COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
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. | |
Entity Address, Address Line Two | 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 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 Central Index Key | 0000845877 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | 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 | |
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 | 9,234,594 | |
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 | |
5.750% Non-Cumulative Preferred Stock, Series E | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.750% Non-Cumulative Preferred Stock, Series E | |
Trading Symbol | AGM.PRE | |
Security Exchange Name | NYSE | |
5.250% Non-Cumulative Preferred Stock, Series F | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.250% Non-Cumulative Preferred Stock, Series F | |
Trading Symbol | AGM.PRF | |
Security Exchange Name | NYSE | |
4.875% Non-Cumulative Preferred Stock, Series G | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.875% Non-Cumulative Preferred Stock, Series G | |
Trading Symbol | AGM.PRG | |
Security Exchange Name | NYSE | |
Class B voting common stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 500,301 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 828,403 | $ 1,033,941 |
Other investments | 403 | 0 |
Loans: | ||
Loans held for investment in consolidated trusts, at amortized cost | 7,796,712 | 7,261,933 |
Loans held for investment in consolidated trusts, at amortized cost | 1,077,993 | 1,287,045 |
Allowance for losses | (14,000) | (13,832) |
Total loans, net of allowance | 8,860,705 | 8,535,146 |
Financial derivatives, at fair value | 16,224 | 17,468 |
Interest receivable (includes $11,197 and $16,401, respectively, related to consolidated trusts) | 161,282 | 186,429 |
Guarantee and commitment fees receivable | 37,261 | 37,113 |
Deferred tax asset, net | 10,200 | 18,321 |
Prepaid expenses and other assets | 20,573 | 24,545 |
Total Assets | 24,181,245 | 24,355,501 |
Liabilities: | ||
Notes payable | 21,706,254 | 21,848,917 |
Debt securities of consolidated trusts held by third parties | 1,120,293 | 1,323,786 |
Financial derivatives, at fair value | 24,347 | 29,892 |
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts) | 82,060 | 92,738 |
Guarantee and commitment obligation | 35,827 | 35,535 |
Accounts payable and accrued expenses | 30,138 | 28,879 |
Reserve for losses | 2,111 | 3,277 |
Total Liabilities | 23,001,030 | 23,363,024 |
Commitments and Contingencies | ||
Common stock: | ||
Additional paid-in capital | 124,148 | 122,899 |
Accumulated other comprehensive income/(loss), net of tax | 16,733 | (13,923) |
Retained earnings | 544,038 | 509,560 |
Total Equity | 1,180,215 | 992,477 |
Total Liabilities and Equity | 24,181,245 | 24,355,501 |
Series C | ||
Preferred stock: | ||
Preferred stock | 73,382 | 73,382 |
Series D | ||
Preferred stock: | ||
Preferred stock | 96,659 | 96,659 |
Series E | ||
Preferred stock: | ||
Preferred stock | 77,003 | 77,003 |
Series F | ||
Preferred stock: | ||
Preferred stock | 116,160 | 116,160 |
Series G | ||
Preferred stock: | ||
Preferred stock | 121,327 | 0 |
Class A voting common stock | ||
Common stock: | ||
Common Stock | 1,031 | 1,031 |
Class B voting common stock | ||
Common stock: | ||
Common Stock | 500 | 500 |
Class C non-voting common stock | ||
Common stock: | ||
Common Stock | 9,234 | 9,206 |
Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 3,832,232 | 3,853,692 |
Held-to-maturity, at amortized cost | 45,032 | 45,032 |
Total Securities | 3,877,667 | 3,898,724 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 6,877,405 | 6,947,701 |
Held-to-maturity, at amortized cost | 1,040,757 | 1,175,792 |
Total Securities | 7,918,162 | 8,123,493 |
USDA Securities: | ||
Assets: | ||
Held-to-maturity, at amortized cost | 2,445,718 | 2,473,626 |
Trading, at fair value | 5,050 | 6,695 |
Total Securities | $ 2,450,768 | $ 2,480,321 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest receivable - consolidated trusts amount | $ 161,282 | $ 186,429 |
Accrued interest payable - consolidated trusts amount | 82,060 | 92,738 |
Available-for-Sale Securities | ||
Amortized cost of available-for-sale investment securities | 3,817,578 | 3,843,666 |
Farmer Mac Guaranteed Securities: | ||
Amortized cost of available-for-sale investment securities | 6,618,871 | 6,594,992 |
Consolidated VIE | ||
Interest receivable - consolidated trusts amount | 11,197 | 16,401 |
Accrued interest payable - consolidated trusts amount | $ 10,126 | $ 14,370 |
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 |
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 |
Series E | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 3,180,000 | 3,180,000 |
Preferred stock, shares issued (in shares) | 3,180,000 | 3,180,000 |
Preferred stock, shares outstanding (in shares) | 3,180,000 | 3,180,000 |
Series F | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 4,800,000 | 4,800,000 |
Preferred stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Preferred stock, shares outstanding (in shares) | 4,800,000 | 4,800,000 |
Series G | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 5,000,000 | 5,000,000 |
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 |
Class B voting common stock | ||
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) | 9,234,311 | 9,205,897 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Investments and cash equivalents | $ 4,457 | $ 10,399 | $ 9,986 | $ 28,140 |
Farmer Mac Guaranteed Securities and USDA Securities | 42,414 | 61,792 | 84,818 | 133,309 |
Loans | 60,214 | 55,430 | 119,708 | 116,026 |
Total interest income | 107,085 | 127,621 | 214,512 | 277,475 |
Total interest expense | 51,956 | 79,273 | 106,132 | 187,815 |
Net interest income | 55,129 | 48,348 | 108,380 | 89,660 |
Release of/(provision for) losses | 761 | (451) | (152) | (3,889) |
Net interest income after provision for losses | 55,890 | 47,897 | 108,228 | 85,771 |
Non-interest income/(expense): | ||||
Guarantee and commitment fees | 2,997 | 3,140 | 6,027 | 6,336 |
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775) |
(Losses)/gains on trading securities | (62) | (21) | (75) | 85 |
Gains on sale of real estate owned | 0 | 0 | 0 | 485 |
Release of reserve for losses | 222 | 400 | 1,166 | 7 |
Other income | 435 | 1,229 | 1,018 | 2,045 |
Non-interest income | 526 | 11,271 | 9,363 | 6,183 |
Operating expenses: | ||||
Compensation and employee benefits | 9,779 | 8,087 | 21,574 | 18,214 |
General and administrative | 6,349 | 5,295 | 12,685 | 10,658 |
Regulatory fees | 750 | 725 | 1,500 | 1,450 |
Operating expenses | 16,878 | 14,107 | 35,759 | 30,322 |
Income before income taxes | 39,538 | 45,061 | 81,832 | 61,632 |
Income tax expense | 8,252 | 9,435 | 17,319 | 13,176 |
Net income | 31,286 | 35,626 | 64,513 | 48,456 |
Preferred stock dividends | (5,842) | (3,939) | (11,111) | (7,370) |
Net income attributable to common stockholders | $ 25,444 | $ 31,687 | $ 53,402 | $ 41,086 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 2.36 | $ 2.95 | $ 4.96 | $ 3.83 |
Diluted earnings per common share (in dollars per share) | $ 2.35 | $ 2.94 | $ 4.93 | $ 3.81 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 31,286 | $ 35,626 | $ 64,513 | $ 48,456 |
Other comprehensive income/(loss) before taxes: | ||||
Net unrealized (losses)/gains on available-for-sale securities | (37,389) | 42,527 | 28,975 | (56,789) |
Net changes in held-to-maturity securities | (1,653) | (2,496) | (3,810) | (8,184) |
Net unrealized (losses)/gains on cash flow hedges | (5,274) | (2,132) | 13,641 | (30,388) |
Other comprehensive (loss)/income before tax | (44,316) | 37,899 | 38,806 | (95,361) |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 9,305 | (7,959) | (8,150) | 20,025 |
Other comprehensive (loss)/income net of tax | (35,011) | 29,940 | 30,656 | (75,336) |
Comprehensive (loss)/income | $ (3,725) | $ 65,566 | $ 95,169 | $ (26,880) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Class C non-voting common stock | Series E | Series G | Preferred Stock | Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance | Preferred StockSeries E | Preferred StockSeries G | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Common StockClass C non-voting common stock | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in CapitalClass C non-voting common stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Retained EarningsClass C non-voting common stock |
Beginning balance ( in shares) at Dec. 31, 2019 | 9,400 | 9,400 | 10,712 | 10,712 | ||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 799,276 | $ (2,099) | $ 797,177 | $ 228,374 | $ 228,374 | $ 10,712 | $ 10,712 | $ 119,304 | $ 119,304 | $ (16,161) | $ (16,161) | $ 457,047 | $ (2,099) | $ 454,948 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 12,830 | 12,830 | ||||||||||||||||||||
Other comprehensive (loss)/income net of tax | (105,276) | (105,276) | ||||||||||||||||||||
Cash dividends, preferred stock | (3,431) | (3,431) | ||||||||||||||||||||
Cash dividends, common stock | (8,571) | (8,571) | ||||||||||||||||||||
Issuance of common stock (in shares) | 15 | |||||||||||||||||||||
Issuance of common stock | $ 34 | $ 15 | $ 19 | |||||||||||||||||||
Repurchase of Class C Common Stock (in shares) | (4) | |||||||||||||||||||||
Repurchase of Class C Common Stock | (235) | $ (4) | $ (231) | |||||||||||||||||||
Stock-based compensation cost | 1,293 | 1,293 | ||||||||||||||||||||
Other stock-based award activity | (204) | (204) | ||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 9,400 | 10,723 | ||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 693,617 | $ 228,374 | $ 10,723 | 120,412 | (121,437) | 455,545 | ||||||||||||||||
Beginning balance ( in shares) at Dec. 31, 2019 | 9,400 | 9,400 | 10,712 | 10,712 | ||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 799,276 | $ (2,099) | $ 797,177 | $ 228,374 | $ 228,374 | $ 10,712 | $ 10,712 | 119,304 | $ 119,304 | (16,161) | $ (16,161) | 457,047 | $ (2,099) | $ 454,948 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 48,456 | |||||||||||||||||||||
Other comprehensive (loss)/income net of tax | (75,336) | |||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 12,580 | 10,733 | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 824,116 | $ 305,377 | $ 10,733 | 120,856 | (91,497) | 478,647 | ||||||||||||||||
Beginning balance ( in shares) at Mar. 31, 2020 | 9,400 | 10,723 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 693,617 | $ 228,374 | $ 10,723 | 120,412 | (121,437) | 455,545 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 35,626 | 35,626 | ||||||||||||||||||||
Other comprehensive (loss)/income net of tax | 29,940 | 29,940 | ||||||||||||||||||||
Cash dividends, preferred stock | (3,939) | (3,939) | ||||||||||||||||||||
Cash dividends, common stock | (8,585) | (8,585) | ||||||||||||||||||||
Issuance of common stock (in shares) | 3,180 | 10 | ||||||||||||||||||||
Issuance of common stock | 27 | $ 77,003 | $ 77,003 | $ 10 | 17 | |||||||||||||||||
Stock-based compensation cost | 719 | 719 | ||||||||||||||||||||
Other stock-based award activity | (292) | (292) | ||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 12,580 | 10,733 | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 824,116 | $ 305,377 | $ 10,733 | 120,856 | (91,497) | 478,647 | ||||||||||||||||
Beginning balance ( in shares) at Dec. 31, 2020 | 14,980 | 10,737 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 992,477 | $ 363,204 | $ 10,737 | 122,899 | (13,923) | 509,560 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 33,227 | 33,227 | ||||||||||||||||||||
Other comprehensive (loss)/income net of tax | 65,667 | 65,667 | ||||||||||||||||||||
Cash dividends, preferred stock | (5,269) | (5,269) | ||||||||||||||||||||
Cash dividends, common stock | (9,450) | (9,450) | ||||||||||||||||||||
Issuance of common stock (in shares) | 21 | |||||||||||||||||||||
Issuance of common stock | 33 | $ 21 | 12 | |||||||||||||||||||
Stock-based compensation cost | 1,665 | 1,665 | ||||||||||||||||||||
Other stock-based award activity | (858) | (858) | ||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 14,980 | 10,758 | ||||||||||||||||||||
Ending balance at Mar. 31, 2021 | 1,077,492 | $ 363,204 | $ 10,758 | 123,718 | 51,744 | 528,068 | ||||||||||||||||
Beginning balance ( in shares) at Dec. 31, 2020 | 14,980 | 10,737 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 992,477 | $ 363,204 | $ 10,737 | 122,899 | (13,923) | 509,560 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 64,513 | |||||||||||||||||||||
Other comprehensive (loss)/income net of tax | 30,656 | |||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 19,980 | 10,765 | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 1,180,215 | $ 484,531 | $ 10,765 | 124,148 | 16,733 | 544,038 | ||||||||||||||||
Beginning balance ( in shares) at Mar. 31, 2021 | 14,980 | 10,758 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 1,077,492 | $ 363,204 | $ 10,758 | 123,718 | 51,744 | 528,068 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 31,286 | 31,286 | ||||||||||||||||||||
Other comprehensive (loss)/income net of tax | (35,011) | (35,011) | ||||||||||||||||||||
Cash dividends, preferred stock | (5,842) | (5,842) | ||||||||||||||||||||
Cash dividends, common stock | (9,474) | (9,474) | ||||||||||||||||||||
Issuance of common stock (in shares) | 5,000 | 7 | ||||||||||||||||||||
Issuance of common stock | $ 20 | $ 121,327 | $ 121,327 | $ 7 | $ 13 | |||||||||||||||||
Stock-based compensation cost | 891 | 891 | ||||||||||||||||||||
Other stock-based award activity | (474) | (474) | ||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 19,980 | 10,765 | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 1,180,215 | $ 484,531 | $ 10,765 | $ 124,148 | $ 16,733 | $ 544,038 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per common share (in dollars per share) | $ 0.88 | $ 0.88 | $ 0.80 | $ 0.80 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 64,513 | $ 48,456 |
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 | 9,619 | 1,095 |
Amortization of debt premiums, discounts, and issuance costs | 3,602 | 14,769 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 178,314 | (401,002) |
Gain on sale of real estate owned | 0 | (485) |
Total (release)/provision for allowance for losses | (1,014) | 3,882 |
Excess tax benefits related to stock-based awards | 292 | (475) |
Deferred income taxes | (27) | (2,254) |
Stock-based compensation expense | 2,557 | 2,012 |
Proceeds from repayment of loans purchased as held for sale | 30,062 | 35,351 |
Net change in: | ||
Interest receivable | 24,025 | 24,139 |
Guarantee and commitment fees receivable | 144 | 292 |
Other assets | 3,680 | (23,446) |
Accrued interest payable | (10,678) | (6,825) |
Other liabilities | 684 | (2,453) |
Net cash provided by/(used in) operating activities | 305,773 | (306,944) |
Cash flows from investing activities: | ||
Purchases of other investment securities | (403) | 0 |
Purchases of loans held for investment | (1,417,958) | (1,502,920) |
Purchases of defaulted loans | (8,713) | (6,272) |
Proceeds from repayment of loans purchased as held for investment | 1,014,805 | 712,238 |
Proceeds from sale of available-for-sale investment securities | 25,573 | 0 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 49,133 | 28,050 |
Proceeds from sale of real estate owned | 0 | 2,191 |
Net cash used in investing activities | (209,936) | (1,592,368) |
Cash flows from financing activities: | ||
Payments to third parties on debt securities of consolidated trusts | (276,089) | (175,004) |
Proceeds from common stock issuance | 25 | 36 |
Proceeds from preferred stock issuance, net of stock issuance costs | 121,327 | 77,003 |
Tax payments related to share-based awards | (1,305) | (471) |
Purchases of common stock | 0 | (235) |
Dividends paid on common and preferred stock | (29,460) | (24,018) |
Net cash (used in)/provided by financing activities | (301,375) | 2,122,531 |
Net change in cash and cash equivalents | (205,538) | 223,219 |
Cash and cash equivalents at beginning of period | 1,033,941 | 604,381 |
Cash and cash equivalents at end of period | 828,403 | 827,600 |
Non-cash activity: | ||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 49,133 | 28,050 |
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 | 49,133 | 28,050 |
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 23,463 | 7,414 |
Capitalized interest | 1,037 | 0 |
Purchases of securities - traded, not yet settled | 0 | 4,588 |
Medium-term Notes | ||
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 6,578,677 | 7,791,406 |
Payments to redeem notes | (6,574,370) | (5,847,765) |
Notes Payable to Banks | ||
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 31,775,475 | 34,376,593 |
Payments to redeem notes | (31,895,655) | (34,075,014) |
Available-for-sale securities | ||
Cash flows from investing activities: | ||
Purchases of securities | (893,754) | (1,591,501) |
Proceeds from repayment of securities | 884,489 | 1,097,237 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Cash flows from investing activities: | ||
Purchases of securities | (1,168,827) | (1,361,109) |
Proceeds from repayment of securities | $ 1,305,719 | $ 1,029,718 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2020 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2020 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2020 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 25, 2021. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six months ended June 30, 2021. Principles of Consolidation The 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. Table 1.1 Consolidation of Variable Interest Entities As of June 30, 2021 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,077,993 $ — $ — $ 1,077,993 Debt securities of consolidated trusts held by third parties (1) 1,120,293 — — 1,120,293 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 28,798 — 28,798 Maximum exposure to loss (3) — 28,756 — 28,756 Investment securities: Carrying value (4) — — 2,084,486 2,084,486 Maximum exposure to loss (3) (4) — — 2,075,774 2,075,774 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 66,008 270,652 — 336,660 (1) Includes borrower remittances of $42.3 million. The borrower remittances had not been passed through to third party investors as of June 30, 2021. (2) Includes $41,000 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, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (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, 2020 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,287,045 $ — $ — $ 1,287,045 Debt securities of consolidated trusts held by third parties (1) 1,323,786 — — 1,323,786 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 34,537 — 34,537 Maximum exposure to loss (3) — 34,456 — 34,456 Investment securities: Carrying value (4) — — 1,918,672 1,918,672 Maximum exposure to loss (3) (4) — — 1,909,535 1,909,535 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 79,312 299,298 — 378,610 (1) Includes borrower remittances of $36.7 million. The borrower remittances had not been passed through to third party investors as of December 31, 2020. (2) Includes $0.1 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. 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 three and six months ended June 30, 2021 and 2020: Table 1.2 For the Three Months Ended June 30, 2021 June 30, 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 25,444 10,763 $ 2.36 $ 31,687 10,730 $ 2.95 Effect of dilutive securities (1) SARs and restricted stock — 75 (0.01) — 46 (0.01) Diluted EPS $ 25,444 10,838 $ 2.35 $ 31,687 10,776 $ 2.94 (1) For the three months ended June 30, 2021 and 2020, SARs and restricted stock of 29,043 and 83,297, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2021 and 2020, contingent shares of unvested restricted stock of 18,183 and 12,680, 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. For the Six Months Ended June 30, 2021 June 30, 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 53,402 10,751 $ 4.96 $ 41,086 10,721 $ 3.83 Effect of dilutive securities (1) SARs and restricted stock — 78 (0.03) — 58 (0.02) Diluted EPS $ 53,402 10,829 $ 4.93 $ 41,086 10,779 $ 3.81 (1) For the six months ended June 30, 2021 and 2020, SARs and restricted stock of 64,364 and 85,223, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2021 and 2020, contingent shares of unvested restricted stock of 18,183 and 12,680, 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. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and six months ended June 30, 2021 and 2020. Table 1.3 As of June 30, 2021 As of June 30, 2020 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ 38,491 $ 21,125 $ (7,872) $ 51,744 $ (121,858) $ 28,351 $ (27,930) $ (121,437) Other comprehensive (loss)/income before reclassifications (28,751) — (5,570) (34,321) 34,374 — (2,920) 31,454 Amounts reclassified from AOCI (786) (1,306) 1,402 (690) (777) (1,972) 1,235 (1,514) Net comprehensive (loss)/income (29,537) (1,306) (4,168) (35,011) 33,597 (1,972) (1,685) 29,940 Ending Balance $ 8,954 $ 19,819 $ (12,040) $ 16,733 $ (88,261) $ 26,379 $ (29,615) $ (91,497) For the Six Months Ended: Beginning Balance $ (13,937) $ 22,829 $ (22,815) $ (13,923) $ (43,397) $ 32,845 $ (5,609) $ (16,161) Other comprehensive income/(loss) before reclassifications 24,459 — 7,993 32,452 (43,310) — (25,588) (68,898) Amounts reclassified from AOCI (1,568) (3,010) 2,782 (1,796) (1,554) (6,466) 1,582 (6,438) Net comprehensive income/(loss) 22,891 (3,010) 10,775 30,656 (44,864) (6,466) (24,006) (75,336) Ending Balance $ 8,954 $ 19,819 $ (12,040) $ 16,733 $ (88,261) $ 26,379 $ (29,615) $ (91,497) 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 three and six months ended June 30, 2021 and 2020: Table 1.4 For the Three Months Ended June 30, 2021 June 30, 2020 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 $ (36,395) $ (7,644) $ (28,751) $ 43,512 $ 9,138 $ 34,374 Less reclassification adjustments included in: Net interest income (1) (987) (207) (780) (971) (204) (767) Other income (2) (7) (1) (6) (14) (4) (10) Total $ (37,389) $ (7,852) $ (29,537) $ 42,527 $ 8,930 $ 33,597 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (1,653) (347) (1,306) (2,496) (524) (1,972) Total $ (1,653) $ (347) $ (1,306) $ (2,496) $ (524) $ (1,972) Cash flow hedges Unrealized losses on cash flow hedges $ (7,050) $ (1,480) $ (5,570) $ (3,695) $ (775) $ (2,920) Less reclassification adjustments included in: Net interest income (4) 1,776 374 1,402 1,563 328 1,235 Total $ (5,274) $ (1,106) $ (4,168) $ (2,132) $ (447) $ (1,685) Other comprehensive (loss)/income $ (44,316) $ (9,305) $ (35,011) $ 37,899 $ 7,959 $ 29,940 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) 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. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Six Months Ended June 30, 2021 June 30, 2020 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 30,961 $ 6,502 $ 24,459 $ (54,822) $ (11,512) $ (43,310) Less reclassification adjustments included in: Net interest income (1) (1,971) (415) (1,556) (1,940) (407) (1,533) Other income (2) (15) (3) (12) (27) (6) (21) Total $ 28,975 $ 6,084 $ 22,891 $ (56,789) $ (11,925) $ (44,864) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (3,810) (800) (3,010) (8,184) (1,718) (6,466) Total $ (3,810) $ (800) $ (3,010) $ (8,184) $ (1,718) $ (6,466) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 10,118 $ 2,125 $ 7,993 $ (32,390) $ (6,802) $ (25,588) Less reclassification adjustments included in: Net interest income (4) 3,523 741 2,782 2,002 420 1,582 Total $ 13,641 $ 2,866 $ 10,775 $ (30,388) $ (6,382) $ (24,006) Other comprehensive income/(loss) $ 38,806 $ 8,150 $ 30,656 $ (95,361) $ (20,025) $ (75,336) (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) 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. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 1, 2020 Farmer Mac adopted optional expedients specific to discounting transition on a retrospective basis, and as a result of this election, the discounting transition did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of June 30, 2021 and December 31, 2020: Table 2.1 As of June 30, 2021 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (58) $ — $ (394) $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities 2,459,511 8 2,459,519 — 15,833 (652) 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities 28,174 807 28,981 — 29 — 29,010 Fixed rate U.S. Treasuries 1,300,208 9,170 1,309,378 — 204 (308) 1,309,274 Total available-for-sale 3,807,593 9,985 3,817,578 (58) 16,066 (1,354) 3,832,232 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — — (198) 44,834 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ — $ (198) $ 44,834 (1) Amounts presented exclude $6.2 million of accrued interest receivable on investment securities as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of June 30, 2021. As of December 31, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (36) $ — $ (493) $ 19,171 Floating rate asset-backed securities 6,232 — 6,232 — — (1) 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities 2,350,963 (44) 2,350,919 — 12,150 (3,043) 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities 279 — 279 — 34 — 313 Fixed rate U.S. Treasuries 1,449,408 17,128 1,466,536 — 1,458 (43) 1,467,951 Total available-for-sale 3,826,582 17,084 3,843,666 (36) 13,642 (3,580) 3,853,692 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,201 — 46,233 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 1,201 $ — $ 46,233 (1) Amounts presented exclude $9.0 million of accrued interest receivable on investment securities as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of December 31, 2020. During the three and six months ended June 30, 2021, Farmer Mac received proceeds of $25.6 million from the sale of securities from its available-for-sale investment portfolio, resulting in a loss of $2,900. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2021 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 $ — $ — $ 19,248 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 92,080 (122) 47,682 (530) Fixed rate U.S. Treasuries 297,864 (308) — — Total $ 389,944 $ (430) $ 66,930 $ (924) Number of securities in loss position 19 25 As of December 31, 2020 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 $ — $ — $ 19,171 $ (493) Floating rate asset-backed securities — — 6,231 (1) Floating rate Government/GSE guaranteed mortgage-backed securities 172,842 (593) 324,423 (2,450) Fixed rate U.S. Treasuries 364,320 (43) — — Total $ 537,162 $ (636) $ 349,825 $ (2,944) Number of securities in loss position 27 62 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 that is, on average, approximately 98.6% 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2021 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 2.3 As of June 30, 2021 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 977,778 $ 977,976 1.82% Due after one year through five years 711,832 712,720 0.61% Due after five years through ten years 1,362,956 1,368,656 0.52% Due after ten years 765,012 772,880 0.63% Total $ 3,817,578 $ 3,832,232 0.89% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2021 and December 31, 2020: Table 3.1 As of June 30, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,012,162 $ (20) $ 1,012,142 $ (182) $ 17,046 $ (4,196) $ 1,024,810 Farmer Mac Guaranteed USDA Securities 28,756 41 28,797 — 561 (178) 29,180 Total Farmer Mac Guaranteed Securities 1,040,918 21 1,040,939 (182) 17,607 (4,374) 1,053,990 USDA Securities 2,422,597 23,121 2,445,718 — 22,418 (1,143) 2,466,993 Total held-to-maturity $ 3,463,515 $ 23,142 $ 3,486,657 $ (182) $ 40,025 $ (5,517) $ 3,520,983 Available-for-sale: AgVantage $ 6,617,498 $ 1,373 $ 6,618,871 $ (220) $ 271,223 $ (12,469) $ 6,877,405 Trading: USDA Securities (3) $ 4,904 $ 138 $ 5,042 $ — $ 22 $ (14) $ 5,050 (1) Amounts presented exclude $32.0 million, $31.2 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.06% as of June 30, 2021. As of December 31, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,141,430 $ (55) $ 1,141,375 $ (120) $ 23,986 $ (61) $ 1,165,180 Farmer Mac Guaranteed USDA Securities 34,456 81 34,537 — 1,273 — 35,810 Total Farmer Mac Guaranteed Securities 1,175,886 26 1,175,912 (120) 25,259 (61) 1,200,990 USDA Securities 2,446,550 27,076 2,473,626 — 157,748 (560) 2,630,814 Total held-to-maturity $ 3,622,436 $ 27,102 $ 3,649,538 $ (120) $ 183,007 $ (621) $ 3,831,804 Available-for-sale: AgVantage $ 6,593,518 $ 1,474 $ 6,594,992 $ (310) $ 368,257 $ (15,238) $ 6,947,701 Trading: USDA Securities (3) $ 6,413 $ 198 $ 6,611 $ — $ 84 $ — $ 6,695 (1) Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2020. As of June 30, 2021 and December 31, 2020, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2021 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 $ 270,804 $ (4,196) $ — $ — Farmer Mac Guaranteed USDA Securities 12,902 (178) — — USDA Securities 37,862 (353) 16,780 (790) Total held-to-maturity $ 321,568 $ (4,727) $ 16,780 $ (790) Available-for-sale: AgVantage $ 1,094,412 $ (9,962) $ 202,492 $ (2,507) As of December 31, 2020 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 $ 49,939 $ (61) $ — $ — USDA Securities — — 21,061 (560) Total held-to-maturity $ 49,939 $ (61) $ 21,061 $ (560) Available-for-sale: AgVantage $ 133,703 $ (231) $ 981,757 $ (15,007) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to June 30, 2021 and December 31, 2020, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both June 30, 2021 and December 31, 2020 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 of America. The unrealized losses from AgVantage securities were on 13 and 11 available-for-sale securities as of June 30, 2021 and December 31, 2020, respectively. There were 4 and 2 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, 2 and 7 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. During the three and six months ended June 30, 2021 and 2020, 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 June 30, 2021 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 3.3 As of June 30, 2021 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,581,119 $ 1,586,647 1.58 % Due after one year through five years 2,526,845 2,621,450 2.51 % Due after five years through ten years 922,881 959,208 2.05 % Due after ten years 1,588,026 1,710,100 2.47 % Total $ 6,618,871 $ 6,877,405 2.21 % (1) Amounts presented exclude $32.0 million of accrued interest receivable. As of June 30, 2021 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 329,849 $ 332,601 2.71 % Due after one year through five years 741,605 750,667 2.51 % Due after five years through ten years 250,695 253,347 2.75 % Due after ten years 2,164,508 2,184,368 3.11 % Total $ 3,486,657 $ 3,520,983 2.90 % (1) Amounts presented exclude $31.2 million of accrued interest receivable. |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Securities | 6 Months Ended |
Jun. 30, 2021 | |
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 available-for-sale and held-to-maturity investment securities as of June 30, 2021 and December 31, 2020: Table 2.1 As of June 30, 2021 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (58) $ — $ (394) $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities 2,459,511 8 2,459,519 — 15,833 (652) 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities 28,174 807 28,981 — 29 — 29,010 Fixed rate U.S. Treasuries 1,300,208 9,170 1,309,378 — 204 (308) 1,309,274 Total available-for-sale 3,807,593 9,985 3,817,578 (58) 16,066 (1,354) 3,832,232 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — — (198) 44,834 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ — $ (198) $ 44,834 (1) Amounts presented exclude $6.2 million of accrued interest receivable on investment securities as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of June 30, 2021. As of December 31, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (36) $ — $ (493) $ 19,171 Floating rate asset-backed securities 6,232 — 6,232 — — (1) 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities 2,350,963 (44) 2,350,919 — 12,150 (3,043) 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities 279 — 279 — 34 — 313 Fixed rate U.S. Treasuries 1,449,408 17,128 1,466,536 — 1,458 (43) 1,467,951 Total available-for-sale 3,826,582 17,084 3,843,666 (36) 13,642 (3,580) 3,853,692 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,201 — 46,233 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 1,201 $ — $ 46,233 (1) Amounts presented exclude $9.0 million of accrued interest receivable on investment securities as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of December 31, 2020. During the three and six months ended June 30, 2021, Farmer Mac received proceeds of $25.6 million from the sale of securities from its available-for-sale investment portfolio, resulting in a loss of $2,900. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2021 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 $ — $ — $ 19,248 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 92,080 (122) 47,682 (530) Fixed rate U.S. Treasuries 297,864 (308) — — Total $ 389,944 $ (430) $ 66,930 $ (924) Number of securities in loss position 19 25 As of December 31, 2020 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 $ — $ — $ 19,171 $ (493) Floating rate asset-backed securities — — 6,231 (1) Floating rate Government/GSE guaranteed mortgage-backed securities 172,842 (593) 324,423 (2,450) Fixed rate U.S. Treasuries 364,320 (43) — — Total $ 537,162 $ (636) $ 349,825 $ (2,944) Number of securities in loss position 27 62 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 that is, on average, approximately 98.6% 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2021 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 2.3 As of June 30, 2021 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 977,778 $ 977,976 1.82% Due after one year through five years 711,832 712,720 0.61% Due after five years through ten years 1,362,956 1,368,656 0.52% Due after ten years 765,012 772,880 0.63% Total $ 3,817,578 $ 3,832,232 0.89% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2021 and December 31, 2020: Table 3.1 As of June 30, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,012,162 $ (20) $ 1,012,142 $ (182) $ 17,046 $ (4,196) $ 1,024,810 Farmer Mac Guaranteed USDA Securities 28,756 41 28,797 — 561 (178) 29,180 Total Farmer Mac Guaranteed Securities 1,040,918 21 1,040,939 (182) 17,607 (4,374) 1,053,990 USDA Securities 2,422,597 23,121 2,445,718 — 22,418 (1,143) 2,466,993 Total held-to-maturity $ 3,463,515 $ 23,142 $ 3,486,657 $ (182) $ 40,025 $ (5,517) $ 3,520,983 Available-for-sale: AgVantage $ 6,617,498 $ 1,373 $ 6,618,871 $ (220) $ 271,223 $ (12,469) $ 6,877,405 Trading: USDA Securities (3) $ 4,904 $ 138 $ 5,042 $ — $ 22 $ (14) $ 5,050 (1) Amounts presented exclude $32.0 million, $31.2 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.06% as of June 30, 2021. As of December 31, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,141,430 $ (55) $ 1,141,375 $ (120) $ 23,986 $ (61) $ 1,165,180 Farmer Mac Guaranteed USDA Securities 34,456 81 34,537 — 1,273 — 35,810 Total Farmer Mac Guaranteed Securities 1,175,886 26 1,175,912 (120) 25,259 (61) 1,200,990 USDA Securities 2,446,550 27,076 2,473,626 — 157,748 (560) 2,630,814 Total held-to-maturity $ 3,622,436 $ 27,102 $ 3,649,538 $ (120) $ 183,007 $ (621) $ 3,831,804 Available-for-sale: AgVantage $ 6,593,518 $ 1,474 $ 6,594,992 $ (310) $ 368,257 $ (15,238) $ 6,947,701 Trading: USDA Securities (3) $ 6,413 $ 198 $ 6,611 $ — $ 84 $ — $ 6,695 (1) Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2020. As of June 30, 2021 and December 31, 2020, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2021 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 $ 270,804 $ (4,196) $ — $ — Farmer Mac Guaranteed USDA Securities 12,902 (178) — — USDA Securities 37,862 (353) 16,780 (790) Total held-to-maturity $ 321,568 $ (4,727) $ 16,780 $ (790) Available-for-sale: AgVantage $ 1,094,412 $ (9,962) $ 202,492 $ (2,507) As of December 31, 2020 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 $ 49,939 $ (61) $ — $ — USDA Securities — — 21,061 (560) Total held-to-maturity $ 49,939 $ (61) $ 21,061 $ (560) Available-for-sale: AgVantage $ 133,703 $ (231) $ 981,757 $ (15,007) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to June 30, 2021 and December 31, 2020, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both June 30, 2021 and December 31, 2020 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 of America. The unrealized losses from AgVantage securities were on 13 and 11 available-for-sale securities as of June 30, 2021 and December 31, 2020, respectively. There were 4 and 2 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, 2 and 7 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. During the three and six months ended June 30, 2021 and 2020, 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 June 30, 2021 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 3.3 As of June 30, 2021 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,581,119 $ 1,586,647 1.58 % Due after one year through five years 2,526,845 2,621,450 2.51 % Due after five years through ten years 922,881 959,208 2.05 % Due after ten years 1,588,026 1,710,100 2.47 % Total $ 6,618,871 $ 6,877,405 2.21 % (1) Amounts presented exclude $32.0 million of accrued interest receivable. As of June 30, 2021 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 329,849 $ 332,601 2.71 % Due after one year through five years 741,605 750,667 2.51 % Due after five years through ten years 250,695 253,347 2.75 % Due after ten years 2,164,508 2,184,368 3.11 % Total $ 3,486,657 $ 3,520,983 2.90 % (1) Amounts presented exclude $31.2 million of accrued interest receivable. |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
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. For more information about Farmer Mac's financial derivatives, see Note 6 in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 25, 2021. 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 June 30, 2021 and December 31, 2020: Table 4.1 As of June 30, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,450,448 $ 7,863 $ (679) 2.24% 0.15% 11.81 Receive fixed non-callable 4,213,029 64 (8,191) 0.20% 0.97% 2.24 Receive fixed callable 1,067,577 1,529 (3,538) 0.04% 0.81% 4.21 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 528,000 5,572 (5,008) 1.98% 0.51% 5.93 No hedge designation: Interest rate swaps: Pay fixed non-callable 338,951 — (6,786) 2.38% 0.14% 3.73 Receive fixed non-callable 1,747,850 — — 0.13% 0.61% 0.82 Basis swaps 2,608,911 1,215 (79) 0.14% 0.19% 2.44 Treasury futures 33,600 — (88) 132.24 Credit valuation adjustment (19) 22 Total financial derivatives $ 15,988,366 $ 16,224 $ (24,347) Collateral (held)/pledged (2,601) 177,228 Net amount $ 13,623 $ 152,881 As of December 31, 2020 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,463,303 $ 10,157 $ (2,585) 2.26% 0.21% 11.95 Receive fixed non-callable 2,611,029 2 (8,755) 0.32% 1.61% 2.10 Receive fixed callable 343,500 3,108 (4) 0.16% 1.78% 3.16 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 472,000 2,584 (8,771) 2.04% 0.57% 6.04 No hedge designation: Interest rate swaps: Pay fixed non-callable 339,090 — (9,675) 2.38% 0.19% 4.23 Receive fixed non-callable 2,359,220 — — 0.16% 0.87% 1.07 Receive fixed callable 200,000 1 (12) 0.13% 0.15% 0.72 Basis swaps 3,628,911 1,617 (43) 0.18% 0.23% 2.03 Treasury futures 30,500 — (82) 137.81 Credit valuation adjustment (1) 35 Total financial derivatives $ 15,447,553 $ 17,468 $ (29,892) Collateral (held)/pledged (1,345) 212,263 Net amount $ 16,123 $ 182,371 As of June 30, 2021, Farmer Mac expects to reclassify $5.7 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 June 30, 2021. During the three and six months ended June 30, 2021 and 2020, 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 three and six months ended June 30, 2021 and 2020: Table 4.2 For the Three Months Ended June 30, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 4,457 $ 42,414 $ 60,214 $ (51,956) $ (3,066) $ 52,063 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (35) (21,604) (6,704) 9,811 — (18,532) Recognized on hedged items 67 30,565 11,635 (12,141) — 30,126 Discount amortization recognized on hedged items — — — (257) — (257) Income/(expense) related to interest settlements on fair value hedging relationships $ 32 $ 8,961 $ 4,931 $ (2,587) $ — $ 11,337 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (176) $ (48,680) $ (65,147) $ (2,657) $ — $ (116,660) Recognized on hedged items 188 49,878 63,978 891 — 114,935 Gains/(losses) on fair value hedging relationships $ 12 $ 1,198 $ (1,169) $ (1,766) $ — $ (1,725) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (1,776) $ — $ (1,776) Recognized on hedged items — — — (643) — (643) Discount amortization recognized on hedged items — — — (8) — (8) Expense recognized on cash flow hedges $ — $ — $ — $ (2,427) $ — $ (2,427) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (3,739) $ (3,739) Interest expense on interest rate swaps — — — — 1,098 1,098 Treasury futures — — — — (425) (425) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ (3,066) $ (3,066) For The Three Months Ended June 30, 2020 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 Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 61,792 $ 55,430 $ (79,273) $ 6,523 $ 44,472 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (12,257) (4,535) 5,432 — (11,360) Recognized on hedged items 32,102 9,812 (12,721) — 29,193 Discount amortization recognized on hedged items — — (181) — (181) Income/(expense) related to interest settlements on fair value hedging relationships $ 19,845 $ 5,277 $ (7,470) $ — $ 17,652 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (9,226) $ (6,616) $ 3,722 $ — $ (12,120) Recognized on hedged items 9,050 3,037 (2,348) — 9,739 (Losses)/gains on fair value hedging relationships $ (176) $ (3,579) $ 1,374 $ — $ (2,381) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,563) $ — $ (1,563) Recognized on hedged items — — (1,029) — (1,029) Discount amortization recognized on hedged items — — (2) — (2) Expense recognized on cash flow hedges $ — $ — $ (2,594) $ — $ (2,594) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 8,427 $ 8,427 Interest expense on interest rate swaps — — — (1,795) (1,795) Treasury futures — — — (109) (109) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 6,523 $ 6,523 For the Six Months Ended June 30, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 9,986 $ 84,818 $ 119,708 $ (106,132) $ 1,227 $ 109,607 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (35) (43,041) (13,275) 19,292 — (37,059) Recognized on hedged items 67 61,341 23,122 (23,949) — 60,581 Discount amortization recognized on hedged items — — — (478) — (478) Income/(expense) related to interest settlements on fair value hedging relationships $ 32 $ 18,300 $ 9,847 $ (5,135) $ — $ 23,044 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (176) $ 119,396 $ 80,624 $ (32,111) $ — $ 167,733 Recognized on hedged items 188 (118,922) (80,770) 30,392 — (169,112) Gains/(losses) on fair value hedging relationships $ 12 $ 474 $ (146) $ (1,719) $ — $ (1,379) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (3,523) $ — $ (3,523) Recognized on hedged items — — — (1,298) — (1,298) Discount amortization recognized on hedged items — — — (15) — (15) Expense recognized on cash flow hedges $ — $ — $ — $ (4,836) $ — $ (4,836) Gains on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (2,271) $ (2,271) Interest expense on interest rate swaps — — — — 3,322 3,322 Treasury futures — — — — 176 176 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 1,227 $ 1,227 For The Six Months Ended June 30, 2020 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 on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 133,309 $ 116,026 $ (187,815) $ (2,775) $ 58,745 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (18,408) (6,412) 7,066 — (17,754) Recognized on hedged items 63,927 18,489 (26,997) — 55,419 Discount amortization recognized on hedged items — — (361) — (361) Income/(expense) related to interest settlements on fair value hedging relationships $ 45,519 $ 12,077 $ (20,292) $ — $ 37,304 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (303,159) $ (152,521) $ 62,656 $ — $ (393,024) Recognized on hedged items 299,430 148,445 (62,913) — 384,962 (Losses)/gains on fair value hedging relationships $ (3,729) $ (4,076) $ (257) $ — $ (8,062) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (2,002) $ — $ (2,002) Recognized on hedged items — — (3,152) — (3,152) Discount amortization recognized on hedged items — — (2) — (2) Expense recognized on cash flow hedges $ — $ — $ (5,156) $ — $ (5,156) (Losses)/gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 1,878 $ 1,878 Interest expense on interest rate swaps — — — (2,657) (2,657) Treasury futures — — — (1,996) (1,996) (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (2,775) $ (2,775) 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 June 30, 2021 and December 31, 2020: Table 4.3 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) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (in thousands) Investment securities, Available-for-Sale, at fair value $ 28,815 $ — $ 188 $ — Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) 4,105,335 4,244,027 263,902 382,825 Loans held for investment, at amortized cost (2) 1,608,163 1,692,609 30,562 111,333 Notes Payable (3) (5,065,528) (3,006,140) (22,848) (53,240) (1) Includes $1.4 million and $1.6 million of hedging adjustments on discontinued hedging relationships as of June 30, 2021 and December 31, 2020, respectively. (2) Includes $1.4 million of hedging adjustments on a discontinued hedging relationship as of both June 30, 2021 and December 31, 2020. (3) Carrying amount represents amortized cost. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of June 30, 2021 and December 31, 2020: Table 4.4 June 30, 2021 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 112,398 $ 110,893 $ 1,505 Liabilities: Derivatives Interest rate swap $ 442,121 $ 419,842 $ 22,279 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2020 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 112,287 $ 111,761 $ 526 Liabilities: Derivatives Interest rate swaps $ 620,236 $ 595,867 $ 24,369 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. As of June 30, 2021, Farmer Mac held $2.6 million of cash and no investment securities as collateral for its derivatives in net asset positions, compared to $1.3 million of cash and no investment securities as collateral for its derivatives in net asset positions as of December 31, 2020. Farmer Mac posted $8.4 million cash and $168.8 million of investment securities as of June 30, 2021 and posted $11.2 million cash and $201.1 million investment securities as of December 31, 2020. 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 June 30, 2021 and December 31, 2020, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of June 30, 2021 and December 31, 2020, 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 $16.0 billion notional amount of interest rate swaps outstanding as of June 30, 2021, $13.6 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $15.4 billion notional amount of interest rate swaps outstanding as of December 31, 2020, $12.8 billion were cleared through the CME. During the first half of 2021, Farmer Mac continued the use of non-cleared basis swaps to prepare for the transition away from the use of LIBOR as a reference rate. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS | LOANS Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of both June 30, 2021, and December 31, 2020, Farmer Mac had no loans held for sale. The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2021 and December 31, 2020: Table 5.1 As of June 30, 2021 As of December 31, 2020 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 5,523,212 $ 1,077,993 $ 6,601,205 $ 4,889,393 $ 1,287,045 $ 6,176,438 Rural Utilities 2,246,568 — 2,246,568 2,260,412 — 2,260,412 Total unpaid principal balance (1) 7,769,780 1,077,993 8,847,773 7,149,805 1,287,045 8,436,850 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments 26,932 — 26,932 112,128 — 112,128 Total loans 7,796,712 1,077,993 8,874,705 7,261,933 1,287,045 8,548,978 Allowance for losses (13,290) (710) (14,000) (12,943) (889) (13,832) Total loans, net of allowance $ 7,783,422 $ 1,077,283 $ 8,860,705 $ 7,248,990 $ 1,286,156 $ 8,535,146 (1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses The following table is a summary, by asset type, of the allowance for losses as of June 30, 2021 and December 31, 2020: Table 5.2 June 30, 2021 December 31, 2020 Allowance for Losses Allowance for Losses (in thousands) Loans: Farm & Ranch $ 3,092 $ 3,745 Rural Utilities 10,908 10,087 Total $ 14,000 $ 13,832 The following is a summary of the changes in the allowance for losses for the three and six month period ended June 30, 2021 and 2020: Table 5.3 For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Allowance for Losses Allowance for Losses Allowance for Losses Allowance for Losses (in thousands) Farm & Ranch: Beginning Balance $ 3,718 $ 7,353 $ 3,745 $ 10,454 Cumulative effect adjustment from adoption of current expected credit loss standard — — — (3,909) Adjusted Beginning Balance 3,718 7,353 3,745 6,545 Release of losses (626) (920) (653) (112) Charge-offs — (394) — (394) Ending Balance (1) $ 3,092 $ 6,039 $ 3,092 $ 6,039 Rural Utilities: Beginning Balance $ 11,089 $ 7,503 $ 10,087 $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — — 5,378 Adjusted Beginning Balance 11,089 7,503 10,087 5,378 (Release of)/provision for losses (181) 1,397 821 3,522 Charge-offs — — — — Ending Balance (2) $ 10,908 $ 8,900 $ 10,908 $ 8,900 (1) As of June 30, 2021 and 2020, allowance for losses for Farm & Ranch includes no allowance and $1.8 million, respectively, for collateral dependent assets secured by agricultural real estate. (2) As of both June 30, 2021 and 2020, allowance for losses for Rural Utilities includes no allowance for collateral dependent assets. The release from the allowance for Rural Utilities loan losses of $0.2 million recorded during second quarter 2021 was primarily attributable to the impact of improving economic factor forecasts, specifically expectations for unemployment. The $0.6 million release from the allowance for the Farm & Ranch portfolio during second quarter 2021 was primarily attributable to improving economic factor forecasts, particularly agricultural commodity prices. The small net provision recorded to the allowance for the six months ended June 30, 2021, was primarily a result of the impact of the Texas Arctic Freeze on the Rural Utilities portfolio, partially offset by improving economic factor forecasts. The provision to the allowance for loan losses of $0.5 million recorded during second quarter 2020 was primarily due to the impact of net new loan volume in the Rural Utilities portfolio of $311.8 million. The impact of the Rural Utilities portfolio on the net increase to the provision was partially offset by improving economic factors that uniquely impacted the Farm & Ranch portfolio, specifically improvements in commodity prices and expectations for stable farm land values. In addition, there was a $0.4 million charge-off to the allowance related to the acquisition of a new real estate owned property ("REO") during second quarter 2020. The provision to the allowance for loan losses of $3.4 million recorded during the six months ended June 30, 2020 was primarily due to the impact of net new loan volume in the Rural Utilities portfolio and the impact of economic factor forecasts on the Rural Utilities portfolio, especially expected higher unemployment, as a result of the COVID-19 pandemic and the resulting economic volatility. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2021 and December 31, 2020: Table 5.4 As of June 30, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,475,467 $ 1,501 $ 525 $ 5,418 $ 7,444 $ 118,294 $ 6,601,205 Rural Utilities 2,236,568 10,000 — — 10,000 — 2,246,568 Total $ 8,712,035 $ 11,501 $ 525 $ 5,418 $ 17,444 $ 118,294 $ 8,847,773 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $58.4 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2021, Farmer Mac received $1.9 million and $3.0 million, respectively, in interest on nonaccrual loans. As of December 31, 2020 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,055,154 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 6,176,438 Rural Utilities 2,260,412 — — — — — 2,260,412 Total $ 8,315,566 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 8,436,850 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $44.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2020, Farmer Mac received $4.4 million in interest on nonaccrual loans. Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of June 30, 2021 and December 31, 2020, by year of origination: Table 5.5 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,085,630 $ 1,873,579 $ 704,749 $ 409,047 $ 364,489 $ 1,232,910 $ 511,353 $ 6,181,757 Special mention (2) 43,076 92,886 33,544 14,643 3,809 16,706 8,826 213,490 Substandard (3) — 3,614 26,119 30,481 49,801 84,508 11,435 205,958 Total $ 1,128,706 $ 1,970,079 $ 764,412 $ 454,171 $ 418,099 $ 1,334,124 $ 531,614 $ 6,601,205 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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 June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 21,022 $ 635,342 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,223,368 Special mention (2) — — — — — — — — Substandard (3) — 23,200 — — — — — 23,200 Total $ 21,022 $ 658,542 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,246,568 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,947,618 $ 774,315 $ 484,345 $ 500,768 $ 465,277 $ 1,068,693 $ 535,742 $ 5,776,758 Special mention (2) 70,171 79,744 18,317 8,530 13,111 21,328 7,656 218,857 Substandard (3) 3,400 5,821 21,879 52,709 37,173 50,582 9,259 180,823 Total $ 2,021,189 $ 859,880 $ 524,541 $ 562,007 $ 515,561 $ 1,140,603 $ 552,657 $ 6,176,438 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES | GUARANTEES 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 June 30, 2021 and December 31, 2020, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of June 30, 2021 As of December 31, 2020 (in thousands) Farm & Ranch: Farmer Mac Guaranteed Securities $ 66,008 $ 79,312 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 270,652 299,298 Institutional Credit: AgVantage Securities 4,412 4,412 Total off-balance sheet Farmer Mac Guaranteed Securities $ 341,072 $ 383,022 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 6.2 For the Six Months Ended June 30, 2021 June 30, 2020 (in thousands) Proceeds from new securitizations $ 49,133 $ 28,050 Guarantee fees received 669 894 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 6.3 As of June 30, 2021 As of December 31, 2020 (dollars in thousands) Guarantee and commitment obligation $ 1,411 $ 1,625 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.3 years 9.5 years AgVantage Securities 3.5 years 4.0 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 6.4 As of June 30, 2021 As of December 31, 2020 (dollars in thousands) Guarantee and commitment obligation (1) $ 34,416 $ 33,909 Maximum principal amount 2,922,398 2,881,856 Weighted-average remaining maturity 15.6 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Reserve for Losses The following table is a summary, by asset type, of the reserve for losses as of June 30, 2021 and December 31, 2020: Table 6.5 June 30, 2021 December 31, 2020 Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 1,194 $ 2,097 Rural Utilities LTSPCs 917 1,180 Total $ 2,111 $ 3,277 The following is a summary of the changes in the reserve for losses for the three and six month period ended June 30, 2021 and 2020: Table 6.6 For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Reserve for Losses Reserve for Losses Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: Beginning Balance $ 1,366 $ 2,020 $ 2,097 $ 2,164 Cumulative effect adjustment from adoption of current expected credit loss standard — — — (148) Adjusted Beginning Balance 1,366 2,020 2,097 2,016 Release of losses (172) (370) (903) (366) Charge-offs — — — — Ending Balance $ 1,194 $ 1,650 $ 1,194 $ 1,650 Rural Utilities: Beginning Balance $ 967 $ 1,400 $ 1,180 $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — — 1,011 Adjusted Beginning Balance 967 1,400 1,180 1,011 (Release of)/provision for losses (50) (30) (263) 359 Charge-offs — — — — Ending Balance $ 917 $ 1,370 $ 917 $ 1,370 The release from the reserve for losses in the Rural Utilities LTSPC portfolio recorded during the three and six months ended June 30, 2021 was primarily due to improving economic factor forecasts and ratings upgrades. The release in the Farm & Ranch LTSPC portfolio was primarily due to ratings upgrades and updated loss-given-default assumptions. The release from the reserve for losses recorded during the three and six months ended June 30, 2020 was primarily due to the net decreases in LTSPC volume of $58.5 million and $119.3 million, respectively. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of June 30, 2021 and December 31, 2020: Table 6.7 As of June 30, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,440,348 $ 3,853 $ 4,459 $ 6,287 $ 14,599 $ 2,454,947 Rural Utilities: LTSPCs $ 533,459 $ — $ — $ — $ — $ 533,459 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2020 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,389,777 $ 2,189 $ 1,344 $ 11,433 $ 14,966 $ 2,404,743 Rural Utilities: LTSPCs $ 556,425 $ — $ — $ — $ — $ 556,425 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of June 30, 2021 and December 31, 2020, by year of origination: Table 6.8 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 176,513 $ 270,877 $ 198,404 $ 181,287 $ 217,421 $ 1,040,596 $ 201,691 $ 2,286,789 Special mention (1) — 3,920 343 2,117 433 60,494 7,683 74,990 Substandard (2) — 242 731 11,568 14,273 62,511 3,843 93,168 Total $ 176,513 $ 275,039 $ 199,478 $ 194,972 $ 232,127 $ 1,163,601 $ 213,217 $ 2,454,947 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of June 30, 2021 Year of Origination: 2021 2020 20 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 178,213 $ 213,620 $ 183,948 $ 237,042 $ 207,296 $ 969,860 $ 211,620 $ 2,201,599 Special mention (1) 3,920 1,742 1,502 5,603 19,644 50,004 10,058 92,473 Substandard (2) 264 10,250 12,611 14,578 7,841 60,602 4,525 110,671 Total $ 182,397 $ 225,612 $ 198,061 $ 257,223 $ 234,781 $ 1,080,466 $ 226,203 $ 2,404,743 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
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 25.0 years. The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2021 and December 31, 2020: Table 7.1 June 30, 2021 Outstanding as of June 30 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,677,800 0.04 % $ 1,720,263 0.09 % Medium-term notes 2,081,520 0.09 % 2,522,888 0.14 % Current portion of medium-term notes 4,565,257 0.72 % Total due within one year $ 8,324,577 0.43 % Due after one year: Medium-term notes due in: Two years $ 3,469,814 0.86 % Three years 2,547,497 0.91 % Four years 1,463,668 1.14 % Five years 2,109,668 0.85 % Thereafter 3,768,182 1.76 % Total due after one year $ 13,358,829 1.15 % Total principal net of discounts $ 21,683,406 0.87 % Hedging adjustments 22,848 Total $ 21,706,254 December 31, 2020 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 $ 1,797,175 0.11 % $ 2,343,702 0.63 % Medium-term notes 2,645,146 0.19 % 1,593,253 0.60 % Current portion of medium-term notes 6,304,061 0.90 % Total due within one year $ 10,746,382 0.59 % Due after one year: Medium-term notes due in: Two years $ 3,004,203 1.00 % Three years 2,809,551 1.24 % Four years 927,119 1.67 % Five years 1,342,250 1.03 % Thereafter 2,966,172 1.92 % Total due after one year $ 11,049,295 1.37 % Total principal net of discounts $ 21,795,677 0.98 % Hedging adjustments 53,240 Total $ 21,848,917 The maximum amount of Farmer Mac's discount notes outstanding at any month end during the six months ended June 30, 2021 and 2020 was $1.9 billion and $2.6 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 2021 as of June 30, 2021: Table 7.2 Debt Callable in 2021 as of June 30, 2021, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2022 $ 147,480 0.12 % 2023 245,831 0.90 % 2024 159,393 0.77 % 2025 192,827 0.75 % Thereafter 845,922 1.47 % Total $ 1,591,453 1.10 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of June 30, 2021, 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, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2021 $ 8,179,536 0.29 % 2022 3,187,154 0.90 % 2023 2,896,525 1.08 % 2024 1,650,373 1.05 % 2025 1,483,928 0.94 % Thereafter 4,285,890 1.73 % Total principal net of discounts $ 21,683,406 0.87 % During the six months ended June 30, 2021 and 2020, Farmer Mac called $1.6 billion and $1.9 billion of callable medium-term notes, respectively. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, 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 to fulfill 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 June 30, 2021, Farmer Mac had not used this borrowing authority. Gains on Repurchase of Outstanding Debt No outstanding debt repurchases were made in the six months ended June 30, 2021 or 2020. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
EQUITY | EQUITY Preferred Stock In May 2021, Farmer Mac issued 5.0 million shares of 4.875% non-cumulative perpetual Series G preferred stock, par value $25.00 per share. Farmer Mac incurred direct costs of $3.7 million related to the issuance of the Series G preferred stock. The dividend rate on the Series G preferred stock will remain at a non-cumulative, fixed rate of 4.875% per year, when, as, and if a dividend is declared by the Board of Directors of Farmer Mac, for so long as the Series G preferred stock remains outstanding. The Series G preferred stock has no maturity date, but Farmer Mac has the option to redeem the preferred stock at any time on any dividend payment date on and after July 17, 2026. Common Stock During first and second quarter 2021, Farmer Mac paid a quarterly dividend of $0.88 per share on all classes of its common stock. For each quarter in 2020, Farmer Mac paid a quarterly dividend of $0.80 per share on all classes of its common stock. 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, authorized Farmer Mac to repurchase up to $10.0 million of Farmer Mac's outstanding Class C non-voting common stock. During first quarter 2020, Farmer Mac repurchased approximately 4,000 shares of Class C non-voting common stock at a cost of approximately $0.2 million. Shortly after these repurchases were completed, Farmer Mac indefinitely suspended its share repurchase program in an effort to preserve capital and liquidity in view of market volatility and uncertainty caused by the COVID-19 pandemic. In March 2021, Farmer Mac's board of directors reinstated the share repurchase program on its previous terms (with a remaining authorization of up to $9.8 million in stock repurchases) and extended the expiration date of the program to March 2023. Farmer Mac did not repurchase any shares of its Class C non-voting common stock during the first half of 2021. As of June 30, 2021, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $19.8 million under the share repurchase program since 2015. 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 June 30, 2021 and December 31, 2020, 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. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of June 30, 2021 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 $ — $ — $ 19,248 $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,474,700 — 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities — 29,010 — 29,010 Fixed rate U.S. Treasuries 1,309,274 — — 1,309,274 Total Available-for-sale Investment Securities 1,309,274 2,503,710 19,248 3,832,232 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,877,405 6,877,405 Total Farmer Mac Guaranteed Securities — — 6,877,405 6,877,405 USDA Securities: Trading — — 5,050 5,050 Total USDA Securities — — 5,050 5,050 Financial derivatives — 16,224 — 16,224 Total Assets at fair value $ 1,309,274 $ 2,519,934 $ 6,901,703 $ 10,730,911 Liabilities: Financial derivatives $ 88 $ 24,259 $ — $ 24,347 Total Liabilities at fair value $ 88 $ 24,259 $ — $ 24,347 (1) Level 3 assets represent 29% of total assets and 64% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2020 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 $ — $ — $ 19,171 $ 19,171 Floating rate asset-backed securities — 6,231 — 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,360,026 — 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities — 313 — 313 Fixed rate U.S. Treasuries 1,467,951 — — 1,467,951 Total Available-for-sale Investment Securities 1,467,951 2,366,570 19,171 3,853,692 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,947,701 6,947,701 Total Farmer Mac Guaranteed Securities — — 6,947,701 6,947,701 USDA Securities: Trading — — 6,695 6,695 Total USDA Securities — — 6,695 6,695 Financial derivatives — 17,468 — 17,468 Total Assets at fair value $ 1,467,951 $ 2,384,038 $ 6,973,567 $ 10,825,556 Liabilities: Financial derivatives $ 82 $ 29,810 $ — $ 29,892 Total Liabilities at fair value $ 82 $ 29,810 $ — $ 29,892 (1) Level 3 assets represent 29% of total assets and 65% 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 June 30, 2021 or December 31, 2020. 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 the six months ended June 30, 2021 and 2020, 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. 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 three and six months ended June 30, 2021 and 2020. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2021 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,146 $ — $ — $ — $ 3 $ — $ 99 $ 19,248 Total available-for-sale 19,146 — — — 3 — 99 19,248 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,763,209 417,500 — (310,403) (93) 49,939 (42,747) 6,877,405 Total available-for-sale 6,763,209 417,500 — (310,403) (93) 49,939 (42,747) 6,877,405 USDA Securities: Trading 5,578 — — (467) — (61) — 5,050 Total USDA Securities 5,578 — — (467) (61) — 5,050 Total Assets at fair value $ 6,787,933 $ 417,500 $ — $ (310,870) $ (90) $ 49,878 $ (42,648) $ 6,901,703 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 16,721 $ — $ — $ — $ (15) $ — $ 1,577 $ 18,283 Total available-for-sale 16,721 — — — (15) — 1,577 18,283 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,587,186 351,896 — (85,261) (69) 9,050 35,585 7,898,387 Total available-for-sale 7,587,186 351,896 — (85,261) (69) 9,050 35,585 7,898,387 USDA Securities: Trading 8,408 — — (602) — (20) — 7,786 Total USDA Securities 8,408 — — (602) (20) — 7,786 Total Assets at fair value $ 7,612,315 $ 351,896 $ — $ (85,863) $ (84) $ 9,030 $ 37,162 $ 7,924,456 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2021 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ — $ (22) $ — $ 99 $ 19,248 Total available-for-sale 19,171 — — — (22) — 99 19,248 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 578,115 — (554,235) 89 (118,803) 24,538 6,877,405 Total available-for-sale 6,947,701 578,115 — (554,235) 89 (118,803) 24,538 6,877,405 USDA Securities: Trading 6,695 — — (1,570) — (75) — 5,050 Total USDA Securities 6,695 — — (1,570) (75) — 5,050 Total Assets at fair value $ 6,973,567 $ 578,115 $ — $ (555,805) $ 67 $ (118,878) $ 24,637 $ 6,901,703 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ (38) $ — $ (591) $ 18,283 Total available-for-sale 18,912 — — — (38) — (591) 18,283 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 835,476 — (312,516) (234) 299,429 (66,793) 7,898,387 Total available-for-sale 7,143,025 835,476 — (312,516) (234) 299,429 (66,793) 7,898,387 USDA Securities: Trading 8,913 — — (1,213) — 86 — 7,786 Total USDA Securities 8,913 — — (1,213) 86 — 7,786 Total Assets at fair value $ 7,170,850 $ 835,476 $ — $ (313,729) $ (272) $ 299,515 $ (67,384) $ 7,924,456 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 June 30, 2021 and December 31, 2020: Table 9.3 As of June 30, 2021 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 $ 19,248 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,877,405 Discounted cash flow Discount rate 0.8% - 3.9% (1.5%) USDA Securities $ 5,050 Discounted cash flow Discount rate 2.0% - 2.3% (2.2%) CPR 25% - 45% (35%) As of December 31, 2020 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 $ 19,171 Indicative bids Range of broker quotes 97.5% - 97.5% (97.5%) Farmer Mac Guaranteed Securities: AgVantage $ 6,947,701 Discounted cash flow Discount rate 0.8% - 2.3% (1.3%) USDA Securities $ 6,695 Discounted cash flow Discount rate 0.9% - 1.9% (1.4%) CPR 25% - 49% (44%) 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 do not 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 June 30, 2021 and December 31, 2020: Table 9.4 As of June 30, 2021 As of December 31, 2020 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 828,403 $ 828,403 $ 1,033,941 $ 1,033,941 Investment securities 3,877,470 3,877,667 3,899,925 3,898,724 Farmer Mac Guaranteed Securities 7,931,395 7,918,162 8,148,691 8,123,493 USDA Securities 2,472,043 2,450,768 2,637,509 2,480,321 Loans 9,057,544 8,860,705 9,167,525 8,535,146 Financial derivatives 16,224 16,224 17,468 17,468 Guarantee and commitment fees receivable 34,525 37,261 34,115 37,113 Financial liabilities: Notes payable 21,839,641 21,706,254 22,130,263 21,848,917 Debt securities of consolidated trusts held by third parties 1,121,731 1,120,293 1,390,330 1,323,786 Financial derivatives 24,347 24,347 29,892 29,892 Guarantee and commitment obligations 33,091 35,827 32,537 35,535 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 valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business Segment Reporting
Business Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | BUSINESS SEGMENT REPORTING The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2021 and 2020: Table 10.1 Core Earnings by Business Segment For the Three Months Ended June 30, 2021 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 24,057 $ 6,089 $ 5,328 $ 16,894 $ 2,761 $ — $ 55,129 Less: reconciling adjustments (1)(2)(3) (79) 893 1,287 (763) 84 (1,422) — Net effective spread 23,978 6,982 6,615 16,131 2,845 (1,422) — Guarantee and commitment fees (2) 3,839 173 317 5 — (1,337) 2,997 Other income/(expense) (3) 309 120 — — (128) (2,994) (2,693) Non-interest income/(loss) 4,148 293 317 5 (128) (4,331) 304 Release of/(provision for) losses 626 — 181 (49) 3 — 761 Release of reserve for losses 172 — 50 — — — 222 Other non-interest expense (5,855) (2,263) (1,838) (2,316) (4,606) — (16,878) Non-interest expense (4) (5,683) (2,263) (1,788) (2,316) (4,606) — (16,656) Core earnings before income taxes 23,069 5,012 5,325 13,771 (1,886) (5,753) (5) 39,538 Income tax (expense)/benefit (4,844) (1,053) (1,118) (2,892) 444 1,211 (8,252) Core earnings before preferred stock dividends 18,225 3,959 4,207 10,879 (1,442) (4,542) (5) 31,286 Preferred stock dividends — — — — (5,842) — (5,842) Segment core earnings/(losses) $ 18,225 $ 3,959 $ 4,207 $ 10,879 $ (7,284) $ (4,542) (5) $ 25,444 Total assets at carrying value $ 6,716,880 $ 2,506,410 $ 2,272,425 $ 7,926,520 $ 4,759,010 $ — $ 24,181,245 Total on- and off-balance sheet program assets at principal balance $ 9,056,152 $ 2,726,909 $ 2,780,027 $ 7,634,073 $ — $ — $ 22,197,161 (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 "(Losses)/gains 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 Three Months Ended June 30, 2020 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 19,310 $ 5,403 $ 2,322 $ 20,084 $ 1,229 $ — $ 48,348 Less: reconciling adjustments (1)(2)(3) (2,577) (714) 3,194 (1,302) (480) 1,879 — Net effective spread 16,733 4,689 5,516 18,782 749 1,879 — Guarantee and commitment fees (2) 4,394 210 332 7 — (1,803) 3,140 Other income/(expense) (3) 585 617 5 — (159) 6,683 7,731 Non-interest income/(loss) 4,979 827 337 7 (159) 4,880 10,871 Provision for loan losses 920 — (1,397) 41 (15) — (451) Provision for reserve for losses 370 — 30 — — — 400 Other non-interest expense (5,254) (1,584) (1,386) (2,083) (3,800) — (14,107) Non-interest expense (4) (4,884) (1,584) (1,356) (2,083) (3,800) — (13,707) Core earnings before income taxes 17,748 3,932 3,100 16,747 (3,225) 6,759 (5) 45,061 Income tax (expense)/benefit (3,727) (826) (651) (3,517) 705 (1,419) (9,435) Core earnings before preferred stock dividends 14,021 3,106 2,449 13,230 (2,520) 5,340 (5) 35,626 Preferred stock dividends — — — — (3,939) — (3,939) Segment core earnings/(losses) $ 14,021 $ 3,106 $ 2,449 $ 13,230 $ (6,459) $ 5,340 (5) $ 31,687 Total assets at carrying value $ 5,746,556 $ 2,408,713 $ 2,281,490 $ 9,049,393 $ 4,446,504 $ — $ 23,932,656 Total on- and off-balance sheet program assets at principal balance $ 8,017,850 $ 2,677,807 $ 2,691,621 $ 8,654,830 $ — $ — $ 22,042,108 (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 "(Losses)/gains 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 Six Months Ended June 30, 2021 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 45,912 $ 11,778 $ 12,977 $ 32,417 $ 5,296 $ — $ 108,380 Less: reconciling adjustments (1)(2)(3) (480) 1,571 312 387 240 (2,030) — Net effective spread 45,432 13,349 13,289 32,804 5,536 (2,030) — Guarantee and commitment fees (2) 7,572 356 636 10 — (2,547) 6,027 Other income/(expense) (3) 713 289 1 — (251) 1,418 2,170 Non-interest income/(loss) 8,285 645 637 10 (251) (1,129) 8,197 Release of/(provision for) losses 653 — (821) 38 (22) — (152) Release of reserve for losses 903 — 263 — — — 1,166 Other non-interest expense (12,404) (4,796) (3,895) (4,906) (9,758) — (35,759) Non-interest expense (4) (11,501) (4,796) (3,632) (4,906) (9,758) — (34,593) Core earnings before income taxes 42,869 9,198 9,473 27,946 (4,495) (3,159) (5) 81,832 Income tax (expense)/benefit (9,002) (1,932) (1,989) (5,869) 809 664 (17,319) Core earnings before preferred stock dividends 33,867 7,266 7,484 22,077 (3,686) (2,495) (5) 64,513 Preferred stock dividends — — — — (11,111) — (11,111) Loss on retirement of preferred stock — — — — — — — Segment core earnings/(losses) $ 33,867 $ 7,266 $ 7,484 $ 22,077 $ (14,797) $ (2,495) (5) $ 53,402 Total assets at carrying value $ 6,716,880 $ 2,506,410 $ 2,272,425 $ 7,926,520 $ 4,759,010 $ — $ 24,181,245 Total on- and off-balance sheet program assets at principal balance $ 9,056,152 $ 2,726,909 $ 2,780,027 $ 7,634,073 $ — $ — $ 22,197,161 (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 "(Losses)/gains 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 Six Months Ended June 30, 2020 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 35,675 $ 9,944 $ 7,069 $ 33,888 $ 3,084 $ — $ 89,660 Less: reconciling adjustments (1)(2)(3) (4,004) (630) 3,367 2,596 (357) (972) — Net effective spread 31,671 9,314 10,436 36,484 2,727 (972) — Guarantee and commitment fees (2) 8,711 445 667 16 — (3,503) 6,336 Other income/(expense) (3) 1,754 729 12 — (288) (2,367) (160) Non-interest income/(loss) 10,465 1,174 679 16 (288) (5,870) 6,176 Provision for loan losses 112 — (3,522) (450) (29) — (3,889) Provision for reserve for losses 366 — (359) — — — 7 Other non-interest expense (11,251) (3,402) (2,990) (4,446) (8,233) — (30,322) Non-interest expense (4) (10,885) (3,402) (3,349) (4,446) (8,233) — (30,315) Core earnings before income taxes 31,363 7,086 4,244 31,604 (5,823) (6,842) (5) 61,632 Income tax (expense)/benefit (6,586) (1,488) (891) (6,637) 988 1,438 (13,176) Core earnings before preferred stock dividends 24,777 5,598 3,353 24,967 (4,835) (5,404) (5) 48,456 Preferred stock dividends — — — — (7,370) — (7,370) Segment core earnings/(losses) $ 24,777 $ 5,598 $ 3,353 $ 24,967 $ (12,205) $ (5,404) (5) $ 41,086 Total assets at carrying value $ 5,746,556 $ 2,408,713 $ 2,281,490 $ 9,049,393 $ 4,446,504 $ — $ 23,932,656 Total on- and off-balance sheet program assets at principal balance $ 8,017,850 $ 2,677,807 $ 2,691,621 $ 8,654,830 $ — $ — $ 22,042,108 (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 "(Losses)/gains 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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 |
Earnings Per Common Share | Earnings Per Common ShareBasic 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. |
New Accounting Standards | New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 1, 2020 Farmer Mac adopted optional expedients specific to discounting transition on a retrospective basis, and as a result of this election, the discounting transition did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. |
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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Consolidation of Variable Interest Entities | Table 1.1 Consolidation of Variable Interest Entities As of June 30, 2021 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,077,993 $ — $ — $ 1,077,993 Debt securities of consolidated trusts held by third parties (1) 1,120,293 — — 1,120,293 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 28,798 — 28,798 Maximum exposure to loss (3) — 28,756 — 28,756 Investment securities: Carrying value (4) — — 2,084,486 2,084,486 Maximum exposure to loss (3) (4) — — 2,075,774 2,075,774 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 66,008 270,652 — 336,660 (1) Includes borrower remittances of $42.3 million. The borrower remittances had not been passed through to third party investors as of June 30, 2021. (2) Includes $41,000 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, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (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, 2020 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,287,045 $ — $ — $ 1,287,045 Debt securities of consolidated trusts held by third parties (1) 1,323,786 — — 1,323,786 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 34,537 — 34,537 Maximum exposure to loss (3) — 34,456 — 34,456 Investment securities: Carrying value (4) — — 1,918,672 1,918,672 Maximum exposure to loss (3) (4) — — 1,909,535 1,909,535 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 79,312 299,298 — 378,610 (1) Includes borrower remittances of $36.7 million. The borrower remittances had not been passed through to third party investors as of December 31, 2020. (2) Includes $0.1 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. |
Basic and Diluted EPS | The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2021 and 2020: Table 1.2 For the Three Months Ended June 30, 2021 June 30, 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 25,444 10,763 $ 2.36 $ 31,687 10,730 $ 2.95 Effect of dilutive securities (1) SARs and restricted stock — 75 (0.01) — 46 (0.01) Diluted EPS $ 25,444 10,838 $ 2.35 $ 31,687 10,776 $ 2.94 (1) For the three months ended June 30, 2021 and 2020, SARs and restricted stock of 29,043 and 83,297, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2021 and 2020, contingent shares of unvested restricted stock of 18,183 and 12,680, 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. For the Six Months Ended June 30, 2021 June 30, 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 53,402 10,751 $ 4.96 $ 41,086 10,721 $ 3.83 Effect of dilutive securities (1) SARs and restricted stock — 78 (0.03) — 58 (0.02) Diluted EPS $ 53,402 10,829 $ 4.93 $ 41,086 10,779 $ 3.81 (1) For the six months ended June 30, 2021 and 2020, SARs and restricted stock of 64,364 and 85,223, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2021 and 2020, contingent shares of unvested restricted stock of 18,183 and 12,680, 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 three and six months ended June 30, 2021 and 2020. Table 1.3 As of June 30, 2021 As of June 30, 2020 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ 38,491 $ 21,125 $ (7,872) $ 51,744 $ (121,858) $ 28,351 $ (27,930) $ (121,437) Other comprehensive (loss)/income before reclassifications (28,751) — (5,570) (34,321) 34,374 — (2,920) 31,454 Amounts reclassified from AOCI (786) (1,306) 1,402 (690) (777) (1,972) 1,235 (1,514) Net comprehensive (loss)/income (29,537) (1,306) (4,168) (35,011) 33,597 (1,972) (1,685) 29,940 Ending Balance $ 8,954 $ 19,819 $ (12,040) $ 16,733 $ (88,261) $ 26,379 $ (29,615) $ (91,497) For the Six Months Ended: Beginning Balance $ (13,937) $ 22,829 $ (22,815) $ (13,923) $ (43,397) $ 32,845 $ (5,609) $ (16,161) Other comprehensive income/(loss) before reclassifications 24,459 — 7,993 32,452 (43,310) — (25,588) (68,898) Amounts reclassified from AOCI (1,568) (3,010) 2,782 (1,796) (1,554) (6,466) 1,582 (6,438) Net comprehensive income/(loss) 22,891 (3,010) 10,775 30,656 (44,864) (6,466) (24,006) (75,336) Ending Balance $ 8,954 $ 19,819 $ (12,040) $ 16,733 $ (88,261) $ 26,379 $ (29,615) $ (91,497) |
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 three and six months ended June 30, 2021 and 2020: Table 1.4 For the Three Months Ended June 30, 2021 June 30, 2020 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 $ (36,395) $ (7,644) $ (28,751) $ 43,512 $ 9,138 $ 34,374 Less reclassification adjustments included in: Net interest income (1) (987) (207) (780) (971) (204) (767) Other income (2) (7) (1) (6) (14) (4) (10) Total $ (37,389) $ (7,852) $ (29,537) $ 42,527 $ 8,930 $ 33,597 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (1,653) (347) (1,306) (2,496) (524) (1,972) Total $ (1,653) $ (347) $ (1,306) $ (2,496) $ (524) $ (1,972) Cash flow hedges Unrealized losses on cash flow hedges $ (7,050) $ (1,480) $ (5,570) $ (3,695) $ (775) $ (2,920) Less reclassification adjustments included in: Net interest income (4) 1,776 374 1,402 1,563 328 1,235 Total $ (5,274) $ (1,106) $ (4,168) $ (2,132) $ (447) $ (1,685) Other comprehensive (loss)/income $ (44,316) $ (9,305) $ (35,011) $ 37,899 $ 7,959 $ 29,940 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) 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. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Six Months Ended June 30, 2021 June 30, 2020 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 30,961 $ 6,502 $ 24,459 $ (54,822) $ (11,512) $ (43,310) Less reclassification adjustments included in: Net interest income (1) (1,971) (415) (1,556) (1,940) (407) (1,533) Other income (2) (15) (3) (12) (27) (6) (21) Total $ 28,975 $ 6,084 $ 22,891 $ (56,789) $ (11,925) $ (44,864) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (3,810) (800) (3,010) (8,184) (1,718) (6,466) Total $ (3,810) $ (800) $ (3,010) $ (8,184) $ (1,718) $ (6,466) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 10,118 $ 2,125 $ 7,993 $ (32,390) $ (6,802) $ (25,588) Less reclassification adjustments included in: Net interest income (4) 3,523 741 2,782 2,002 420 1,582 Total $ 13,641 $ 2,866 $ 10,775 $ (30,388) $ (6,382) $ (24,006) Other comprehensive income/(loss) $ 38,806 $ 8,150 $ 30,656 $ (95,361) $ (20,025) $ (75,336) (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) 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. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 1, 2020 Farmer Mac adopted optional expedients specific to discounting transition on a retrospective basis, and as a result of this election, the discounting transition did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Investment Securities | The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of June 30, 2021 and December 31, 2020: Table 2.1 As of June 30, 2021 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (58) $ — $ (394) $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities 2,459,511 8 2,459,519 — 15,833 (652) 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities 28,174 807 28,981 — 29 — 29,010 Fixed rate U.S. Treasuries 1,300,208 9,170 1,309,378 — 204 (308) 1,309,274 Total available-for-sale 3,807,593 9,985 3,817,578 (58) 16,066 (1,354) 3,832,232 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — — (198) 44,834 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ — $ (198) $ 44,834 (1) Amounts presented exclude $6.2 million of accrued interest receivable on investment securities as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of June 30, 2021. As of December 31, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (36) $ — $ (493) $ 19,171 Floating rate asset-backed securities 6,232 — 6,232 — — (1) 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities 2,350,963 (44) 2,350,919 — 12,150 (3,043) 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities 279 — 279 — 34 — 313 Fixed rate U.S. Treasuries 1,449,408 17,128 1,466,536 — 1,458 (43) 1,467,951 Total available-for-sale 3,826,582 17,084 3,843,666 (36) 13,642 (3,580) 3,853,692 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,201 — 46,233 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 1,201 $ — $ 46,233 (1) Amounts presented exclude $9.0 million of accrued interest receivable on investment securities as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of December 31, 2020. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2021 and December 31, 2020: Table 3.1 As of June 30, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,012,162 $ (20) $ 1,012,142 $ (182) $ 17,046 $ (4,196) $ 1,024,810 Farmer Mac Guaranteed USDA Securities 28,756 41 28,797 — 561 (178) 29,180 Total Farmer Mac Guaranteed Securities 1,040,918 21 1,040,939 (182) 17,607 (4,374) 1,053,990 USDA Securities 2,422,597 23,121 2,445,718 — 22,418 (1,143) 2,466,993 Total held-to-maturity $ 3,463,515 $ 23,142 $ 3,486,657 $ (182) $ 40,025 $ (5,517) $ 3,520,983 Available-for-sale: AgVantage $ 6,617,498 $ 1,373 $ 6,618,871 $ (220) $ 271,223 $ (12,469) $ 6,877,405 Trading: USDA Securities (3) $ 4,904 $ 138 $ 5,042 $ — $ 22 $ (14) $ 5,050 (1) Amounts presented exclude $32.0 million, $31.2 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.06% as of June 30, 2021. As of December 31, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,141,430 $ (55) $ 1,141,375 $ (120) $ 23,986 $ (61) $ 1,165,180 Farmer Mac Guaranteed USDA Securities 34,456 81 34,537 — 1,273 — 35,810 Total Farmer Mac Guaranteed Securities 1,175,886 26 1,175,912 (120) 25,259 (61) 1,200,990 USDA Securities 2,446,550 27,076 2,473,626 — 157,748 (560) 2,630,814 Total held-to-maturity $ 3,622,436 $ 27,102 $ 3,649,538 $ (120) $ 183,007 $ (621) $ 3,831,804 Available-for-sale: AgVantage $ 6,593,518 $ 1,474 $ 6,594,992 $ (310) $ 368,257 $ (15,238) $ 6,947,701 Trading: USDA Securities (3) $ 6,413 $ 198 $ 6,611 $ — $ 84 $ — $ 6,695 (1) Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2020. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2021 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 $ — $ — $ 19,248 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 92,080 (122) 47,682 (530) Fixed rate U.S. Treasuries 297,864 (308) — — Total $ 389,944 $ (430) $ 66,930 $ (924) Number of securities in loss position 19 25 As of December 31, 2020 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 $ — $ — $ 19,171 $ (493) Floating rate asset-backed securities — — 6,231 (1) Floating rate Government/GSE guaranteed mortgage-backed securities 172,842 (593) 324,423 (2,450) Fixed rate U.S. Treasuries 364,320 (43) — — Total $ 537,162 $ (636) $ 349,825 $ (2,944) Number of securities in loss position 27 62 As of June 30, 2021 and December 31, 2020, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2021 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 $ 270,804 $ (4,196) $ — $ — Farmer Mac Guaranteed USDA Securities 12,902 (178) — — USDA Securities 37,862 (353) 16,780 (790) Total held-to-maturity $ 321,568 $ (4,727) $ 16,780 $ (790) Available-for-sale: AgVantage $ 1,094,412 $ (9,962) $ 202,492 $ (2,507) As of December 31, 2020 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 $ 49,939 $ (61) $ — $ — USDA Securities — — 21,061 (560) Total held-to-maturity $ 49,939 $ (61) $ 21,061 $ (560) Available-for-sale: AgVantage $ 133,703 $ (231) $ 981,757 $ (15,007) |
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 June 30, 2021 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 2.3 As of June 30, 2021 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 977,778 $ 977,976 1.82% Due after one year through five years 711,832 712,720 0.61% Due after five years through ten years 1,362,956 1,368,656 0.52% Due after ten years 765,012 772,880 0.63% Total $ 3,817,578 $ 3,832,232 0.89% 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 June 30, 2021 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 3.3 As of June 30, 2021 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,581,119 $ 1,586,647 1.58 % Due after one year through five years 2,526,845 2,621,450 2.51 % Due after five years through ten years 922,881 959,208 2.05 % Due after ten years 1,588,026 1,710,100 2.47 % Total $ 6,618,871 $ 6,877,405 2.21 % (1) Amounts presented exclude $32.0 million of accrued interest receivable. As of June 30, 2021 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 329,849 $ 332,601 2.71 % Due after one year through five years 741,605 750,667 2.51 % Due after five years through ten years 250,695 253,347 2.75 % Due after ten years 2,164,508 2,184,368 3.11 % Total $ 3,486,657 $ 3,520,983 2.90 % (1) Amounts presented exclude $31.2 million of accrued interest receivable. |
Farmer Mac Guaranteed Securit_2
Farmer Mac Guaranteed Securities and USDA Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 available-for-sale and held-to-maturity investment securities as of June 30, 2021 and December 31, 2020: Table 2.1 As of June 30, 2021 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (58) $ — $ (394) $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities 2,459,511 8 2,459,519 — 15,833 (652) 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities 28,174 807 28,981 — 29 — 29,010 Fixed rate U.S. Treasuries 1,300,208 9,170 1,309,378 — 204 (308) 1,309,274 Total available-for-sale 3,807,593 9,985 3,817,578 (58) 16,066 (1,354) 3,832,232 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — — (198) 44,834 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ — $ (198) $ 44,834 (1) Amounts presented exclude $6.2 million of accrued interest receivable on investment securities as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of June 30, 2021. As of December 31, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (36) $ — $ (493) $ 19,171 Floating rate asset-backed securities 6,232 — 6,232 — — (1) 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities 2,350,963 (44) 2,350,919 — 12,150 (3,043) 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities 279 — 279 — 34 — 313 Fixed rate U.S. Treasuries 1,449,408 17,128 1,466,536 — 1,458 (43) 1,467,951 Total available-for-sale 3,826,582 17,084 3,843,666 (36) 13,642 (3,580) 3,853,692 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,201 — 46,233 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 1,201 $ — $ 46,233 (1) Amounts presented exclude $9.0 million of accrued interest receivable on investment securities as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of December 31, 2020. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2021 and December 31, 2020: Table 3.1 As of June 30, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,012,162 $ (20) $ 1,012,142 $ (182) $ 17,046 $ (4,196) $ 1,024,810 Farmer Mac Guaranteed USDA Securities 28,756 41 28,797 — 561 (178) 29,180 Total Farmer Mac Guaranteed Securities 1,040,918 21 1,040,939 (182) 17,607 (4,374) 1,053,990 USDA Securities 2,422,597 23,121 2,445,718 — 22,418 (1,143) 2,466,993 Total held-to-maturity $ 3,463,515 $ 23,142 $ 3,486,657 $ (182) $ 40,025 $ (5,517) $ 3,520,983 Available-for-sale: AgVantage $ 6,617,498 $ 1,373 $ 6,618,871 $ (220) $ 271,223 $ (12,469) $ 6,877,405 Trading: USDA Securities (3) $ 4,904 $ 138 $ 5,042 $ — $ 22 $ (14) $ 5,050 (1) Amounts presented exclude $32.0 million, $31.2 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2021. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.06% as of June 30, 2021. As of December 31, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,141,430 $ (55) $ 1,141,375 $ (120) $ 23,986 $ (61) $ 1,165,180 Farmer Mac Guaranteed USDA Securities 34,456 81 34,537 — 1,273 — 35,810 Total Farmer Mac Guaranteed Securities 1,175,886 26 1,175,912 (120) 25,259 (61) 1,200,990 USDA Securities 2,446,550 27,076 2,473,626 — 157,748 (560) 2,630,814 Total held-to-maturity $ 3,622,436 $ 27,102 $ 3,649,538 $ (120) $ 183,007 $ (621) $ 3,831,804 Available-for-sale: AgVantage $ 6,593,518 $ 1,474 $ 6,594,992 $ (310) $ 368,257 $ (15,238) $ 6,947,701 Trading: USDA Securities (3) $ 6,413 $ 198 $ 6,611 $ — $ 84 $ — $ 6,695 (1) Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2020. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of June 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2021 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 $ — $ — $ 19,248 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 92,080 (122) 47,682 (530) Fixed rate U.S. Treasuries 297,864 (308) — — Total $ 389,944 $ (430) $ 66,930 $ (924) Number of securities in loss position 19 25 As of December 31, 2020 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 $ — $ — $ 19,171 $ (493) Floating rate asset-backed securities — — 6,231 (1) Floating rate Government/GSE guaranteed mortgage-backed securities 172,842 (593) 324,423 (2,450) Fixed rate U.S. Treasuries 364,320 (43) — — Total $ 537,162 $ (636) $ 349,825 $ (2,944) Number of securities in loss position 27 62 As of June 30, 2021 and December 31, 2020, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2021 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 $ 270,804 $ (4,196) $ — $ — Farmer Mac Guaranteed USDA Securities 12,902 (178) — — USDA Securities 37,862 (353) 16,780 (790) Total held-to-maturity $ 321,568 $ (4,727) $ 16,780 $ (790) Available-for-sale: AgVantage $ 1,094,412 $ (9,962) $ 202,492 $ (2,507) As of December 31, 2020 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 $ 49,939 $ (61) $ — $ — USDA Securities — — 21,061 (560) Total held-to-maturity $ 49,939 $ (61) $ 21,061 $ (560) Available-for-sale: AgVantage $ 133,703 $ (231) $ 981,757 $ (15,007) |
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 June 30, 2021 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 2.3 As of June 30, 2021 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 977,778 $ 977,976 1.82% Due after one year through five years 711,832 712,720 0.61% Due after five years through ten years 1,362,956 1,368,656 0.52% Due after ten years 765,012 772,880 0.63% Total $ 3,817,578 $ 3,832,232 0.89% 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 June 30, 2021 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 3.3 As of June 30, 2021 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,581,119 $ 1,586,647 1.58 % Due after one year through five years 2,526,845 2,621,450 2.51 % Due after five years through ten years 922,881 959,208 2.05 % Due after ten years 1,588,026 1,710,100 2.47 % Total $ 6,618,871 $ 6,877,405 2.21 % (1) Amounts presented exclude $32.0 million of accrued interest receivable. As of June 30, 2021 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 329,849 $ 332,601 2.71 % Due after one year through five years 741,605 750,667 2.51 % Due after five years through ten years 250,695 253,347 2.75 % Due after ten years 2,164,508 2,184,368 3.11 % Total $ 3,486,657 $ 3,520,983 2.90 % (1) Amounts presented exclude $31.2 million of accrued interest receivable. |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Table 4.1 As of June 30, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,450,448 $ 7,863 $ (679) 2.24% 0.15% 11.81 Receive fixed non-callable 4,213,029 64 (8,191) 0.20% 0.97% 2.24 Receive fixed callable 1,067,577 1,529 (3,538) 0.04% 0.81% 4.21 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 528,000 5,572 (5,008) 1.98% 0.51% 5.93 No hedge designation: Interest rate swaps: Pay fixed non-callable 338,951 — (6,786) 2.38% 0.14% 3.73 Receive fixed non-callable 1,747,850 — — 0.13% 0.61% 0.82 Basis swaps 2,608,911 1,215 (79) 0.14% 0.19% 2.44 Treasury futures 33,600 — (88) 132.24 Credit valuation adjustment (19) 22 Total financial derivatives $ 15,988,366 $ 16,224 $ (24,347) Collateral (held)/pledged (2,601) 177,228 Net amount $ 13,623 $ 152,881 As of December 31, 2020 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,463,303 $ 10,157 $ (2,585) 2.26% 0.21% 11.95 Receive fixed non-callable 2,611,029 2 (8,755) 0.32% 1.61% 2.10 Receive fixed callable 343,500 3,108 (4) 0.16% 1.78% 3.16 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 472,000 2,584 (8,771) 2.04% 0.57% 6.04 No hedge designation: Interest rate swaps: Pay fixed non-callable 339,090 — (9,675) 2.38% 0.19% 4.23 Receive fixed non-callable 2,359,220 — — 0.16% 0.87% 1.07 Receive fixed callable 200,000 1 (12) 0.13% 0.15% 0.72 Basis swaps 3,628,911 1,617 (43) 0.18% 0.23% 2.03 Treasury futures 30,500 — (82) 137.81 Credit valuation adjustment (1) 35 Total financial derivatives $ 15,447,553 $ 17,468 $ (29,892) Collateral (held)/pledged (1,345) 212,263 Net amount $ 16,123 $ 182,371 |
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 three and six months ended June 30, 2021 and 2020: Table 4.2 For the Three Months Ended June 30, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 4,457 $ 42,414 $ 60,214 $ (51,956) $ (3,066) $ 52,063 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (35) (21,604) (6,704) 9,811 — (18,532) Recognized on hedged items 67 30,565 11,635 (12,141) — 30,126 Discount amortization recognized on hedged items — — — (257) — (257) Income/(expense) related to interest settlements on fair value hedging relationships $ 32 $ 8,961 $ 4,931 $ (2,587) $ — $ 11,337 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (176) $ (48,680) $ (65,147) $ (2,657) $ — $ (116,660) Recognized on hedged items 188 49,878 63,978 891 — 114,935 Gains/(losses) on fair value hedging relationships $ 12 $ 1,198 $ (1,169) $ (1,766) $ — $ (1,725) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (1,776) $ — $ (1,776) Recognized on hedged items — — — (643) — (643) Discount amortization recognized on hedged items — — — (8) — (8) Expense recognized on cash flow hedges $ — $ — $ — $ (2,427) $ — $ (2,427) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (3,739) $ (3,739) Interest expense on interest rate swaps — — — — 1,098 1,098 Treasury futures — — — — (425) (425) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ (3,066) $ (3,066) For The Three Months Ended June 30, 2020 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 Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 61,792 $ 55,430 $ (79,273) $ 6,523 $ 44,472 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (12,257) (4,535) 5,432 — (11,360) Recognized on hedged items 32,102 9,812 (12,721) — 29,193 Discount amortization recognized on hedged items — — (181) — (181) Income/(expense) related to interest settlements on fair value hedging relationships $ 19,845 $ 5,277 $ (7,470) $ — $ 17,652 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (9,226) $ (6,616) $ 3,722 $ — $ (12,120) Recognized on hedged items 9,050 3,037 (2,348) — 9,739 (Losses)/gains on fair value hedging relationships $ (176) $ (3,579) $ 1,374 $ — $ (2,381) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,563) $ — $ (1,563) Recognized on hedged items — — (1,029) — (1,029) Discount amortization recognized on hedged items — — (2) — (2) Expense recognized on cash flow hedges $ — $ — $ (2,594) $ — $ (2,594) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 8,427 $ 8,427 Interest expense on interest rate swaps — — — (1,795) (1,795) Treasury futures — — — (109) (109) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 6,523 $ 6,523 For the Six Months Ended June 30, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 9,986 $ 84,818 $ 119,708 $ (106,132) $ 1,227 $ 109,607 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (35) (43,041) (13,275) 19,292 — (37,059) Recognized on hedged items 67 61,341 23,122 (23,949) — 60,581 Discount amortization recognized on hedged items — — — (478) — (478) Income/(expense) related to interest settlements on fair value hedging relationships $ 32 $ 18,300 $ 9,847 $ (5,135) $ — $ 23,044 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (176) $ 119,396 $ 80,624 $ (32,111) $ — $ 167,733 Recognized on hedged items 188 (118,922) (80,770) 30,392 — (169,112) Gains/(losses) on fair value hedging relationships $ 12 $ 474 $ (146) $ (1,719) $ — $ (1,379) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (3,523) $ — $ (3,523) Recognized on hedged items — — — (1,298) — (1,298) Discount amortization recognized on hedged items — — — (15) — (15) Expense recognized on cash flow hedges $ — $ — $ — $ (4,836) $ — $ (4,836) Gains on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (2,271) $ (2,271) Interest expense on interest rate swaps — — — — 3,322 3,322 Treasury futures — — — — 176 176 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 1,227 $ 1,227 For The Six Months Ended June 30, 2020 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 on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 133,309 $ 116,026 $ (187,815) $ (2,775) $ 58,745 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (18,408) (6,412) 7,066 — (17,754) Recognized on hedged items 63,927 18,489 (26,997) — 55,419 Discount amortization recognized on hedged items — — (361) — (361) Income/(expense) related to interest settlements on fair value hedging relationships $ 45,519 $ 12,077 $ (20,292) $ — $ 37,304 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (303,159) $ (152,521) $ 62,656 $ — $ (393,024) Recognized on hedged items 299,430 148,445 (62,913) — 384,962 (Losses)/gains on fair value hedging relationships $ (3,729) $ (4,076) $ (257) $ — $ (8,062) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (2,002) $ — $ (2,002) Recognized on hedged items — — (3,152) — (3,152) Discount amortization recognized on hedged items — — (2) — (2) Expense recognized on cash flow hedges $ — $ — $ (5,156) $ — $ (5,156) (Losses)/gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 1,878 $ 1,878 Interest expense on interest rate swaps — — — (2,657) (2,657) Treasury futures — — — (1,996) (1,996) (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (2,775) $ (2,775) |
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 June 30, 2021 and December 31, 2020: Table 4.3 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) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 (in thousands) Investment securities, Available-for-Sale, at fair value $ 28,815 $ — $ 188 $ — Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) 4,105,335 4,244,027 263,902 382,825 Loans held for investment, at amortized cost (2) 1,608,163 1,692,609 30,562 111,333 Notes Payable (3) (5,065,528) (3,006,140) (22,848) (53,240) (1) Includes $1.4 million and $1.6 million of hedging adjustments on discontinued hedging relationships as of June 30, 2021 and December 31, 2020, respectively. (2) Includes $1.4 million of hedging adjustments on a discontinued hedging relationship as of both June 30, 2021 and December 31, 2020. (3) 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 June 30, 2021 and December 31, 2020: Table 4.4 June 30, 2021 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 112,398 $ 110,893 $ 1,505 Liabilities: Derivatives Interest rate swap $ 442,121 $ 419,842 $ 22,279 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2020 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 112,287 $ 111,761 $ 526 Liabilities: Derivatives Interest rate swaps $ 620,236 $ 595,867 $ 24,369 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Balances | The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2021 and December 31, 2020: Table 5.1 As of June 30, 2021 As of December 31, 2020 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 5,523,212 $ 1,077,993 $ 6,601,205 $ 4,889,393 $ 1,287,045 $ 6,176,438 Rural Utilities 2,246,568 — 2,246,568 2,260,412 — 2,260,412 Total unpaid principal balance (1) 7,769,780 1,077,993 8,847,773 7,149,805 1,287,045 8,436,850 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments 26,932 — 26,932 112,128 — 112,128 Total loans 7,796,712 1,077,993 8,874,705 7,261,933 1,287,045 8,548,978 Allowance for losses (13,290) (710) (14,000) (12,943) (889) (13,832) Total loans, net of allowance $ 7,783,422 $ 1,077,283 $ 8,860,705 $ 7,248,990 $ 1,286,156 $ 8,535,146 |
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of June 30, 2021 and December 31, 2020: Table 5.2 June 30, 2021 December 31, 2020 Allowance for Losses Allowance for Losses (in thousands) Loans: Farm & Ranch $ 3,092 $ 3,745 Rural Utilities 10,908 10,087 Total $ 14,000 $ 13,832 The following is a summary of the changes in the allowance for losses for the three and six month period ended June 30, 2021 and 2020: Table 5.3 For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Allowance for Losses Allowance for Losses Allowance for Losses Allowance for Losses (in thousands) Farm & Ranch: Beginning Balance $ 3,718 $ 7,353 $ 3,745 $ 10,454 Cumulative effect adjustment from adoption of current expected credit loss standard — — — (3,909) Adjusted Beginning Balance 3,718 7,353 3,745 6,545 Release of losses (626) (920) (653) (112) Charge-offs — (394) — (394) Ending Balance (1) $ 3,092 $ 6,039 $ 3,092 $ 6,039 Rural Utilities: Beginning Balance $ 11,089 $ 7,503 $ 10,087 $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — — 5,378 Adjusted Beginning Balance 11,089 7,503 10,087 5,378 (Release of)/provision for losses (181) 1,397 821 3,522 Charge-offs — — — — Ending Balance (2) $ 10,908 $ 8,900 $ 10,908 $ 8,900 (1) As of June 30, 2021 and 2020, allowance for losses for Farm & Ranch includes no allowance and $1.8 million, respectively, for collateral dependent assets secured by agricultural real estate. |
Schedule of Past Due Financing Receivables | The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2021 and December 31, 2020: Table 5.4 As of June 30, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,475,467 $ 1,501 $ 525 $ 5,418 $ 7,444 $ 118,294 $ 6,601,205 Rural Utilities 2,236,568 10,000 — — 10,000 — 2,246,568 Total $ 8,712,035 $ 11,501 $ 525 $ 5,418 $ 17,444 $ 118,294 $ 8,847,773 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $58.4 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2021, Farmer Mac received $1.9 million and $3.0 million, respectively, in interest on nonaccrual loans. As of December 31, 2020 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,055,154 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 6,176,438 Rural Utilities 2,260,412 — — — — — 2,260,412 Total $ 8,315,566 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 8,436,850 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $44.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2020, Farmer Mac received $4.4 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of June 30, 2021 and December 31, 2020: Table 6.7 As of June 30, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,440,348 $ 3,853 $ 4,459 $ 6,287 $ 14,599 $ 2,454,947 Rural Utilities: LTSPCs $ 533,459 $ — $ — $ — $ — $ 533,459 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2020 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,389,777 $ 2,189 $ 1,344 $ 11,433 $ 14,966 $ 2,404,743 Rural Utilities: LTSPCs $ 556,425 $ — $ — $ — $ — $ 556,425 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of June 30, 2021 and December 31, 2020, by year of origination: Table 5.5 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,085,630 $ 1,873,579 $ 704,749 $ 409,047 $ 364,489 $ 1,232,910 $ 511,353 $ 6,181,757 Special mention (2) 43,076 92,886 33,544 14,643 3,809 16,706 8,826 213,490 Substandard (3) — 3,614 26,119 30,481 49,801 84,508 11,435 205,958 Total $ 1,128,706 $ 1,970,079 $ 764,412 $ 454,171 $ 418,099 $ 1,334,124 $ 531,614 $ 6,601,205 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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 June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 21,022 $ 635,342 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,223,368 Special mention (2) — — — — — — — — Substandard (3) — 23,200 — — — — — 23,200 Total $ 21,022 $ 658,542 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,246,568 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,947,618 $ 774,315 $ 484,345 $ 500,768 $ 465,277 $ 1,068,693 $ 535,742 $ 5,776,758 Special mention (2) 70,171 79,744 18,317 8,530 13,111 21,328 7,656 218,857 Substandard (3) 3,400 5,821 21,879 52,709 37,173 50,582 9,259 180,823 Total $ 2,021,189 $ 859,880 $ 524,541 $ 562,007 $ 515,561 $ 1,140,603 $ 552,657 $ 6,176,438 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. Table 6.8 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 176,513 $ 270,877 $ 198,404 $ 181,287 $ 217,421 $ 1,040,596 $ 201,691 $ 2,286,789 Special mention (1) — 3,920 343 2,117 433 60,494 7,683 74,990 Substandard (2) — 242 731 11,568 14,273 62,511 3,843 93,168 Total $ 176,513 $ 275,039 $ 199,478 $ 194,972 $ 232,127 $ 1,163,601 $ 213,217 $ 2,454,947 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of June 30, 2021 Year of Origination: 2021 2020 20 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 178,213 $ 213,620 $ 183,948 $ 237,042 $ 207,296 $ 969,860 $ 211,620 $ 2,201,599 Special mention (1) 3,920 1,742 1,502 5,603 19,644 50,004 10,058 92,473 Substandard (2) 264 10,250 12,611 14,578 7,841 60,602 4,525 110,671 Total $ 182,397 $ 225,612 $ 198,061 $ 257,223 $ 234,781 $ 1,080,466 $ 226,203 $ 2,404,743 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | 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 June 30, 2021 and December 31, 2020, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of June 30, 2021 As of December 31, 2020 (in thousands) Farm & Ranch: Farmer Mac Guaranteed Securities $ 66,008 $ 79,312 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 270,652 299,298 Institutional Credit: AgVantage Securities 4,412 4,412 Total off-balance sheet Farmer Mac Guaranteed Securities $ 341,072 $ 383,022 Table 6.3 As of June 30, 2021 As of December 31, 2020 (dollars in thousands) Guarantee and commitment obligation $ 1,411 $ 1,625 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.3 years 9.5 years AgVantage Securities 3.5 years 4.0 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 6.2 For the Six Months Ended June 30, 2021 June 30, 2020 (in thousands) Proceeds from new securitizations $ 49,133 $ 28,050 Guarantee fees received 669 894 |
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 6.4 As of June 30, 2021 As of December 31, 2020 (dollars in thousands) Guarantee and commitment obligation (1) $ 34,416 $ 33,909 Maximum principal amount 2,922,398 2,881,856 Weighted-average remaining maturity 15.6 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. |
Schedule of Reserve for Losses | The following table is a summary, by asset type, of the reserve for losses as of June 30, 2021 and December 31, 2020: Table 6.5 June 30, 2021 December 31, 2020 Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 1,194 $ 2,097 Rural Utilities LTSPCs 917 1,180 Total $ 2,111 $ 3,277 The following is a summary of the changes in the reserve for losses for the three and six month period ended June 30, 2021 and 2020: Table 6.6 For the Three Months Ended For the Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Reserve for Losses Reserve for Losses Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: Beginning Balance $ 1,366 $ 2,020 $ 2,097 $ 2,164 Cumulative effect adjustment from adoption of current expected credit loss standard — — — (148) Adjusted Beginning Balance 1,366 2,020 2,097 2,016 Release of losses (172) (370) (903) (366) Charge-offs — — — — Ending Balance $ 1,194 $ 1,650 $ 1,194 $ 1,650 Rural Utilities: Beginning Balance $ 967 $ 1,400 $ 1,180 $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — — 1,011 Adjusted Beginning Balance 967 1,400 1,180 1,011 (Release of)/provision for losses (50) (30) (263) 359 Charge-offs — — — — Ending Balance $ 917 $ 1,370 $ 917 $ 1,370 |
Schedule of Past Due Financing Receivables | The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2021 and December 31, 2020: Table 5.4 As of June 30, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,475,467 $ 1,501 $ 525 $ 5,418 $ 7,444 $ 118,294 $ 6,601,205 Rural Utilities 2,236,568 10,000 — — 10,000 — 2,246,568 Total $ 8,712,035 $ 11,501 $ 525 $ 5,418 $ 17,444 $ 118,294 $ 8,847,773 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $58.4 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2021, Farmer Mac received $1.9 million and $3.0 million, respectively, in interest on nonaccrual loans. As of December 31, 2020 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 6,055,154 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 6,176,438 Rural Utilities 2,260,412 — — — — — 2,260,412 Total $ 8,315,566 $ 4,582 $ 632 $ 1,072 $ 6,286 $ 114,998 $ 8,436,850 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $44.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2020, Farmer Mac received $4.4 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of June 30, 2021 and December 31, 2020: Table 6.7 As of June 30, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,440,348 $ 3,853 $ 4,459 $ 6,287 $ 14,599 $ 2,454,947 Rural Utilities: LTSPCs $ 533,459 $ — $ — $ — $ — $ 533,459 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2020 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,389,777 $ 2,189 $ 1,344 $ 11,433 $ 14,966 $ 2,404,743 Rural Utilities: LTSPCs $ 556,425 $ — $ — $ — $ — $ 556,425 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of June 30, 2021 and December 31, 2020, by year of origination: Table 5.5 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,085,630 $ 1,873,579 $ 704,749 $ 409,047 $ 364,489 $ 1,232,910 $ 511,353 $ 6,181,757 Special mention (2) 43,076 92,886 33,544 14,643 3,809 16,706 8,826 213,490 Substandard (3) — 3,614 26,119 30,481 49,801 84,508 11,435 205,958 Total $ 1,128,706 $ 1,970,079 $ 764,412 $ 454,171 $ 418,099 $ 1,334,124 $ 531,614 $ 6,601,205 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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 June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 21,022 $ 635,342 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,223,368 Special mention (2) — — — — — — — — Substandard (3) — 23,200 — — — — — 23,200 Total $ 21,022 $ 658,542 $ 792,333 $ 8,180 $ 89,488 $ 648,818 $ 28,185 $ 2,246,568 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,947,618 $ 774,315 $ 484,345 $ 500,768 $ 465,277 $ 1,068,693 $ 535,742 $ 5,776,758 Special mention (2) 70,171 79,744 18,317 8,530 13,111 21,328 7,656 218,857 Substandard (3) 3,400 5,821 21,879 52,709 37,173 50,582 9,259 180,823 Total $ 2,021,189 $ 859,880 $ 524,541 $ 562,007 $ 515,561 $ 1,140,603 $ 552,657 $ 6,176,438 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 667,489 $ 809,921 $ 8,260 $ 89,842 $ 31,275 $ 641,145 $ 12,480 $ 2,260,412 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. Table 6.8 As of June 30, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 176,513 $ 270,877 $ 198,404 $ 181,287 $ 217,421 $ 1,040,596 $ 201,691 $ 2,286,789 Special mention (1) — 3,920 343 2,117 433 60,494 7,683 74,990 Substandard (2) — 242 731 11,568 14,273 62,511 3,843 93,168 Total $ 176,513 $ 275,039 $ 199,478 $ 194,972 $ 232,127 $ 1,163,601 $ 213,217 $ 2,454,947 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of June 30, 2021 Year of Origination: 2021 2020 20 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 520,145 $ 13,314 $ 533,459 For the Three Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 178,213 $ 213,620 $ 183,948 $ 237,042 $ 207,296 $ 969,860 $ 211,620 $ 2,201,599 Special mention (1) 3,920 1,742 1,502 5,603 19,644 50,004 10,058 92,473 Substandard (2) 264 10,250 12,611 14,578 7,841 60,602 4,525 110,671 Total $ 182,397 $ 225,612 $ 198,061 $ 257,223 $ 234,781 $ 1,080,466 $ 226,203 $ 2,404,743 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 549,405 $ 7,020 $ 556,425 For the Three Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Six Months Ended June 30, 2020: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2021 and December 31, 2020: Table 7.1 June 30, 2021 Outstanding as of June 30 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,677,800 0.04 % $ 1,720,263 0.09 % Medium-term notes 2,081,520 0.09 % 2,522,888 0.14 % Current portion of medium-term notes 4,565,257 0.72 % Total due within one year $ 8,324,577 0.43 % Due after one year: Medium-term notes due in: Two years $ 3,469,814 0.86 % Three years 2,547,497 0.91 % Four years 1,463,668 1.14 % Five years 2,109,668 0.85 % Thereafter 3,768,182 1.76 % Total due after one year $ 13,358,829 1.15 % Total principal net of discounts $ 21,683,406 0.87 % Hedging adjustments 22,848 Total $ 21,706,254 December 31, 2020 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 $ 1,797,175 0.11 % $ 2,343,702 0.63 % Medium-term notes 2,645,146 0.19 % 1,593,253 0.60 % Current portion of medium-term notes 6,304,061 0.90 % Total due within one year $ 10,746,382 0.59 % Due after one year: Medium-term notes due in: Two years $ 3,004,203 1.00 % Three years 2,809,551 1.24 % Four years 927,119 1.67 % Five years 1,342,250 1.03 % Thereafter 2,966,172 1.92 % Total due after one year $ 11,049,295 1.37 % Total principal net of discounts $ 21,795,677 0.98 % Hedging adjustments 53,240 Total $ 21,848,917 Table 7.2 Debt Callable in 2021 as of June 30, 2021, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2022 $ 147,480 0.12 % 2023 245,831 0.90 % 2024 159,393 0.77 % 2025 192,827 0.75 % Thereafter 845,922 1.47 % Total $ 1,591,453 1.10 % |
Schedule of Long-Term Debt Instruments | The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of June 30, 2021, 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, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2021 $ 8,179,536 0.29 % 2022 3,187,154 0.90 % 2023 2,896,525 1.08 % 2024 1,650,373 1.05 % 2025 1,483,928 0.94 % Thereafter 4,285,890 1.73 % Total principal net of discounts $ 21,683,406 0.87 % |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of June 30, 2021 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 $ — $ — $ 19,248 $ 19,248 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,474,700 — 2,474,700 Fixed rate GSE guaranteed mortgage-backed securities — 29,010 — 29,010 Fixed rate U.S. Treasuries 1,309,274 — — 1,309,274 Total Available-for-sale Investment Securities 1,309,274 2,503,710 19,248 3,832,232 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,877,405 6,877,405 Total Farmer Mac Guaranteed Securities — — 6,877,405 6,877,405 USDA Securities: Trading — — 5,050 5,050 Total USDA Securities — — 5,050 5,050 Financial derivatives — 16,224 — 16,224 Total Assets at fair value $ 1,309,274 $ 2,519,934 $ 6,901,703 $ 10,730,911 Liabilities: Financial derivatives $ 88 $ 24,259 $ — $ 24,347 Total Liabilities at fair value $ 88 $ 24,259 $ — $ 24,347 (1) Level 3 assets represent 29% of total assets and 64% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2020 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 $ — $ — $ 19,171 $ 19,171 Floating rate asset-backed securities — 6,231 — 6,231 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,360,026 — 2,360,026 Fixed rate GSE guaranteed mortgage-backed securities — 313 — 313 Fixed rate U.S. Treasuries 1,467,951 — — 1,467,951 Total Available-for-sale Investment Securities 1,467,951 2,366,570 19,171 3,853,692 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,947,701 6,947,701 Total Farmer Mac Guaranteed Securities — — 6,947,701 6,947,701 USDA Securities: Trading — — 6,695 6,695 Total USDA Securities — — 6,695 6,695 Financial derivatives — 17,468 — 17,468 Total Assets at fair value $ 1,467,951 $ 2,384,038 $ 6,973,567 $ 10,825,556 Liabilities: Financial derivatives $ 82 $ 29,810 $ — $ 29,892 Total Liabilities at fair value $ 82 $ 29,810 $ — $ 29,892 (1) Level 3 assets represent 29% of total assets and 65% of financial instruments measured at fair value. |
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 three and six months ended June 30, 2021 and 2020. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2021 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,146 $ — $ — $ — $ 3 $ — $ 99 $ 19,248 Total available-for-sale 19,146 — — — 3 — 99 19,248 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,763,209 417,500 — (310,403) (93) 49,939 (42,747) 6,877,405 Total available-for-sale 6,763,209 417,500 — (310,403) (93) 49,939 (42,747) 6,877,405 USDA Securities: Trading 5,578 — — (467) — (61) — 5,050 Total USDA Securities 5,578 — — (467) (61) — 5,050 Total Assets at fair value $ 6,787,933 $ 417,500 $ — $ (310,870) $ (90) $ 49,878 $ (42,648) $ 6,901,703 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 16,721 $ — $ — $ — $ (15) $ — $ 1,577 $ 18,283 Total available-for-sale 16,721 — — — (15) — 1,577 18,283 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,587,186 351,896 — (85,261) (69) 9,050 35,585 7,898,387 Total available-for-sale 7,587,186 351,896 — (85,261) (69) 9,050 35,585 7,898,387 USDA Securities: Trading 8,408 — — (602) — (20) — 7,786 Total USDA Securities 8,408 — — (602) (20) — 7,786 Total Assets at fair value $ 7,612,315 $ 351,896 $ — $ (85,863) $ (84) $ 9,030 $ 37,162 $ 7,924,456 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2021 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ — $ (22) $ — $ 99 $ 19,248 Total available-for-sale 19,171 — — — (22) — 99 19,248 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 578,115 — (554,235) 89 (118,803) 24,538 6,877,405 Total available-for-sale 6,947,701 578,115 — (554,235) 89 (118,803) 24,538 6,877,405 USDA Securities: Trading 6,695 — — (1,570) — (75) — 5,050 Total USDA Securities 6,695 — — (1,570) (75) — 5,050 Total Assets at fair value $ 6,973,567 $ 578,115 $ — $ (555,805) $ 67 $ (118,878) $ 24,637 $ 6,901,703 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ (38) $ — $ (591) $ 18,283 Total available-for-sale 18,912 — — — (38) — (591) 18,283 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 835,476 — (312,516) (234) 299,429 (66,793) 7,898,387 Total available-for-sale 7,143,025 835,476 — (312,516) (234) 299,429 (66,793) 7,898,387 USDA Securities: Trading 8,913 — — (1,213) — 86 — 7,786 Total USDA Securities 8,913 — — (1,213) 86 — 7,786 Total Assets at fair value $ 7,170,850 $ 835,476 $ — $ (313,729) $ (272) $ 299,515 $ (67,384) $ 7,924,456 |
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 June 30, 2021 and December 31, 2020: Table 9.3 As of June 30, 2021 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 $ 19,248 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,877,405 Discounted cash flow Discount rate 0.8% - 3.9% (1.5%) USDA Securities $ 5,050 Discounted cash flow Discount rate 2.0% - 2.3% (2.2%) CPR 25% - 45% (35%) As of December 31, 2020 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 $ 19,171 Indicative bids Range of broker quotes 97.5% - 97.5% (97.5%) Farmer Mac Guaranteed Securities: AgVantage $ 6,947,701 Discounted cash flow Discount rate 0.8% - 2.3% (1.3%) USDA Securities $ 6,695 Discounted cash flow Discount rate 0.9% - 1.9% (1.4%) CPR 25% - 49% (44%) |
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 June 30, 2021 and December 31, 2020: Table 9.4 As of June 30, 2021 As of December 31, 2020 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 828,403 $ 828,403 $ 1,033,941 $ 1,033,941 Investment securities 3,877,470 3,877,667 3,899,925 3,898,724 Farmer Mac Guaranteed Securities 7,931,395 7,918,162 8,148,691 8,123,493 USDA Securities 2,472,043 2,450,768 2,637,509 2,480,321 Loans 9,057,544 8,860,705 9,167,525 8,535,146 Financial derivatives 16,224 16,224 17,468 17,468 Guarantee and commitment fees receivable 34,525 37,261 34,115 37,113 Financial liabilities: Notes payable 21,839,641 21,706,254 22,130,263 21,848,917 Debt securities of consolidated trusts held by third parties 1,121,731 1,120,293 1,390,330 1,323,786 Financial derivatives 24,347 24,347 29,892 29,892 Guarantee and commitment obligations 33,091 35,827 32,537 35,535 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 three and six months ended June 30, 2021 and 2020: Table 10.1 Core Earnings by Business Segment For the Three Months Ended June 30, 2021 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 24,057 $ 6,089 $ 5,328 $ 16,894 $ 2,761 $ — $ 55,129 Less: reconciling adjustments (1)(2)(3) (79) 893 1,287 (763) 84 (1,422) — Net effective spread 23,978 6,982 6,615 16,131 2,845 (1,422) — Guarantee and commitment fees (2) 3,839 173 317 5 — (1,337) 2,997 Other income/(expense) (3) 309 120 — — (128) (2,994) (2,693) Non-interest income/(loss) 4,148 293 317 5 (128) (4,331) 304 Release of/(provision for) losses 626 — 181 (49) 3 — 761 Release of reserve for losses 172 — 50 — — — 222 Other non-interest expense (5,855) (2,263) (1,838) (2,316) (4,606) — (16,878) Non-interest expense (4) (5,683) (2,263) (1,788) (2,316) (4,606) — (16,656) Core earnings before income taxes 23,069 5,012 5,325 13,771 (1,886) (5,753) (5) 39,538 Income tax (expense)/benefit (4,844) (1,053) (1,118) (2,892) 444 1,211 (8,252) Core earnings before preferred stock dividends 18,225 3,959 4,207 10,879 (1,442) (4,542) (5) 31,286 Preferred stock dividends — — — — (5,842) — (5,842) Segment core earnings/(losses) $ 18,225 $ 3,959 $ 4,207 $ 10,879 $ (7,284) $ (4,542) (5) $ 25,444 Total assets at carrying value $ 6,716,880 $ 2,506,410 $ 2,272,425 $ 7,926,520 $ 4,759,010 $ — $ 24,181,245 Total on- and off-balance sheet program assets at principal balance $ 9,056,152 $ 2,726,909 $ 2,780,027 $ 7,634,073 $ — $ — $ 22,197,161 (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 "(Losses)/gains 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 Three Months Ended June 30, 2020 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 19,310 $ 5,403 $ 2,322 $ 20,084 $ 1,229 $ — $ 48,348 Less: reconciling adjustments (1)(2)(3) (2,577) (714) 3,194 (1,302) (480) 1,879 — Net effective spread 16,733 4,689 5,516 18,782 749 1,879 — Guarantee and commitment fees (2) 4,394 210 332 7 — (1,803) 3,140 Other income/(expense) (3) 585 617 5 — (159) 6,683 7,731 Non-interest income/(loss) 4,979 827 337 7 (159) 4,880 10,871 Provision for loan losses 920 — (1,397) 41 (15) — (451) Provision for reserve for losses 370 — 30 — — — 400 Other non-interest expense (5,254) (1,584) (1,386) (2,083) (3,800) — (14,107) Non-interest expense (4) (4,884) (1,584) (1,356) (2,083) (3,800) — (13,707) Core earnings before income taxes 17,748 3,932 3,100 16,747 (3,225) 6,759 (5) 45,061 Income tax (expense)/benefit (3,727) (826) (651) (3,517) 705 (1,419) (9,435) Core earnings before preferred stock dividends 14,021 3,106 2,449 13,230 (2,520) 5,340 (5) 35,626 Preferred stock dividends — — — — (3,939) — (3,939) Segment core earnings/(losses) $ 14,021 $ 3,106 $ 2,449 $ 13,230 $ (6,459) $ 5,340 (5) $ 31,687 Total assets at carrying value $ 5,746,556 $ 2,408,713 $ 2,281,490 $ 9,049,393 $ 4,446,504 $ — $ 23,932,656 Total on- and off-balance sheet program assets at principal balance $ 8,017,850 $ 2,677,807 $ 2,691,621 $ 8,654,830 $ — $ — $ 22,042,108 (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 "(Losses)/gains 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 Six Months Ended June 30, 2021 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 45,912 $ 11,778 $ 12,977 $ 32,417 $ 5,296 $ — $ 108,380 Less: reconciling adjustments (1)(2)(3) (480) 1,571 312 387 240 (2,030) — Net effective spread 45,432 13,349 13,289 32,804 5,536 (2,030) — Guarantee and commitment fees (2) 7,572 356 636 10 — (2,547) 6,027 Other income/(expense) (3) 713 289 1 — (251) 1,418 2,170 Non-interest income/(loss) 8,285 645 637 10 (251) (1,129) 8,197 Release of/(provision for) losses 653 — (821) 38 (22) — (152) Release of reserve for losses 903 — 263 — — — 1,166 Other non-interest expense (12,404) (4,796) (3,895) (4,906) (9,758) — (35,759) Non-interest expense (4) (11,501) (4,796) (3,632) (4,906) (9,758) — (34,593) Core earnings before income taxes 42,869 9,198 9,473 27,946 (4,495) (3,159) (5) 81,832 Income tax (expense)/benefit (9,002) (1,932) (1,989) (5,869) 809 664 (17,319) Core earnings before preferred stock dividends 33,867 7,266 7,484 22,077 (3,686) (2,495) (5) 64,513 Preferred stock dividends — — — — (11,111) — (11,111) Loss on retirement of preferred stock — — — — — — — Segment core earnings/(losses) $ 33,867 $ 7,266 $ 7,484 $ 22,077 $ (14,797) $ (2,495) (5) $ 53,402 Total assets at carrying value $ 6,716,880 $ 2,506,410 $ 2,272,425 $ 7,926,520 $ 4,759,010 $ — $ 24,181,245 Total on- and off-balance sheet program assets at principal balance $ 9,056,152 $ 2,726,909 $ 2,780,027 $ 7,634,073 $ — $ — $ 22,197,161 (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 "(Losses)/gains 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 Six Months Ended June 30, 2020 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 35,675 $ 9,944 $ 7,069 $ 33,888 $ 3,084 $ — $ 89,660 Less: reconciling adjustments (1)(2)(3) (4,004) (630) 3,367 2,596 (357) (972) — Net effective spread 31,671 9,314 10,436 36,484 2,727 (972) — Guarantee and commitment fees (2) 8,711 445 667 16 — (3,503) 6,336 Other income/(expense) (3) 1,754 729 12 — (288) (2,367) (160) Non-interest income/(loss) 10,465 1,174 679 16 (288) (5,870) 6,176 Provision for loan losses 112 — (3,522) (450) (29) — (3,889) Provision for reserve for losses 366 — (359) — — — 7 Other non-interest expense (11,251) (3,402) (2,990) (4,446) (8,233) — (30,322) Non-interest expense (4) (10,885) (3,402) (3,349) (4,446) (8,233) — (30,315) Core earnings before income taxes 31,363 7,086 4,244 31,604 (5,823) (6,842) (5) 61,632 Income tax (expense)/benefit (6,586) (1,488) (891) (6,637) 988 1,438 (13,176) Core earnings before preferred stock dividends 24,777 5,598 3,353 24,967 (4,835) (5,404) (5) 48,456 Preferred stock dividends — — — — (7,370) — (7,370) Segment core earnings/(losses) $ 24,777 $ 5,598 $ 3,353 $ 24,967 $ (12,205) $ (5,404) (5) $ 41,086 Total assets at carrying value $ 5,746,556 $ 2,408,713 $ 2,281,490 $ 9,049,393 $ 4,446,504 $ — $ 23,932,656 Total on- and off-balance sheet program assets at principal balance $ 8,017,850 $ 2,677,807 $ 2,691,621 $ 8,654,830 $ — $ — $ 22,042,108 (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 "(Losses)/gains 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. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | Jun. 30, 2021subsidiary |
Accounting Policies [Abstract] | |
Number of subsidiaries | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | $ 7,796,712 | $ 7,261,933 |
Debt securities of consolidated trusts held by third parties | 21,683,406 | 21,795,677 |
Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 6,877,405 | 6,947,701 |
Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 3,832,232 | 3,853,692 |
Unamortized Premium/(Discount) | 0 | 0 |
On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,077,993 | 1,287,045 |
Debt securities of consolidated trusts held by third parties | 1,120,293 | 1,323,786 |
On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 28,798 | 34,537 |
Maximum exposure to loss | 28,756 | 34,456 |
On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 2,084,486 | 1,918,672 |
Maximum exposure to loss | 2,075,774 | 1,909,535 |
Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 336,660 | 378,610 |
Farm & Ranch | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 6,601,205 | 6,176,438 |
Borrower remittances | 42,300 | 36,700 |
USDA Guarantees | ||
Variable Interest Entity [Line Items] | ||
Unamortized Premium/(Discount) | (41,000) | 100 |
Operating Segments | Farm & Ranch | On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,077,993 | 1,287,045 |
Debt securities of consolidated trusts held by third parties | 1,120,293 | 1,323,786 |
Operating Segments | Farm & Ranch | On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | Farm & Ranch | On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | Farm & Ranch | Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 66,008 | 79,312 |
Operating Segments | USDA Guarantees | On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Operating Segments | USDA Guarantees | On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 28,798 | 34,537 |
Maximum exposure to loss | 28,756 | 34,456 |
Operating Segments | USDA Guarantees | On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | USDA Guarantees | Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 270,652 | 299,298 |
Corporate | On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Corporate | On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Corporate | On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 2,084,486 | 1,918,672 |
Maximum exposure to loss | 2,075,774 | 1,909,535 |
Corporate | Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Basic [Abstract] | ||||
Net income attributable to common stockholders | $ 25,444 | $ 31,687 | $ 53,402 | $ 41,086 |
Weighted-Average Shares (in shares) | 10,763,000 | 10,730,000 | 10,751,000 | 10,721,000 |
Dollars per share (in dollars per share) | $ 2.36 | $ 2.95 | $ 4.96 | $ 3.83 |
Effect of dilutive securities | ||||
SARs and restricted stock (in shares) | 75,000 | 46,000 | 78,000 | 58,000 |
SARs and restricted stock (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.02) |
Net income, Diluted EPS | $ 25,444 | $ 31,687 | $ 53,402 | $ 41,086 |
Weighted-Average Shares, Diluted EPS (in shares) | 10,838,000 | 10,776,000 | 10,829,000 | 10,779,000 |
Diluted EPS (in dollars per share) | $ 2.35 | $ 2.94 | $ 4.93 | $ 3.81 |
Stock Appreciation Rights and Restricted Stock | ||||
Effect of dilutive securities | ||||
Antidilutive securities excluded from earnings per share (in shares) | 29,043 | 83,297 | 64,364 | 85,223 |
Performance Shares | ||||
Effect of dilutive securities | ||||
Antidilutive securities excluded from earnings per share (in shares) | 18,183 | 12,680 | 18,183 | 12,680 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 1,077,492 | $ 992,477 | $ 693,617 | $ 799,276 | $ 992,477 | $ 799,276 |
Other comprehensive (loss)/income before reclassifications | (34,321) | 31,454 | 32,452 | (68,898) | ||
Amounts reclassified from AOCI | (690) | (1,514) | (1,796) | (6,438) | ||
Other comprehensive (loss)/income net of tax | (35,011) | 65,667 | 29,940 | (105,276) | 30,656 | (75,336) |
Ending balance | 1,180,215 | 1,077,492 | 824,116 | 693,617 | 1,180,215 | 824,116 |
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 | 38,491 | (13,937) | (121,858) | (43,397) | (13,937) | (43,397) |
Other comprehensive (loss)/income before reclassifications | (28,751) | 34,374 | 24,459 | (43,310) | ||
Amounts reclassified from AOCI | (786) | (777) | (1,568) | (1,554) | ||
Other comprehensive (loss)/income net of tax | (29,537) | 33,597 | 22,891 | (44,864) | ||
Ending balance | 8,954 | 38,491 | (88,261) | (121,858) | 8,954 | (88,261) |
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 | 21,125 | 22,829 | 28,351 | 32,845 | 22,829 | 32,845 |
Other comprehensive (loss)/income before reclassifications | 0 | 0 | 0 | 0 | ||
Amounts reclassified from AOCI | (1,306) | (1,972) | (3,010) | (6,466) | ||
Other comprehensive (loss)/income net of tax | (1,306) | (1,972) | (3,010) | (6,466) | ||
Ending balance | 19,819 | 21,125 | 26,379 | 28,351 | 19,819 | 26,379 |
Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (7,872) | (22,815) | (27,930) | (5,609) | (22,815) | (5,609) |
Other comprehensive (loss)/income before reclassifications | (5,570) | (2,920) | 7,993 | (25,588) | ||
Amounts reclassified from AOCI | 1,402 | 1,235 | 2,782 | 1,582 | ||
Other comprehensive (loss)/income net of tax | (4,168) | (1,685) | 10,775 | (24,006) | ||
Ending balance | (12,040) | (7,872) | (29,615) | (27,930) | (12,040) | (29,615) |
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 51,744 | (13,923) | (121,437) | (16,161) | (13,923) | (16,161) |
Other comprehensive (loss)/income net of tax | (35,011) | 65,667 | 29,940 | (105,276) | ||
Ending balance | $ 16,733 | $ 51,744 | $ (91,497) | $ (121,437) | $ 16,733 | $ (91,497) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other comprehensive income/(loss) before taxes: | ||||||
Other comprehensive income/(loss), Before Tax | $ (44,316) | $ 37,899 | $ 38,806 | $ (95,361) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Other comprehensive income/(loss), Provision (Benefit) | (9,305) | 7,959 | 8,150 | (20,025) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Unrealized gains/(losses), After Tax | (34,321) | 31,454 | 32,452 | (68,898) | ||
Less reclassification adjustments, Provision (Benefit) | (690) | (1,514) | (1,796) | (6,438) | ||
Other comprehensive (loss)/income net of tax | (35,011) | $ 65,667 | 29,940 | $ (105,276) | 30,656 | (75,336) |
Securities | Available-for-Sale Securities | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Unrealized gain/(losses), Before Tax | (36,395) | 43,512 | 30,961 | (54,822) | ||
Other comprehensive income/(loss), Before Tax | (37,389) | 42,527 | 28,975 | (56,789) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Unrealized gains/(losses), Provision (Benefit) | (7,644) | 9,138 | 6,502 | (11,512) | ||
Other comprehensive income/(loss), Provision (Benefit) | (7,852) | 8,930 | 6,084 | (11,925) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Unrealized gains/(losses), After Tax | (28,751) | 34,374 | 24,459 | (43,310) | ||
Other comprehensive (loss)/income net of tax | (29,537) | 33,597 | 22,891 | (44,864) | ||
Securities | Held-to-Maturity Securities | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Less reclassification adjustments, Before Tax | (1,653) | (2,496) | (3,810) | (8,184) | ||
Other comprehensive income/(loss), Before Tax | (1,653) | (2,496) | (3,810) | (8,184) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (347) | (524) | 800 | 1,718 | ||
Other comprehensive income/(loss), Provision (Benefit) | (347) | (524) | (800) | (1,718) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (1,306) | (1,972) | (3,010) | (6,466) | ||
Other comprehensive (loss)/income net of tax | (1,306) | (1,972) | (3,010) | (6,466) | ||
Securities | Net interest income | Available-for-Sale Securities | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Less reclassification adjustments, Before Tax | (987) | (971) | (1,971) | (1,940) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (207) | (204) | 415 | 407 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (780) | (767) | (1,556) | (1,533) | ||
Securities | Other income | Available-for-Sale Securities | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Less reclassification adjustments, Before Tax | (7) | (14) | (15) | (27) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (1) | (4) | 3 | 6 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Less reclassification adjustments, Provision (Benefit) | (6) | (10) | (12) | (21) | ||
Cash flow hedges | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Unrealized gain/(losses), Before Tax | (7,050) | (3,695) | 10,118 | (32,390) | ||
Less reclassification adjustments, Before Tax | 1,776 | 1,563 | 3,523 | 2,002 | ||
Other comprehensive income/(loss), Before Tax | (5,274) | (2,132) | 13,641 | (30,388) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Unrealized gains/(losses), Provision (Benefit) | (1,480) | (775) | 2,125 | (6,802) | ||
Less reclassification adjustments, Provision (Benefit) | 374 | 328 | (741) | (420) | ||
Other comprehensive income/(loss), Provision (Benefit) | (1,106) | (447) | 2,866 | (6,382) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Unrealized gains/(losses), After Tax | (5,570) | (2,920) | 7,993 | (25,588) | ||
Less reclassification adjustments, Provision (Benefit) | 1,402 | 1,235 | 2,782 | 1,582 | ||
Other comprehensive (loss)/income net of tax | (4,168) | (1,685) | 10,775 | (24,006) | ||
AOCI Attributable to Parent | ||||||
Other comprehensive income/(loss) before taxes: | ||||||
Other comprehensive income/(loss), Before Tax | (44,316) | 37,899 | 38,806 | (95,361) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||
Other comprehensive income/(loss), Provision (Benefit) | (9,305) | 7,959 | 8,150 | (20,025) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other comprehensive (loss)/income net of tax | $ (35,011) | $ 29,940 | $ 30,656 | $ (75,336) |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities: | ||
Available-for-sale: | ||
Amount Outstanding | $ 3,807,593 | $ 3,826,582 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized cost | 3,817,578 | 3,843,666 |
Allowance for losses | (58) | (36) |
Unrealized Gains | 16,066 | 13,642 |
Unrealized Losses | (1,354) | (3,580) |
Fair Value | 3,832,232 | 3,853,692 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Total held-to-maturity | ||
Amount Outstanding | 45,032 | 45,032 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized Cost | 45,032 | 45,032 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 1,201 |
Unrealized Losses | (198) | 0 |
Fair Value | 44,834 | 46,233 |
Available-for-sale, accrued interest excluded | 6,200 | 9,000 |
Available-for-Sale Securities | Investment securities: | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 9,985 | 17,084 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 9,985 | 17,084 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 9,985 | 17,084 |
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 |
Allowance for losses | (58) | (36) |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (394) | (493) |
Fair Value | 19,248 | 19,171 |
Floating Interest Rate | Floating rate asset-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 6,232 | |
Amortized cost | 6,232 | |
Allowance for losses | 0 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1) | |
Fair Value | 6,231 | |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 2,459,511 | 2,350,963 |
Amortized cost | 2,459,519 | 2,350,919 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 15,833 | 12,150 |
Unrealized Losses | (652) | (3,043) |
Fair Value | 2,474,700 | 2,360,026 |
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 held-to-maturity | ||
Unamortized Premium/(Discount) | 0 | 0 |
Floating Interest Rate | Available-for-Sale Securities | Floating rate asset-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 0 | |
Floating Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 8 | (44) |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 8 | (44) |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 8 | (44) |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 28,174 | 279 |
Amortized cost | 28,981 | 279 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 29 | 34 |
Unrealized Losses | 0 | 0 |
Fair Value | 29,010 | 313 |
Held-to-maturity: | ||
Amount Outstanding | 45,032 | 45,032 |
Amortized Cost | 45,032 | 45,032 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 1,201 |
Unrealized Losses | (198) | 0 |
Fair Value | $ 44,834 | $ 46,233 |
Total held-to-maturity | ||
Held-to-maturity investment securities weighted average yield | 1.50% | 1.50% |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Amount Outstanding | $ 1,300,208 | $ 1,449,408 |
Amortized cost | 1,309,378 | 1,466,536 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 204 | 1,458 |
Unrealized Losses | (308) | (43) |
Fair Value | 1,309,274 | 1,467,951 |
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 807 | 0 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 807 | 0 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 807 | 0 |
Fixed Interest Rate | Available-for-Sale Securities | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 9,170 | 17,128 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 9,170 | 17,128 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 9,170 | 17,128 |
Fixed Interest Rate | Held-to-Maturity Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | $ 0 | $ 0 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | $ 389,944 | $ 537,162 |
Unrealized loss position for less than 12 months, Unrealized Loss | (430) | (636) |
Unrealized loss position for more than 12 months, Fair Value | 66,930 | 349,825 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (924) | $ (2,944) |
Investment securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Number of securities in loss position | security | 19 | 27 |
Unrealized loss position for more than 12 months, Number of securities in loss position | security | 25 | 62 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | $ 0 | $ 0 |
Unrealized loss position for less than 12 months, Unrealized Loss | 0 | 0 |
Unrealized loss position for more than 12 months, Fair Value | 19,248 | 19,171 |
Unrealized loss position for more than 12 months, Unrealized Loss | (394) | (493) |
Floating Interest Rate | Floating rate asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 0 | |
Unrealized loss position for less than 12 months, Unrealized Loss | 0 | |
Unrealized loss position for more than 12 months, Fair Value | 6,231 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (1) | |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 92,080 | 172,842 |
Unrealized loss position for less than 12 months, Unrealized Loss | (122) | (593) |
Unrealized loss position for more than 12 months, Fair Value | 47,682 | 324,423 |
Unrealized loss position for more than 12 months, Unrealized Loss | (530) | (2,450) |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 297,864 | 364,320 |
Unrealized loss position for less than 12 months, Unrealized Loss | (308) | (43) |
Unrealized loss position for more than 12 months, Fair Value | 0 | 0 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ 0 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sale of available-for-sale investment securities | $ 25,600 | $ 0 | $ 25,573 | $ 0 |
Loss on debt securities, available-for-sale | $ 2,900 | $ 2,900 | ||
Investment securities: | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months | 98.60% | 98.60% |
Investment Securities - Debt Ma
Investment Securities - Debt Maturities (Details) - Investment securities: - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due within one year | $ 977,778 | |
Due after one year through five years | 711,832 | |
Due after five years through ten years | 1,362,956 | |
Due after ten years | 765,012 | |
Debt securities, available-for-sale, amortized cost | 3,817,578 | $ 3,843,666 |
Fair Value | ||
Due within one year | 977,976 | |
Due after one year through five years | 712,720 | |
Due after five years through ten years | 1,368,656 | |
Due after ten years | 772,880 | |
Total, Fair Value | $ 3,832,232 | $ 3,853,692 |
Weighted- Average Yield | ||
Due within one year | 1.82% | |
Due after one year through five years | 0.61% | |
Due after five years through ten years | 0.52% | |
Due after ten years | 0.63% | |
Total, Weighted-Average Yield | 0.89% |
Farmer Mac Guaranteed Securit_3
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of On-Balance Sheet Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 1,040,918 | $ 1,175,886 |
Amortized Cost | 1,040,939 | 1,175,912 |
Allowance for losses | (182) | (120) |
Unrealized Gains | 17,607 | 25,259 |
Unrealized Losses | (4,374) | (61) |
Fair Value | 1,053,990 | 1,200,990 |
Available-for-sale: | ||
Amortized cost | 6,618,871 | |
USDA Securities: | ||
Trading: | ||
Fair Value | 5,050 | 6,695 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 3,463,515 | 3,622,436 |
Amortized Cost | 3,486,657 | 3,649,538 |
Allowance for losses | (182) | (120) |
Unrealized Gains | 40,025 | 183,007 |
Unrealized Losses | (5,517) | (621) |
Fair Value | 3,520,983 | 3,831,804 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 21 | 26 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 21 | 26 |
Trading: | ||
Unamortized Premium/(Discount) | 21 | 26 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 23,142 | 27,102 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 23,142 | 27,102 |
Trading: | ||
Unamortized Premium/(Discount) | 23,142 | 27,102 |
USDA Guarantees | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (41,000) | 100 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (41,000) | 100 |
Trading: | ||
Unamortized Premium/(Discount) | (41,000) | 100 |
USDA Guarantees | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 28,756 | 34,456 |
Amortized Cost | 28,797 | 34,537 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 561 | 1,273 |
Unrealized Losses | (178) | 0 |
Fair Value | 29,180 | 35,810 |
USDA Guarantees | USDA Securities: | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,422,597 | 2,446,550 |
Amortized Cost | 2,445,718 | 2,473,626 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 22,418 | 157,748 |
Unrealized Losses | (1,143) | (560) |
Fair Value | 2,466,993 | 2,630,814 |
Trading: | ||
Unpaid Principal Balance | 4,904 | 6,413 |
Amortized Cost | 5,042 | 6,611 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 22 | 84 |
Unrealized Losses | (14) | 0 |
Fair Value | $ 5,050 | $ 6,695 |
Trading securities, weighted-average yield | 5.06% | 5.05% |
USDA Guarantees | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | $ 41 | $ 81 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 41 | 81 |
Trading: | ||
Unamortized Premium/(Discount) | 41 | 81 |
USDA Guarantees | Held-to-Maturity Securities | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 23,121 | 27,076 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 23,121 | 27,076 |
Trading: | ||
Unamortized Premium/(Discount) | 23,121 | 27,076 |
USDA Guarantees | Trading | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 138 | 198 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 138 | 198 |
Trading: | ||
Unamortized Premium/(Discount) | 138 | 198 |
AgVantage Securities | ||
Trading: | ||
Available-for-sale, accrued interest excluded | 32,000 | 32,300 |
Held-to-maturity, accrued interest excluded | 31,200 | 44,700 |
Trading securities, accrued interest excluded | 100 | 200 |
AgVantage Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,012,162 | 1,141,430 |
Amortized Cost | 1,012,142 | 1,141,375 |
Allowance for losses | (182) | (120) |
Unrealized Gains | 17,046 | 23,986 |
Unrealized Losses | (4,196) | (61) |
Fair Value | 1,024,810 | 1,165,180 |
Available-for-sale: | ||
Unpaid Principal Balance | 6,617,498 | 6,593,518 |
Amortized cost | 6,618,871 | 6,594,992 |
Allowance for losses | (220) | (310) |
Unrealized Gains | 271,223 | 368,257 |
Unrealized Losses | (12,469) | (15,238) |
Fair Value | 6,877,405 | |
AgVantage Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (20) | (55) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (20) | (55) |
Trading: | ||
Unamortized Premium/(Discount) | (20) | (55) |
AgVantage Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,373 | 1,474 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,373 | 1,474 |
Trading: | ||
Unamortized Premium/(Discount) | $ 1,373 | $ 1,474 |
Farmer Mac Guaranteed Securit_4
Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | $ 389,944 | $ 537,162 |
Unrealized loss position for less than 12 months, Unrealized Loss | (430) | (636) |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 66,930 | 349,825 |
Unrealized loss position for more than 12 months, Unrealized Loss | (924) | (2,944) |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 321,568 | 49,939 |
Unrealized Loss | (4,727) | (61) |
Unrealized loss position for more than 12 months | ||
Fair Value | 16,780 | 21,061 |
Unrealized Loss | (790) | (560) |
AgVantage Securities | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 270,804 | 49,939 |
Unrealized Loss | (4,196) | (61) |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 1,094,412 | 133,703 |
Unrealized loss position for less than 12 months, Unrealized Loss | (9,962) | (231) |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 202,492 | 981,757 |
Unrealized loss position for more than 12 months, Unrealized Loss | (2,507) | (15,007) |
USDA Securities | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 12,902 | |
Unrealized Loss | (178) | |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | |
Unrealized Loss | 0 | |
USDA Securities | USDA Securities: | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 37,862 | 0 |
Unrealized Loss | (353) | 0 |
Unrealized loss position for more than 12 months | ||
Fair Value | 16,780 | 21,061 |
Unrealized Loss | $ (790) | $ (560) |
Farmer Mac Guaranteed Securit_5
Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) - AgVantage Securities - Farmer Mac Guaranteed Securities - security | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions | 13 | 11 |
Held-to-maturity, securities in unrealized loss positions | 4 | 2 |
Unrealized loss position for more than 12 months, Number of securities in loss position | 2 | 7 |
Farmer Mac Guaranteed Securit_6
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Institutional Credit | ||
Weighted- Average Yield | ||
Available-for-sale, accrued interest excluded | $ 32,000 | $ 32,300 |
Farmer Mac Guaranteed Securities | ||
Amortized Cost | ||
Due within one year | 1,581,119 | |
Due after one year through five years | 2,526,845 | |
Due after five years through ten years | 922,881 | |
Due after ten years | 1,588,026 | |
Debt securities, available-for-sale, amortized cost | 6,618,871 | |
Fair Value | ||
Due within one year | 1,586,647 | |
Due after one year through five years | 2,621,450 | |
Due after five years through ten years | 959,208 | |
Due after ten years | 1,710,100 | |
Total, Fair Value | $ 6,877,405 | |
Weighted- Average Yield | ||
Due within one year | 1.58% | |
Due after one year through five years | 2.51% | |
Due after five years through ten years | 2.05% | |
Due after ten years | 2.47% | |
Total, Weighted-Average Yield | 2.21% | |
Farmer Mac Guaranteed Securities | Institutional Credit | ||
Amortized Cost | ||
Debt securities, available-for-sale, amortized cost | $ 6,618,871 | 6,594,992 |
Fair Value | ||
Total, Fair Value | $ 6,947,701 |
Farmer Mac Guaranteed Securit_7
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Institutional Credit | ||
Weighted- Average Yield | ||
Held-to-maturity, accrued interest excluded | $ 31,200 | $ 44,700 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Amortized Cost | ||
Due within one year | 329,849 | |
Due after one year through five years | 741,605 | |
Due after five years through ten years | 250,695 | |
Due after ten years | 2,164,508 | |
Amortized Cost | 3,486,657 | $ 3,649,538 |
Fair Value | ||
Due within one year | 332,601 | |
Due after one year through five years | 750,667 | |
Due after five years through ten years | 253,347 | |
Due after ten years | 2,184,368 | |
Total | $ 3,520,983 | |
Weighted- Average Yield | ||
Due within one year | 2.71% | |
Due after one year through five years | 2.51% | |
Due after five years through ten years | 2.75% | |
Due after ten years | 3.11% | |
Total | 2.90% |
Financial Derivatives - Schedul
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Notional Disclosures [Abstract] | ||
Notional Amount | $ 15,988,366 | $ 15,447,553 |
Asset | ||
Asset | 16,224 | 17,468 |
Collateral (held)/pledged | (2,601) | (1,345) |
Net amount | 13,623 | 16,123 |
(Liability) | ||
(Liability) | (24,347) | (29,892) |
Collateral (held)/pledged | 177,228 | 212,263 |
Financial derivatives | 152,881 | 182,371 |
Designated as hedge | Fair value hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 5,450,448 | 5,463,303 |
Asset | ||
Asset | 7,863 | 10,157 |
(Liability) | ||
(Liability) | $ (679) | $ (2,585) |
Weighted- Average Pay Rate | 2.24% | 2.26% |
Weighted- Average Receive Rate | 0.15% | 0.21% |
Weighted- Average Remaining Term (in years) | 11 years 9 months 21 days | 11 years 11 months 12 days |
Designated as hedge | Fair value hedges: | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 4,213,029 | $ 2,611,029 |
Asset | ||
Asset | 64 | 2 |
(Liability) | ||
(Liability) | $ (8,191) | $ (8,755) |
Weighted- Average Pay Rate | 0.20% | 0.32% |
Weighted- Average Receive Rate | 0.97% | 1.61% |
Weighted- Average Remaining Term (in years) | 2 years 2 months 26 days | 2 years 1 month 6 days |
Designated as hedge | Fair value hedges: | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,067,577 | $ 343,500 |
Asset | ||
Asset | 1,529 | 3,108 |
(Liability) | ||
(Liability) | $ (3,538) | $ (4) |
Weighted- Average Pay Rate | 0.04% | 0.16% |
Weighted- Average Receive Rate | 0.81% | 1.78% |
Weighted- Average Remaining Term (in years) | 4 years 2 months 15 days | 3 years 1 month 28 days |
Designated as hedge | Cash flow hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 528,000 | $ 472,000 |
Asset | ||
Asset | 5,572 | 2,584 |
(Liability) | ||
(Liability) | $ (5,008) | $ (8,771) |
Weighted- Average Pay Rate | 1.98% | 2.04% |
Weighted- Average Receive Rate | 0.51% | 0.57% |
Weighted- Average Remaining Term (in years) | 5 years 11 months 4 days | 6 years 14 days |
No hedge designation | ||
Asset | ||
Credit valuation adjustment | $ (19) | $ (1) |
(Liability) | ||
Credit valuation adjustment | 22 | 35 |
No hedge designation | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 338,951 | 339,090 |
Asset | ||
Asset | 0 | 0 |
(Liability) | ||
(Liability) | $ (6,786) | $ (9,675) |
Weighted- Average Pay Rate | 2.38% | 2.38% |
Weighted- Average Receive Rate | 0.14% | 0.19% |
Weighted- Average Remaining Term (in years) | 3 years 8 months 23 days | 4 years 2 months 23 days |
No hedge designation | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,747,850 | $ 2,359,220 |
Asset | ||
Asset | 0 | 0 |
(Liability) | ||
(Liability) | $ 0 | $ 0 |
Weighted- Average Pay Rate | 0.13% | 0.16% |
Weighted- Average Receive Rate | 0.61% | 0.87% |
Weighted- Average Remaining Term (in years) | 9 months 25 days | 1 year 25 days |
No hedge designation | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 200,000 | |
Asset | ||
Asset | 1 | |
(Liability) | ||
(Liability) | $ (12) | |
Weighted- Average Pay Rate | 0.13% | |
Weighted- Average Receive Rate | 0.15% | |
Weighted- Average Remaining Term (in years) | 8 months 19 days | |
No hedge designation | Basis swaps | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 2,608,911 | $ 3,628,911 |
Asset | ||
Asset | 1,215 | 1,617 |
(Liability) | ||
(Liability) | $ (79) | $ (43) |
Weighted- Average Pay Rate | 0.14% | 0.18% |
Weighted- Average Receive Rate | 0.19% | 0.23% |
Weighted- Average Remaining Term (in years) | 2 years 5 months 8 days | 2 years 10 days |
No hedge designation | Treasury futures | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 33,600 | $ 30,500 |
Asset | ||
Asset | 0 | 0 |
(Liability) | ||
(Liability) | $ (88) | $ (82) |
Weighted- Average Forward Price (in dollars per share) | $ 132.24 | $ 137.81 |
Financial Derivatives - Narrati
Financial Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Gain expected to be reclassified from AOCI to earnings over next 12 months | $ 5,700,000 | $ 5,700,000 | |||
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings | 0 | $ 0 | 0 | $ 0 | |
Investments held as collateral | 0 | 0 | $ 0 | ||
Financial derivatives in net payable position | 0 | 0 | 0 | ||
Notional amount | 15,988,366,000 | 15,988,366,000 | 15,447,553,000 | ||
Exchange Cleared | |||||
Derivative [Line Items] | |||||
Notional amount | 13,600,000,000 | 13,600,000,000 | 12,800,000,000 | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | 16,000,000,000 | 16,000,000,000 | 15,400,000,000 | ||
Cash | |||||
Derivative [Line Items] | |||||
Cash held as collateral | 2,600,000 | 2,600,000 | 1,300,000 | ||
Cash posted as collateral | 8,400,000 | 8,400,000 | 11,200,000 | ||
Available-for-Sale Securities | |||||
Derivative [Line Items] | |||||
Cash posted as collateral | $ 168,800,000 | $ 168,800,000 | $ 201,100,000 |
Financial Derivatives - Sched_2
Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investments and cash equivalents | $ 4,457 | $ 10,399 | $ 9,986 | $ 28,140 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 42,414 | 61,792 | 84,818 | 133,309 |
Interest Income Loans | 60,214 | 55,430 | 119,708 | 116,026 |
Total interest expense | (51,956) | (79,273) | (106,132) | (187,815) |
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775) |
Total amounts presented in the consolidated statement of operations | 52,063 | 44,472 | 109,607 | 58,745 |
Interest expense on interest rate swaps | 526 | 11,271 | 9,363 | 6,183 |
Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 114,935 | 9,739 | (169,112) | 384,962 |
Gains/(losses) on fair value hedging relationships | (1,725) | (2,381) | (1,379) | (8,062) |
Cash flow hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | (8) | (2) | (15) | (2) |
Interest settlements reclassified from AOCI into net income on derivatives | (1,776) | (1,563) | (3,523) | (2,002) |
Recognized on hedged items | (643) | (1,029) | (1,298) | (3,152) |
Expense recognized on cash flow hedges | (2,427) | (2,594) | (4,836) | (5,156) |
Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 30,126 | 29,193 | 60,581 | 55,419 |
Discount amortization recognized on hedged items | (257) | (181) | (478) | (361) |
No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775) |
Interest Income Investments and Cash Equivalents | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 188 | 188 | ||
Gains/(losses) on fair value hedging relationships | 12 | 12 | ||
Interest Income Investments and Cash Equivalents | Cash flow hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | ||
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | ||
Recognized on hedged items | 0 | 0 | ||
Expense recognized on cash flow hedges | 0 | 0 | ||
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 67 | 67 | ||
Discount amortization recognized on hedged items | 0 | 0 | ||
Interest Income Investments and Cash Equivalents | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | ||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 49,878 | 9,050 | (118,922) | 299,430 |
Gains/(losses) on fair value hedging relationships | 1,198 | (176) | 474 | (3,729) |
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 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 30,565 | 32,102 | 61,341 | 63,927 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Interest Income Loans | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 63,978 | 3,037 | (80,770) | 148,445 |
Gains/(losses) on fair value hedging relationships | (1,169) | (3,579) | (146) | (4,076) |
Interest Income Loans | Cash flow hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Interest Income Loans | Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 11,635 | 9,812 | 23,122 | 18,489 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest Income Loans | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Total Interest Expense | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 891 | (2,348) | 30,392 | (62,913) |
Gains/(losses) on fair value hedging relationships | (1,766) | 1,374 | (1,719) | (257) |
Total Interest Expense | Cash flow hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | (8) | (2) | (15) | (2) |
Interest settlements reclassified from AOCI into net income on derivatives | (1,776) | (1,563) | (3,523) | (2,002) |
Recognized on hedged items | (643) | (1,029) | (1,298) | (3,152) |
Expense recognized on cash flow hedges | (2,427) | (2,594) | (4,836) | (5,156) |
Total Interest Expense | Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | (12,141) | (12,721) | (23,949) | (26,997) |
Discount amortization recognized on hedged items | (257) | (181) | (478) | (361) |
Total Interest Expense | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Losses on financial derivatives | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 0 | 0 | 0 | 0 |
Gains/(losses) on fair value hedging relationships | 0 | 0 | 0 | 0 |
Losses on financial derivatives | Cash flow hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Losses on financial derivatives | Designated as hedge | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 0 | 0 | 0 | 0 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Losses on financial derivatives | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775) |
Interest Rate Swap | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (18,532) | (11,360) | (37,059) | (17,754) |
Income/(expense) related to interest settlements on fair value hedging relationships | 11,337 | 17,652 | 23,044 | 37,304 |
Recognized on derivatives | (116,660) | (12,120) | 167,733 | (393,024) |
Interest Rate Swap | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | (3,739) | 8,427 | (2,271) | 1,878 |
Interest expense on interest rate swaps | 1,098 | (1,795) | 3,322 | (2,657) |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (35) | (35) | ||
Income/(expense) related to interest settlements on fair value hedging relationships | 32 | 32 | ||
Recognized on derivatives | (176) | (176) | ||
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | ||
Interest expense on interest rate swaps | 0 | 0 | ||
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (21,604) | (12,257) | (43,041) | (18,408) |
Income/(expense) related to interest settlements on fair value hedging relationships | 8,961 | 19,845 | 18,300 | 45,519 |
Recognized on derivatives | (48,680) | (9,226) | 119,396 | (303,159) |
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Interest expense on interest rate swaps | 0 | 0 | 0 | 0 |
Interest Rate Swap | Interest Income Loans | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (6,704) | (4,535) | (13,275) | (6,412) |
Income/(expense) related to interest settlements on fair value hedging relationships | 4,931 | 5,277 | 9,847 | 12,077 |
Recognized on derivatives | (65,147) | (6,616) | 80,624 | (152,521) |
Interest Rate Swap | Interest Income Loans | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Interest expense on interest rate swaps | 0 | 0 | 0 | 0 |
Interest Rate Swap | Total Interest Expense | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 9,811 | 5,432 | 19,292 | 7,066 |
Income/(expense) related to interest settlements on fair value hedging relationships | (2,587) | (7,470) | (5,135) | (20,292) |
Recognized on derivatives | (2,657) | 3,722 | (32,111) | 62,656 |
Interest Rate Swap | Total Interest Expense | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Interest expense on interest rate swaps | 0 | 0 | 0 | 0 |
Interest Rate Swap | Losses on financial derivatives | Fair value hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 0 | 0 | 0 | 0 |
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 | 0 | 0 |
Recognized on derivatives | 0 | 0 | 0 | 0 |
Interest Rate Swap | Losses on financial derivatives | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | (3,739) | 8,427 | (2,271) | 1,878 |
Interest expense on interest rate swaps | 1,098 | (1,795) | 3,322 | (2,657) |
Treasury futures | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | (425) | (109) | 176 | (1,996) |
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | ||
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Treasury futures | Interest Income Loans | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Treasury futures | Total Interest Expense | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0 |
Treasury futures | Losses on financial derivatives | No hedge designation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Losses)/gains on financial derivatives | $ (425) | $ (109) | $ 176 | $ (1,996) |
Financial Derivatives - Hedged
Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-Sale Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | $ 28,815 | $ 0 |
Hedged Asset | 188 | 0 |
Loans | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 1,608,163 | 1,692,609 |
Hedged Asset | 30,562 | 111,333 |
Loans | No hedge designation | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedged Asset | 1,400 | 1,400 |
Long-term Debt | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | (5,065,528) | (3,006,140) |
Hedged Liability | (22,848) | (53,240) |
Farmer Mac Guaranteed Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 4,105,335 | 4,244,027 |
Hedged Asset | 263,902 | 382,825 |
Farmer Mac Guaranteed Securities | No hedge designation | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedged Asset | $ 1,400 | $ 1,600 |
Financial Derivatives - Sched_3
Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Liabilities derivatives interest rate swaps | $ 24,347 | $ 29,892 |
Gross Amount Recognized | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 112,398 | 112,287 |
Liabilities derivatives interest rate swaps | 442,121 | 620,236 |
Counterparty Netting | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 110,893 | 111,761 |
Liabilities derivatives interest rate swaps | 419,842 | 595,867 |
Net Amount Presented in the Consolidated Balance Sheet | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 1,505 | 526 |
Liabilities derivatives interest rate swaps | $ 22,279 | $ 24,369 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale, at lower of cost or fair value | $ 0 | $ 0 | $ 0 | ||
Release of losses | (761,000) | $ 451,000 | 152,000 | $ 3,889,000 | |
Real estate owned, amount of loss at acquisition | 400,000 | ||||
Rural Utilities | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Release of losses | (181,000) | 1,397,000 | 821,000 | 3,522,000 | |
Increase (decrease) in loan volume | 311,800,000 | ||||
Farm & Ranch | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Release of losses | $ (626,000) | $ (920,000) | $ (653,000) | (112,000) | |
Rural Utilities and Farm & Ranch | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Release of losses | $ 3,400,000 |
Loans - Schedule of Composition
Loans - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | $ 8,847,773 | $ 8,436,850 | ||||
Total | 7,796,712 | 7,261,933 | ||||
Allowance for losses | (14,000) | (13,832) | ||||
Total loans, net of allowance | 8,860,705 | 8,535,146 | ||||
Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 8,847,773 | 8,436,850 | ||||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 26,932 | 112,128 | ||||
Total | 8,874,705 | 8,548,978 | ||||
Allowance for losses | (14,000) | (13,832) | ||||
Total loans, net of allowance | 8,860,705 | 8,535,146 | ||||
Farm & Ranch | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 6,601,205 | 6,176,438 | ||||
Total | 6,601,205 | 6,176,438 | ||||
Allowance for losses | (3,092) | $ (3,718) | (3,745) | $ (6,039) | $ (7,353) | $ (10,454) |
Farm & Ranch | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 6,601,205 | 6,176,438 | ||||
Rural Utilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 2,246,568 | 2,260,412 | ||||
Total | 2,246,568 | 2,260,412 | ||||
Allowance for losses | (10,908) | $ (11,089) | (10,087) | $ (8,900) | $ (7,503) | $ 0 |
Rural Utilities | Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 2,246,568 | 2,260,412 | ||||
Unsecuritized | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 7,769,780 | 7,149,805 | ||||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 26,932 | 112,128 | ||||
Total | 7,796,712 | 7,261,933 | ||||
Allowance for losses | (13,290) | (12,943) | ||||
Total loans, net of allowance | 7,783,422 | 7,248,990 | ||||
Unsecuritized | Farm & Ranch | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 5,523,212 | 4,889,393 | ||||
Unsecuritized | Rural Utilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 2,246,568 | 2,260,412 | ||||
In Consolidated Trusts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 1,077,993 | 1,287,045 | ||||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 0 | 0 | ||||
Total | 1,077,993 | 1,287,045 | ||||
Allowance for losses | (710) | (889) | ||||
Total loans, net of allowance | 1,077,283 | 1,286,156 | ||||
In Consolidated Trusts | Farm & Ranch | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | 1,077,993 | 1,287,045 | ||||
In Consolidated Trusts | Rural Utilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid principal balance | $ 0 | $ 0 |
Loans - Changes in the Allowanc
Loans - Changes in the Allowance for Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 13,832,000 | |||
Release of losses | $ (761,000) | $ 451,000 | 152,000 | $ 3,889,000 |
Ending balance | 14,000,000 | 14,000,000 | ||
Farm & Ranch | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,718,000 | 7,353,000 | 3,745,000 | 10,454,000 |
Release of losses | (626,000) | (920,000) | (653,000) | (112,000) |
Charge-offs | 0 | (394,000) | 0 | (394,000) |
Ending balance | 3,092,000 | 6,039,000 | 3,092,000 | 6,039,000 |
Farm & Ranch | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Release of losses | 0 | 1,800,000 | ||
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | (3,909,000) |
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,718,000 | 7,353,000 | 3,745,000 | 6,545,000 |
Rural Utilities | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 11,089,000 | 7,503,000 | 10,087,000 | 0 |
Release of losses | (181,000) | 1,397,000 | 821,000 | 3,522,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 10,908,000 | 8,900,000 | 10,908,000 | 8,900,000 |
Rural Utilities | Collateral Pledged | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Release of losses | 0 | 0 | ||
Rural Utilities | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 5,378,000 |
Rural Utilities | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 11,089,000 | $ 7,503,000 | $ 10,087,000 | $ 5,378,000 |
Loans - Allowance for Losses Na
Loans - Allowance for Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Release of losses | $ (761) | $ 451 | $ 152 | $ 3,889 |
Rural Utilities | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Release of losses | $ (181) | $ 1,397 | $ 821 | $ 3,522 |
Loans - Unpaid Principal Balanc
Loans - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 7,796,712 | $ 7,796,712 | $ 7,261,933 |
Nonaccrual loans | 118,294 | 118,294 | 114,998 |
Total Loans | 8,847,773 | 8,847,773 | 8,436,850 |
Nonaccrual loans with no associated allowance | 58,400 | 58,400 | 44,200 |
Interest received on nonaccrual loans | 1,900 | 3,000 | 4,400 |
Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,601,205 | 6,601,205 | 6,176,438 |
Nonaccrual loans | 118,294 | 118,294 | 114,998 |
Total Loans | 6,601,205 | 6,601,205 | 6,176,438 |
Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 2,246,568 | 2,246,568 | 2,260,412 |
Nonaccrual loans | 0 | 0 | 0 |
Total Loans | 2,246,568 | 2,246,568 | 2,260,412 |
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 8,712,035 | 8,712,035 | 8,315,566 |
Current | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,475,467 | 6,475,467 | 6,055,154 |
Current | Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 2,236,568 | 2,236,568 | 2,260,412 |
Total Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 17,444 | 17,444 | 6,286 |
Total Past Due | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 7,444 | 7,444 | 6,286 |
Total Past Due | Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,000 | 10,000 | 0 |
30-59 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 11,501 | 11,501 | 4,582 |
30-59 Days | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,501 | 1,501 | 4,582 |
30-59 Days | Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,000 | 10,000 | 0 |
60-89 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 525 | 525 | 632 |
60-89 Days | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 525 | 525 | 632 |
60-89 Days | Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | 0 |
90 Days and Greater | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,418 | 5,418 | 1,072 |
90 Days and Greater | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,418 | 5,418 | 1,072 |
90 Days and Greater | Rural Utilities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 0 | $ 0 | $ 0 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total | |||||
Total | $ 7,796,712 | $ 7,796,712 | $ 7,261,933 | ||
Farm & Ranch | |||||
Year One | |||||
Total | 1,128,706 | 1,128,706 | 2,021,189 | ||
Current period charge-offs | 0 | $ 0 | 0 | $ 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 1,970,079 | 1,970,079 | 859,880 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 764,412 | 764,412 | 524,541 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 454,171 | 454,171 | 562,007 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 418,099 | 418,099 | 515,561 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 1,334,124 | 1,334,124 | 1,140,603 | ||
Current period charge-offs | 0 | 394 | 0 | 394 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 394 | 0 | 394 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 531,614 | 531,614 | 552,657 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Total | |||||
Total | 6,601,205 | 6,601,205 | 6,176,438 | ||
Current period charge-offs | 0 | 394 | 0 | 394 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 394 | 0 | 394 | |
Rural Utilities | |||||
Year One | |||||
Total | 21,022 | 21,022 | 667,489 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 658,542 | 658,542 | 809,921 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 792,333 | 792,333 | 8,260 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 8,180 | 8,180 | 89,842 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 89,488 | 89,488 | 31,275 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 648,818 | 648,818 | 641,145 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 28,185 | 28,185 | 12,480 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | 0 | 0 | 0 | |
Total | |||||
Total | 2,246,568 | 2,246,568 | 2,260,412 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | |
Current period Farm & Ranch net charge-offs | 0 | $ 0 | 0 | $ 0 | |
Acceptable | Farm & Ranch | |||||
Year One | |||||
Total | 1,085,630 | 1,085,630 | 1,947,618 | ||
Year Two | |||||
Total | 1,873,579 | 1,873,579 | 774,315 | ||
Year Three | |||||
Total | 704,749 | 704,749 | 484,345 | ||
Year Four | |||||
Total | 409,047 | 409,047 | 500,768 | ||
Year Five | |||||
Total | 364,489 | 364,489 | 465,277 | ||
Prior | |||||
Total | 1,232,910 | 1,232,910 | 1,068,693 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 511,353 | 511,353 | 535,742 | ||
Total | |||||
Total | 6,181,757 | 6,181,757 | 5,776,758 | ||
Acceptable | Rural Utilities | |||||
Year One | |||||
Total | 21,022 | 21,022 | 667,489 | ||
Year Two | |||||
Total | 635,342 | 635,342 | 809,921 | ||
Year Three | |||||
Total | 792,333 | 792,333 | 8,260 | ||
Year Four | |||||
Total | 8,180 | 8,180 | 89,842 | ||
Year Five | |||||
Total | 89,488 | 89,488 | 31,275 | ||
Prior | |||||
Total | 648,818 | 648,818 | 641,145 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 28,185 | 28,185 | 12,480 | ||
Total | |||||
Total | 2,223,368 | 2,223,368 | 2,260,412 | ||
Special mention | Farm & Ranch | |||||
Year One | |||||
Total | 43,076 | 43,076 | 70,171 | ||
Year Two | |||||
Total | 92,886 | 92,886 | 79,744 | ||
Year Three | |||||
Total | 33,544 | 33,544 | 18,317 | ||
Year Four | |||||
Total | 14,643 | 14,643 | 8,530 | ||
Year Five | |||||
Total | 3,809 | 3,809 | 13,111 | ||
Prior | |||||
Total | 16,706 | 16,706 | 21,328 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 8,826 | 8,826 | 7,656 | ||
Total | |||||
Total | 213,490 | 213,490 | 218,857 | ||
Special mention | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 0 | 0 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 0 | 0 | 0 | ||
Substandard | Farm & Ranch | |||||
Year One | |||||
Total | 0 | 0 | 3,400 | ||
Year Two | |||||
Total | 3,614 | 3,614 | 5,821 | ||
Year Three | |||||
Total | 26,119 | 26,119 | 21,879 | ||
Year Four | |||||
Total | 30,481 | 30,481 | 52,709 | ||
Year Five | |||||
Total | 49,801 | 49,801 | 37,173 | ||
Prior | |||||
Total | 84,508 | 84,508 | 50,582 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 11,435 | 11,435 | 9,259 | ||
Total | |||||
Total | 205,958 | 205,958 | 180,823 | ||
Substandard | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 23,200 | 23,200 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | $ 23,200 | $ 23,200 | $ 0 |
Guarantees - Off-Balance Sheet
Guarantees - Off-Balance Sheet Guaranteed Securities (Details) - Unconsolidated VIE - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 341,072 | $ 383,022 |
Farm & Ranch | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 66,008 | 79,312 |
USDA Guarantees | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 270,652 | 299,298 |
AgVantage Securities | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 4,412 | $ 4,412 |
Guarantees - Significant Cash F
Guarantees - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 49,133 | $ 28,050 |
Guarantee fees received | $ 669 | $ 894 |
Guarantees - Schedule of Underl
Guarantees - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed Securities - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | ||
Guarantee and commitment obligation | $ 1,411 | $ 1,625 |
Weighted-average remaining maturity | 9 years 3 months 18 days | 9 years 6 months |
AgVantage Securities | ||
Guarantor Obligations [Line Items] | ||
Weighted-average remaining maturity | 3 years 6 months | 4 years |
Guarantees - Schedule of Long-T
Guarantees - Schedule of Long-Term Standby Purchase Commitments (Details) - LTSPCs - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | ||
Maximum principal amount | $ 2,922,398 | $ 2,881,856 |
Weighted-average remaining maturity | 15 years 7 months 6 days | 15 years 3 months 18 days |
Guarantee and commitment obligation | ||
Guarantor Obligations [Line Items] | ||
Guarantee and commitment obligation | $ 34,416 | $ 33,909 |
Guarantees - Changes in Reserve
Guarantees - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 3,277 | |||
Release of losses | $ (222) | $ (400) | (1,166) | $ (7) |
Ending balance | 2,111 | 2,111 | ||
Farm & Ranch | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,366 | 2,020 | 2,097 | 2,164 |
Release of losses | (172) | (370) | (903) | (366) |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 1,194 | 1,650 | 1,194 | 1,650 |
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | (148) |
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,366 | 2,020 | 2,097 | 2,016 |
Rural Utilities | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 967 | 1,400 | 1,180 | 0 |
Release of losses | (50) | (30) | (263) | 359 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 917 | 1,370 | 917 | 1,370 |
Rural Utilities | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 1,011 |
Rural Utilities | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 967 | $ 1,400 | $ 1,180 | $ 1,011 |
Guarantees - Reserve For Losses
Guarantees - Reserve For Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | ||||||
Reserve for losses | $ 2,111 | $ 3,277 | ||||
Farm & Ranch | ||||||
Guarantor Obligations [Line Items] | ||||||
Reserve for losses | 1,194 | $ 1,366 | 2,097 | $ 1,650 | $ 2,020 | $ 2,164 |
Rural Utilities | ||||||
Guarantor Obligations [Line Items] | ||||||
Reserve for losses | 917 | $ 967 | 1,180 | $ 1,370 | $ 1,400 | $ 0 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | ||||||
Guarantor Obligations [Line Items] | ||||||
Reserve for losses | 1,194 | 2,097 | ||||
LTSPCs | Rural Utilities | ||||||
Guarantor Obligations [Line Items] | ||||||
Reserve for losses | $ 917 | $ 1,180 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
LTSPCs | ||
Guarantor Obligations [Line Items] | ||
Decrease in loan volume | $ 58.5 | $ 119.3 |
Guarantees - Unpaid Principal B
Guarantees - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Total | $ 7,796,712 | $ 7,261,933 |
Current | ||
Guarantor Obligations [Line Items] | ||
Total | 8,712,035 | 8,315,566 |
Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 17,444 | 6,286 |
30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 11,501 | 4,582 |
60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 525 | 632 |
90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 5,418 | 1,072 |
Farm & Ranch | ||
Guarantor Obligations [Line Items] | ||
Total | 6,601,205 | 6,176,438 |
Farm & Ranch | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 6,475,467 | 6,055,154 |
Farm & Ranch | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 7,444 | 6,286 |
Farm & Ranch | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 1,501 | 4,582 |
Farm & Ranch | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 525 | 632 |
Farm & Ranch | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 5,418 | 1,072 |
Rural Utilities | ||
Guarantor Obligations [Line Items] | ||
Total | 2,246,568 | 2,260,412 |
Rural Utilities | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 2,236,568 | 2,260,412 |
Rural Utilities | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 10,000 | 0 |
Rural Utilities | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 10,000 | 0 |
Rural Utilities | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Utilities | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | ||
Guarantor Obligations [Line Items] | ||
Total | 2,454,947 | 2,404,743 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 2,440,348 | 2,389,777 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 14,599 | 14,966 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 3,853 | 2,189 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 4,459 | 1,344 |
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 6,287 | 11,433 |
LTSPCs | Rural Utilities | ||
Guarantor Obligations [Line Items] | ||
Total | 533,459 | 556,425 |
LTSPCs | Rural Utilities | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 533,459 | 556,425 |
LTSPCs | Rural Utilities | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Utilities | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Utilities | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Utilities | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | $ 0 | $ 0 |
Guarantees - Credit Quality Ind
Guarantees - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total | |||||
Total | $ 7,796,712 | $ 7,796,712 | $ 7,261,933 | ||
Rural Utilities | |||||
Year One | |||||
Total | 21,022 | 21,022 | 667,489 | ||
Current period charge-offs | 0 | $ 0 | 0 | $ 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 658,542 | 658,542 | 809,921 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 792,333 | 792,333 | 8,260 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 8,180 | 8,180 | 89,842 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 89,488 | 89,488 | 31,275 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 648,818 | 648,818 | 641,145 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 28,185 | 28,185 | 12,480 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | |||||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | 2,246,568 | 2,246,568 | 2,260,412 | ||
Farm & Ranch | |||||
Year One | |||||
Total | 1,128,706 | 1,128,706 | 2,021,189 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 1,970,079 | 1,970,079 | 859,880 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 764,412 | 764,412 | 524,541 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 454,171 | 454,171 | 562,007 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 418,099 | 418,099 | 515,561 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 1,334,124 | 1,334,124 | 1,140,603 | ||
Current period charge-offs | 0 | 394 | 0 | 394 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 394 | 0 | 394 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 531,614 | 531,614 | 552,657 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | |||||
Current period charge-offs | 0 | 394 | 0 | 394 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 394 | 0 | 394 | |
Total | 6,601,205 | 6,601,205 | 6,176,438 | ||
Acceptable | Rural Utilities | |||||
Year One | |||||
Total | 21,022 | 21,022 | 667,489 | ||
Year Two | |||||
Total | 635,342 | 635,342 | 809,921 | ||
Year Three | |||||
Total | 792,333 | 792,333 | 8,260 | ||
Year Four | |||||
Total | 8,180 | 8,180 | 89,842 | ||
Year Five | |||||
Total | 89,488 | 89,488 | 31,275 | ||
Prior | |||||
Total | 648,818 | 648,818 | 641,145 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 28,185 | 28,185 | 12,480 | ||
Total | |||||
Total | 2,223,368 | 2,223,368 | 2,260,412 | ||
Acceptable | Farm & Ranch | |||||
Year One | |||||
Total | 1,085,630 | 1,085,630 | 1,947,618 | ||
Year Two | |||||
Total | 1,873,579 | 1,873,579 | 774,315 | ||
Year Three | |||||
Total | 704,749 | 704,749 | 484,345 | ||
Year Four | |||||
Total | 409,047 | 409,047 | 500,768 | ||
Year Five | |||||
Total | 364,489 | 364,489 | 465,277 | ||
Prior | |||||
Total | 1,232,910 | 1,232,910 | 1,068,693 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 511,353 | 511,353 | 535,742 | ||
Total | |||||
Total | 6,181,757 | 6,181,757 | 5,776,758 | ||
Special mention | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 0 | 0 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 0 | 0 | 0 | ||
Special mention | Farm & Ranch | |||||
Year One | |||||
Total | 43,076 | 43,076 | 70,171 | ||
Year Two | |||||
Total | 92,886 | 92,886 | 79,744 | ||
Year Three | |||||
Total | 33,544 | 33,544 | 18,317 | ||
Year Four | |||||
Total | 14,643 | 14,643 | 8,530 | ||
Year Five | |||||
Total | 3,809 | 3,809 | 13,111 | ||
Prior | |||||
Total | 16,706 | 16,706 | 21,328 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 8,826 | 8,826 | 7,656 | ||
Total | |||||
Total | 213,490 | 213,490 | 218,857 | ||
Substandard | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 23,200 | 23,200 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 23,200 | 23,200 | 0 | ||
Substandard | Farm & Ranch | |||||
Year One | |||||
Total | 0 | 0 | 3,400 | ||
Year Two | |||||
Total | 3,614 | 3,614 | 5,821 | ||
Year Three | |||||
Total | 26,119 | 26,119 | 21,879 | ||
Year Four | |||||
Total | 30,481 | 30,481 | 52,709 | ||
Year Five | |||||
Total | 49,801 | 49,801 | 37,173 | ||
Prior | |||||
Total | 84,508 | 84,508 | 50,582 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 11,435 | 11,435 | 9,259 | ||
Total | |||||
Total | 205,958 | 205,958 | 180,823 | ||
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | |||||
Year One | |||||
Total | 176,513 | 176,513 | 182,397 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 275,039 | 275,039 | 225,612 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 199,478 | 199,478 | 198,061 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 194,972 | 194,972 | 257,223 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 232,127 | 232,127 | 234,781 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 1,163,601 | 1,163,601 | 1,080,466 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 213,217 | 213,217 | 226,203 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | |||||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | 2,454,947 | 2,454,947 | 2,404,743 | ||
LTSPCs and Farmer Mac Guaranteed Securities | Acceptable | Farm & Ranch | |||||
Year One | |||||
Total | 176,513 | 176,513 | 178,213 | ||
Year Two | |||||
Total | 270,877 | 270,877 | 213,620 | ||
Year Three | |||||
Total | 198,404 | 198,404 | 183,948 | ||
Year Four | |||||
Total | 181,287 | 181,287 | 237,042 | ||
Year Five | |||||
Total | 217,421 | 217,421 | 207,296 | ||
Prior | |||||
Total | 1,040,596 | 1,040,596 | 969,860 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 201,691 | 201,691 | 211,620 | ||
Total | |||||
Total | 2,286,789 | 2,286,789 | 2,201,599 | ||
LTSPCs and Farmer Mac Guaranteed Securities | Special mention | Farm & Ranch | |||||
Year One | |||||
Total | 0 | 0 | 3,920 | ||
Year Two | |||||
Total | 3,920 | 3,920 | 1,742 | ||
Year Three | |||||
Total | 343 | 343 | 1,502 | ||
Year Four | |||||
Total | 2,117 | 2,117 | 5,603 | ||
Year Five | |||||
Total | 433 | 433 | 19,644 | ||
Prior | |||||
Total | 60,494 | 60,494 | 50,004 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 7,683 | 7,683 | 10,058 | ||
Total | |||||
Total | 74,990 | 74,990 | 92,473 | ||
LTSPCs and Farmer Mac Guaranteed Securities | Substandard | Farm & Ranch | |||||
Year One | |||||
Total | 0 | 0 | 264 | ||
Year Two | |||||
Total | 242 | 242 | 10,250 | ||
Year Three | |||||
Total | 731 | 731 | 12,611 | ||
Year Four | |||||
Total | 11,568 | 11,568 | 14,578 | ||
Year Five | |||||
Total | 14,273 | 14,273 | 7,841 | ||
Prior | |||||
Total | 62,511 | 62,511 | 60,602 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 3,843 | 3,843 | 4,525 | ||
Total | |||||
Total | 93,168 | 93,168 | 110,671 | ||
LTSPCs | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Two | |||||
Total | 0 | 0 | 0 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Three | |||||
Total | 0 | 0 | 0 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Four | |||||
Total | 0 | 0 | 0 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Year Five | |||||
Total | 0 | 0 | 0 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Prior | |||||
Total | 520,145 | 520,145 | 549,405 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||||
Total | 13,314 | 13,314 | 7,020 | ||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | 0 | 0 | 0 | |
Total | |||||
Current period charge-offs | 0 | 0 | 0 | 0 | |
Current period recoveries | 0 | 0 | 0 | 0 | |
Current period, net charge offs | 0 | $ 0 | 0 | $ 0 | |
Total | 533,459 | 533,459 | 556,425 | ||
LTSPCs | Acceptable | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 0 | 0 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 520,145 | 520,145 | 549,405 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 13,314 | 13,314 | 7,020 | ||
Total | |||||
Total | 533,459 | 533,459 | 556,425 | ||
LTSPCs | Special mention | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 0 | 0 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 0 | 0 | 0 | ||
LTSPCs | Substandard | Rural Utilities | |||||
Year One | |||||
Total | 0 | 0 | 0 | ||
Year Two | |||||
Total | 0 | 0 | 0 | ||
Year Three | |||||
Total | 0 | 0 | 0 | ||
Year Four | |||||
Total | 0 | 0 | 0 | ||
Year Five | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans - Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | $ 0 | $ 0 | $ 0 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||
Medium term notes called during the period | $ 1,600,000,000 | $ 1,900,000,000 |
Maximum borrowing capacity from U.S. Treasury | 1,500,000,000 | |
Outstanding debt repurchases | $ 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 | 25 years | |
Discount notes | ||
Debt Instrument [Line Items] | ||
Maximum amount of discount notes outstanding at any month end | $ 1,900,000,000 | $ 2,600,000,000 |
Notes Payable - Borrowings (Det
Notes Payable - Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Due within one year: | ||
Current portion of medium-term notes | $ 8,324,577 | $ 10,746,382 |
Weighted - average rate (as a percent) | 0.43% | 0.59% |
Medium-term notes due in: | ||
Two years | $ 3,469,814 | $ 3,004,203 |
Three years | 2,547,497 | 2,809,551 |
Four years | 1,463,668 | 927,119 |
Five years | 2,109,668 | 1,342,250 |
Thereafter | 3,768,182 | 2,966,172 |
Total due after one year | 13,358,829 | 11,049,295 |
Total principal net of discounts | 21,683,406 | 21,795,677 |
Hedging adjustments | 22,848 | 53,240 |
Total | $ 21,706,254 | $ 21,848,917 |
Weighted - average rate (as a percent) | 1.15% | 1.37% |
Total weighted - average rate (as a percent) | 0.87% | 0.98% |
Two years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.86% | 1.00% |
Three years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.91% | 1.24% |
Four years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.14% | 1.67% |
Five years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.85% | 1.03% |
Thereafter | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.76% | 1.92% |
Discount notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 1,677,800 | $ 1,797,175 |
Weighted - average rate (as a percent) | 0.04% | 0.11% |
Short-term debt, average outstanding during the quarter | $ 1,720,263 | $ 2,343,702 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 0.09% | 0.63% |
Medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 2,081,520 | $ 2,645,146 |
Weighted - average rate (as a percent) | 0.09% | 0.19% |
Short-term debt, average outstanding during the quarter | $ 2,522,888 | $ 1,593,253 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 0.14% | 0.60% |
Current portion of medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 4,565,257 | $ 6,304,061 |
Weighted - average rate (as a percent) | 0.72% | 0.90% |
Notes Payable - Callable Medium
Notes Payable - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2023 | $ 3,469,814 | $ 3,004,203 |
2024 | 2,547,497 | 2,809,551 |
2025 | 1,463,668 | 927,119 |
Total principal net of discounts | $ 21,683,406 | $ 21,795,677 |
Weighted - average rate (as a percent) | 1.15% | 1.37% |
2022 | ||
Debt Instrument [Line Items] | ||
2022 | $ 3,187,154 | |
Weighted - average rate (as a percent) | 0.90% | |
2023 | ||
Debt Instrument [Line Items] | ||
2023 | $ 2,896,525 | |
Weighted - average rate (as a percent) | 1.08% | |
2024 | ||
Debt Instrument [Line Items] | ||
2024 | $ 1,650,373 | |
Weighted - average rate (as a percent) | 1.05% | |
2025 | ||
Debt Instrument [Line Items] | ||
2025 | $ 1,483,928 | |
Weighted - average rate (as a percent) | 0.94% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Thereafter | $ 4,285,890 | |
Weighted - average rate (as a percent) | 1.73% | |
Call Option | ||
Debt Instrument [Line Items] | ||
2022 | $ 147,480 | |
2023 | 245,831 | |
2024 | 159,393 | |
2025 | 192,827 | |
Thereafter | 845,922 | |
Total principal net of discounts | $ 1,591,453 | |
Weighted - average rate (as a percent) | 1.10% | |
Call Option | 2022 | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.12% | |
Call Option | 2023 | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.90% | |
Call Option | 2024 | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.77% | |
Call Option | 2025 | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.75% | |
Call Option | Thereafter | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.47% |
Notes Payable - Earliest Intere
Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2023 | $ 3,469,814 | $ 3,004,203 |
2024 | 2,547,497 | 2,809,551 |
2025 | 1,463,668 | 927,119 |
Total principal net of discounts | $ 21,683,406 | $ 21,795,677 |
Short-term debt, weighted average rate (as a percent) | 0.43% | 0.59% |
Weighted - average rate (as a percent) | 1.15% | 1.37% |
Total weighted - average rate (as a percent) | 0.87% | 0.98% |
2021 | ||
Debt Instrument [Line Items] | ||
2021 | $ 8,179,536 | |
Short-term debt, weighted average rate (as a percent) | 0.29% | |
2022 | ||
Debt Instrument [Line Items] | ||
2022 | $ 3,187,154 | |
Weighted - average rate (as a percent) | 0.90% | |
2023 | ||
Debt Instrument [Line Items] | ||
2023 | $ 2,896,525 | |
Weighted - average rate (as a percent) | 1.08% | |
2024 | ||
Debt Instrument [Line Items] | ||
2024 | $ 1,650,373 | |
Weighted - average rate (as a percent) | 1.05% | |
2025 | ||
Debt Instrument [Line Items] | ||
2025 | $ 1,483,928 | |
Weighted - average rate (as a percent) | 0.94% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Thereafter | $ 4,285,890 | |
Weighted - average rate (as a percent) | 1.73% |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Mar. 14, 2019 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||||||||||
Quarterly dividend on all classes of common stock (in dollars per share) | $ 0.88 | $ 0.88 | $ 0.80 | $ 0.80 | $ 0.80 | $ 0.80 | ||||
Capital required for capital adequacy | $ 680,800,000 | $ 680,900,000 | $ 680,800,000 | |||||||
Capital | 1,200,000,000 | 1,000,000,000 | 1,200,000,000 | |||||||
Excess capital | $ 482,600,000 | $ 325,500,000 | $ 482,600,000 | |||||||
Series G | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares issued (in shares) | 5,000,000 | |||||||||
Preferred stock, dividend rate | 4.875% | |||||||||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | $ 25 | $ 25 | ||||||
Payments of stock issuance costs | $ 3,700,000 | |||||||||
Class C non-voting common stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock authorized for repurchase | $ 10,000,000 | $ 25,000,000 | ||||||||
Remaining authorized amount for repurchase | $ 9,800,000 | |||||||||
Shares repurchased (in shares) | 0 | 4,000 | 673,000 | |||||||
Shares repurchased | $ 200,000 | $ 19,800,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Financial derivatives | $ 13,623 | $ 16,123 |
Liabilities: | ||
Financial derivatives | 152,881 | 182,371 |
Investment securities: | ||
Assets: | ||
Fair Value | 3,832,232 | $ 3,853,692 |
Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | $ 6,877,405 | |
Level 3 | ||
Liabilities: | ||
Percent of level three fair value assets and liabilities | 29.00% | 29.00% |
Financial instruments level three percent | 64.00% | 65.00% |
Recurring | ||
Assets: | ||
Financial derivatives | $ 16,224 | $ 17,468 |
Total Assets at fair value | 10,730,911 | 10,825,556 |
Liabilities: | ||
Financial derivatives | 24,347 | 29,892 |
Total Liabilities at fair value | 24,347 | 29,892 |
Recurring | USDA Securities: | ||
Assets: | ||
Trading | 5,050 | 6,695 |
Recurring | Investment securities: | ||
Assets: | ||
Fair Value | 3,832,232 | 3,853,692 |
Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,877,405 | 6,947,701 |
Recurring | Level 1 | ||
Assets: | ||
Financial derivatives | 0 | 0 |
Total Assets at fair value | 1,309,274 | 1,467,951 |
Liabilities: | ||
Financial derivatives | 88 | 82 |
Total Liabilities at fair value | 88 | 82 |
Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 1 | Investment securities: | ||
Assets: | ||
Fair Value | 1,309,274 | 1,467,951 |
Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Financial derivatives | 16,224 | 17,468 |
Total Assets at fair value | 2,519,934 | 2,384,038 |
Liabilities: | ||
Financial derivatives | 24,259 | 29,810 |
Total Liabilities at fair value | 24,259 | 29,810 |
Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 2 | Investment securities: | ||
Assets: | ||
Fair Value | 2,503,710 | 2,366,570 |
Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | ||
Assets: | ||
Financial derivatives | 0 | 0 |
Total Assets at fair value | 6,901,703 | 6,973,567 |
Liabilities: | ||
Financial derivatives | 0 | 0 |
Total Liabilities at fair value | 0 | 0 |
Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 5,050 | 6,695 |
Recurring | Level 3 | Investment securities: | ||
Assets: | ||
Fair Value | 19,248 | 19,171 |
Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,877,405 | 6,947,701 |
AgVantage Securities | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,947,701 | |
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,877,405 | 6,947,701 |
AgVantage Securities | Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
AgVantage Securities | Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
AgVantage Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,877,405 | 6,947,701 |
USDA Guarantees | Recurring | USDA Securities: | ||
Assets: | ||
Trading | 5,050 | 6,695 |
USDA Guarantees | Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Guarantees | Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Guarantees | Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 5,050 | 6,695 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 19,248 | 19,171 |
Floating Interest Rate | Floating rate asset-backed securities | ||
Assets: | ||
Fair Value | 6,231 | |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,474,700 | 2,360,026 |
Floating Interest Rate | Recurring | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 19,248 | 19,171 |
Floating Interest Rate | Recurring | Floating rate asset-backed securities | ||
Assets: | ||
Fair Value | 6,231 | |
Floating Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,474,700 | 2,360,026 |
Floating Interest Rate | Recurring | Level 1 | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 0 | 0 |
Floating Interest Rate | Recurring | Level 1 | Floating rate asset-backed securities | ||
Assets: | ||
Fair Value | 0 | |
Floating Interest Rate | Recurring | Level 1 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Floating Interest Rate | Recurring | Level 2 | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 0 | 0 |
Floating Interest Rate | Recurring | Level 2 | Floating rate asset-backed securities | ||
Assets: | ||
Fair Value | 6,231 | |
Floating Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,474,700 | 2,360,026 |
Floating Interest Rate | Recurring | Level 3 | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 19,248 | 19,171 |
Floating Interest Rate | Recurring | Level 3 | Floating rate asset-backed securities | ||
Assets: | ||
Fair Value | 0 | |
Floating Interest Rate | Recurring | Level 3 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 29,010 | 313 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 1,309,274 | 1,467,951 |
Fixed Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 29,010 | 313 |
Fixed Interest Rate | Recurring | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 1,309,274 | 1,467,951 |
Fixed Interest Rate | Recurring | Level 1 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 1 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 1,309,274 | 1,467,951 |
Fixed Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 29,010 | 313 |
Fixed Interest Rate | Recurring | Level 2 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 3 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 3 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | $ 0 | $ 0 |
Fair Value Disclosures - Unobse
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Level 3 - Recurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 6,787,933 | $ 7,612,315 | $ 6,973,567 | $ 7,170,850 |
Purchases | 417,500 | 351,896 | 578,115 | 835,476 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (310,870) | (85,863) | (555,805) | (313,729) |
Allowance for Losses | (90) | (84) | 67 | (272) |
Realized and unrealized gains/(losses) included in Income | 49,878 | 9,030 | (118,878) | 299,515 |
Unrealized gains/(losses) included in Other Comprehensive Income | (42,648) | 37,162 | 24,637 | (67,384) |
Ending Balance | 6,901,703 | 7,924,456 | 6,901,703 | 7,924,456 |
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating Interest Rate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 19,171 | |||
Ending Balance | 19,248 | 19,248 | ||
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating Interest Rate | Available-for-Sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 19,146 | 16,721 | 19,171 | 18,912 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Allowance for Losses | 3 | (15) | (22) | (38) |
Realized and unrealized gains/(losses) included in Income | 0 | 0 | 0 | 0 |
Unrealized gains/(losses) included in Other Comprehensive Income | 99 | 1,577 | 99 | (591) |
Ending Balance | 19,248 | 18,283 | 19,248 | 18,283 |
Available-for-sale securities | Available-for-Sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 19,146 | 16,721 | 19,171 | 18,912 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Allowance for Losses | 3 | (15) | (22) | (38) |
Realized and unrealized gains/(losses) included in Income | 0 | 0 | 0 | 0 |
Unrealized gains/(losses) included in Other Comprehensive Income | 99 | 1,577 | 99 | (591) |
Ending Balance | 19,248 | 18,283 | 19,248 | 18,283 |
Farmer Mac Guaranteed Securities | AgVantage Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 6,947,701 | |||
Ending Balance | 6,877,405 | 6,877,405 | ||
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 6,763,209 | 7,587,186 | 6,947,701 | 7,143,025 |
Purchases | 417,500 | 351,896 | 578,115 | 835,476 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (310,403) | (85,261) | (554,235) | (312,516) |
Allowance for Losses | (93) | (69) | 89 | (234) |
Realized and unrealized gains/(losses) included in Income | 49,939 | 9,050 | (118,803) | 299,429 |
Unrealized gains/(losses) included in Other Comprehensive Income | (42,747) | 35,585 | 24,538 | (66,793) |
Ending Balance | 6,877,405 | 7,898,387 | 6,877,405 | 7,898,387 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | AgVantage Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 6,763,209 | 7,587,186 | 6,947,701 | 7,143,025 |
Purchases | 417,500 | 351,896 | 578,115 | 835,476 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (310,403) | (85,261) | (554,235) | (312,516) |
Allowance for Losses | (93) | (69) | 89 | (234) |
Realized and unrealized gains/(losses) included in Income | 49,939 | 9,050 | (118,803) | 299,429 |
Unrealized gains/(losses) included in Other Comprehensive Income | (42,747) | 35,585 | 24,538 | (66,793) |
Ending Balance | 6,877,405 | 7,898,387 | 6,877,405 | 7,898,387 |
USDA Securities: | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5,578 | 8,408 | 6,695 | 8,913 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (467) | (602) | (1,570) | (1,213) |
Allowance for Losses | ||||
Realized and unrealized gains/(losses) included in Income | (61) | (20) | (75) | 86 |
Unrealized gains/(losses) included in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Ending Balance | 5,050 | 7,786 | 5,050 | 7,786 |
USDA Securities: | Trading | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5,578 | 8,408 | 6,695 | 8,913 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (467) | (602) | (1,570) | (1,213) |
Allowance for Losses | 0 | 0 | 0 | 0 |
Realized and unrealized gains/(losses) included in Income | (61) | (20) | (75) | 86 |
Unrealized gains/(losses) included in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Ending Balance | $ 5,050 | $ 7,786 | $ 5,050 | $ 7,786 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information (Details) - Recurring - Level 3 $ in Thousands | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | $ 6,901,703 | $ 6,787,933 | $ 6,973,567 | $ 7,924,456 | $ 7,612,315 | $ 7,170,850 |
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating Interest Rate | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 19,248 | 19,171 | ||||
USDA Securities: | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 5,050 | $ 5,578 | 6,695 | $ 7,786 | $ 8,408 | $ 8,913 |
AgVantage Securities | Farmer Mac Guaranteed Securities | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | $ 6,877,405 | $ 6,947,701 | ||||
Range of broker quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.980 | 0.975 | ||||
Range of broker quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.980 | 0.975 | ||||
Range of broker quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.980 | 0.975 | ||||
Discount rate | Minimum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.008 | 0.008 | ||||
Discount rate | Minimum | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.020 | 0.009 | ||||
Discount rate | Maximum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.039 | 0.023 | ||||
Discount rate | Maximum | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.023 | 0.019 | ||||
Discount rate | Weighted Average | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.015 | 0.013 | ||||
Discount rate | Weighted Average | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.022 | 0.014 | ||||
CPR | Minimum | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.25 | 0.25 | ||||
CPR | Maximum | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.45 | 0.49 | ||||
CPR | Weighted Average | USDA Guarantees | USDA Securities: | Discounted cash flow | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.35 | 0.44 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Financial derivatives | $ 13,623 | $ 16,123 |
Guarantee and commitment fees receivable | 37,261 | 37,113 |
Financial liabilities: | ||
Financial derivatives | 152,881 | 182,371 |
Guarantee and commitment obligation | 35,827 | 35,535 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 828,403 | 1,033,941 |
Loans | 9,057,544 | 9,167,525 |
Financial derivatives | 16,224 | 17,468 |
Guarantee and commitment fees receivable | 34,525 | 34,115 |
Financial liabilities: | ||
Notes payable | 21,839,641 | 22,130,263 |
Debt securities of consolidated trusts held by third parties | 1,121,731 | 1,390,330 |
Financial derivatives | 24,347 | 29,892 |
Guarantee and commitment obligation | 33,091 | 32,537 |
Fair Value | Investment securities: | ||
Financial assets: | ||
Marketable securities | 3,877,470 | 3,899,925 |
Fair Value | Farmer Mac Guaranteed Securities | ||
Financial assets: | ||
Marketable securities | 7,931,395 | 8,148,691 |
Fair Value | USDA Securities: | ||
Financial assets: | ||
Marketable securities | 2,472,043 | 2,637,509 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 828,403 | 1,033,941 |
Loans | 8,860,705 | 8,535,146 |
Financial derivatives | 16,224 | 17,468 |
Guarantee and commitment fees receivable | 37,261 | 37,113 |
Financial liabilities: | ||
Notes payable | 21,706,254 | 21,848,917 |
Debt securities of consolidated trusts held by third parties | 1,120,293 | 1,323,786 |
Financial derivatives | 24,347 | 29,892 |
Guarantee and commitment obligation | 35,827 | 35,535 |
Carrying Amount | Investment securities: | ||
Financial assets: | ||
Marketable securities | 3,877,667 | 3,898,724 |
Carrying Amount | Farmer Mac Guaranteed Securities | ||
Financial assets: | ||
Marketable securities | 7,918,162 | 8,123,493 |
Carrying Amount | USDA Securities: | ||
Financial assets: | ||
Marketable securities | $ 2,450,768 | $ 2,480,321 |
Business Segment Reporting - Co
Business Segment Reporting - Core Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | $ 55,129 | $ 48,348 | $ 108,380 | $ 89,660 | |
Less: reconciling adjustments | 0 | 0 | 0 | 0 | |
Net effective spread | 0 | 0 | 0 | 0 | |
Guarantee and commitment fees | 2,997 | 3,140 | 6,027 | 6,336 | |
Other income/(expense) | (2,693) | 7,731 | 2,170 | (160) | |
Non-interest income/(loss) | 304 | 10,871 | 8,197 | 6,176 | |
Release of/(provision for) losses | 761 | (451) | (152) | (3,889) | |
Release of reserve for losses | 222 | 400 | 1,166 | 7 | |
Other non-interest expense | (16,878) | (14,107) | (35,759) | (30,322) | |
Non-interest expense | (16,656) | (13,707) | (34,593) | (30,315) | |
Core earnings before income taxes | 39,538 | 45,061 | 81,832 | 61,632 | |
Income tax (expense)/benefit | (8,252) | (9,435) | (17,319) | (13,176) | |
Core earnings before preferred stock dividends | 31,286 | 35,626 | 64,513 | 48,456 | |
Preferred stock dividends | (5,842) | (3,939) | (11,111) | (7,370) | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | 25,444 | 31,687 | 53,402 | 41,086 | |
Total assets at carrying value | 24,181,245 | 23,932,656 | 24,181,245 | 23,932,656 | $ 24,355,501 |
Total on- and off-balance sheet program assets at principal balance | 22,197,161 | 22,042,108 | 22,197,161 | 22,042,108 | |
Corporate | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 2,761 | 1,229 | 5,296 | 3,084 | |
Less: reconciling adjustments | 84 | (480) | 240 | (357) | |
Net effective spread | 2,845 | 749 | 5,536 | 2,727 | |
Guarantee and commitment fees | 0 | 0 | 0 | 0 | |
Other income/(expense) | (128) | (159) | (251) | (288) | |
Non-interest income/(loss) | (128) | (159) | (251) | (288) | |
Release of/(provision for) losses | 3 | (15) | (22) | (29) | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (4,606) | (3,800) | (9,758) | (8,233) | |
Non-interest expense | (4,606) | (3,800) | (9,758) | (8,233) | |
Core earnings before income taxes | (1,886) | (3,225) | (4,495) | (5,823) | |
Income tax (expense)/benefit | 444 | 705 | 809 | 988 | |
Core earnings before preferred stock dividends | (1,442) | (2,520) | (3,686) | (4,835) | |
Preferred stock dividends | (5,842) | (3,939) | (11,111) | (7,370) | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | (7,284) | (6,459) | (14,797) | (12,205) | |
Total assets at carrying value | 4,759,010 | 4,446,504 | 4,759,010 | 4,446,504 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 | |
Reconciling Adjustments | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Less: reconciling adjustments | (1,422) | 1,879 | (2,030) | (972) | |
Net effective spread | (1,422) | 1,879 | (2,030) | (972) | |
Guarantee and commitment fees | (1,337) | (1,803) | (2,547) | (3,503) | |
Other income/(expense) | (2,994) | 6,683 | 1,418 | (2,367) | |
Non-interest income/(loss) | (4,331) | 4,880 | (1,129) | (5,870) | |
Release of/(provision for) losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | 0 | 0 | 0 | 0 | |
Non-interest expense | 0 | 0 | 0 | 0 | |
Core earnings before income taxes | (5,753) | 6,759 | (3,159) | (6,842) | |
Income tax (expense)/benefit | 1,211 | (1,419) | 664 | 1,438 | |
Core earnings before preferred stock dividends | (4,542) | 5,340 | (2,495) | (5,404) | |
Preferred stock dividends | 0 | 0 | 0 | ||
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | (4,542) | 5,340 | (2,495) | (5,404) | |
Total assets at carrying value | 0 | 0 | 0 | 0 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 | |
Farm & Ranch | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Release of/(provision for) losses | 626 | 920 | 653 | 112 | |
Release of reserve for losses | 172 | 370 | 903 | 366 | |
Farm & Ranch | Operating Segments | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 24,057 | 19,310 | 45,912 | 35,675 | |
Less: reconciling adjustments | (79) | (2,577) | (480) | (4,004) | |
Net effective spread | 23,978 | 16,733 | 45,432 | 31,671 | |
Guarantee and commitment fees | 3,839 | 4,394 | 7,572 | 8,711 | |
Other income/(expense) | 309 | 585 | 713 | 1,754 | |
Non-interest income/(loss) | 4,148 | 4,979 | 8,285 | 10,465 | |
Release of/(provision for) losses | 626 | 920 | 653 | 112 | |
Release of reserve for losses | 172 | 370 | 903 | 366 | |
Other non-interest expense | (5,855) | (5,254) | (12,404) | (11,251) | |
Non-interest expense | (5,683) | (4,884) | (11,501) | (10,885) | |
Core earnings before income taxes | 23,069 | 17,748 | 42,869 | 31,363 | |
Income tax (expense)/benefit | (4,844) | (3,727) | (9,002) | (6,586) | |
Core earnings before preferred stock dividends | 18,225 | 14,021 | 33,867 | 24,777 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | 18,225 | 14,021 | 33,867 | 24,777 | |
Total assets at carrying value | 6,716,880 | 5,746,556 | 6,716,880 | 5,746,556 | |
Total on- and off-balance sheet program assets at principal balance | 9,056,152 | 8,017,850 | 9,056,152 | 8,017,850 | |
USDA Guarantees | Operating Segments | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 6,089 | 5,403 | 11,778 | 9,944 | |
Less: reconciling adjustments | 893 | (714) | 1,571 | (630) | |
Net effective spread | 6,982 | 4,689 | 13,349 | 9,314 | |
Guarantee and commitment fees | 173 | 210 | 356 | 445 | |
Other income/(expense) | 120 | 617 | 289 | 729 | |
Non-interest income/(loss) | 293 | 827 | 645 | 1,174 | |
Release of/(provision for) losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (2,263) | (1,584) | (4,796) | (3,402) | |
Non-interest expense | (2,263) | (1,584) | (4,796) | (3,402) | |
Core earnings before income taxes | 5,012 | 3,932 | 9,198 | 7,086 | |
Income tax (expense)/benefit | (1,053) | (826) | (1,932) | (1,488) | |
Core earnings before preferred stock dividends | 3,959 | 3,106 | 7,266 | 5,598 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | 3,959 | 3,106 | 7,266 | 5,598 | |
Total assets at carrying value | 2,506,410 | 2,408,713 | 2,506,410 | 2,408,713 | |
Total on- and off-balance sheet program assets at principal balance | 2,726,909 | 2,677,807 | 2,726,909 | 2,677,807 | |
Rural Utilities | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Release of/(provision for) losses | 181 | (1,397) | (821) | (3,522) | |
Release of reserve for losses | 50 | 30 | 263 | (359) | |
Rural Utilities | Operating Segments | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 5,328 | 2,322 | 12,977 | 7,069 | |
Less: reconciling adjustments | 1,287 | 3,194 | 312 | 3,367 | |
Net effective spread | 6,615 | 5,516 | 13,289 | 10,436 | |
Guarantee and commitment fees | 317 | 332 | 636 | 667 | |
Other income/(expense) | 0 | 5 | 1 | 12 | |
Non-interest income/(loss) | 317 | 337 | 637 | 679 | |
Release of/(provision for) losses | 181 | (1,397) | (821) | (3,522) | |
Release of reserve for losses | 50 | 30 | 263 | (359) | |
Other non-interest expense | (1,838) | (1,386) | (3,895) | (2,990) | |
Non-interest expense | (1,788) | (1,356) | (3,632) | (3,349) | |
Core earnings before income taxes | 5,325 | 3,100 | 9,473 | 4,244 | |
Income tax (expense)/benefit | (1,118) | (651) | (1,989) | (891) | |
Core earnings before preferred stock dividends | 4,207 | 2,449 | 7,484 | 3,353 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | 4,207 | 2,449 | 7,484 | 3,353 | |
Total assets at carrying value | 2,272,425 | 2,281,490 | 2,272,425 | 2,281,490 | |
Total on- and off-balance sheet program assets at principal balance | 2,780,027 | 2,691,621 | 2,780,027 | 2,691,621 | |
Institutional Credit | Operating Segments | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 16,894 | 20,084 | 32,417 | 33,888 | |
Less: reconciling adjustments | (763) | (1,302) | 387 | 2,596 | |
Net effective spread | 16,131 | 18,782 | 32,804 | 36,484 | |
Guarantee and commitment fees | 5 | 7 | 10 | 16 | |
Other income/(expense) | 0 | 0 | 0 | 0 | |
Non-interest income/(loss) | 5 | 7 | 10 | 16 | |
Release of/(provision for) losses | (49) | 41 | 38 | (450) | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (2,316) | (2,083) | (4,906) | (4,446) | |
Non-interest expense | (2,316) | (2,083) | (4,906) | (4,446) | |
Core earnings before income taxes | 13,771 | 16,747 | 27,946 | 31,604 | |
Income tax (expense)/benefit | (2,892) | (3,517) | (5,869) | (6,637) | |
Core earnings before preferred stock dividends | 10,879 | 13,230 | 22,077 | 24,967 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||||
Segment core earnings | 10,879 | 13,230 | 22,077 | 24,967 | |
Total assets at carrying value | 7,926,520 | 9,049,393 | 7,926,520 | 9,049,393 | |
Total on- and off-balance sheet program assets at principal balance | $ 7,634,073 | $ 8,654,830 | $ 7,634,073 | $ 8,654,830 |
Uncategorized Items - agm-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |