COVER PAGE
COVER PAGE - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-14951 | |
Entity Registrant Name | FEDERAL AGRICULTURAL MORTGAGE CORPORATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 52-1578738 | |
Entity Address, Address Line One | 1999 K Street, N.W. | |
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 | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A voting common stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A voting common stock | |
Trading Symbol | AGM.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,030,780 | |
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 | 9,263,931 | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 890,046 | $ 908,785 |
Loans: | ||
Loans held for sale, at lower of cost or fair value | 9,000 | 0 |
Loans held for investment, at amortized cost | 8,481,310 | 8,314,096 |
Loans held for investment in consolidated trusts, at amortized cost | 888,200 | 948,623 |
Allowance for losses | (13,570) | (14,041) |
Total loans, net of allowance | 9,364,940 | 9,248,678 |
Financial derivatives, at fair value | 26,329 | 19,139 |
Interest receivable (includes $5,679 and $10,418, respectively, related to consolidated trusts) | 148,228 | 177,355 |
Guarantee and commitment fees receivable | 45,021 | 45,538 |
Deferred tax asset, net | 24,910 | 15,558 |
Prepaid expenses and other assets | 102,199 | 45,318 |
Total Assets | 25,789,414 | 25,145,491 |
Liabilities: | ||
Notes payable | 23,039,967 | 22,716,156 |
Debt securities of consolidated trusts held by third parties | 895,145 | 981,379 |
Financial derivatives, at fair value | 105,574 | 34,248 |
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts) | 89,761 | 83,992 |
Guarantee and commitment obligation | 43,285 | 43,926 |
Accounts payable and accrued expenses | 420,998 | 79,427 |
Reserve for losses | 1,840 | 1,950 |
Total Liabilities | 24,596,570 | 23,941,078 |
Commitments and Contingencies | ||
Common stock: | ||
Additional paid-in capital | 127,103 | 125,993 |
Accumulated other comprehensive (loss)/income, net of tax | (39,665) | 3,853 |
Retained earnings | 610,087 | 579,270 |
Total Equity | 1,192,844 | 1,204,413 |
Total Liabilities and Equity | 25,789,414 | 25,145,491 |
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 | 121,327 |
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 | 9,257 | 9,235 |
Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 4,195,314 | 3,836,391 |
Held-to-maturity, at amortized cost | 44,970 | 44,970 |
Other investments | 1,504 | 1,229 |
Total Securities | 4,241,788 | 3,882,590 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 6,600,246 | 6,328,559 |
Held-to-maturity, at amortized cost | 1,906,218 | 2,033,239 |
Total Securities | 8,506,464 | 8,361,798 |
USDA Securities: | ||
Assets: | ||
Held-to-maturity, at amortized cost | 2,436,103 | 2,436,331 |
Trading, at fair value | 3,386 | 4,401 |
Total Securities | $ 2,439,489 | $ 2,440,732 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Interest receivable - consolidated trusts amount | $ 148,228 | $ 177,355 |
Accrued interest payable - consolidated trusts amount | $ 89,761 | $ 83,992 |
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) | 9,256,596 | 9,235,205 |
Consolidated VIE | ||
Interest receivable - consolidated trusts amount | $ 5,679 | $ 10,418 |
Accrued interest payable - consolidated trusts amount | 4,724 | 9,619 |
Available-for-Sale Securities | ||
Amortized cost of available-for-sale investment securities | 4,258,227 | 3,834,714 |
Farmer Mac Guaranteed Securities: | ||
Amortized cost of available-for-sale investment securities | $ 6,672,894 | $ 6,135,807 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Investments and cash equivalents | $ 5,716 | $ 5,529 |
Farmer Mac Guaranteed Securities and USDA Securities | 39,257 | 42,404 |
Loans | 67,247 | 59,494 |
Total interest income | 112,220 | 107,427 |
Total interest expense | 50,345 | 54,176 |
Net interest income | 61,875 | 53,251 |
Provision for losses | (56) | (913) |
Net interest income after provision for losses | 61,819 | 52,338 |
Non-interest income/(expense): | ||
Guarantee and commitment fees | 3,695 | 3,030 |
Gains on financial derivatives | 16,074 | 4,293 |
Losses on trading securities | (63) | (13) |
Release of reserve for losses | 110 | 944 |
Other income | 675 | 583 |
Non-interest income | 20,491 | 8,837 |
Operating expenses: | ||
Compensation and employee benefits | 13,298 | 11,795 |
General and administrative | 7,278 | 6,336 |
Regulatory fees | 812 | 750 |
Operating expenses | 21,388 | 18,881 |
Income before income taxes | 60,922 | 42,294 |
Income tax expense | 13,085 | 9,067 |
Net income | 47,837 | 33,227 |
Preferred stock dividends | (6,791) | (5,269) |
Net income attributable to common stockholders | $ 41,046 | $ 27,958 |
Earnings per common share: | ||
Basic earnings per common share (in dollars per share) | $ 3.81 | $ 2.60 |
Diluted earnings per common share (in dollars per share) | $ 3.77 | $ 2.58 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 47,837 | $ 33,227 |
Other comprehensive (loss)/incomes: | ||
Net unrealized (losses)/gains on available-for-sale securities | (86,267) | 66,364 |
Net changes in held-to-maturity securities | (23) | (2,157) |
Net unrealized gains on cash flow hedges | 31,204 | 18,916 |
Other comprehensive (loss)/income before tax | (55,086) | 83,123 |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 11,568 | (17,456) |
Other comprehensive (loss)/income net of tax | (43,518) | 65,667 |
Comprehensive income | $ 4,319 | $ 98,894 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
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 | 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, 2021 | 19,980 | 10,766 | ||||
Beginning balance at Dec. 31, 2021 | 1,204,413 | $ 484,531 | $ 10,766 | 125,993 | 3,853 | 579,270 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 47,837 | 47,837 | ||||
Other comprehensive (loss)/income net of tax | (43,518) | (43,518) | ||||
Cash dividends, preferred stock | (6,791) | (6,791) | ||||
Cash dividends, common stock | (10,229) | (10,229) | ||||
Issuance of common stock (in shares) | 22 | |||||
Issuance of common stock | 68 | $ 22 | 46 | |||
Stock-based compensation cost | 2,113 | 2,113 | ||||
Other stock-based award activity | (1,049) | (1,049) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 19,980 | 10,788 | ||||
Ending balance at Mar. 31, 2022 | $ 1,192,844 | $ 484,531 | $ 10,788 | $ 127,103 | $ (39,665) | $ 610,087 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends per common share (in dollars per share) | $ 0.95 | $ 0.88 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 47,837 | $ 33,227 |
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 | 1,913 | 4,933 |
Amortization of debt premiums, discounts, and issuance costs | 2,018 | 1,994 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 231,470 | 300,424 |
Total (release of)/provision for allowance for losses | (54) | (31) |
Excess tax benefits related to stock-based awards | (137) | 190 |
Deferred income taxes | 2,216 | 1,387 |
Stock-based compensation expense | 2,113 | 1,665 |
Proceeds from repayment of loans purchased as held for sale | 15,028 | 25,374 |
Net change in: | ||
Interest receivable | 29,408 | 43,601 |
Guarantee and commitment fees receivable | (124) | 103 |
Other assets | (61,087) | (7,227) |
Accrued interest payable | 5,769 | (7,522) |
Custodial deposit liability | (17,027) | 0 |
Other liabilities | 9,962 | (322) |
Net cash provided by operating activities | 269,305 | 397,796 |
Cash flows from investing activities: | ||
Purchases of other investment securities | (275) | (403) |
Purchases of loans held for investment | (718,008) | (728,748) |
Purchases of defaulted loans | 0 | (8,713) |
Proceeds from repayment of loans purchased as held for investment | 463,602 | 624,448 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 25,928 | 49,133 |
Net cash (used in)/provided by investing activities | (716,819) | 64,598 |
Cash flows from financing activities: | ||
Proceeds from issuance of discount notes | 13,577,266 | 16,077,510 |
Proceeds from issuance of medium-term notes | 2,626,165 | 3,498,544 |
Payments to redeem discount notes | (13,854,017) | (16,199,154) |
Payments to redeem medium-term notes | (1,790,815) | (3,638,000) |
Payments to third parties on debt securities of consolidated trusts | (112,731) | (207,861) |
Proceeds from common stock issuance | 46 | 12 |
Tax payments related to share-based awards | (119) | (126) |
Dividends paid on common and preferred stock | (17,020) | (14,719) |
Net cash provided by/(used in) financing activities | 428,775 | (483,794) |
Net change in cash and cash equivalents | (18,739) | (21,400) |
Cash and cash equivalents at beginning of period | 908,785 | 1,033,941 |
Cash and cash equivalents at end of period | 890,046 | 1,012,541 |
Non-cash activity: | ||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 25,928 | 49,133 |
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 | 25,928 | 49,133 |
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 569 | 23,463 |
Reclassification of loans held for investment to loans held for sale | 9,000 | 0 |
Capitalized interest | 9 | 782 |
Securities payment not yet received | (1,566) | 0 |
Charge-off from the allowance for losses | 84 | 0 |
Purchases of securities - traded, not yet settled | 348,020 | 7,502 |
Available-for-sale securities | ||
Cash flows from investing activities: | ||
Purchases of securities | (845,114) | (400,701) |
Proceeds from repayment of securities | 418,414 | 446,325 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Cash flows from investing activities: | ||
Purchases of securities | (1,720,619) | (599,833) |
Proceeds from repayment of securities | $ 1,659,253 | $ 683,090 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2021 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 2021 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, 2021, as filed with the SEC on February 28, 2022. 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 months ended March 31, 2022. Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, 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 Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. 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 months ended March 31, 2022 and 2021: Table 1.2 For the Three Months Ended March 31, 2022 March 31, 2021 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 41,046 10,767 $ 3.81 $ 27,958 10,738 $ 2.60 Effect of dilutive securities (1) SARs and restricted stock — 120 (0.04) — 81 (0.02) Diluted EPS $ 41,046 10,887 $ 3.77 $ 27,958 10,819 $ 2.58 (1) For the three months ended March 31, 2022 and 2021, SARs and restricted stock of 50,005 and 99,684, 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 March 31, 2022 and 2021 contingent shares of unvested restricted stock of 18,535 and 18,183 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. Comprehensive 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. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three months ended March 31, 2022 and 2021. Table 1.3 As of March 31, 2022 As of March 31, 2021 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 $ (6,932) $ 16,153 $ (5,368) $ 3,853 $ (13,937) $ 22,829 $ (22,815) $ (13,923) Other comprehensive (loss)/income before reclassifications (68,148) — 23,062 (45,086) 53,211 — 13,562 66,773 Amounts reclassified from AOCI (3) (19) 1,590 1,568 (783) (1,704) 1,381 (1,106) Net comprehensive (loss)/income (68,151) (19) 24,652 (43,518) 52,428 (1,704) 14,943 65,667 Ending Balance $ (75,083) $ 16,134 $ 19,284 $ (39,665) $ 38,491 $ 21,125 $ (7,872) $ 51,744 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 months ended March 31, 2022 and 2021: Table 1.4 For the Three Months Ended March 31, 2022 March 31, 2021 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 $ (86,263) $ (18,115) $ (68,148) $ 67,356 $ 14,145 $ 53,211 Less reclassification adjustments included in: Net interest income (1) — — — (984) (207) (777) Other income (2) (4) (1) (3) (8) (2) (6) Total $ (86,267) $ (18,116) $ (68,151) $ 66,364 $ 13,936 $ 52,428 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (23) (4) (19) (2,157) (453) (1,704) Total $ (23) $ (4) $ (19) $ (2,157) $ (453) $ (1,704) Cash flow hedges Unrealized gains on cash flow hedges $ 29,193 $ 6,131 $ 23,062 $ 17,170 $ 3,608 $ 13,562 Less reclassification adjustments included in: Net interest income (4) 2,011 421 1,590 1,746 365 1,381 Total $ 31,204 $ 6,552 $ 24,652 $ 18,916 $ 3,973 $ 14,943 Other comprehensive (loss)/income $ (55,086) $ (11,568) $ (43,518) $ 83,123 $ 17,456 $ 65,667 (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. Recently Issued Accounting Guidance |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: Table 2.1 As of March 31, 2022 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 $ (49) $ — $ (690) $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities 2,261,234 (361) 2,260,873 — 7,314 (3,030) 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities 554,118 15,181 569,299 — 9 (48,688) 520,620 Fixed rate U.S. Treasuries 1,409,787 (1,432) 1,408,355 — 1 (17,780) 1,390,576 Total available-for-sale 4,244,839 13,388 4,258,227 (49) 7,324 (70,188) 4,195,314 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — — (371) 44,599 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ — $ (371) $ 44,599 (1) Amounts presented exclude $3.9 million of accrued interest receivable on investment securities as of March 31, 2022. (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 March 31, 2022. As of December 31, 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 2021. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ (690) Floating rate Government/GSE guaranteed mortgage-backed securities 707,266 (2,751) 29,511 (279) Fixed rate Government/GSE guaranteed mortgage-backed securities 520,485 (48,688) — — Fixed rate U.S. Treasuries 1,226,248 (15,928) 119,312 (1,852) Total $ 2,453,999 $ (67,367) $ 167,784 $ (2,821) Number of securities in loss position 98 20 As of December 31, 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 that is, on average, approximately 98.4% 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 March 31, 2022 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 March 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 795,326 $ 790,653 0.79% Due after one year through five years 940,430 927,942 0.42% Due after five years through ten years 1,862,354 1,812,438 0.96% Due after ten years 660,117 664,281 0.71% Total $ 4,258,227 $ 4,195,314 0.77% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2022 and December 31, 2021: Table 3.1 As of March 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,880,383 $ — $ 1,880,383 $ (160) $ 2,895 $ (33,178) $ 1,849,940 Farmer Mac Guaranteed USDA Securities 26,038 (43) 25,995 — 249 (363) 25,881 Total Farmer Mac Guaranteed Securities 1,906,421 (43) 1,906,378 (160) 3,144 (33,541) 1,875,821 USDA Securities 2,411,399 24,704 2,436,103 — 221 (44,593) 2,391,731 Total held-to-maturity $ 4,317,820 $ 24,661 $ 4,342,481 $ (160) $ 3,365 $ (78,134) $ 4,267,552 Available-for-sale: AgVantage $ 6,659,760 $ 1,216 $ 6,660,976 $ (681) $ 45,780 $ (116,851) $ 6,589,224 Farmer Mac Guaranteed Securities (3) — 11,918 11,918 — — (896) 11,022 Total available-for-sale $ 6,659,760 $ 13,134 $ 6,672,894 $ (681) $ 45,780 $ (117,747) $ 6,600,246 Trading: USDA Securities (4) $ 3,370 $ 111 $ 3,481 $ — $ — $ (95) $ 3,386 (1) Amounts presented exclude $35.8 million, $34.5 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of March 31, 2022. (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) Fair value includes $11.0 million of an interest-only security with a notional amount of $262.6 million. (4) The trading USDA securities had a weighted average yield of 5.06% as of March 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 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 $ 1,287,544 $ (15,861) $ 207,683 $ (17,317) Farmer Mac Guaranteed USDA Securities 10,541 (363) — — USDA Securities 2,379,076 (44,593) — — Total held-to-maturity $ 3,677,161 $ (60,817) $ 207,683 $ (17,317) Available-for-sale: AgVantage $ 2,876,180 $ (95,246) $ 197,060 $ (21,605) Farmer Mac Guaranteed Securities 11,022 (896) — — Total available-for-sale $ 2,887,202 $ (96,142) $ 197,060 $ (21,605) As of December 31, 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 $ 1,387,236 $ (12,764) $ — $ — USDA Securities — — — — Total held-to-maturity $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to March 31, 2022 and December 31, 2021, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both March 31, 2022 and December 31, 2021 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 Securities in the Agricultural Finance 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 31 and 13 available-for-sale securities as of March 31, 2022 and December 31, 2021, respectively. There were 38 and 10 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, 4 and 2 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of March 31, 2022, there were 2 held-to-maturity AgVantage securities in a loss position for more than 12 months. As of December 31, 2021, there were no held-to-maturity AgVantage securities in a loss position for more than 12 months. During the three months ended March 31, 2022 and 2021, 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 March 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,231,599 $ 1,233,753 2.05 % Due after one year through five years 2,420,343 2,390,586 2.52 % Due after five years through ten years 1,276,934 1,248,573 2.55 % Due after ten years 1,744,018 1,727,334 2.63 % Total $ 6,672,894 $ 6,600,246 2.46 % (1) Amounts presented exclude $35.8 million of accrued interest receivable. As of March 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,029,330 $ 1,027,276 1.13 % Due after one year through five years 900,448 870,548 2.09 % Due after five years through ten years 255,611 250,630 2.79 % Due after ten years 2,157,092 2,119,098 3.14 % Total $ 4,342,481 $ 4,267,552 2.41 % (1) Amounts presented exclude $34.5 million of accrued interest receivable. |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Securities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: Table 2.1 As of March 31, 2022 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 $ (49) $ — $ (690) $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities 2,261,234 (361) 2,260,873 — 7,314 (3,030) 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities 554,118 15,181 569,299 — 9 (48,688) 520,620 Fixed rate U.S. Treasuries 1,409,787 (1,432) 1,408,355 — 1 (17,780) 1,390,576 Total available-for-sale 4,244,839 13,388 4,258,227 (49) 7,324 (70,188) 4,195,314 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — — (371) 44,599 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ — $ (371) $ 44,599 (1) Amounts presented exclude $3.9 million of accrued interest receivable on investment securities as of March 31, 2022. (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 March 31, 2022. As of December 31, 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 2021. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ (690) Floating rate Government/GSE guaranteed mortgage-backed securities 707,266 (2,751) 29,511 (279) Fixed rate Government/GSE guaranteed mortgage-backed securities 520,485 (48,688) — — Fixed rate U.S. Treasuries 1,226,248 (15,928) 119,312 (1,852) Total $ 2,453,999 $ (67,367) $ 167,784 $ (2,821) Number of securities in loss position 98 20 As of December 31, 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 that is, on average, approximately 98.4% 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 March 31, 2022 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 March 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 795,326 $ 790,653 0.79% Due after one year through five years 940,430 927,942 0.42% Due after five years through ten years 1,862,354 1,812,438 0.96% Due after ten years 660,117 664,281 0.71% Total $ 4,258,227 $ 4,195,314 0.77% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2022 and December 31, 2021: Table 3.1 As of March 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,880,383 $ — $ 1,880,383 $ (160) $ 2,895 $ (33,178) $ 1,849,940 Farmer Mac Guaranteed USDA Securities 26,038 (43) 25,995 — 249 (363) 25,881 Total Farmer Mac Guaranteed Securities 1,906,421 (43) 1,906,378 (160) 3,144 (33,541) 1,875,821 USDA Securities 2,411,399 24,704 2,436,103 — 221 (44,593) 2,391,731 Total held-to-maturity $ 4,317,820 $ 24,661 $ 4,342,481 $ (160) $ 3,365 $ (78,134) $ 4,267,552 Available-for-sale: AgVantage $ 6,659,760 $ 1,216 $ 6,660,976 $ (681) $ 45,780 $ (116,851) $ 6,589,224 Farmer Mac Guaranteed Securities (3) — 11,918 11,918 — — (896) 11,022 Total available-for-sale $ 6,659,760 $ 13,134 $ 6,672,894 $ (681) $ 45,780 $ (117,747) $ 6,600,246 Trading: USDA Securities (4) $ 3,370 $ 111 $ 3,481 $ — $ — $ (95) $ 3,386 (1) Amounts presented exclude $35.8 million, $34.5 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of March 31, 2022. (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) Fair value includes $11.0 million of an interest-only security with a notional amount of $262.6 million. (4) The trading USDA securities had a weighted average yield of 5.06% as of March 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 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 $ 1,287,544 $ (15,861) $ 207,683 $ (17,317) Farmer Mac Guaranteed USDA Securities 10,541 (363) — — USDA Securities 2,379,076 (44,593) — — Total held-to-maturity $ 3,677,161 $ (60,817) $ 207,683 $ (17,317) Available-for-sale: AgVantage $ 2,876,180 $ (95,246) $ 197,060 $ (21,605) Farmer Mac Guaranteed Securities 11,022 (896) — — Total available-for-sale $ 2,887,202 $ (96,142) $ 197,060 $ (21,605) As of December 31, 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 $ 1,387,236 $ (12,764) $ — $ — USDA Securities — — — — Total held-to-maturity $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to March 31, 2022 and December 31, 2021, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both March 31, 2022 and December 31, 2021 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 Securities in the Agricultural Finance 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 31 and 13 available-for-sale securities as of March 31, 2022 and December 31, 2021, respectively. There were 38 and 10 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, 4 and 2 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of March 31, 2022, there were 2 held-to-maturity AgVantage securities in a loss position for more than 12 months. As of December 31, 2021, there were no held-to-maturity AgVantage securities in a loss position for more than 12 months. During the three months ended March 31, 2022 and 2021, 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 March 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,231,599 $ 1,233,753 2.05 % Due after one year through five years 2,420,343 2,390,586 2.52 % Due after five years through ten years 1,276,934 1,248,573 2.55 % Due after ten years 1,744,018 1,727,334 2.63 % Total $ 6,672,894 $ 6,600,246 2.46 % (1) Amounts presented exclude $35.8 million of accrued interest receivable. As of March 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,029,330 $ 1,027,276 1.13 % Due after one year through five years 900,448 870,548 2.09 % Due after five years through ten years 255,611 250,630 2.79 % Due after ten years 2,157,092 2,119,098 3.14 % Total $ 4,342,481 $ 4,267,552 2.41 % (1) Amounts presented exclude $34.5 million of accrued interest receivable. |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL DERIVATIVES | FINANCIAL DERIVATIVESFarmer 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, 2021, as filed with the SEC on February 28, 2022. 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 March 31, 2022 and December 31, 2021: Table 4.1 As of March 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 7,209,418 $ 8,657 $ (1,589) 1.92% 0.37% 11.00 Receive fixed non-callable 6,565,729 279 (11,149) 0.42% 0.91% 2.16 Receive fixed callable 1,883,577 — (90,594) 0.25% 1.04% 3.90 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 617,000 15,900 (70) 1.92% 0.74% 5.64 No hedge designation: Interest rate swaps: Pay fixed non-callable 227,918 265 (1,638) 3.24% 0.37% 4.72 Receive fixed non-callable 1,038,750 — — 0.35% 0.40% 0.87 Basis swaps 1,393,911 191 (435) 0.45% 0.48% 3.56 Treasury futures 73,300 1,039 (128) 124.12 Credit valuation adjustment (2) 29 Total financial derivatives $ 19,009,603 $ 26,329 $ (105,574) Collateral (held)/pledged — 262,394 Net amount $ 26,329 $ 156,820 As of December 31, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 6,238,438 $ 11,554 $ (583) 2.06% 0.13% 11.64 Receive fixed non-callable 5,884,529 15 (8,383) 0.17% 0.88% 2.27 Receive fixed callable 1,571,577 103 (17,612) 0.01% 0.80% 4.17 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 570,000 6,905 (2,763) 1.93% 0.49% 5.72 No hedge designation: Interest rate swaps: Pay fixed non-callable 229,062 — (4,641) 3.22% 0.16% 4.95 Receive fixed non-callable 1,377,250 — — 0.13% 0.43% 0.97 Basis swaps 1,608,911 489 (280) 0.17% 0.20% 3.31 Treasury futures 67,600 73 — 130.58 Credit valuation adjustment — 14 Total financial derivatives $ 17,547,367 $ 19,139 $ (34,248) Collateral (held)/pledged — 194,519 Net amount $ 19,139 $ 160,271 As of March 31, 2022, Farmer Mac expects to reclassify $1.2 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after March 31, 2022. During the three months ended March 31, 2022 and 2021, 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 tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three months ended March 31, 2022 and 2021: Table 4.2 For the Three Months Ended March 31, 2022 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 $ 5,716 $ 39,257 $ 67,247 $ (50,345) $ 16,074 $ 77,949 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,484) (21,644) (6,946) 14,200 — (15,874) Recognized on hedged items 2,597 31,929 12,619 (18,157) — 28,988 Premium/discount amortization recognized on hedged items (414) — — (440) — (854) Income/(expense) related to interest settlements on fair value hedging relationships $ 699 $ 10,285 $ 5,673 $ (4,397) $ — $ 12,260 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 33,425 $ 210,188 $ 131,932 $ (237,014) $ — $ 138,531 Recognized on hedged items (32,726) (210,648) (129,607) 236,814 — (136,167) Gains/(losses) on fair value hedging relationships $ 699 $ (460) $ 2,325 $ (200) $ — $ 2,364 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (2,011) $ — $ (2,011) Recognized on hedged items — — — (787) — (787) Discount amortization recognized on hedged items — — — (13) — (13) Expense recognized on cash flow hedges $ — $ — $ — $ (2,811) $ — $ (2,811) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 703 $ 703 Interest expense on interest rate swaps — — — — (927) (927) Treasury futures — — — — 16,298 16,298 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 16,074 $ 16,074 For the Three Months Ended March 31, 2021 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: $ 42,404 $ 59,494 $ (54,176) $ 4,293 $ 52,015 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (21,437) (6,572) 9,481 — (18,528) Recognized on hedged items 30,775 11,487 (11,808) — 30,454 Discount amortization recognized on hedged items — — (221) — (221) Income/(expense) related to interest settlements on fair value hedging relationships $ 9,338 $ 4,915 $ (2,548) $ — $ 11,705 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 168,078 $ 145,771 $ (29,455) $ — $ 284,394 Recognized on hedged items (168,801) (144,749) 29,501 — (284,049) (Losses)/gains on fair value hedging relationships $ (723) $ 1,022 $ 46 $ — $ 345 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,746) $ — $ (1,746) Recognized on hedged items — — (655) — (655) Discount amortization recognized on hedged items — — (7) — (7) Expense recognized on cash flow hedges $ — $ — $ (2,408) $ — $ (2,408) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 1,470 $ 1,470 Interest expense on interest rate swaps — — — 2,223 2,223 Treasury futures — — — 600 600 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 4,293 $ 4,293 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 March 31, 2022 and December 31, 2021: 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) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in thousands) Investment securities, Available-for-Sale, at fair value $ 520,485 $ 458,653 $ (33,944) $ (1,218) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) 4,826,536 4,276,002 (4,129) 206,520 Loans held for investment, at amortized cost (2) 1,672,092 1,668,142 (115,775) 13,832 Notes Payable (3) (8,024,125) (7,083,535) 279,191 42,377 (1) Includes $1.2 million and $1.3 million of hedging adjustments on discontinued hedging relationships as of March 31, 2022 and December 31, 2021, respectively. (2) Includes $1.2 million of hedging adjustments on a discontinued hedging relationship as of both March 31, 2022 and December 31, 2021. (3) Carrying amount represents amortized cost. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of March 31, 2022 and December 31, 2021: Table 4.4 March 31, 2022 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 258,067 $ 232,963 $ 25,104 Liabilities: Derivatives Interest rate swap $ 399,497 $ 381,928 $ 17,569 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2021 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 91,130 $ 91,130 $ — Liabilities: Derivatives Interest rate swaps $ 404,063 $ 386,249 $ 17,814 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. As of both March 31, 2022 and December 31, 2021, Farmer Mac held no cash or investment securities as collateral for its derivatives in net asset positions. Farmer Mac posted $78.5 million cash and $183.9 million of investment securities as of March 31, 2022 and posted $16.6 million cash and $177.9 million investment securities as of December 31, 2021. 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 March 31, 2022 or December 31, 2021, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of March 31, 2022 and December 31, 2021, 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 $18.9 billion notional amount of interest rate swaps outstanding as of March 31, 2022, $16.0 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $17.5 billion notional amount of interest rate swaps outstanding as of December 31, 2021, $14.9 billion were cleared through the CME. During first quarter 2022 and throughout 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, Farmer Mac had $9.0 million and no loans held for sale, respectively. Farmer Mac did not record any lower of cost or fair value adjustments during the three months ended March 31, 2022 or 2021. The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of March 31, 2022 and December 31, 2021: Table 5.1 As of March 31, 2022 As of December 31, 2021 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance mortgage loans $ 6,044,029 $ 888,200 $ 6,932,229 $ 5,898,370 $ 948,623 $ 6,846,993 Rural Infrastructure Finance loans 2,551,851 — 2,551,851 2,389,136 — 2,389,136 Total unpaid principal balance (1) 8,595,880 888,200 9,484,080 8,287,506 948,623 9,236,129 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (105,570) — (105,570) 26,590 — 26,590 Total loans 8,490,310 888,200 9,378,510 8,314,096 948,623 9,262,719 Allowance for losses (13,110) (460) (13,570) (13,477) (564) (14,041) Total loans, net of allowance $ 8,477,200 $ 887,740 $ 9,364,940 $ 8,300,619 $ 948,059 $ 9,248,678 (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 March 31, 2022 and December 31, 2021: Table 5.2 March 31, 2022 December 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance mortgage loans $ 3,948 $ 3,442 Rural Infrastructure Finance loans 9,622 10,599 Total $ 13,570 $ 14,041 The following is a summary of the changes in the allowance for losses for the three month period ended March 31, 2022 and 2021: Table 5.3 For the Three Months Ended March 31, 2022 March 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Agricultural Finance mortgage loans Beginning Balance $ 3,442 $ 3,745 Provision for/(release of) losses 590 (27) Charge-offs (84) — Ending Balance (1) $ 3,948 $ 3,718 Rural Infrastructure Finance loans Beginning Balance $ 10,599 $ 10,087 (Release of)/provision for losses (977) 1,002 Charge-offs — — Ending Balance (2) $ 9,622 $ 11,089 (1) As of both March 31, 2022 and 2021, allowance for losses for Agricultural Finance mortgage loans includes no allowance for collateral dependent assets secured by agricultural real estate. (2) As of both March 31, 2022 and 2021, allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets. The net release from the allowance for Rural Infrastructure Finance loan losses of $1.0 million recorded during first quarter 2022 was primarily attributable to a risk rating upgrade on a single loan related to the borrower's successful securitization of a large payable incurred as a result of the arctic freeze that struck Texas in February 2021, and was partially offset by new loan volume. The $0.6 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during first quarter 2022 was primarily attributable to a risk rating downgrade on a single agricultural storage and processing loan. The provision to the allowance for Rural Infrastructure Finance loan losses of $1.0 million recorded during first quarter 2021 was primarily attributable to the impact of ratings downgrades on multiple rural utilities that were negatively impacted by the arctic freeze that struck Texas in February 2021. The small release from the allowance for the Farm & Ranch portfolio during first quarter 2021 was primarily attributable to ratings upgrades and updated loss-given-default assumptions, offset by net growth in our loan portfolio. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of March 31, 2022 and December 31, 2021: Table 5.4 As of March 31, 2022 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) : Agricultural Finance mortgage loans $ 6,797,744 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 6,932,229 Rural Infrastructure Finance loans 2,551,851 — — — — — 2,551,851 Total $ 9,349,595 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 9,484,080 (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 $34.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2022, Farmer Mac received $1.8 million in interest on nonaccrual loans. As of December 31, 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) : Agricultural Finance mortgage loans $ 6,715,070 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of March 31, 2022 and December 31, 2021, by year of origination: Table 5.5 As of March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 400,124 $ 2,080,013 $ 1,473,300 $ 504,767 $ 306,332 $ 1,179,889 $ 512,678 $ 6,457,103 Special mention (2) 7,009 123,893 38,473 43,697 45,722 25,750 9,279 293,823 Substandard (3) — 4,052 26,051 22,734 20,432 89,650 18,384 181,303 Total $ 407,133 $ 2,207,958 $ 1,537,824 $ 571,198 $ 372,486 $ 1,295,289 $ 540,341 $ 6,932,229 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 2,138,060 $ 1,541,509 $ 540,139 $ 324,917 $ 303,852 $ 1,004,709 $ 545,370 $ 6,398,556 Special mention (2) 84,795 50,057 51,200 48,078 9,132 14,646 4,771 262,679 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 2,224,509 $ 1,596,563 $ 617,576 $ 400,104 $ 351,687 $ 1,095,135 $ 561,419 $ 6,846,993 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 and Commitments
Guarantees and Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 As of December 31, 2021 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 544,484 $ 578,358 Rural Infrastructure Finance Farmer Mac Guaranteed Securities 2,755 2,755 Total off-balance sheet Farmer Mac Guaranteed Securities $ 547,239 $ 581,113 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 Three Months Ended March 31, 2022 March 31, 2021 (in thousands) Proceeds from new securitizations $ 25,928 $ 49,133 Guarantee fees received 577 360 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 March 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation $ 6,961 $ 7,355 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.7 years 21.7 years AgVantage Securities 2.7 years 3.0 years Long-Term Standby Purchase Commitments Farmer Mac has recorded a liability for its obligation to stand ready under the commitment 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 March 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation (1) $ 36,324 $ 36,571 Maximum principal amount 3,197,933 3,191,061 Weighted-average remaining maturity 15.5 years 15.5 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 March 31, 2022 and December 31, 2021: Table 6.5 March 31, 2022 December 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 993 $ 1,068 Rural Infrastructure Finance LTSPCs 847 882 Total $ 1,840 $ 1,950 The following is a summary of the changes in the reserve for losses for the three month period ended March 31, 2022 and 2021: Table 6.6 For the Three Months Ended March 31, 2022 March 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance mortgage loans Beginning Balance $ 1,068 $ 2,097 Release of losses (75) (731) Charge-offs — — Ending Balance $ 993 $ 1,366 Rural Infrastructure Finance loans Beginning Balance $ 882 $ 1,180 Release of losses (35) (213) Charge-offs — — Ending Balance $ 847 $ 967 The release from the reserve for losses in both the Agricultural Finance and Rural Infrastructure Finance LTSPC and Farmer Mac Guaranteed portfolios recorded during the three months ended March 31, 2022 was primarily due to decreased net volume in those portfolios. The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during first quarter 2021 was primarily due to improving economic factor forecasts and ratings upgrades. The release in the Agricultural Finance LTSPC portfolio was primarily due to ratings upgrades and updated loss-given-default assumptions. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021: Table 6.7 As of March 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,942,666 $ 1,578 $ 1,618 $ 1,887 $ 5,083 $ 2,947,749 Rural Infrastructure: LTSPCs $ 562,568 $ — $ — $ — $ — $ 562,568 (1) Includes loans underlying off-balance sheet Agricultural Finance 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, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: LTSPCs $ 556,837 $ — $ — $ — $ — $ 556,837 (1) Includes loans underlying off-balance sheet Agricultural Finance 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 Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021, by year of origination: Table 6.8 As of March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 39,991 $ 425,698 $ 504,636 $ 245,154 $ 182,019 $ 1,192,160 $ 264,675 $ 2,854,333 Special mention (1) — — 2,470 — 6,663 47,438 2,329 58,900 Substandard (2) — — 198 725 4,877 25,038 3,678 34,516 Total $ 39,991 $ 425,698 $ 507,304 $ 245,879 $ 193,559 $ 1,264,636 $ 270,682 $ 2,947,749 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTES PAYABLE Farmer 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 March 31, 2022 and December 31, 2021: Table 7.1 March 31, 2022 Outstanding as of March 31 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,892,025 0.35 % $ 1,950,334 0.16 % Medium-term notes 992,942 0.29 % 898,484 0.16 % Current portion of medium-term notes 3,684,482 0.81 % Total due within one year $ 6,569,449 0.60 % Due after one year: Medium-term notes due in: Two years $ 4,183,016 0.89 % Three years 3,077,629 0.97 % Four years 2,513,545 0.84 % Five years 2,769,456 1.30 % Thereafter 4,206,063 1.70 % Total due after one year $ 16,749,709 1.17 % Total principal net of discounts $ 23,319,158 1.01 % Hedging adjustments (279,191) Total $ 23,039,967 December 31, 2021 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,167,979 0.05 % $ 1,822,714 0.08 % Medium-term notes 837,580 0.09 % 1,956,870 0.12 % Current portion of medium-term notes 3,981,240 0.75 % Total due within one year $ 6,986,799 0.45 % Due after one year: Medium-term notes due in: Two years $ 4,179,985 0.81 % Three years 2,554,906 0.87 % Four years 2,119,805 0.85 % Five years 2,810,894 1.07 % Thereafter 4,106,144 1.69 % Total due after one year $ 15,771,734 1.10 % Total principal net of discounts $ 22,758,533 0.90 % Hedging adjustments (42,377) Total $ 22,716,156 The maximum amount of Farmer Mac's discount notes outstanding at any month end during the three months ended March 31, 2022 and 2021 was $2.2 billion and $1.8 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 2022 as of March 31, 2022: Table 7.2 Debt Callable in 2022 as of March 31, 2022, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2023 $ 243,823 0.42 % 2024 318,361 0.40 % 2025 336,576 0.81 % 2026 1,045,650 1.09 % Thereafter 1,559,225 1.69 % Total $ 3,503,635 1.22 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of March 31, 2022, 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: 2022 $ 7,552,679 0.57 % 2023 3,911,802 0.90 % 2024 2,921,874 0.94 % 2025 2,245,254 1.00 % 2026 2,650,362 1.10 % Thereafter 4,037,187 1.94 % Total principal net of discounts $ 23,319,158 1.01 % During the three months ended March 31, 2022 and 2021, Farmer Mac called $26.0 million and $1.0 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 March 31, 2022, Farmer Mac had not used this borrowing authority. Gains on Repurchase of Outstanding Debt No outstanding debt repurchases were made in the three months ended March 31, 2022 and 2021. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
EQUITY | EQUITY Common Stock During first quarter 2022, Farmer Mac paid a quarterly dividend of $0.95 per share on all classes of its common stock. For each quarter in 2021, Farmer Mac paid a quarterly dividend of $0.88 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 three months of 2022. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements. As of March 31, 2022, Farmer Mac's minimum capital requirement was $743.8 million and its core capital level was $1.2 billion, which was $488.7 million above the minimum capital requirement as of that date. As of December 31, 2021, Farmer Mac's minimum capital requirement was $713.8 million and its core capital level was $1.2 billion, which was $486.8 million above the minimum capital requirement as of that date. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,265,157 — 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities — 520,620 — 520,620 Fixed rate U.S. Treasuries 1,390,576 — — 1,390,576 Total Available-for-sale Investment Securities 1,390,576 2,785,777 18,961 4,195,314 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,589,224 6,589,224 Farmer Mac Guaranteed Securities — — 11,022 11,022 Total Farmer Mac Guaranteed Securities — — 6,600,246 6,600,246 USDA Securities: Trading — — 3,386 3,386 Total USDA Securities — — 3,386 3,386 Financial derivatives 1,039 25,290 — 26,329 Guarantee Asset — — 6,138 6,138 Total Assets at fair value $ 1,391,615 $ 2,811,067 $ 6,628,731 $ 10,831,413 Liabilities: Financial derivatives $ 128 $ 105,446 $ — $ 105,574 Total Liabilities at fair value $ 128 $ 105,446 $ — $ 105,574 Non-recurring: Assets Loans held for sale $ — $ — $ 9,300 $ 9,300 Total non-recurring assets at fair value $ — $ — $ 9,300 $ 9,300 (1) Level 3 assets represent 26% of total assets and 61% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 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 $ — $ — $ 19,254 $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,178,831 — 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities — 458,837 — 458,837 Fixed rate U.S. Treasuries 1,179,469 — — 1,179,469 Total Available-for-sale Investment Securities 1,179,469 2,637,668 19,254 3,836,391 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,316,145 6,316,145 Farmer Mac Guaranteed Securities — — 12,414 12,414 Total Farmer Mac Guaranteed Securities — — 6,328,559 6,328,559 USDA Securities: Trading — — 4,401 4,401 Total USDA Securities — — 4,401 4,401 Financial derivatives 73 19,066 — 19,139 Guarantee Asset — — 6,237 6,237 Total Assets at fair value $ 1,179,542 $ 2,656,734 $ 6,358,451 $ 10,194,727 Liabilities: Financial derivatives $ — $ 34,248 $ — $ 34,248 Total Liabilities at fair value $ — $ 34,248 $ — $ 34,248 Non-recurring: Assets Mortgage Servicing Rights $ — $ — $ 2,681 $ 2,681 Total non-recurring assets at fair value $ — $ — $ 2,681 $ 2,681 (1) Level 3 assets represent 25% of total assets and 62% of financial instruments measured at fair value. There were no material assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2022 or December 31, 2021. 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 three months ended March 31, 2022 and 2021, there were no transfers within the fair value hierarchy. 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 months ended March 31, 2022 and 2021. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2022 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 $ 19,254 $ — $ — $ — $ 2 $ — $ (295) $ 18,961 Total available-for-sale 19,254 — — — 2 — (295) 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 832,750 — (295,284) (418) (210,587) (53,382) 6,589,224 Farmer Mac Guaranteed Securities 12,414 — — (379) — — (1,013) 11,022 Total available-for-sale 6,328,559 832,750 — (295,663) (418) (210,587) (54,395) 6,600,246 USDA Securities: Trading 4,401 — — (952) — (63) — 3,386 Total USDA Securities 4,401 — — (952) (63) — 3,386 Guarantee and commitment obligations: Guarantee Asset 6,237 — — (255) — 156 — 6,138 Total Guarantee and commitment obligations 6,237 — — (255) — 156 — 6,138 Total Assets at fair value $ 6,358,451 $ 832,750 $ — $ (296,870) $ (416) $ (210,494) $ (54,690) $ 6,628,731 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 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 $ — $ — $ — $ (25) $ — $ — $ 19,146 Total available-for-sale 19,171 — — — (25) — — 19,146 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 160,615 — (243,832) 182 (168,742) 67,285 6,763,209 Total available-for-sale 6,947,701 160,615 — (243,832) 182 (168,742) 67,285 6,763,209 USDA Securities: Trading 6,695 — — (1,103) — (14) — 5,578 Total USDA Securities 6,695 — — (1,103) (14) — 5,578 Total Assets at fair value $ 6,973,567 $ 160,615 $ — $ (244,935) $ 157 $ (168,756) $ 67,285 $ 6,787,933 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 March 31, 2022 and December 31, 2021: Table 9.3 As of March 31, 2022 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,961 Indicative bids Range of broker quotes 96.5% - 96.5% (96.5%) Farmer Mac Guaranteed Securities: AgVantage $ 6,589,224 Discounted cash flow Discount rate 1.7% - 3.2% (2.9%) Farmer Mac Guaranteed Securities $ 11,022 Discounted cash flow Discount rate 3.4% - 3.9% (3.6%) CPR 8% USDA Securities $ 3,386 Discounted cash flow Discount rate 3.1% - 4.7% (4.4%) CPR 21% - 33% (31%) Guarantee Asset $ 6,138 Discounted cash flow Discount rate 3.9% - 4.4% (4.2%) CPR 8% As of December 31, 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 $ 19,254 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,316,145 Discounted cash flow Discount rate 0.9% - 2.1% (1.7%) Farmer Mac Guaranteed Securities $ 12,414 Discounted cash flow Discount rate 2.3% - 2.8% (2.6%) CPR 8.0% USDA Securities $ 4,401 Discounted cash flow Discount rate 1.4% - 3.1% (2.8%) CPR 25% - 42% (39%) Guarantee Asset $ 6,237 Discounted cash flow Discount rate 5.4% - 5.8% (5.6%) CPR 7% - 12% (8%) 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 March 31, 2022 and December 31, 2021: Table 9.4 As of March 31, 2022 As of December 31, 2021 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 890,046 $ 890,046 $ 908,785 $ 908,785 Investment securities 4,241,418 4,241,788 3,884,202 3,882,590 Farmer Mac Guaranteed Securities 8,476,067 8,506,464 8,360,293 8,361,798 USDA Securities 2,395,117 2,439,489 2,536,473 2,440,732 Loans 9,429,186 9,364,940 9,814,642 9,248,678 Financial derivatives 26,329 26,329 19,139 19,139 Guarantee and commitment fees receivable 43,279 45,021 42,533 45,538 Financial liabilities: Notes payable 22,596,306 23,039,967 22,716,791 22,716,156 Debt securities of consolidated trusts held by third parties 890,823 895,145 1,005,306 981,379 Financial derivatives 105,574 105,574 34,248 34,248 Guarantee and commitment obligations 41,542 43,285 40,920 43,926 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 |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | BUSINESS SEGMENT REPORTING The following table presents the alignment of the Farmer Mac's seven segments: Agricultural Finance Rural Infrastructure Finance Treasury Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Corporate The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level. The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three months ended March 31, 2022 and 2021. The amounts for the three months ended March 31, 2021 have been revised to conform to the current year's segment alignment. Table 10.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 31,354 $ 7,209 $ 3,193 $ 375 $ 19,740 $ 4 $ — $ — $ 61,875 Less: reconciling adjustments (1)(2)(3) (1,000) — (34) — (3,002) — — 4,036 — Net effective spread 30,354 7,209 3,159 375 16,738 4 — 4,036 — Guarantee and commitment fees 4,216 19 286 36 — — — (862) 3,695 Other income/(expense) (3) 400 114 — — — — — 16,172 16,686 Total revenues 34,970 7,342 3,445 411 16,738 4 — 19,346 82,256 (Provision for)/release of losses (510) (515) 1,169 (202) — 2 — — (56) Release of reserve for losses 75 — 35 — — — — — 110 Operating expenses — — — — — — (21,388) — (21,388) Total non-interest expense 75 — 35 — — — (21,388) — (21,278) Core earnings before income taxes 34,535 6,827 4,649 209 16,738 6 (21,388) 19,346 (4) 60,922 Income tax (expense)/benefit (7,252) (1,434) (976) (44) (3,515) (1) 4,198 (4,061) (13,085) Core earnings before preferred stock dividends 27,283 5,393 3,673 165 13,223 5 (17,190) 15,285 (4) 47,837 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 27,283 $ 5,393 $ 3,673 $ 165 $ 13,223 $ 5 $ (23,981) $ 15,285 (4) $ 41,046 Total Assets $ 13,610,138 $ 1,491,127 $ 5,480,668 $ 92,132 $ — $ 4,995,154 $ 120,195 $ — 25,789,414 Total on- and off-balance sheet program assets at principal balance $ 16,575,595 $ 1,540,760 $ 6,006,446 $ 120,609 $ — $ — $ — $ — 24,243,410 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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 March 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 27,646 $ 6,921 $ 1,754 $ 248 $ 16,568 $ 114 $ — $ — $ 53,251 Less: reconciling adjustments (1)(2)(3) (1,184) — (34) — 1,826 — — (608) — Net effective spread 26,462 6,921 1,720 248 18,394 114 — (608) — Guarantee and commitment fees 3,908 8 319 5 — — — (1,210) 3,030 Other income/(expense) (3) 572 — 1 — — — (122) 4,412 4,863 Total revenues 30,942 6,929 2,040 253 18,394 114 (122) 2,594 61,144 (Provision for)/release of losses — (61) (633) (195) — (24) — — (913) Provision for reserve for losses 731 — 213 — — — — — 944 Operating expenses — — — — — — (18,881) — (18,881) Total non-interest expense 731 — 213 — — — (18,881) — (17,937) Core earnings before income taxes 31,673 6,868 1,620 58 18,394 90 (19,003) 2,594 (4) 42,294 Income tax (expense)/benefit (6,650) (1,441) (341) (12) (3,863) (19) 3,806 (547) (9,067) Core earnings before preferred stock dividends 25,023 5,427 1,279 46 14,531 71 (15,197) 2,047 (4) 33,227 Preferred stock dividends — — — — — — (5,269) — (5,269) Loss on retirement of preferred stock — — — — — — — — — Segment core earnings/(losses) $ 25,023 $ 5,427 $ 1,279 $ 46 $ 14,531 $ 71 $ (20,466) $ 2,047 (4) $ 27,958 Total Assets $ 12,289,354 $ 1,644,837 $ 4,836,306 $ 83,352 $ — $ 5,128,901 $ 31,161 $ — $ 24,013,911 Total on- and off-balance sheet program assets at principal balance $ 14,738,052 $ 1,647,796 $ 5,382,835 $ 93,848 $ — $ — $ — $ — $ 21,862,531 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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. |
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. |
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. Recently Issued Accounting Guidance |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Consolidation of Variable Interest Entities | Table 1.1 Consolidation of Variable Interest Entities As of March 31, 2022 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 888,200 $ — $ 888,200 Debt securities of consolidated trusts held by third parties (1) 895,145 — 895,145 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 37,018 — 37,018 Maximum exposure to loss (2) 37,956 — 37,956 Investment securities: Carrying value (3) — 2,430,613 2,430,613 Maximum exposure to loss (2) (3) — 2,465,989 2,465,989 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (2) (4) 544,484 — 544,484 (1) Includes borrower remittances of $6.9 million. The borrower remittances had not been passed through to third-party investors as of March 31, 2022. (2) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (3) Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (4) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Consolidation of Variable Interest Entities As of December 31, 2021 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 948,623 $ — $ 948,623 Debt securities of consolidated trusts held by third parties (1) 981,379 — 981,379 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 42,298 — 42,298 Maximum exposure to loss (2) 42,155 — 42,155 Investment securities: Carrying value (3) — 2,258,219 2,258,219 Maximum exposure to loss (2) (3) — 2,246,272 2,246,272 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (2) (4) 578,358 — 578,358 (1) Includes borrower remittances of $32.8 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2021. (2) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (3) Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (4) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. |
Basic and Diluted EPS | The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2022 and 2021: Table 1.2 For the Three Months Ended March 31, 2022 March 31, 2021 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 41,046 10,767 $ 3.81 $ 27,958 10,738 $ 2.60 Effect of dilutive securities (1) SARs and restricted stock — 120 (0.04) — 81 (0.02) Diluted EPS $ 41,046 10,887 $ 3.77 $ 27,958 10,819 $ 2.58 (1) For the three months ended March 31, 2022 and 2021, SARs and restricted stock of 50,005 and 99,684, 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 March 31, 2022 and 2021 contingent shares of unvested restricted stock of 18,535 and 18,183 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 months ended March 31, 2022 and 2021. Table 1.3 As of March 31, 2022 As of March 31, 2021 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 $ (6,932) $ 16,153 $ (5,368) $ 3,853 $ (13,937) $ 22,829 $ (22,815) $ (13,923) Other comprehensive (loss)/income before reclassifications (68,148) — 23,062 (45,086) 53,211 — 13,562 66,773 Amounts reclassified from AOCI (3) (19) 1,590 1,568 (783) (1,704) 1,381 (1,106) Net comprehensive (loss)/income (68,151) (19) 24,652 (43,518) 52,428 (1,704) 14,943 65,667 Ending Balance $ (75,083) $ 16,134 $ 19,284 $ (39,665) $ 38,491 $ 21,125 $ (7,872) $ 51,744 |
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 months ended March 31, 2022 and 2021: Table 1.4 For the Three Months Ended March 31, 2022 March 31, 2021 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 $ (86,263) $ (18,115) $ (68,148) $ 67,356 $ 14,145 $ 53,211 Less reclassification adjustments included in: Net interest income (1) — — — (984) (207) (777) Other income (2) (4) (1) (3) (8) (2) (6) Total $ (86,267) $ (18,116) $ (68,151) $ 66,364 $ 13,936 $ 52,428 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (23) (4) (19) (2,157) (453) (1,704) Total $ (23) $ (4) $ (19) $ (2,157) $ (453) $ (1,704) Cash flow hedges Unrealized gains on cash flow hedges $ 29,193 $ 6,131 $ 23,062 $ 17,170 $ 3,608 $ 13,562 Less reclassification adjustments included in: Net interest income (4) 2,011 421 1,590 1,746 365 1,381 Total $ 31,204 $ 6,552 $ 24,652 $ 18,916 $ 3,973 $ 14,943 Other comprehensive (loss)/income $ (55,086) $ (11,568) $ (43,518) $ 83,123 $ 17,456 $ 65,667 (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. Recently Issued Accounting Guidance |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: Table 2.1 As of March 31, 2022 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 $ (49) $ — $ (690) $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities 2,261,234 (361) 2,260,873 — 7,314 (3,030) 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities 554,118 15,181 569,299 — 9 (48,688) 520,620 Fixed rate U.S. Treasuries 1,409,787 (1,432) 1,408,355 — 1 (17,780) 1,390,576 Total available-for-sale 4,244,839 13,388 4,258,227 (49) 7,324 (70,188) 4,195,314 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — — (371) 44,599 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ — $ (371) $ 44,599 (1) Amounts presented exclude $3.9 million of accrued interest receivable on investment securities as of March 31, 2022. (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 March 31, 2022. As of December 31, 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 2021. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2022 and December 31, 2021: Table 3.1 As of March 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,880,383 $ — $ 1,880,383 $ (160) $ 2,895 $ (33,178) $ 1,849,940 Farmer Mac Guaranteed USDA Securities 26,038 (43) 25,995 — 249 (363) 25,881 Total Farmer Mac Guaranteed Securities 1,906,421 (43) 1,906,378 (160) 3,144 (33,541) 1,875,821 USDA Securities 2,411,399 24,704 2,436,103 — 221 (44,593) 2,391,731 Total held-to-maturity $ 4,317,820 $ 24,661 $ 4,342,481 $ (160) $ 3,365 $ (78,134) $ 4,267,552 Available-for-sale: AgVantage $ 6,659,760 $ 1,216 $ 6,660,976 $ (681) $ 45,780 $ (116,851) $ 6,589,224 Farmer Mac Guaranteed Securities (3) — 11,918 11,918 — — (896) 11,022 Total available-for-sale $ 6,659,760 $ 13,134 $ 6,672,894 $ (681) $ 45,780 $ (117,747) $ 6,600,246 Trading: USDA Securities (4) $ 3,370 $ 111 $ 3,481 $ — $ — $ (95) $ 3,386 (1) Amounts presented exclude $35.8 million, $34.5 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of March 31, 2022. (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) Fair value includes $11.0 million of an interest-only security with a notional amount of $262.6 million. (4) The trading USDA securities had a weighted average yield of 5.06% as of March 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of March 31, 2022 and December 31, 2021, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ (690) Floating rate Government/GSE guaranteed mortgage-backed securities 707,266 (2,751) 29,511 (279) Fixed rate Government/GSE guaranteed mortgage-backed securities 520,485 (48,688) — — Fixed rate U.S. Treasuries 1,226,248 (15,928) 119,312 (1,852) Total $ 2,453,999 $ (67,367) $ 167,784 $ (2,821) Number of securities in loss position 98 20 As of December 31, 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 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 $ 1,287,544 $ (15,861) $ 207,683 $ (17,317) Farmer Mac Guaranteed USDA Securities 10,541 (363) — — USDA Securities 2,379,076 (44,593) — — Total held-to-maturity $ 3,677,161 $ (60,817) $ 207,683 $ (17,317) Available-for-sale: AgVantage $ 2,876,180 $ (95,246) $ 197,060 $ (21,605) Farmer Mac Guaranteed Securities 11,022 (896) — — Total available-for-sale $ 2,887,202 $ (96,142) $ 197,060 $ (21,605) As of December 31, 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 $ 1,387,236 $ (12,764) $ — $ — USDA Securities — — — — Total held-to-maturity $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) |
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 March 31, 2022 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 March 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 795,326 $ 790,653 0.79% Due after one year through five years 940,430 927,942 0.42% Due after five years through ten years 1,862,354 1,812,438 0.96% Due after ten years 660,117 664,281 0.71% Total $ 4,258,227 $ 4,195,314 0.77% 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 March 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,231,599 $ 1,233,753 2.05 % Due after one year through five years 2,420,343 2,390,586 2.52 % Due after five years through ten years 1,276,934 1,248,573 2.55 % Due after ten years 1,744,018 1,727,334 2.63 % Total $ 6,672,894 $ 6,600,246 2.46 % (1) Amounts presented exclude $35.8 million of accrued interest receivable. As of March 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,029,330 $ 1,027,276 1.13 % Due after one year through five years 900,448 870,548 2.09 % Due after five years through ten years 255,611 250,630 2.79 % Due after ten years 2,157,092 2,119,098 3.14 % Total $ 4,342,481 $ 4,267,552 2.41 % (1) Amounts presented exclude $34.5 million of accrued interest receivable. |
Farmer Mac Guaranteed Securit_2
Farmer Mac Guaranteed Securities and USDA Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: Table 2.1 As of March 31, 2022 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 $ (49) $ — $ (690) $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities 2,261,234 (361) 2,260,873 — 7,314 (3,030) 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities 554,118 15,181 569,299 — 9 (48,688) 520,620 Fixed rate U.S. Treasuries 1,409,787 (1,432) 1,408,355 — 1 (17,780) 1,390,576 Total available-for-sale 4,244,839 13,388 4,258,227 (49) 7,324 (70,188) 4,195,314 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — — (371) 44,599 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ — $ (371) $ 44,599 (1) Amounts presented exclude $3.9 million of accrued interest receivable on investment securities as of March 31, 2022. (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 March 31, 2022. As of December 31, 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 2021. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2022 and December 31, 2021: Table 3.1 As of March 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,880,383 $ — $ 1,880,383 $ (160) $ 2,895 $ (33,178) $ 1,849,940 Farmer Mac Guaranteed USDA Securities 26,038 (43) 25,995 — 249 (363) 25,881 Total Farmer Mac Guaranteed Securities 1,906,421 (43) 1,906,378 (160) 3,144 (33,541) 1,875,821 USDA Securities 2,411,399 24,704 2,436,103 — 221 (44,593) 2,391,731 Total held-to-maturity $ 4,317,820 $ 24,661 $ 4,342,481 $ (160) $ 3,365 $ (78,134) $ 4,267,552 Available-for-sale: AgVantage $ 6,659,760 $ 1,216 $ 6,660,976 $ (681) $ 45,780 $ (116,851) $ 6,589,224 Farmer Mac Guaranteed Securities (3) — 11,918 11,918 — — (896) 11,022 Total available-for-sale $ 6,659,760 $ 13,134 $ 6,672,894 $ (681) $ 45,780 $ (117,747) $ 6,600,246 Trading: USDA Securities (4) $ 3,370 $ 111 $ 3,481 $ — $ — $ (95) $ 3,386 (1) Amounts presented exclude $35.8 million, $34.5 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of March 31, 2022. (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) Fair value includes $11.0 million of an interest-only security with a notional amount of $262.6 million. (4) The trading USDA securities had a weighted average yield of 5.06% as of March 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of March 31, 2022 and December 31, 2021, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ (690) Floating rate Government/GSE guaranteed mortgage-backed securities 707,266 (2,751) 29,511 (279) Fixed rate Government/GSE guaranteed mortgage-backed securities 520,485 (48,688) — — Fixed rate U.S. Treasuries 1,226,248 (15,928) 119,312 (1,852) Total $ 2,453,999 $ (67,367) $ 167,784 $ (2,821) Number of securities in loss position 98 20 As of December 31, 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 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 $ 1,287,544 $ (15,861) $ 207,683 $ (17,317) Farmer Mac Guaranteed USDA Securities 10,541 (363) — — USDA Securities 2,379,076 (44,593) — — Total held-to-maturity $ 3,677,161 $ (60,817) $ 207,683 $ (17,317) Available-for-sale: AgVantage $ 2,876,180 $ (95,246) $ 197,060 $ (21,605) Farmer Mac Guaranteed Securities 11,022 (896) — — Total available-for-sale $ 2,887,202 $ (96,142) $ 197,060 $ (21,605) As of December 31, 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 $ 1,387,236 $ (12,764) $ — $ — USDA Securities — — — — Total held-to-maturity $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) |
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 March 31, 2022 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 March 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 795,326 $ 790,653 0.79% Due after one year through five years 940,430 927,942 0.42% Due after five years through ten years 1,862,354 1,812,438 0.96% Due after ten years 660,117 664,281 0.71% Total $ 4,258,227 $ 4,195,314 0.77% 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 March 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,231,599 $ 1,233,753 2.05 % Due after one year through five years 2,420,343 2,390,586 2.52 % Due after five years through ten years 1,276,934 1,248,573 2.55 % Due after ten years 1,744,018 1,727,334 2.63 % Total $ 6,672,894 $ 6,600,246 2.46 % (1) Amounts presented exclude $35.8 million of accrued interest receivable. As of March 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,029,330 $ 1,027,276 1.13 % Due after one year through five years 900,448 870,548 2.09 % Due after five years through ten years 255,611 250,630 2.79 % Due after ten years 2,157,092 2,119,098 3.14 % Total $ 4,342,481 $ 4,267,552 2.41 % (1) Amounts presented exclude $34.5 million of accrued interest receivable. |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: Table 4.1 As of March 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 7,209,418 $ 8,657 $ (1,589) 1.92% 0.37% 11.00 Receive fixed non-callable 6,565,729 279 (11,149) 0.42% 0.91% 2.16 Receive fixed callable 1,883,577 — (90,594) 0.25% 1.04% 3.90 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 617,000 15,900 (70) 1.92% 0.74% 5.64 No hedge designation: Interest rate swaps: Pay fixed non-callable 227,918 265 (1,638) 3.24% 0.37% 4.72 Receive fixed non-callable 1,038,750 — — 0.35% 0.40% 0.87 Basis swaps 1,393,911 191 (435) 0.45% 0.48% 3.56 Treasury futures 73,300 1,039 (128) 124.12 Credit valuation adjustment (2) 29 Total financial derivatives $ 19,009,603 $ 26,329 $ (105,574) Collateral (held)/pledged — 262,394 Net amount $ 26,329 $ 156,820 As of December 31, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 6,238,438 $ 11,554 $ (583) 2.06% 0.13% 11.64 Receive fixed non-callable 5,884,529 15 (8,383) 0.17% 0.88% 2.27 Receive fixed callable 1,571,577 103 (17,612) 0.01% 0.80% 4.17 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 570,000 6,905 (2,763) 1.93% 0.49% 5.72 No hedge designation: Interest rate swaps: Pay fixed non-callable 229,062 — (4,641) 3.22% 0.16% 4.95 Receive fixed non-callable 1,377,250 — — 0.13% 0.43% 0.97 Basis swaps 1,608,911 489 (280) 0.17% 0.20% 3.31 Treasury futures 67,600 73 — 130.58 Credit valuation adjustment — 14 Total financial derivatives $ 17,547,367 $ 19,139 $ (34,248) Collateral (held)/pledged — 194,519 Net amount $ 19,139 $ 160,271 |
Schedule of Net Income/(Expense) Recognized | The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three months ended March 31, 2022 and 2021: Table 4.2 For the Three Months Ended March 31, 2022 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 $ 5,716 $ 39,257 $ 67,247 $ (50,345) $ 16,074 $ 77,949 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,484) (21,644) (6,946) 14,200 — (15,874) Recognized on hedged items 2,597 31,929 12,619 (18,157) — 28,988 Premium/discount amortization recognized on hedged items (414) — — (440) — (854) Income/(expense) related to interest settlements on fair value hedging relationships $ 699 $ 10,285 $ 5,673 $ (4,397) $ — $ 12,260 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 33,425 $ 210,188 $ 131,932 $ (237,014) $ — $ 138,531 Recognized on hedged items (32,726) (210,648) (129,607) 236,814 — (136,167) Gains/(losses) on fair value hedging relationships $ 699 $ (460) $ 2,325 $ (200) $ — $ 2,364 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (2,011) $ — $ (2,011) Recognized on hedged items — — — (787) — (787) Discount amortization recognized on hedged items — — — (13) — (13) Expense recognized on cash flow hedges $ — $ — $ — $ (2,811) $ — $ (2,811) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 703 $ 703 Interest expense on interest rate swaps — — — — (927) (927) Treasury futures — — — — 16,298 16,298 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 16,074 $ 16,074 For the Three Months Ended March 31, 2021 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: $ 42,404 $ 59,494 $ (54,176) $ 4,293 $ 52,015 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (21,437) (6,572) 9,481 — (18,528) Recognized on hedged items 30,775 11,487 (11,808) — 30,454 Discount amortization recognized on hedged items — — (221) — (221) Income/(expense) related to interest settlements on fair value hedging relationships $ 9,338 $ 4,915 $ (2,548) $ — $ 11,705 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 168,078 $ 145,771 $ (29,455) $ — $ 284,394 Recognized on hedged items (168,801) (144,749) 29,501 — (284,049) (Losses)/gains on fair value hedging relationships $ (723) $ 1,022 $ 46 $ — $ 345 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,746) $ — $ (1,746) Recognized on hedged items — — (655) — (655) Discount amortization recognized on hedged items — — (7) — (7) Expense recognized on cash flow hedges $ — $ — $ (2,408) $ — $ (2,408) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 1,470 $ 1,470 Interest expense on interest rate swaps — — — 2,223 2,223 Treasury futures — — — 600 600 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 4,293 $ 4,293 |
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 March 31, 2022 and December 31, 2021: 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) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in thousands) Investment securities, Available-for-Sale, at fair value $ 520,485 $ 458,653 $ (33,944) $ (1,218) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) 4,826,536 4,276,002 (4,129) 206,520 Loans held for investment, at amortized cost (2) 1,672,092 1,668,142 (115,775) 13,832 Notes Payable (3) (8,024,125) (7,083,535) 279,191 42,377 (1) Includes $1.2 million and $1.3 million of hedging adjustments on discontinued hedging relationships as of March 31, 2022 and December 31, 2021, respectively. (2) Includes $1.2 million of hedging adjustments on a discontinued hedging relationship as of both March 31, 2022 and December 31, 2021. (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 March 31, 2022 and December 31, 2021: Table 4.4 March 31, 2022 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 258,067 $ 232,963 $ 25,104 Liabilities: Derivatives Interest rate swap $ 399,497 $ 381,928 $ 17,569 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2021 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 91,130 $ 91,130 $ — Liabilities: Derivatives Interest rate swaps $ 404,063 $ 386,249 $ 17,814 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Balances | The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of March 31, 2022 and December 31, 2021: Table 5.1 As of March 31, 2022 As of December 31, 2021 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance mortgage loans $ 6,044,029 $ 888,200 $ 6,932,229 $ 5,898,370 $ 948,623 $ 6,846,993 Rural Infrastructure Finance loans 2,551,851 — 2,551,851 2,389,136 — 2,389,136 Total unpaid principal balance (1) 8,595,880 888,200 9,484,080 8,287,506 948,623 9,236,129 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (105,570) — (105,570) 26,590 — 26,590 Total loans 8,490,310 888,200 9,378,510 8,314,096 948,623 9,262,719 Allowance for losses (13,110) (460) (13,570) (13,477) (564) (14,041) Total loans, net of allowance $ 8,477,200 $ 887,740 $ 9,364,940 $ 8,300,619 $ 948,059 $ 9,248,678 |
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of March 31, 2022 and December 31, 2021: Table 5.2 March 31, 2022 December 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance mortgage loans $ 3,948 $ 3,442 Rural Infrastructure Finance loans 9,622 10,599 Total $ 13,570 $ 14,041 The following is a summary of the changes in the allowance for losses for the three month period ended March 31, 2022 and 2021: Table 5.3 For the Three Months Ended March 31, 2022 March 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Agricultural Finance mortgage loans Beginning Balance $ 3,442 $ 3,745 Provision for/(release of) losses 590 (27) Charge-offs (84) — Ending Balance (1) $ 3,948 $ 3,718 Rural Infrastructure Finance loans Beginning Balance $ 10,599 $ 10,087 (Release of)/provision for losses (977) 1,002 Charge-offs — — Ending Balance (2) $ 9,622 $ 11,089 (1) As of both March 31, 2022 and 2021, allowance for losses for Agricultural Finance mortgage loans includes no allowance 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 March 31, 2022 and December 31, 2021: Table 5.4 As of March 31, 2022 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) : Agricultural Finance mortgage loans $ 6,797,744 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 6,932,229 Rural Infrastructure Finance loans 2,551,851 — — — — — 2,551,851 Total $ 9,349,595 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 9,484,080 (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 $34.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2022, Farmer Mac received $1.8 million in interest on nonaccrual loans. As of December 31, 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) : Agricultural Finance mortgage loans $ 6,715,070 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021: Table 6.7 As of March 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,942,666 $ 1,578 $ 1,618 $ 1,887 $ 5,083 $ 2,947,749 Rural Infrastructure: LTSPCs $ 562,568 $ — $ — $ — $ — $ 562,568 (1) Includes loans underlying off-balance sheet Agricultural Finance 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, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: LTSPCs $ 556,837 $ — $ — $ — $ — $ 556,837 (1) Includes loans underlying off-balance sheet Agricultural Finance 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 Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of March 31, 2022 and December 31, 2021, by year of origination: Table 5.5 As of March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 400,124 $ 2,080,013 $ 1,473,300 $ 504,767 $ 306,332 $ 1,179,889 $ 512,678 $ 6,457,103 Special mention (2) 7,009 123,893 38,473 43,697 45,722 25,750 9,279 293,823 Substandard (3) — 4,052 26,051 22,734 20,432 89,650 18,384 181,303 Total $ 407,133 $ 2,207,958 $ 1,537,824 $ 571,198 $ 372,486 $ 1,295,289 $ 540,341 $ 6,932,229 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 2,138,060 $ 1,541,509 $ 540,139 $ 324,917 $ 303,852 $ 1,004,709 $ 545,370 $ 6,398,556 Special mention (2) 84,795 50,057 51,200 48,078 9,132 14,646 4,771 262,679 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 2,224,509 $ 1,596,563 $ 617,576 $ 400,104 $ 351,687 $ 1,095,135 $ 561,419 $ 6,846,993 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 39,991 $ 425,698 $ 504,636 $ 245,154 $ 182,019 $ 1,192,160 $ 264,675 $ 2,854,333 Special mention (1) — — 2,470 — 6,663 47,438 2,329 58,900 Substandard (2) — — 198 725 4,877 25,038 3,678 34,516 Total $ 39,991 $ 425,698 $ 507,304 $ 245,879 $ 193,559 $ 1,264,636 $ 270,682 $ 2,947,749 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 and Commitments (Tab
Guarantees and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 As of December 31, 2021 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 544,484 $ 578,358 Rural Infrastructure Finance Farmer Mac Guaranteed Securities 2,755 2,755 Total off-balance sheet Farmer Mac Guaranteed Securities $ 547,239 $ 581,113 Table 6.3 As of March 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation $ 6,961 $ 7,355 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.7 years 21.7 years AgVantage Securities 2.7 years 3.0 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 Three Months Ended March 31, 2022 March 31, 2021 (in thousands) Proceeds from new securitizations $ 25,928 $ 49,133 Guarantee fees received 577 360 |
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 March 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation (1) $ 36,324 $ 36,571 Maximum principal amount 3,197,933 3,191,061 Weighted-average remaining maturity 15.5 years 15.5 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 March 31, 2022 and December 31, 2021: Table 6.5 March 31, 2022 December 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 993 $ 1,068 Rural Infrastructure Finance LTSPCs 847 882 Total $ 1,840 $ 1,950 The following is a summary of the changes in the reserve for losses for the three month period ended March 31, 2022 and 2021: Table 6.6 For the Three Months Ended March 31, 2022 March 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance mortgage loans Beginning Balance $ 1,068 $ 2,097 Release of losses (75) (731) Charge-offs — — Ending Balance $ 993 $ 1,366 Rural Infrastructure Finance loans Beginning Balance $ 882 $ 1,180 Release of losses (35) (213) Charge-offs — — Ending Balance $ 847 $ 967 |
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 March 31, 2022 and December 31, 2021: Table 5.4 As of March 31, 2022 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) : Agricultural Finance mortgage loans $ 6,797,744 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 6,932,229 Rural Infrastructure Finance loans 2,551,851 — — — — — 2,551,851 Total $ 9,349,595 $ 4,624 $ 639 $ 8,517 $ 13,780 $ 120,705 $ 9,484,080 (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 $34.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2022, Farmer Mac received $1.8 million in interest on nonaccrual loans. As of December 31, 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) : Agricultural Finance mortgage loans $ 6,715,070 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021: Table 6.7 As of March 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,942,666 $ 1,578 $ 1,618 $ 1,887 $ 5,083 $ 2,947,749 Rural Infrastructure: LTSPCs $ 562,568 $ — $ — $ — $ — $ 562,568 (1) Includes loans underlying off-balance sheet Agricultural Finance 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, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: LTSPCs and Farmer Mac Guaranteed Securities $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: LTSPCs $ 556,837 $ — $ — $ — $ — $ 556,837 (1) Includes loans underlying off-balance sheet Agricultural Finance 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 Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of March 31, 2022 and December 31, 2021, by year of origination: Table 5.5 As of March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 400,124 $ 2,080,013 $ 1,473,300 $ 504,767 $ 306,332 $ 1,179,889 $ 512,678 $ 6,457,103 Special mention (2) 7,009 123,893 38,473 43,697 45,722 25,750 9,279 293,823 Substandard (3) — 4,052 26,051 22,734 20,432 89,650 18,384 181,303 Total $ 407,133 $ 2,207,958 $ 1,537,824 $ 571,198 $ 372,486 $ 1,295,289 $ 540,341 $ 6,932,229 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 175,976 $ 230,729 $ 643,667 $ 766,559 $ 8,017 $ 695,266 $ 31,637 $ 2,551,851 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance mortgage loans (1) : Internally Assigned Risk Rating: Acceptable $ 2,138,060 $ 1,541,509 $ 540,139 $ 324,917 $ 303,852 $ 1,004,709 $ 545,370 $ 6,398,556 Special mention (2) 84,795 50,057 51,200 48,078 9,132 14,646 4,771 262,679 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 2,224,509 $ 1,596,563 $ 617,576 $ 400,104 $ 351,687 $ 1,095,135 $ 561,419 $ 6,846,993 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 39,991 $ 425,698 $ 504,636 $ 245,154 $ 182,019 $ 1,192,160 $ 264,675 $ 2,854,333 Special mention (1) — — 2,470 — 6,663 47,438 2,329 58,900 Substandard (2) — — 198 725 4,877 25,038 3,678 34,516 Total $ 39,991 $ 425,698 $ 507,304 $ 245,879 $ 193,559 $ 1,264,636 $ 270,682 $ 2,947,749 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 March 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 489,384 $ 73,184 $ 562,568 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Three Months Ended March 31, 2021: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2022 and December 31, 2021: Table 7.1 March 31, 2022 Outstanding as of March 31 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,892,025 0.35 % $ 1,950,334 0.16 % Medium-term notes 992,942 0.29 % 898,484 0.16 % Current portion of medium-term notes 3,684,482 0.81 % Total due within one year $ 6,569,449 0.60 % Due after one year: Medium-term notes due in: Two years $ 4,183,016 0.89 % Three years 3,077,629 0.97 % Four years 2,513,545 0.84 % Five years 2,769,456 1.30 % Thereafter 4,206,063 1.70 % Total due after one year $ 16,749,709 1.17 % Total principal net of discounts $ 23,319,158 1.01 % Hedging adjustments (279,191) Total $ 23,039,967 December 31, 2021 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,167,979 0.05 % $ 1,822,714 0.08 % Medium-term notes 837,580 0.09 % 1,956,870 0.12 % Current portion of medium-term notes 3,981,240 0.75 % Total due within one year $ 6,986,799 0.45 % Due after one year: Medium-term notes due in: Two years $ 4,179,985 0.81 % Three years 2,554,906 0.87 % Four years 2,119,805 0.85 % Five years 2,810,894 1.07 % Thereafter 4,106,144 1.69 % Total due after one year $ 15,771,734 1.10 % Total principal net of discounts $ 22,758,533 0.90 % Hedging adjustments (42,377) Total $ 22,716,156 Table 7.2 Debt Callable in 2022 as of March 31, 2022, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2023 $ 243,823 0.42 % 2024 318,361 0.40 % 2025 336,576 0.81 % 2026 1,045,650 1.09 % Thereafter 1,559,225 1.69 % Total $ 3,503,635 1.22 % |
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 March 31, 2022, 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: 2022 $ 7,552,679 0.57 % 2023 3,911,802 0.90 % 2024 2,921,874 0.94 % 2025 2,245,254 1.00 % 2026 2,650,362 1.10 % Thereafter 4,037,187 1.94 % Total principal net of discounts $ 23,319,158 1.01 % |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,961 $ 18,961 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,265,157 — 2,265,157 Fixed rate GSE guaranteed mortgage-backed securities — 520,620 — 520,620 Fixed rate U.S. Treasuries 1,390,576 — — 1,390,576 Total Available-for-sale Investment Securities 1,390,576 2,785,777 18,961 4,195,314 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,589,224 6,589,224 Farmer Mac Guaranteed Securities — — 11,022 11,022 Total Farmer Mac Guaranteed Securities — — 6,600,246 6,600,246 USDA Securities: Trading — — 3,386 3,386 Total USDA Securities — — 3,386 3,386 Financial derivatives 1,039 25,290 — 26,329 Guarantee Asset — — 6,138 6,138 Total Assets at fair value $ 1,391,615 $ 2,811,067 $ 6,628,731 $ 10,831,413 Liabilities: Financial derivatives $ 128 $ 105,446 $ — $ 105,574 Total Liabilities at fair value $ 128 $ 105,446 $ — $ 105,574 Non-recurring: Assets Loans held for sale $ — $ — $ 9,300 $ 9,300 Total non-recurring assets at fair value $ — $ — $ 9,300 $ 9,300 (1) Level 3 assets represent 26% of total assets and 61% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 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 $ — $ — $ 19,254 $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,178,831 — 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities — 458,837 — 458,837 Fixed rate U.S. Treasuries 1,179,469 — — 1,179,469 Total Available-for-sale Investment Securities 1,179,469 2,637,668 19,254 3,836,391 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,316,145 6,316,145 Farmer Mac Guaranteed Securities — — 12,414 12,414 Total Farmer Mac Guaranteed Securities — — 6,328,559 6,328,559 USDA Securities: Trading — — 4,401 4,401 Total USDA Securities — — 4,401 4,401 Financial derivatives 73 19,066 — 19,139 Guarantee Asset — — 6,237 6,237 Total Assets at fair value $ 1,179,542 $ 2,656,734 $ 6,358,451 $ 10,194,727 Liabilities: Financial derivatives $ — $ 34,248 $ — $ 34,248 Total Liabilities at fair value $ — $ 34,248 $ — $ 34,248 Non-recurring: Assets Mortgage Servicing Rights $ — $ — $ 2,681 $ 2,681 Total non-recurring assets at fair value $ — $ — $ 2,681 $ 2,681 (1) Level 3 assets represent 25% of total assets and 62% 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 months ended March 31, 2022 and 2021. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2022 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 $ 19,254 $ — $ — $ — $ 2 $ — $ (295) $ 18,961 Total available-for-sale 19,254 — — — 2 — (295) 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 832,750 — (295,284) (418) (210,587) (53,382) 6,589,224 Farmer Mac Guaranteed Securities 12,414 — — (379) — — (1,013) 11,022 Total available-for-sale 6,328,559 832,750 — (295,663) (418) (210,587) (54,395) 6,600,246 USDA Securities: Trading 4,401 — — (952) — (63) — 3,386 Total USDA Securities 4,401 — — (952) (63) — 3,386 Guarantee and commitment obligations: Guarantee Asset 6,237 — — (255) — 156 — 6,138 Total Guarantee and commitment obligations 6,237 — — (255) — 156 — 6,138 Total Assets at fair value $ 6,358,451 $ 832,750 $ — $ (296,870) $ (416) $ (210,494) $ (54,690) $ 6,628,731 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 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 $ — $ — $ — $ (25) $ — $ — $ 19,146 Total available-for-sale 19,171 — — — (25) — — 19,146 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 160,615 — (243,832) 182 (168,742) 67,285 6,763,209 Total available-for-sale 6,947,701 160,615 — (243,832) 182 (168,742) 67,285 6,763,209 USDA Securities: Trading 6,695 — — (1,103) — (14) — 5,578 Total USDA Securities 6,695 — — (1,103) (14) — 5,578 Total Assets at fair value $ 6,973,567 $ 160,615 $ — $ (244,935) $ 157 $ (168,756) $ 67,285 $ 6,787,933 |
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 March 31, 2022 and December 31, 2021: Table 9.3 As of March 31, 2022 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,961 Indicative bids Range of broker quotes 96.5% - 96.5% (96.5%) Farmer Mac Guaranteed Securities: AgVantage $ 6,589,224 Discounted cash flow Discount rate 1.7% - 3.2% (2.9%) Farmer Mac Guaranteed Securities $ 11,022 Discounted cash flow Discount rate 3.4% - 3.9% (3.6%) CPR 8% USDA Securities $ 3,386 Discounted cash flow Discount rate 3.1% - 4.7% (4.4%) CPR 21% - 33% (31%) Guarantee Asset $ 6,138 Discounted cash flow Discount rate 3.9% - 4.4% (4.2%) CPR 8% As of December 31, 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 $ 19,254 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,316,145 Discounted cash flow Discount rate 0.9% - 2.1% (1.7%) Farmer Mac Guaranteed Securities $ 12,414 Discounted cash flow Discount rate 2.3% - 2.8% (2.6%) CPR 8.0% USDA Securities $ 4,401 Discounted cash flow Discount rate 1.4% - 3.1% (2.8%) CPR 25% - 42% (39%) Guarantee Asset $ 6,237 Discounted cash flow Discount rate 5.4% - 5.8% (5.6%) CPR 7% - 12% (8%) |
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 March 31, 2022 and December 31, 2021: Table 9.4 As of March 31, 2022 As of December 31, 2021 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 890,046 $ 890,046 $ 908,785 $ 908,785 Investment securities 4,241,418 4,241,788 3,884,202 3,882,590 Farmer Mac Guaranteed Securities 8,476,067 8,506,464 8,360,293 8,361,798 USDA Securities 2,395,117 2,439,489 2,536,473 2,440,732 Loans 9,429,186 9,364,940 9,814,642 9,248,678 Financial derivatives 26,329 26,329 19,139 19,139 Guarantee and commitment fees receivable 43,279 45,021 42,533 45,538 Financial liabilities: Notes payable 22,596,306 23,039,967 22,716,791 22,716,156 Debt securities of consolidated trusts held by third parties 890,823 895,145 1,005,306 981,379 Financial derivatives 105,574 105,574 34,248 34,248 Guarantee and commitment obligations 41,542 43,285 40,920 43,926 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three months ended March 31, 2022 and 2021. The amounts for the three months ended March 31, 2021 have been revised to conform to the current year's segment alignment. Table 10.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 31,354 $ 7,209 $ 3,193 $ 375 $ 19,740 $ 4 $ — $ — $ 61,875 Less: reconciling adjustments (1)(2)(3) (1,000) — (34) — (3,002) — — 4,036 — Net effective spread 30,354 7,209 3,159 375 16,738 4 — 4,036 — Guarantee and commitment fees 4,216 19 286 36 — — — (862) 3,695 Other income/(expense) (3) 400 114 — — — — — 16,172 16,686 Total revenues 34,970 7,342 3,445 411 16,738 4 — 19,346 82,256 (Provision for)/release of losses (510) (515) 1,169 (202) — 2 — — (56) Release of reserve for losses 75 — 35 — — — — — 110 Operating expenses — — — — — — (21,388) — (21,388) Total non-interest expense 75 — 35 — — — (21,388) — (21,278) Core earnings before income taxes 34,535 6,827 4,649 209 16,738 6 (21,388) 19,346 (4) 60,922 Income tax (expense)/benefit (7,252) (1,434) (976) (44) (3,515) (1) 4,198 (4,061) (13,085) Core earnings before preferred stock dividends 27,283 5,393 3,673 165 13,223 5 (17,190) 15,285 (4) 47,837 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 27,283 $ 5,393 $ 3,673 $ 165 $ 13,223 $ 5 $ (23,981) $ 15,285 (4) $ 41,046 Total Assets $ 13,610,138 $ 1,491,127 $ 5,480,668 $ 92,132 $ — $ 4,995,154 $ 120,195 $ — 25,789,414 Total on- and off-balance sheet program assets at principal balance $ 16,575,595 $ 1,540,760 $ 6,006,446 $ 120,609 $ — $ — $ — $ — 24,243,410 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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 March 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 27,646 $ 6,921 $ 1,754 $ 248 $ 16,568 $ 114 $ — $ — $ 53,251 Less: reconciling adjustments (1)(2)(3) (1,184) — (34) — 1,826 — — (608) — Net effective spread 26,462 6,921 1,720 248 18,394 114 — (608) — Guarantee and commitment fees 3,908 8 319 5 — — — (1,210) 3,030 Other income/(expense) (3) 572 — 1 — — — (122) 4,412 4,863 Total revenues 30,942 6,929 2,040 253 18,394 114 (122) 2,594 61,144 (Provision for)/release of losses — (61) (633) (195) — (24) — — (913) Provision for reserve for losses 731 — 213 — — — — — 944 Operating expenses — — — — — — (18,881) — (18,881) Total non-interest expense 731 — 213 — — — (18,881) — (17,937) Core earnings before income taxes 31,673 6,868 1,620 58 18,394 90 (19,003) 2,594 (4) 42,294 Income tax (expense)/benefit (6,650) (1,441) (341) (12) (3,863) (19) 3,806 (547) (9,067) Core earnings before preferred stock dividends 25,023 5,427 1,279 46 14,531 71 (15,197) 2,047 (4) 33,227 Preferred stock dividends — — — — — — (5,269) — (5,269) Loss on retirement of preferred stock — — — — — — — — — Segment core earnings/(losses) $ 25,023 $ 5,427 $ 1,279 $ 46 $ 14,531 $ 71 $ (20,466) $ 2,047 (4) $ 27,958 Total Assets $ 12,289,354 $ 1,644,837 $ 4,836,306 $ 83,352 $ — $ 5,128,901 $ 31,161 $ — $ 24,013,911 Total on- and off-balance sheet program assets at principal balance $ 14,738,052 $ 1,647,796 $ 5,382,835 $ 93,848 $ — $ — $ — $ — $ 21,862,531 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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) | Mar. 31, 2022subsidiary |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | $ 8,481,310 | $ 8,314,096 |
Debt securities of consolidated trusts held by third parties | 23,319,158 | |
Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 6,600,246 | 6,328,559 |
Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 4,195,314 | 3,836,391 |
On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 888,200 | 948,623 |
Debt securities of consolidated trusts held by third parties | 895,145 | 981,379 |
On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 37,018 | 42,298 |
Maximum exposure to loss | 37,956 | 42,155 |
On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 2,430,613 | 2,258,219 |
Maximum exposure to loss | 2,465,989 | 2,246,272 |
Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 544,484 | 578,358 |
Agricultural Finance | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 6,932,229 | 6,846,993 |
Borrower remittances | 6,900 | 32,800 |
Operating Segments | Agricultural Finance | On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 888,200 | 948,623 |
Debt securities of consolidated trusts held by third parties | 895,145 | 981,379 |
Operating Segments | Agricultural Finance | On-Balance Sheet: | Farmer Mac Guaranteed Securities | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 37,018 | 42,298 |
Maximum exposure to loss | 37,956 | 42,155 |
Operating Segments | Agricultural Finance | On-Balance Sheet: | Investment securities: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Fair Value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Operating Segments | Agricultural Finance | Off-Balance Sheet: | Unconsolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 544,484 | 578,358 |
Corporate | On-Balance Sheet: | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, 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 | 2,430,613 | 2,258,219 |
Maximum exposure to loss | 2,465,989 | 2,246,272 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Basic [Abstract] | ||
Net income attributable to common stockholders | $ 41,046 | $ 27,958 |
Weighted-Average Shares (in shares) | 10,767,000 | 10,738,000 |
Dollars per share (in dollars per share) | $ 3.81 | $ 2.60 |
Effect of dilutive securities | ||
SARs and restricted stock (in shares) | 120,000 | 81,000 |
SARs and restricted stock (in dollars per share) | $ (0.04) | $ (0.02) |
Net income, Diluted EPS | $ 41,046 | $ 27,958 |
Weighted-Average Shares, Diluted EPS (in shares) | 10,887,000 | 10,819,000 |
Diluted EPS (in dollars per share) | $ 3.77 | $ 2.58 |
Stock Appreciation Rights and Restricted Stock | ||
Effect of dilutive securities | ||
Antidilutive securities excluded from earnings per share (in shares) | 50,005 | 99,684 |
Performance Shares | ||
Effect of dilutive securities | ||
Antidilutive securities excluded from earnings per share (in shares) | 18,535 | 18,183 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,204,413 | $ 992,477 |
Other comprehensive income (loss) before reclassifications | (45,086) | 66,773 |
Amounts reclassified from AOCI | 1,568 | (1,106) |
Other comprehensive (loss)/income net of tax | (43,518) | 65,667 |
Ending balance | 1,192,844 | 1,077,492 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 3,853 | (13,923) |
Other comprehensive (loss)/income net of tax | (43,518) | 65,667 |
Ending balance | (39,665) | 51,744 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Available-for-Sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (6,932) | (13,937) |
Other comprehensive income (loss) before reclassifications | (68,148) | 53,211 |
Amounts reclassified from AOCI | (3) | (783) |
Other comprehensive (loss)/income net of tax | (68,151) | 52,428 |
Ending balance | (75,083) | 38,491 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Held-to-Maturity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 16,153 | 22,829 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | (19) | (1,704) |
Other comprehensive (loss)/income net of tax | (19) | (1,704) |
Ending balance | 16,134 | 21,125 |
Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (5,368) | (22,815) |
Other comprehensive income (loss) before reclassifications | 23,062 | 13,562 |
Amounts reclassified from AOCI | 1,590 | 1,381 |
Other comprehensive (loss)/income net of tax | 24,652 | 14,943 |
Ending balance | $ 19,284 | $ (7,872) |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other comprehensive (loss)/incomes: | ||
Other comprehensive (loss)/income before tax | $ (55,086) | $ 83,123 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Other comprehensive income/(loss), Provision (Benefit) | (11,568) | 17,456 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gains/(losses), After Tax | (45,086) | 66,773 |
Less reclassification adjustments, Provision (Benefit) | 1,568 | (1,106) |
Other comprehensive (loss)/income net of tax | (43,518) | 65,667 |
Securities | Available-for-Sale Securities | ||
Other comprehensive (loss)/incomes: | ||
Unrealized gain/(losses), Before Tax | (86,263) | 67,356 |
Other comprehensive (loss)/income before tax | (86,267) | 66,364 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Unrealized gains/(losses), Provision (Benefit) | (18,115) | 14,145 |
Other comprehensive income/(loss), Provision (Benefit) | (18,116) | 13,936 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gains/(losses), After Tax | (68,148) | 53,211 |
Other comprehensive (loss)/income net of tax | (68,151) | 52,428 |
Securities | Held-to-Maturity Securities | ||
Other comprehensive (loss)/incomes: | ||
Less reclassification adjustments, Before Tax | (23) | (2,157) |
Other comprehensive (loss)/income before tax | (23) | (2,157) |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | (4) | (453) |
Other comprehensive income/(loss), Provision (Benefit) | (4) | (453) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | (19) | (1,704) |
Other comprehensive (loss)/income net of tax | (19) | (1,704) |
Securities | Net interest income | Available-for-Sale Securities | ||
Other comprehensive (loss)/incomes: | ||
Less reclassification adjustments, Before Tax | 0 | (984) |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | 0 | (207) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | 0 | (777) |
Securities | Other income | Available-for-Sale Securities | ||
Other comprehensive (loss)/incomes: | ||
Less reclassification adjustments, Before Tax | (4) | (8) |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | (1) | (2) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Less reclassification adjustments, Provision (Benefit) | (3) | (6) |
Cash flow hedges | ||
Other comprehensive (loss)/incomes: | ||
Unrealized gain/(losses), Before Tax | 29,193 | 17,170 |
Less reclassification adjustments, Before Tax | 2,011 | 1,746 |
Other comprehensive (loss)/income before tax | 31,204 | 18,916 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Unrealized gains/(losses), Provision (Benefit) | 6,131 | 3,608 |
Less reclassification adjustments, Provision (Benefit) | 421 | 365 |
Other comprehensive income/(loss), Provision (Benefit) | 6,552 | 3,973 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gains/(losses), After Tax | 23,062 | 13,562 |
Less reclassification adjustments, Provision (Benefit) | 1,590 | 1,381 |
Other comprehensive (loss)/income net of tax | 24,652 | 14,943 |
AOCI Attributable to Parent | ||
Other comprehensive (loss)/incomes: | ||
Other comprehensive (loss)/income before tax | (55,086) | 83,123 |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Other comprehensive income/(loss), Provision (Benefit) | (11,568) | 17,456 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other comprehensive (loss)/income net of tax | $ (43,518) | $ 65,667 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities: | ||
Available-for-sale: | ||
Amount Outstanding | $ 4,244,839 | $ 3,819,376 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized cost | 4,258,227 | 3,834,714 |
Allowance for losses | (49) | (52) |
Unrealized Gains | 7,324 | 12,203 |
Unrealized Losses | (70,188) | (10,474) |
Fair Value | 4,195,314 | 3,836,391 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Total held-to-maturity | ||
Amount Outstanding | 44,970 | 44,970 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized Cost | 44,970 | 44,970 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 1,612 |
Unrealized Losses | (371) | 0 |
Fair Value | 44,599 | 46,582 |
Available-for-sale, accrued interest excluded | 3,900 | 4,300 |
Available-for-Sale Securities | Investment securities: | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 13,388 | 15,338 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 13,388 | 15,338 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 13,388 | 15,338 |
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 | (49) | (52) |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (690) | (394) |
Fair Value | 18,961 | 19,254 |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 2,261,234 | 2,168,016 |
Amortized cost | 2,260,873 | 2,168,106 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 7,314 | 11,821 |
Unrealized Losses | (3,030) | (1,096) |
Fair Value | 2,265,157 | 2,178,831 |
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 | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (361) | 90 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (361) | 90 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | (361) | 90 |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 554,118 | 451,660 |
Amortized cost | 569,299 | 464,185 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 9 | 382 |
Unrealized Losses | (48,688) | (5,730) |
Fair Value | 520,620 | 458,837 |
Held-to-maturity: | ||
Amount Outstanding | 44,970 | 44,970 |
Amortized Cost | 44,970 | 44,970 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 1,612 |
Unrealized Losses | (371) | 0 |
Fair Value | $ 44,599 | $ 46,582 |
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 | $ 1,409,787 | $ 1,180,000 |
Amortized cost | 1,408,355 | 1,182,723 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (17,780) | (3,254) |
Fair Value | 1,390,576 | 1,179,469 |
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 15,181 | 12,525 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 15,181 | 12,525 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | 15,181 | 12,525 |
Fixed Interest Rate | Available-for-Sale Securities | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (1,432) | 2,723 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (1,432) | 2,723 |
Total held-to-maturity | ||
Unamortized Premium/(Discount) | (1,432) | 2,723 |
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 - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale of available-for-sale investment securities | $ 0 | $ 0 |
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 | 98.40% |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | $ 2,453,999 | $ 1,989,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (67,367) | (9,419) |
Unrealized loss position for more than 12 months, Fair Value | 167,784 | 107,592 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (2,821) | $ (1,055) |
Investment securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Number of securities in loss position | security | 98 | 69 |
Unrealized loss position for more than 12 months, Number of securities in loss position | security | 20 | 24 |
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 | 18,961 | 19,254 |
Unrealized loss position for more than 12 months, Unrealized Loss | (690) | (394) |
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 | 459,195 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (619) | |
Unrealized loss position for more than 12 months, Fair Value | 37,307 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (477) | |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 707,266 | 406,805 |
Unrealized loss position for less than 12 months, Unrealized Loss | (2,751) | (5,730) |
Unrealized loss position for more than 12 months, Fair Value | 29,511 | 0 |
Unrealized loss position for more than 12 months, Unrealized Loss | (279) | 0 |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 520,485 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (48,688) | |
Unrealized loss position for more than 12 months, Fair Value | 0 | |
Unrealized loss position for more than 12 months, Unrealized Loss | 0 | |
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 | 1,226,248 | 1,123,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (15,928) | (3,070) |
Unrealized loss position for more than 12 months, Fair Value | 119,312 | 51,031 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (1,852) | $ (184) |
Investment Securities - Debt Ma
Investment Securities - Debt Maturities (Details) - Investment securities: $ in Thousands | Mar. 31, 2022USD ($) |
Amortized Cost | |
Due within one year | $ 795,326 |
Due after one year through five years | 940,430 |
Due after five years through ten years | 1,862,354 |
Due after ten years | 660,117 |
Debt securities, available-for-sale, amortized cost | 4,258,227 |
Fair Value | |
Due within one year | 790,653 |
Due after one year through five years | 927,942 |
Due after five years through ten years | 1,812,438 |
Due after ten years | 664,281 |
Total, Fair Value | $ 4,195,314 |
Weighted- Average Yield | |
Due within one year | 0.79% |
Due after one year through five years | 0.42% |
Due after five years through ten years | 0.96% |
Due after ten years | 0.71% |
Total, Weighted-Average Yield | 0.77% |
Farmer Mac Guaranteed Securit_3
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of On-Balance Sheet Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 1,906,421 | $ 2,033,345 |
Amortized Cost | 1,906,378 | 2,033,371 |
Allowance for losses | (160) | (132) |
Unrealized Gains | 3,144 | 11,259 |
Unrealized Losses | (33,541) | (12,764) |
Fair Value | 1,875,821 | 2,031,734 |
Available-for-sale: | ||
Amortized cost | 6,672,894 | |
Fair Value | 6,600,246 | |
USDA Securities: | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,411,399 | 2,411,649 |
Amortized Cost | 2,436,103 | 2,436,331 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 221 | 95,741 |
Unrealized Losses | (44,593) | 0 |
Fair Value | 2,391,731 | 2,532,072 |
Trading: | ||
Unpaid Principal Balance | 3,370 | 4,299 |
Amortized Cost | 3,481 | 4,433 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (95) | (33) |
Fair Value | 3,386 | $ 4,401 |
Trading securities, weighted-average yield | 5.05% | |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 4,317,820 | $ 4,444,994 |
Amortized Cost | 4,342,481 | 4,469,702 |
Allowance for losses | (160) | (132) |
Unrealized Gains | 3,365 | 107,000 |
Unrealized Losses | (78,134) | (12,764) |
Fair Value | 4,267,552 | 4,563,806 |
Farmer Mac Guaranteed Securities: | ||
Available-for-sale: | ||
Unpaid Principal Balance | 6,659,760 | 6,122,240 |
Amortized cost | 6,672,894 | 6,135,807 |
Allowance for losses | (681) | (263) |
Unrealized Gains | 45,780 | 213,025 |
Unrealized Losses | (117,747) | (20,010) |
Fair Value | 6,600,246 | 6,328,559 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (43) | 26 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (43) | 26 |
Trading: | ||
Unamortized Premium/(Discount) | (43) | 26 |
Held-to-Maturity Securities | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 24,704 | 24,682 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 24,704 | 24,682 |
Trading: | ||
Unamortized Premium/(Discount) | 24,704 | 24,682 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 24,661 | 24,708 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 24,661 | 24,708 |
Trading: | ||
Unamortized Premium/(Discount) | 24,661 | 24,708 |
Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 13,134 | 13,567 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 13,134 | 13,567 |
Trading: | ||
Unamortized Premium/(Discount) | 13,134 | 13,567 |
Debt Securities, Trading | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 111 | 134 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 111 | 134 |
Trading: | ||
Unamortized Premium/(Discount) | 111 | 134 |
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities | ||
Available-for-sale: | ||
Fair Value | 11,000 | 12,400 |
Trading: | ||
Derivative, notional amount | 262,600 | 275,400 |
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities: | ||
Available-for-sale: | ||
Unpaid Principal Balance | 0 | 0 |
Amortized cost | 11,918 | 12,297 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 0 | 117 |
Unrealized Losses | (896) | 0 |
Fair Value | 11,022 | 12,414 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 11,918 | 12,297 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 11,918 | 12,297 |
Trading: | ||
Unamortized Premium/(Discount) | 11,918 | 12,297 |
AgVantage | ||
Trading: | ||
Available-for-sale, accrued interest excluded | 35,800 | 29,800 |
Held-to-maturity, accrued interest excluded | 34,500 | 42,100 |
Trading securities, accrued interest excluded | 100 | 100 |
AgVantage | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,880,383 | 2,003,486 |
Amortized Cost | 1,880,383 | 2,003,486 |
Allowance for losses | (160) | (132) |
Unrealized Gains | 2,895 | 10,097 |
Unrealized Losses | (33,178) | (12,764) |
Fair Value | 1,849,940 | 2,000,687 |
AgVantage | Farmer Mac Guaranteed Securities: | ||
Available-for-sale: | ||
Unpaid Principal Balance | 6,659,760 | 6,122,240 |
Amortized cost | 6,660,976 | 6,123,510 |
Allowance for losses | (681) | (263) |
Unrealized Gains | 45,780 | 212,908 |
Unrealized Losses | (116,851) | (20,010) |
Fair Value | 6,589,224 | 6,316,145 |
AgVantage | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Trading: | ||
Unamortized Premium/(Discount) | 0 | 0 |
AgVantage | Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,216 | 1,270 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,216 | 1,270 |
Trading: | ||
Unamortized Premium/(Discount) | 1,216 | 1,270 |
Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 26,038 | 29,859 |
Amortized Cost | 25,995 | 29,885 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 249 | 1,162 |
Unrealized Losses | (363) | 0 |
Fair Value | $ 25,881 | 31,047 |
Farmer Mac Guaranteed USDA Securities | USDA Securities: | ||
Trading: | ||
Trading securities, weighted-average yield | 5.06% | |
Farmer Mac Guaranteed USDA Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | $ (43) | 26 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (43) | 26 |
Trading: | ||
Unamortized Premium/(Discount) | $ (43) | $ 26 |
Farmer Mac Guaranteed Securit_4
Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | $ 2,453,999 | $ 1,989,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (67,367) | (9,419) |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 167,784 | 107,592 |
Unrealized loss position for more than 12 months, Unrealized Loss | (2,821) | (1,055) |
Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 2,887,202 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (96,142) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 197,060 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (21,605) | |
USDA Securities: | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 2,379,076 | 0 |
Unrealized Loss | (44,593) | 0 |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 3,677,161 | 1,387,236 |
Unrealized Loss | (60,817) | (12,764) |
Unrealized loss position for more than 12 months | ||
Fair Value | 207,683 | 0 |
Unrealized Loss | (17,317) | 0 |
AgVantage | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 1,287,544 | 1,387,236 |
Unrealized Loss | (15,861) | (12,764) |
Unrealized loss position for more than 12 months | ||
Fair Value | 207,683 | 0 |
Unrealized Loss | (17,317) | 0 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 1,867,364 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (17,263) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 90,971 | |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (2,747) | |
AgVantage | Farmer Mac Guaranteed Securities | Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 2,876,180 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (95,246) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 197,060 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (21,605) | |
USDA Securities | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 10,541 | |
Unrealized Loss | (363) | |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | |
Unrealized Loss | 0 | |
USDA Securities | Farmer Mac Guaranteed Securities | Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 11,022 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (896) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 0 | |
Unrealized loss position for more than 12 months, Unrealized Loss | $ 0 |
Farmer Mac Guaranteed Securit_5
Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) - AgVantage - Farmer Mac Guaranteed Securities - security | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions | 31 | 13 |
Held-to-maturity, securities in unrealized loss positions | 38 | 10 |
Unrealized loss position for more than 12 months, Number of securities in loss position | 4 | 2 |
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, Number of securities in loss position | 2,000 | 0 |
Farmer Mac Guaranteed Securit_6
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
AgVantage | ||
Weighted- Average Yield | ||
Available-for-sale, accrued interest excluded | $ 35,800 | $ 29,800 |
Farmer Mac Guaranteed Securities | ||
Amortized Cost | ||
Due within one year | 1,231,599 | |
Due after one year through five years | 2,420,343 | |
Due after five years through ten years | 1,276,934 | |
Due after ten years | 1,744,018 | |
Debt securities, available-for-sale, amortized cost | 6,672,894 | |
Fair Value | ||
Due within one year | 1,233,753 | |
Due after one year through five years | 2,390,586 | |
Due after five years through ten years | 1,248,573 | |
Due after ten years | 1,727,334 | |
Total, Fair Value | $ 6,600,246 | |
Weighted- Average Yield | ||
Due within one year | 2.05% | |
Due after one year through five years | 2.52% | |
Due after five years through ten years | 2.55% | |
Due after ten years | 2.63% | |
Total, Weighted-Average Yield | 2.46% |
Farmer Mac Guaranteed Securit_7
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
AgVantage | ||
Weighted- Average Yield | ||
Held-to-maturity, accrued interest excluded | $ 34,500 | $ 42,100 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Amortized Cost | ||
Due within one year | 1,029,330 | |
Due after one year through five years | 900,448 | |
Due after five years through ten years | 255,611 | |
Due after ten years | 2,157,092 | |
Amortized Cost | 4,342,481 | $ 4,469,702 |
Fair Value | ||
Due within one year | 1,027,276 | |
Due after one year through five years | 870,548 | |
Due after five years through ten years | 250,630 | |
Due after ten years | 2,119,098 | |
Total | $ 4,267,552 | |
Weighted- Average Yield | ||
Due within one year | 1.13% | |
Due after one year through five years | 2.09% | |
Due after five years through ten years | 2.79% | |
Due after ten years | 3.14% | |
Total | 2.41% |
Financial Derivatives - Schedul
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notional Disclosures [Abstract] | ||
Notional Amount | $ 19,009,603 | $ 17,547,367 |
Asset | ||
Asset | 26,329 | 19,139 |
Collateral (held)/pledged | 0 | 0 |
Net amount | 26,329 | 19,139 |
(Liability) | ||
(Liability) | (105,574) | (34,248) |
Collateral (held)/pledged | 262,394 | 194,519 |
Net amount | 156,820 | 160,271 |
Designated as hedge | Fair value hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 7,209,418 | 6,238,438 |
Asset | ||
Asset | 8,657 | 11,554 |
(Liability) | ||
(Liability) | $ (1,589) | $ (583) |
Weighted- Average Pay Rate | 1.92% | 2.06% |
Weighted- Average Receive Rate | 0.37% | 0.13% |
Weighted- Average Remaining Term (in years) | 11 years | 11 years 7 months 20 days |
Designated as hedge | Fair value hedges: | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 6,565,729 | $ 5,884,529 |
Asset | ||
Asset | 279 | 15 |
(Liability) | ||
(Liability) | $ (11,149) | $ (8,383) |
Weighted- Average Pay Rate | 0.42% | 0.17% |
Weighted- Average Receive Rate | 0.91% | 0.88% |
Weighted- Average Remaining Term (in years) | 2 years 1 month 28 days | 2 years 3 months 7 days |
Designated as hedge | Fair value hedges: | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,883,577 | $ 1,571,577 |
Asset | ||
Asset | 0 | 103 |
(Liability) | ||
(Liability) | $ (90,594) | $ (17,612) |
Weighted- Average Pay Rate | 0.25% | 0.01% |
Weighted- Average Receive Rate | 1.04% | 0.80% |
Weighted- Average Remaining Term (in years) | 3 years 10 months 24 days | 4 years 2 months 1 day |
Designated as hedge | Cash flow hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 617,000 | $ 570,000 |
Asset | ||
Asset | 15,900 | 6,905 |
(Liability) | ||
(Liability) | $ (70) | $ (2,763) |
Weighted- Average Pay Rate | 1.92% | 1.93% |
Weighted- Average Receive Rate | 0.74% | 0.49% |
Weighted- Average Remaining Term (in years) | 5 years 7 months 20 days | 5 years 8 months 19 days |
No hedge designation | ||
Asset | ||
Credit valuation adjustment | $ (2) | $ 0 |
(Liability) | ||
Credit valuation adjustment | 29 | 14 |
No hedge designation | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 227,918 | 229,062 |
Asset | ||
Asset | 265 | 0 |
(Liability) | ||
(Liability) | $ (1,638) | $ (4,641) |
Weighted- Average Pay Rate | 3.24% | 3.22% |
Weighted- Average Receive Rate | 0.37% | 0.16% |
Weighted- Average Remaining Term (in years) | 4 years 8 months 19 days | 4 years 11 months 12 days |
No hedge designation | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,038,750 | $ 1,377,250 |
Asset | ||
Asset | 0 | 0 |
(Liability) | ||
(Liability) | $ 0 | $ 0 |
Weighted- Average Pay Rate | 0.35% | 0.13% |
Weighted- Average Receive Rate | 0.40% | 0.43% |
Weighted- Average Remaining Term (in years) | 10 months 13 days | 11 months 19 days |
No hedge designation | Basis swaps | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,393,911 | $ 1,608,911 |
Asset | ||
Asset | 191 | 489 |
(Liability) | ||
(Liability) | $ (435) | $ (280) |
Weighted- Average Pay Rate | 0.45% | 0.17% |
Weighted- Average Receive Rate | 0.48% | 0.20% |
Weighted- Average Remaining Term (in years) | 3 years 6 months 21 days | 3 years 3 months 21 days |
No hedge designation | Treasury futures | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 73,300 | $ 67,600 |
Asset | ||
Asset | 1,039 | 73 |
(Liability) | ||
(Liability) | $ (128) | $ 0 |
Weighted- Average Forward Price (in dollars per share) | $ 124.12 | $ 130.58 |
Financial Derivatives - Narrati
Financial Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Gain expected to be reclassified from AOCI to earnings over next 12 months | $ 1,200,000 | ||
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings | 0 | $ 0 | |
Investments held as collateral | 0 | $ 0 | |
Financial derivatives in net payable position | 0 | 0 | |
Notional amount | 19,009,603,000 | 17,547,367,000 | |
Exchange Cleared | |||
Derivative [Line Items] | |||
Notional amount | 16,000,000,000 | 14,900,000,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount | 18,900,000,000 | 17,500,000,000 | |
Cash | |||
Derivative [Line Items] | |||
Cash posted as collateral | 78,500,000 | 16,600,000 | |
Available-for-Sale Securities | |||
Derivative [Line Items] | |||
Cash posted as collateral | $ 183,900,000 | $ 177,900,000 |
Financial Derivatives - Sched_2
Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Investments and cash equivalents | $ 5,716 | $ 5,529 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 39,257 | 42,404 |
Interest Income Loans | 67,247 | 59,494 |
Total interest expense | (50,345) | (54,176) |
Gains on financial derivatives | 16,074 | 4,293 |
Total | 77,949 | 52,015 |
Expense recognized on cash flow hedges | 20,491 | 8,837 |
Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | (136,167) | (284,049) |
Gains/(losses) on fair value hedging relationships | 2,364 | 345 |
Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/discount amortization recognized on hedged items | (13) | (7) |
Interest settlements reclassified from AOCI into net income on derivatives | (2,011) | (1,746) |
Recognized on hedged items | (787) | (655) |
Expense recognized on cash flow hedges | (2,811) | (2,408) |
Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 28,988 | 30,454 |
Premium/discount amortization recognized on hedged items | (854) | (221) |
No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 16,074 | 4,293 |
Interest Income Investments and Cash Equivalents | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | (32,726) | |
Gains/(losses) on fair value hedging relationships | 699 | |
Interest Income Investments and Cash Equivalents | Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/discount amortization recognized on hedged items | 0 | |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | |
Recognized on hedged items | 0 | |
Expense recognized on cash flow hedges | 0 | |
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 2,597 | |
Premium/discount amortization recognized on hedged items | 414 | |
Interest Income Investments and Cash Equivalents | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | (210,648) | (168,801) |
Gains/(losses) on fair value hedging relationships | (460) | (723) |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/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 Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 31,929 | 30,775 |
Premium/discount amortization recognized on hedged items | 0 | 0 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Interest Income Loans | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | (129,607) | (144,749) |
Gains/(losses) on fair value hedging relationships | 2,325 | 1,022 |
Interest Income Loans | Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/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 Loans | Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 12,619 | 11,487 |
Premium/discount amortization recognized on hedged items | 0 | 0 |
Interest Income Loans | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Total Interest Expense | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 236,814 | 29,501 |
Gains/(losses) on fair value hedging relationships | (200) | 46 |
Total Interest Expense | Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/discount amortization recognized on hedged items | (13) | (7) |
Interest settlements reclassified from AOCI into net income on derivatives | (2,011) | (1,746) |
Recognized on hedged items | (787) | (655) |
Expense recognized on cash flow hedges | (2,811) | (2,408) |
Total Interest Expense | Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | (18,157) | (11,808) |
Premium/discount amortization recognized on hedged items | (440) | (221) |
Total Interest Expense | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Gains on financial derivatives | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 0 | 0 |
Gains/(losses) on fair value hedging relationships | 0 | 0 |
Gains on financial derivatives | Cash flow hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium/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 |
Gains on financial derivatives | Designated as hedge | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on hedged items | 0 | 0 |
Premium/discount amortization recognized on hedged items | 0 | 0 |
Gains on financial derivatives | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 16,074 | 4,293 |
Interest Rate Swap | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | (15,874) | (18,528) |
Income/(expense) related to interest settlements on fair value hedging relationships | 12,260 | 11,705 |
Recognized on derivatives | 138,531 | 284,394 |
Interest Rate Swap | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 703 | 1,470 |
Expense recognized on cash flow hedges | (927) | 2,223 |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | (1,484) | |
Income/(expense) related to interest settlements on fair value hedging relationships | 699 | |
Recognized on derivatives | 33,425 | |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | |
Expense recognized on cash flow hedges | 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 | (21,644) | (21,437) |
Income/(expense) related to interest settlements on fair value hedging relationships | 10,285 | 9,338 |
Recognized on derivatives | 210,188 | 168,078 |
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 |
Interest Rate Swap | Interest Income Loans | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | (6,946) | (6,572) |
Income/(expense) related to interest settlements on fair value hedging relationships | 5,673 | 4,915 |
Recognized on derivatives | 131,932 | 145,771 |
Interest Rate Swap | Interest Income Loans | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 |
Interest Rate Swap | Total Interest Expense | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | 14,200 | 9,481 |
Income/(expense) related to interest settlements on fair value hedging relationships | (4,397) | (2,548) |
Recognized on derivatives | (237,014) | (29,455) |
Interest Rate Swap | Total Interest Expense | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 |
Interest Rate Swap | Gains on financial derivatives | Fair value hedges: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | 0 | 0 |
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 |
Recognized on derivatives | 0 | 0 |
Interest Rate Swap | Gains on financial derivatives | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 703 | 1,470 |
Expense recognized on cash flow hedges | (927) | 2,223 |
Treasury futures | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 16,298 | 600 |
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | |
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Treasury futures | Interest Income Loans | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Treasury futures | Total Interest Expense | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | 0 | 0 |
Treasury futures | Gains on financial derivatives | No hedge designation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains on financial derivatives | $ 16,298 | $ 600 |
Financial Derivatives - Hedged
Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | $ 520,485 | $ 458,653 |
Hedged Asset | (33,944) | (1,218) |
Loans | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 1,672,092 | 1,668,142 |
Hedged Asset | (115,775) | 13,832 |
Loans | No hedge designation | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedged Asset | 1,200 | |
Long-term Debt | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | (8,024,125) | (7,083,535) |
Hedged Liability | 279,191 | 42,377 |
Farmer Mac Guaranteed Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 4,826,536 | 4,276,002 |
Hedged Asset | (4,129) | 206,520 |
Farmer Mac Guaranteed Securities | No hedge designation | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedged Asset | $ 1,200 | $ 1,300 |
Financial Derivatives - Sched_3
Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Liabilities derivatives interest rate swaps | $ 105,574 | $ 34,248 |
Gross Amount Recognized | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 258,067 | 91,130 |
Liabilities derivatives interest rate swaps | 399,497 | 404,063 |
Counterparty Netting | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 232,963 | 91,130 |
Liabilities derivatives interest rate swaps | 381,928 | 386,249 |
Net Amount Presented in the Consolidated Balance Sheet | Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 25,104 | 0 |
Liabilities derivatives interest rate swaps | $ 17,569 | $ 17,814 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at lower of cost or fair value | $ 9,000 | $ 0 | |
Provision for/(release of) losses | 56 | $ 913 | |
Rural Infrastructure Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for/(release of) losses | (977) | 1,002 | |
Agricultural Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for/(release of) losses | $ 590 | $ (27) |
Loans - Schedule of Composition
Loans - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 9,484,080 | $ 9,236,129 |
Allowance for losses | (13,570) | (14,041) |
Total loans, net of allowance | 9,364,940 | 9,248,678 |
Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 9,484,080 | 9,236,129 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (105,570) | 26,590 |
Total | 9,378,510 | 9,262,719 |
Allowance for losses | (13,570) | (14,041) |
Total loans, net of allowance | 9,364,940 | 9,248,678 |
Agricultural Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 6,932,229 | 6,846,993 |
Allowance for losses | (3,948) | (3,442) |
Agricultural Finance | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 6,932,229 | 6,846,993 |
Rural Infrastructure Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 2,551,851 | 2,389,136 |
Allowance for losses | (9,622) | (10,599) |
Rural Infrastructure Finance | Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 2,551,851 | 2,389,136 |
Unsecuritized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 8,595,880 | 8,287,506 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (105,570) | 26,590 |
Total | 8,490,310 | 8,314,096 |
Allowance for losses | (13,110) | (13,477) |
Total loans, net of allowance | 8,477,200 | 8,300,619 |
Unsecuritized | Agricultural Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 6,044,029 | 5,898,370 |
Unsecuritized | Rural Infrastructure Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 2,551,851 | 2,389,136 |
In Consolidated Trusts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 888,200 | 948,623 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 0 | 0 |
Total | 888,200 | 948,623 |
Allowance for losses | (460) | (564) |
Total loans, net of allowance | 887,740 | 948,059 |
In Consolidated Trusts | Agricultural Finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 888,200 | 948,623 |
In Consolidated Trusts | Rural Infrastructure Finance | ||
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 | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | $ 56,000 | $ 913,000 | |
Agricultural Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 3,442,000 | 3,745,000 | $ 3,745,000 |
Provision for/(release of) losses | 590,000 | (27,000) | |
Charge-offs | (84,000) | 0 | 0 |
Ending balance | 3,948,000 | 3,718,000 | 3,442,000 |
Agricultural Finance | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | 0 | 0 | |
Rural Infrastructure Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 10,599,000 | 10,087,000 | 10,087,000 |
Provision for/(release of) losses | (977,000) | 1,002,000 | |
Charge-offs | 0 | 0 | 0 |
Ending balance | 9,622,000 | 11,089,000 | $ 10,599,000 |
Rural Infrastructure Finance | Collateral Pledged | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | $ 0 | $ 0 |
Loans - Unpaid Principal Balanc
Loans - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 8,481,310 | $ 8,314,096 |
Nonaccrual loans | 120,705 | 126,807 |
Total Loans | 9,484,080 | 9,236,129 |
Nonaccrual loans with no associated allowance | 34,900 | 31,000 |
Interest received on nonaccrual loans | 1,800 | 5,000 |
Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,932,229 | 6,846,993 |
Nonaccrual loans | 120,705 | 126,807 |
Total Loans | 6,932,229 | 6,846,993 |
Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,551,851 | 2,389,136 |
Nonaccrual loans | 0 | 0 |
Total Loans | 2,551,851 | 2,389,136 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 9,349,595 | 9,104,206 |
Current | Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,797,744 | 6,715,070 |
Current | Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,551,851 | 2,389,136 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 13,780 | 5,116 |
Total Past Due | Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 13,780 | 5,116 |
Total Past Due | Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 4,624 | 4,548 |
30-59 Days | Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 4,624 | 4,548 |
30-59 Days | Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 639 | 568 |
60-89 Days | Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 639 | 568 |
60-89 Days | Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
90 Days and Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 8,517 | 0 |
90 Days and Greater | Agricultural Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 8,517 | 0 |
90 Days and Greater | Rural Infrastructure Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 0 | $ 0 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Total | |||
Total | $ 8,481,310 | $ 8,314,096 | |
Agricultural Finance | |||
Year One | |||
Total | 407,133 | 2,224,509 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Two | |||
Total | 2,207,958 | 1,596,563 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Three | |||
Total | 1,537,824 | 617,576 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Four | |||
Total | 571,198 | 400,104 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Five | |||
Total | 372,486 | 351,687 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Prior | |||
Total | 1,295,289 | 1,095,135 | |
Current period charge-offs | (84) | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | (84) | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 540,341 | 561,419 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Total | |||
Total | 6,932,229 | 6,846,993 | |
Current period charge-offs | (84) | $ 0 | 0 |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | (84) | 0 | |
Rural Infrastructure Finance | |||
Year One | |||
Total | 175,976 | 242,570 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Two | |||
Total | 230,729 | 635,166 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Three | |||
Total | 643,667 | 774,941 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Four | |||
Total | 766,559 | 8,100 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Five | |||
Total | 8,017 | 86,878 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Prior | |||
Total | 695,266 | 628,903 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 31,637 | 12,578 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Total | |||
Total | 2,551,851 | 2,389,136 | |
Current period charge-offs | 0 | $ 0 | 0 |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Acceptable | Agricultural Finance | |||
Year One | |||
Total | 400,124 | 2,138,060 | |
Year Two | |||
Total | 2,080,013 | 1,541,509 | |
Year Three | |||
Total | 1,473,300 | 540,139 | |
Year Four | |||
Total | 504,767 | 324,917 | |
Year Five | |||
Total | 306,332 | 303,852 | |
Prior | |||
Total | 1,179,889 | 1,004,709 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 512,678 | 545,370 | |
Total | |||
Total | 6,457,103 | 6,398,556 | |
Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 175,976 | 242,570 | |
Year Two | |||
Total | 230,729 | 612,366 | |
Year Three | |||
Total | 643,667 | 774,941 | |
Year Four | |||
Total | 766,559 | 8,100 | |
Year Five | |||
Total | 8,017 | 86,878 | |
Prior | |||
Total | 695,266 | 628,903 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 31,637 | 12,578 | |
Total | |||
Total | 2,551,851 | 2,366,336 | |
Special mention | Agricultural Finance | |||
Year One | |||
Total | 7,009 | 84,795 | |
Year Two | |||
Total | 123,893 | 50,057 | |
Year Three | |||
Total | 38,473 | 51,200 | |
Year Four | |||
Total | 43,697 | 48,078 | |
Year Five | |||
Total | 45,722 | 9,132 | |
Prior | |||
Total | 25,750 | 14,646 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 9,279 | 4,771 | |
Total | |||
Total | 293,823 | 262,679 | |
Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
Substandard | Agricultural Finance | |||
Year One | |||
Total | 0 | 1,654 | |
Year Two | |||
Total | 4,052 | 4,997 | |
Year Three | |||
Total | 26,051 | 26,237 | |
Year Four | |||
Total | 22,734 | 27,109 | |
Year Five | |||
Total | 20,432 | 38,703 | |
Prior | |||
Total | 89,650 | 75,780 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 18,384 | 11,278 | |
Total | |||
Total | 181,303 | 185,758 | |
Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 22,800 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | $ 0 | $ 22,800 |
Guarantees and Commitments - Of
Guarantees and Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Unconsolidated VIE - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 547,239 | $ 581,113 |
Agricultural Finance | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 544,484 | 578,358 |
Rural Infrastructure Finance | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 2,755 | $ 2,755 |
Guarantees and Commitments - Si
Guarantees and Commitments - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 25,928 | $ 49,133 |
Guarantee fees received | $ 577 | $ 360 |
Guarantees and Commitments - Sc
Guarantees and Commitments - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Guarantor Obligations [Line Items] | |||
Guarantee and commitment obligation | $ 6,961 | $ 7,355 | |
Weighted-average remaining maturity | 21 years 8 months 12 days | 21 years 8 months 12 days | |
AgVantage Securities | |||
Guarantor Obligations [Line Items] | |||
Weighted-average remaining maturity | 2 years 8 months 12 days | 3 years |
Guarantees and Commitments - _2
Guarantees and Commitments - Schedule of Long-Term Standby Purchase Commitments (Details) - LTSPCs - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Guarantor Obligations [Line Items] | |||
Maximum principal amount | $ 3,197,933 | $ 3,191,061 | |
Weighted-average remaining maturity | 15 years 6 months | 15 years 6 months | |
Guarantee and commitment obligation | |||
Guarantor Obligations [Line Items] | |||
Guarantee and commitment obligation | $ 36,324 | $ 36,571 |
Guarantees and Commitments - Re
Guarantees and Commitments - Reserve For Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||||
Reserve for losses | $ 1,840 | $ 1,950 | ||
Agricultural Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | 993 | 1,068 | $ 1,366 | $ 2,097 |
Rural Infrastructure Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | 847 | 882 | $ 967 | $ 1,180 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | 993 | 1,068 | ||
LTSPCs | Rural Infrastructure Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | $ 847 | $ 882 |
Guarantees and Commitments - Ch
Guarantees and Commitments - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 1,950 | |
Release of losses | (110) | $ (944) |
Ending balance | 1,840 | |
Agricultural Finance | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 1,068 | 2,097 |
Release of losses | (75) | (731) |
Ending balance | 993 | 1,366 |
Rural Infrastructure Finance | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 882 | 1,180 |
Release of losses | (35) | (213) |
Ending balance | $ 847 | $ 967 |
Guarantees and Commitments - Un
Guarantees and Commitments - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total | $ 8,481,310 | $ 8,314,096 |
Current | ||
Guarantor Obligations [Line Items] | ||
Total | 9,349,595 | 9,104,206 |
Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 13,780 | 5,116 |
30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 4,624 | 4,548 |
60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 639 | 568 |
90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 8,517 | 0 |
Agricultural Finance | ||
Guarantor Obligations [Line Items] | ||
Total | 6,932,229 | 6,846,993 |
Agricultural Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 6,797,744 | 6,715,070 |
Agricultural Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 13,780 | 5,116 |
Agricultural Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 4,624 | 4,548 |
Agricultural Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 639 | 568 |
Agricultural Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 8,517 | 0 |
Rural Infrastructure Finance | ||
Guarantor Obligations [Line Items] | ||
Total | 2,551,851 | 2,389,136 |
Rural Infrastructure Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 2,551,851 | 2,389,136 |
Rural Infrastructure Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | ||
Guarantor Obligations [Line Items] | ||
Total | 2,947,749 | 2,964,756 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 2,942,666 | 2,953,091 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 5,083 | 11,665 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 1,578 | 8,068 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 1,618 | 0 |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 1,887 | 3,597 |
LTSPCs | Rural Infrastructure Finance | ||
Guarantor Obligations [Line Items] | ||
Total | 562,568 | 556,837 |
LTSPCs | Rural Infrastructure Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 562,568 | 556,837 |
LTSPCs | Rural Infrastructure Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Infrastructure Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Infrastructure Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
LTSPCs | Rural Infrastructure Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | $ 0 | $ 0 |
Guarantees and Commitments - Cr
Guarantees and Commitments - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Total | |||
Total | $ 8,481,310 | $ 8,314,096 | |
Agricultural Finance | |||
Year One | |||
Total | 407,133 | 2,224,509 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 2,207,958 | 1,596,563 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 1,537,824 | 617,576 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 571,198 | 400,104 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 372,486 | 351,687 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 1,295,289 | 1,095,135 | |
Current period charge-offs | 84 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 84 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 540,341 | 561,419 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 6,932,229 | 6,846,993 | |
Charge-off from the allowance for losses | 84 | $ 0 | 0 |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 84 | 0 | |
Rural Infrastructure Finance | |||
Year One | |||
Total | 175,976 | 242,570 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 230,729 | 635,166 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 643,667 | 774,941 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 766,559 | 8,100 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 8,017 | 86,878 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 695,266 | 628,903 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 31,637 | 12,578 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 2,551,851 | 2,389,136 | |
Charge-off from the allowance for losses | 0 | $ 0 | 0 |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Acceptable | Agricultural Finance | |||
Year One | |||
Total | 400,124 | 2,138,060 | |
Year Two | |||
Total | 2,080,013 | 1,541,509 | |
Year Three | |||
Total | 1,473,300 | 540,139 | |
Year Four | |||
Total | 504,767 | 324,917 | |
Year Five | |||
Total | 306,332 | 303,852 | |
Prior | |||
Total | 1,179,889 | 1,004,709 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 512,678 | 545,370 | |
Total | |||
Total | 6,457,103 | 6,398,556 | |
Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 175,976 | 242,570 | |
Year Two | |||
Total | 230,729 | 612,366 | |
Year Three | |||
Total | 643,667 | 774,941 | |
Year Four | |||
Total | 766,559 | 8,100 | |
Year Five | |||
Total | 8,017 | 86,878 | |
Prior | |||
Total | 695,266 | 628,903 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 31,637 | 12,578 | |
Total | |||
Total | 2,551,851 | 2,366,336 | |
Special mention | Agricultural Finance | |||
Year One | |||
Total | 7,009 | 84,795 | |
Year Two | |||
Total | 123,893 | 50,057 | |
Year Three | |||
Total | 38,473 | 51,200 | |
Year Four | |||
Total | 43,697 | 48,078 | |
Year Five | |||
Total | 45,722 | 9,132 | |
Prior | |||
Total | 25,750 | 14,646 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 9,279 | 4,771 | |
Total | |||
Total | 293,823 | 262,679 | |
Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
Substandard | Agricultural Finance | |||
Year One | |||
Total | 0 | 1,654 | |
Year Two | |||
Total | 4,052 | 4,997 | |
Year Three | |||
Total | 26,051 | 26,237 | |
Year Four | |||
Total | 22,734 | 27,109 | |
Year Five | |||
Total | 20,432 | 38,703 | |
Prior | |||
Total | 89,650 | 75,780 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 18,384 | 11,278 | |
Total | |||
Total | 181,303 | 185,758 | |
Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 22,800 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 22,800 | |
LTSPCs and Farmer Mac Guaranteed Securities | Agricultural Finance | |||
Year One | |||
Total | 39,991 | 376,027 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 425,698 | 544,098 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 507,304 | 245,089 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 245,879 | 200,298 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 193,559 | 251,812 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 1,264,636 | 1,089,305 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 270,682 | 258,127 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 2,947,749 | 2,964,756 | |
Charge-off from the allowance for losses | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
LTSPCs and Farmer Mac Guaranteed Securities | Acceptable | Agricultural Finance | |||
Year One | |||
Total | 39,991 | 376,027 | |
Year Two | |||
Total | 425,698 | 537,521 | |
Year Three | |||
Total | 504,636 | 244,365 | |
Year Four | |||
Total | 245,154 | 188,452 | |
Year Five | |||
Total | 182,019 | 235,865 | |
Prior | |||
Total | 1,192,160 | 1,013,937 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 264,675 | 252,039 | |
Total | |||
Total | 2,854,333 | 2,848,206 | |
LTSPCs and Farmer Mac Guaranteed Securities | Special mention | Agricultural Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 5,270 | |
Year Three | |||
Total | 2,470 | 0 | |
Year Four | |||
Total | 0 | 6,808 | |
Year Five | |||
Total | 6,663 | 3,154 | |
Prior | |||
Total | 47,438 | 38,042 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 2,329 | 2,354 | |
Total | |||
Total | 58,900 | 55,628 | |
LTSPCs and Farmer Mac Guaranteed Securities | Substandard | Agricultural Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 1,307 | |
Year Three | |||
Total | 198 | 724 | |
Year Four | |||
Total | 725 | 5,038 | |
Year Five | |||
Total | 4,877 | 12,793 | |
Prior | |||
Total | 25,038 | 37,326 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 3,678 | 3,734 | |
Total | |||
Total | 34,516 | 60,922 | |
LTSPCs | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 489,384 | 499,594 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 73,184 | 57,243 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 562,568 | 556,837 | |
Charge-off from the allowance for losses | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
LTSPCs | Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 489,384 | 499,594 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 73,184 | 57,243 | |
Total | |||
Total | 562,568 | 556,837 | |
LTSPCs | Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
LTSPCs | Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | $ 0 | $ 0 |
Guarantees and Commitments - Na
Guarantees and Commitments - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
LTSPCs | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 3,197,933 | $ 3,191,061 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Medium term notes called during the period | $ 26,000,000 | $ 1,000,000,000 |
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 | $ 2,200,000,000 | $ 1,800,000,000 |
Notes Payable - Borrowings (Det
Notes Payable - Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Due within one year: | ||
Current portion of medium-term notes | $ 6,569,449 | $ 6,986,799 |
Weighted - average rate (as a percent) | 0.60% | 0.45% |
Medium-term notes due in: | ||
Two years | $ 4,183,016 | |
Three years | 3,077,629 | |
Four years | 2,513,545 | |
Five years | 2,769,456 | |
Thereafter | 4,206,063 | |
Total due after one year | 16,749,709 | |
Total principal net of discounts | 23,319,158 | |
Hedging adjustments | (279,191) | $ (42,377) |
Total | $ 23,039,967 | 22,716,156 |
Weighted - average rate (as a percent) | 1.17% | |
Total weighted - average rate (as a percent) | 1.01% | |
Two years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.89% | |
Three years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.97% | |
Four years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.84% | |
Five years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.30% | |
Thereafter | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.70% | |
Discount notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 1,892,025 | $ 2,167,979 |
Weighted - average rate (as a percent) | 0.35% | 0.05% |
Short-term debt, average outstanding during the quarter | $ 1,950,334 | $ 1,822,714 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 0.16% | 0.08% |
Medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 992,942 | $ 837,580 |
Weighted - average rate (as a percent) | 0.29% | 0.09% |
Short-term debt, average outstanding during the quarter | $ 898,484 | $ 1,956,870 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 0.16% | 0.12% |
Medium-term notes due in: | ||
Two years | $ 4,179,985 | |
Three years | 2,554,906 | |
Four years | 2,119,805 | |
Five years | 2,810,894 | |
Thereafter | 4,106,144 | |
Total due after one year | 15,771,734 | |
Total principal net of discounts | $ 22,758,533 | |
Weighted - average rate (as a percent) | 1.10% | |
Total weighted - average rate (as a percent) | 0.90% | |
Medium-term notes | Two years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.81% | |
Medium-term notes | Three years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.87% | |
Medium-term notes | Four years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.85% | |
Medium-term notes | Five years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.07% | |
Medium-term notes | Thereafter | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.69% | |
Current portion of medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 3,684,482 | $ 3,981,240 |
Weighted - average rate (as a percent) | 0.81% | 0.75% |
Notes Payable - Callable Medium
Notes Payable - Callable Medium-Term Notes (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Year two | $ 4,183,016 |
Year three | 3,077,629 |
Year four | 2,513,545 |
Total principal net of discounts | $ 23,319,158 |
Weighted - average rate (as a percent) | 1.17% |
Year one | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 0.90% |
Year two | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 0.94% |
Year three | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 1.00% |
Year four | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 1.10% |
Call Option | |
Debt Instrument [Line Items] | |
Year one | $ 243,823 |
Year two | 318,361 |
Year three | 336,576 |
Year four | 1,045,650 |
Thereafter | 1,559,225 |
Total principal net of discounts | $ 3,503,635 |
Weighted - average rate (as a percent) | 1.22% |
Call Option | Year one | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 0.42% |
Call Option | Year two | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 0.40% |
Call Option | Year three | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 0.81% |
Call Option | Year four | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 1.09% |
Call Option | Thereafter | |
Debt Instrument [Line Items] | |
Weighted - average rate (as a percent) | 1.69% |
Notes Payable - Earliest Intere
Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2022 | $ 7,552,679 | |
2023 | 3,911,802 | |
2024 | 2,921,874 | |
2025 | 2,245,254 | |
2026 | 2,650,362 | |
Thereafter | 4,037,187 | |
Total principal net of discounts | $ 23,319,158 | |
Short-term debt, weighted average rate (as a percent) | 0.60% | 0.45% |
Weighted - average rate (as a percent) | 1.17% | |
Total weighted - average rate (as a percent) | 1.01% | |
Due within one year | ||
Debt Instrument [Line Items] | ||
Short-term debt, weighted average rate (as a percent) | 0.57% | |
Year one | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.90% | |
Year two | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 0.94% | |
Year three | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.00% | |
Year four | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.10% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.94% |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Mar. 14, 2019 | Sep. 30, 2015 |
Class of Stock [Line Items] | |||||||
Quarterly dividend on all classes of common stock (in dollars per share) | $ 0.95 | $ 0.88 | |||||
Capital required for capital adequacy | $ 743,800,000 | $ 743,800,000 | $ 713,800,000 | ||||
Capital | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | ||||
Excess capital | $ 488,700,000 | $ 488,700,000 | $ 486,800,000 | ||||
Class C non-voting common stock | |||||||
Class of Stock [Line Items] | |||||||
Stock authorized for repurchase | $ 10,000,000 | $ 25,000,000 | |||||
Shares repurchased (in shares) | 673,000 | 0 | 4,000 | ||||
Shares repurchased | $ 19,800,000 | $ 200,000 | |||||
Remaining authorized amount for repurchase | $ 9,800,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Financial derivatives | $ 26,329 | $ 19,139 |
Loans held for sale, at lower of cost or fair value | 9,000 | 0 |
Investment securities: | ||
Assets: | ||
Fair Value | 4,195,314 | $ 3,836,391 |
Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | $ 6,600,246 | |
Level 3 | ||
Liabilities: | ||
Percent of level three fair value assets and liabilities | 26.00% | 25.00% |
Financial instruments level three percent | 61.00% | 62.00% |
Recurring | ||
Assets: | ||
Financial derivatives | $ 26,329 | $ 19,139 |
Total Assets at fair value | 10,831,413 | 10,194,727 |
Liabilities: | ||
Financial derivatives | 105,574 | 34,248 |
Total Liabilities at fair value | 105,574 | 34,248 |
Recurring | USDA Securities: | ||
Assets: | ||
Trading | 3,386 | 4,401 |
Recurring | Investment securities: | ||
Assets: | ||
Fair Value | 4,195,314 | 3,836,391 |
Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,600,246 | 6,328,559 |
Recurring | Level 1 | ||
Assets: | ||
Financial derivatives | 1,039 | 73 |
Guarantee Asset | 0 | 0 |
Total Assets at fair value | 1,391,615 | 1,179,542 |
Liabilities: | ||
Financial derivatives | 128 | 0 |
Total Liabilities at fair value | 128 | 0 |
Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 1 | Investment securities: | ||
Assets: | ||
Fair Value | 1,390,576 | 1,179,469 |
Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Financial derivatives | 25,290 | 19,066 |
Guarantee Asset | 0 | 0 |
Total Assets at fair value | 2,811,067 | 2,656,734 |
Liabilities: | ||
Financial derivatives | 105,446 | 34,248 |
Total Liabilities at fair value | 105,446 | 34,248 |
Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 2 | Investment securities: | ||
Assets: | ||
Fair Value | 2,785,777 | 2,637,668 |
Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Recurring | Level 3 | ||
Assets: | ||
Financial derivatives | 0 | 0 |
Guarantee Asset | 6,138 | 6,237 |
Total Assets at fair value | 6,628,731 | 6,358,451 |
Liabilities: | ||
Financial derivatives | 0 | 0 |
Total Liabilities at fair value | 0 | 0 |
Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 3,386 | 4,401 |
Recurring | Level 3 | Investment securities: | ||
Assets: | ||
Fair Value | 18,961 | 19,254 |
Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,600,246 | 6,328,559 |
Fair Value, Nonrecurring | ||
Assets: | ||
Mortgage Servicing Rights | 2,681 | |
Loans held for sale, at lower of cost or fair value | 9,300 | |
Total Assets at fair value | 9,300 | 2,681 |
Fair Value, Nonrecurring | Level 1 | ||
Assets: | ||
Mortgage Servicing Rights | 0 | |
Loans held for sale, at lower of cost or fair value | 0 | |
Total Assets at fair value | 0 | 0 |
Fair Value, Nonrecurring | Level 2 | ||
Assets: | ||
Mortgage Servicing Rights | 0 | |
Loans held for sale, at lower of cost or fair value | 0 | |
Total Assets at fair value | 0 | 0 |
Fair Value, Nonrecurring | Level 3 | ||
Assets: | ||
Mortgage Servicing Rights | 2,681 | |
Loans held for sale, at lower of cost or fair value | 9,300 | |
Total Assets at fair value | 9,300 | 2,681 |
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 6,589,224 | 6,316,145 |
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 | 6,589,224 | 6,316,145 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Fair Value | 11,022 | 12,414 |
USDA Securities | Recurring | USDA Securities: | ||
Assets: | ||
Trading | 3,386 | 4,401 |
USDA Securities | Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Securities | Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Securities | Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 3,386 | 4,401 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 18,961 | 19,254 |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,265,157 | 2,178,831 |
Floating Interest Rate | Recurring | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 18,961 | 19,254 |
Floating Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,265,157 | 2,178,831 |
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 | 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 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 2,265,157 | 2,178,831 |
Floating Interest Rate | Recurring | Level 3 | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Fair Value | 18,961 | 19,254 |
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 | 520,620 | 458,837 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 1,390,576 | 1,179,469 |
Fixed Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 520,620 | 458,837 |
Fixed Interest Rate | Recurring | Fixed rate U.S. Treasuries | ||
Assets: | ||
Fair Value | 1,390,576 | 1,179,469 |
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 | 1,390,576 | 1,179,469 |
Fixed Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Fair Value | 520,620 | 458,837 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 6,358,451 | $ 6,973,567 |
Purchases | 832,750 | 160,615 |
Sales | 0 | 0 |
Settlements | (296,870) | (244,935) |
Allowance for Losses | (416) | 157 |
Realized and unrealized (losses)/gains included in Income | (210,494) | (168,756) |
Unrealized gains included in Other Comprehensive Income | (54,690) | 67,285 |
Ending Balance | 6,628,731 | 6,787,933 |
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 | 19,254 | |
Ending Balance | 18,961 | |
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 | 19,254 | 19,171 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Allowance for Losses | 2 | (25) |
Realized and unrealized (losses)/gains included in Income | 0 | 0 |
Unrealized gains included in Other Comprehensive Income | (295) | 0 |
Ending Balance | 18,961 | 19,146 |
Available-for-sale securities | Available-for-Sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 19,254 | 19,171 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Allowance for Losses | 2 | (25) |
Realized and unrealized (losses)/gains included in Income | 0 | 0 |
Unrealized gains included in Other Comprehensive Income | (295) | 0 |
Ending Balance | 18,961 | 19,146 |
Farmer Mac Guaranteed Securities | AgVantage Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 6,316,145 | |
Ending Balance | 6,589,224 | |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 6,328,559 | 6,947,701 |
Purchases | 832,750 | 160,615 |
Sales | 0 | 0 |
Settlements | (295,663) | (243,832) |
Allowance for Losses | (418) | 182 |
Realized and unrealized (losses)/gains included in Income | (210,587) | (168,742) |
Unrealized gains included in Other Comprehensive Income | (54,395) | 67,285 |
Ending Balance | 6,600,246 | 6,763,209 |
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 | 6,316,145 | 6,947,701 |
Purchases | 832,750 | 160,615 |
Sales | 0 | 0 |
Settlements | (295,284) | (243,832) |
Allowance for Losses | (418) | 182 |
Realized and unrealized (losses)/gains included in Income | (210,587) | (168,742) |
Unrealized gains included in Other Comprehensive Income | (53,382) | 67,285 |
Ending Balance | 6,589,224 | 6,763,209 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Farmer Mac Guaranteed USDA Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 12,414 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (379) | |
Allowance for Losses | 0 | |
Realized and unrealized (losses)/gains included in Income | 0 | |
Unrealized gains included in Other Comprehensive Income | (1,013) | |
Ending Balance | 11,022 | |
USDA Securities: | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 4,401 | 6,695 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | (952) | (1,103) |
Allowance for Losses | ||
Realized and unrealized (losses)/gains included in Income | (63) | (14) |
Unrealized gains included in Other Comprehensive Income | 0 | 0 |
Ending Balance | 3,386 | 5,578 |
USDA Securities: | Debt Securities, Trading | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 4,401 | 6,695 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | (952) | (1,103) |
Allowance for Losses | 0 | 0 |
Realized and unrealized (losses)/gains included in Income | (63) | (14) |
Unrealized gains included in Other Comprehensive Income | 0 | 0 |
Ending Balance | 3,386 | $ 5,578 |
Guarantee and commitment obligations: | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 6,237 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (255) | |
Allowance for Losses | 0 | |
Realized and unrealized (losses)/gains included in Income | 156 | |
Unrealized gains included in Other Comprehensive Income | 0 | |
Ending Balance | 6,138 | |
Guarantee and commitment obligations: | Guarantee Asset | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 6,237 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (255) | |
Allowance for Losses | 0 | |
Realized and unrealized (losses)/gains included in Income | 156 | |
Unrealized gains included in Other Comprehensive Income | 0 | |
Ending Balance | $ 6,138 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 6,600,246 | |||
Recurring | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,600,246 | $ 6,328,559 | ||
Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,628,731 | 6,358,451 | $ 6,787,933 | $ 6,973,567 |
Guarantee Asset | 6,138 | 6,237 | ||
Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,600,246 | 6,328,559 | ||
Floating rate auction-rate certificates backed by Government guaranteed student loans | Recurring | Level 3 | Floating Interest Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 18,961 | 19,254 | ||
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 11,000 | 12,400 | ||
USDA Securities: | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 3,386 | 4,401 | $ 5,578 | $ 6,695 |
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,589,224 | 6,316,145 | ||
AgVantage Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,589,224 | 6,316,145 | ||
AgVantage Securities | Farmer Mac Guaranteed Securities | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 6,589,224 | 6,316,145 | ||
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 11,022 | $ 12,414 | ||
Range of broker quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.965 | 0.980 | ||
Range of broker quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.965 | 0.980 | ||
Range of broker quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.965 | 0.980 | ||
Discount rate | Minimum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.039 | 0.054 | ||
Discount rate | Minimum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.017 | 0.009 | ||
Discount rate | Minimum | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.034 | 0.023 | ||
Discount rate | Minimum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.031 | 0.014 | ||
Discount rate | Maximum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.044 | 0.058 | ||
Discount rate | Maximum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.032 | 0.021 | ||
Discount rate | Maximum | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.039 | 0.028 | ||
Discount rate | Maximum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.047 | 0.031 | ||
Discount rate | Weighted Average | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.042 | 0.056 | ||
Discount rate | Weighted Average | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.029 | 0.017 | ||
Discount rate | Weighted Average | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.036 | 0.026 | ||
Discount rate | Weighted Average | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.044 | 0.028 | ||
CPR | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.08 | 0.080 | ||
CPR | Minimum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.08 | 0.07 | ||
CPR | Minimum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.21 | 0.25 | ||
CPR | Maximum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.12 | |||
CPR | Maximum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.33 | 0.42 | ||
CPR | Weighted Average | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.08 | |||
CPR | Weighted Average | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.31 | 0.39 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Financial derivatives | $ 26,329 | $ 19,139 |
Guarantee and commitment fees receivable | 45,021 | 45,538 |
Financial liabilities: | ||
Guarantee and commitment obligation | 43,285 | 43,926 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 890,046 | 908,785 |
Loans | 9,429,186 | 9,814,642 |
Financial derivatives | 26,329 | 19,139 |
Guarantee and commitment fees receivable | 43,279 | 42,533 |
Financial liabilities: | ||
Notes payable | 22,596,306 | 22,716,791 |
Debt securities of consolidated trusts held by third parties | 890,823 | 1,005,306 |
Financial derivatives | 105,574 | 34,248 |
Guarantee and commitment obligation | 41,542 | 40,920 |
Fair Value | Investment securities: | ||
Financial assets: | ||
Marketable securities | 4,241,418 | 3,884,202 |
Fair Value | Farmer Mac Guaranteed Securities | ||
Financial assets: | ||
Marketable securities | 8,476,067 | 8,360,293 |
Fair Value | USDA Securities: | ||
Financial assets: | ||
Marketable securities | 2,395,117 | 2,536,473 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 890,046 | 908,785 |
Loans | 9,364,940 | 9,248,678 |
Financial derivatives | 26,329 | 19,139 |
Guarantee and commitment fees receivable | 45,021 | 45,538 |
Financial liabilities: | ||
Notes payable | 23,039,967 | 22,716,156 |
Debt securities of consolidated trusts held by third parties | 895,145 | 981,379 |
Financial derivatives | 105,574 | 34,248 |
Guarantee and commitment obligation | 43,285 | 43,926 |
Carrying Amount | Investment securities: | ||
Financial assets: | ||
Marketable securities | 4,241,788 | 3,882,590 |
Carrying Amount | Farmer Mac Guaranteed Securities | ||
Financial assets: | ||
Marketable securities | 8,506,464 | 8,361,798 |
Carrying Amount | USDA Securities: | ||
Financial assets: | ||
Marketable securities | $ 2,439,489 | $ 2,440,732 |
Business Segment Reporting - Co
Business Segment Reporting - Core Earnings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 7 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | $ 61,875 | $ 53,251 | |
Less: reconciling adjustments | 0 | 0 | |
Net effective spread | 0 | 0 | |
Guarantee and commitment fees | 3,695 | 3,030 | |
Other income/(expense) | 16,686 | 4,863 | |
Total revenues | 82,256 | 61,144 | |
(Provision for)/release of losses | (56) | (913) | |
Release of reserve for losses | 110 | 944 | |
Operating expenses | (21,388) | (18,881) | |
Total non-interest expense | (21,278) | (17,937) | |
Core earnings before income taxes | 60,922 | 42,294 | |
Income tax (expense)/benefit | (13,085) | (9,067) | |
Core earnings before preferred stock dividends | 47,837 | 33,227 | |
Preferred stock dividends | (6,791) | (5,269) | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 41,046 | 27,958 | |
Total Assets | 25,789,414 | 24,013,911 | $ 25,145,491 |
Total on- and off-balance sheet program assets at principal balance | 24,243,410 | 21,862,531 | |
Reconciling Adjustments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 0 | 0 | |
Less: reconciling adjustments | 4,036 | (608) | |
Net effective spread | 4,036 | (608) | |
Guarantee and commitment fees | (862) | (1,210) | |
Other income/(expense) | 16,172 | 4,412 | |
Total revenues | 19,346 | 2,594 | |
(Provision for)/release of losses | 0 | 0 | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 0 | 0 | |
Core earnings before income taxes | 19,346 | 2,594 | |
Income tax (expense)/benefit | (4,061) | (547) | |
Core earnings before preferred stock dividends | 15,285 | 2,047 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 15,285 | 2,047 | |
Total Assets | 0 | 0 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | |
Farm & Ranch | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 31,354 | 27,646 | |
Less: reconciling adjustments | (1,000) | (1,184) | |
Net effective spread | 30,354 | 26,462 | |
Guarantee and commitment fees | 4,216 | 3,908 | |
Other income/(expense) | 400 | 572 | |
Total revenues | 34,970 | 30,942 | |
(Provision for)/release of losses | (510) | 0 | |
Release of reserve for losses | 75 | 731 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 75 | 731 | |
Core earnings before income taxes | 34,535 | 31,673 | |
Income tax (expense)/benefit | (7,252) | (6,650) | |
Core earnings before preferred stock dividends | 27,283 | 25,023 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 27,283 | 25,023 | |
Total Assets | 13,610,138 | 12,289,354 | |
Total on- and off-balance sheet program assets at principal balance | 16,575,595 | 14,738,052 | |
Corporate AgFinance | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 7,209 | 6,921 | |
Less: reconciling adjustments | 0 | 0 | |
Net effective spread | 7,209 | 6,921 | |
Guarantee and commitment fees | 19 | 8 | |
Other income/(expense) | 114 | 0 | |
Total revenues | 7,342 | 6,929 | |
(Provision for)/release of losses | (515) | (61) | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 0 | 0 | |
Core earnings before income taxes | 6,827 | 6,868 | |
Income tax (expense)/benefit | (1,434) | (1,441) | |
Core earnings before preferred stock dividends | 5,393 | 5,427 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 5,393 | 5,427 | |
Total Assets | 1,491,127 | 1,644,837 | |
Total on- and off-balance sheet program assets at principal balance | 1,540,760 | 1,647,796 | |
Rural Utilities | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 3,193 | 1,754 | |
Less: reconciling adjustments | (34) | (34) | |
Net effective spread | 3,159 | 1,720 | |
Guarantee and commitment fees | 286 | 319 | |
Other income/(expense) | 0 | 1 | |
Total revenues | 3,445 | 2,040 | |
(Provision for)/release of losses | 1,169 | (633) | |
Release of reserve for losses | 35 | 213 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 35 | 213 | |
Core earnings before income taxes | 4,649 | 1,620 | |
Income tax (expense)/benefit | (976) | (341) | |
Core earnings before preferred stock dividends | 3,673 | 1,279 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 3,673 | 1,279 | |
Total Assets | 5,480,668 | 4,836,306 | |
Total on- and off-balance sheet program assets at principal balance | 6,006,446 | 5,382,835 | |
Renewable Energy | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 375 | 248 | |
Less: reconciling adjustments | 0 | 0 | |
Net effective spread | 375 | 248 | |
Guarantee and commitment fees | 36 | 5 | |
Other income/(expense) | 0 | 0 | |
Total revenues | 411 | 253 | |
(Provision for)/release of losses | (202) | (195) | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 0 | 0 | |
Core earnings before income taxes | 209 | 58 | |
Income tax (expense)/benefit | (44) | (12) | |
Core earnings before preferred stock dividends | 165 | 46 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 165 | 46 | |
Total Assets | 92,132 | 83,352 | |
Total on- and off-balance sheet program assets at principal balance | 120,609 | 93,848 | |
Funding | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 19,740 | 16,568 | |
Less: reconciling adjustments | (3,002) | 1,826 | |
Net effective spread | 16,738 | 18,394 | |
Guarantee and commitment fees | 0 | 0 | |
Other income/(expense) | 0 | 0 | |
Total revenues | 16,738 | 18,394 | |
(Provision for)/release of losses | 0 | 0 | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 0 | 0 | |
Core earnings before income taxes | 16,738 | 18,394 | |
Income tax (expense)/benefit | (3,515) | (3,863) | |
Core earnings before preferred stock dividends | 13,223 | 14,531 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 13,223 | 14,531 | |
Total Assets | 0 | 0 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | |
Investments | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 4 | 114 | |
Less: reconciling adjustments | 0 | 0 | |
Net effective spread | 4 | 114 | |
Guarantee and commitment fees | 0 | 0 | |
Other income/(expense) | 0 | 0 | |
Total revenues | 4 | 114 | |
(Provision for)/release of losses | 2 | (24) | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | 0 | 0 | |
Total non-interest expense | 0 | 0 | |
Core earnings before income taxes | 6 | 90 | |
Income tax (expense)/benefit | (1) | (19) | |
Core earnings before preferred stock dividends | 5 | 71 | |
Preferred stock dividends | 0 | 0 | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | 5 | 71 | |
Total Assets | 4,995,154 | 5,128,901 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | |
Corporate | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 0 | 0 | |
Less: reconciling adjustments | 0 | 0 | |
Net effective spread | 0 | 0 | |
Guarantee and commitment fees | 0 | 0 | |
Other income/(expense) | 0 | (122) | |
Total revenues | 0 | (122) | |
(Provision for)/release of losses | 0 | 0 | |
Release of reserve for losses | 0 | 0 | |
Operating expenses | (21,388) | (18,881) | |
Total non-interest expense | (21,388) | (18,881) | |
Core earnings before income taxes | (21,388) | (19,003) | |
Income tax (expense)/benefit | 4,198 | 3,806 | |
Core earnings before preferred stock dividends | (17,190) | (15,197) | |
Preferred stock dividends | (6,791) | (5,269) | |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings | (23,981) | (20,466) | |
Total Assets | 120,195 | 31,161 | |
Total on- and off-balance sheet program assets at principal balance | $ 0 | $ 0 |