 167,790 |
Past due financing receivables | 480 | 631 |
Off-Balance Sheet: | Part-time Farm | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 161,361 | 162,730 |
Off-Balance Sheet: | Part-time Farm | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,612 | 1,023 |
Off-Balance Sheet: | Part-time Farm | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 5,128 | 4,037 |
Off-Balance Sheet: | Ag. Storage and Processing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 66,106 | 73,084 |
Past due financing receivables | 0 | 0 |
Off-Balance Sheet: | Ag. Storage and Processing | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 66,106 | 71,959 |
Off-Balance Sheet: | Ag. Storage and Processing | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-Balance Sheet: | Ag. Storage and Processing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,125 |
Off-Balance Sheet: | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,816 | 3,355 |
Past due financing receivables | 0 | 0 |
Off-Balance Sheet: | Other | Acceptable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,594 | 2,656 |
Off-Balance Sheet: | Other | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-Balance Sheet: | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | $ 222 | $ 699 |
Loans and Allowance for Losse_9
Loans and Allowance for Losses - Schedule of Concentrations of Risk by Risk Factor (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 7,776,950 | $ 7,233,971 |
Less than $1,000,000 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,455,109 | 2,431,296 |
$1,000,000 to $4,999,999 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,812,060 | 2,755,996 |
$5,000,000 to $9,999,999 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 1,003,021 | 916,422 |
$10,000,000 to $24,999,999 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 773,658 | 601,349 |
$25,000,000 and greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 733,102 | 528,908 |
0.00% to 40.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 1,418,075 | 1,333,790 |
Loan-to-value ratio range, lower range limit | 0.00% | |
Loan-to-value ratio range, upper range limit | 40.00% | |
40.01% to 50.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 2,008,307 | 1,811,166 |
Loan-to-value ratio range, lower range limit | 40.01% | |
Loan-to-value ratio range, upper range limit | 50.00% | |
50.01% to 60.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 2,616,272 | 2,530,484 |
Loan-to-value ratio range, lower range limit | 50.01% | |
Loan-to-value ratio range, upper range limit | 60.00% | |
60.01% to 70.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 1,385,116 | 1,244,823 |
Loan-to-value ratio range, lower range limit | 60.01% | |
Loan-to-value ratio range, upper range limit | 70.00% | |
70.01% to 80.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 329,979 | 289,427 |
Loan-to-value ratio range, lower range limit | 70.01% | |
Loan-to-value ratio range, upper range limit | 80.00% | |
80.01% to 90.00% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 19,201 | 24,281 |
Loan-to-value ratio range, lower range limit | 80.01% | |
Loan-to-value ratio range, upper range limit | 90.00% | |
Crops | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 3,930,858 | 3,771,627 |
Permanent Plantings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 1,727,261 | 1,509,821 |
Livestock | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 1,502,887 | 1,355,372 |
Part-time Farm | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 532,065 | 504,138 |
Ag. Storage and Processing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 76,466 | 85,181 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 7,413 | 7,832 |
Northwest | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 982,222 | 855,596 |
Southwest | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,573,691 | 2,273,184 |
Mid-North | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,358,592 | 2,296,073 |
Mid-South | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 947,544 | 883,279 |
Northeast | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 321,794 | 332,370 |
Southeast | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 593,107 | $ 593,469 |
Guarantees (Details)
Guarantees (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | |||
Term of guarantees, minimum | 1 year | ||
Term of guarantees maximum | 30 years | ||
Rental expense | $ 2,000,000 | ||
Rental expense | $ 2,000,000 | $ 1,600,000 | |
Farm & Ranch Loans and USDA Guarantees | |||
Guarantor Obligations [Line Items] | |||
Commitments to purchase Farm & Ranch loans and USDA Guarantees | 65,100,000 | $ 37,100,000 | |
Rural Utilities Loans | |||
Guarantor Obligations [Line Items] | |||
Commitments to purchase Farm & Ranch loans and USDA Guarantees | $ 0 |
Guarantees - Changes in Guarant
Guarantees - Changes in Guarantee and Commitment Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Beginning balance | $ 38,683 | $ 38,400 | $ 37,282 |
Additions to the guarantee and commitment obligation | 4,398 | 6,202 | 7,683 |
Amortization of the guarantee and commitment obligation | (6,381) | (5,919) | (6,565) |
Ending balance | $ 36,700 | $ 38,683 | $ 38,400 |
Guarantees - Off-Balance Sheet
Guarantees - Off-Balance Sheet Guaranteed Securities (Details) - Unconsolidated VIEs: - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 504,105 | $ 813,444 |
Farm & Ranch | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 107,322 | 135,862 |
USDA Guarantees | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 389,216 | 367,684 |
Institutional Credit | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 7,567 | 9,898 |
Revolving Credit Facility | Institutional Credit | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 0 | $ 300,000 |
Guarantees - Significant Cash F
Guarantees - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 321,414 | $ 382,929 | $ 519,219 |
Guarantee fees received | $ 1,413 | $ 1,920 | $ 2,610 |
Guarantees - Schedule of Underl
Guarantees - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed Securities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Guarantee and commitment obligation | $ 2,230 | $ 2,804 |
Weighted-average remaining maturity | 9 years 9 months 18 days | 10 years 3 months 18 days |
Institutional Credit | ||
Guarantor Obligations [Line Items] | ||
Weighted-average remaining maturity | 5 years | 5 years |
Guarantees - Schedule of Long-T
Guarantees - Schedule of Long-Term Standby Purchase Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Maximum principal amount | $ 3,002,349 | $ 3,163,059 |
Weighted-average remaining maturity | 15 years 2 months 12 days | 15 years 3 months 18 days |
Guarantee obligations issued after January 1, 2003 | ||
Guarantor Obligations [Line Items] | ||
Maximum principal amount | $ 3,500,000 | $ 4,000,000 |
Guarantee obligations issued after January 1, 2003 | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Guarantee and commitment obligation | 34,470 | 35,880 |
Guarantee obligations issued prior to January 1, 2003 | ||
Guarantor Obligations [Line Items] | ||
Maximum principal amount | $ 15,500 | $ 23,800 |
Guarantees - Future Minimum Lea
Guarantees - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future Minimum Lease Payments | ||
2020 | $ 1,978 | |
2021 | 1,982 | |
2022 | 2,021 | |
2023 | 1,995 | |
2024 | 1,311 | |
Thereafter | 0 | |
Total | $ 9,287 | |
Other Contractual Obligations | ||
2020 | $ 3,223 | |
2021 | 1,751 | |
2022 | 1,097 | |
2023 | 1,090 | |
2024 | 611 | |
Thereafter | 0 | |
Total | $ 7,772 |
Equity (Details)
Equity (Details) | Jun. 12, 2019USD ($) | May 13, 2019USD ($)$ / sharesshares | Jun. 20, 2014$ / sharesshares | Mar. 25, 2014 | Jan. 17, 2013$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2019USD ($)securitydirector$ / sharesshares | Dec. 31, 2018USD ($)security$ / sharesshares | Dec. 31, 2017USD ($)security$ / sharesshares | Dec. 31, 2019USD ($)shares | Mar. 14, 2019USD ($) | Sep. 30, 2015USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||
Quarterly dividend on all classes of common stock (in dollars per share) | $ / shares | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | |||||||||||
Repurchase of stock | $ 75,000,000 | $ 0 | $ 0 | ||||||||||||||||||||
Deferred issuance costs | $ 0 | $ 0 | $ 1,956,000 | $ 0 | $ 1,956,000 | $ 0 | $ 0 | ||||||||||||||||
Expiration period of SARs (in years) | 10 years | ||||||||||||||||||||||
Exercise price of SARs granted (in dollars per share) | $ / shares | $ 82.76 | $ 86.15 | $ 60.84 | ||||||||||||||||||||
Tax benefit from exercise of stock options | $ 1,000,000 | $ 1,500,000 | $ 2,600,000 | ||||||||||||||||||||
Excess tax benefits related to stock-based awards | 449,000 | 946,000 | 860,000 | ||||||||||||||||||||
Net decrease to additional paid-in capital related to stock-based compensation awards | $ (1,800,000) | (2,700,000) | (2,600,000) | ||||||||||||||||||||
Number of board of directors electing to receive shares | director | 15 | ||||||||||||||||||||||
SARs outstanding (in shares) | shares | 98,836 | 98,836 | 98,836 | ||||||||||||||||||||
Intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest | $ 8,900,000 | $ 7,900,000 | $ 8,900,000 | 7,900,000 | $ 8,900,000 | ||||||||||||||||||
Total intrinsic value of options and SARs exercised | 1,900,000 | $ 3,000,000 | $ 3,800,000 | ||||||||||||||||||||
Total unrecognized compensation cost related to non-vested SARs and restricted stock awards | 2,700,000 | $ 2,700,000 | 2,700,000 | ||||||||||||||||||||
Compensation cost recognition period (in years) | 1 year 9 months 18 days | ||||||||||||||||||||||
Weighted-average grant date fair values of options, SARs, and restricted stock awards granted (in dollars per share) | $ / shares | $ 58.27 | $ 69.38 | $ 44.93 | ||||||||||||||||||||
Compensation expense | $ 2,300,000 | $ 2,500,000 | $ 2,700,000 | ||||||||||||||||||||
Weighted-average grant date fair value of the restricted stock awarded (in dollars per share) | $ / shares | $ 80.51 | $ 84.03 | $ 59.79 | ||||||||||||||||||||
Capital required for capital adequacy | 618,800,000 | 545,000,000 | $ 618,800,000 | $ 545,000,000 | 618,800,000 | ||||||||||||||||||
Capital | 815,400,000 | 727,600,000 | 815,400,000 | 727,600,000 | 815,400,000 | ||||||||||||||||||
Excess capital | $ 196,600,000 | $ 182,600,000 | $ 196,600,000 | $ 182,600,000 | $ 196,600,000 | ||||||||||||||||||
Employee Stock Option | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
SARs outstanding (in shares) | shares | 0 | 0 | 0 | ||||||||||||||||||||
Restricted Stock | Minimum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Vesting period of awards | 1 year | ||||||||||||||||||||||
Restricted Stock | Maximum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Vesting period of awards | 3 years | ||||||||||||||||||||||
5.700% Non-Cumulative Preferred Stock, Series D | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||
Dividend rate (as a percent) | 5.70% | 6.875% | |||||||||||||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||||||||||||
Aggregate outstanding | $ 100,000,000 | ||||||||||||||||||||||
Repurchase of stock | $ 75,000,000 | ||||||||||||||||||||||
Issuance costs | $ 3,300,000 | ||||||||||||||||||||||
Dividends on preferred stock (in dollars per share) | $ / shares | $ 0.35625 | $ 0.35625 | |||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||
Deferred issuance costs | $ 2,000,000 | ||||||||||||||||||||||
Issuance costs | $ 1,900,000 | ||||||||||||||||||||||
Dividends on preferred stock (in dollars per share) | $ / shares | $ 0.4297 | $ 0.4297 | $ 0.4297 | 0.4297 | 0.4297 | 0.4297 | 0.4297 | 0.4297 | 0.4297 | 0.4297 | |||||||||||||
Series B Preferred Stock | Second Quarter 2019 Not Including April 17, 2019 to and including June 12, 2019 | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends on preferred stock (in dollars per share) | $ / shares | 0.2626 | ||||||||||||||||||||||
Class C non-voting common stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock authorized for repurchase | $ 10,000,000 | $ 25,000,000 | |||||||||||||||||||||
Shares repurchased (in shares) | shares | 668,000 | ||||||||||||||||||||||
Shares repurchased | $ 19,600,000 | ||||||||||||||||||||||
Class C shares issued (in shares) | shares | 768 | 174 | 698 | ||||||||||||||||||||
Fair value of Class C stock issued | $ 60,000 | $ 14,000 | $ 41,000 | ||||||||||||||||||||
Number of board of directors electing to receive shares | security | 4 | 4 | 4 | ||||||||||||||||||||
5.875% Non-Cumulative Preferred Stock, Series A | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | |||||||||||||||||
Dividend rate (as a percent) | 5.875% | ||||||||||||||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||
Issuance costs | $ 1,700,000 | ||||||||||||||||||||||
Dividends on preferred stock (in dollars per share) | $ / shares | $ 0.3672 | 0.3672 | 0.3672 | 0.3672 | $ 0.3672 | 0.3672 | 0.3672 | 0.3672 | 0.3672 | 0.3672 | 0.3672 | 0.3672 | |||||||||||
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||||
Dividend rate (as a percent) | 6.00% | ||||||||||||||||||||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||
Issuance costs | $ 1,600,000 | ||||||||||||||||||||||
Dividends on preferred stock (in dollars per share) | $ / shares | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | |||||||||||
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | July 17, 2024, thereafter | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividend variable rate (as a percent) | 3.26% |
Equity - Schedule of Stock by C
Equity - Schedule of Stock by Class (Details) - $ / shares | May 13, 2019 | Jun. 20, 2014 | Mar. 25, 2014 | Jan. 17, 2013 | Dec. 31, 2019 | Dec. 31, 2018 |
5.875% Non-Cumulative Preferred Stock, Series A | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 2,400,000 | 2,400,000 | 2,400,000 | |||
Dividend rate (as a percent) | 5.875% | |||||
Liquidation preference (in dollars per share) | $ 25 | |||||
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | |||
Dividend rate (as a percent) | 6.00% | |||||
Liquidation preference (in dollars per share) | $ 25 | |||||
5.700% Non-Cumulative Preferred Stock, Series D | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | |||
Dividend rate (as a percent) | 5.70% | 6.875% | ||||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Equity - Schedule of Stock Opti
Equity - Schedule of Stock Options, SARS, and Non-vested Restricted Stock (Details) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options and SARs | ||||||
Ending balance (in shares) | 98,836 | |||||
Exercisable (in shares) | 72,696 | |||||
Non-vested Restricted Stock | ||||||
Beginning balance (in shares) | 80,153 | 95,015 | 138,497 | |||
Granted (in shares) | 41,735 | 32,070 | 45,828 | |||
Canceled (in shares) | (17,054) | (1,098) | (28,815) | |||
Vested and issued (in shares) | (42,237) | (45,834) | (60,495) | |||
Ending balance (in shares) | 62,597 | 80,153 | 95,015 | |||
Weighted- Average Grant Date Fair Value | ||||||
Beginning balance (in dollars per share) | $ 60.98 | $ 44.39 | $ 34.63 | |||
Granted (in dollars per share) | 80.51 | 84.03 | 59.79 | |||
Canceled (in dollars per share) | 74.97 | 86.15 | 42.15 | |||
Vested and issued (in dollars per share) | 52.65 | 42.12 | 34.77 | |||
Ending balance (in dollars per share) | $ 60.98 | $ 44.39 | $ 34.63 | $ 75.81 | $ 60.98 | $ 44.39 |
Stock Appreciation Rights | ||||||
Stock Options and SARs | ||||||
Beginning balance (in shares) | 124,960 | 163,272 | 367,535 | |||
Granted (in shares) | 24,582 | 10,122 | 24,657 | |||
Exercised (in shares) | (40,851) | (48,434) | (111,278) | |||
Canceled (in shares) | (9,855) | 0 | (117,642) | |||
Ending balance (in shares) | 98,836 | 124,960 | 163,272 | |||
Exercisable (in shares) | 72,696 | 95,675 | 93,085 | |||
Weighted- Average Exercise Price | ||||||
Beginning balance (in dollars per share) | $ 38.38 | $ 32.95 | $ 30.18 | |||
Granted (in dollars per share) | 82.76 | 86.15 | 60.84 | |||
Exercised (in dollars per share) | 35.61 | 30.06 | 31.47 | |||
Canceled (in dollars per share) | 79.45 | 0 | 31.55 | |||
Ending balance (in dollars per share) | $ 46.47 | $ 38.38 | $ 32.95 | |||
Exercisable (in dollars per share) | $ 34.07 | $ 31.41 | $ 28.57 |
Equity - Schedule of SARs and N
Equity - Schedule of SARs and Non-Vested Restricted Stock Outstanding (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 98,836 | |||
SARs exercisable (in shares) | 72,696 | |||
SARs vested or expected to best (in shares) | 98,836 | |||
Non-vested restricted stock, outstanding (in shares) | 62,597 | 80,153 | 95,015 | 138,497 |
Non-vested restricted stock expected to vest (in shares) | 62,597 | |||
$10.00 - $24.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 14,000 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 1 year 7 months 6 days | |||
SARs exercisable (in shares) | 14,000 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 1 year 7 months 6 days | |||
SARs vested or expected to best (in shares) | 14,000 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 1 year 7 months 6 days | |||
25.00 - 39.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 51,449 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 4 years 8 months 12 days | |||
SARs exercisable (in shares) | 51,449 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 4 years 8 months 12 days | |||
SARs vested or expected to best (in shares) | 51,449 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 4 years 8 months 12 days | |||
40.00 - 54.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 0 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 0 years | |||
SARs exercisable (in shares) | 0 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 0 years | |||
SARs vested or expected to best (in shares) | 0 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 0 years | |||
55.00 - 69.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 6,619 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 7 years 3 months 18 days | |||
SARs exercisable (in shares) | 3,873 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 7 years 3 months 18 days | |||
SARs vested or expected to best (in shares) | 6,619 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 7 years 3 months 18 days | |||
70.00 - 84.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 19,422 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 9 years 3 months 18 days | |||
SARs exercisable (in shares) | 0 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 0 years | |||
SARs vested or expected to best (in shares) | 19,422 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 9 years 3 months 18 days | |||
85.00 - 99.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs outstanding (in shares) | 7,346 | |||
SARs outstanding, weighted-average remaining contractual life (in years) | 8 years 3 months 18 days | |||
SARs exercisable (in shares) | 3,374 | |||
SARs exercisable, weighted-average remaining contractual life (in years) | 8 years 3 months 18 days | |||
SARs vested or expected to best (in shares) | 7,346 | |||
SARs vested or expected to vest, weighted-average remaining contractual life (in years) | 8 years 3 months 18 days | |||
$35.00 - $49.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Non-vested restricted stock, outstanding (in shares) | 0 | |||
Non-vested restricted stock, weighted-average remaining contractual life (in years) | 0 years | |||
Non-vested restricted stock expected to vest (in shares) | 0 | |||
Non-vested restricted stock expected to vest, weighted-average remaining contractual life (in years) | 0 years | |||
50.00 - 64.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Non-vested restricted stock, outstanding (in shares) | 13,535 | |||
Non-vested restricted stock, weighted-average remaining contractual life (in years) | 3 months 18 days | |||
Non-vested restricted stock expected to vest (in shares) | 13,535 | |||
Non-vested restricted stock expected to vest, weighted-average remaining contractual life (in years) | 3 months 18 days | |||
65.00 - 79.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Non-vested restricted stock, outstanding (in shares) | 15,851 | |||
Non-vested restricted stock, weighted-average remaining contractual life (in years) | 1 year 10 months 24 days | |||
Non-vested restricted stock expected to vest (in shares) | 15,851 | |||
Non-vested restricted stock expected to vest, weighted-average remaining contractual life (in years) | 1 year 10 months 24 days | |||
80.00 - 94.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Non-vested restricted stock, outstanding (in shares) | 33,211 | |||
Non-vested restricted stock, weighted-average remaining contractual life (in years) | 1 year 4 months 24 days | |||
Non-vested restricted stock expected to vest (in shares) | 33,211 | |||
Non-vested restricted stock expected to vest, weighted-average remaining contractual life (in years) | 1 year 4 months 24 days |
Equity - Assumptions for Estima
Equity - Assumptions for Estimating Fair Value of Stock Options and SARs (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Risk-free interest rate (as a percent) | 2.50% | 2.70% | 2.30% |
Expected years until exercise | 6 years | 6 years | 6 years |
Expected stock volatility (as a percent) | 33.80% | 33.00% | 34.80% |
Dividend yield (as a percent) | 3.40% | 2.70% | 2.40% |
Income Taxes - Components of Fe
Income Taxes - Components of Federal Corporate Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current income tax expense | $ 28,316 | $ 25,317 | $ 43,148 | ||||||||
Deferred income tax expense | 789 | 2,625 | 3,221 | ||||||||
Income tax expense | $ 8,743 | $ 4,629 | $ 9,111 | $ 6,622 | $ 6,193 | $ 7,979 | $ 7,332 | $ 6,438 | $ 29,105 | $ 27,942 | $ 46,369 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rate | $ 29,117 | $ 28,564 | $ 45,740 | ||||||||
Re-measurement of net deferred tax asset due to enactment of new tax legislation | 0 | 0 | 1,365 | ||||||||
Excess tax benefits related to stock-based awards | (449) | (946) | (860) | ||||||||
Valuation allowance | 49 | 0 | 4 | ||||||||
Other | 388 | 324 | 120 | ||||||||
Income tax expense | $ 8,743 | $ 4,629 | $ 9,111 | $ 6,622 | $ 6,193 | $ 7,979 | $ 7,332 | $ 6,438 | $ 29,105 | $ 27,942 | $ 46,369 |
Statutory tax rate (as a percent) | 21.00% | 21.00% | 35.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Basis differences related to financial derivatives | $ 51,177 | $ 7,614 |
Basis differences related to hedged items | 0 | 1,810 |
Unrealized losses on securities | 2,805 | 0 |
Allowance for losses | 2,650 | 1,929 |
Unrealized losses on cash flow hedges | 1,491 | 0 |
Compensation and benefits | 819 | 967 |
Stock-based compensation | 571 | 623 |
Capital loss carryforwards and other-than-temporary impairment | 86 | 36 |
Other | 88 | 121 |
Total deferred tax assets | 59,601 | 13,064 |
Deferred tax liability: | ||
Basis differences related to hedged items | 42,940 | 0 |
Unrealized gains on securities | 0 | 4,807 |
Unrealized gains on cash flow hedges | 0 | 1,827 |
Other | 151 | 61 |
Total deferred tax liability | 43,091 | 6,695 |
Net deferred tax asset | 16,510 | 6,369 |
Capital Loss Carryforward | ||
Deferred tax assets: | ||
Valuation allowance | $ (86) | $ (36) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||
Expirations of capital loss carryforwards | $ 400,000 | ||
Re-measurement of net deferred tax asset due to enactment of new tax legislation | $ 0 | $ 0 | $ 1,365,000 |
Increase in effective tax rate (as a percent) | 1.04% | ||
Expired Capital Loss Carryforward | |||
Valuation Allowance [Line Items] | |||
Expirations of capital loss carryforwards | $ 0 | ||
Capital Loss Carryforward | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ (86,000) | $ (36,000) |
Employee Benefits - Employee Be
Employee Benefits - Employee Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan wage base | $ 280,000 | $ 275,000 | $ 270,000 |
Requisite service period (in years) | 3 years | ||
Expenses under defined contribution plan | $ 1,900,000 | 1,800,000 | $ 1,500,000 |
Base Percentage | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 13.20% | ||
Excess Percentage for amounts above Social Security taxable wage base | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 5.70% | ||
Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 18.90% | ||
Maximum gross annual base salary under plan | $ 500,000 | ||
Expenses for NQDC plan | 100,000 | $ 100,000 | |
Nonqualified Plan | Chief Executive Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum gross annual base salary under plan | $ 700,000 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - Level 3 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percent of level three fair value assets and liabilities | 33.00% | 32.00% |
Financial instruments level three percent | 71.00% | 73.00% |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial derivatives | $ 7,834 | $ 5,709 |
Financial derivatives | 105,087 | 27,385 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 8,913 | 9,999 |
Financial derivatives | 10,519 | 7,487 |
Total Assets at fair value | 10,122,300 | 8,209,835 |
Financial derivatives | 27,042 | 19,633 |
Total Liabilities at fair value | 27,042 | 19,633 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
Financial derivatives | 0 | 0 |
Total Assets at fair value | 1,296,923 | 792,602 |
Financial derivatives | 51 | 188 |
Total Liabilities at fair value | 51 | 188 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
Financial derivatives | 10,519 | 7,487 |
Total Assets at fair value | 1,654,527 | 1,414,022 |
Financial derivatives | 26,991 | 19,445 |
Total Liabilities at fair value | 26,991 | 19,445 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 8,913 | 9,999 |
Financial derivatives | 0 | 0 |
Total Assets at fair value | 7,170,850 | 6,003,211 |
Financial derivatives | 0 | 0 |
Total Liabilities at fair value | 0 | 0 |
Debt Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 2,959,843 | 2,217,852 |
Debt Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,296,923 | 792,602 |
Debt Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,644,008 | 1,406,535 |
Debt Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 18,912 | 18,715 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Institutional Credit | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 7,143,025 | 5,974,497 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Institutional Credit | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Institutional Credit | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Institutional Credit | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 7,143,025 | 5,974,497 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | USDA Guarantees | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 7,143,025 | 5,974,497 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | USDA Guarantees | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | USDA Guarantees | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | USDA Guarantees | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 7,143,025 | 5,974,497 |
USDA Securities: | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 8,913 | 9,999 |
USDA Securities: | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
USDA Securities: | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
USDA Securities: | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 8,913 | 9,999 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 18,912 | 18,715 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 18,912 | 18,715 |
Floating Interest Rate | Floating rate asset-backed securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 11,085 | 28,678 |
Floating Interest Rate | Floating rate asset-backed securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Floating Interest Rate | Floating rate asset-backed securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 11,085 | 28,678 |
Floating Interest Rate | Floating rate asset-backed securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,632,583 | 1,377,454 |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,632,583 | 1,377,454 |
Floating Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 340 | 403 |
Fixed Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 340 | 403 |
Fixed Interest Rate | Government/GSE Guaranteed Mortgage Backed Securities | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | Available-for-Sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,296,923 | 792,602 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,296,923 | 792,602 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | Available-for-Sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | $ 0 | $ 0 |
Fair Value Disclosures - Unobse
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 6,003,211 | $ 5,508,576 | $ 4,891,803 |
Cumulative Effect from Change in Hedge Accounting | 487 | 7,041 | |
Purchases | 2,091,566 | 2,305,396 | 1,289,876 |
Sales | (57,853) | (127,850) | (155,744) |
Settlements | (1,021,706) | (1,676,136) | (533,943) |
Realized and Unrealized (Losses)/Gains included in Income | 181,470 | 19,448 | (7,649) |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (25,838) | (26,710) | 17,192 |
Ending Balance | 7,170,850 | 6,003,211 | 5,508,576 |
USDA Securities: | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 9,999 | 13,515 | 20,388 |
Cumulative Effect from Change in Hedge Accounting | 0 | 0 | |
Purchases | 57,853 | 127,850 | 155,744 |
Sales | (57,853) | (127,850) | (155,744) |
Settlements | (1,412) | (3,597) | (6,849) |
Realized and Unrealized (Losses)/Gains included in Income | 326 | 81 | (24) |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 |
Ending Balance | 8,913 | 9,999 | 13,515 |
Unrealized gains attributable to assets held | 100 | 100 | |
Available-for-Sale Securities | Farmer Mac Guaranteed Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 5,974,497 | 5,471,914 | 4,853,685 |
Cumulative Effect from Change in Hedge Accounting | 487 | 0 | |
Purchases | 2,033,713 | 2,177,546 | 1,134,132 |
Sales | 0 | 0 | 0 |
Settlements | (1,020,294) | (1,670,402) | (526,650) |
Realized and Unrealized (Losses)/Gains included in Income | 181,144 | 21,459 | (7,625) |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (26,035) | (26,507) | 18,372 |
Ending Balance | 7,143,025 | 5,974,497 | 5,471,914 |
Available-for-Sale Securities | USDA Securities: | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Cumulative Effect from Change in Hedge Accounting | 0 | 0 | |
Purchases | 57,853 | 127,850 | 155,744 |
Sales | (57,853) | (127,850) | (155,744) |
Settlements | 0 | 0 | 0 |
Realized and Unrealized (Losses)/Gains included in Income | 0 | 0 | 0 |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Available-for-Sale Securities | Debt Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 18,715 | 23,147 | 17,730 |
Cumulative Effect from Change in Hedge Accounting | 0 | 7,041 | |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | (2,137) | (444) |
Realized and Unrealized (Losses)/Gains included in Income | 0 | (2,092) | 0 |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 197 | (203) | (1,180) |
Ending Balance | 18,912 | 18,715 | 23,147 |
Trading Securities | USDA Securities: | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 9,999 | 13,515 | 20,388 |
Cumulative Effect from Change in Hedge Accounting | 0 | 0 | |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | (1,412) | (3,597) | (6,849) |
Realized and Unrealized (Losses)/Gains included in Income | 326 | 81 | (24) |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 |
Ending Balance | 8,913 | 9,999 | 13,515 |
Institutional Credit | Available-for-Sale Securities | Farmer Mac Guaranteed Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 5,974,497 | 5,471,914 | 4,853,685 |
Cumulative Effect from Change in Hedge Accounting | 487 | 0 | |
Purchases | 2,033,713 | 2,177,546 | 1,134,132 |
Sales | 0 | 0 | 0 |
Settlements | (1,020,294) | (1,670,402) | (526,650) |
Realized and Unrealized (Losses)/Gains included in Income | 181,144 | 21,459 | (7,625) |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (26,035) | (26,507) | 18,372 |
Ending Balance | 7,143,025 | 5,974,497 | 5,471,914 |
Floating Interest Rate | Available-for-Sale Securities | Floating rate auction-rate certificates backed by Government guaranteed student loans | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 18,715 | 18,814 | 17,730 |
Cumulative Effect from Change in Hedge Accounting | 0 | 0 | |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Realized and Unrealized (Losses)/Gains included in Income | 0 | 0 | 0 |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 197 | (99) | 1,084 |
Ending Balance | 18,912 | 18,715 | 18,814 |
Fixed Interest Rate | Available-for-Sale Securities | Government/GSE Guaranteed Mortgage Backed Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 0 | 4,333 | 0 |
Cumulative Effect from Change in Hedge Accounting | 0 | 7,041 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | (2,137) | (444) | |
Realized and Unrealized (Losses)/Gains included in Income | (2,092) | 0 | |
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (104) | (2,264) | |
Ending Balance | $ 0 | $ 4,333 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 7,170,850 | $ 6,003,211 | $ 5,508,576 | $ 4,891,803 |
USDA Securities: | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 8,913 | 9,999 | 13,515 | 20,388 |
Available-for-Sale Securities | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 7,143,025 | 5,974,497 | 5,471,914 | 4,853,685 |
Available-for-Sale Securities | USDA Securities: | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 0 | 0 | 0 | 0 |
Available-for-Sale Securities | Institutional Credit | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 7,143,025 | 5,974,497 | 5,471,914 | 4,853,685 |
Trading Securities | USDA Securities: | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 8,913 | $ 9,999 | $ 13,515 | $ 20,388 |
Measurement Input, Discount Rate | Minimum | Institutional Credit | Farmer Mac Guaranteed Securities | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.023 | 0.030 | ||
Measurement Input, Discount Rate | Minimum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.023 | 0.032 | ||
Measurement Input, Discount Rate | Maximum | Institutional Credit | Farmer Mac Guaranteed Securities | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.055 | 0.044 | ||
Measurement Input, Discount Rate | Maximum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.026 | 0.052 | ||
Measurement Input, Discount Rate | Weighted Average | Institutional Credit | Farmer Mac Guaranteed Securities | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.026 | 0.033 | ||
Measurement Input, Discount Rate | Weighted Average | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.021 | 0.049 | ||
Measurement Input, Constant Prepayment Rate | Minimum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.10 | 0.07 | ||
Measurement Input, Constant Prepayment Rate | Maximum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.21 | 0.17 | ||
Measurement Input, Constant Prepayment Rate | Weighted Average | USDA Guarantees | USDA Securities: | Valuation, Cost Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.19 | 0.16 | ||
Measurement Input, Range of Broker Quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.960 | 0.950 | ||
Measurement Input, Range of Broker Quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.960 | 0.950 | ||
Measurement Input, Range of Broker Quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.960 | 0.950 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial derivatives | $ 7,834 | $ 5,709 | ||
Guarantee and commitment fees receivable: | 38,442 | 40,366 | ||
Financial derivatives | 105,087 | 27,385 | ||
Guarantee and commitment obligation | 36,700 | 38,683 | $ 38,400 | $ 37,282 |
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 604,381 | 425,256 | ||
Loans | 7,317,091 | 5,512,781 | ||
Financial derivatives | 10,519 | 7,487 | ||
Debt securities of consolidated trusts held by third parties | 1,663,177 | 1,501,754 | ||
Financial derivatives | 27,042 | 19,633 | ||
Fair Value | Debt Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 3,005,828 | 2,263,446 | ||
Fair Value | Farmer Mac Guaranteed Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 8,606,451 | 8,061,903 | ||
Fair Value | USDA Securities: | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 2,294,671 | 2,113,946 | ||
Fair Value | Long-Term Standby Purchase Commitments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 34,107 | 37,461 | ||
Guarantee and commitment obligation | 32,977 | 36,471 | ||
Fair Value | Farmer Mac Guaranteed Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 2,625 | 3,424 | ||
Guarantee and commitment obligation | 2,013 | 2,731 | ||
Fair Value | Long-term Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 9,209,970 | 8,473,558 | ||
Fair Value | 2020 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 10,024,109 | 7,744,388 | ||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 604,381 | 425,256 | ||
Loans | 6,981,440 | 5,515,052 | ||
Financial derivatives | 10,519 | 7,487 | ||
Debt securities of consolidated trusts held by third parties | 1,616,504 | 1,528,957 | ||
Financial derivatives | 27,042 | 19,633 | ||
Carrying Amount | Debt Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 3,004,875 | 2,262,884 | ||
Carrying Amount | Farmer Mac Guaranteed Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 8,590,476 | 8,071,115 | ||
Carrying Amount | USDA Securities: | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable securities | 2,241,073 | 2,176,173 | ||
Carrying Amount | Long-Term Standby Purchase Commitments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 35,600 | 36,870 | ||
Guarantee and commitment obligation | 34,470 | 35,880 | ||
Carrying Amount | Farmer Mac Guaranteed Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 2,842 | 3,496 | ||
Guarantee and commitment obligation | 2,230 | 2,803 | ||
Carrying Amount | Long-term Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 9,079,566 | 8,486,647 | ||
Carrying Amount | 2020 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | $ 10,019,082 | $ 7,757,050 |
Business Segment Reporting (Det
Business Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Business Segment Reporting - Co
Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | $ 49,370 | $ 40,112 | $ 43,054 | $ 40,599 | $ 42,216 | $ 45,058 | $ 43,933 | $ 43,229 | $ 173,135 | $ 174,436 | $ 157,647 |
Less: reconciling adjustments | 0 | 0 | 0 | ||||||||
Net effective spread | 0 | 0 | 0 | ||||||||
Guarantee and commitment fees | 3,401 | 3,349 | 3,403 | 3,513 | 3,506 | 3,490 | 3,481 | 3,499 | 13,666 | 13,976 | 14,114 |
Other income/(expense) | 7,276 | (2,236) | 3,398 | ||||||||
Non-interest income | 7,952 | (3,432) | 12,732 | 3,690 | 682 | 4,439 | 6,380 | 239 | 20,942 | 11,740 | 17,512 |
Provision for loan losses | (2,430) | (760) | (578) | 264 | (146) | (99) | (424) | 431 | (3,504) | (238) | (1,708) |
Release of reserve for losses | 3 | (97) | (50) | ||||||||
Other non-interest expense | (51,925) | (49,819) | (42,715) | ||||||||
Non-interest expense | (13,651) | (13,458) | (12,052) | (12,761) | (13,703) | (11,650) | (12,921) | (11,642) | (51,922) | (49,916) | (42,765) |
Core earnings before income taxes | 138,651 | 136,022 | 130,686 | ||||||||
Income tax (expense)/benefit | (8,743) | (4,629) | (9,111) | (6,622) | (6,193) | (7,979) | (7,332) | (6,438) | (29,105) | (27,942) | (46,369) |
Core earnings before preferred stock dividends | 109,546 | 108,080 | 84,317 | ||||||||
Preferred stock dividends | (3,432) | (3,427) | (3,785) | (3,296) | (3,296) | $ (3,295) | $ (3,296) | $ (3,295) | (13,940) | (13,182) | (13,182) |
Non-controlling interest | 0 | 0 | 165 | ||||||||
Loss on retirement of preferred stock | 0 | $ 0 | $ (1,956) | $ 0 | (1,956) | 0 | 0 | ||||
Segment core earnings/(losses) | 93,650 | 94,898 | 71,300 | ||||||||
Total assets at carrying value | 21,709,374 | 18,694,328 | 21,709,374 | 18,694,328 | 17,792,274 | ||||||
Total on- and off-balance sheet program assets at principal balance | 21,117,942 | 19,724,524 | 21,117,942 | 19,724,524 | 19,007,311 | ||||||
Corporate | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 11,069 | 9,105 | 10,811 | ||||||||
Less: reconciling adjustments | (987) | (2,047) | (1,091) | ||||||||
Net effective spread | 10,082 | 7,058 | 9,720 | ||||||||
Guarantee and commitment fees | 0 | 0 | 0 | ||||||||
Other income/(expense) | 166 | (913) | 171 | ||||||||
Non-interest income | 166 | (913) | 171 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Release of reserve for losses | 0 | 0 | 0 | ||||||||
Other non-interest expense | (14,505) | (14,411) | (12,908) | ||||||||
Non-interest expense | (14,505) | (14,411) | (12,908) | ||||||||
Core earnings before income taxes | (4,257) | (8,266) | (3,017) | ||||||||
Income tax (expense)/benefit | 907 | 2,361 | 1,792 | ||||||||
Core earnings before preferred stock dividends | (3,350) | (5,905) | (1,225) | ||||||||
Preferred stock dividends | (13,940) | (13,182) | (13,182) | ||||||||
Non-controlling interest | 165 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||
Segment core earnings/(losses) | (17,290) | (19,087) | (14,242) | ||||||||
Total assets at carrying value | 3,664,823 | 2,716,994 | 3,664,823 | 2,716,994 | 2,605,657 | ||||||
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 | 0 | ||||||
Reconciling Adjustments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 0 | 0 | 0 | ||||||||
Less: reconciling adjustments | 4,527 | 23,241 | 16,344 | ||||||||
Net effective spread | 4,527 | 23,241 | 16,344 | ||||||||
Guarantee and commitment fees | (7,669) | (6,756) | (6,236) | ||||||||
Other income/(expense) | 5,501 | (2,747) | 715 | ||||||||
Non-interest income | (2,168) | (9,503) | (5,521) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Release of reserve for losses | 0 | 0 | 0 | ||||||||
Other non-interest expense | 0 | 0 | 0 | ||||||||
Non-interest expense | 0 | 0 | 0 | ||||||||
Core earnings before income taxes | 2,359 | 13,738 | 10,823 | ||||||||
Income tax (expense)/benefit | (495) | (2,887) | (5,154) | ||||||||
Core earnings before preferred stock dividends | 1,864 | 10,851 | 5,669 | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Non-controlling interest | 0 | ||||||||||
Loss on retirement of preferred stock | (1,956) | ||||||||||
Segment core earnings/(losses) | (92) | 10,851 | 5,669 | ||||||||
Total assets at carrying value | 0 | 0 | 0 | 0 | 0 | ||||||
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 | 0 | ||||||
Farm & Ranch | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 65,098 | 62,951 | 54,290 | ||||||||
Less: reconciling adjustments | (9,471) | (9,889) | (8,922) | ||||||||
Net effective spread | 55,627 | 53,062 | 45,368 | ||||||||
Guarantee and commitment fees | 18,593 | 17,976 | 17,175 | ||||||||
Other income/(expense) | 1,397 | 1,371 | 2,449 | ||||||||
Non-interest income | 19,990 | 19,347 | 19,624 | ||||||||
Provision for loan losses | (3,504) | (238) | (1,708) | ||||||||
Release of reserve for losses | 3 | (97) | (50) | ||||||||
Other non-interest expense | (19,375) | (19,026) | (16,554) | ||||||||
Non-interest expense | (19,372) | (19,123) | (16,604) | ||||||||
Core earnings before income taxes | 52,741 | 53,048 | 46,680 | ||||||||
Income tax (expense)/benefit | (11,076) | (11,140) | (16,338) | ||||||||
Core earnings before preferred stock dividends | 41,665 | 41,908 | 30,342 | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Non-controlling interest | 0 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||
Segment core earnings/(losses) | 41,665 | 41,908 | 30,342 | ||||||||
Total assets at carrying value | 5,408,302 | 4,701,736 | 5,408,302 | 4,701,736 | 4,274,693 | ||||||
Total on- and off-balance sheet program assets at principal balance | 7,776,950 | 7,233,972 | 7,776,950 | 7,233,972 | 6,867,586 | ||||||
USDA Guarantees | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 17,470 | 20,554 | 21,106 | ||||||||
Less: reconciling adjustments | (732) | (2,499) | (2,287) | ||||||||
Net effective spread | 16,738 | 18,055 | 18,819 | ||||||||
Guarantee and commitment fees | 958 | 797 | 456 | ||||||||
Other income/(expense) | 174 | 20 | 43 | ||||||||
Non-interest income | 1,132 | 817 | 499 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Release of reserve for losses | 0 | 0 | 0 | ||||||||
Other non-interest expense | (5,757) | (5,309) | (4,384) | ||||||||
Non-interest expense | (5,757) | (5,309) | (4,384) | ||||||||
Core earnings before income taxes | 12,113 | 13,563 | 14,934 | ||||||||
Income tax (expense)/benefit | (2,545) | (2,848) | (5,227) | ||||||||
Core earnings before preferred stock dividends | 9,568 | 10,715 | 9,707 | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Non-controlling interest | 0 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||
Segment core earnings/(losses) | 9,568 | 10,715 | 9,707 | ||||||||
Total assets at carrying value | 2,311,932 | 2,240,906 | 2,311,932 | 2,240,906 | 2,195,189 | ||||||
Total on- and off-balance sheet program assets at principal balance | 2,620,175 | 2,515,620 | 2,620,175 | 2,515,620 | 2,352,214 | ||||||
Rural Utilities | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 10,459 | 12,505 | 11,598 | ||||||||
Less: reconciling adjustments | 6,143 | (922) | (539) | ||||||||
Net effective spread | 16,602 | 11,583 | 11,059 | ||||||||
Guarantee and commitment fees | 1,412 | 1,599 | 1,914 | ||||||||
Other income/(expense) | 38 | 33 | 20 | ||||||||
Non-interest income | 1,450 | 1,632 | 1,934 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Release of reserve for losses | 0 | 0 | 0 | ||||||||
Other non-interest expense | (3,898) | (3,062) | (2,430) | ||||||||
Non-interest expense | (3,898) | (3,062) | (2,430) | ||||||||
Core earnings before income taxes | 14,154 | 10,153 | 10,563 | ||||||||
Income tax (expense)/benefit | (2,972) | (2,133) | (3,696) | ||||||||
Core earnings before preferred stock dividends | 11,182 | 8,020 | 6,867 | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Non-controlling interest | 0 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||
Segment core earnings/(losses) | 11,182 | 8,020 | 6,867 | ||||||||
Total assets at carrying value | 1,717,405 | 945,282 | 1,717,405 | 945,282 | 1,088,986 | ||||||
Total on- and off-balance sheet program assets at principal balance | 2,280,571 | 1,592,115 | 2,280,571 | 1,592,115 | 1,882,633 | ||||||
Institutional Credit | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net interest income | 69,039 | 69,321 | 59,842 | ||||||||
Less: reconciling adjustments | 520 | (7,884) | (3,505) | ||||||||
Net effective spread | 69,559 | 61,437 | 56,337 | ||||||||
Guarantee and commitment fees | 372 | 360 | 805 | ||||||||
Other income/(expense) | 0 | 0 | 0 | ||||||||
Non-interest income | 372 | 360 | 805 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Release of reserve for losses | 0 | 0 | 0 | ||||||||
Other non-interest expense | (8,390) | (8,011) | (6,439) | ||||||||
Non-interest expense | (8,390) | (8,011) | (6,439) | ||||||||
Core earnings before income taxes | 61,541 | 53,786 | 50,703 | ||||||||
Income tax (expense)/benefit | (12,924) | (11,295) | (17,746) | ||||||||
Core earnings before preferred stock dividends | 48,617 | 42,491 | 32,957 | ||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Non-controlling interest | 0 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||
Segment core earnings/(losses) | 48,617 | 42,491 | 32,957 | ||||||||
Total assets at carrying value | 8,606,912 | 8,089,410 | 8,606,912 | 8,089,410 | 7,627,749 | ||||||
Total on- and off-balance sheet program assets at principal balance | $ 8,440,246 | $ 8,382,817 | $ 8,440,246 | $ 8,382,817 | $ 7,904,878 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 162,954 | $ 161,496 | $ 165,128 | $ 155,515 | $ 146,453 | $ 142,615 | $ 135,670 | $ 119,546 | $ 645,093 | $ 544,284 | $ 400,532 |
Interest expense | 113,584 | 121,384 | 122,074 | 114,916 | 104,237 | 97,557 | 91,737 | 76,317 | 471,958 | 369,848 | 242,885 |
Net interest income | 49,370 | 40,112 | 43,054 | 40,599 | 42,216 | 45,058 | 43,933 | 43,229 | 173,135 | 174,436 | 157,647 |
(Provision for)/release of loan losses | (2,430) | (760) | (578) | 264 | (146) | (99) | (424) | 431 | (3,504) | (238) | (1,708) |
Net interest income after (provision for)/release of loan losses | 46,940 | 39,352 | 42,476 | 40,863 | 42,070 | 44,959 | 43,509 | 43,660 | 169,631 | 174,198 | 155,939 |
Guarantee and commitment fees | 3,401 | 3,349 | 3,403 | 3,513 | 3,506 | 3,490 | 3,481 | 3,499 | 13,666 | 13,976 | 14,114 |
Gains/(losses) on financial derivatives | 4,089 | (7,360) | 8,913 | (360) | (2,999) | 628 | 2,534 | (3,850) | |||
Gains on trading assets | 172 | 49 | 61 | 44 | 57 | (3) | 11 | 16 | 326 | 81 | (24) |
(Losses)/gains on sale of available-for-sale investment securities | (236) | 0 | 0 | 0 | (236) | 0 | 89 | ||||
(Losses)/gains on sale of real estate owned | 0 | (41) | 34 | 0 | 0 | (7) | 1,748 | ||||
Other income | 526 | 530 | 355 | 493 | 118 | 365 | 320 | 574 | 1,904 | 1,377 | 832 |
Non-interest income | 7,952 | (3,432) | 12,732 | 3,690 | 682 | 4,439 | 6,380 | 239 | 20,942 | 11,740 | 17,512 |
Non-interest expense | 13,651 | 13,458 | 12,052 | 12,761 | 13,703 | 11,650 | 12,921 | 11,642 | 51,922 | 49,916 | 42,765 |
Income before income taxes | 41,241 | 22,462 | 43,156 | 31,792 | 29,049 | 37,748 | 36,968 | 32,257 | 138,651 | 136,022 | 130,686 |
Income tax expense | 8,743 | 4,629 | 9,111 | 6,622 | 6,193 | 7,979 | 7,332 | 6,438 | 29,105 | 27,942 | 46,369 |
Net income | 32,498 | 17,833 | 34,045 | 25,170 | 22,856 | 29,769 | 29,636 | 25,819 | 109,546 | 108,080 | 84,482 |
Preferred stock dividends | (3,432) | (3,427) | (3,785) | (3,296) | (3,296) | (3,295) | (3,296) | (3,295) | (13,940) | (13,182) | (13,182) |
Loss on retirement of preferred stock | 0 | 0 | (1,956) | 0 | (1,956) | 0 | 0 | ||||
Net income attributable to common stockholders | $ 29,066 | $ 14,406 | $ 28,304 | $ 21,874 | $ 19,560 | $ 26,474 | $ 26,340 | $ 22,524 | $ 93,650 | $ 94,898 | $ 71,300 |
Basic earnings per common share (in dollars per share) | $ 2.72 | $ 1.34 | $ 2.65 | $ 2.05 | $ 1.84 | $ 2.48 | $ 2.47 | $ 2.12 | $ 8.76 | $ 8.91 | $ 6.73 |
Diluted earnings per common share (in dollars per share) | $ 2.70 | $ 1.33 | $ 2.63 | $ 2.03 | $ 1.82 | $ 2.46 | $ 2.45 | $ 2.10 | $ 8.69 | $ 8.83 | $ 6.60 |
Uncategorized Items - agm-20191
Label | Element | Value |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 498,000 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 27,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 323,175,000 |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 471,000 |