UNITED STATES | ||||||||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
WASHINGTON, D.C. 20549 | ||||||||||||||
Form 10-Q |
FEDERAL AGRICULTURAL MORTGAGE CORPORATION | ||
(Exact name of registrant as specified in its charter) |
Federally chartered instrumentality of the United States | 52-1578738 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | ||||||||||
1999 K Street, N.W., 4th Floor, | |||||||||||
Washington, | DC | 20006 | |||||||||
(Address of principal executive offices) | (Zip code) |
(202) | 872-7700 | ||||
(Registrant's telephone number, including area code) |
Title of each class | Trading symbol | Exchange on which registered | ||||||||||||
Class A voting common stock | AGM.A | New York Stock Exchange | ||||||||||||
Class C non-voting common stock | AGM | New York Stock Exchange | ||||||||||||
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | AGM.PRC | New York Stock Exchange | ||||||||||||
5.700% Non-Cumulative Preferred Stock, Series D | AGM.PRD | New York Stock Exchange | ||||||||||||
5.750% Non-Cumulative Preferred Stock, Series E | AGM.PRE | New York Stock Exchange | ||||||||||||
5.250% Non-Cumulative Preferred Stock, Series F | AGM.PRF | New York Stock Exchange | ||||||||||||
4.875% Non-Cumulative Preferred Stock, Series G | AGM.PRG | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | |||||||||||
Smaller reporting company | |||||||||||
Emerging growth company |
Item 2. | |||||||||
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 899,052 | $ | 1,033,941 | |||||||
Investment securities: | |||||||||||
Available-for-sale, at fair value (amortized cost of $3,684,066 and $3,843,666, respectively) | 3,696,204 | 3,853,692 | |||||||||
Held-to-maturity, at amortized cost | 45,032 | 45,032 | |||||||||
Other investments | 403 | — | |||||||||
Total Investment Securities | 3,741,639 | 3,898,724 | |||||||||
Farmer Mac Guaranteed Securities: | |||||||||||
Available-for-sale, at fair value (amortized cost of $5,909,989 and $6,594,992, respectively) | 6,138,759 | 6,947,701 | |||||||||
Held-to-maturity, at amortized cost | 2,248,303 | 1,175,792 | |||||||||
Total Farmer Mac Guaranteed Securities | 8,387,062 | 8,123,493 | |||||||||
USDA Securities: | |||||||||||
Trading, at fair value | 4,793 | 6,695 | |||||||||
Held-to-maturity, at amortized cost | 2,457,217 | 2,473,626 | |||||||||
Total USDA Securities | 2,462,010 | 2,480,321 | |||||||||
Loans: | |||||||||||
Loans held for sale, at lower of cost or fair value | 301,551 | — | |||||||||
Loans held for investment, at amortized cost | 7,758,286 | 7,261,933 | |||||||||
Loans held for investment in consolidated trusts, at amortized cost | 977,372 | 1,287,045 | |||||||||
Allowance for losses | (14,294) | (13,832) | |||||||||
Total loans, net of allowance | 9,022,915 | 8,535,146 | |||||||||
Financial derivatives, at fair value | 15,668 | 17,468 | |||||||||
Interest receivable (includes $7,400 and $16,401, respectively, related to consolidated trusts) | 144,078 | 186,429 | |||||||||
Guarantee and commitment fees receivable | 39,038 | 37,113 | |||||||||
Deferred tax asset, net | 11,084 | 18,321 | |||||||||
Prepaid expenses and other assets | 21,822 | 24,545 | |||||||||
Total Assets | $ | 24,744,368 | $ | 24,355,501 | |||||||
Liabilities and Equity: | |||||||||||
Liabilities: | |||||||||||
Notes payable | $ | 22,365,121 | $ | 21,848,917 | |||||||
Debt securities of consolidated trusts held by third parties | 990,961 | 1,323,786 | |||||||||
Financial derivatives, at fair value | 25,633 | 29,892 | |||||||||
Accrued interest payable (includes $6,550 and $14,370, respectively, related to consolidated trusts) | 83,263 | 92,738 | |||||||||
Guarantee and commitment obligation | 37,526 | 35,535 | |||||||||
Accounts payable and accrued expenses | 42,566 | 28,879 | |||||||||
Reserve for losses | 2,000 | 3,277 | |||||||||
Total Liabilities | 23,547,070 | 23,363,024 | |||||||||
Commitments and Contingencies (Note 6) | 0 | 0 | |||||||||
Equity: | |||||||||||
Preferred stock: | |||||||||||
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding | 73,382 | 73,382 | |||||||||
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding | 96,659 | 96,659 | |||||||||
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding | 77,003 | 77,003 | |||||||||
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding | 116,160 | 116,160 | |||||||||
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding | 121,327 | — | |||||||||
Common stock: | |||||||||||
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding | 1,031 | 1,031 | |||||||||
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding | 500 | 500 | |||||||||
Class C Non-Voting, $1 par value, no maximum authorization, 9,234,778 shares and 9,205,897 shares outstanding, respectively | 9,235 | 9,206 | |||||||||
Additional paid-in capital | 124,942 | 122,899 | |||||||||
Accumulated other comprehensive income/(loss), net of tax | 18,206 | (13,923) | |||||||||
Retained earnings | 558,853 | 509,560 | |||||||||
Total Equity | 1,197,298 | 992,477 | |||||||||
Total Liabilities and Equity | $ | 24,744,368 | $ | 24,355,501 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 366,764 | $ | 265,229 | |||
Investment securities: | |||||||
Available-for-sale, at fair value | 2,234,966 | 2,515,851 | |||||
Farmer Mac Guaranteed Securities: | |||||||
Available-for-sale, at fair value | 5,443,746 | 4,853,685 | |||||
Held-to-maturity, at amortized cost | 2,158,810 | 1,149,231 | |||||
Total Farmer Mac Guaranteed Securities | 7,602,556 | 6,002,916 | |||||
USDA Securities: | |||||||
Trading, at fair value | 14,864 | 20,388 | |||||
Held-to-maturity, at amortized cost | 2,092,285 | 2,009,225 | |||||
Total USDA Securities | 2,107,149 | 2,029,613 | |||||
Loans: | |||||||
Loans held for investment, at amortized cost | 3,804,966 | 3,379,884 | |||||
Loans held for investment in consolidated trusts, at amortized cost | 1,329,212 | 1,132,966 | |||||
Allowance for loan losses | (6,408 | ) | (5,415 | ) | |||
Total loans, net of allowance | 5,127,770 | 4,507,435 | |||||
Real estate owned, at lower of cost or fair value | 1,086 | 1,528 | |||||
Financial derivatives, at fair value | 2,020 | 23,182 | |||||
Interest receivable (includes $10,625 and $12,584, respectively, related to consolidated trusts) | 110,175 | 122,782 | |||||
Guarantee and commitment fees receivable | 36,679 | 38,871 | |||||
Deferred tax asset, net | 4,293 | 12,291 | |||||
Prepaid expenses and other assets | 96,780 | 86,322 | |||||
Total Assets | $ | 17,690,238 | $ | 15,606,020 | |||
Liabilities and Equity: | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Due within one year | $ | 8,112,928 | $ | 8,440,123 | |||
Due after one year | 7,399,961 | 5,222,977 | |||||
Total notes payable | 15,512,889 | 13,663,100 | |||||
Debt securities of consolidated trusts held by third parties | 1,333,417 | 1,142,704 | |||||
Financial derivatives, at fair value | 30,595 | 58,152 | |||||
Accrued interest payable (includes $8,874 and $10,881, respectively, related to consolidated trusts) | 61,804 | 49,700 | |||||
Guarantee and commitment obligation | 35,316 | 37,282 | |||||
Accounts payable and accrued expenses | 19,971 | 9,415 | |||||
Reserve for losses | 2,080 | 2,020 | |||||
Total Liabilities | 16,996,072 | 14,962,373 | |||||
Commitments and Contingencies (Note 6) | |||||||
Equity: | |||||||
Preferred stock: | |||||||
Series A, par value $25 per share, 2,400,000 shares authorized, issued and outstanding | 58,333 | 58,333 | |||||
Series B, par value $25 per share, 3,000,000 shares authorized, issued and outstanding | 73,044 | 73,044 | |||||
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding | 73,382 | 73,382 | |||||
Common stock: | |||||||
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding | 1,031 | 1,031 | |||||
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding | 500 | 500 | |||||
Class C Non-Voting, $1 par value, no maximum authorization, 9,082,335 shares and 9,007,481 shares outstanding, respectively | 9,082 | 9,008 | |||||
Additional paid-in capital | 119,130 | 118,655 | |||||
Accumulated other comprehensive income, net of tax | 40,795 | 33,758 | |||||
Retained earnings | 318,869 | 275,714 | |||||
Total Stockholders' Equity | 694,166 | 643,425 | |||||
Non-controlling interest | — | 222 | |||||
Total Equity | 694,166 | 643,647 | |||||
Total Liabilities and Equity | $ | 17,690,238 | $ | 15,606,020 |
For the Three Months Ended | For the Nine Months Ended | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||||||
Investments and cash equivalents | $ | 9,223 | $ | 6,994 | $ | 24,834 | $ | 20,235 | Investments and cash equivalents | $ | 4,121 | $ | 7,096 | $ | 14,107 | $ | 35,236 | |||||||||||||||||||||
Farmer Mac Guaranteed Securities and USDA Securities | 54,350 | 38,129 | 146,978 | 110,938 | Farmer Mac Guaranteed Securities and USDA Securities | 38,428 | 45,335 | 123,246 | 178,644 | |||||||||||||||||||||||||||||
Loans | 40,924 | 34,409 | 117,349 | 99,486 | Loans | 61,923 | 56,204 | 181,631 | 172,230 | |||||||||||||||||||||||||||||
Total interest income | 104,497 | 79,532 | 289,161 | 230,659 | Total interest income | 104,472 | 108,635 | 318,984 | 386,110 | |||||||||||||||||||||||||||||
Total interest expense | 64,935 | 43,969 | 172,797 | 127,098 | Total interest expense | 49,467 | 63,974 | 155,599 | 251,789 | |||||||||||||||||||||||||||||
Net interest income | 39,562 | 35,563 | 116,364 | 103,561 | Net interest income | 55,005 | 44,661 | 163,385 | 134,321 | |||||||||||||||||||||||||||||
Provision for loan losses | (270 | ) | (191 | ) | (1,234 | ) | (604 | ) | ||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 39,292 | 35,372 | 115,130 | 102,957 | ||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||||
Provision for losses | Provision for losses | (366) | (653) | (518) | (4,542) | |||||||||||||||||||||||||||||||||
Net interest income after provision for losses | Net interest income after provision for losses | 54,639 | 44,008 | 162,867 | 129,779 | |||||||||||||||||||||||||||||||||
Non-interest income/(expense): | Non-interest income/(expense): | |||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 3,314 | 3,798 | 10,630 | 11,079 | Guarantee and commitment fees | 3,155 | 3,159 | 9,182 | 9,495 | |||||||||||||||||||||||||||||
Gains/(losses) on financial derivatives and hedging activities | 661 | (1,601 | ) | 2,530 | (13,079 | ) | ||||||||||||||||||||||||||||||||
Losses on financial derivatives | Losses on financial derivatives | (2,347) | (564) | (1,120) | (3,339) | |||||||||||||||||||||||||||||||||
Gains/(losses) on trading securities | — | 1,182 | (84 | ) | 1,934 | Gains/(losses) on trading securities | 37 | (258) | (38) | (173) | ||||||||||||||||||||||||||||
Gains/(losses) on sale of available-for-sale investment securities | 89 | — | 89 | (9 | ) | |||||||||||||||||||||||||||||||||
Gains on sale of available-for-sale investment securities | Gains on sale of available-for-sale investment securities | 253 | — | 253 | — | |||||||||||||||||||||||||||||||||
Gains on sale of real estate owned | 32 | 15 | 784 | 15 | Gains on sale of real estate owned | — | — | — | 485 | |||||||||||||||||||||||||||||
Release of/(provision for) reserve for losses | Release of/(provision for) reserve for losses | 111 | (547) | 1,277 | (540) | |||||||||||||||||||||||||||||||||
Other income | 203 | 707 | 890 | 1,221 | Other income | 582 | 594 | 1,600 | 2,639 | |||||||||||||||||||||||||||||
Non-interest income | 4,299 | 4,101 | 14,839 | 1,161 | Non-interest income | 1,791 | 2,384 | 11,154 | 8,567 | |||||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 5,987 | 5,438 | 18,986 | 16,823 | Compensation and employee benefits | 10,027 | 8,791 | 31,601 | 27,005 | |||||||||||||||||||||||||||||
General and administrative | 3,890 | 3,474 | 11,611 | 10,757 | General and administrative | 6,330 | 5,044 | 19,015 | 15,702 | |||||||||||||||||||||||||||||
Regulatory fees | 625 | 613 | 1,875 | 1,838 | Regulatory fees | 750 | 725 | 2,250 | 2,175 | |||||||||||||||||||||||||||||
Real estate owned operating costs, net | — | — | 23 | 39 | ||||||||||||||||||||||||||||||||||
Provision for/(release of) reserve for losses | 114 | (222 | ) | 60 | (114 | ) | ||||||||||||||||||||||||||||||||
Non-interest expense | 10,616 | 9,303 | 32,555 | 29,343 | ||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 17,107 | 14,560 | 52,866 | 44,882 | |||||||||||||||||||||||||||||||||
Income before income taxes | 32,975 | 30,170 | 97,414 | 74,775 | Income before income taxes | 39,323 | 31,832 | 121,155 | 93,464 | |||||||||||||||||||||||||||||
Income tax expense | 11,193 | 10,529 | 33,103 | 26,264 | Income tax expense | 8,260 | 6,340 | 25,579 | 19,516 | |||||||||||||||||||||||||||||
Net income | 21,782 | 19,641 | 64,311 | 48,511 | Net income | 31,063 | 25,492 | 95,576 | 73,948 | |||||||||||||||||||||||||||||
Less: Net loss attributable to non-controlling interest | — | 18 | 165 | 62 | ||||||||||||||||||||||||||||||||||
Net income attributable to Farmer Mac | 21,782 | 19,659 | 64,476 | 48,573 | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | (3,295 | ) | (3,295 | ) | (9,886 | ) | (9,886 | ) | Preferred stock dividends | (6,774) | (5,166) | (17,885) | (12,536) | |||||||||||||||||||||||||
Loss on retirement of preferred stock | Loss on retirement of preferred stock | — | (1,667) | — | (1,667) | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 18,487 | $ | 16,364 | $ | 54,590 | $ | 38,687 | Net income attributable to common stockholders | $ | 24,289 | $ | 18,659 | $ | 77,691 | $ | 59,745 | |||||||||||||||||||||
Earnings per common share and dividends: | ||||||||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 1.74 | $ | 1.56 | $ | 5.16 | $ | 3.70 | Basic earnings per common share | $ | 2.26 | $ | 1.74 | $ | 7.22 | $ | 5.57 | |||||||||||||||||||||
Diluted earnings per common share | $ | 1.71 | $ | 1.54 | $ | 5.06 | $ | 3.60 | Diluted earnings per common share | $ | 2.24 | $ | 1.73 | $ | 7.17 | $ | 5.54 | |||||||||||||||||||||
Common stock dividends per common share | $ | 0.36 | $ | 0.26 | $ | 1.08 | $ | 0.78 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 21,782 | $ | 19,641 | $ | 64,311 | $ | 48,511 | |||||||
Other comprehensive income before taxes: | |||||||||||||||
Net unrealized (losses)/gains on available-for-sale securities | (886 | ) | 552 | 19,283 | 46,305 | ||||||||||
Net changes in held-to-maturity securities | (1,879 | ) | (73 | ) | (7,491 | ) | (2,081 | ) | |||||||
Net unrealized gains/(losses) on cash flow hedges | 253 | 1,336 | (966 | ) | (6,403 | ) | |||||||||
Other comprehensive (loss)/income before tax | (2,512 | ) | 1,815 | 10,826 | 37,821 | ||||||||||
Income tax expense related to other comprehensive (loss)/income | 879 | (635 | ) | (3,789 | ) | (13,238 | ) | ||||||||
Other comprehensive (loss)/income net of tax | (1,633 | ) | 1,180 | 7,037 | 24,583 | ||||||||||
Comprehensive income | 20,149 | 20,821 | 71,348 | 73,094 | |||||||||||
Less: comprehensive loss attributable to non-controlling interest | — | 18 | 165 | 62 | |||||||||||
Comprehensive income attributable to Farmer Mac | $ | 20,149 | $ | 20,839 | $ | 71,513 | $ | 73,156 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 31,063 | $ | 25,492 | $ | 95,576 | $ | 73,948 | |||||||||||||||
Other comprehensive income/(loss) before taxes: | |||||||||||||||||||||||
Net unrealized gains/(losses) on available-for-sale securities | 991 | 47,235 | 29,966 | (9,554) | |||||||||||||||||||
Net changes in held-to-maturity securities | (2,385) | (2,523) | (6,195) | (10,707) | |||||||||||||||||||
Net unrealized gains/(losses) on cash flow hedges | 3,258 | 2,959 | 16,899 | (27,429) | |||||||||||||||||||
Other comprehensive income/(loss) before tax | 1,864 | 47,671 | 40,670 | (47,690) | |||||||||||||||||||
Income tax (expense)/benefit related to other comprehensive income/(loss) | (391) | (10,011) | (8,541) | 10,014 | |||||||||||||||||||
Other comprehensive income/(loss) net of tax | 1,473 | 37,660 | 32,129 | (37,676) | |||||||||||||||||||
Comprehensive income | $ | 32,536 | $ | 63,152 | $ | 127,705 | $ | 36,272 |
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Comprehensive | Retained | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income/(Loss) | Earnings | Equity | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 14,980 | $ | 363,204 | 10,737 | $ | 10,737 | $ | 122,899 | $ | (13,923) | $ | 509,560 | $ | 992,477 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 33,227 | 33,227 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 65,667 | — | 65,667 | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (5,269) | (5,269) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.88 per share) | — | — | — | — | — | — | (9,450) | (9,450) | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 21 | 21 | 12 | — | — | 33 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 1,665 | 1,665 | |||||||||||||||||||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (858) | — | — | (858) | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 14,980 | $ | 363,204 | 10,758 | $ | 10,758 | $ | 123,718 | $ | 51,744 | $ | 528,068 | $ | 1,077,492 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 31,286 | 31,286 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (35,011) | — | (35,011) | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (5,842) | (5,842) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.88 per share) | — | — | — | — | — | — | (9,474) | (9,474) | |||||||||||||||||||||||||||||||||||||||
Issuance of Series G Preferred Stock | 5,000 | 121,327 | — | — | — | — | — | 121,327 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 7 | 7 | 13 | — | — | 20 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 891 | — | — | 891 | |||||||||||||||||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (474) | — | — | (474) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 19,980 | $ | 484,531 | 10,765 | $ | 10,765 | $ | 124,148 | $ | 16,733 | $ | 544,038 | $ | 1,180,215 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 31,063 | 31,063 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,473 | — | 1,473 | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (6,774) | (6,774) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.88 per share) | — | — | — | — | — | — | (9,474) | (9,474) | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 1 | 1 | 45 | — | — | 46 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 749 | — | — | 749 | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 19,980 | $ | 484,531 | 10,766 | $ | 10,766 | $ | 124,942 | $ | 18,206 | $ | 558,853 | $ | 1,197,298 |
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Comprehensive | Retained | Non-controlling | Total | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income/(Loss) | Earnings | Interest | Equity | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | 8,400 | $ | 204,759 | 10,687 | $ | 10,687 | $ | 117,862 | $ | (11,019 | ) | $ | 231,228 | $ | 203 | $ | 553,720 | ||||||||||||||||
Net income/(loss): | |||||||||||||||||||||||||||||||||
Attributable to Farmer Mac | — | — | — | — | — | — | 48,573 | — | 48,573 | ||||||||||||||||||||||||
Attributable to non-controlling interest | — | — | — | — | — | — | — | (62 | ) | (62 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 24,583 | — | — | 24,583 | ||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (9,886 | ) | — | (9,886 | ) | ||||||||||||||||||||||
Common stock | — | — | — | — | — | — | (8,145 | ) | — | (8,145 | ) | ||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 101 | 101 | 390 | — | — | — | 491 | ||||||||||||||||||||||||
Repurchase of Class C Common Stock | — | — | (307 | ) | (307 | ) | — | — | (8,781 | ) | — | (9,088 | ) | ||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 2,566 | — | — | — | 2,566 | ||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (1,921 | ) | — | — | — | (1,921 | ) | ||||||||||||||||||||||
Investment in subsidiary - non-controlling interest | — | — | — | — | — | — | — | 53 | 53 | ||||||||||||||||||||||||
Balance as of September 30, 2016 | 8,400 | $ | 204,759 | 10,481 | $ | 10,481 | $ | 118,897 | $ | 13,564 | $ | 252,989 | $ | 194 | $ | 600,884 | |||||||||||||||||
Balance as of December 31, 2016 | 8,400 | $ | 204,759 | 10,539 | $ | 10,539 | $ | 118,655 | $ | 33,758 | $ | 275,714 | $ | 222 | $ | 643,647 | |||||||||||||||||
Net income/(loss): | |||||||||||||||||||||||||||||||||
Attributable to Farmer Mac | — | — | — | — | — | — | 64,476 | — | 64,476 | ||||||||||||||||||||||||
Attributable to non-controlling interest | — | — | — | — | — | — | — | (165 | ) | (165 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 7,037 | — | — | 7,037 | ||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (9,886 | ) | — | (9,886 | ) | ||||||||||||||||||||||
Common stock | — | — | — | — | — | — | (11,435 | ) | — | (11,435 | ) | ||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 74 | 74 | 228 | — | — | — | 302 | ||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 2,597 | — | — | — | 2,597 | ||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (2,350 | ) | — | — | — | (2,350 | ) | ||||||||||||||||||||||
Redemption of interest in subsidiary | — | — | — | — | — | — | — | (57 | ) | (57 | ) | ||||||||||||||||||||||
Balance as of September 30, 2017 | 8,400 | $ | 204,759 | 10,613 | $ | 10,613 | $ | 119,130 | $ | 40,795 | $ | 318,869 | $ | — | $ | 694,166 |
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Comprehensive | Retained | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income/(Loss) | Earnings | Equity | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 9,400 | $ | 228,374 | 10,712 | $ | 10,712 | $ | 119,304 | $ | (16,161) | $ | 457,047 | $ | 799,276 | |||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | — | — | — | (2,099) | (2,099) | |||||||||||||||||||||||||||||||||||||||
Balances as of January 1, 2020 | 9,400 | $ | 228,374 | 10,712 | $ | 10,712 | $ | 119,304 | $ | (16,161) | $ | 454,948 | $ | 797,177 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 12,830 | 12,830 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (105,276) | — | (105,276) | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (3,431) | (3,431) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.80 per share) | — | — | — | — | — | — | (8,571) | (8,571) | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 15 | 15 | 19 | — | — | 34 | |||||||||||||||||||||||||||||||||||||||
Repurchase of Class C Common Stock | — | — | (4) | (4) | — | — | (231) | (235) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 1,293 | — | 1,293 | ||||||||||||||||||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (204) | — | — | (204) | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 9,400 | $ | 228,374 | 10,723 | $ | 10,723 | $ | 120,412 | $ | (121,437) | $ | 455,545 | $ | 693,617 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 35,626 | 35,626 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 29,940 | — | 29,940 | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (3,939) | (3,939) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.80 per share) | — | — | — | — | — | — | (8,585) | (8,585) | |||||||||||||||||||||||||||||||||||||||
Issuance of Series E Preferred Stock | 3,180 | 77,003 | — | — | — | — | — | 77,003 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 10 | 10 | 17 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 719 | — | — | 719 | |||||||||||||||||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (292) | — | — | (292) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 12,580 | $ | 305,377 | 10,733 | $ | 10,733 | $ | 120,856 | $ | (91,497) | $ | 478,647 | $ | 824,116 | |||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 25,492 | 25,492 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 37,660 | — | 37,660 | |||||||||||||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (5,166) | (5,166) | |||||||||||||||||||||||||||||||||||||||
Common stock (cash dividend of $0.80 per share) | — | — | — | — | — | — | (8,589) | (8,589) | |||||||||||||||||||||||||||||||||||||||
Issuance of Series F Preferred Stock | 4,800 | 116,160 | — | — | — | — | — | 116,160 | |||||||||||||||||||||||||||||||||||||||
Redemption of Series A preferred stock | (2,400) | (58,333) | — | — | — | — | — | (58,333) | |||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | — | — | — | — | — | — | (1,667) | (1,667) | |||||||||||||||||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 3 | 3 | 8 | — | — | 11 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 753 | — | — | 753 | |||||||||||||||||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (92) | — | — | (92) | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 14,980 | $ | 363,204 | 10,736 | $ | 10,736 | $ | 121,525 | $ | (53,837) | $ | 488,717 | $ | 930,345 |
For the Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 95,576 | $ | 73,948 | |||||||
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 | 13,631 | 3,800 | |||||||||
Amortization of debt premiums, discounts, and issuance costs | 5,106 | 18,502 | |||||||||
Net change in fair value of trading securities, hedged assets, and financial derivatives | 226,895 | (342,380) | |||||||||
Gain on sale of real estate owned | — | (485) | |||||||||
Gain on the sale of available-for-sale investment securities | (253) | — | |||||||||
Total (release)/provision for allowance for losses | (759) | 5,083 | |||||||||
Excess tax benefits related to stock-based awards | 292 | (421) | |||||||||
Deferred income taxes | (1,302) | (2,763) | |||||||||
Stock-based compensation expense | 3,306 | 2,765 | |||||||||
Purchases of loans held for sale | — | (59,150) | |||||||||
Proceeds from the sale of loans held for sale | — | 15,000 | |||||||||
Proceeds from repayment of loans purchased as held for sale | 44,744 | 54,661 | |||||||||
Net change in: | |||||||||||
Interest receivable | 40,509 | 44,706 | |||||||||
Guarantee and commitment fees receivable | 66 | 218 | |||||||||
Other assets | 2,431 | (20,169) | |||||||||
Accrued interest payable | (9,475) | (14,311) | |||||||||
Custodial deposit liability | 20,798 | — | |||||||||
Other liabilities | (8,346) | (4,412) | |||||||||
Net cash provided by/(used in) operating activities | 433,219 | (225,408) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of available-for-sale investment securities | (1,414,547) | (2,177,560) | |||||||||
Purchases of other investment securities | (403) | — | |||||||||
Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (2,658,305) | (1,798,028) | |||||||||
Purchases of loans held for investment | (2,107,746) | (2,245,958) | |||||||||
Purchases of defaulted loans | (8,713) | (6,272) | |||||||||
Proceeds from repayment of available-for-sale investment securities | 1,303,141 | 1,612,075 | |||||||||
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 2,282,970 | 1,725,500 | |||||||||
Proceeds from repayment of loans purchased as held for investment | 1,500,239 | 1,272,603 | |||||||||
Proceeds from sale of loans previously classified as held for investment | 10,000 | — | |||||||||
Proceeds from sale of available-for-sale investment securities | 257,524 | — | |||||||||
Proceeds from sale of Farmer Mac Guaranteed Securities | 84,131 | 64,612 | |||||||||
Proceeds from sale of real estate owned | — | 2,191 | |||||||||
Net cash used in investing activities | (751,709) | (1,550,837) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of discount notes | 46,784,100 | 51,936,788 | |||||||||
Proceeds from issuance of medium-term notes | 8,588,616 | 10,561,149 | |||||||||
Payments to redeem discount notes | (46,182,144) | (51,785,666) | |||||||||
Payments to redeem medium-term notes | (8,640,370) | (8,293,765) | |||||||||
Payments to third parties on debt securities of consolidated trusts | (441,646) | (431,093) | |||||||||
Proceeds from common stock issuance | 71 | 44 | |||||||||
Retirement of preferred stock | — | (60,000) | |||||||||
Proceeds from preferred stock issuance, net of stock issuance costs | 121,327 | 193,163 | |||||||||
Tax payments related to share-based awards | (1,305) | (560) | |||||||||
Purchases of common stock | — | (235) | |||||||||
Dividends paid on common and preferred stock | (45,048) | (37,369) | |||||||||
Net cash provided by financing activities | 183,601 | 2,082,456 | |||||||||
Net change in cash and cash equivalents | (134,889) | 306,211 | |||||||||
Cash and cash equivalents at beginning of period | 1,033,941 | 604,381 | |||||||||
Cash and cash equivalents at end of period | $ | 899,052 | $ | 910,592 | |||||||
Non-cash activity: | |||||||||||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 84,131 | 64,612 | |||||||||
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 | 84,131 | 64,612 | |||||||||
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 24,690 | 42,393 | |||||||||
Reclassification of loans held for sale to loans held for investment | — | 24,150 | |||||||||
Reclassification of loans held for investment to loans held for sale | 301,551 | — | |||||||||
Capitalized interest | 1,253 | 937 | |||||||||
For the Nine Months Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 64,311 | $ | 48,511 | |||
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 | 1,701 | 1,343 | |||||
Amortization of debt premiums, discounts and issuance costs | 17,078 | 24,789 | |||||
Net change in fair value of trading securities, hedged assets, and financial derivatives | (12,232 | ) | 1,672 | ||||
Gains on sale of real estate owned | (784 | ) | (15 | ) | |||
Total provision for losses | 1,294 | 490 | |||||
Excess tax benefits related to stock-based awards | 1,170 | — | |||||
Deferred income taxes | 1,910 | (1,270 | ) | ||||
Other | 11 | 9 | |||||
Stock-based compensation expense | 2,597 | 2,565 | |||||
Proceeds from repayment of trading investment securities | — | 2,212 | |||||
Proceeds from repayment of loans purchased as held for sale | 54,919 | 67,506 | |||||
Net change in: | |||||||
Interest receivable | 12,678 | 26,172 | |||||
Guarantee and commitment fees receivable | 226 | 534 | |||||
Other assets | (109 | ) | (46,832 | ) | |||
Accrued interest payable | 12,104 | (7,351 | ) | ||||
Other liabilities | 435 | 507 | |||||
Net cash provided by operating activities | 157,309 | 120,842 | |||||
Cash flows from investing activities: | |||||||
Purchases of available-for-sale investment securities | (614,423 | ) | (1,365,314 | ) | |||
Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (2,580,229 | ) | (2,203,574 | ) | |||
Purchases of loans held for investment | (1,047,001 | ) | (762,018 | ) | |||
Purchases of defaulted loans | (3,458 | ) | (2,516 | ) | |||
Proceeds from repayment of available-for-sale investment securities | 895,497 | 957,973 | |||||
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 787,743 | 1,467,052 | |||||
Proceeds from repayment of loans purchased as held for investment | 368,826 | 333,920 | |||||
Proceeds from sale of available-for-sale investment securities | 5,089 | 186,769 | |||||
Proceeds from sale of Farmer Mac Guaranteed Securities | 404,246 | 457,369 | |||||
Proceeds from sale of real estate owned | 6,464 | 295 | |||||
Net cash used by investing activities | (1,777,246 | ) | (930,044 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of discount notes | 40,262,122 | 77,411,229 | |||||
Proceeds from issuance of medium-term notes | 7,160,298 | 4,763,631 | |||||
Payments to redeem discount notes | (42,174,697 | ) | (79,058,129 | ) | |||
Payments to redeem medium-term notes | (3,416,300 | ) | (3,103,800 | ) | |||
Excess tax benefits related to stock-based awards | — | 408 | |||||
Payments to third parties on debt securities of consolidated trusts | (86,582 | ) | (71,806 | ) | |||
Proceeds from common stock issuance | 235 | 405 | |||||
Tax payments related to share-based awards | (2,283 | ) | (1,975 | ) | |||
Common stock repurchased | — | (9,286 | ) | ||||
Investment in subsidiary - non-controlling interest | — | 53 | |||||
Dividends paid on common and preferred stock | (21,321 | ) | (18,031 | ) | |||
Net cash provided/(used) by financing activities | 1,721,472 | (87,301 | ) | ||||
Net increase in cash and cash equivalents | 101,535 | (896,503 | ) | ||||
Cash and cash equivalents at beginning of period | 265,229 | 1,210,084 | |||||
Cash and cash equivalents at end of period | $ | 366,764 | $ | 313,581 |
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||||
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Corporate | Total | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost | $ | 977,372 | $ | — | $ | — | $ | 977,372 | |||||||||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (1) | 990,961 | — | — | 990,961 | |||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||
Carrying value | — | 28,265 | — | 28,265 | |||||||||||||||||||||||||||||||
Maximum exposure to loss (2) | — | 28,227 | — | 28,227 | |||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Carrying value (3) | — | — | 2,030,155 | 2,030,155 | |||||||||||||||||||||||||||||||
Maximum exposure to loss (2) (3) | — | — | 2,019,108 | 2,019,108 | |||||||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||
Maximum exposure to loss (2) (4) | 60,349 | 259,893 | — | 320,242 |
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Corporate | Total | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost | $ | 1,287,045 | $ | — | $ | — | $ | 1,287,045 | |||||||||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (1) | 1,323,786 | — | — | 1,323,786 | |||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||
Carrying value (2) | — | 34,537 | — | 34,537 | |||||||||||||||||||||||||||||||
Maximum exposure to loss (3) | — | 34,456 | — | 34,456 | |||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Carrying value (4) | — | — | 1,918,672 | 1,918,672 | |||||||||||||||||||||||||||||||
Maximum exposure to loss (3) (4) | — | — | 1,909,535 | 1,909,535 | |||||||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||
Maximum exposure to loss (3) (5) | 79,312 | 299,298 | — | 378,610 |
Consolidation of Variable Interest Entities | |||||||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost | $ | 1,329,212 | $ | — | $ | — | $ | — | $ | — | $ | 1,329,212 | |||||||||||
Debt securities of consolidated trusts held by third parties (1) | 1,333,417 | — | — | — | — | 1,333,417 | |||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Carrying value (2) | — | 31,003 | — | — | — | 31,003 | |||||||||||||||||
Maximum exposure to loss (3) | — | 30,688 | — | — | — | 30,688 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Carrying value (4) | — | — | — | — | 783,665 | 783,665 | |||||||||||||||||
Maximum exposure to loss (3) (4) | — | — | — | — | 781,755 | 781,755 | |||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Maximum exposure to loss (3) (5) | 354,823 | 226,802 | — | — | — | 581,625 |
Consolidation of Variable Interest Entities | |||||||||||||||||||||||
As of December 31, 2016 | |||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost | $ | 1,132,966 | $ | — | $ | — | $ | — | $ | — | $ | 1,132,966 | |||||||||||
Debt securities of consolidated trusts held by third parties (1) | 1,142,704 | — | — | — | — | 1,142,704 | |||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Carrying value (2) | — | 36,042 | — | 30,347 | — | 66,389 | |||||||||||||||||
Maximum exposure to loss (3) | — | 35,599 | — | 30,000 | — | 65,599 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Carrying value (4) | — | — | — | — | 827,874 | 827,874 | |||||||||||||||||
Maximum exposure to loss (3) (4) | — | — | — | — | 825,909 | 825,909 | |||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Maximum exposure to loss (3) (5) | 415,441 | 103,976 | — | 970,000 | — | 1,489,417 |
For the Nine Months Ended | |||||
September 30, 2017 | September 30, 2016 | ||||
(in thousands) | |||||
Non-cash activity: | |||||
Real estate owned acquired through loan liquidation | 5,261 | — | |||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 404,246 | 457,369 | |||
Consolidation of Farm & Ranch 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 | 277,307 | 402,841 | |||
Purchases of securities - traded not yet settled | 9,987 | 25,000 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | Net Income | Weighted-Average Shares | $ per Share | ||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 24,289 | 10,766 | $ | 2.26 | $ | 18,659 | 10,734 | $ | 1.74 | |||||||||||||||||||||||||
Effect of dilutive securities(1) | |||||||||||||||||||||||||||||||||||
SARs and restricted stock | — | 76 | (0.02) | — | 51 | (0.01) | |||||||||||||||||||||||||||||
Diluted EPS | $ | 24,289 | 10,842 | $ | 2.24�� | $ | 18,659 | 10,785 | $ | 1.73 |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | Net Income | Weighted-Average Shares | $ per Share | ||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 77,691 | 10,756 | $ | 7.22 | $ | 59,745 | 10,725 | $ | 5.57 | |||||||||||||||||||||||||
Effect of dilutive securities(1) | |||||||||||||||||||||||||||||||||||
SARs and restricted stock | — | 78 | (0.05) | — | 56 | (0.03) | |||||||||||||||||||||||||||||
Diluted EPS | $ | 77,691 | 10,834 | $ | 7.17 | $ | 59,745 | 10,781 | $ | 5.54 |
For the Three Months Ended | |||||||||||||||||||||
September 30, 2017(1) | September 30, 2016 | ||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | Net Income | Weighted-Average Shares | $ per Share | ||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||
Basic EPS | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 18,487 | 10,605 | $ | 1.74 | $ | 16,364 | 10,473 | $ | 1.56 | |||||||||||
Effect of dilutive securities(2) | |||||||||||||||||||||
Stock options, SARs and restricted stock | — | 210 | (0.03 | ) | — | 176 | (0.02 | ) | |||||||||||||
Diluted EPS | $ | 18,487 | 10,815 | $ | 1.71 | $ | 16,364 | 10,649 | $ | 1.54 |
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2017(1) | September 30, 2016 | ||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | Net Income | Weighted-Average Shares | $ per Share | ||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||
Basic EPS | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 54,590 | 10,586 | $ | 5.16 | $ | 38,687 | 10,464 | $ | 3.70 | |||||||||||
Effect of dilutive securities(2) | |||||||||||||||||||||
Stock options, SARs and restricted stock | — | 208 | (0.10 | ) | — | 291 | (0.10 | ) | |||||||||||||
Diluted EPS | $ | 54,590 | 10,794 | $ | 5.06 | $ | 38,687 | 10,755 | $ | 3.60 |
As of September 30, 2021 | As of September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | Held-to-Maturity Securities | Cash Flow Hedges | Total | Available-for-Sale Securities | Held-to-Maturity Securities | Cash Flow Hedges | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 8,954 | $ | 19,819 | $ | (12,040) | $ | 16,733 | $ | (88,261) | $ | 26,379 | $ | (29,615) | $ | (91,497) | |||||||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 1,275 | — | 1,049 | 2,324 | 38,099 | — | 904 | 39,003 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | (493) | (1,884) | 1,526 | (851) | (783) | (1,993) | 1,433 | (1,343) | |||||||||||||||||||||||||||||||||||||||
Net comprehensive income/(loss) | 782 | (1,884) | 2,575 | 1,473 | 37,316 | (1,993) | 2,337 | 37,660 | |||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 9,736 | $ | 17,935 | $ | (9,465) | $ | 18,206 | $ | (50,945) | $ | 24,386 | $ | (27,278) | $ | (53,837) | |||||||||||||||||||||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | (13,937) | $ | 22,829 | $ | (22,815) | $ | (13,923) | $ | (43,397) | $ | 32,845 | $ | (5,609) | $ | (16,161) | |||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 25,734 | — | 9,041 | 34,775 | (5,210) | — | (24,684) | (29,894) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | (2,061) | (4,894) | 4,309 | (2,646) | (2,338) | (8,459) | 3,015 | (7,782) | |||||||||||||||||||||||||||||||||||||||
Net comprehensive income/(loss) | 23,673 | (4,894) | 13,350 | 32,129 | (7,548) | (8,459) | (21,669) | (37,676) | |||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 9,736 | $ | 17,935 | $ | (9,465) | $ | 18,206 | $ | (50,945) | $ | 24,386 | $ | (27,278) | $ | (53,837) |
As of September 30, 2017 | As of September 30, 2016 | ||||||||||||||||||||||||||||||
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 | $ | (1,276 | ) | $ | 42,104 | $ | 1,600 | $ | 42,428 | $ | 19,704 | $ | (1,781 | ) | $ | (5,539 | ) | $ | 12,384 | ||||||||||||
Other Comprehensive Income Before Reclassifications | 2,298 | — | (97 | ) | 2,201 | 2,746 | — | 527 | 3,273 | ||||||||||||||||||||||
Amounts reclassified from AOCI | (2,875 | ) | (1,221 | ) | 262 | (3,834 | ) | (2,388 | ) | (47 | ) | 342 | (2,093 | ) | |||||||||||||||||
Net Comprehensive (Loss)/Income | (577 | ) | (1,221 | ) | 165 | (1,633 | ) | 358 | (47 | ) | 869 | 1,180 | |||||||||||||||||||
Ending Balance | $ | (1,853 | ) | $ | 40,883 | $ | 1,765 | $ | 40,795 | $ | 20,062 | $ | (1,828 | ) | $ | (4,670 | ) | $ | 13,564 | ||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||||||
Beginning Balance | $ | (14,387 | ) | $ | 45,752 | $ | 2,393 | $ | 33,758 | $ | (10,035 | ) | $ | (476 | ) | $ | (508 | ) | $ | (11,019 | ) | ||||||||||
Other Comprehensive Income Before Reclassifications | 20,711 | — | (1,522 | ) | 19,189 | 37,446 | — | (5,136 | ) | 32,310 | |||||||||||||||||||||
Amounts reclassified from AOCI | (8,177 | ) | (4,869 | ) | 894 | (12,152 | ) | (7,349 | ) | (1,352 | ) | 974 | (7,727 | ) | |||||||||||||||||
Net Comprehensive Income/(Loss) | 12,534 | (4,869 | ) | (628 | ) | 7,037 | 30,097 | (1,352 | ) | (4,162 | ) | 24,583 | |||||||||||||||||||
Ending Balance | $ | (1,853 | ) | $ | 40,883 | $ | 1,765 | $ | 40,795 | $ | 20,062 | $ | (1,828 | ) | $ | (4,670 | ) | $ | 13,564 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Available-for-sale-securities: | |||||||||||||||||||||||||||||||||||
Unrealized holding gains on available-for-sale securities | $ | 1,614 | $ | 339 | $ | 1,275 | $ | 48,226 | $ | 10,127 | $ | 38,099 | |||||||||||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Net interest income(1) | (362) | (76) | (286) | (976) | (205) | (771) | |||||||||||||||||||||||||||||
Gains on sale of available-for-sale investment securities(2) | (253) | (53) | (200) | — | — | — | |||||||||||||||||||||||||||||
Other income(3) | (8) | (1) | (7) | (15) | (3) | (12) | |||||||||||||||||||||||||||||
Total | $ | 991 | $ | 209 | $ | 782 | $ | 47,235 | $ | 9,919 | $ | 37,316 | |||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Net interest income(4) | (2,385) | (501) | (1,884) | (2,523) | (530) | (1,993) | |||||||||||||||||||||||||||||
Total | $ | (2,385) | $ | (501) | $ | (1,884) | $ | (2,523) | $ | (530) | $ | (1,993) | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Unrealized gains on cash flow hedges | $ | 1,326 | $ | 277 | $ | 1,049 | $ | 1,145 | $ | 241 | $ | 904 | |||||||||||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Net interest income(5) | 1,932 | 406 | 1,526 | 1,814 | 381 | 1,433 | |||||||||||||||||||||||||||||
Total | $ | 3,258 | $ | 683 | $ | 2,575 | $ | 2,959 | $ | 622 | $ | 2,337 | |||||||||||||||||||||||
Other comprehensive income | $ | 1,864 | $ | 391 | $ | 1,473 | $ | 47,671 | $ | 10,011 | $ | 37,660 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale-securities: | Available-for-sale-securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains on available-for-sale-securities | $ | 3,536 | $ | 1,238 | $ | 2,298 | $ | 4,225 | $ | 1,479 | $ | 2,746 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities | Unrealized holding gains/(losses) on available-for-sale securities | $ | 32,574 | $ | 6,840 | $ | 25,734 | $ | (6,596) | $ | (1,386) | $ | (5,210) | |||||||||||||||||||||||||||||||||||||||||||||
Less reclassification adjustments included in: | Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) on financial derivatives and hedging activities(1) | (4,326 | ) | (1,514 | ) | (2,812 | ) | (3,652 | ) | (1,278 | ) | (2,374 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Gains/(losses) on sale of available-for-sale investment securities(2) | (89 | ) | (31 | ) | (58 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income(2) | (7 | ) | (2 | ) | (5 | ) | (21 | ) | (7 | ) | (14 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(1) | Net interest income(1) | (2,333) | (490) | (1,843) | (2,916) | (612) | (2,304) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gains on sale of available-for-sale investment securities(2) | Gains on sale of available-for-sale investment securities(2) | (253) | (53) | (200) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other income(3) | Other income(3) | (22) | (4) | (18) | (42) | (8) | (34) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (886 | ) | $ | (309 | ) | $ | (577 | ) | $ | 552 | $ | 194 | $ | 358 | Total | $ | 29,966 | $ | 6,293 | $ | 23,673 | $ | (9,554) | $ | (2,006) | $ | (7,548) | ||||||||||||||||||||||||||||||
Held-to-maturity securities: | Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less reclassification adjustments included in: | Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(3) | $ | (1,879 | ) | $ | (658 | ) | $ | (1,221 | ) | $ | (73 | ) | $ | (26 | ) | $ | (47 | ) | ||||||||||||||||||||||||||||||||||||||||
Net interest income(4) | Net interest income(4) | (6,195) | (1,301) | (4,894) | (10,707) | (2,248) | (8,459) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,879 | ) | $ | (658 | ) | $ | (1,221 | ) | $ | (73 | ) | $ | (26 | ) | $ | (47 | ) | Total | $ | (6,195) | $ | (1,301) | $ | (4,894) | $ | (10,707) | $ | (2,248) | $ | (8,459) | |||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses)/gains on cash flow hedges | $ | (150 | ) | $ | (53 | ) | $ | (97 | ) | $ | 810 | $ | 283 | $ | 527 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on cash flow hedges | Unrealized gains/(losses) on cash flow hedges | $ | 11,445 | $ | 2,404 | $ | 9,041 | $ | (31,246) | $ | (6,562) | $ | (24,684) | |||||||||||||||||||||||||||||||||||||||||||||
Less reclassification adjustments included in: | Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(4) | 403 | 141 | 262 | 526 | 184 | 342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(5) | Net interest income(5) | 5,454 | 1,145 | 4,309 | 3,817 | 802 | 3,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 253 | $ | 88 | $ | 165 | $ | 1,336 | $ | 467 | $ | 869 | Total | $ | 16,899 | $ | 3,549 | $ | 13,350 | $ | (27,429) | $ | (5,760) | $ | (21,669) | |||||||||||||||||||||||||||||||||
Other comprehensive (loss)/income | $ | (2,512 | ) | $ | (879 | ) | $ | (1,633 | ) | $ | 1,815 | $ | 635 | $ | 1,180 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | Other comprehensive income/(loss) | $ | 40,670 | $ | 8,541 | $ | 32,129 | $ | (47,690) | $ | (10,014) | $ | (37,676) |
Date of | Effect on |
Consolidated Financial Statements | |||||||||||
January 1, 2020 | Farmer Mac |
For the Nine Months Ended | |||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||
Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Available-for-sale-securities: | |||||||||||||||||||||||
Unrealized holding gains on available-for-sale-securities | $ | 31,863 | $ | 11,152 | $ | 20,711 | $ | 57,610 | $ | 20,164 | $ | 37,446 | |||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||
Gains/(losses) on financial derivatives and hedging activities(1) | (12,470 | ) | (4,365 | ) | (8,105 | ) | (11,591 | ) | (4,056 | ) | (7,535 | ) | |||||||||||
Gains/(losses) on sale of available-for-sale investment securities(2) | (89 | ) | (31 | ) | (58 | ) | 9 | 3 | 6 | ||||||||||||||
Other income(3) | (21 | ) | (7 | ) | (14 | ) | 277 | 97 | 180 | ||||||||||||||
Total | $ | 19,283 | $ | 6,749 | $ | 12,534 | $ | 46,305 | $ | 16,208 | $ | 30,097 | |||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||
Net interest income(4) | $ | (7,491 | ) | $ | (2,622 | ) | $ | (4,869 | ) | $ | (2,081 | ) | $ | (729 | ) | $ | (1,352 | ) | |||||
Total | $ | (7,491 | ) | $ | (2,622 | ) | $ | (4,869 | ) | $ | (2,081 | ) | $ | (729 | ) | $ | (1,352 | ) | |||||
Cash flow hedges | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | (2,342 | ) | (820 | ) | $ | (1,522 | ) | $ | (7,901 | ) | $ | (2,765 | ) | $ | (5,136 | ) | |||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||
Net interest income(5) | 1,376 | 482 | 894 | 1,498 | 524 | 974 | |||||||||||||||||
Total | $ | (966 | ) | $ | (338 | ) | $ | (628 | ) | $ | (6,403 | ) | $ | (2,241 | ) | $ | (4,162 | ) | |||||
Other comprehensive income | $ | 10,826 | $ | 3,789 | $ | 7,037 | $ | 37,821 | $ | 13,238 | $ | 24,583 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost(1) | Allowance for losses(2) | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 | $ | — | $ | 19,700 | $ | (52) | $ | — | $ | (148) | $ | 19,500 | |||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 2,386,373 | 4,127 | 2,390,500 | — | 14,827 | (2,253) | 2,403,074 | ||||||||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | 28,170 | 791 | 28,961 | — | 21 | (85) | 28,897 | ||||||||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 1,239,500 | 5,405 | 1,244,905 | — | 162 | (334) | 1,244,733 | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 3,673,743 | 10,323 | 3,684,066 | (52) | 15,010 | (2,820) | 3,696,204 | ||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities(3) | 45,032 | — | 45,032 | — | 996 | — | 46,028 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 45,032 | $ | — | $ | 45,032 | $ | — | $ | 996 | $ | — | $ | 46,028 |
As of September 30, 2017 | |||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 | $ | — | $ | 19,700 | $ | — | $ | (1,182 | ) | $ | 18,518 | ||||||||||
Floating rate asset-backed securities | 35,870 | (165 | ) | 35,705 | 20 | (123 | ) | 35,602 | |||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,308,236 | 2,386 | 1,310,622 | 2,858 | (1,276 | ) | 1,312,204 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities(1) | 468 | 2,247 | 2,715 | 2,250 | — | 4,965 | |||||||||||||||||
Fixed rate senior agency debt | 100,000 | (8 | ) | 99,992 | — | (121 | ) | 99,871 | |||||||||||||||
Fixed rate U.S. Treasuries | 765,318 | (1,054 | ) | 764,264 | — | (458 | ) | 763,806 | |||||||||||||||
Total available-for-sale | 2,229,592 | 3,406 | 2,232,998 | 5,128 | (3,160 | ) | 2,234,966 | ||||||||||||||||
Total investment securities | $ | 2,229,592 | $ | 3,406 | $ | 2,232,998 | $ | 5,128 | $ | (3,160 | ) | $ | 2,234,966 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost(1) | Allowance for losses(2) | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 | $ | — | $ | 19,700 | $ | (36) | $ | — | $ | (493) | $ | 19,171 | |||||||||||||||||||||||||||
Floating rate asset-backed securities | 6,232 | — | 6,232 | — | — | (1) | 6,231 | ||||||||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 2,350,963 | (44) | 2,350,919 | — | 12,150 | (3,043) | 2,360,026 | ||||||||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | 279 | — | 279 | — | 34 | — | 313 | ||||||||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 1,449,408 | 17,128 | 1,466,536 | — | 1,458 | (43) | 1,467,951 | ||||||||||||||||||||||||||||||||||
Total available-for-sale | 3,826,582 | 17,084 | 3,843,666 | (36) | 13,642 | (3,580) | 3,853,692 | ||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities(3) | 45,032 | — | 45,032 | — | 1,201 | — | 46,233 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 45,032 | $ | — | $ | 45,032 | $ | — | $ | 1,201 | $ | — | $ | 46,233 |
As of December 31, 2016 | |||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 | $ | — | $ | 19,700 | $ | — | $ | (1,970 | ) | $ | 17,730 | ||||||||||
Floating rate asset-backed securities | 44,442 | (202 | ) | 44,240 | 1 | (390 | ) | 43,851 | |||||||||||||||
Floating rate corporate debt securities | 10,000 | — | 10,000 | 41 | — | 10,041 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,359,700 | 2,827 | 1,362,527 | 1,768 | (3,266 | ) | 1,361,029 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities(1) | 538 | 2,582 | 3,120 | 4,505 | — | 7,625 | |||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (3,047 | ) | 66,953 | ||||||||||||||||
Fixed rate senior agency debt | 187,295 | 106 | 187,401 | — | (268 | ) | 187,133 | ||||||||||||||||
Fixed rate U.S. Treasuries | 821,619 | 359 | 821,978 | 47 | (536 | ) | 821,489 | ||||||||||||||||
Total available-for-sale | 2,513,294 | 5,672 | 2,518,966 | 6,362 | (9,477 | ) | 2,515,851 | ||||||||||||||||
Total investment securities | $ | 2,513,294 | $ | 5,672 | $ | 2,518,966 | $ | 6,362 | $ | (9,477 | ) | $ | 2,515,851 |
As of September 30, 2021 | |||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 19,500 | $ | (148) | |||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 155,001 | (1,823) | 29,211 | (430) | |||||||||||||||||||
Fixed rate Government/GSE guaranteed mortgage-backed securities | 28,706 | (85) | — | — | |||||||||||||||||||
Fixed rate U.S. Treasuries | 472,909 | (334) | — | — | |||||||||||||||||||
Total | $ | 656,616 | $ | (2,242) | $ | 48,711 | $ | (578) | |||||||||||||||
Number of securities in loss position | 21 | 24 |
As of December 31, 2020 | |||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 19,171 | $ | (493) | |||||||||||||||
Floating rate asset-backed securities | — | — | 6,231 | (1) | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 172,842 | (593) | 324,423 | (2,450) | |||||||||||||||||||
Fixed rate U.S. Treasuries | 364,320 | (43) | — | — | |||||||||||||||||||
Total | $ | 537,162 | $ | (636) | $ | 349,825 | $ | (2,944) | |||||||||||||||
Number of securities in loss position | 27 | 62 |
As of September 30, 2017 | |||||||||||||||
Available-for-Sale Securities | |||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||
(in thousands) | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 18,518 | $ | (1,182 | ) | ||||||
Floating rate asset-backed securities | — | — | 24,089 | (123 | ) | ||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 131,772 | (220 | ) | 277,196 | (1,056 | ) | |||||||||
Fixed rate U.S. Treasuries | 738,815 | (431 | ) | 24,991 | (27 | ) | |||||||||
Fixed rate senior agency debt | 49,929 | (73 | ) | 49,943 | (48 | ) | |||||||||
Total | $ | 920,516 | $ | (724 | ) | $ | 394,737 | $ | (2,436 | ) |
As of December 31, 2016 | |||||||||||||||
Available-for-Sale Securities | |||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||
(in thousands) | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 17,730 | $ | (1,970 | ) | ||||||
Floating rate asset-backed securities | 4,654 | (10 | ) | 38,077 | (380 | ) | |||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 384,586 | (1,030 | ) | 442,041 | (2,236 | ) | |||||||||
Floating rate GSE subordinated debt | — | — | 66,953 | (3,047 | ) | ||||||||||
Fixed rate U.S. Treasuries | 732,371 | (536 | ) | — | — | ||||||||||
Fixed rate senior agency debt | 187,133 | (268 | ) | — | — | ||||||||||
Total | $ | 1,308,744 | $ | (1,844 | ) | $ | 564,801 | $ | (7,633 | ) |
As of September 30, 2021 | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Due within one year | $ | 678,261 | $ | 678,387 | 1.64% | ||||||||||||
Due after one year through five years | 845,628 | 846,303 | 0.55% | ||||||||||||||
Due after five years through ten years | 1,446,607 | 1,450,446 | 0.64% | ||||||||||||||
Due after ten years | 713,570 | 721,068 | 0.64% | ||||||||||||||
Total | $ | 3,684,066 | $ | 3,696,204 | 0.81% |
As of September 30, 2017 | |||||||||
Available-for-Sale Securities | |||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | |||||||
(dollars in thousands) | |||||||||
Due within one year | $ | 798,153 | $ | 797,630 | 0.92% | ||||
Due after one year through five years | 363,861 | 364,132 | 1.62% | ||||||
Due after five years through ten years | 279,192 | 281,792 | 1.75% | ||||||
Due after ten years | 791,792 | 791,412 | 1.86% | ||||||
Total | $ | 2,232,998 | $ | 2,234,966 | 1.47% |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost(1) | Allowance for losses(2) | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | $ | 2,220,224 | $ | (13) | $ | 2,220,211 | $ | (173) | $ | 13,626 | $ | (8,134) | $ | 2,225,530 | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 28,227 | 38 | 28,265 | — | 936 | — | 29,201 | ||||||||||||||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 2,248,451 | 25 | 2,248,476 | (173) | 14,562 | (8,134) | 2,254,731 | ||||||||||||||||||||||||||||||||||||||||
USDA Securities | 2,429,950 | 27,267 | 2,457,217 | — | 86,988 | (791) | 2,543,414 | ||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 4,678,401 | $ | 27,292 | $ | 4,705,693 | $ | (173) | $ | 101,550 | $ | (8,925) | $ | 4,798,145 | |||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | $ | 5,908,666 | $ | 1,323 | $ | 5,909,989 | $ | (290) | $ | 245,361 | $ | (16,301) | $ | 6,138,759 | |||||||||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||||||||||||
USDA Securities(3) | $ | 4,632 | $ | 115 | $ | 4,747 | $ | — | $ | 48 | $ | (2) | $ | 4,793 |
As of September 30, 2017 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
AgVantage | $ | 2,128,974 | $ | (1,166 | ) | $ | 2,127,808 | $ | 5,091 | $ | (6,073 | ) | $ | 2,126,826 | |||||||||
Farmer Mac Guaranteed USDA Securities | 30,688 | 314 | 31,002 | 86 | (284 | ) | 30,804 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 2,159,662 | (852 | ) | 2,158,810 | 5,177 | (6,357 | ) | 2,157,630 | |||||||||||||||
USDA Securities | 2,027,261 | 65,024 | 2,092,285 | — | (64,741 | ) | 2,027,544 | ||||||||||||||||
Total held-to-maturity | $ | 4,186,923 | $ | 64,172 | $ | 4,251,095 | $ | 5,177 | $ | (71,098 | ) | $ | 4,185,174 | ||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | $ | 5,459,655 | $ | (141 | ) | $ | 5,459,514 | $ | 30,811 | $ | (46,579 | ) | $ | 5,443,746 | |||||||||
Trading: | |||||||||||||||||||||||
USDA Securities | $ | 14,204 | $ | 1,092 | $ | 15,296 | $ | 31 | $ | (463 | ) | $ | 14,864 |
As of December 31, 2016 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
AgVantage | $ | 1,115,465 | $ | (2,276 | ) | $ | 1,113,189 | $ | 7,187 | $ | (3,175 | ) | $ | 1,117,201 | |||||||||
Farmer Mac Guaranteed USDA Securities | 35,599 | 443 | 36,042 | 5 | (239 | ) | 35,808 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 1,151,064 | (1,833 | ) | 1,149,231 | 7,192 | (3,414 | ) | 1,153,009 | |||||||||||||||
USDA Securities | 1,935,440 | 73,785 | 2,009,225 | — | (95,590 | ) | 1,913,635 | ||||||||||||||||
Total held-to-maturity | $ | 3,086,504 | $ | 71,952 | $ | 3,158,456 | $ | 7,192 | $ | (99,004 | ) | $ | 3,066,644 | ||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | $ | 4,889,007 | $ | (103 | ) | $ | 4,888,904 | $ | 28,715 | $ | (63,934 | ) | $ | 4,853,685 | |||||||||
Trading: | |||||||||||||||||||||||
USDA Securities | $ | 19,360 | $ | 1,377 | $ | 20,737 | $ | 41 | $ | (390 | ) | $ | 20,388 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost(1) | Allowance for losses(2) | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
AgVantage | $ | 1,141,430 | $ | (55) | $ | 1,141,375 | $ | (120) | $ | 23,986 | $ | (61) | $ | 1,165,180 | |||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 34,456 | 81 | 34,537 | — | 1,273 | — | 35,810 | ||||||||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 1,175,886 | 26 | 1,175,912 | (120) | 25,259 | (61) | 1,200,990 | ||||||||||||||||||||||||||||||||||
USDA Securities | 2,446,550 | 27,076 | 2,473,626 | — | 157,748 | (560) | 2,630,814 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 3,622,436 | $ | 27,102 | $ | 3,649,538 | $ | (120) | $ | 183,007 | $ | (621) | $ | 3,831,804 | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
AgVantage | $ | 6,593,518 | $ | 1,474 | $ | 6,594,992 | $ | (310) | $ | 368,257 | $ | (15,238) | $ | 6,947,701 | |||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||||||
USDA Securities(3) | $ | 6,413 | $ | 198 | $ | 6,611 | $ | — | $ | 84 | $ | — | $ | 6,695 |
As of September 30, 2021 | |||||||||||||||||||||||
Held-to-Maturity and Available-for-Sale Securities | |||||||||||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
AgVantage | $ | 1,596,866 | $ | (8,134) | $ | — | $ | — | |||||||||||||||
USDA Securities | — | — | 16,671 | (791) | |||||||||||||||||||
Total held-to-maturity | $ | 1,596,866 | $ | (8,134) | $ | 16,671 | $ | (791) | |||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | $ | 1,204,379 | $ | (13,381) | $ | 90,853 | $ | (2,920) |
As of September 30, 2017 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Held-to-Maturity and Available-for-Sale Securities | Held-to-Maturity and Available-for-Sale Securities | |||||||||||||||||||||||||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | |||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | |||||||||||||||||||||||||||||||||||||
AgVantage | $ | 1,249,774 | $ | (3,888 | ) | $ | 247,815 | $ | (2,185 | ) | AgVantage | $ | 49,939 | $ | (61) | $ | — | $ | — | |||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 25,201 | (284 | ) | — | — | |||||||||||||||||||||||||||||||||
USDA Securities | 1,940,984 | (64,696 | ) | 86,619 | (45 | ) | USDA Securities | — | — | 21,061 | (560) | |||||||||||||||||||||||||||
Total held-to-maturity | $ | 3,215,959 | $ | (68,868 | ) | $ | 334,434 | $ | (2,230 | ) | Total held-to-maturity | $ | 49,939 | $ | (61) | $ | 21,061 | $ | (560) | |||||||||||||||||||
Available-for-sale: | Available-for-sale: | |||||||||||||||||||||||||||||||||||||
AgVantage | $ | 1,293,478 | $ | (14,376 | ) | $ | 1,424,602 | $ | (32,203 | ) | AgVantage | $ | 133,703 | $ | (231) | $ | 981,757 | $ | (15,007) |
As of December 31, 2016 | |||||||||||||||
Available-for-Sale Securities | |||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||
(in thousands) | |||||||||||||||
Held-to-maturity: | |||||||||||||||
AgVantage | $ | 358,575 | $ | (3,175 | ) | $ | — | $ | — | ||||||
Farmer Mac Guaranteed USDA Securities | 30,575 | (239 | ) | — | — | ||||||||||
USDA Securities | 1,816,366 | (95,582 | ) | 97,270 | (8 | ) | |||||||||
Total held-to-maturity | $ | 2,205,516 | $ | (98,996 | ) | $ | 97,270 | $ | (8 | ) | |||||
Available-for-sale: | |||||||||||||||
AgVantage | $ | 982,538 | $ | (18,482 | ) | $ | 1,131,930 | $ | (45,452 | ) |
As of September 30, 2021 | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||
Amortized Cost(1) | Fair Value | Weighted- Average Yield | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Due within one year | $ | 1,643,186 | $ | 1,653,306 | 1.59 | % | |||||||||||
Due after one year through five years | 1,821,449 | 1,899,828 | 2.70 | % | |||||||||||||
Due after five years through ten years | 865,954 | 897,786 | 2.11 | % | |||||||||||||
Due after ten years | 1,579,400 | 1,687,839 | 2.46 | % | |||||||||||||
Total | $ | 5,909,989 | $ | 6,138,759 | 2.24 | % |
As of September 30, 2021 | |||||||||||||||||
Held-to-Maturity Securities | |||||||||||||||||
Amortized Cost(1) | Fair Value | Weighted- Average Yield | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Due within one year | $ | 1,442,247 | $ | 1,443,316 | 0.74 | % | |||||||||||
Due after one year through five years | 834,861 | 840,125 | 2.08 | % | |||||||||||||
Due after five years through ten years | 248,841 | 257,529 | 2.79 | % | |||||||||||||
Due after ten years | 2,179,744 | 2,257,175 | 3.17 | % | |||||||||||||
Total | $ | 4,705,693 | $ | 4,798,145 | 2.19 | % |
As of September 30, 2017 | ||||||||||
Available-for-Sale Securities | ||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | ||||||||
(dollars in thousands) | ||||||||||
Due within one year | $ | 1,000,000 | $ | 1,001,537 | 1.90 | % | ||||
Due after one year through five years | 2,696,001 | 2,706,480 | 2.14 | % | ||||||
Due after five years through ten years | 745,701 | 750,299 | 2.87 | % | ||||||
Due after ten years | 1,017,812 | 985,430 | 1.98 | % | ||||||
Total | $ | 5,459,514 | $ | 5,443,746 | 2.17 | % |
As of September 30, 2017 | ||||||||||
Held-to-Maturity Securities | ||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | ||||||||
(dollars in thousands) | ||||||||||
Due within one year | $ | 926,747 | $ | 925,935 | 1.78 | % | ||||
Due after one year through five years | 1,260,842 | 1,258,848 | 2.27 | % | ||||||
Due after five years through ten years | 208,034 | 201,899 | 3.07 | % | ||||||
Due after ten years | 1,855,472 | 1,798,492 | 3.35 | % | ||||||
Total | $ | 4,251,095 | $ | 4,185,174 | 2.66 | % |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Term (in years) | |||||||||||||||||||||||||||||||||||||
Notional Amount | Asset | (Liability) | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | $ | 5,322,606 | $ | 7,407 | $ | (770) | 2.20% | 0.12% | 12.13 | ||||||||||||||||||||||||||||||||
Receive fixed non-callable | 4,748,529 | 22 | (9,657) | 0.17% | 0.90% | 2.17 | |||||||||||||||||||||||||||||||||||
Receive fixed callable | 1,459,577 | 1,246 | (5,108) | 0.02% | 0.73% | 4.06 | |||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | 535,000 | 6,121 | (4,149) | 1.96% | 0.49% | 5.69 | |||||||||||||||||||||||||||||||||||
No hedge designation: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | 238,809 | — | (5,826) | 3.31% | 0.14% | 4.99 | |||||||||||||||||||||||||||||||||||
Receive fixed non-callable | 1,373,250 | — | — | 0.10% | 0.50% | 0.94 | |||||||||||||||||||||||||||||||||||
Basis swaps | 2,088,911 | 902 | (135) | 0.14% | 0.18% | 2.77 | |||||||||||||||||||||||||||||||||||
Treasury futures | 154,500 | — | — | 131.61 | |||||||||||||||||||||||||||||||||||||
Credit valuation adjustment | (30) | 12 | |||||||||||||||||||||||||||||||||||||||
Total financial derivatives | $ | 15,921,182 | $ | 15,668 | $ | (25,633) | |||||||||||||||||||||||||||||||||||
Collateral (held)/pledged | (2,198) | 175,189 | |||||||||||||||||||||||||||||||||||||||
Net amount | $ | 13,470 | $ | 149,556 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Term (in years) | |||||||||||||||||||||||||||||||||||||
Notional Amount | Asset | (Liability) | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | $ | 5,463,303 | $ | 10,157 | $ | (2,585) | 2.26% | 0.21% | 11.95 | ||||||||||||||||||||||||||||||||
Receive fixed non-callable | 2,611,029 | 2 | (8,755) | 0.32% | 1.61% | 2.10 | |||||||||||||||||||||||||||||||||||
Receive fixed callable | 343,500 | 3,108 | (4) | 0.16% | 1.78% | 3.16 | |||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | 472,000 | 2,584 | (8,771) | 2.04% | 0.57% | 6.04 | |||||||||||||||||||||||||||||||||||
No hedge designation: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Pay fixed non-callable | 339,090 | — | (9,675) | 2.38% | 0.19% | 4.23 | |||||||||||||||||||||||||||||||||||
Receive fixed non-callable | 2,359,220 | — | — | 0.16% | 0.87% | 1.07 | |||||||||||||||||||||||||||||||||||
Receive fixed callable | 200,000 | 1 | (12) | 0.13% | 0.15% | 0.72 | |||||||||||||||||||||||||||||||||||
Basis swaps | 3,628,911 | 1,617 | (43) | 0.18% | 0.23% | 2.03 | |||||||||||||||||||||||||||||||||||
Treasury futures | 30,500 | — | (82) | 137.81 | |||||||||||||||||||||||||||||||||||||
Credit valuation adjustment | (1) | 35 | |||||||||||||||||||||||||||||||||||||||
Total financial derivatives | $ | 15,447,553 | $ | 17,468 | $ | (29,892) | |||||||||||||||||||||||||||||||||||
Collateral (held)/pledged | (1,345) | 212,263 | |||||||||||||||||||||||||||||||||||||||
Net amount | $ | 16,123 | $ | 182,371 |
As of September 30, 2017 | ||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Life (in years) | ||||||||||||||||
Notional Amount | Asset | (Liability) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | $ | 2,040,854 | $ | 744 | $ | (8,768 | ) | 1.83% | 1.31% | 5.42 | ||||||||||
Receive fixed non-callable | 1,431,700 | 64 | (1,985 | ) | 1.23% | 1.42% | 1.74 | |||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 349,000 | 960 | (555 | ) | 2.19% | 1.55% | 6.32 | |||||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 348,040 | 166 | (19,318 | ) | 3.80% | 1.31% | 6.88 | |||||||||||||
Receive fixed non-callable | 3,389,116 | — | — | 1.12% | 1.10% | 0.85 | ||||||||||||||
Basis swaps | 1,225,000 | 42 | (63 | ) | 1.20% | 1.22% | 0.95 | |||||||||||||
Treasury futures | 7,400 | 50 | — | 125.99 | ||||||||||||||||
Credit valuation adjustment | (6 | ) | 94 | |||||||||||||||||
Total financial derivatives | $ | 8,791,110 | $ | 2,020 | $ | (30,595 | ) | |||||||||||||
Collateral pledged | — | 25,079 | ||||||||||||||||||
Net amount | $ | 2,020 | $ | (5,516 | ) |
As of December 31, 2016 | ||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Life (in years) | ||||||||||||||||
Notional Amount | Asset | (Liability) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | $ | 1,642,609 | $ | 18,508 | $ | (18,909 | ) | 1.73% | 0.90% | 4.70 | ||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 207,000 | 3,706 | (955 | ) | 2.18% | 1.11% | 7.28 | |||||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 435,827 | 339 | (32,951 | ) | 4.06% | 0.89% | 5.90 | |||||||||||||
Receive fixed non-callable | 4,991,821 | 607 | (5,064 | ) | 0.74% | 0.75% | 0.60 | |||||||||||||
Receive fixed callable | 30,000 | — | (33 | ) | 0.82% | 0.58% | 0.33 | |||||||||||||
Basis swaps | 765,000 | 36 | (243 | ) | 0.78% | 0.78% | 0.87 | |||||||||||||
Treasury futures | 28,000 | — | (155 | ) | 123.73 | |||||||||||||||
Credit valuation adjustment | (14 | ) | 158 | |||||||||||||||||
Total financial derivatives | $ | 8,100,257 | $ | 23,182 | $ | (58,152 | ) | |||||||||||||
Collateral pledged | — | 25,643 | ||||||||||||||||||
Net amount | $ | 23,182 | $ | (32,509 | ) |
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives | |||||||||||||||||||||||||||||||||||
Net Interest Income | Non-Interest Income | Total | |||||||||||||||||||||||||||||||||
Interest Income Investments and Cash Equivalents | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Interest Income Loans | Total Interest Expense | Losses on financial derivatives | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of operations | $ | 4,121 | $ | 38,428 | $ | 61,923 | $ | (49,467) | $ | (2,347) | $ | 52,658 | |||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships: | |||||||||||||||||||||||||||||||||||
Recognized on derivatives | (141) | (20,925) | (6,911) | 10,886 | — | (17,091) | |||||||||||||||||||||||||||||
Recognized on hedged items | 274 | 28,937 | 11,817 | (12,940) | — | 28,088 | |||||||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | — | (287) | — | (287) | |||||||||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | $ | 133 | $ | 8,012 | $ | 4,906 | $ | (2,341) | $ | — | $ | 10,710 | |||||||||||||||||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||||||||||||||||||||||||||
Recognized on derivatives | $ | 1,827 | $ | 30,060 | $ | 19,652 | $ | (9,727) | $ | — | $ | 41,812 | |||||||||||||||||||||||
Recognized on hedged items | (1,737) | (31,523) | (19,184) | 8,712 | — | (43,732) | |||||||||||||||||||||||||||||
Gains/(losses) on fair value hedging relationships | $ | 90 | $ | (1,463) | $ | 468 | $ | (1,015) | $ | — | $ | (1,920) | |||||||||||||||||||||||
Expense related to interest settlements on cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest settlements reclassified from AOCI into net income on derivatives | $ | — | $ | — | $ | — | $ | (1,932) | $ | — | $ | (1,932) | |||||||||||||||||||||||
Recognized on hedged items | — | — | — | (685) | — | (685) | |||||||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | — | (11) | — | (11) | |||||||||||||||||||||||||||||
Expense recognized on cash flow hedges | $ | — | $ | — | $ | — | $ | (2,628) | $ | — | $ | (2,628) | |||||||||||||||||||||||
Losses on financial derivatives not designated in hedging relationships: | |||||||||||||||||||||||||||||||||||
Losses on interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | (2,093) | $ | (2,093) | |||||||||||||||||||||||
Interest expense on interest rate swaps | — | — | — | — | 168 | 168 | |||||||||||||||||||||||||||||
Treasury futures | — | — | — | — | (422) | (422) | |||||||||||||||||||||||||||||
Losses on financial derivatives not designated in hedge relationships | $ | — | $ | — | $ | — | $ | — | $ | (2,347) | $ | (2,347) |
Gains/(losses) on financial derivatives and hedging activities | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fair value hedges: | |||||||||||||||
Interest rate swaps(1) | $ | 1,576 | $ | 11,276 | $ | (5,466 | ) | $ | (30,062 | ) | |||||
Hedged items | 166 | (10,550 | ) | 4,750 | 35,778 | ||||||||||
Gains/(losses) on fair value hedges | 1,742 | 726 | (716 | ) | 5,716 | ||||||||||
Cash flow hedges: | |||||||||||||||
Loss recognized (ineffective portion) | (191 | ) | (68 | ) | (365 | ) | (322 | ) | |||||||
Losses on cash flow hedges | (191 | ) | (68 | ) | (365 | ) | (322 | ) | |||||||
No hedge designation: | |||||||||||||||
Interest rate swaps | (1,031 | ) | (2,333 | ) | 4,006 | (16,820 | ) | ||||||||
Agency forwards | — | 79 | (588 | ) | (789 | ) | |||||||||
Treasury futures | 141 | (5 | ) | 193 | (864 | ) | |||||||||
(Losses)/gains on financial derivatives not designated in hedging relationships | (890 | ) | (2,259 | ) | 3,611 | (18,473 | ) | ||||||||
Gains/(losses) on financial derivatives and hedging activities | $ | 661 | $ | (1,601 | ) | $ | 2,530 | $ | (13,079 | ) |
For The Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives | |||||||||||||||||||||||||||||
Net Interest Income | Non-Interest Income | Total | |||||||||||||||||||||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Interest Income Loans | Total Interest Expense | Losses on financial derivatives | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of operations: | $ | 45,335 | $ | 56,204 | $ | (63,974) | $ | (564) | $ | 37,001 | |||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships: | |||||||||||||||||||||||||||||
Recognized on derivatives | (20,373) | (6,194) | 9,605 | — | (16,962) | ||||||||||||||||||||||||
Recognized on hedged items | 31,439 | 10,965 | (12,328) | — | 30,076 | ||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | (191) | — | (191) | ||||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | $ | 11,066 | $ | 4,771 | $ | (2,914) | $ | — | $ | 12,923 | |||||||||||||||||||
(Losses)/gains on fair value hedging relationships: | |||||||||||||||||||||||||||||
Recognized on derivatives | $ | 38,363 | $ | 28,198 | $ | (9,665) | $ | — | $ | 56,896 | |||||||||||||||||||
Recognized on hedged items | (41,855) | (29,372) | 9,284 | — | (61,943) | ||||||||||||||||||||||||
(Losses)/gains on fair value hedging relationships | $ | (3,492) | $ | (1,174) | $ | (381) | $ | — | $ | (5,047) | |||||||||||||||||||
Expense related to interest settlements on cash flow hedging relationships: | |||||||||||||||||||||||||||||
Interest settlements reclassified from AOCI into net income on derivatives | $ | — | $ | — | $ | (1,814) | $ | — | $ | (1,814) | |||||||||||||||||||
Recognized on hedged items | — | — | (711) | — | (711) | ||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | (4) | — | (4) | ||||||||||||||||||||||||
Expense recognized on cash flow hedges | $ | — | $ | — | $ | (2,529) | $ | — | $ | (2,529) | |||||||||||||||||||
Losses on financial derivatives not designated in hedge relationships: | |||||||||||||||||||||||||||||
Losses on interest rate swaps | $ | — | $ | — | $ | — | $ | (4,292) | $ | (4,292) | |||||||||||||||||||
Interest expense on interest rate swaps | — | — | — | 3,800 | 3,800 | ||||||||||||||||||||||||
Treasury futures | — | — | — | (72) | (72) | ||||||||||||||||||||||||
Losses on financial derivatives not designated in hedge relationships | $ | — | $ | — | $ | — | $ | (564) | $ | (564) |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives | |||||||||||||||||||||||||||||||||||
Net Interest Income | Non-Interest Income | Total | |||||||||||||||||||||||||||||||||
Interest Income Investments and Cash Equivalents | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Interest Income Loans | Total Interest Expense | Losses on financial derivatives | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of operations | $ | 14,107 | $ | 123,246 | $ | 181,631 | $ | (155,599) | $ | (1,120) | $ | 162,265 | |||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships: | |||||||||||||||||||||||||||||||||||
Recognized on derivatives | (177) | (63,966) | (20,185) | 30,178 | — | (54,150) | |||||||||||||||||||||||||||||
Recognized on hedged items | 341 | 90,278 | 34,940 | (36,889) | — | 88,670 | |||||||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | — | (765) | — | (765) | |||||||||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | $ | 164 | $ | 26,312 | $ | 14,755 | $ | (7,476) | $ | — | $ | 33,755 | |||||||||||||||||||||||
Gains/(losses) on fair value hedging relationships: | |||||||||||||||||||||||||||||||||||
Recognized on derivatives | $ | 1,651 | $ | 149,457 | $ | 100,276 | $ | (41,838) | $ | — | $ | 209,546 | |||||||||||||||||||||||
Recognized on hedged items | (1,549) | (150,445) | (99,955) | 39,104 | — | (212,845) | |||||||||||||||||||||||||||||
Gains/(losses) on fair value hedging relationships | $ | 102 | $ | (988) | $ | 321 | $ | (2,734) | $ | — | $ | (3,299) | |||||||||||||||||||||||
Expense related to interest settlements on cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest settlements reclassified from AOCI into net income on derivatives | $ | — | $ | — | $ | — | $ | (5,454) | $ | — | $ | (5,454) | |||||||||||||||||||||||
Recognized on hedged items | — | — | — | (1,983) | — | (1,983) | |||||||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | — | (25) | — | (25) | |||||||||||||||||||||||||||||
Expense recognized on cash flow hedges | $ | — | $ | — | $ | — | $ | (7,462) | $ | — | $ | (7,462) | |||||||||||||||||||||||
Losses on financial derivatives not designated in hedging relationships: | |||||||||||||||||||||||||||||||||||
Losses on interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | (4,363) | $ | (4,363) | |||||||||||||||||||||||
Interest expense on interest rate swaps | — | — | — | — | 3,489 | 3,489 | |||||||||||||||||||||||||||||
Treasury futures | — | — | — | — | (246) | (246) | |||||||||||||||||||||||||||||
Losses on financial derivatives not designated in hedge relationships | $ | — | $ | — | $ | — | $ | — | $ | (1,120) | $ | (1,120) |
For The Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives | |||||||||||||||||||||||||||||
Net Interest Income | Non-Interest Income | Total | |||||||||||||||||||||||||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Interest Income Loans | Total Interest Expense | Losses on financial derivatives | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Total amounts presented in the consolidated statement of operations: | $ | 178,644 | $ | 172,230 | $ | (251,789) | $ | (3,339) | $ | 95,746 | |||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships: | |||||||||||||||||||||||||||||
Recognized on derivatives | (38,781) | (12,607) | 16,671 | — | (34,717) | ||||||||||||||||||||||||
Recognized on hedged items | 95,366 | 29,454 | (39,325) | — | 85,495 | ||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | (552) | — | (552) | ||||||||||||||||||||||||
Income/(expense) related to interest settlements on fair value hedging relationships | $ | 56,585 | $ | 16,847 | $ | (23,206) | $ | — | $ | 50,226 | |||||||||||||||||||
(Losses)/gains on fair value hedging relationships: | |||||||||||||||||||||||||||||
Recognized on derivatives | $ | (264,797) | $ | (124,322) | $ | 52,991 | $ | — | $ | (336,128) | |||||||||||||||||||
Recognized on hedged items | 257,575 | 119,072 | (53,628) | — | 323,019 | ||||||||||||||||||||||||
(Losses)/gains on fair value hedging relationships | $ | (7,222) | $ | (5,250) | $ | (637) | $ | — | $ | (13,109) | |||||||||||||||||||
Expense related to interest settlements on cash flow hedging relationships: | |||||||||||||||||||||||||||||
Interest settlements reclassified from AOCI into net income on derivatives | $ | — | $ | — | $ | (3,817) | $ | — | $ | (3,817) | |||||||||||||||||||
Recognized on hedged items | — | — | (3,863) | — | (3,863) | ||||||||||||||||||||||||
Discount amortization recognized on hedged items | — | — | (6) | — | (6) | ||||||||||||||||||||||||
Expense recognized on cash flow hedges | $ | — | $ | — | $ | (7,686) | $ | — | $ | (7,686) | |||||||||||||||||||
(Losses)/gains on financial derivatives not designated in hedge relationships: | |||||||||||||||||||||||||||||
Losses on interest rate swaps | $ | — | $ | — | $ | — | $ | (2,415) | $ | (2,415) | |||||||||||||||||||
Interest expense on interest rate swaps | — | — | — | 1,143 | 1,143 | ||||||||||||||||||||||||
Treasury futures | — | — | — | (2,067) | (2,067) | ||||||||||||||||||||||||
(Losses)/gains on financial derivatives not designated in hedge relationships | $ | — | $ | — | $ | — | $ | (3,339) | $ | (3,339) |
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) | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Investment securities, Available-for-Sale, at fair value | $ | 167,970 | $ | — | $ | (1,549) | $ | — | |||||||||||||||
Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value(1) | 3,798,859 | 4,244,027 | 232,379 | 382,825 | |||||||||||||||||||
Loans held for investment, at amortized cost(2) | 1,604,954 | 1,692,609 | 11,378 | 111,333 | |||||||||||||||||||
Notes Payable(3) | (5,730,114) | (3,006,140) | (14,136) | (53,240) |
September 30, 2021 | |||||||||||||||||
Gross Amount Recognized(1) | Counterparty Netting | Net Amount Presented in the Consolidated Balance Sheet | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | |||||||||||||||||
Interest rate swap | $ | 116,064 | $ | 113,901 | $ | 2,163 | |||||||||||
Liabilities: | |||||||||||||||||
Derivatives | |||||||||||||||||
Interest rate swap | $ | 397,989 | $ | 388,194 | $ | 9,795 |
December 31, 2020 | |||||||||||||||||
Gross Amount Recognized(1) | Counterparty Netting | Net Amount Presented in the Consolidated Balance Sheet | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | |||||||||||||||||
Interest rate swaps | $ | 112,287 | $ | 111,761 | $ | 526 | |||||||||||
Liabilities: | |||||||||||||||||
Derivatives | |||||||||||||||||
Interest rate swaps | $ | 620,236 | $ | 595,867 | $ | 24,369 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Farm & Ranch | $ | 5,800,376 | $ | 977,373 | $ | 6,777,749 | $ | 4,889,393 | $ | 1,287,045 | $ | 6,176,438 | |||||||||||||||||||||||
Rural Utilities | 2,243,172 | — | 2,243,172 | 2,260,412 | — | 2,260,412 | |||||||||||||||||||||||||||||
Total unpaid principal balance(1) | 8,043,548 | 977,373 | 9,020,921 | 7,149,805 | 1,287,045 | 8,436,850 | |||||||||||||||||||||||||||||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 16,288 | — | 16,288 | 112,128 | — | 112,128 | |||||||||||||||||||||||||||||
Total loans | 8,059,836 | 977,373 | 9,037,209 | 7,261,933 | 1,287,045 | 8,548,978 | |||||||||||||||||||||||||||||
Allowance for losses | (13,621) | (673) | (14,294) | (12,943) | (889) | (13,832) | |||||||||||||||||||||||||||||
Total loans, net of allowance | $ | 8,046,215 | $ | 976,700 | $ | 9,022,915 | $ | 7,248,990 | $ | 1,286,156 | $ | 8,535,146 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch | $ | 2,739,681 | $ | 1,329,212 | $ | 4,068,893 | $ | 2,381,488 | $ | 1,132,966 | $ | 3,514,454 | |||||||||||
Rural Utilities | 1,066,482 | — | 1,066,482 | 999,512 | — | 999,512 | |||||||||||||||||
Total unpaid principal balance(1) | 3,806,163 | 1,329,212 | 5,135,375 | 3,381,000 | 1,132,966 | 4,513,966 | |||||||||||||||||
Unamortized premiums, discounts and other cost basis adjustments | (1,197 | ) | — | (1,197 | ) | (1,116 | ) | — | (1,116 | ) | |||||||||||||
Total loans | 3,804,966 | 1,329,212 | 5,134,178 | 3,379,884 | 1,132,966 | 4,512,850 | |||||||||||||||||
Allowance for loan losses | (5,195 | ) | (1,213 | ) | (6,408 | ) | (4,437 | ) | (978 | ) | (5,415 | ) | |||||||||||
Total loans, net of allowance | $ | 3,799,771 | $ | 1,327,999 | $ | 5,127,770 | $ | 3,375,447 | $ | 1,131,988 | $ | 4,507,435 |
September 30, 2021 | December 31, 2020 | ||||||||||
Allowance for Losses | Allowance for Losses | ||||||||||
(in thousands) | |||||||||||
Loans: | |||||||||||
Farm & Ranch | $ | 3,506 | $ | 3,745 | |||||||
Rural Utilities | 10,788 | 10,087 | |||||||||
Total | $ | 14,294 | $ | 13,832 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Allowance for Losses | Allowance for Losses | Allowance for Losses | Allowance for Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch: | |||||||||||||||||||||||
Beginning Balance | $ | 3,092 | $ | 6,039 | $ | 3,745 | $ | 10,454 | |||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | (3,909) | |||||||||||||||||||
Adjusted Beginning Balance | 3,092 | 6,039 | 3,745 | 6,545 | |||||||||||||||||||
Provision for/(release of) losses | 414 | (300) | (239) | (412) | |||||||||||||||||||
Charge-offs | — | — | — | (394) | |||||||||||||||||||
Ending Balance(1) | $ | 3,506 | $ | 5,739 | $ | 3,506 | $ | 5,739 | |||||||||||||||
Rural Utilities: | |||||||||||||||||||||||
Beginning Balance | $ | 10,908 | $ | 8,900 | $ | 10,087 | $ | — | |||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | 5,378 | |||||||||||||||||||
Adjusted Beginning Balance | 10,908 | 8,900 | 10,087 | 5,378 | |||||||||||||||||||
(Release of)/provision for losses | (120) | 1,182 | 701 | 4,704 | |||||||||||||||||||
Charge-offs | — | — | — | — | |||||||||||||||||||
Ending Balance(2) | $ | 10,788 | $ | 10,082 | $ | 10,788 | $ | 10,082 |
As of September 30, 2017 | As of September 30, 2016 | ||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 6,138 | $ | 1,966 | $ | 8,104 | $ | 4,893 | $ | 2,191 | $ | 7,084 | |||||||||||
Provision for/(release of) losses | 270 | 114 | 384 | 191 | (222 | ) | (31 | ) | |||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | (130 | ) | |||||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 | |||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 5,415 | $ | 2,020 | $ | 7,435 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||||||||
Provision for/(release of) losses | 1,234 | 60 | 1,294 | 604 | (114 | ) | 490 | ||||||||||||||||
Charge-offs | (241 | ) | — | (241 | ) | (130 | ) | — | (130 | ) | |||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 |
September 30, 2017 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||
Beginning Balance | $ | 3,735 | $ | 2,164 | $ | 1,234 | $ | 397 | $ | 558 | $ | 16 | $ | 8,104 | |||||||||||||
Provision for/(release of) losses | 115 | 162 | 35 | 4 | 72 | (4 | ) | 384 | |||||||||||||||||||
Ending Balance | $ | 3,850 | $ | 2,326 | $ | 1,269 | $ | 401 | $ | 630 | $ | 12 | $ | 8,488 | |||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||
Beginning Balance | $ | 3,365 | $ | 1,723 | $ | 1,375 | $ | 405 | $ | 533 | $ | 34 | $ | 7,435 | |||||||||||||
Provision for/(release of) losses | 713 | 603 | (93 | ) | (4 | ) | 97 | (22 | ) | 1,294 | |||||||||||||||||
Charge-offs | (228 | ) | — | (13 | ) | — | — | — | (241 | ) | |||||||||||||||||
Ending Balance | $ | 3,850 | $ | 2,326 | $ | 1,269 | $ | 401 | $ | 630 | $ | 12 | $ | 8,488 |
September 30, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||
Beginning Balance | $ | 3,111 | $ | 1,144 | $ | 1,906 | $ | 447 | $ | 473 | $ | 3 | $ | 7,084 | |||||||||||||
Provision for/(release of) losses | 103 | 198 | (354 | ) | 36 | (13 | ) | (1 | ) | (31 | ) | ||||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | — | (130 | ) | ||||||||||||||||||
Ending Balance | $ | 3,214 | $ | 1,342 | $ | 1,552 | $ | 353 | $ | 460 | $ | 2 | $ | 6,923 | |||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||
Beginning Balance | $ | 2,791 | $ | 931 | $ | 1,781 | $ | 408 | $ | 649 | $ | 3 | $ | 6,563 | |||||||||||||
Provision for/(release of) losses | 423 | 411 | (229 | ) | 75 | (189 | ) | (1 | ) | 490 | |||||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | — | (130 | ) | ||||||||||||||||||
Ending Balance | $ | 3,214 | $ | 1,342 | $ | 1,552 | $ | 353 | $ | 460 | $ | 2 | $ | 6,923 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | 90 Days and Greater(2) | Total Past Due | Nonaccrual loans(3)(4) | Total Loans | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Loans(1): | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | $ | 6,633,343 | $ | 2,345 | $ | 482 | $ | 3,655 | $ | 6,482 | $ | 137,924 | $ | 6,777,749 | |||||||||||||||||||||||||||
Rural Utilities | 2,243,172 | — | — | — | — | — | 2,243,172 | ||||||||||||||||||||||||||||||||||
Total | $ | 8,876,515 | $ | 2,345 | $ | 482 | $ | 3,655 | $ | 6,482 | $ | 137,924 | $ | 9,020,921 |
As of September 30, 2017 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,278,701 | $ | 767,275 | $ | 623,499 | $ | 246,416 | $ | 13,248 | $ | 9,004 | $ | 3,938,143 | |||||||||||||
Off-balance sheet | 1,237,846 | 373,496 | 668,280 | 153,278 | 34,820 | 3,849 | 2,471,569 | ||||||||||||||||||||
Total | $ | 3,516,547 | $ | 1,140,771 | $ | 1,291,779 | $ | 399,694 | $ | 48,068 | $ | 12,853 | $ | 6,409,712 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 68,322 | $ | 41,201 | $ | 13,516 | $ | 7,069 | $ | — | $ | 642 | $ | 130,750 | |||||||||||||
Off-balance sheet | 8,847 | 2,249 | 4,448 | 945 | — | 79 | 16,568 | ||||||||||||||||||||
Total | $ | 77,169 | $ | 43,450 | $ | 17,964 | $ | 8,014 | $ | — | $ | 721 | $ | 147,318 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,347,023 | $ | 808,476 | $ | 637,015 | $ | 253,485 | $ | 13,248 | $ | 9,646 | $ | 4,068,893 | |||||||||||||
Off-balance sheet | 1,246,693 | 375,745 | 672,728 | 154,223 | 34,820 | 3,928 | 2,488,137 | ||||||||||||||||||||
Total | $ | 3,593,716 | $ | 1,184,221 | $ | 1,309,743 | $ | 407,708 | $ | 48,068 | $ | 13,574 | $ | 6,557,030 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,868 | $ | 973 | $ | 748 | $ | 219 | $ | 87 | $ | 6 | $ | 3,901 | |||||||||||||
Off-balance sheet | 560 | 285 | 212 | 46 | 543 | 4 | 1,650 | ||||||||||||||||||||
Total | $ | 2,428 | $ | 1,258 | $ | 960 | $ | 265 | $ | 630 | $ | 10 | $ | 5,551 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,193 | $ | 1,010 | $ | 192 | $ | 112 | $ | — | $ | — | $ | 2,507 | |||||||||||||
Off-balance sheet | 229 | 58 | 117 | 24 | — | 2 | 430 | ||||||||||||||||||||
Total | $ | 1,422 | $ | 1,068 | $ | 309 | $ | 136 | $ | — | $ | 2 | $ | 2,937 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 3,061 | $ | 1,983 | $ | 940 | $ | 331 | $ | 87 | $ | 6 | $ | 6,408 | |||||||||||||
Off-balance sheet | 789 | 343 | 329 | 70 | 543 | 6 | 2,080 | ||||||||||||||||||||
Total | $ | 3,850 | $ | 2,326 | $ | 1,269 | $ | 401 | $ | 630 | $ | 12 | $ | 8,488 |
As of December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,115,450 | $ | 569,360 | $ | 537,859 | $ | 183,660 | $ | 11,545 | $ | 8,894 | $ | 3,426,768 | |||||||||||||
Off-balance sheet | 1,241,851 | 437,575 | 752,473 | 131,889 | 36,506 | 4,503 | 2,604,797 | ||||||||||||||||||||
Total | $ | 3,357,301 | $ | 1,006,935 | $ | 1,290,332 | $ | 315,549 | $ | 48,051 | $ | 13,397 | $ | 6,031,565 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 41,648 | $ | 27,770 | $ | 10,658 | $ | 7,610 | $ | — | $ | — | $ | 87,686 | |||||||||||||
Off-balance sheet | 11,549 | 2,735 | 4,854 | 915 | — | — | 20,053 | ||||||||||||||||||||
Total | $ | 53,197 | $ | 30,505 | $ | 15,512 | $ | 8,525 | $ | — | $ | — | $ | 107,739 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,157,098 | $ | 597,130 | $ | 548,517 | $ | 191,270 | $ | 11,545 | $ | 8,894 | $ | 3,514,454 | |||||||||||||
Off-balance sheet | 1,253,400 | 440,310 | 757,327 | 132,804 | 36,506 | 4,503 | 2,624,850 | ||||||||||||||||||||
Total | $ | 3,410,498 | $ | 1,037,440 | $ | 1,305,844 | $ | 324,074 | $ | 48,051 | $ | 13,397 | $ | 6,139,304 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,000 | $ | 652 | $ | 735 | $ | 193 | $ | 22 | $ | 28 | $ | 3,630 | |||||||||||||
Off-balance sheet | 420 | 281 | 241 | 54 | 511 | 6 | 1,513 | ||||||||||||||||||||
Total | $ | 2,420 | $ | 933 | $ | 976 | $ | 247 | $ | 533 | $ | 34 | $ | 5,143 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 613 | $ | 770 | $ | 270 | $ | 132 | $ | — | $ | — | $ | 1,785 | |||||||||||||
Off-balance sheet | 332 | 20 | 129 | 26 | — | — | 507 | ||||||||||||||||||||
Total | $ | 945 | $ | 790 | $ | 399 | $ | 158 | $ | — | $ | — | $ | 2,292 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,613 | $ | 1,422 | $ | 1,005 | $ | 325 | $ | 22 | $ | 28 | $ | 5,415 | |||||||||||||
Off-balance sheet | 752 | 301 | 370 | 80 | 511 | 6 | 2,020 | ||||||||||||||||||||
Total | $ | 3,365 | $ | 1,723 | $ | 1,375 | $ | 405 | $ | 533 | $ | 34 | $ | 7,435 |
As of September 30, 2017 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 11,909 | $ | 4,963 | $ | 3,942 | $ | 1,939 | $ | — | $ | 644 | $ | 23,397 | |||||||||||||
Unpaid principal balance | 11,885 | 4,953 | 3,935 | 1,936 | — | 643 | 23,352 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment(1) | 65,391 | 38,565 | 14,048 | 6,088 | — | 78 | 124,170 | ||||||||||||||||||||
Unpaid principal balance | 65,284 | 38,497 | 14,029 | 6,078 | — | 78 | 123,966 | ||||||||||||||||||||
Associated allowance | 1,422 | 1,068 | 309 | 136 | — | 2 | 2,937 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 77,300 | 43,528 | 17,990 | 8,027 | — | 722 | 147,567 | ||||||||||||||||||||
Unpaid principal balance | 77,169 | 43,450 | 17,964 | 8,014 | — | 721 | 147,318 | ||||||||||||||||||||
Associated allowance | 1,422 | 1,068 | 309 | 136 | — | 2 | 2,937 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status(2) | $ | 29,535 | $ | 25,653 | $ | 2,819 | $ | 5,037 | $ | — | $ | — | $ | 63,044 |
As of December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 20,761 | $ | 3,683 | $ | 1,054 | $ | 1,970 | $ | — | $ | — | $ | 27,468 | |||||||||||||
Unpaid principal balance | 20,816 | 3,688 | 1,055 | 1,975 | — | — | 27,534 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment(1) | 32,326 | 26,748 | 14,322 | 6,535 | — | — | 79,931 | ||||||||||||||||||||
Unpaid principal balance | 32,381 | 26,817 | 14,457 | 6,550 | — | — | 80,205 | ||||||||||||||||||||
Associated allowance | 945 | 790 | 399 | 158 | — | — | 2,292 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 53,087 | 30,431 | 15,376 | 8,505 | — | — | 107,399 | ||||||||||||||||||||
Unpaid principal balance | 53,197 | 30,505 | 15,512 | 8,525 | — | — | 107,739 | ||||||||||||||||||||
Associated allowance | 945 | 790 | 399 | 158 | — | — | 2,292 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status(2) | $ | 13,405 | $ | 10,785 | $ | 2,696 | $ | 5,256 | $ | — | $ | — | $ | 32,142 |
September 30, 2017 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 72,180 | $ | 38,396 | $ | 15,582 | $ | 7,944 | $ | — | $ | 401 | $ | 134,503 | |||||||||||||
Income recognized on impaired loans | 101 | 244 | 13 | 61 | — | — | 419 | ||||||||||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 65,244 | $ | 35,101 | $ | 14,620 | $ | 8,096 | $ | — | $ | 201 | $ | 123,262 | |||||||||||||
Income recognized on impaired loans | 563 | 464 | 212 | 235 | — | — | 1,474 |
September 30, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 33,032 | $ | 22,980 | $ | 12,120 | $ | 8,172 | $ | — | $ | — | $ | 76,304 | |||||||||||||
Income recognized on impaired loans | 46 | 236 | 81 | 74 | — | — | 437 | ||||||||||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 28,293 | $ | 25,277 | $ | 13,704 | $ | 8,654 | $ | 4,668 | $ | — | $ | 80,596 | |||||||||||||
Income recognized on impaired loans | 108 | 789 | 229 | 251 | — | — | 1,377 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | 90 Days and Greater(2) | Total Past Due | Nonaccrual loans(3)(4) | Total Loans | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Loans(1): | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | $ | 6,055,154 | $ | 4,582 | $ | 632 | $ | 1,072 | $ | 6,286 | $ | 114,998 | $ | 6,176,438 | |||||||||||||||||||||||||||
Rural Utilities | 2,260,412 | — | — | — | — | — | 2,260,412 | ||||||||||||||||||||||||||||||||||
Total | $ | 8,315,566 | $ | 4,582 | $ | 632 | $ | 1,072 | $ | 6,286 | $ | 114,998 | $ | 8,436,850 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Unpaid principal balance at acquisition date: | |||||||||||||||
Loans underlying LTSPCs | $ | — | $ | 852 | $ | 311 | $ | 2,118 | |||||||
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) | 3,043 | 250 | 3,147 | 398 | |||||||||||
Total unpaid principal balance at acquisition date | 3,043 | 1,102 | 3,458 | 2,516 | |||||||||||
Contractually required payments receivable | 3,073 | 1,109 | 3,490 | 2,544 | |||||||||||
Impairment recognized subsequent to acquisition | — | — | — | 208 | |||||||||||
Recovery/release of allowance for all outstanding acquired defaulted loans | 29 | 21 | 171 | 31 | |||||||||||
Number of defaulted loans purchased | 6 | 3 | 10 | 8 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Outstanding balance | $ | 16,514 | $ | 14,669 | |||
Carrying amount | 15,379 | 13,069 |
90-Day Delinquencies(1) | Net Credit (Recoveries)/Losses | ||||||||||||||
As of | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
On-balance sheet assets: | |||||||||||||||
Farm & Ranch: | |||||||||||||||
Loans | $ | 65,105 | $ | 19,757 | $ | (520 | ) | $ | 154 | ||||||
Total on-balance sheet | $ | 65,105 | $ | 19,757 | $ | (520 | ) | $ | 154 | ||||||
Off-balance sheet assets: | |||||||||||||||
Farm & Ranch: | |||||||||||||||
LTSPCs | $ | 1,276 | $ | 1,281 | $ | — | $ | — | |||||||
Total off-balance sheet | $ | 1,276 | $ | 1,281 | $ | — | $ | — | |||||||
Total | $ | 66,381 | $ | 21,038 | $ | (520 | ) | $ | 154 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch(1): | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 1,570,766 | $ | 1,798,703 | $ | 660,485 | $ | 382,027 | $ | 318,043 | $ | 1,054,024 | $ | 531,063 | $ | 6,315,111 | |||||||||||||||||||||||||||||||
Special mention(2) | 83,224 | 88,848 | 36,050 | 13,828 | 6,962 | 18,998 | 10,531 | 258,441 | |||||||||||||||||||||||||||||||||||||||
Substandard(3) | 607 | 5,305 | 26,892 | 27,730 | 50,478 | 81,240 | 11,945 | 204,197 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,654,597 | $ | 1,892,856 | $ | 723,427 | $ | 423,585 | $ | 375,483 | $ | 1,154,262 | $ | 553,539 | $ | 6,777,749 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
As of September 30, 2017 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Credit risk profile by internally assigned grade(1) | |||||||||||||||||||||||||||
On-balance sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 2,240,054 | $ | 760,251 | $ | 603,653 | $ | 241,208 | $ | 13,248 | $ | 9,004 | $ | 3,867,418 | |||||||||||||
Special mention(2) | 38,647 | 7,024 | 19,846 | 5,208 | — | — | 70,725 | ||||||||||||||||||||
Substandard(3) | 68,322 | 41,201 | 13,516 | 7,069 | — | 642 | 130,750 | ||||||||||||||||||||
Total on-balance sheet | $ | 2,347,023 | $ | 808,476 | $ | 637,015 | $ | 253,485 | $ | 13,248 | $ | 9,646 | $ | 4,068,893 | |||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 1,133,150 | $ | 336,780 | $ | 627,220 | $ | 148,085 | $ | 31,502 | $ | 3,213 | $ | 2,279,950 | |||||||||||||
Special mention(2) | 77,671 | 8,359 | 31,264 | 1,832 | — | 169 | 119,295 | ||||||||||||||||||||
Substandard(3) | 35,872 | 30,606 | 14,244 | 4,306 | 3,318 | 546 | 88,892 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,246,693 | $ | 375,745 | $ | 672,728 | $ | 154,223 | $ | 34,820 | $ | 3,928 | $ | 2,488,137 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 3,373,204 | $ | 1,097,031 | $ | 1,230,873 | $ | 389,293 | $ | 44,750 | $ | 12,217 | $ | 6,147,368 | |||||||||||||
Special mention(2) | 116,318 | 15,383 | 51,110 | 7,040 | — | 169 | 190,020 | ||||||||||||||||||||
Substandard(3) | 104,194 | 71,807 | 27,760 | 11,375 | 3,318 | 1,188 | 219,642 | ||||||||||||||||||||
Total | $ | 3,593,716 | $ | 1,184,221 | $ | 1,309,743 | $ | 407,708 | $ | 48,068 | $ | 13,574 | $ | 6,557,030 | |||||||||||||
Commodity analysis of past due loans(1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 31,413 | $ | 22,330 | $ | 7,367 | $ | 3,352 | $ | — | $ | 643 | $ | 65,105 | |||||||||||||
Off-balance sheet | 862 | — | — | 414 | — | — | 1,276 | ||||||||||||||||||||
90 days or more past due | $ | 32,275 | $ | 22,330 | $ | 7,367 | $ | 3,766 | $ | — | $ | 643 | $ | 66,381 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Rural Utilities(1): | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 60,793 | $ | 619,772 | $ | 784,153 | $ | 8,100 | $ | 89,263 | $ | 628,903 | $ | 28,988 | $ | 2,219,972 | |||||||||||||||||||||||||||||||
Special mention(2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard(3) | — | 23,200 | — | — | — | — | — | 23,200 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 60,793 | $ | 642,972 | $ | 784,153 | $ | 8,100 | $ | 89,263 | $ | 628,903 | $ | 28,988 | $ | 2,243,172 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Rural Utilities net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
As of December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Credit risk profile by internally assigned grade(1) | |||||||||||||||||||||||||||
On-balance sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 2,080,227 | $ | 568,221 | $ | 504,784 | $ | 179,288 | $ | 11,545 | $ | 8,894 | $ | 3,352,959 | |||||||||||||
Special mention(2) | 35,223 | 1,139 | 33,075 | 4,372 | — | — | 73,809 | ||||||||||||||||||||
Substandard(3) | 41,648 | 27,770 | 10,658 | 7,610 | — | — | 87,686 | ||||||||||||||||||||
Total on-balance sheet | $ | 2,157,098 | $ | 597,130 | $ | 548,517 | $ | 191,270 | $ | 11,545 | $ | 8,894 | $ | 3,514,454 | |||||||||||||
Off-Balance Sheet | |||||||||||||||||||||||||||
Acceptable | $ | 1,201,144 | $ | 403,256 | $ | 724,056 | $ | 125,440 | $ | 34,537 | $ | 3,916 | $ | 2,492,349 | |||||||||||||
Special mention(2) | 20,422 | 16,881 | 15,341 | 2,344 | — | 6 | 54,994 | ||||||||||||||||||||
Substandard(3) | 31,834 | 20,173 | 17,930 | 5,020 | 1,969 | 581 | 77,507 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,253,400 | $ | 440,310 | $ | 757,327 | $ | 132,804 | $ | 36,506 | $ | 4,503 | $ | 2,624,850 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 3,281,371 | $ | 971,477 | $ | 1,228,840 | $ | 304,728 | $ | 46,082 | $ | 12,810 | $ | 5,845,308 | |||||||||||||
Special mention(2) | 55,645 | 18,020 | 48,416 | 6,716 | — | 6 | 128,803 | ||||||||||||||||||||
Substandard(3) | 73,482 | 47,943 | 28,588 | 12,630 | 1,969 | 581 | 165,193 | ||||||||||||||||||||
Total | $ | 3,410,498 | $ | 1,037,440 | $ | 1,305,844 | $ | 324,074 | $ | 48,051 | $ | 13,397 | $ | 6,139,304 | |||||||||||||
Commodity analysis of past due loans(1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 13,449 | $ | 3,245 | $ | 669 | $ | 2,394 | $ | — | $ | — | $ | 19,757 | |||||||||||||
Off-balance sheet | 373 | 407 | 38 | 463 | — | — | 1,281 | ||||||||||||||||||||
90 days or more past due | $ | 13,822 | $ | 3,652 | $ | 707 | $ | 2,857 | $ | — | $ | — | $ | 21,038 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch(1): | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 1,947,618 | $ | 774,315 | $ | 484,345 | $ | 500,768 | $ | 465,277 | $ | 1,068,693 | $ | 535,742 | $ | 5,776,758 | |||||||||||||||||||||||||||||||
Special mention(2) | 70,171 | 79,744 | 18,317 | 8,530 | 13,111 | 21,328 | 7,656 | 218,857 | |||||||||||||||||||||||||||||||||||||||
Substandard(3) | 3,400 | 5,821 | 21,879 | 52,709 | 37,173 | 50,582 | 9,259 | 180,823 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,021,189 | $ | 859,880 | $ | 524,541 | $ | 562,007 | $ | 515,561 | $ | 1,140,603 | $ | 552,657 | $ | 6,176,438 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 394 | $ | — | $ | 394 | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 394 | $ | — | $ | 394 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
By commodity/collateral type: | |||||||
Crops | $ | 3,593,716 | $ | 3,410,498 | |||
Permanent plantings | 1,184,221 | 1,037,440 | |||||
Livestock | 1,309,743 | 1,305,844 | |||||
Part-time farm | 407,708 | 324,074 | |||||
Ag. Storage and Processing | 48,068 | 48,051 | |||||
Other | 13,574 | 13,397 | |||||
Total | $ | 6,557,030 | $ | 6,139,304 | |||
By geographic region(1): | |||||||
Northwest | $ | 723,616 | $ | 657,403 | |||
Southwest | 1,917,692 | 1,791,745 | |||||
Mid-North | 2,205,750 | 2,104,867 | |||||
Mid-South | 899,293 | 837,121 | |||||
Northeast | 290,655 | 229,679 | |||||
Southeast | 520,024 | 518,489 | |||||
Total | $ | 6,557,030 | $ | 6,139,304 | |||
By original loan-to-value ratio(2): | |||||||
0.00% to 40.00% | $ | 1,274,050 | $ | 1,220,432 | |||
40.01% to 50.00% | 1,622,767 | 1,466,047 | |||||
50.01% to 60.00% | 2,268,852 | 2,078,099 | |||||
60.01% to 70.00% | 1,130,748 | 1,167,395 | |||||
70.01% to 80.00% | 233,963 | 191,664 | |||||
80.01% to 90.00% | 26,650 | 15,667 | |||||
Total | $ | 6,557,030 | $ | 6,139,304 | |||
By size of borrower exposure(3): | |||||||
Less than $1,000,000 | $ | 2,297,648 | $ | 2,195,103 | |||
$1,000,000 to $4,999,999 | 2,500,101 | 2,398,843 | |||||
$5,000,000 to $9,999,999 | 815,411 | 782,171 | |||||
$10,000,000 to $24,999,999 | 568,471 | 469,681 | |||||
$25,000,000 to $50,000,000 | 375,399 | 293,506 | |||||
Total | $ | 6,557,030 | $ | 6,139,304 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Rural Utilities(1): | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 667,489 | $ | 809,921 | $ | 8,260 | $ | 89,842 | $ | 31,275 | $ | 641,145 | $ | 12,480 | $ | 2,260,412 | |||||||||||||||||||||||||||||||
Special mention(2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard(3) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 667,489 | $ | 809,921 | $ | 8,260 | $ | 89,842 | $ | 31,275 | $ | 641,145 | $ | 12,480 | $ | 2,260,412 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Rural Utilities net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | |||||||||||
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
Farmer Mac Guaranteed Securities | $ | 60,349 | $ | 79,312 | |||||||
USDA Guarantees: | |||||||||||
Farmer Mac Guaranteed USDA Securities | 259,893 | 299,298 | |||||||||
Institutional Credit: | |||||||||||
AgVantage Securities | 4,412 | 4,412 | |||||||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 324,654 | $ | 383,022 |
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | |||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||
(in thousands) | |||||||
Farm & Ranch: | |||||||
Guaranteed Securities | $ | 354,823 | $ | 415,441 | |||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed USDA Securities | 226,802 | 103,976 | |||||
Institutional Credit: | |||||||
AgVantage Securities | 13,214 | 983,214 | |||||
Revolving floating rate AgVantage facility(1) | 300,000 | 300,000 | |||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 894,839 | $ | 1,802,631 |
For the Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Proceeds from new securitizations | $ | 84,131 | $ | 64,612 | |||||||
Guarantee fees received | 848 | 1,136 |
For the Nine Months Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
(in thousands) | |||||||
Proceeds from new securitizations | $ | 404,246 | $ | 457,369 | |||
Guarantee fees received | 2,141 | 2,333 | |||||
Purchases of assets from the trusts | (3,147 | ) | (2,118 | ) |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Guarantee and commitment obligation | $ | 1,257 | $ | 1,625 | |||||||
Weighted average remaining maturity: | |||||||||||
Farmer Mac Guaranteed Securities | 8.9 years | 9.5 years | |||||||||
AgVantage Securities | 3.2 years | 4.0 years |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
Guarantee and commitment obligation(1) | $ | 36,270 | $ | 33,909 | |||||||
Maximum principal amount | 3,181,516 | 2,881,856 | |||||||||
Weighted-average remaining maturity | 15.4 years | 15.3 years |
September 30, 2021 | December 31, 2020 | ||||||||||
Reserve for Losses | Reserve for Losses | ||||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
LTSPCs and Farmer Mac Guaranteed Securities | $ | 1,103 | $ | 2,097 | |||||||
Rural Utilities | |||||||||||
LTSPCs | 897 | 1,180 | |||||||||
Total | $ | 2,000 | $ | 3,277 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Reserve for Losses | Reserve for Losses | Reserve for Losses | Reserve for Losses | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch: | |||||||||||||||||||||||
Beginning Balance | $ | 1,194 | $ | 1,650 | $ | 2,097 | $ | 2,164 | |||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | (148) | |||||||||||||||||||
Adjusted Beginning Balance | 1,194 | 1,650 | 2,097 | 2,016 | |||||||||||||||||||
(Release of)/provision for losses | (91) | 628 | (994) | 262 | |||||||||||||||||||
Charge-offs | — | — | — | — | |||||||||||||||||||
Ending Balance | $ | 1,103 | $ | 2,278 | $ | 1,103 | $ | 2,278 | |||||||||||||||
Rural Utilities: | |||||||||||||||||||||||
Beginning Balance | $ | 917 | $ | 1,370 | $ | 1,180 | $ | — | |||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | 1,011 | |||||||||||||||||||
Adjusted Beginning Balance | 917 | 1,370 | 1,180 | 1,011 | |||||||||||||||||||
(Release of)/provision for losses | (20) | (80) | (283) | 279 | |||||||||||||||||||
Charge-offs | — | — | — | — | |||||||||||||||||||
Ending Balance | $ | 897 | $ | 1,290 | $ | 897 | $ | 1,290 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | 90 Days and Greater(1) | Total Past Due | Total Loans | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Farm and Ranch: | |||||||||||||||||||||||||||||||||||
LTSPCs and Farmer Mac Guaranteed Securities | $ | 2,659,372 | $ | 6,026 | $ | 45 | $ | 2,167 | $ | 8,238 | $ | 2,667,610 | |||||||||||||||||||||||
Rural Utilities: | |||||||||||||||||||||||||||||||||||
LTSPCs | $ | 574,255 | $ | — | $ | — | $ | — | $ | — | $ | 574,255 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | 90 Days and Greater(1) | Total Past Due | Total Loans | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Farm and Ranch: | |||||||||||||||||||||||||||||||||||
LTSPCs and Farmer Mac Guaranteed Securities | $ | 2,389,777 | $ | 2,189 | $ | 1,344 | $ | 11,433 | $ | 14,966 | $ | 2,404,743 | |||||||||||||||||||||||
Rural Utilities: | |||||||||||||||||||||||||||||||||||
LTSPCs | $ | 556,425 | $ | — | $ | — | $ | — | $ | — | $ | 556,425 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 306,664 | $ | 309,938 | $ | 206,652 | $ | 189,643 | $ | 225,421 | $ | 1,054,049 | $ | 228,509 | $ | 2,520,876 | |||||||||||||||||||||||||||||||
Special mention(1) | — | 3,915 | — | 1,382 | 3,190 | 58,112 | 6,058 | 72,657 | |||||||||||||||||||||||||||||||||||||||
Substandard(2) | — | 220 | 730 | 10,496 | 12,942 | 45,900 | 3,789 | 74,077 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 306,664 | $ | 314,073 | $ | 207,382 | $ | 201,521 | $ | 241,553 | $ | 1,158,061 | $ | 238,356 | $ | 2,667,610 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 20 | 2019 | 2018 | 2017 | Prior | Revolving Loans - Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Rural Utilities LTSPCs: | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 511,743 | $ | 62,512 | $ | 574,255 | |||||||||||||||||||||||||||||||
Special mention(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard(2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 511,743 | $ | 62,512 | $ | 574,255 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Rural Utilities net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | 178,213 | $ | 213,620 | $ | 183,948 | $ | 237,042 | $ | 207,296 | $ | 969,860 | $ | 211,620 | $ | 2,201,599 | |||||||||||||||||||||||||||||||
Special mention(1) | 3,920 | 1,742 | 1,502 | 5,603 | 19,644 | 50,004 | 10,058 | 92,473 | |||||||||||||||||||||||||||||||||||||||
Substandard(2) | 264 | 10,250 | 12,611 | 14,578 | 7,841 | 60,602 | 4,525 | 110,671 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 182,397 | $ | 225,612 | $ | 198,061 | $ | 257,223 | $ | 234,781 | $ | 1,080,466 | $ | 226,203 | $ | 2,404,743 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans - Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Rural Utilities LTSPCs: | |||||||||||||||||||||||||||||||||||||||||||||||
Internally Assigned Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Acceptable | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 549,405 | $ | 7,020 | $ | 556,425 | |||||||||||||||||||||||||||||||
Special mention(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard(2) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 549,405 | $ | 7,020 | $ | 556,425 | |||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Rural Utilities net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020: | |||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Current period Farm & Ranch net charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
September 30, 2021 | |||||||||||||||||||||||
Outstanding as of September 30 | Average Outstanding During the Quarter | ||||||||||||||||||||||
Amount | Weighted- Average Rate | Amount | Weighted- Average Rate | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Due within one year: | |||||||||||||||||||||||
Discount notes | $ | 2,400,268 | 0.04 | % | $ | 1,744,214 | 0.09 | % | |||||||||||||||
Medium-term notes | 1,276,557 | 0.08 | % | 2,247,220 | 0.12 | % | |||||||||||||||||
Current portion of medium-term notes | 4,405,308 | 0.69 | % | ||||||||||||||||||||
Total due within one year | $ | 8,082,133 | 0.40 | % | |||||||||||||||||||
Due after one year: | |||||||||||||||||||||||
Medium-term notes due in: | |||||||||||||||||||||||
Two years | $ | 3,692,620 | 0.87 | % | |||||||||||||||||||
Three years | 2,513,348 | 0.87 | % | ||||||||||||||||||||
Four years | 1,684,685 | 1.01 | % | ||||||||||||||||||||
Five years | 2,288,647 | 0.88 | % | ||||||||||||||||||||
Thereafter | 4,089,552 | 1.73 | % | ||||||||||||||||||||
Total due after one year | $ | 14,268,852 | 1.14 | % | |||||||||||||||||||
Total principal net of discounts | $ | 22,350,985 | 0.87 | % | |||||||||||||||||||
Hedging adjustments | 14,136 | ||||||||||||||||||||||
Total | $ | 22,365,121 |
December 31, 2020 | |||||||||||||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | ||||||||||||||||||||||
Amount | Weighted- Average Rate | Amount | Weighted- Average Rate | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Due within one year: | |||||||||||||||||||||||
Discount notes | $ | 1,797,175 | 0.11 | % | $ | 2,343,702 | 0.63 | % | |||||||||||||||
Medium-term notes | 2,645,146 | 0.19 | % | 1,593,253 | 0.60 | % | |||||||||||||||||
Current portion of medium-term notes | 6,304,061 | 0.90 | % | ||||||||||||||||||||
Total due within one year | $ | 10,746,382 | 0.59 | % | |||||||||||||||||||
Due after one year: | |||||||||||||||||||||||
Medium-term notes due in: | |||||||||||||||||||||||
Two years | $ | 3,004,203 | 1.00 | % | |||||||||||||||||||
Three years | 2,809,551 | 1.24 | % | ||||||||||||||||||||
Four years | 927,119 | 1.67 | % | ||||||||||||||||||||
Five years | 1,342,250 | 1.03 | % | ||||||||||||||||||||
Thereafter | 2,966,172 | 1.92 | % | ||||||||||||||||||||
Total due after one year | $ | 11,049,295 | 1.37 | % | |||||||||||||||||||
Total principal net of discounts | $ | 21,795,677 | 0.98 | % | |||||||||||||||||||
Hedging adjustments | 53,240 | ||||||||||||||||||||||
Total | $ | 21,848,917 |
Debt Callable in 2021 as of September 30, 2021, by Maturity | |||||||||||
Amount | Weighted-Average Rate | ||||||||||
(dollars in thousands) | |||||||||||
Maturity: | |||||||||||
2022 | $ | 116,487 | 0.11 | % | |||||||
2023 | 210,867 | 0.99 | % | ||||||||
2024 | 149,405 | 0.83 | % | ||||||||
2025 | 137,896 | 0.66 | % | ||||||||
Thereafter | 569,647 | 1.51 | % | ||||||||
Total | $ | 1,184,302 | 1.10 | % |
Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding | |||||||||||
Amount | Weighted-Average Rate | ||||||||||
(dollars in thousands) | |||||||||||
Debt with interest rate resets, or debt maturities in: | |||||||||||
2021 | $ | 7,159,124 | 0.22 | % | |||||||
2022 | 3,242,709 | 0.89 | % | ||||||||
2023 | 3,267,608 | 0.98 | % | ||||||||
2024 | 1,870,603 | 0.98 | % | ||||||||
2025 | 1,633,640 | 0.90 | % | ||||||||
Thereafter | 5,177,301 | 1.63 | % | ||||||||
Total principal net of discounts | $ | 22,350,985 | 0.87 | % |
Assets and Liabilities Measured at Fair Value as of September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 19,500 | $ | 19,500 | |||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 2,403,074 | — | 2,403,074 | |||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 28,897 | — | 28,897 | |||||||||||||||||||
Fixed rate U.S. Treasuries | 1,244,733 | — | — | 1,244,733 | |||||||||||||||||||
Total Available-for-sale Investment Securities | 1,244,733 | 2,431,971 | 19,500 | 3,696,204 | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | — | — | 6,138,759 | 6,138,759 | |||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 6,138,759 | 6,138,759 | |||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||
Trading | — | — | 4,793 | 4,793 | |||||||||||||||||||
Total USDA Securities | — | — | 4,793 | 4,793 | |||||||||||||||||||
Financial derivatives | — | 15,668 | — | 15,668 | |||||||||||||||||||
Total Assets at fair value | $ | 1,244,733 | $ | 2,447,639 | $ | 6,163,052 | $ | 9,855,424 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Financial derivatives | $ | — | $ | 25,633 | $ | — | $ | 25,633 | |||||||||||||||
Total Liabilities at fair value | $ | — | $ | 25,633 | $ | — | $ | 25,633 | |||||||||||||||
Non-recurring: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | 324,246 | $ | 324,246 | |||||||||||||||
Total non-recurring assets at fair value | $ | — | $ | — | $ | 324,246 | $ | 324,246 |
Assets and Liabilities Measured at Fair Value as of December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 19,171 | $ | 19,171 | |||||||||||||||
Floating rate asset-backed securities | — | 6,231 | — | 6,231 | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 2,360,026 | — | 2,360,026 | |||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 313 | — | 313 | |||||||||||||||||||
Fixed rate U.S. Treasuries | 1,467,951 | — | — | 1,467,951 | |||||||||||||||||||
Total Available-for-sale Investment Securities | 1,467,951 | 2,366,570 | 19,171 | 3,853,692 | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | — | — | 6,947,701 | 6,947,701 | |||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 6,947,701 | 6,947,701 | |||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||
Trading | — | — | 6,695 | 6,695 | |||||||||||||||||||
Total USDA Securities | — | — | 6,695 | 6,695 | |||||||||||||||||||
Financial derivatives | — | 17,468 | — | 17,468 | |||||||||||||||||||
Total Assets at fair value | $ | 1,467,951 | $ | 2,384,038 | $ | 6,973,567 | $ | 10,825,556 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Financial derivatives | $ | 82 | $ | 29,810 | $ | — | $ | 29,892 | |||||||||||||||
Total Liabilities at fair value | $ | 82 | $ | 29,810 | $ | — | $ | 29,892 |
Assets and Liabilities Measured at Fair Value as of September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Recurring: | |||||||||||||||
Assets: | |||||||||||||||
Investment Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 18,518 | $ | 18,518 | |||||||
Floating rate asset-backed securities | — | 35,602 | — | 35,602 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 1,312,204 | — | 1,312,204 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 507 | 4,458 | 4,965 | |||||||||||
Fixed rate senior agency debt | — | 99,871 | — | 99,871 | |||||||||||
Fixed rate U.S. Treasuries | 763,806 | — | — | 763,806 | |||||||||||
Total Investment Securities | 763,806 | 1,448,184 | 22,976 | 2,234,966 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
AgVantage | — | — | 5,443,746 | 5,443,746 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 5,443,746 | 5,443,746 | |||||||||||
USDA Securities: | |||||||||||||||
Trading | — | — | 14,864 | 14,864 | |||||||||||
Total USDA Securities | — | — | 14,864 | 14,864 | |||||||||||
Financial derivatives | 50 | 1,970 | — | 2,020 | |||||||||||
Total Assets at fair value | $ | 763,856 | $ | 1,450,154 | $ | 5,481,586 | $ | 7,695,596 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | — | $ | 30,595 | $ | — | $ | 30,595 | |||||||
Total Liabilities at fair value | $ | — | $ | 30,595 | $ | — | $ | 30,595 | |||||||
Non-recurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 636 | $ | 636 | |||||||
REO | — | — | 455 | 455 | |||||||||||
Total Non-recurring Assets at fair value | $ | — | $ | — | $ | 1,091 | $ | 1,091 |
Assets and Liabilities Measured at Fair Value as of December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Recurring: | |||||||||||||||
Assets: | |||||||||||||||
Investment Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 17,730 | $ | 17,730 | |||||||
Floating rate asset-backed securities | — | 43,851 | — | 43,851 | |||||||||||
Floating rate corporate debt securities | — | 10,041 | — | 10,041 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 1,361,029 | — | 1,361,029 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 7,625 | — | 7,625 | |||||||||||
Floating rate GSE subordinated debt | — | 66,953 | — | 66,953 | |||||||||||
Fixed rate senior agency debt | — | 187,133 | — | 187,133 | |||||||||||
Fixed rate U.S. Treasuries | 821,489 | — | — | 821,489 | |||||||||||
Total Investment Securities | 821,489 | 1,676,632 | 17,730 | 2,515,851 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
AgVantage | — | — | 4,853,685 | 4,853,685 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 4,853,685 | 4,853,685 | |||||||||||
USDA Securities: | |||||||||||||||
Trading | — | — | 20,388 | 20,388 | |||||||||||
Total USDA Securities | — | — | 20,388 | 20,388 | |||||||||||
Financial derivatives | — | 23,182 | — | 23,182 | |||||||||||
Total Assets at fair value | $ | 821,489 | $ | 1,699,814 | $ | 4,891,803 | $ | 7,413,106 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | 155 | $ | 57,997 | $ | — | $ | 58,152 | |||||||
Total Liabilities at fair value | $ | 155 | $ | 57,997 | $ | — | $ | 58,152 | |||||||
Non-recurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 2,799 | $ | 2,799 | |||||||
REO | — | — | 349 | 349 | |||||||||||
Total Non-recurring Assets at fair value | $ | — | $ | — | $ | 3,148 | $ | 3,148 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Allowance for Losses | Realized and unrealized gains/(losses) included in Income | Unrealized gains/(losses) included in Other Comprehensive Income | Ending Balance | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,248 | $ | — | $ | — | $ | — | $ | 6 | $ | — | $ | 246 | $ | 19,500 | |||||||||||||||||||||||||||||||
Total available-for-sale | 19,248 | — | — | — | 6 | — | 246 | 19,500 | |||||||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | 6,877,405 | — | — | (708,882) | (70) | (31,462) | 1,768 | 6,138,759 | |||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 6,877,405 | — | — | (708,882) | (70) | (31,462) | 1,768 | 6,138,759 | |||||||||||||||||||||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Trading | 5,050 | — | — | (294) | — | 37 | — | 4,793 | |||||||||||||||||||||||||||||||||||||||
Total USDA Securities | 5,050 | — | — | (294) | 0 | 37 | — | 4,793 | |||||||||||||||||||||||||||||||||||||||
Total Assets at fair value | $ | 6,901,703 | $ | — | $ | — | $ | (709,176) | $ | (64) | $ | (31,425) | $ | 2,014 | $ | 6,163,052 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized Gains/(Losses) included in Income | Unrealized Gains/(Losses) included in Other Comprehe- nsive Income | Ending Balance | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 18,518 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18,518 | |||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | 4,651 | — | — | (111 | ) | — | (82 | ) | 4,458 | ||||||||||||||||||
Total available-for-sale | 23,169 | — | — | (111 | ) | — | (82 | ) | 22,976 | ||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
AgVantage | 5,282,562 | 193,800 | — | (29,851 | ) | (1,171 | ) | (1,594 | ) | 5,443,746 | |||||||||||||||||
Total available-for-sale | 5,282,562 | 193,800 | — | (29,851 | ) | (1,171 | ) | (1,594 | ) | 5,443,746 | |||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||
Available-for-sale | — | 40,844 | (40,844 | ) | — | — | — | — | |||||||||||||||||||
Trading(1) | 16,294 | — | — | (1,430 | ) | — | — | 14,864 | |||||||||||||||||||
Total USDA Securities | 16,294 | 40,844 | (40,844 | ) | (1,430 | ) | — | — | 14,864 | ||||||||||||||||||
Total Assets at fair value | $ | 5,322,025 | $ | 234,644 | $ | (40,844 | ) | $ | (31,392 | ) | $ | (1,171 | ) | $ | (1,676 | ) | $ | 5,481,586 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Allowance for Losses | Realized and unrealized gains/(losses) included in Income | Unrealized gains/(losses) included in Other Comprehensive Income | Ending Balance | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 18,283 | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 788 | $ | 19,072 | |||||||||||||||||||||||||||||||
Total available-for-sale | 18,283 | — | — | — | 1 | — | 788 | 19,072 | |||||||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | 7,898,387 | 122,892 | — | (513,864) | (96) | (41,832) | 46,151 | 7,511,638 | |||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 7,898,387 | 122,892 | — | (513,864) | (96) | (41,832) | 46,151 | 7,511,638 | |||||||||||||||||||||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Trading | 7,786 | — | — | (697) | — | (259) | — | 6,830 | |||||||||||||||||||||||||||||||||||||||
Total USDA Securities | 7,786 | — | — | (697) | 0 | (259) | — | 6,830 | |||||||||||||||||||||||||||||||||||||||
Total Assets at fair value | $ | 7,924,456 | $ | 122,892 | $ | — | $ | (514,561) | $ | (95) | $ | (42,091) | $ | 46,939 | $ | 7,537,540 |
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Allowance for Losses | Realized and unrealized losses included in Income | Unrealized gains included in Other Comprehensive Income | Ending Balance | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,171 | $ | — | $ | — | $ | — | $ | (16) | $ | — | $ | 345 | $ | 19,500 | |||||||||||||||||||||||||||||||
Total available-for-sale | 19,171 | — | — | — | (16) | — | 345 | 19,500 | |||||||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | 6,947,701 | 578,115 | — | (1,263,117) | 19 | (150,265) | 26,306 | 6,138,759 | |||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 6,947,701 | 578,115 | — | (1,263,117) | 19 | (150,265) | 26,306 | 6,138,759 | |||||||||||||||||||||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Trading | 6,695 | — | — | (1,864) | — | (38) | — | 4,793 | |||||||||||||||||||||||||||||||||||||||
Total USDA Securities | 6,695 | — | — | (1,864) | 0 | (38) | — | 4,793 | |||||||||||||||||||||||||||||||||||||||
Total Assets at fair value | $ | 6,973,567 | $ | 578,115 | $ | — | $ | (1,264,981) | $ | 3 | $ | (150,303) | $ | 26,651 | $ | 6,163,052 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized Gains included in Income | Unrealized Gains included in Other Comprehe-nsive Income | Ending Balance | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 17,730 | $ | — | $ | — | $ | — | $ | — | $ | (148 | ) | $ | 17,582 | ||||||||||||
Total available-for-sale | 17,730 | — | — | — | — | (148 | ) | 17,582 | |||||||||||||||||||
Trading: | |||||||||||||||||||||||||||
Floating rate asset-backed securities(1) | 281 | — | — | (1,887 | ) | 1,606 | — | — | |||||||||||||||||||
Total trading | 281 | — | — | (1,887 | ) | 1,606 | — | — | |||||||||||||||||||
Total Investment Securities | 18,011 | — | — | (1,887 | ) | 1,606 | (148 | ) | 17,582 | ||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
AgVantage | 4,697,584 | 263,196 | — | (64,895 | ) | (10,960 | ) | 19,732 | 4,904,657 | ||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 33,447 | — | — | (504 | ) | — | (119 | ) | 32,824 | ||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,731,031 | 263,196 | — | (65,399 | ) | (10,960 | ) | 19,613 | 4,937,481 | ||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||
Available-for-sale | 1,967,759 | 119,201 | (31,866 | ) | (55,772 | ) | — | (18,995 | ) | 1,980,327 | |||||||||||||||||
Trading(2) | 24,787 | — | — | (874 | ) | (424 | ) | — | 23,489 | ||||||||||||||||||
Total USDA Securities | 1,992,546 | 119,201 | (31,866 | ) | (56,646 | ) | (424 | ) | (18,995 | ) | 2,003,816 | ||||||||||||||||
Total Assets at fair value | $ | 6,741,588 | $ | 382,397 | $ | (31,866 | ) | $ | (123,932 | ) | $ | (9,778 | ) | $ | 470 | $ | 6,958,879 |
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Allowance for Losses | Realized and unrealized gains/(losses) included in Income | Unrealized gains/(losses) included in Other Comprehensive Income | Ending Balance | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 18,912 | $ | — | $ | — | $ | — | $ | (37) | $ | — | $ | 197 | $ | 19,072 | |||||||||||||||||||||||||||||||
Total available-for-sale | 18,912 | — | — | — | (37) | — | 197 | 19,072 | |||||||||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
AgVantage | 7,143,025 | 958,368 | — | (826,380) | (330) | 257,597 | (20,642) | 7,511,638 | |||||||||||||||||||||||||||||||||||||||
Total available-for-sale | 7,143,025 | 958,368 | — | (826,380) | (330) | 257,597 | (20,642) | 7,511,638 | |||||||||||||||||||||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Trading | 8,913 | — | — | (1,910) | — | (173) | — | 6,830 | |||||||||||||||||||||||||||||||||||||||
Total USDA Securities | 8,913 | — | — | (1,910) | 0 | (173) | — | 6,830 | |||||||||||||||||||||||||||||||||||||||
Total Assets at fair value | $ | 7,170,850 | $ | 958,368 | $ | — | $ | (828,290) | $ | (367) | $ | 257,424 | $ | (20,445) | $ | 7,537,540 |
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
Beginning Balance | Transfers in | Purchases | Sales | Settlements | Realized and Unrealized Gains/(Losses) included in Income | Unrealized Gains/(Losses) included in Other Comprehe- nsive Income | Ending Balance | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 17,730 | — | $ | — | $ | — | $ | — | $ | — | $ | 788 | $ | 18,518 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 7,041 | — | — | (334 | ) | — | (2,249 | ) | 4,458 | |||||||||||||||||||||
Total available-for-sale | 17,730 | 7,041 | — | — | (334 | ) | — | (1,461 | ) | 22,976 | |||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||
AgVantage | 4,853,685 | — | 927,615 | — | (357,006 | ) | 5,166 | 14,286 | 5,443,746 | ||||||||||||||||||||||
Total available-for-sale | 4,853,685 | — | 927,615 | — | (357,006 | ) | 5,166 | 14,286 | 5,443,746 | ||||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||
Available-for-sale | — | — | 126,939 | (126,939 | ) | — | — | — | — | ||||||||||||||||||||||
Trading(1) | 20,388 | — | — | — | (5,440 | ) | (84 | ) | — | 14,864 | |||||||||||||||||||||
Total USDA Securities | 20,388 | — | 126,939 | (126,939 | ) | (5,440 | ) | (84 | ) | — | 14,864 | ||||||||||||||||||||
Total Assets at fair value | $ | 4,891,803 | $ | 7,041 | $ | 1,054,554 | $ | (126,939 | ) | $ | (362,780 | ) | $ | 5,082 | $ | 12,825 | $ | 5,481,586 |
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized Gains included in Income | Unrealized(Losses)/Gains included in Other Comprehe-nsive Income | Ending Balance | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 44,924 | $ | — | $ | (26,806 | ) | $ | — | $ | 6 | $ | (542 | ) | $ | 17,582 | |||||||||||
Total available-for-sale | 44,924 | — | (26,806 | ) | — | 6 | (542 | ) | 17,582 | ||||||||||||||||||
Trading: | |||||||||||||||||||||||||||
Floating rate asset-backed securities(1) | 491 | — | — | (2,213 | ) | 1,722 | — | — | |||||||||||||||||||
Total trading | 491 | — | — | (2,213 | ) | 1,722 | — | — | |||||||||||||||||||
Total Investment Securities | 45,415 | — | (26,806 | ) | (2,213 | ) | 1,728 | (542 | ) | 17,582 | |||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
AgVantage | 4,121,244 | 1,342,572 | — | (594,124 | ) | 26,475 | 8,490 | 4,904,657 | |||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 31,361 | 4,100 | — | (3,240 | ) | — | 603 | 32,824 | |||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,152,605 | 1,346,672 | — | (597,364 | ) | 26,475 | 9,093 | 4,937,481 | |||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||
Available-for-sale | 1,888,344 | 351,914 | (58,628 | ) | (237,262 | ) | — | 35,959 | 1,980,327 | ||||||||||||||||||
Trading(2) | 28,975 | — | — | (5,698 | ) | 212 | — | 23,489 | |||||||||||||||||||
Total USDA Securities | 1,917,319 | 351,914 | (58,628 | ) | (242,960 | ) | 212 | 35,959 | 2,003,816 | ||||||||||||||||||
Total Assets at fair value | $ | 6,115,339 | $ | 1,698,586 | $ | (85,434 | ) | $ | (842,537 | ) | $ | 28,415 | $ | 44,510 | $ | 6,958,879 |
As of September 30, 2021 | ||||||||||||||||||||||||||
Financial Instruments | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted-Average) | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,500 | Indicative bids | Range of broker quotes | 99.3% - 99.3% (99.3%) | |||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||
AgVantage | $ | 6,138,759 | Discounted cash flow | Discount rate | 0.9% - 2.1% (1.4%) | |||||||||||||||||||||
USDA Securities | $ | 4,793 | Discounted cash flow | Discount rate | 1.4% - 2.3% (1.8%) | |||||||||||||||||||||
CPR | 25% - 43% (34%) |
As of December 31, 2020 | ||||||||||||||||||||||||||
Financial Instruments | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted-Average) | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,171 | Indicative bids | Range of broker quotes | 97.5% - 97.5% (97.5%) | |||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||
AgVantage | $ | 6,947,701 | Discounted cash flow | Discount rate | 0.8% - 2.3% (1.3%) | |||||||||||||||||||||
USDA Securities | $ | 6,695 | Discounted cash flow | Discount rate | 0.9% - 1.9% (1.4%) | |||||||||||||||||||||
CPR | 25% - 49% (44%) |
As of September 30, 2017 | ||||||||||
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 | $ | 18,518 | Indicative bids | Range of broker quotes | 94.0% - 94.0% (94.0%) | |||||
Fixed rate GSE guaranteed mortgage-backed securities | $ | 4,458 | Discounted cash flow | Discount rate | 3.7% | |||||
CPR | 0 % | |||||||||
Farmer Mac Guaranteed Securities: | ||||||||||
AgVantage | $ | 5,443,746 | Discounted cash flow | Discount rate | 2.0% - 3.3% (2.2%) | |||||
USDA Securities | $ | 14,864 | Discounted cash flow | Discount rate | 3.6% - 5.3% (5.0%) | |||||
CPR | 7% - 19% (17%) |
As of December 31, 2016 | ||||||||||
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 | $ | 17,730 | Indicative bids | Range of broker quotes | 90.0% - 90.0% (90.0%) | |||||
Farmer Mac Guaranteed Securities: | ||||||||||
AgVantage | $ | 4,853,685 | Discounted cash flow | Discount rate | 1.5% - 3.3% (1.9%) | |||||
USDA Securities | $ | 20,388 | Discounted cash flow | Discount rate | 4.0% - 5.3% (5.0%) | |||||
CPR | 13% - 18% (17%) |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 899,052 | $ | 899,052 | $ | 1,033,941 | $ | 1,033,941 | |||||||||||||||
Investment securities | 3,742,635 | 3,741,639 | 3,899,925 | 3,898,724 | |||||||||||||||||||
Farmer Mac Guaranteed Securities | 8,393,490 | 8,387,062 | 8,148,691 | 8,123,493 | |||||||||||||||||||
USDA Securities | 2,548,207 | 2,462,010 | 2,637,509 | 2,480,321 | |||||||||||||||||||
Loans | 9,526,315 | 9,022,915 | 9,167,525 | 8,535,146 | |||||||||||||||||||
Financial derivatives | 15,668 | 15,668 | 17,468 | 17,468 | |||||||||||||||||||
Guarantee and commitment fees receivable | 36,643 | 39,038 | 34,115 | 37,113 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Notes payable | 22,448,508 | 22,365,121 | 22,130,263 | 21,848,917 | |||||||||||||||||||
Debt securities of consolidated trusts held by third parties | 1,039,150 | 990,961 | 1,390,330 | 1,323,786 | |||||||||||||||||||
Financial derivatives | 25,633 | 25,633 | 29,892 | 29,892 | |||||||||||||||||||
Guarantee and commitment obligations | 35,131 | 37,526 | 32,537 | 35,535 |
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||
(in thousands) | |||||||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 366,764 | $ | 366,764 | $ | 265,229 | $ | 265,229 | |||||||
Investment securities | 2,234,966 | 2,234,966 | 2,515,851 | 2,515,851 | |||||||||||
Farmer Mac Guaranteed Securities | 7,601,376 | 7,602,556 | 6,006,694 | 6,002,916 | |||||||||||
USDA Securities | 2,042,408 | 2,107,149 | 1,934,023 | 2,029,613 | |||||||||||
Loans | 5,140,669 | 5,127,770 | 4,481,019 | 4,507,435 | |||||||||||
Financial derivatives | 2,020 | 2,020 | 23,182 | 23,182 | |||||||||||
Guarantee and commitment fees receivable: | |||||||||||||||
LTSPCs | 31,986 | 32,307 | 34,720 | 32,656 | |||||||||||
Farmer Mac Guaranteed Securities | 4,611 | 4,372 | 6,197 | 6,215 | |||||||||||
Financial liabilities: | |||||||||||||||
Notes payable: | |||||||||||||||
Due within one year | 8,108,390 | 8,112,928 | 8,439,515 | 8,440,123 | |||||||||||
Due after one year | 7,450,462 | 7,399,961 | 5,260,497 | 5,222,977 | |||||||||||
Debt securities of consolidated trusts held by third parties | 1,310,240 | 1,333,417 | 1,107,513 | 1,142,704 | |||||||||||
Financial derivatives | 30,595 | 30,595 | 58,152 | 58,152 | |||||||||||
Guarantee and commitment obligations: | |||||||||||||||
LTSPCs | 31,169 | 31,491 | 33,860 | 31,796 | |||||||||||
Farmer Mac Guaranteed Securities | 4,065 | 3,825 | 5,467 | 5,486 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 24,893 | $ | 6,449 | $ | 7,018 | $ | 13,707 | $ | 2,938 | $ | — | $ | 55,005 | |||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (526) | 398 | (554) | 1,652 | (50) | (920) | — | ||||||||||||||||||||||||||||||||||
Net effective spread | 24,367 | 6,847 | 6,464 | 15,359 | 2,888 | (920) | — | ||||||||||||||||||||||||||||||||||
Guarantee and commitment fees(2) | 3,831 | 166 | 320 | 5 | — | (1,167) | 3,155 | ||||||||||||||||||||||||||||||||||
Other income/(expense)(3) | 405 | 152 | 2 | — | 128 | (2,162) | (1,475) | ||||||||||||||||||||||||||||||||||
Non-interest income/(loss) | 4,236 | 318 | 322 | 5 | 128 | (3,329) | 1,680 | ||||||||||||||||||||||||||||||||||
(Provision for)/release of losses | (414) | — | 120 | (78) | 6 | — | (366) | ||||||||||||||||||||||||||||||||||
Release of reserve for losses | 91 | — | 20 | — | — | — | 111 | ||||||||||||||||||||||||||||||||||
Other non-interest expense | (6,275) | (2,284) | (1,889) | (2,514) | (4,145) | — | (17,107) | ||||||||||||||||||||||||||||||||||
Non-interest expense(4) | (6,184) | (2,284) | (1,869) | (2,514) | (4,145) | — | (16,996) | ||||||||||||||||||||||||||||||||||
Core earnings before income taxes | 22,005 | 4,881 | 5,037 | 12,772 | (1,123) | (4,249) | (5) | 39,323 | |||||||||||||||||||||||||||||||||
Income tax (expense)/benefit | (4,621) | (1,025) | (1,058) | (2,682) | 234 | 892 | (8,260) | ||||||||||||||||||||||||||||||||||
Core earnings before preferred stock dividends | 17,384 | 3,856 | 3,979 | 10,090 | (889) | (3,357) | (5) | 31,063 | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (6,774) | — | (6,774) | ||||||||||||||||||||||||||||||||||
Segment core earnings/(losses) | $ | 17,384 | $ | 3,856 | $ | 3,979 | $ | 10,090 | $ | (7,663) | $ | (3,357) | (5) | $ | 24,289 | ||||||||||||||||||||||||||
Total assets at carrying value | $ | 6,883,879 | $ | 2,522,382 | $ | 2,249,071 | $ | 8,395,286 | $ | 4,693,750 | $ | — | $ | 24,744,368 | |||||||||||||||||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 9,445,359 | $ | 2,722,702 | $ | 2,817,427 | $ | 8,133,303 | $ | — | $ | — | $ | 23,118,791 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 13,609 | $ | 5,288 | $ | 2,230 | $ | 15,431 | $ | 3,004 | $ | — | $ | 39,562 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (2,131 | ) | (433 | ) | 602 | (1,068 | ) | (305 | ) | 3,335 | — | ||||||||||||||||
Net effective spread | 11,478 | 4,855 | 2,832 | 14,363 | 2,699 | 3,335 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 4,236 | 130 | 476 | 93 | (1,621 | ) | 3,314 | ||||||||||||||||||||
Other income/(expense)(3)(4) | 214 | 9 | 5 | — | 233 | 524 | 985 | ||||||||||||||||||||
Non-interest income/(loss) | 4,450 | 139 | 481 | 93 | 233 | (1,097 | ) | 4,299 | |||||||||||||||||||
Provision for loan losses | (270 | ) | — | — | — | — | — | (270 | ) | ||||||||||||||||||
Provision for reserve for losses | (114 | ) | — | (114 | ) | ||||||||||||||||||||||
Other non-interest expense | (4,077 | ) | (1,080 | ) | (608 | ) | (1,670 | ) | (3,067 | ) | — | (10,502 | ) | ||||||||||||||
Non-interest expense(5) | (4,191 | ) | (1,080 | ) | (608 | ) | (1,670 | ) | (3,067 | ) | — | (10,616 | ) | ||||||||||||||
Core earnings before income taxes | 11,467 | 3,914 | 2,705 | 12,786 | (135 | ) | 2,238 | (6) | 32,975 | ||||||||||||||||||
Income tax (expense)/benefit | (4,014 | ) | (1,370 | ) | (947 | ) | (4,475 | ) | 396 | (783 | ) | (11,193 | ) | ||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 7,453 | 2,544 | 1,758 | 8,311 | 261 | 1,455 | (6) | 21,782 | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,295 | ) | — | (3,295 | ) | ||||||||||||||||||
Segment core earnings/(losses) | $ | 7,453 | $ | 2,544 | $ | 1,758 | $ | 8,311 | $ | (3,034 | ) | $ | 1,455 | (6) | $ | 18,487 | |||||||||||
Total assets at carrying value | $ | 4,128,778 | $ | 2,165,749 | $ | 1,073,525 | $ | 7,612,572 | $ | 2,709,614 | $ | — | $ | 17,690,238 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 6,557,030 | $ | 2,298,956 | $ | 1,886,445 | $ | 7,901,842 | $ | — | $ | — | $ | 18,644,273 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 18,093 | $ | 4,747 | $ | 5,709 | $ | 14,171 | $ | 1,941 | $ | — | $ | 44,661 | |||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (68) | 1,118 | 1,230 | 4,430 | 431 | (7,141) | — | ||||||||||||||||||||||||||||||||||
Net effective spread | 18,025 | 5,865 | 6,939 | 18,601 | 2,372 | (7,141) | — | ||||||||||||||||||||||||||||||||||
Guarantee and commitment fees(2) | 4,111 | 213 | 328 | 7 | — | (1,500) | 3,159 | ||||||||||||||||||||||||||||||||||
Other income/(expense)(3) | 443 | 135 | — | — | (125) | (681) | (228) | ||||||||||||||||||||||||||||||||||
Non-interest income/(loss) | 4,554 | 348 | 328 | 7 | (125) | (2,181) | 2,931 | ||||||||||||||||||||||||||||||||||
Release of/(provision for) losses | 300 | — | (1,182) | 228 | 1 | — | (653) | ||||||||||||||||||||||||||||||||||
(Provision for)/release of reserve for losses | (628) | — | 81 | — | — | — | (547) | ||||||||||||||||||||||||||||||||||
Other non-interest expense | (5,381) | (1,643) | (1,438) | (2,160) | (3,938) | — | (14,560) | ||||||||||||||||||||||||||||||||||
Non-interest expense(4) | (6,009) | (1,643) | (1,357) | (2,160) | (3,938) | — | (15,107) | ||||||||||||||||||||||||||||||||||
Core earnings before income taxes | 16,870 | 4,570 | 4,728 | 16,676 | (1,690) | (9,322) | (5) | 31,832 | |||||||||||||||||||||||||||||||||
Income tax (expense)/benefit | (3,543) | (960) | (993) | (3,502) | 701 | 1,957 | (6,340) | ||||||||||||||||||||||||||||||||||
Core earnings before preferred stock dividends | 13,327 | 3,610 | 3,735 | 13,174 | (989) | (7,365) | (5) | 25,492 | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (5,166) | — | (5,166) | ||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | — | — | — | — | — | (1,667) | (1,667) | ||||||||||||||||||||||||||||||||||
Segment core earnings/(losses) | $ | 13,327 | $ | 3,610 | $ | 3,735 | $ | 13,174 | $ | (6,155) | $ | (9,032) | (5) | $ | 18,659 | ||||||||||||||||||||||||||
Total assets at carrying value | $ | 5,961,307 | $ | 2,487,687 | $ | 2,256,011 | $ | 8,716,923 | $ | 4,576,909 | $ | — | $ | 23,998,837 | |||||||||||||||||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 8,249,349 | $ | 2,735,128 | $ | 2,685,309 | $ | 8,319,502 | $ | — | $ | — | $ | 21,989,288 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 12,039 | $ | 5,753 | $ | 2,963 | $ | 12,226 | $ | 2,582 | $ | — | $ | 35,563 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (1,336 | ) | (564 | ) | (320 | ) | (799 | ) | (345 | ) | 3,364 | — | |||||||||||||||
Net effective spread | 10,703 | 5,189 | 2,643 | 11,427 | 2,237 | 3,364 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 3,516 | 29 | 529 | 459 | — | (735 | ) | 3,798 | |||||||||||||||||||
Other income/(expense)(3)(4) | 276 | 95 | — | — | (388 | ) | 320 | 303 | |||||||||||||||||||
Non-interest income/(loss) | 3,792 | 124 | 529 | 459 | (388 | ) | (415 | ) | 4,101 | ||||||||||||||||||
Provision for loan losses | (191 | ) | — | — | — | — | — | (191 | ) | ||||||||||||||||||
Provision for reserve for losses | 222 | — | — | — | — | — | 222 | ||||||||||||||||||||
Other non-interest expense | (3,673 | ) | (933 | ) | (553 | ) | (1,253 | ) | (3,113 | ) | — | (9,525 | ) | ||||||||||||||
Non-interest expense(5) | (3,451 | ) | (933 | ) | (553 | ) | (1,253 | ) | (3,113 | ) | — | (9,303 | ) | ||||||||||||||
Core earnings before income taxes | 10,853 | 4,380 | 2,619 | 10,633 | (1,264 | ) | 2,949 | (6) | 30,170 | ||||||||||||||||||
Income tax (expense)/benefit | (3,799 | ) | (1,533 | ) | (917 | ) | (3,722 | ) | 474 | (1,032 | ) | (10,529 | ) | ||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 7,054 | 2,847 | 1,702 | 6,911 | (790 | ) | 1,917 | (6) | 19,641 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,295 | ) | — | (3,295 | ) | ||||||||||||||||||
Non-controlling interest | — | — | — | — | 18 | — | 18 | ||||||||||||||||||||
Segment core earnings/(losses) | $ | 7,054 | $ | 2,847 | $ | 1,702 | $ | 6,911 | $ | (4,067 | ) | $ | 1,917 | (6) | $ | 16,364 | |||||||||||
Total assets at carrying value | $ | 3,436,641 | $ | 2,062,195 | $ | 1,008,903 | $ | 6,045,227 | $ | 3,447,939 | $ | — | $ | 16,000,905 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 6,004,728 | $ | 2,020,834 | $ | 1,867,666 | $ | 7,354,511 | $ | — | $ | — | $ | 17,247,739 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 70,805 | $ | 18,227 | $ | 19,995 | $ | 46,124 | $ | 8,234 | $ | — | $ | 163,385 | |||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (1,006) | 1,969 | (242) | 2,039 | 190 | (2,950) | — | ||||||||||||||||||||||||||||||||||
Net effective spread | 69,799 | 20,196 | 19,753 | 48,163 | 8,424 | (2,950) | — | ||||||||||||||||||||||||||||||||||
Guarantee and commitment fees(2) | 11,403 | 522 | 956 | 15 | — | (3,714) | 9,182 | ||||||||||||||||||||||||||||||||||
Other income/(expense)(3) | 1,118 | 441 | 3 | — | (123) | (744) | 695 | ||||||||||||||||||||||||||||||||||
Non-interest income/(loss) | 12,521 | 963 | 959 | 15 | (123) | (4,458) | 9,877 | ||||||||||||||||||||||||||||||||||
Release of/(provision for) losses | 239 | — | (701) | (40) | (16) | — | (518) | ||||||||||||||||||||||||||||||||||
Release of reserve for losses | 994 | — | 283 | — | — | — | 1,277 | ||||||||||||||||||||||||||||||||||
Other non-interest expense | (18,679) | (7,080) | (5,784) | (7,420) | (13,903) | — | (52,866) | ||||||||||||||||||||||||||||||||||
Non-interest expense(4) | (17,685) | (7,080) | (5,501) | (7,420) | (13,903) | — | (51,589) | ||||||||||||||||||||||||||||||||||
Core earnings before income taxes | 64,874 | 14,079 | 14,510 | 40,718 | (5,618) | (7,408) | (5) | 121,155 | |||||||||||||||||||||||||||||||||
Income tax (expense)/benefit | (13,623) | (2,957) | (3,047) | (8,551) | 1,043 | 1,556 | (25,579) | ||||||||||||||||||||||||||||||||||
Core earnings before preferred stock dividends | 51,251 | 11,122 | 11,463 | 32,167 | (4,575) | (5,852) | (5) | 95,576 | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (17,885) | — | (17,885) | ||||||||||||||||||||||||||||||||||
Segment core earnings/(losses) | $ | 51,251 | $ | 11,122 | $ | 11,463 | $ | 32,167 | $ | (22,460) | $ | (5,852) | (5) | $ | 77,691 | ||||||||||||||||||||||||||
Total assets at carrying value | $ | 6,883,879 | $ | 2,522,382 | $ | 2,249,071 | $ | 8,395,286 | $ | 4,693,750 | $ | — | $ | 24,744,368 | |||||||||||||||||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 9,445,359 | $ | 2,722,702 | $ | 2,817,427 | $ | 8,133,303 | $ | — | $ | — | $ | 23,118,791 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 39,701 | $ | 15,747 | $ | 8,181 | $ | 44,364 | $ | 8,371 | $ | — | $ | 116,364 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (6,208 | ) | (1,508 | ) | 26 | (3,025 | ) | (946 | ) | 11,661 | — | ||||||||||||||||
Net effective spread | 33,493 | 14,239 | 8,207 | 41,339 | 7,425 | 11,661 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 12,722 | 303 | 1,455 | 713 | — | (4,563 | ) | 10,630 | |||||||||||||||||||
Other income/(expense)(3)(4) | 1,402 | 34 | 15 | — | 626 | 2,132 | 4,209 | ||||||||||||||||||||
Non-interest income/(loss) | 14,124 | 337 | 1,470 | 713 | 626 | (2,431 | ) | 14,839 | |||||||||||||||||||
Provision for loan losses | (1,234 | ) | — | — | — | — | — | (1,234 | ) | ||||||||||||||||||
Release of reserve for losses | (60 | ) | — | — | — | — | — | (60 | ) | ||||||||||||||||||
Other non-interest expense | (12,588 | ) | (3,333 | ) | (1,838 | ) | (4,813 | ) | (9,923 | ) | — | (32,495 | ) | ||||||||||||||
Non-interest expense(5) | (12,648 | ) | (3,333 | ) | (1,838 | ) | (4,813 | ) | (9,923 | ) | — | (32,555 | ) | ||||||||||||||
Core earnings before income taxes | 33,735 | 11,243 | 7,839 | 37,239 | (1,872 | ) | 9,230 | (6) | 97,414 | ||||||||||||||||||
Income tax (expense)/benefit | (11,806 | ) | (3,935 | ) | (2,744 | ) | (13,033 | ) | 1,646 | (3,231 | ) | (33,103 | ) | ||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 21,929 | 7,308 | 5,095 | 24,206 | (226 | ) | 5,999 | (6) | 64,311 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (9,886 | ) | — | (9,886 | ) | ||||||||||||||||||
Non-controlling interest | — | — | — | — | 165 | — | 165 | ||||||||||||||||||||
Segment core earnings/(losses) | $ | 21,929 | $ | 7,308 | $ | 5,095 | $ | 24,206 | $ | (9,947 | ) | $ | 5,999 | (6) | $ | 54,590 | |||||||||||
Total assets at carrying value | $ | 4,128,778 | $ | 2,165,749 | $ | 1,073,525 | $ | 7,612,572 | $ | 2,709,614 | $ | — | $ | 17,690,238 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 6,557,030 | $ | 2,298,956 | $ | 1,886,445 | $ | 7,901,842 | $ | — | $ | — | $ | 18,644,273 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 53,768 | $ | 14,691 | $ | 12,778 | $ | 48,059 | $ | 5,025 | $ | — | $ | 134,321 | |||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (4,072) | 488 | 4,597 | 7,026 | 74 | (8,113) | — | ||||||||||||||||||||||||||||||||||
Net effective spread | 49,696 | 15,179 | 17,375 | 55,085 | 5,099 | (8,113) | — | ||||||||||||||||||||||||||||||||||
Guarantee and commitment fees(2) | 12,822 | 658 | 995 | 23 | — | (5,003) | 9,495 | ||||||||||||||||||||||||||||||||||
Other income/(expense)(3) | 2,197 | 864 | 12 | — | (413) | (3,048) | (388) | ||||||||||||||||||||||||||||||||||
Non-interest income/(loss) | 15,019 | 1,522 | 1,007 | 23 | (413) | (8,051) | 9,107 | ||||||||||||||||||||||||||||||||||
Release of/(provision for) losses | 412 | — | (4,704) | (222) | (28) | — | (4,542) | ||||||||||||||||||||||||||||||||||
Provision for reserve for losses | (262) | — | (278) | — | — | — | (540) | ||||||||||||||||||||||||||||||||||
Other non-interest expense | (16,632) | (5,045) | (4,428) | (6,606) | (12,171) | — | (44,882) | ||||||||||||||||||||||||||||||||||
Non-interest expense(4) | (16,894) | (5,045) | (4,706) | (6,606) | (12,171) | — | (45,422) | ||||||||||||||||||||||||||||||||||
Core earnings before income taxes | 48,233 | 11,656 | 8,972 | 48,280 | (7,513) | (16,164) | (5) | 93,464 | |||||||||||||||||||||||||||||||||
Income tax (expense)/benefit | (10,129) | (2,448) | (1,884) | (10,139) | 1,689 | 3,395 | (19,516) | ||||||||||||||||||||||||||||||||||
Core earnings before preferred stock dividends | 38,104 | 9,208 | 7,088 | 38,141 | (5,824) | (12,769) | (5) | 73,948 | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (12,536) | — | (12,536) | ||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | — | — | — | — | — | (1,667) | (1,667) | ||||||||||||||||||||||||||||||||||
Segment core earnings/(losses) | $ | 38,104 | $ | 9,208 | $ | 7,088 | $ | 38,141 | $ | (18,360) | $ | (14,436) | (5) | $ | 59,745 | ||||||||||||||||||||||||||
Total assets at carrying value | $ | 5,961,307 | $ | 2,487,687 | $ | 2,256,011 | $ | 8,716,923 | $ | 4,576,909 | $ | — | $ | 23,998,837 | |||||||||||||||||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 8,249,349 | $ | 2,735,128 | $ | 2,685,309 | $ | 8,319,502 | $ | — | $ | — | $ | 21,989,288 |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 34,772 | $ | 15,743 | $ | 8,682 | $ | 36,084 | $ | 8,280 | $ | — | $ | 103,561 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (4,733 | ) | (1,658 | ) | (939 | ) | (2,160 | ) | (897 | ) | 10,387 | — | |||||||||||||||
Net effective spread | 30,039 | 14,085 | 7,743 | 33,924 | 7,383 | 10,387 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 11,390 | 50 | 1,197 | 1,375 | — | (2,933 | ) | 11,079 | |||||||||||||||||||
Other income/(expense)(3)(4) | 451 | 178 | — | — | (1,288 | ) | (9,259 | ) | (9,918 | ) | |||||||||||||||||
Non-interest income/(loss) | 11,841 | 228 | 1,197 | 1,375 | (1,288 | ) | (12,192 | ) | 1,161 | ||||||||||||||||||
Provision for loan losses | (604 | ) | — | — | — | — | — | (604 | ) | ||||||||||||||||||
Provision for reserve for losses | 114 | — | — | — | — | — | 114 | ||||||||||||||||||||
Other non-interest expense | (11,946 | ) | (3,118 | ) | (2,214 | ) | (2,330 | ) | (9,849 | ) | — | (29,457 | ) | ||||||||||||||
Non-interest expense(5) | (11,832 | ) | (3,118 | ) | (2,214 | ) | (2,330 | ) | (9,849 | ) | — | (29,343 | ) | ||||||||||||||
Core earnings before income taxes | 29,444 | 11,195 | 6,726 | 32,969 | (3,754 | ) | (1,805 | ) | (6) | 74,775 | |||||||||||||||||
Income tax (expense)/benefit | (10,307 | ) | (3,918 | ) | (2,355 | ) | (11,538 | ) | 1,221 | 633 | (26,264 | ) | |||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 19,137 | 7,277 | 4,371 | 21,431 | (2,533 | ) | (1,172 | ) | (6) | 48,511 | |||||||||||||||||
Preferred stock dividends | — | — | — | — | (9,886 | ) | — | (9,886 | ) | ||||||||||||||||||
Non-controlling interest | — | — | — | — | 62 | — | 62 | ||||||||||||||||||||
Segment core earnings/(losses) | $ | 19,137 | $ | 7,277 | $ | 4,371 | $ | 21,431 | $ | (12,357 | ) | $ | (1,172 | ) | (6) | $ | 38,687 | ||||||||||
Total assets at carrying value | $ | 3,436,641 | $ | 2,062,195 | $ | 1,008,903 | $ | 6,045,227 | $ | 3,447,939 | $ | — | $ | 16,000,905 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 6,004,728 | $ | 2,020,834 | $ | 1,867,666 | $ | 7,354,511 | $ | — | $ | — | $ | 17,247,739 |
For the Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Net income attributable to common stockholders | $ | 24,289 | $ | 25,444 | $ | 18,659 | |||||||||||
Core earnings | 27,646 | 29,986 | 27,691 |
For the Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Net interest income | $ | 55,005 | $ | 55,129 | $ | 44,661 | |||||||||||
Net interest yield % | 0.94 | % | 0.94 | % | 0.78 | % | |||||||||||
Net effective spread | 55,925 | 56,551 | 51,802 | ||||||||||||||
Net effective spread % | 0.99 | % | 1.01 | % | 0.96 | % |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Core capital | $ | 1,179,092 | $ | 1,006,400 | |||||||
Capital in excess of minimum capital level required | 479,506 | 325,455 |
Farm & Ranch Line of Business | |||||||||||||||||||||||
On-Balance Sheet | Off-Balance Sheet | ||||||||||||||||||||||
Substandard Assets | % of Portfolio | Substandard Assets | % of Portfolio | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
September 30, 2021 | $ | 204,197 | 3.0 | % | $ | 74,077 | 2.8 | % | |||||||||||||||
June 30, 2021 | 205,958 | 3.1 | % | 93,168 | 3.8 | % | |||||||||||||||||
December 31, 2020 | 180,823 | 2.9 | % | 110,671 | 4.6 | % | |||||||||||||||||
Increase/(decrease) from prior quarter-ending | $ | (1,761) | (0.1) | % | $ | (19,091) | (1.0) | % | |||||||||||||||
Increase/(decrease) from prior year-ending | $ | 23,374 | 0.1 | % | $ | (36,594) | (1.8) | % |
Farm & Ranch Line of Business | |||||||||||||||||||||||
On-Balance Sheet | Off-Balance Sheet | ||||||||||||||||||||||
90-Day Delinquencies | % of Portfolio | 90-Day Delinquencies | % of Portfolio | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
September 30, 2021 | $ | 52,625 | 0.78 | % | $ | 2,167 | 0.08 | % | |||||||||||||||
June 30, 2021 | 56,790 | 0.86 | % | 6,286 | 0.26 | % | |||||||||||||||||
December 31, 2020 | 34,799 | 0.56 | % | 11,433 | 0.48 | % | |||||||||||||||||
Increase/(decrease) from prior quarter-ending | $ | (4,165) | (0.08) | % | $ | (4,119) | (0.18) | % | |||||||||||||||
Increase/(decrease) from prior year-ending | $ | 17,826 | 0.22 | % | $ | (9,266) | (0.40) | % |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||||||
For the Three Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
(in thousands, except per share amounts) | |||||||||||
Net income attributable to common stockholders | $ | 24,289 | $ | 18,659 | |||||||
Less reconciling items: | |||||||||||
Losses on undesignated financial derivatives due to fair value changes (see Table 14) | (1,864) | (4,149) | |||||||||
Losses on hedging activities due to fair value changes | (2,093) | (5,245) | |||||||||
Unrealized gains/(losses) on trading securities | 36 | (258) | |||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 23 | 97 | |||||||||
Net effects of terminations or net settlements on financial derivatives | (351) | 233 | |||||||||
Issuance costs on the retirement of preferred stock | — | (1,667) | |||||||||
Income tax effect related to reconciling items | 892 | 1,957 | |||||||||
Sub-total | (3,357) | (9,032) | |||||||||
Core earnings | $ | 27,646 | $ | 27,691 | |||||||
Composition of Core Earnings: | |||||||||||
Revenues: | |||||||||||
Net effective spread(1) | $ | 55,925 | $ | 51,802 | |||||||
Guarantee and commitment fees(2) | 4,322 | 4,659 | |||||||||
Other(3) | 687 | 453 | |||||||||
Total revenues | 60,934 | 56,914 | |||||||||
Credit related expense (GAAP): | |||||||||||
Provision for losses | 255 | 1,200 | |||||||||
Total credit related expense | 255 | 1,200 | |||||||||
Operating expenses (GAAP): | |||||||||||
Compensation and employee benefits | 10,027 | 8,791 | |||||||||
General and administrative | 6,330 | 5,044 | |||||||||
Regulatory fees | 750 | 725 | |||||||||
Total operating expenses | 17,107 | 14,560 | |||||||||
Net earnings | 43,572 | 41,154 | |||||||||
Income tax expense(4) | 9,152 | 8,297 | |||||||||
Preferred stock dividends (GAAP) | 6,774 | 5,166 | |||||||||
Core earnings | $ | 27,646 | $ | 27,691 | |||||||
Core earnings per share: | |||||||||||
Basic | $ | 2.57 | $ | 2.58 | |||||||
Diluted | 2.55 | 2.57 | |||||||||
Weighted-average shares: | |||||||||||
Basic | 10,766 | 10,734 | |||||||||
Diluted | 10,842 | 10,785 |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||
For the Three Months Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
(in thousands, except per share amounts) | |||||||
Net income attributable to common stockholders | $ | 18,487 | $ | 16,364 | |||
Less reconciling items: | |||||||
Gains on financial derivatives and hedging activities due to fair value changes | 2,737 | 1,460 | |||||
Unrealized gains on trading securities | — | 1,182 | |||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (954 | ) | (157 | ) | |||
Net effects of settlements on agency forward contracts | 456 | 464 | |||||
Income tax effect related to reconciling items | (784 | ) | (1,032 | ) | |||
Sub-total | 1,455 | 1,917 | |||||
Core earnings | $ | 17,032 | $ | 14,447 | |||
Composition of Core Earnings: | |||||||
Revenues: | |||||||
Net effective spread(1) | $ | 36,227 | $ | 32,199 | |||
Guarantee and commitment fees(2) | 4,935 | 4,533 | |||||
Other(3) | 429 | (32 | ) | ||||
Total revenues | 41,591 | 36,700 | |||||
Credit related expense (GAAP): | |||||||
Provision for/(release of) losses | 384 | (31 | ) | ||||
REO operating expenses | — | — | |||||
Gains on sale of REO | (32 | ) | (15 | ) | |||
Total credit related (income)/expense | 352 | (46 | ) | ||||
Operating expenses (GAAP): | |||||||
Compensation and employee benefits | 5,987 | 5,438 | |||||
General and administrative | 3,890 | 3,474 | |||||
Regulatory fees | 625 | 613 | |||||
Total operating expenses | 10,502 | 9,525 | |||||
Net earnings | 30,737 | 27,221 | |||||
Income tax expense(4) | 10,410 | 9,497 | |||||
Net loss attributable to non-controlling interest (GAAP) | — | (18 | ) | ||||
Preferred stock dividends (GAAP) | 3,295 | 3,295 | |||||
Core earnings | $ | 17,032 | $ | 14,447 | |||
Core earnings per share: | |||||||
Basic | $ | 1.61 | $ | 1.38 | |||
Diluted | 1.57 | 1.36 | |||||
Weighted-average shares: | |||||||
Basic | 10,605 | 10,473 | |||||
Diluted | 10,815 | 10,649 |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||
For the Nine Months Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
(in thousands, except per share amounts) | |||||||
Net income attributable to common stockholders | $ | 54,590 | $ | 38,687 | |||
Less reconciling items: | |||||||
Gains/(losses) on financial derivatives and hedging activities due to fair value changes | 9,763 | (3,605 | ) | ||||
Unrealized (losses)/gains on trading securities | (84 | ) | 1,934 | ||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (1,198 | ) | (809 | ) | |||
Net effects of settlements on agency forward contracts | 749 | 675 | |||||
Income tax effect related to reconciling items | (3,231 | ) | 633 | ||||
Sub-total | 5,999 | (1,172 | ) | ||||
Core earnings | $ | 48,591 | $ | 39,859 | |||
Composition of Core Earnings: | |||||||
Revenues: | |||||||
Net effective spread(1) | $ | 104,703 | $ | 93,174 | |||
Guarantee and commitment fees(2) | 15,194 | 14,012 | |||||
Other(3) | 1,293 | (674 | ) | ||||
Total revenues | 121,190 | 106,512 | |||||
Credit related expense (GAAP): | |||||||
Provision for losses | 1,294 | 490 | |||||
REO operating expenses | 23 | 39 | |||||
Gains on sale of REO | (784 | ) | (15 | ) | |||
Total credit related expense | 533 | 514 | |||||
Operating expenses (GAAP): | |||||||
Compensation and employee benefits | 18,986 | 16,823 | |||||
General and administrative | 11,611 | 10,757 | |||||
Regulatory fees | 1,875 | 1,838 | |||||
Total operating expenses | 32,472 | 29,418 | |||||
Net earnings | 88,185 | 76,580 | |||||
Income tax expense(4) | 29,873 | 26,897 | |||||
Net loss attributable to non-controlling interest (GAAP) | (165 | ) | (62 | ) | |||
Preferred stock dividends (GAAP) | 9,886 | 9,886 | |||||
Core earnings | $ | 48,591 | $ | 39,859 | |||
Core earnings per share: | |||||||
Basic | $ | 4.59 | $ | 3.81 | |||
Diluted | 4.50 | 3.71 | |||||
Weighted-average shares: | |||||||
Basic | 10,586 | 10,464 | |||||
Diluted | 10,794 | 10,755 |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||||||
For the Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
(in thousands, except per share amounts) | |||||||||||
Net income attributable to common stockholders | $ | 77,691 | $ | 59,745 | |||||||
Less reconciling items: | |||||||||||
Losses on undesignated financial derivatives due to fair value changes (see Table 14) | (3,890) | (1,933) | |||||||||
Losses on hedging activities due to fair value changes | (4,461) | (13,846) | |||||||||
Unrealized losses on trading securities | (39) | (173) | |||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 59 | 135 | |||||||||
Net effects of terminations or net settlements on financial derivatives | 923 | (346) | |||||||||
Issuance costs on the retirement of preferred stock | — | (1,667) | |||||||||
Income tax effect related to reconciling items | 1,556 | 3,394 | |||||||||
Sub-total | (5,852) | (14,436) | |||||||||
Core earnings | $ | 83,543 | $ | 74,181 | |||||||
Composition of Core Earnings: | |||||||||||
Revenues: | |||||||||||
Net effective spread(1) | $ | 166,335 | $ | 142,434 | |||||||
Guarantee and commitment fees(2) | 12,896 | 14,498 | |||||||||
Other(3) | 1,439 | 2,175 | |||||||||
Total revenues | 180,670 | 159,107 | |||||||||
Credit related expense (GAAP): | |||||||||||
(Release of)/provision for losses | (759) | 5,082 | |||||||||
Gains on sale of REO | — | (485) | |||||||||
Total credit related expense | (759) | 4,597 | |||||||||
Operating expenses (GAAP): | |||||||||||
Compensation and employee benefits | 31,601 | 27,005 | |||||||||
General and administrative | 19,015 | 15,702 | |||||||||
Regulatory fees | 2,250 | 2,175 | |||||||||
Total operating expenses | 52,866 | 44,882 | |||||||||
Net earnings | 128,563 | 109,628 | |||||||||
Income tax expense(4) | 27,135 | 22,911 | |||||||||
Preferred stock dividends (GAAP) | 17,885 | 12,536 | |||||||||
Core earnings | $ | 83,543 | $ | 74,181 | |||||||
Core earnings per share: | |||||||||||
Basic | $ | 7.77 | $ | 6.92 | |||||||
Diluted | 7.71 | 6.88 | |||||||||
Weighted-average shares: | |||||||||||
Basic | 10,756 | 10,725 | |||||||||
Diluted | 10,834 | 10,781 |
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
GAAP - Basic EPS | $ | 1.74 | $ | 1.56 | $ | 5.16 | $ | 3.70 | |||||||
Less reconciling items: | |||||||||||||||
Gains/(losses) on financial derivatives and hedging activities due to fair value changes | 0.26 | 0.14 | 0.92 | (0.33 | ) | ||||||||||
Unrealized (losses)/gains on trading securities | — | 0.11 | (0.01 | ) | 0.18 | ||||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (0.09 | ) | (0.01 | ) | (0.11 | ) | (0.08 | ) | |||||||
Net effects of settlements on agency forward contracts | 0.04 | 0.04 | 0.07 | 0.06 | |||||||||||
Income tax effect related to reconciling items | (0.08 | ) | (0.10 | ) | (0.30 | ) | 0.06 | ||||||||
Sub-total | 0.13 | 0.18 | 0.57 | (0.11 | ) | ||||||||||
Core Earnings - Basic EPS | $ | 1.61 | $ | 1.38 | $ | 4.59 | $ | 3.81 | |||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,605 | 10,473 | 10,586 | 10,464 |
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
GAAP - Diluted EPS | $ | 1.71 | $ | 1.54 | $ | 5.06 | $ | 3.60 | |||||||
Less reconciling items: | |||||||||||||||
Gains/(losses) on financial derivatives and hedging activities due to fair value changes | 0.26 | 0.14 | 0.91 | (0.34 | ) | ||||||||||
Unrealized (losses)/gains on trading securities | — | 0.11 | (0.01 | ) | 0.18 | ||||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (0.09 | ) | (0.01 | ) | (0.11 | ) | (0.07 | ) | |||||||
Net effects of settlements on agency forward contracts | 0.04 | 0.04 | 0.07 | 0.06 | |||||||||||
Income tax effect related to reconciling items | (0.07 | ) | (0.10 | ) | (0.30 | ) | 0.06 | ||||||||
Sub-total | 0.14 | 0.18 | 0.56 | (0.11 | ) | ||||||||||
Core Earnings - Diluted EPS | $ | 1.57 | $ | 1.36 | $ | 4.50 | $ | 3.71 | |||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,815 | 10,649 | 10,794 | 10,755 |
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings - Basic Earnings Per Share | |||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||
GAAP - Basic EPS | $ | 2.26 | $ | 1.74 | $ | 7.22 | $ | 5.57 | |||||||||||||||
Less reconciling items: | |||||||||||||||||||||||
Losses on undesignated financial derivatives due to fair value changes (see Table 14) | (0.17) | (0.39) | (0.36) | (0.18) | |||||||||||||||||||
Losses on hedging activities due to fair value changes | (0.19) | (0.49) | (0.42) | (1.29) | |||||||||||||||||||
Unrealized losses on trading securities | — | (0.02) | — | (0.02) | |||||||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (0.03) | 0.02 | 0.08 | (0.03) | |||||||||||||||||||
Issuance costs on the retirement of preferred stock | — | (0.15) | — | (0.16) | |||||||||||||||||||
Income tax effect related to reconciling items | 0.08 | 0.18 | 0.14 | 0.32 | |||||||||||||||||||
Sub-total | (0.31) | (0.84) | (0.55) | (1.35) | |||||||||||||||||||
Core Earnings - Basic EPS | $ | 2.57 | $ | 2.58 | $ | 7.77 | $ | 6.92 | |||||||||||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,766 | 10,734 | 10,756 | 10,725 |
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings - Diluted Earnings Per Share | |||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||
GAAP - Diluted EPS | $ | 2.24 | $ | 1.73 | $ | 7.17 | $ | 5.54 | |||||||||||||||
Less reconciling items: | |||||||||||||||||||||||
Losses on undesignated financial derivatives due to fair value changes (see Table 14) | (0.17) | (0.39) | (0.36) | (0.18) | |||||||||||||||||||
Losses on hedging activities due to fair value changes | (0.19) | (0.49) | (0.42) | (1.28) | |||||||||||||||||||
Unrealized losses on trading securities | — | (0.02) | — | (0.02) | |||||||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | — | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (0.03) | 0.02 | 0.09 | (0.03) | |||||||||||||||||||
Issuance costs on the retirement of preferred stock | — | (0.15) | — | (0.15) | |||||||||||||||||||
Income tax effect related to reconciling items | 0.08 | 0.18 | 0.14 | 0.31 | |||||||||||||||||||
Sub-total | (0.31) | (0.84) | (0.54) | (1.34) | |||||||||||||||||||
Core Earnings - Diluted EPS | $ | 2.55 | $ | 2.57 | $ | 7.71 | $ | 6.88 | |||||||||||||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,842 | 10,785 | 10,834 | 10,781 |
Non-GAAP Reconciling Items for (Losses)/Gains on Hedging Activities due to Fair Value Changes | |||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Losses due to fair value changes (see Table 4.2) | $ | (1,920) | $ | (5,047) | $ | (3,299) | $ | (13,109) | |||||||||||||||
Initial cash payment (received) at inception of swap | (173) | (198) | (1,162) | (737) | |||||||||||||||||||
Losses on hedging activities due to fair value changes | $ | (2,093) | $ | (5,245) | $ | (4,461) | $ | (13,846) |
Non-GAAP Reconciling Item for Gains/(Losses) on Financial Derivatives and Hedging Activities Due to Fair Value Changes | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fair value hedges: | |||||||||||||||
Gains/(losses) due to fair value changes (see Table 8) | $ | 1,742 | $ | 726 | $ | (716 | ) | $ | 5,716 | ||||||
No hedge designation: | |||||||||||||||
Gains/(losses) due to fair value changes (see Table 8) | 995 | 734 | 10,479 | (9,321 | ) | ||||||||||
Gains/(losses) on financial derivatives and hedging activities due to fair value changes | $ | 2,737 | $ | 1,460 | $ | 9,763 | $ | (3,605 | ) |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and investments | $ | 4,752,815 | $ | 14,107 | 0.40 | % | $ | 3,965,371 | $ | 35,236 | 1.18 | % | |||||||||||||||||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities(1) | 17,614,644 | 274,783 | 2.08 | % | 16,780,558 | 309,051 | 2.46 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 22,367,459 | 288,890 | 1.72 | % | 20,745,929 | 344,287 | 2.21 | % | |||||||||||||||||||||||||||
Funding: | |||||||||||||||||||||||||||||||||||
Notes payable due within one year | 3,991,539 | 3,235 | 0.11 | % | 3,626,550 | 21,654 | 0.80 | % | |||||||||||||||||||||||||||
Notes payable due after one year(2) | 17,623,610 | 125,983 | 0.95 | % | 16,828,032 | 193,315 | 1.53 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities(3) | 21,615,149 | 129,218 | 0.80 | % | 20,454,582 | 214,969 | 1.40 | % | |||||||||||||||||||||||||||
Net non-interest-bearing funding | 752,310 | — | 291,347 | — | |||||||||||||||||||||||||||||||
Total funding | 22,367,459 | 129,218 | 0.77 | % | 20,745,929 | 214,969 | 1.38 | % | |||||||||||||||||||||||||||
Net interest income/yield prior to consolidation of certain trusts | 22,367,459 | 159,672 | 0.95 | % | 20,745,929 | 129,318 | 0.83 | % | |||||||||||||||||||||||||||
Net effect of consolidated trusts(4) | 1,083,729 | 3,713 | 0.46 | % | 1,436,353 | 5,003 | 0.46 | % | |||||||||||||||||||||||||||
Net interest income/yield | $ | 23,451,188 | $ | 163,385 | 0.93 | % | $ | 22,182,282 | $ | 134,321 | 0.81 | % |
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Cash and investments | $ | 2,746,902 | $ | 24,834 | 1.21 | % | $ | 3,726,766 | $ | 20,235 | 0.72 | % | |||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities(1) | 12,496,888 | 231,852 | 2.47 | % | 11,001,241 | 187,466 | 2.27 | % | |||||||||||||
Total interest-earning assets | 15,243,790 | 256,686 | 2.25 | % | 14,728,007 | 207,701 | 1.88 | % | |||||||||||||
Funding: | |||||||||||||||||||||
Notes payable due within one year | 5,409,742 | 36,526 | 0.90 | % | 7,481,541 | 27,380 | 0.49 | % | |||||||||||||
Notes payable due after one year(2) | 9,205,917 | 108,359 | 1.57 | % | 6,826,348 | 79,693 | 1.56 | % | |||||||||||||
Total interest-bearing liabilities(3) | 14,615,659 | 144,885 | 1.32 | % | 14,307,889 | 107,073 | 1.00 | % | |||||||||||||
Net non-interest-bearing funding | 628,131 | — | 420,118 | — | |||||||||||||||||
Total funding | 15,243,790 | 144,885 | 1.27 | % | 14,728,007 | 107,073 | 0.97 | % | |||||||||||||
Net interest income/yield prior to consolidation of certain trusts | 15,243,790 | 111,801 | 0.98 | % | 14,728,007 | 100,628 | 0.91 | % | |||||||||||||
Net effect of consolidated trusts(4) | 1,211,419 | 4,563 | 0.50 | % | 848,344 | 2,933 | 0.46 | % | |||||||||||||
Net interest income/yield | $ | 16,455,209 | $ | 116,364 | 0.94 | % | $ | 15,576,351 | $ | 103,561 | 0.89 | % |
For the Nine Months Ended September 30, 2021 Compared to Same Period in 2020 | |||||||||||||||||
Increase/(Decrease) Due to | |||||||||||||||||
Rate | Volume | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Income from interest-earning assets: | |||||||||||||||||
Cash and investments | $ | (27,056) | $ | 5,927 | $ | (21,129) | |||||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities | (49,053) | 14,785 | (34,268) | ||||||||||||||
Total | (76,109) | 20,712 | (55,397) | ||||||||||||||
Expense from other interest-bearing liabilities | (97,336) | 11,585 | (85,751) | ||||||||||||||
Change in net interest income prior to consolidation of certain trusts(1) | $ | 21,227 | $ | 9,127 | $ | 30,354 |
For the Nine Months Ended September 30, 2017 Compared to Same Period in 2016 | |||||||||||
Increase/(Decrease) Due to | |||||||||||
Rate | Volume | Total | |||||||||
(in thousands) | |||||||||||
Income from interest-earning assets: | |||||||||||
Cash and investments | $ | 10,921 | $ | (6,322 | ) | $ | 4,599 | ||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities | 17,532 | 26,854 | 44,386 | ||||||||
Total | 28,453 | 20,532 | 48,985 | ||||||||
Expense from other interest-bearing liabilities | 35,462 | 2,350 | 37,812 | ||||||||
Change in net interest income prior to consolidation of certain trusts(1) | $ | (7,009 | ) | $ | 18,182 | $ | 11,173 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/yield | $ | 55,005 | 0.94 | % | $ | 44,661 | 0.78 | % | $ | 163,385 | 0.93 | % | $ | 134,321 | 0.80 | % | |||||||||||||||||||||||||||||||
Net effects of consolidated trusts | (1,167) | 0.02 | % | (1,500) | 0.02 | % | (3,713) | 0.02 | % | (5,003) | 0.03 | % | |||||||||||||||||||||||||||||||||||
Expense related to undesignated financial derivatives | 117 | — | % | 3,613 | 0.07 | % | 3,154 | 0.02 | % | 9 | — | % | |||||||||||||||||||||||||||||||||||
Amortization of premiums/discounts on assets consolidated at fair value | (15) | — | % | (81) | — | % | (36) | — | % | (92) | — | % | |||||||||||||||||||||||||||||||||||
Amortization of losses due to terminations or net settlements on financial derivatives | 65 | — | % | 62 | — | % | 246 | — | % | 90 | — | % | |||||||||||||||||||||||||||||||||||
Fair value changes on fair value hedge relationships | 1,920 | 0.03 | % | 5,047 | 0.09 | % | 3,299 | 0.02 | % | 13,109 | 0.09 | % | |||||||||||||||||||||||||||||||||||
Net effective spread | $ | 55,925 | 0.99 | % | $ | 51,802 | 0.96 | % | $ | 166,335 | 0.99 | % | $ | 142,434 | 0.92 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
Net interest income/yield | $ | 39,562 | 0.92 | % | $ | 35,563 | 0.89 | % | $ | 116,364 | 0.94 | % | $ | 103,561 | 0.89 | % | |||||||||||
Net effects of consolidated trusts | (1,621 | ) | 0.04 | % | (735 | ) | 0.04 | % | (4,563 | ) | 0.04 | % | (2,933 | ) | 0.02 | % | |||||||||||
Expense related to undesignated financial derivatives | (2,675 | ) | (0.07 | )% | (2,807 | ) | (0.08 | )% | (8,317 | ) | (0.07 | )% | (7,985 | ) | (0.07 | )% | |||||||||||
Amortization of premiums/discounts on assets consolidated at fair value | 961 | 0.03 | % | 178 | 0.01 | % | 1,219 | 0.01 | % | 531 | — | % | |||||||||||||||
Net effective spread | $ | 36,227 | 0.92 | % | $ | 32,199 | 0.86 | % | $ | 104,703 | 0.92 | % | $ | 93,174 | 0.84 | % |
As of September 30, 2021 | As of September 30, 2020 | ||||||||||||||||||||||||||||||||||
Allowance for Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,450 | $ | 2,111 | $ | 16,561 | $ | 15,758 | $ | 3,020 | $ | 18,778 | |||||||||||||||||||||||
Provision for/(release of) losses | 366 | (111) | 255 | 646 | 548 | 1,194 | |||||||||||||||||||||||||||||
Ending balance | $ | 14,816 | $ | 2,000 | $ | 16,816 | $ | 16,404 | $ | 3,568 | $ | 19,972 | |||||||||||||||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,298 | $ | 3,277 | $ | 17,575 | $ | 10,454 | $ | 2,164 | $ | 12,618 | |||||||||||||||||||||||
Cumulative effect adjustment from adoption of current expected credit loss standard | — | — | — | 1,793 | 863 | 2,656 | |||||||||||||||||||||||||||||
Adjusted beginning balance | 14,298 | 3,277 | 17,575 | 12,247 | 3,027 | 15,274 | |||||||||||||||||||||||||||||
Provision for/(release of) losses | 518 | (1,277) | (759) | 4,551 | 541 | 5,092 | |||||||||||||||||||||||||||||
Charge-offs | — | — | — | (394) | — | (394) | |||||||||||||||||||||||||||||
Ending balance | $ | 14,816 | $ | 2,000 | $ | 16,816 | $ | 16,404 | $ | 3,568 | $ | 19,972 |
As of September 30, 2017 | As of September 30, 2016 | ||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 6,138 | $ | 1,966 | $ | 8,104 | $ | 4,893 | $ | 2,191 | $ | 7,084 | |||||||||||
Provision for losses | 270 | 114 | 384 | 191 | (222 | ) | (31 | ) | |||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | (130 | ) | |||||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 | |||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 5,415 | $ | 2,020 | $ | 7,435 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||||||||
Provision for/(release of) losses | 1,234 | 60 | 1,294 | 604 | (114 | ) | 490 | ||||||||||||||||
Charge-offs | (241 | ) | — | (241 | ) | (130 | ) | — | (130 | ) | |||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ | % | September 30, 2021 | September 30, 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | $ | 3,155 | $ | 3,159 | $ | (4) | — | % | $ | 9,182 | $ | 9,495 | $ | (313) | (3) | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ | % | September 30, 2021 | September 30, 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Losses due to fair value changes | $ | (1,864) | $ | (4,149) | $ | 2,285 | (55) | % | $ | (3,890) | $ | (1,933) | $ | (1,957) | (101) | % | |||||||||||||||||||||||||||||||
Accrual of contractual payments | 117 | 3,613 | (3,496) | (97) | % | 3,154 | 10 | 3,144 | 31440 | % | |||||||||||||||||||||||||||||||||||||
Losses due to terminations or net settlements | (600) | (28) | (572) | (2043) | % | (384) | (1,416) | 1,032 | 73 | % | |||||||||||||||||||||||||||||||||||||
Losses on financial derivatives | $ | (2,347) | $ | (564) | $ | (1,783) | (316) | % | $ | (1,120) | $ | (3,339) | $ | 2,219 | 66 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Fair value hedges: | |||||||||||||||
Gains/(losses) due to fair value changes: | |||||||||||||||
Financial derivatives(1) | $ | 1,576 | $ | 11,276 | $ | (5,466 | ) | $ | (30,062 | ) | |||||
Hedged items | 166 | (10,550 | ) | 4,750 | 35,778 | ||||||||||
Gains/(losses) on fair value hedging activities | 1,742 | 726 | (716 | ) | 5,716 | ||||||||||
Cash flow hedges: | |||||||||||||||
Loss recognized (ineffective portion) | (191 | ) | (68 | ) | (365 | ) | (322 | ) | |||||||
Losses on cash flow hedges | (191 | ) | (68 | ) | (365 | ) | (322 | ) | |||||||
No hedge designation: | |||||||||||||||
Gains/(losses) due to fair value changes | 995 | 734 | 10,479 | (9,321 | ) | ||||||||||
Accrual of contractual payments | (2,484 | ) | (2,739 | ) | (7,952 | ) | (7,663 | ) | |||||||
Gains/(losses) due to terminations or net settlements | 599 | (254 | ) | 1,084 | (1,489 | ) | |||||||||
Losses/(gains) on financial derivatives not designated in hedging relationships | (890 | ) | (2,259 | ) | 3,611 | (18,473 | ) | ||||||||
Gains/(losses) on financial derivatives and hedging activities | $ | 661 | $ | (1,601 | ) | $ | 2,530 | $ | (13,079 | ) |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ | % | September 30, 2021 | September 30, 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Late fees | $ | 266 | $ | 236 | $ | 30 | 13 | % | $ | 805 | $ | 1,124 | $ | (319) | (28) | % | |||||||||||||||||||||||||||||||
Other | 316 | 358 | (42) | (12) | % | 795 | 1,515 | (720) | (48) | % | |||||||||||||||||||||||||||||||||||||
Total other income | $ | 582 | $ | 594 | $ | (12) | (2) | % | $ | 1,600 | $ | 2,639 | $ | (1,039) | (39) | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ | % | September 30, 2021 | September 30, 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 10,027 | $ | 8,791 | $ | 1,236 | 14 | % | $ | 31,601 | $ | 27,005 | $ | 4,596 | 17 | % | |||||||||||||||||||||||||||||||
General and administrative | 6,330 | 5,044 | 1,286 | 25 | % | 19,015 | 15,702 | 3,313 | 21 | % | |||||||||||||||||||||||||||||||||||||
Regulatory fees | 750 | 725 | 25 | 3 | % | 2,250 | 2,175 | 75 | 3 | % | |||||||||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 17,107 | $ | 14,560 | $ | 2,547 | 17 | % | $ | 52,866 | $ | 44,882 | $ | 7,984 | 18 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ | % | September 30, 2021 | September 30, 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | $ | 8,260 | $ | 6,340 | $ | 1,920 | 30 | % | $ | 25,579 | $ | 19,516 | $ | 6,063 | 31 | % | |||||||||||||||||||||||||||||||
Effective tax rate | 21.0 | % | 19.9 | % | 1.1 | % | 21.1 | % | 20.9 | % | 0.2 | % |
Net New Business Volume – Farmer Mac Loan Purchases, Guarantees, LTSPCs, and AgVantage Securities | |||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Net Growth/(Decrease) | Net Growth/(Decrease) | Net Growth/(Decrease) | Net Growth/(Decrease) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch: | |||||||||||||||||||||||
Loans | $ | 277,164 | $ | 399,495 | $ | 910,983 | $ | 905,277 | |||||||||||||||
Loans held in trusts: | |||||||||||||||||||||||
Beneficial interests owned by third party investors | (100,621) | (159,683) | (309,672) | (324,509) | |||||||||||||||||||
LTSPCs | 212,664 | (8,313) | 262,868 | (108,368) | |||||||||||||||||||
USDA Guarantees: | |||||||||||||||||||||||
USDA Securities | 6,552 | 76,949 | (24,611) | 193,487 | |||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | (10,759) | (19,626) | (39,405) | (78,533) | |||||||||||||||||||
Rural Utilities: | |||||||||||||||||||||||
Loans | (3,396) | 7,786 | (17,240) | 438,062 | |||||||||||||||||||
LTSPCs | 40,796 | (14,100) | 17,830 | (33,326) | |||||||||||||||||||
Institutional Credit: | |||||||||||||||||||||||
AgVantage securities | 499,230 | (335,328) | 393,944 | (120,744) | |||||||||||||||||||
Total purchases, guarantees, LTSPCs, and AgVantage securities | $ | 921,630 | $ | (52,820) | $ | 1,194,697 | $ | 871,346 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans securitized and sold as Farm & Ranch Guaranteed Securities | $ | 34,998 | $ | 36,562 | $ | 84,131 | $ | 64,612 | |||||||||||||||
AgVantage securities | 1,368,912 | 211,908 | 2,280,440 | 1,202,327 | |||||||||||||||||||
Total Farmer Mac Guaranteed Securities Issuances | $ | 1,403,910 | $ | 248,470 | $ | 2,364,571 | $ | 1,266,939 |
New Business Volume – Farmer Mac Loan Purchases, Guarantees, LTSPCs, and AgVantage Securities | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Farm & Ranch: | |||||||||||||||
Loans | $ | 298,274 | $ | 282,690 | $ | 924,628 | $ | 722,331 | |||||||
LTSPCs | 102,774 | 155,657 | 271,934 | 281,830 | |||||||||||
USDA Guarantees: | |||||||||||||||
USDA Securities | 90,229 | 87,335 | 298,539 | 293,286 | |||||||||||
Farmer Mac Guaranteed USDA Securities | 41,069 | 31,866 | 133,121 | 58,628 | |||||||||||
Rural Utilities: | |||||||||||||||
Loans | 70,000 | 20,000 | 122,341 | 39,691 | |||||||||||
LTSPCs | — | — | — | 421,404 | |||||||||||
Institutional Credit: | |||||||||||||||
AgVantage Securities | 290,995 | 528,234 | 2,149,159 | 1,851,698 | |||||||||||
Total purchases, guarantees, LTSPCs, and AgVantage Securities | $ | 893,341 | $ | 1,105,782 | $ | 3,899,722 | $ | 3,668,868 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Loans securitized and sold as Farm & Ranch Guaranteed Securities | $ | 115,427 | $ | 147,060 | $ | 277,307 | $ | 402,841 | |||||||
Farmer Mac Guaranteed USDA Securities | 41,069 | 31,866 | 127,164 | 54,528 | |||||||||||
AgVantage Securities | 290,995 | 528,234 | 2,149,159 | 1,851,698 | |||||||||||
Total Farmer Mac Guaranteed Securities issuances | $ | 447,491 | $ | 707,160 | $ | 2,553,630 | $ | 2,309,067 |
Lines of Business - Outstanding Business Volume | |||||||||||
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
Loans | $ | 5,800,376 | $ | 4,889,393 | |||||||
Loans held in trusts: | |||||||||||
Beneficial interests owned by third party investors | 977,373 | 1,287,045 | |||||||||
LTSPCs | 2,607,261 | 2,325,431 | |||||||||
Guaranteed Securities | 60,349 | 79,312 | |||||||||
USDA Guarantees: | |||||||||||
USDA Securities | 2,434,582 | 2,452,964 | |||||||||
Farmer Mac Guaranteed USDA Securities | 288,120 | 333,754 | |||||||||
Rural Utilities: | |||||||||||
Loans | 2,243,172 | 2,260,412 | |||||||||
LTSPCs | 574,255 | 556,425 | |||||||||
Institutional Credit | |||||||||||
AgVantage Securities | 8,133,303 | 7,739,359 | |||||||||
Total | $ | 23,118,791 | $ | 21,924,095 |
Lines of Business - Outstanding Business Volume | |||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
Farm & Ranch: | |||||||
Loans | $ | 2,739,681 | $ | 2,381,488 | |||
Loans held in trusts: | |||||||
Beneficial interests owned by third party investors | 1,329,212 | 1,132,966 | |||||
USDA Guarantees: | |||||||
USDA Securities | 2,041,466 | 1,954,800 | |||||
Farmer Mac Guaranteed USDA Securities | 30,688 | 35,599 | |||||
Rural Utilities: | |||||||
Loans | 1,066,482 | 999,512 | |||||
Institutional Credit | |||||||
AgVantage Securities(1) | 7,588,628 | 6,004,472 | |||||
Total on-balance sheet | $ | 14,796,157 | $ | 12,508,837 | |||
Off-balance sheet: | |||||||
Farm & Ranch: | |||||||
LTSPCs | 2,133,314 | 2,209,409 | |||||
Guaranteed Securities | 354,823 | 415,441 | |||||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed USDA Securities | 226,802 | 103,976 | |||||
Rural Utilities: | |||||||
LTSPCs(2) | 819,963 | 878,598 | |||||
Institutional Credit: | |||||||
AgVantage Securities(1) | 13,214 | 983,214 | |||||
AgVantage Revolving Line of Credit Facility(3) | 300,000 | 300,000 | |||||
Total off-balance sheet | $ | 3,848,116 | $ | 4,890,638 | |||
Total | $ | 18,644,273 | $ | 17,399,475 |
Schedule of Principal Amortization as of September 30, 2021 | |||||||||||||||||||||||
Loans Held | Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs | USDA Securities and Farmer Mac Guaranteed USDA Securities | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2021 | $ | 47,300 | $ | 52,257 | $ | 28,426 | $ | 127,983 | |||||||||||||||
2022 | 381,000 | 273,294 | 116,991 | 771,285 | |||||||||||||||||||
2023 | 361,950 | 234,303 | 120,284 | 716,537 | |||||||||||||||||||
2024 | 368,914 | 202,772 | 120,577 | 692,263 | |||||||||||||||||||
2025 | 391,288 | 205,601 | 122,636 | 719,525 | |||||||||||||||||||
Thereafter | 7,470,469 | 2,273,638 | 2,213,788 | 11,957,895 | |||||||||||||||||||
Total | $ | 9,020,921 | $ | 3,241,865 | $ | 2,722,702 | $ | 14,985,488 |
Schedule of Principal Amortization as of September 30, 2017 | |||||||||||||||
Loans Held | Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs | USDA Securities and Farmer Mac Guaranteed USDA Securities | Total | ||||||||||||
(in thousands) | |||||||||||||||
2017 | $ | 52,237 | $ | 63,989 | $ | 24,298 | $ | 140,524 | |||||||
2018 | 227,870 | 674,722 | 102,322 | 1,004,914 | |||||||||||
2019 | 230,639 | 213,292 | 101,850 | 545,781 | |||||||||||
2020 | 221,131 | 201,904 | 102,904 | 525,939 | |||||||||||
2021 | 241,821 | 213,623 | 106,844 | 562,288 | |||||||||||
Thereafter | 4,161,677 | 1,940,570 | 1,860,738 | 7,962,985 | |||||||||||
Total | $ | 5,135,375 | $ | 3,308,100 | $ | 2,298,956 | $ | 10,742,431 |
AgVantage Balances by Year of Maturity | |||||
As of | |||||
September 30, 2021 | |||||
(in thousands) | |||||
2021 | $ | 1,563,373 | |||
2022 | 1,711,474 | ||||
2023 | 1,006,807 | ||||
2024 | 802,321 | ||||
2025 | 361,025 | ||||
Thereafter(1) | 2,688,303 | ||||
Total | $ | 8,133,303 |
AgVantage Balances by Year of Maturity | |||
As of | |||
September 30, 2017 | |||
(in thousands) | |||
2017 | $ | 220,337 | |
2018(1) | 2,309,582 | ||
2019 | 1,113,211 | ||
2020 | 1,147,851 | ||
2021 | 1,063,740 | ||
Thereafter(2) | 2,047,121 | ||
Total | $ | 7,901,842 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Defaulted loans purchased underlying Farm & Ranch Guaranteed Securities owned by third party investors | $ | 3,043 | $ | 250 | $ | 3,147 | $ | 398 | |||||||
Defaulted loans purchased underlying LTSPCs | — | 852 | 311 | 2,118 | |||||||||||
Total loan purchases | $ | 3,043 | $ | 1,102 | $ | 3,458 | $ | 2,516 |
As of | Change | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | $ | % | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 899,052 | $ | 1,033,941 | $ | (134,889) | (13) | % | |||||||||||||||
Investment securities, net of allowance | 3,741,639 | 3,898,724 | (157,085) | (4) | % | ||||||||||||||||||
Farmer Mac Guaranteed Securities, net of allowance | 8,387,062 | 8,123,493 | 263,569 | 3 | % | ||||||||||||||||||
USDA Securities | 2,462,010 | 2,480,321 | (18,311) | (1) | % | ||||||||||||||||||
Loans, net of allowance | 8,046,215 | 7,248,990 | 797,225 | 11 | % | ||||||||||||||||||
Loans held in trusts, net of allowance | 976,700 | 1,286,156 | (309,456) | (24) | % | ||||||||||||||||||
Other | 231,690 | 283,876 | (52,186) | (18) | % | ||||||||||||||||||
Total assets | $ | 24,744,368 | 24,744,368 | $ | 24,355,501 | $ | 388,867 | 2 | % | ||||||||||||||
Liabilities | |||||||||||||||||||||||
Notes Payable | 22,365,121 | 21,848,917 | 516,204 | 2 | % | ||||||||||||||||||
Debt securities of consolidated trusts held by third parties | 990,961 | 1,323,786 | (332,825) | (25) | % | ||||||||||||||||||
Other | 190,988 | 190,321 | 667 | — | % | ||||||||||||||||||
Total liabilities | $ | 23,547,070 | $ | 23,363,024 | $ | 184,046 | 1 | % | |||||||||||||||
Total equity | 1,197,298 | 992,477 | 204,821 | 21 | % | ||||||||||||||||||
Total liabilities and equity | $ | 24,744,368 | $ | 24,355,501 | $ | 388,867 | 2 | % |
As of September 30, 2017 | As of September 30, 2016 | ||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 6,138 | $ | 1,966 | $ | 8,104 | $ | 4,893 | $ | 2,191 | $ | 7,084 | |||||||||||
Provision for/(release of) losses | 270 | 114 | 384 | 191 | (222 | ) | (31 | ) | |||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | (130 | ) | |||||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 | |||||||||||
For the Nine Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 5,415 | $ | 2,020 | $ | 7,435 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||||||||
Provision for/(release of) losses | 1,234 | 60 | 1,294 | 604 | (114 | ) | 490 | ||||||||||||||||
Charge-offs | (241 | ) | — | (241 | ) | (130 | ) | — | (130 | ) | |||||||||||||
Ending Balance | $ | 6,408 | $ | 2,080 | $ | 8,488 | $ | 4,954 | $ | 1,969 | $ | 6,923 |
Farm & Ranch Line of Business | 90-Day Delinquencies | Percentage | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
As of: | |||||||||||||||||
September 30, 2021 | $ | 9,445,359 | $ | 54,792 | 0.58 | % | |||||||||||
June 30, 2021 | 9,056,152 | 63,076 | 0.70 | % | |||||||||||||
March 31, 2021 | 8,629,352 | 72,346 | 0.84 | % | |||||||||||||
December 31, 2020 | 8,581,181 | 46,232 | 0.54 | % | |||||||||||||
September 30, 2020 | 8,249,349 | 88,041 | 1.07 | % | |||||||||||||
June 30, 2020 | 8,017,850 | 68,682 | 0.86 | % | |||||||||||||
March 31, 2020 | 7,811,594 | 79,722 | 1.02 | % | |||||||||||||
December 31, 2019 | 7,776,950 | 60,954 | 0.78 | % | |||||||||||||
September 30, 2019 | 7,393,728 | 59,691 | 0.81 | % |
Farm & Ranch Line of Business | 90-Day Delinquencies | Percentage | ||||||||
(dollars in thousands) | ||||||||||
As of: | ||||||||||
September 30, 2017 | $ | 6,557,030 | $ | 66,381 | 1.01 | % | ||||
June 30, 2017 | 6,426,518 | 41,901 | 0.65 | % | ||||||
March 31, 2017 | 6,240,467 | 50,807 | 0.81 | % | ||||||
December 31, 2016 | 6,139,304 | 21,038 | 0.34 | % | ||||||
September 30, 2016 | 6,004,728 | 18,377 | 0.31 | % | ||||||
June 30, 2016 | 5,830,533 | 22,093 | 0.38 | % | ||||||
March 31, 2016 | 5,713,789 | 34,680 | 0.61 | % | ||||||
December 31, 2015 | 5,725,299 | 32,136 | 0.56 | % | ||||||
September 30, 2015 | 5,504,030 | 36,669 | 0.67 | % |
Farm & Ranch 90-Day Delinquencies as of September 30, 2017 | |||||||||||||
Distribution of Farm & Ranch Line of Business | Farm & Ranch Line of Business | 90-Day Delinquencies(1) | Percentage | ||||||||||
(dollars in thousands) | |||||||||||||
By year of origination: | |||||||||||||
2007 and prior | 12 | % | $ | 789,189 | $ | 8,810 | 1.12 | % | |||||
2008 | 2 | % | 171,541 | 552 | 0.32 | % | |||||||
2009 | 2 | % | 108,320 | 864 | 0.80 | % | |||||||
2010 | 3 | % | 181,434 | 3,485 | 1.92 | % | |||||||
2011 | 4 | % | 251,269 | 1,226 | 0.49 | % | |||||||
2012 | 9 | % | 582,502 | 1,573 | 0.27 | % | |||||||
2013 | 13 | % | 847,661 | 2,011 | 0.24 | % | |||||||
2014 | 10 | % | 653,536 | 22,561 | (2) | 3.45 | % | ||||||
2015 | 13 | % | 839,215 | 13,938 | (3) | 1.66 | % | ||||||
2016 | 17 | % | 1,151,290 | 9,869 | 0.86 | % | |||||||
2017 | 15 | % | 981,073 | 1,492 | 0.15 | % | |||||||
Total | 100 | % | $ | 6,557,030 | $ | 66,381 | 1.01 | % | |||||
By geographic region(4): | |||||||||||||
Northwest | 11 | % | $ | 723,616 | $ | 7,802 | 1.08 | % | |||||
Southwest | 29 | % | 1,917,692 | 9,284 | 0.48 | % | |||||||
Mid-North | 34 | % | 2,205,750 | 10,462 | 0.47 | % | |||||||
Mid-South | 14 | % | 899,293 | 16,075 | 1.79 | % | |||||||
Northeast | 4 | % | 290,655 | 1,522 | 0.52 | % | |||||||
Southeast | 8 | % | 520,024 | 21,236 | 4.08 | % | |||||||
Total | 100 | % | $ | 6,557,030 | $ | 66,381 | 1.01 | % | |||||
By commodity/collateral type: | |||||||||||||
Crops | 55 | % | $ | 3,593,716 | $ | 32,275 | 0.90 | % | |||||
Permanent plantings | 18 | % | 1,184,221 | 22,330 | 1.89 | % | |||||||
Livestock | 20 | % | 1,309,743 | 7,367 | 0.56 | % | |||||||
Part-time farm | 6 | % | 407,708 | 3,766 | 0.92 | % | |||||||
Ag. Storage and Processing | 1 | % | 48,068 | — | — | % | |||||||
Other | — | 13,574 | 643 | 4.74 | % | ||||||||
Total | 100 | % | $ | 6,557,030 | $ | 66,381 | 1.01 | % | |||||
By original loan-to-value ratio(5): | |||||||||||||
0.00% to 40.00% | 19 | % | $ | 1,274,050 | $ | 9,762 | 0.77 | % | |||||
40.01% to 50.00% | 25 | % | 1,622,767 | 19,037 | 1.17 | % | |||||||
50.01% to 60.00% | 35 | % | 2,268,852 | 31,627 | 1.39 | % | |||||||
60.01% to 70.00% | 17 | % | 1,130,748 | 5,236 | 0.46 | % | |||||||
70.01% to 80.00%(6) | 4 | % | 233,963 | 719 | 0.31 | % | |||||||
80.01% to 90.00%(6) | — | % | 26,650 | — | — | % | |||||||
Total | 100 | % | $ | 6,557,030 | $ | 66,381 | 1.01 | % | |||||
By size of borrower exposure(7): | |||||||||||||
Less than $1,000,000 | 35 | % | $ | 2,297,648 | $ | 13,282 | 0.58 | % | |||||
$1,000,000 to $4,999,999 | 38 | % | 2,500,101 | 27,999 | 1.12 | % | |||||||
$5,000,000 to $9,999,999 | 12 | % | 815,411 | 9,815 | (3) | 1.20 | % | ||||||
$10,000,000 to $24,999,999 | 9 | % | 568,471 | 15,285 | (2) | 2.69 | % | ||||||
$25,000,000 to $50,000,000 | 6 | % | 375,399 | — | — | % | |||||||
Total | 100 | % | $ | 6,557,030 | $ | 66,381 | 1.01 | % |
Farm & Ranch 90-Day Delinquencies as of September 30, 2021 | |||||||||||||||||||||||
Distribution of Farm & Ranch Line of Business | Farm & Ranch Line of Business | 90-Day Delinquencies(1) | Percentage | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
By year of origination: | |||||||||||||||||||||||
2011 and prior | 6 | % | $ | 567,596 | $ | 3,181 | 0.56 | % | |||||||||||||||
2012 | 3 | % | 250,167 | — | — | % | |||||||||||||||||
2013 | 4 | % | 343,964 | 724 | 0.21 | % | |||||||||||||||||
2014 | 3 | % | 294,207 | 3,641 | 1.24 | % | |||||||||||||||||
2015 | 5 | % | 439,266 | 4,607 | 1.05 | % | |||||||||||||||||
2016 | 7 | % | 695,379 | 17,706 | 2.55 | % | |||||||||||||||||
2017 | 7 | % | 695,045 | 12,821 | 1.84 | % | |||||||||||||||||
2018 | 7 | % | 696,031 | 610 | 0.09 | % | |||||||||||||||||
2019 | 11 | % | 1,037,240 | 10,858 | 1.05 | % | |||||||||||||||||
2020 | 25 | % | 2,358,286 | 644 | 0.03 | % | |||||||||||||||||
2021 | 22 | % | 2,068,178 | — | 0.03 | % | |||||||||||||||||
Total | 100 | % | $ | 9,445,359 | $ | 54,792 | 0.58 | % | |||||||||||||||
By geographic region(2): | |||||||||||||||||||||||
Northwest | 12 | % | $ | 1,171,940 | $ | 7,169 | 0.61 | % | |||||||||||||||
Southwest | 33 | % | 3,109,426 | 15,305 | 0.49 | % | |||||||||||||||||
Mid-North | 27 | % | 2,537,817 | 9,900 | 0.39 | % | |||||||||||||||||
Mid-South | 16 | % | 1,459,683 | 3,820 | 0.26 | % | |||||||||||||||||
Northeast | 4 | % | 376,707 | 9,060 | 2.41 | % | |||||||||||||||||
Southeast | 8 | % | 789,786 | 9,538 | 1.21 | % | |||||||||||||||||
Total | 100 | % | $ | 9,445,359 | $ | 54,792 | 0.58 | % | |||||||||||||||
By commodity/collateral type: | |||||||||||||||||||||||
Crops | 50 | % | $ | 4,697,771 | $ | 28,534 | 0.61 | % | |||||||||||||||
Permanent plantings | 23 | % | 2,111,933 | 10,069 | 0.48 | % | |||||||||||||||||
Livestock | 19 | % | 1,812,493 | 8,096 | 0.45 | % | |||||||||||||||||
Part-time farm | 5 | % | 486,965 | 593 | 0.12 | % | |||||||||||||||||
Ag. Storage and Processing | 3 | % | 322,654 | 7,500 | 2.32 | % | |||||||||||||||||
Other | — | 13,543 | — | — | % | ||||||||||||||||||
Total | 100 | % | $ | 9,445,359 | $ | 54,792 | 0.58 | % | |||||||||||||||
By original loan-to-value ratio: | |||||||||||||||||||||||
0.00% to 40.00% | 16 | % | $ | 1,538,800 | $ | 3,444 | 0.22 | % | |||||||||||||||
40.01% to 50.00% | 24 | % | 2,247,209 | 27,520 | 1.22 | % | |||||||||||||||||
50.01% to 60.00% | 35 | % | 3,343,152 | 21,048 | 0.63 | % | |||||||||||||||||
60.01% to 70.00% | 21 | % | 2,008,487 | 2,780 | 0.14 | % | |||||||||||||||||
70.01% to 80.00%(3) | 3 | % | 268,458 | — | — | % | |||||||||||||||||
80.01% to 90.00%(3) | 1 | % | 39,253 | — | — | % | |||||||||||||||||
Total | 100 | % | $ | 9,445,359 | $ | 54,792 | 0.58 | % | |||||||||||||||
By size of borrower exposure(4): | |||||||||||||||||||||||
Less than $1,000,000 | 27 | % | $ | 2,523,934 | $ | 7,172 | 0.28 | % | |||||||||||||||
$1,000,000 to $4,999,999 | 35 | % | 3,334,715 | 27,661 | 0.83 | % | |||||||||||||||||
$5,000,000 to $9,999,999 | 16 | % | 1,506,924 | 16,213 | 1.08 | % | |||||||||||||||||
$10,000,000 to $24,999,999 | 13 | % | 1,270,026 | 3,746 | 0.29 | % | |||||||||||||||||
$25,000,000 and greater | 9 | % | 809,760 | — | — | % | |||||||||||||||||
Total | 100 | % | $ | 9,445,359 | $ | 54,792 | 0.58 | % |
Farm & Ranch current loan-to-value ratio by internally assigned risk rating as of September 30, 2021 | |||||||||||||||||||||||
Acceptable | Special Mention | Substandard | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Current loan-to-value ratio(1): | |||||||||||||||||||||||
0.00% to 40.00% | $ | 2,626,070 | $ | 60,117 | $ | 98,922 | $ | 2,785,109 | |||||||||||||||
40.01% to 50.00% | 2,201,583 | 88,954 | 66,735 | 2,357,272 | |||||||||||||||||||
50.01% to 60.00% | 2,335,126 | 91,361 | 60,910 | 2,487,397 | |||||||||||||||||||
60.01% to 70.00% | 1,457,866 | 53,785 | 22,008 | 1,533,659 | |||||||||||||||||||
70.01% to 80.00% | 171,374 | 35,780 | 8,213 | 215,367 | |||||||||||||||||||
80.01% and greater | 43,968 | 1,101 | 21,486 | 66,555 | |||||||||||||||||||
Total | $ | 8,835,987 | $ | 331,098 | $ | 278,274 | $ | 9,445,359 |
Farm & Ranch Credit Losses Relative to Cumulative | |||||||||||||||||
Original Loans, Guarantees, and LTSPCs as of September 30, 2021 | |||||||||||||||||
Cumulative Original Loans, Guarantees and LTSPCs | Cumulative Net Credit Losses/(Recoveries) | Cumulative Loss Rate | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
By year of origination: | |||||||||||||||||
2011 and prior | $ | 16,099,523 | $ | 33,785 | 0.21 | % | |||||||||||
2012 | 1,159,170 | — | — | % | |||||||||||||
2013 | 1,463,970 | — | — | % | |||||||||||||
2014 | 1,047,800 | — | — | % | |||||||||||||
2015 | 1,223,646 | (516) | (0.04) | % | |||||||||||||
2016 | 1,540,809 | — | — | % | |||||||||||||
2017 | 1,622,277 | 5,365 | 0.33 | % | |||||||||||||
2018 | 1,323,055 | — | — | % | |||||||||||||
2019 | 1,518,736 | — | — | % | |||||||||||||
2020 | 2,823,275 | — | — | % | |||||||||||||
2021 | 2,279,534 | — | — | % | |||||||||||||
Total | $ | 32,101,795 | $ | 38,634 | 0.12 | % | |||||||||||
By geographic region(1): | |||||||||||||||||
Northwest | $ | 4,173,255 | $ | 11,191 | 0.27 | % | |||||||||||
Southwest | 11,038,665 | 8,542 | 0.08 | % | |||||||||||||
Mid-North | 8,060,301 | 18,219 | 0.23 | % | |||||||||||||
Mid-South | 4,312,637 | (613) | (0.01) | % | |||||||||||||
Northeast | 1,708,199 | 323 | 0.02 | % | |||||||||||||
Southeast | 2,808,738 | 972 | 0.03 | % | |||||||||||||
Total | $ | 32,101,795 | $ | 38,634 | 0.12 | % | |||||||||||
By commodity/collateral type: | |||||||||||||||||
Crops | $ | 14,829,309 | $ | 2,887 | 0.02 | % | |||||||||||
Permanent plantings | 6,997,733 | 9,783 | 0.14 | % | |||||||||||||
Livestock | 7,211,088 | 3,836 | 0.05 | % | |||||||||||||
Part-time farm | 1,802,009 | 1,090 | 0.06 | % | |||||||||||||
Ag. Storage and Processing | 1,099,159 | 21,038 | 1.91 | % | |||||||||||||
Other | 162,497 | — | — | % | |||||||||||||
Total | $ | 32,101,795 | $ | 38,634 | 0.12 | % |
Farm & Ranch Credit Losses Relative to Cumulative | ||||||||||
Original Loans, Guarantees, and LTSPCs as of September 30, 2017 | ||||||||||
Cumulative Original Loans, Guarantees and LTSPCs | Cumulative Net Credit Losses/(Recoveries) | Cumulative Loss Rate | ||||||||
(dollars in thousands) | ||||||||||
By year of origination: | ||||||||||
2007 and prior | $ | 13,305,693 | $ | 26,012 | 0.20 | % | ||||
2008 | 813,551 | 3,400 | 0.42 | % | ||||||
2009 | 548,060 | 1,508 | 0.28 | % | ||||||
2010 | 654,343 | 5 | — | % | ||||||
2011 | 762,881 | 3,661 | 0.48 | % | ||||||
2012 | 1,127,622 | — | — | % | ||||||
2013 | 1,392,208 | — | — | % | ||||||
2014 | 927,856 | — | — | % | ||||||
2015 | 1,033,860 | (540 | ) | (0.05 | )% | |||||
2016 | 1,307,740 | — | — | % | ||||||
2017 | 1,042,619 | — | — | % | ||||||
Total | $ | 22,916,433 | $ | 34,046 | 0.15 | % | ||||
By geographic region(1): | ||||||||||
Northwest | $ | 3,053,678 | $ | 11,221 | 0.37 | % | ||||
Southwest | 7,872,878 | 9,101 | 0.12 | % | ||||||
Mid-North | 5,868,873 | 12,830 | 0.22 | % | ||||||
Mid-South | 2,754,813 | (211 | ) | (0.01 | )% | |||||
Northeast | 1,374,499 | 169 | 0.01 | % | ||||||
Southeast | 1,991,692 | 936 | 0.05 | % | ||||||
Total | $ | 22,916,433 | $ | 34,046 | 0.15 | % | ||||
By commodity/collateral type: | ||||||||||
Crops | $ | 10,570,840 | $ | 3,822 | 0.04 | % | ||||
Permanent plantings | 4,692,278 | 9,332 | 0.20 | % | ||||||
Livestock | 5,521,760 | 3,877 | 0.07 | % | ||||||
Part-time farm | 1,304,350 | 1,342 | 0.10 | % | ||||||
Ag. Storage and Processing | 671,873 | 15,673 | 2.33 | % | ||||||
Other | 155,332 | — | — | % | ||||||
Total | $ | 22,916,433 | $ | 34,046 | 0.15 | % |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch Concentrations by Commodity Type within Geographic Region | |||||||||||||||||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
By geographic region(1): | |||||||||||||||||||||||||||||||||||||||||
Northwest | $ | 569,356 | $ | 185,593 | $ | 292,232 | $ | 98,517 | $ | 26,161 | $ | 81 | $ | 1,171,940 | |||||||||||||||||||||||||||
6.0 | % | 2.0 | % | 3.1 | % | 1.0 | % | 0.3 | % | — | % | 12.4 | % | ||||||||||||||||||||||||||||
Southwest | 678,984 | 1,586,428 | 554,846 | 95,456 | 182,225 | 11,487 | 3,109,426 | ||||||||||||||||||||||||||||||||||
7.2 | % | 16.8 | % | 5.9 | % | 1.0 | % | 1.9 | % | 0.1 | % | 32.9 | % | ||||||||||||||||||||||||||||
Mid-North | 2,168,698 | 10,608 | 208,413 | 101,204 | 47,182 | 1,712 | 2,537,817 | ||||||||||||||||||||||||||||||||||
23.0 | % | 0.1 | % | 2.2 | % | 1.1 | % | 0.5 | % | — | % | 26.9 | % | ||||||||||||||||||||||||||||
Mid-South | 822,385 | 66,990 | 485,122 | 65,683 | 19,469 | 34 | 1,459,683 | ||||||||||||||||||||||||||||||||||
8.7 | % | 0.7 | % | 5.1 | % | 0.8 | % | 0.2 | % | — | % | 15.5 | % | ||||||||||||||||||||||||||||
Northeast | 189,889 | 45,354 | 79,398 | 58,891 | 3,175 | — | 376,707 | ||||||||||||||||||||||||||||||||||
2.0 | % | 0.5 | % | 0.9 | % | 0.6 | % | — | % | — | % | 4.0 | % | ||||||||||||||||||||||||||||
Southeast | 268,459 | 216,960 | 192,482 | 67,214 | 44,442 | 229 | 789,786 | ||||||||||||||||||||||||||||||||||
2.8 | % | 2.3 | % | 2.0 | % | 0.7 | % | 0.5 | % | — | % | 8.3 | % | ||||||||||||||||||||||||||||
Total | $4,697,771 | $2,111,933 | $1,812,493 | $486,965 | $322,654 | $13,543 | $9,445,359 | ||||||||||||||||||||||||||||||||||
49.7 | % | 22.4 | % | 19.2 | % | 5.2 | % | 3.4 | % | 0.1 | % | 100.0 | % |
As of September 30, 2017 | |||||||||||||||||||||||||||
Farm & Ranch Concentrations by Commodity Type within Geographic Region | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
By geographic region(1): | |||||||||||||||||||||||||||
Northwest | $ | 344,689 | $ | 104,660 | $ | 218,667 | $ | 55,349 | $ | — | $ | 251 | $ | 723,616 | |||||||||||||
5.3 | % | 1.6 | % | 3.3 | % | 0.8 | % | — | % | — | % | 11.0 | % | ||||||||||||||
Southwest | 507,839 | 890,994 | 426,043 | 71,247 | 12,515 | 9,054 | 1,917,692 | ||||||||||||||||||||
7.7 | % | 13.6 | % | 6.5 | % | 1.1 | % | 0.2 | % | 0.1 | % | 29.2 | % | ||||||||||||||
Mid-North | 1,874,780 | 17,538 | 191,418 | 104,076 | 14,481 | 3,457 | 2,205,750 | ||||||||||||||||||||
28.6 | % | 0.3 | % | 2.9 | % | 1.7 | % | 0.2 | % | 0.1 | % | 33.8 | % | ||||||||||||||
Mid-South | 556,227 | 20,110 | 266,986 | 49,001 | 6,442 | 527 | 899,293 | ||||||||||||||||||||
8.5 | % | 0.3 | % | 4.1 | % | 0.7 | % | 0.1 | % | — | % | 13.7 | % | ||||||||||||||
Northeast | 131,277 | 28,681 | 51,190 | 74,332 | 5,175 | — | 290,655 | ||||||||||||||||||||
2.0 | % | 0.4 | % | 0.8 | % | 1.1 | % | 0.1 | % | — | % | 4.4 | % | ||||||||||||||
Southeast | 178,904 | 122,238 | 155,439 | 53,703 | 9,455 | 285 | 520,024 | ||||||||||||||||||||
2.7 | % | 1.9 | % | 2.4 | % | 0.8 | % | 0.1 | % | — | % | 7.9 | % | ||||||||||||||
Total | $ | 3,593,716 | $ | 1,184,221 | $ | 1,309,743 | $ | 407,708 | $ | 48,068 | $ | 13,574 | $ | 6,557,030 | |||||||||||||
54.8 | % | 18.1 | % | 20.0 | % | 6.2 | % | 0.7 | % | 0.2 | % | 100.0 | % |
As of September 30, 2017 | |||||||||||||||||||||||
Farm & Ranch Cumulative Credit Losses by Origination Year and Commodity Type | |||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
By year of origination: | |||||||||||||||||||||||
2007 and Prior | $ | 1,638 | $ | 9,184 | $ | 3,803 | $ | 1,189 | $ | 10,198 | $ | 26,012 | |||||||||||
2008 | 2,626 | — | — | 153 | 621 | 3,400 | |||||||||||||||||
2009 | 98 | 148 | 69 | — | 1,193 | 1,508 | |||||||||||||||||
2010 | — | — | 5 | — | — | 5 | |||||||||||||||||
2011 | — | — | — | — | 3,661 | 3,661 | |||||||||||||||||
2012 | — | — | — | — | — | — | |||||||||||||||||
2013 | — | — | — | — | — | — | |||||||||||||||||
2014 | — | — | — | — | — | — | |||||||||||||||||
2015 | (540 | ) | — | — | — | — | (540 | ) | |||||||||||||||
2016 | — | — | — | — | — | — | |||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 3,822 | $ | 9,332 | $ | 3,877 | $ | 1,342 | $ | 15,673 | $ | 34,046 |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||
Farm & Ranch Cumulative Credit Losses by Origination Year and Commodity Type | |||||||||||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
By year of origination: | |||||||||||||||||||||||||||||||||||
2011 and prior | $ | 3,427 | $ | 9,783 | $ | 3,836 | $ | 1,066 | $ | 15,673 | $ | 33,785 | |||||||||||||||||||||||
2012 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2013 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2014 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2015 | (540) | — | — | 24 | — | (516) | |||||||||||||||||||||||||||||
2016 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2017 | — | — | — | — | 5,365 | 5,365 | |||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 2,887 | $ | 9,783 | $ | 3,836 | $ | 1,090 | $ | 21,038 | $ | 38,634 |
Rural Utilities portfolio by internally assigned risk rating as of September 30, 2021 | |||||||||||||||||||||||
Acceptable | Special Mention | Substandard | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Distribution Cooperative | $ | 2,112,176 | $ | — | $ | — | $ | 2,112,176 | |||||||||||||||
G&T Cooperative | 589,357 | — | 23,200 | 612,557 | |||||||||||||||||||
Renewable Energy | 92,694 | — | — | 92,694 | |||||||||||||||||||
Rural Utilities Total | $ | 2,794,227 | $ | — | $ | 23,200 | $ | 2,817,427 |
As of September 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Counterparty | Balance | Required Collateralization | Balance | Required Collateralization | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
AgVantage: | ||||||||||||||||||||||||||||||||||||||
CFC | $ | 3,355,959 | 100% | $ | 2,570,249 | 100% | ||||||||||||||||||||||||||||||||
MetLife | 2,050,000 | 103% | 2,375,000 | 103% | ||||||||||||||||||||||||||||||||||
Rabo AgriFinance | 2,330,000 | 110% | 2,050,000 | 110% | ||||||||||||||||||||||||||||||||||
Other(1) | 210,008 | 106% to 125% | 551,654 | 106% to 125% | ||||||||||||||||||||||||||||||||||
Farm Equity AgVantage(2) | 187,336 | 110% | 192,456 | 110% | ||||||||||||||||||||||||||||||||||
Total outstanding | $ | 8,133,303 | $ | 7,739,359 |
As of September 30, 2017 | As of December 31, 2016 | |||||||||||||||
Counterparty | Balance | Credit Rating | Required Collateralization | Balance | Credit Rating | Required Collateralization | ||||||||||
(dollars in thousands) | ||||||||||||||||
AgVantage: | ||||||||||||||||
MetLife | $ | 2,550,000 | AA- | 103% | $ | 2,550,000 | AA- | 103% | ||||||||
CFC(1) | 2,812,873 | A | 100% | 2,594,402 | A | 100% | ||||||||||
Rabo Agrifinance, Inc. | 2,075,000 | None | 106% | 1,800,000 | None | 106% | ||||||||||
Other(2) | 126,088 | (3) | 106% to 125% | 86,373 | (3) | 106% to 125% | ||||||||||
Farm Equity AgVantage(4) | 337,881 | None | 110% | 256,911 | None | 110% | ||||||||||
Total outstanding | $ | 7,901,842 | $ | 7,287,686 |
Percentage Change in MVE from Base Case | ||||||||||||||
Interest Rate Scenario(1) | As of September 30, 2021 | As of December 31, 2020(1) | ||||||||||||
+100 basis points | 4.1 | % | 4.9 | % | ||||||||||
-100 basis points | (0.1) | % | (0.2) | % |
Percentage Change in NES from Base Case | ||||||||||||||
Interest Rate Scenario | As of September 30, 2021 | As of December 31, 2020(1) | ||||||||||||
+100 basis points | 7.5 | % | 3.9 | % | ||||||||||
-100 basis points | (0.1) | % | — | % |
Percentage Change in MVE from Base Case | ||||||
Interest Rate Scenario | As of September 30, 2017 | As of December 31, 2016 | ||||
+100 basis points | (1.4 | )% | (2.5 | )% | ||
-50 basis points | (1.7 | )% | (0.8 | )% |
Percentage Change in NES from Base Case | ||||||
Interest Rate Scenario | As of September 30, 2017 | As of December 31, 2016 | ||||
+100 basis points | 3.0 | % | 3.0 | % | ||
-50 basis points | (2.2 | )% | (2.1 | )% |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 899,052 | $ | 1,033,941 | |||||||
Investment securities: | |||||||||||
Guaranteed by U.S. Government and its agencies | 1,666,505 | 1,935,056 | |||||||||
Guaranteed by GSEs | 2,055,231 | 1,944,497 | |||||||||
Asset-backed securities | 19,500 | 19,171 | |||||||||
Total | $ | 4,640,288 | $ | 4,932,665 |
As of September 30, 2017 | As of December 31, 2016 | ||||||
(in thousands) | |||||||
Cash and cash equivalents | $ | 366,764 | $ | 265,229 | |||
Investment securities: | |||||||
Guaranteed by U.S. Government and its agencies | 1,351,430 | 1,423,850 | |||||
Guaranteed by GSEs | 848,151 | 1,044,261 | |||||
Corporate debt securities | — | 10,041 | |||||
Asset-backed securities | 35,385 | 37,699 | |||||
Total | $ | 2,601,730 | $ | 2,781,080 |
New Business Volume | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||||||||||||
Loans | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | 617,557 | $ | 313,116 | $ | 114,120 | $ | 63,897 | $ | 50,000 | $ | 1,368,912 | $ | 2,527,602 | |||||||||||||||||||||||||||
June 30, 2021 | 650,436 | 241,387 | 100,469 | 39,107 | — | 468,616 | 1,500,015 | ||||||||||||||||||||||||||||||||||
March 31, 2021 | 681,412 | 117,693 | 157,273 | 48,030 | 22,000 | 442,912 | 1,469,320 | ||||||||||||||||||||||||||||||||||
December 31, 2020 | 731,434 | 141,332 | 180,520 | 189,729 | — | 96,424 | 1,339,439 | ||||||||||||||||||||||||||||||||||
September 30, 2020 | 740,823 | 94,495 | 225,494 | 62,300 | — | 211,908 | 1,335,020 | ||||||||||||||||||||||||||||||||||
June 30, 2020 | 609,284 | 85,390 | 224,016 | 339,366 | 19,500 | 430,024 | 1,707,580 | ||||||||||||||||||||||||||||||||||
March 31, 2020 | 401,853 | 73,674 | 147,906 | 152,668 | — | 560,395 | 1,336,496 | ||||||||||||||||||||||||||||||||||
December 31, 2019 | 602,750 | 65,614 | 143,565 | 102,900 | — | 371,075 | 1,285,904 | ||||||||||||||||||||||||||||||||||
September 30, 2019 | 309,805 | 125,022 | 113,664 | 117,279 | — | 402,611 | 1,068,381 | ||||||||||||||||||||||||||||||||||
For the year ended: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 2,483,394 | $ | 394,891 | $ | 777,936 | $ | 744,063 | $ | 19,500 | $ | 1,298,751 | $ | 5,718,535 | |||||||||||||||||||||||||||
December 31, 2019 | 1,363,863 | 339,172 | 432,787 | 871,377 | — | 2,258,550 | 5,265,749 |
New Business Volume | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||
Loans | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||
September 30, 2017 | $ | 298,274 | $ | 102,774 | $ | 131,298 | $ | 70,000 | $ | — | $ | 290,995 | $ | 893,341 | |||||||||||||
June 30, 2017 | 312,217 | 55,899 | 169,261 | 25,000 | — | 1,296,757 | 1,859,134 | ||||||||||||||||||||
March 31, 2017 | 314,137 | 113,261 | 131,101 | 27,341 | — | 561,407 | 1,147,247 | ||||||||||||||||||||
December 31, 2016 | 243,692 | 117,265 | 129,343 | 10,800 | 20,000 | 247,154 | 768,254 | ||||||||||||||||||||
September 30, 2016 | 282,690 | 155,657 | 119,201 | 20,000 | — | 528,234 | 1,105,782 | ||||||||||||||||||||
June 30, 2016 | 241,093 | 58,156 | 133,745 | 10,000 | 421,404 | 396,245 | 1,260,643 | ||||||||||||||||||||
March 31, 2016 | 198,548 | 68,017 | 98,968 | 9,691 | — | 927,219 | 1,302,443 | ||||||||||||||||||||
December 31, 2015 | 245,252 | 185,919 | 72,442 | 46,082 | — | 14,391 | 564,086 | ||||||||||||||||||||
September 30, 2015 | 175,965 | 79,621 | 91,374 | 53,552 | 522,262 | 506,602 | 1,429,376 | ||||||||||||||||||||
For the year ended: | |||||||||||||||||||||||||||
December 31, 2016 | 966,023 | 399,095 | 481,257 | 50,491 | 441,404 | 2,098,852 | 4,437,122 | ||||||||||||||||||||
December 31, 2015 | 748,368 | 427,795 | 376,935 | 108,337 | 522,262 | 1,043,158 | 3,226,855 |
Repayments of Assets by Line of Business | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||||||||
Scheduled | $ | 218,352 | $ | 1,726 | $ | 32,992 | $ | 32,436 | $ | 67,092 | $ | 9,204 | $ | 869,682 | $ | 1,231,484 | |||||||||||||||||||||||||||||||
Unscheduled | 222,661 | 3,933 | 61,802 | 85,891 | 201 | — | — | 374,488 | |||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | 441,013 | $ | 5,659 | $ | 94,794 | $ | 118,327 | $ | 67,293 | $ | 9,204 | $ | 869,682 | $ | 1,605,972 | |||||||||||||||||||||||||||||||
Scheduled | $ | 128,126 | $ | 2,778 | $ | 39,950 | $ | 41,480 | $ | 37,991 | $ | 23,874 | $ | 476,220 | $ | 750,419 | |||||||||||||||||||||||||||||||
Unscheduled | 224,072 | 3,417 | 66,680 | 119,145 | 1,652 | — | — | 414,966 | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 352,198 | $ | 6,195 | $ | 106,630 | $ | 160,625 | $ | 39,643 | $ | 23,874 | $ | 476,220 | $ | 1,165,385 | |||||||||||||||||||||||||||||||
Scheduled | $ | 214,978 | $ | 4,362 | $ | 56,642 | $ | 48,137 | $ | 59,059 | $ | 21,092 | $ | 540,594 | $ | 944,864 | |||||||||||||||||||||||||||||||
Unscheduled | 339,905 | 2,747 | 132,300 | 108,789 | 2,279 | — | — | 586,020 | |||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 554,883 | $ | 7,109 | $ | 188,942 | $ | 156,926 | $ | 61,338 | $ | 21,092 | $ | 540,594 | $ | 1,530,884 | |||||||||||||||||||||||||||||||
Scheduled | $ | 175,613 | $ | 4,213 | $ | 26,895 | $ | 29,120 | $ | 37,062 | $ | 19,528 | $ | 676,567 | $ | 968,998 | |||||||||||||||||||||||||||||||
Unscheduled | 231,342 | 2,242 | 95,264 | 99,811 | 1,610 | — | — | 430,269 | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 406,955 | $ | 6,455 | $ | 122,159 | $ | 128,931 | $ | 38,672 | $ | 19,528 | $ | 676,567 | $ | 1,399,267 | |||||||||||||||||||||||||||||||
Scheduled | $ | 174,986 | $ | 2,524 | $ | 32,276 | $ | 29,654 | $ | 54,513 | $ | 14,100 | $ | 547,236 | $ | 855,289 | |||||||||||||||||||||||||||||||
Unscheduled | 326,025 | 1,934 | 66,074 | 138,518 | — | — | — | 532,551 | |||||||||||||||||||||||||||||||||||||||
September 30, 2020 | $ | 501,011 | $ | 4,458 | $ | 98,350 | $ | 168,172 | $ | 54,513 | $ | 14,100 | $ | 547,236 | $ | 1,387,840 | |||||||||||||||||||||||||||||||
Scheduled | $ | 101,264 | $ | 3,043 | $ | 39,010 | $ | 37,879 | $ | 23,589 | $ | 25,132 | $ | 471,295 | $ | 701,212 | |||||||||||||||||||||||||||||||
Unscheduled | 248,890 | 4,034 | 92,177 | 154,536 | 3,935 | — | — | 503,572 | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | $ | 350,154 | $ | 7,077 | $ | 131,187 | $ | 192,415 | $ | 27,524 | $ | 25,132 | $ | 471,295 | $ | 1,204,784 | |||||||||||||||||||||||||||||||
Scheduled | $ | 128,768 | $ | 6,132 | $ | 50,393 | $ | 43,069 | $ | 34,235 | $ | 13,593 | $ | 304,540 | $ | 580,730 | |||||||||||||||||||||||||||||||
Unscheduled | 191,260 | 3,888 | 60,442 | 78,806 | — | — | — | 334,396 | |||||||||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 320,028 | $ | 10,020 | $ | 110,835 | $ | 121,875 | $ | 34,235 | $ | 13,593 | $ | 304,540 | $ | 915,126 | |||||||||||||||||||||||||||||||
Scheduled | $ | 57,488 | $ | 4,737 | $ | 39,878 | $ | 25,142 | $ | 10,317 | $ | 10,551 | $ | 656,095 | $ | 804,208 | |||||||||||||||||||||||||||||||
Unscheduled | 105,671 | 3,247 | 74,121 | 66,011 | 34,063 | — | 13,000 | 296,113 | |||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 163,159 | $ | 7,984 | $ | 113,999 | $ | 91,153 | $ | 44,380 | $ | 10,551 | $ | 669,095 | $ | 1,100,321 | |||||||||||||||||||||||||||||||
Scheduled | $ | 97,421 | $ | 3,095 | $ | 22,713 | $ | 27,853 | $ | 31,656 | $ | 8,692 | $ | 441,575 | $ | 633,005 | |||||||||||||||||||||||||||||||
Unscheduled | 129,676 | 2,663 | 76,883 | 39,442 | — | — | 1,088 | 249,752 | |||||||||||||||||||||||||||||||||||||||
September 30, 2019 | $ | 227,097 | $ | 5,758 | $ | 99,596 | $ | 67,295 | $ | 31,656 | $ | 8,692 | $ | 442,663 | $ | 882,757 | |||||||||||||||||||||||||||||||
For the year ended: | |||||||||||||||||||||||||||||||||||||||||||||||
Scheduled | $ | 580,631 | $ | 15,912 | $ | 148,574 | $ | 139,722 | $ | 149,399 | $ | 72,353 | $ | 1,999,638 | $ | 3,106,229 | |||||||||||||||||||||||||||||||
Unscheduled | 997,517 | 12,098 | 313,957 | 471,671 | 5,545 | — | — | 1,800,788 | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 1,578,148 | $ | 28,010 | $ | 462,531 | $ | 611,393 | $ | 154,944 | $ | 72,353 | $ | 1,999,638 | $ | 4,907,017 | |||||||||||||||||||||||||||||||
Scheduled | $ | 307,761 | $ | 17,433 | $ | 195,424 | $ | 132,937 | $ | 80,416 | $ | 43,995 | $ | 2,181,446 | $ | 2,959,412 | |||||||||||||||||||||||||||||||
Unscheduled | 367,867 | 11,107 | 260,465 | 195,295 | 58,511 | — | 19,675 | 912,920 | |||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 675,628 | $ | 28,540 | $ | 455,889 | $ | 328,232 | $ | 138,927 | $ | 43,995 | $ | 2,201,121 | $ | 3,872,332 |
Lines of Business - Outstanding Business Volume | |||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
As of: | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | 6,777,749 | $ | 60,349 | $ | 2,607,261 | $ | 2,722,702 | $ | 2,243,172 | $ | 574,255 | $ | 8,133,303 | $ | 23,118,791 | |||||||||||||||||||||||||||||||
June 30, 2021 | 6,601,205 | 66,008 | 2,388,939 | 2,726,909 | 2,246,568 | 533,459 | 7,634,073 | 22,197,161 | |||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 6,302,967 | 72,203 | 2,254,182 | 2,787,065 | 2,247,104 | 557,333 | 7,641,677 | 21,862,531 | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 6,176,438 | 79,312 | 2,325,431 | 2,786,718 | 2,260,412 | 556,425 | 7,739,359 | 21,924,095 | |||||||||||||||||||||||||||||||||||||||
September 30, 2020 | 5,857,324 | 85,767 | 2,306,258 | 2,735,129 | 2,109,355 | 575,953 | 8,319,502 | 21,989,288 | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 5,617,512 | 90,225 | 2,310,113 | 2,677,807 | 2,101,568 | 590,053 | 8,654,830 | 22,042,108 | |||||||||||||||||||||||||||||||||||||||
March 31, 2020 | 5,358,382 | 97,302 | 2,355,910 | 2,646,206 | 1,789,726 | 595,685 | 8,696,101 | 21,539,312 | |||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 5,276,557 | 107,322 | 2,393,071 | 2,620,175 | 1,671,293 | 609,278 | 8,440,246 | 21,117,942 | |||||||||||||||||||||||||||||||||||||||
September 30, 2019 | 4,836,966 | 115,306 | 2,441,456 | 2,567,763 | 1,612,773 | 619,829 | 8,738,266 | 20,932,359 |
On-Balance Sheet Outstanding Business Volume | |||||||||||||||||||||||
Fixed Rate | 5- to 10-Year ARMs & Resets | 1-Month to 3-Year ARMs | Total Held in Portfolio | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
As of: | |||||||||||||||||||||||
September 30, 2021 | $ | 12,921,572 | $ | 2,872,499 | $ | 3,818,550 | $ | 19,612,621 | |||||||||||||||
June 30, 2021 | 11,800,429 | 2,878,637 | 4,254,625 | 18,933,691 | |||||||||||||||||||
March 31, 2021 | 11,454,321 | 2,824,551 | 4,410,661 | 18,689,533 | |||||||||||||||||||
December 31, 2020 | 11,330,414 | 2,816,840 | 4,511,964 | 18,659,218 | |||||||||||||||||||
September 30, 2020 | 10,879,372 | 2,811,547 | 5,013,640 | 18,704,559 | |||||||||||||||||||
June 30, 2020 | 10,793,629 | 2,845,266 | 5,076,445 | 18,715,340 | |||||||||||||||||||
March 31, 2020 | 10,296,598 | 2,818,869 | 4,996,478 | 18,111,945 | |||||||||||||||||||
December 31, 2019 | 10,045,712 | 2,863,199 | 4,702,577 | 17,611,488 | |||||||||||||||||||
September 30, 2019 | 9,642,802 | 2,850,000 | 4,549,689 | 17,042,491 |
Repayments of Assets by Line of Business | |||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||
Scheduled | $ | 61,961 | $ | 6,735 | $ | 21,409 | — | $ | 24,163 | — | $ | 27,191 | — | $ | 39,816 | — | $ | 100,571 | $ | 281,846 | |||||||||||||||
Unscheduled | 49,894 | 5,861 | 124,676 | — | 45,192 | — | 457 | — | — | — | — | 226,080 | |||||||||||||||||||||||
September 30, 2017 | $ | 111,855 | $ | 12,596 | $ | 146,085 | $ | 69,355 | $ | 27,648 | $ | 39,816 | $ | 100,571 | $ | 507,926 | |||||||||||||||||||
Scheduled | $ | 21,687 | $ | 9,116 | $ | 41,821 | $ | 35,169 | $ | — | $ | 9,885 | $ | 1,166,922 | $ | 1,284,600 | |||||||||||||||||||
Unscheduled | 51,442 | 10,737 | 47,262 | 46,776 | — | — | 4,000 | 160,217 | |||||||||||||||||||||||||||
June 30, 2017 | $ | 73,129 | $ | 19,853 | $ | 89,083 | $ | 81,945 | $ | — | $ | 9,885 | $ | 1,170,922 | $ | 1,444,817 | |||||||||||||||||||
Scheduled | $ | 70,394 | $ | 16,184 | $ | 48,375 | $ | 36,322 | $ | 26,909 | $ | 8,934 | $ | 161,451 | $ | 368,569 | |||||||||||||||||||
Unscheduled | 114,811 | 11,985 | 64,486 | 39,457 | 814 | — | 102,059 | 333,612 | |||||||||||||||||||||||||||
March 31, 2017 | $ | 185,205 | $ | 28,169 | $ | 112,861 | $ | 75,779 | $ | 27,723 | $ | 8,934 | $ | 263,510 | $ | 702,181 | |||||||||||||||||||
Scheduled | $ | 20,566 | $ | 15,209 | $ | 21,546 | $ | 21,325 | $ | — | $ | 15,929 | $ | 311,739 | $ | 406,314 | |||||||||||||||||||
Unscheduled | 47,156 | 10,767 | 111,137 | 34,477 | 4,427 | — | 2,240 | 210,204 | |||||||||||||||||||||||||||
December 31, 2016 | $ | 67,722 | $ | 25,976 | $ | 132,683 | $ | 55,802 | $ | 4,427 | $ | 15,929 | $ | 313,979 | $ | 616,518 | |||||||||||||||||||
Scheduled | $ | 47,221 | $ | 7,954 | $ | 39,192 | $ | 22,626 | $ | 26,522 | $ | 58,177 | $ | 559,895 | $ | 761,587 | |||||||||||||||||||
Unscheduled | 85,583 | 17,108 | 67,094 | 36,099 | 2,108 | — | 5,000 | 212,992 | |||||||||||||||||||||||||||
September 30, 2016 | $ | 132,804 | $ | 25,062 | $ | 106,286 | $ | 58,725 | $ | 28,630 | $ | 58,177 | $ | 564,895 | $ | 974,579 | |||||||||||||||||||
Scheduled | $ | 10,769 | $ | 9,876 | $ | 34,610 | $ | 34,434 | $ | 82 | $ | 7,424 | $ | 66,699 | $ | 163,894 | |||||||||||||||||||
Unscheduled | 64,184 | 8,947 | 54,119 | 68,535 | — | — | — | 195,785 | |||||||||||||||||||||||||||
June 30, 2016 | $ | 74,953 | $ | 18,823 | $ | 88,729 | $ | 102,969 | $ | 82 | $ | 7,424 | $ | 66,699 | $ | 359,679 | |||||||||||||||||||
Scheduled | $ | 42,555 | $ | 17,866 | $ | 42,619 | $ | 42,969 | $ | 25,966 | $ | 4,140 | $ | 589,847 | $ | 765,962 | |||||||||||||||||||
Unscheduled | 91,510 | 10,883 | 72,642 | 44,694 | — | — | — | 219,729 | |||||||||||||||||||||||||||
March 31, 2016 | $ | 134,065 | $ | 28,749 | $ | 115,261 | $ | 87,663 | $ | 25,966 | $ | 4,140 | $ | 589,847 | $ | 985,691 | |||||||||||||||||||
Scheduled | $ | 6,689 | $ | 16,884 | $ | 26,265 | $ | 18,981 | $ | 11,234 | $ | 4,165 | $ | 15,154 | $ | 99,372 | |||||||||||||||||||
Unscheduled | 59,280 | 22,534 | 78,250 | 33,809 | — | — | — | 193,873 | |||||||||||||||||||||||||||
December 31, 2015 | $ | 65,969 | $ | 39,418 | $ | 104,515 | $ | 52,790 | $ | 11,234 | $ | 4,165 | $ | 15,154 | $ | 293,245 | |||||||||||||||||||
Scheduled | $ | 37,524 | $ | 11,178 | $ | 45,943 | $ | 19,785 | $ | 25,662 | $ | 4,033 | $ | 609,524 | $ | 753,649 | |||||||||||||||||||
Unscheduled | 70,242 | 11,164 | 61,075 | 35,394 | — | — | — | 177,875 | |||||||||||||||||||||||||||
September 30, 2015 | $ | 107,766 | $ | 22,342 | $ | 107,018 | $ | 55,179 | $ | 25,662 | $ | 4,033 | $ | 609,524 | $ | 931,524 | |||||||||||||||||||
For the year ended: | |||||||||||||||||||||||||||||||||||
Scheduled | $ | 121,111 | $ | 50,905 | $ | 137,967 | $ | 121,354 | $ | 52,570 | $ | 85,670 | $ | 1,528,180 | $ | 2,097,757 | |||||||||||||||||||
Unscheduled | 288,433 | 47,705 | 304,992 | 183,805 | 6,535 | — | 7,240 | 838,710 | |||||||||||||||||||||||||||
December 31, 2016 | $ | 409,544 | $ | 98,610 | $ | 442,959 | $ | 305,159 | $ | 59,105 | $ | 85,670 | $ | 1,535,420 | $ | 2,936,467 | |||||||||||||||||||
Scheduled | $ | 92,703 | $ | 60,351 | $ | 160,019 | $ | 103,218 | $ | 62,720 | $ | 8,198 | $ | 715,845 | $ | 1,203,054 | |||||||||||||||||||
Unscheduled | 237,912 | 61,684 | 255,369 | 153,474 | 14,300 | — | — | 722,739 | |||||||||||||||||||||||||||
December 31, 2015 | $ | 330,615 | $ | 122,035 | $ | 415,388 | $ | 256,692 | $ | 77,020 | $ | 8,198 | $ | 715,845 | $ | 1,925,793 |
Lines of Business - Outstanding Business Volume | |||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
As of: | |||||||||||||||||||||||||||||||
September 30, 2017 | $ | 4,068,893 | $ | 354,823 | $ | 2,133,314 | $ | 2,298,956 | $ | 1,066,482 | $ | 819,963 | $ | 7,901,842 | $ | 18,644,273 | |||||||||||||||
June 30, 2017 | 3,882,474 | 367,419 | 2,176,625 | 2,237,013 | 1,024,130 | 859,779 | 7,711,418 | 18,258,858 | |||||||||||||||||||||||
March 31, 2017 | 3,643,386 | 387,272 | 2,209,809 | 2,149,697 | 999,130 | 869,664 | 7,585,583 | 17,844,541 | |||||||||||||||||||||||
December 31, 2016 | 3,514,454 | 415,441 | 2,209,409 | 2,094,375 | 999,512 | 878,598 | 7,287,686 | 17,399,475 | |||||||||||||||||||||||
September 30, 2016 | 3,338,484 | 441,417 | 2,224,827 | 2,020,834 | 993,139 | 874,527 | 7,354,511 | 17,247,739 | |||||||||||||||||||||||
June 30, 2016 | 3,188,598 | 466,479 | 2,175,456 | 1,960,358 | 1,001,769 | 932,704 | 7,391,172 | 17,116,536 | |||||||||||||||||||||||
March 31, 2016 | 3,022,458 | 485,302 | 2,206,029 | 1,929,582 | 991,851 | 518,724 | 7,061,626 | 16,215,572 | |||||||||||||||||||||||
December 31, 2015 | 2,957,975 | 514,051 | 2,253,273 | 1,918,277 | 1,008,126 | 522,864 | 6,724,254 | 15,898,820 | |||||||||||||||||||||||
September 30, 2015 | 2,778,692 | 553,469 | 2,171,869 | 1,898,625 | 982,078 | 518,229 | 6,725,017 | 15,627,979 |
On-Balance Sheet Outstanding Business Volume | |||||||||||||||
Fixed Rate | 5- to 10-Year ARMs & Resets | 1-Month to 3-Year ARMs | Total Held in Portfolio | ||||||||||||
(in thousands) | |||||||||||||||
As of: | |||||||||||||||
September 30, 2017 | $ | 6,921,477 | $ | 2,447,923 | $ | 5,426,757 | $ | 14,796,157 | |||||||
June 30, 2017 | 6,722,463 | 2,406,120 | 5,226,982 | 14,355,565 | |||||||||||
March 31, 2017 | 5,373,283 | 2,330,819 | 5,255,146 | 12,959,248 | |||||||||||
December 31, 2016 | 5,346,011 | 2,274,535 | 4,888,291 | 12,508,837 | |||||||||||
September 30, 2016 | 5,278,332 | 2,212,946 | 4,869,765 | 12,361,043 | |||||||||||
June 30, 2016 | 5,201,386 | 2,157,342 | 4,867,336 | 12,226,064 | |||||||||||
March 31, 2016 | 4,942,566 | 2,296,767 | 4,468,045 | 11,707,378 | |||||||||||
December 31, 2015 | 4,923,163 | 2,271,960 | 4,118,366 | 11,313,489 | |||||||||||
September 30, 2015 | 4,889,894 | 2,147,916 | 4,049,361 | 11,087,171 |
Net Effective Spread by Line of Business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Net Effective Spread | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021(1) | $ | 24,367 | 1.74 | % | $ | 6,847 | 1.11 | % | $ | 6,464 | 1.15 | % | $ | 15,359 | 0.81 | % | $ | 2,888 | 0.25 | % | $ | 55,925 | 0.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 23,978 | 1.82 | % | 6,982 | 1.12 | % | 6,615 | 1.18 | % | 16,131 | 0.85 | % | 2,845 | 0.24 | % | 56,551 | 1.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 21,454 | 1.74 | % | 6,367 | 1.02 | % | 6,674 | 1.19 | % | 16,673 | 0.87 | % | 2,691 | 0.22 | % | 53,859 | 0.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 20,313 | 1.75 | % | 6,786 | 1.10 | % | 7,322 | 1.35 | % | 17,401 | 0.85 | % | 2,700 | 0.22 | % | 54,522 | 0.98 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020(1) | 18,025 | 1.67 | % | 5,865 | 0.97 | % | 6,939 | 1.32 | % | 18,601 | 0.87 | % | 2,372 | 0.23 | % | 51,802 | 0.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | 16,733 | 1.71 | % | 4,689 | 0.81 | % | 5,516 | 1.15 | % | 18,782 | 0.86 | % | 749 | 0.08 | % | 46,469 | 0.89 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | 14,938 | 1.64 | % | 4,625 | 0.81 | % | 4,920 | 1.14 | % | 17,702 | 0.84 | % | 1,978 | 0.21 | % | 44,163 | 0.89 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 16,374 | 1.90 | % | 4,363 | 0.78 | % | 4,871 | 1.17 | % | 18,008 | 0.85 | % | 2,375 | 0.27 | % | 45,991 | 0.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | 13,181 | 1.66 | % | 4,314 | 0.79 | % | 4,502 | 1.16 | % | 17,807 | 0.84 | % | 2,657 | 0.30 | % | 42,461 | 0.90 | % |
Net Effective Spread by Line of Business | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Net Effective Spread | ||||||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||
September 30, 2017(1) | $ | 11,478 | 1.75 | % | $ | 4,855 | 0.92 | % | $ | 2,832 | 1.09 | % | $ | 14,363 | 0.78 | % | $ | 2,699 | 0.41 | % | $ | 36,227 | 0.92 | % | |||||||||||||||||
June 30, 2017 | 11,331 | 1.80 | % | 4,681 | 0.90 | % | 2,736 | 1.09 | % | 14,395 | 0.81 | % | 2,467 | 0.35 | % | 35,610 | 0.92 | % | |||||||||||||||||||||||
March 31, 2017 | 10,684 | 1.80 | % | 4,703 | 0.91 | % | 2,639 | 1.06 | % | 12,581 | 0.82 | % | 2,259 | 0.32 | % | 32,866 | 0.91 | % | |||||||||||||||||||||||
December 31, 2016 | 10,349 | 1.78 | % | 5,334 | 1.08 | % | 2,623 | 1.05 | % | 11,627 | 0.78 | % | 1,995 | 0.26 | % | 31,928 | 0.89 | % | |||||||||||||||||||||||
September 30, 2016(1) | 10,703 | 1.90 | % | 5,189 | 1.07 | % | 2,643 | 1.05 | % | 11,427 | 0.75 | % | 2,237 | 0.24 | % | 32,199 | 0.86 | % | |||||||||||||||||||||||
June 30, 2016 | 9,875 | 1.78 | % | 4,588 | 0.96 | % | 2,562 | 1.03 | % | 11,407 | 0.77 | % | 2,594 | 0.29 | % | 31,026 | 0.84 | % | |||||||||||||||||||||||
March 31, 2016 | 9,461 | 1.71 | % | 4,308 | 0.91 | % | 2,538 | 1.02 | % | 11,090 | 0.80 | % | 2,552 | 0.26 | % | 29,949 | 0.82 | % | |||||||||||||||||||||||
December 31, 2015 | 9,381 | 1.72 | % | 4,518 | 0.96 | % | 2,845 | 1.14 | % | 10,899 | 0.80 | % | 2,306 | 0.26 | % | 29,949 | 0.85 | % | |||||||||||||||||||||||
September 30, 2015 | 9,628 | 1.80 | % | 4,630 | 0.99 | % | 2,907 | 1.18 | % | 11,271 | 0.81 | % | 1,951 | 0.25 | % | 30,387 | 0.88 | % |
Core Earnings by Quarter End | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 2021 | June 2021 | March 2021 | December 2020 | September 2020 | June 2020 | March 2020 | December 2019 | September 2019 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net effective spread | $ | 55,925 | $ | 56,551 | $ | 53,859 | $ | 54,522 | $ | 51,802 | $ | 46,469 | $ | 44,163 | $ | 45,991 | $ | 42,461 | |||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 4,322 | 4,334 | 4,240 | 4,652 | 4,659 | 4,943 | 4,896 | 5,432 | 5,208 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 687 | 301 | 451 | 512 | 453 | 1,048 | 674 | 100 | 389 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 60,934 | 61,186 | 58,550 | 59,686 | 56,914 | 52,460 | 49,733 | 51,523 | 48,058 | ||||||||||||||||||||||||||||||||||||||||||||
Credit related expense/(income): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for/(release of) losses | 255 | (983) | (31) | 2,973 | 1,200 | 51 | 3,831 | 2,851 | 623 | ||||||||||||||||||||||||||||||||||||||||||||
REO operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Losses/(gains) on sale of REO | — | — | — | 22 | — | — | (485) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total credit related expense/(income) | 255 | (983) | (31) | 2,995 | 1,200 | 51 | 3,346 | 2,851 | 623 | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 10,027 | 9,779 | 11,795 | 9,497 | 8,791 | 8,087 | 10,127 | 6,732 | 7,654 | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 6,330 | 6,349 | 6,336 | 6,274 | 5,044 | 5,295 | 5,363 | 5,773 | 5,253 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory fees | 750 | 750 | 750 | 750 | 725 | 725 | 725 | 725 | 688 | ||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 17,107 | 16,878 | 18,881 | 16,521 | 14,560 | 14,107 | 16,215 | 13,230 | 13,595 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 43,572 | 45,291 | 39,700 | 40,170 | 41,154 | 38,302 | 30,172 | 35,442 | 33,840 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 9,152 | 9,463 | 8,520 | 8,470 | 8,297 | 8,016 | 6,598 | 7,526 | 7,018 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | 6,774 | 5,842 | 5,269 | 5,269 | 5,166 | 3,939 | 3,431 | 3,432 | 3,427 | ||||||||||||||||||||||||||||||||||||||||||||
Core earnings | $ | 27,646 | $ | 29,986 | $ | 25,911 | $ | 26,431 | $ | 27,691 | $ | 26,347 | $ | 20,143 | $ | 24,484 | $ | 23,395 | |||||||||||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Losses)/gains on undesignated financial derivatives due to fair value changes | $ | (1,864) | $ | (3,721) | $ | 1,695 | $ | (1,758) | $ | (4,149) | $ | 8,700 | $ | (6,484) | $ | 4,469 | $ | (7,117) | |||||||||||||||||||||||||||||||||||
(Losses)/gains on hedging activities due to fair value changes | (2,093) | (2,097) | (271) | 3,827 | (5,245) | (2,676) | (5,925) | (220) | (4,535) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on trading assets | 36 | (61) | (14) | 223 | (258) | (20) | 106 | 172 | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 23 | 20 | 16 | (77) | 97 | 35 | 3 | 40 | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Net effects of terminations or net settlements on financial derivatives | (351) | 109 | 1,165 | 1,583 | 233 | 720 | (1,300) | 1,339 | 232 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance costs on the retirement of preferred stock | — | — | — | — | (1,667) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Income tax effect related to reconciling items | 892 | 1,208 | (544) | (798) | 1,957 | (1,419) | 2,856 | (1,218) | 2,389 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 24,289 | $ | 25,444 | $ | 27,958 | $ | 29,431 | $ | 18,659 | $ | 31,687 | $ | 9,399 | $ | 29,066 | $ | 14,406 |
Core Earnings by Quarter Ended | |||||||||||||||||||||||||||||||||||
September 2017 | June 2017 | March 2017 | December 2016 | September 2016 | June 2016 | March 2016 | December 2015 | September 2015 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Net effective spread | $ | 36,227 | $ | 35,610 | $ | 32,866 | $ | 31,928 | $ | 32,199 | $ | 31,026 | $ | 29,949 | $ | 29,949 | $ | 30,387 | |||||||||||||||||
Guarantee and commitment fees | 4,935 | 4,942 | 5,317 | 5,158 | 4,533 | 4,810 | 4,669 | 4,730 | 4,328 | ||||||||||||||||||||||||||
Other | 429 | (197 | ) | 1,061 | 1,189 | (32 | ) | (125 | ) | (517 | ) | (284 | ) | (93 | ) | ||||||||||||||||||||
Total revenues | 41,591 | 40,355 | 39,244 | 38,275 | 36,700 | 35,711 | 34,101 | 34,395 | 34,622 | ||||||||||||||||||||||||||
Credit related expense/(income): | |||||||||||||||||||||||||||||||||||
Provision for/(release of) losses | 384 | 466 | 444 | 512 | (31 | ) | 458 | 63 | (49 | ) | (303 | ) | |||||||||||||||||||||||
REO operating expenses | — | 23 | — | — | — | — | 39 | 44 | 48 | ||||||||||||||||||||||||||
(Gains)/losses on sale of REO | (32 | ) | (757 | ) | 5 | — | (15 | ) | — | — | — | — | |||||||||||||||||||||||
Total credit related expense/(income) | 352 | (268 | ) | 449 | 512 | (46 | ) | 458 | 102 | (5 | ) | (255 | ) | ||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 5,987 | 6,682 | 6,317 | 5,949 | 5,438 | 5,611 | 5,774 | 5,385 | 5,236 | ||||||||||||||||||||||||||
General and administrative | 3,890 | 3,921 | 3,800 | 4,352 | 3,474 | 3,757 | 3,526 | 3,238 | 3,676 | ||||||||||||||||||||||||||
Regulatory fees | 625 | 625 | 625 | 625 | 613 | 612 | 613 | 613 | 600 | ||||||||||||||||||||||||||
Total operating expenses | 10,502 | 11,228 | 10,742 | 10,926 | 9,525 | 9,980 | 9,913 | 9,236 | 9,512 | ||||||||||||||||||||||||||
Net earnings | 30,737 | 29,395 | 28,053 | 26,837 | 27,221 | 25,273 | 24,086 | 25,164 | 25,365 | ||||||||||||||||||||||||||
Income tax expense | 10,410 | 10,297 | 9,166 | 9,581 | 9,497 | 8,956 | 8,444 | 8,855 | 8,924 | ||||||||||||||||||||||||||
Net (loss)/income attributable to non-controlling interest(1) | — | (150 | ) | (15 | ) | 28 | (18 | ) | (16 | ) | (28 | ) | (60 | ) | (36 | ) | |||||||||||||||||||
Preferred stock dividends | 3,295 | 3,296 | 3,295 | 3,296 | 3,295 | 3,296 | 3,295 | 3,296 | 3,295 | ||||||||||||||||||||||||||
Core earnings | $ | 17,032 | $ | 15,952 | $ | 15,607 | $ | 13,932 | $ | 14,447 | $ | 13,037 | $ | 12,375 | $ | 13,073 | $ | 13,182 | |||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Gains/(losses) on financial derivatives and hedging activities due to fair value changes | 2,737 | 2,221 | 4,805 | 17,233 | 1,460 | (2,076 | ) | (2,989 | ) | 2,743 | (6,906 | ) | |||||||||||||||||||||||
Unrealized (losses)/gains on trading assets | — | (2 | ) | (82 | ) | (474 | ) | 1,182 | 394 | 358 | 696 | (8 | ) | ||||||||||||||||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (954 | ) | (117 | ) | (127 | ) | (40 | ) | (157 | ) | (371 | ) | (281 | ) | (263 | ) | (117 | ) | |||||||||||||||||
Net effects of settlements on agency forward contracts | 456 | 261 | 32 | 1,024 | 464 | 466 | (255 | ) | (162 | ) | (390 | ) | |||||||||||||||||||||||
Income tax effect related to reconciling items | (784 | ) | (827 | ) | (1,620 | ) | (6,210 | ) | (1,032 | ) | 556 | 1,109 | (1,055 | ) | 2,598 | ||||||||||||||||||||
Net income attributable to common stockholders | $ | 18,487 | $ | 17,488 | $ | 18,615 | $ | 25,465 | $ | 16,364 | $ | 12,006 | $ | 10,317 | $ | 15,032 | $ | 8,359 |
(b) Not applicable. |
* | 3.1 | — | ||||||||||||||||||||||
* | 3.2 | — | ||||||||||||||||||||||
* | 4.1 | — | ||||||||||||||||||||||
* | 4.2 | — | ||||||||||||||||||||||
* | 4.3 | — | ||||||||||||||||||||||
* | 4.4 | — | ||||||||||||||||||||||
* | 4.4.1 | — | ||||||||||||||||||||||
* | 4.5 | — | ||||||||||||||||||||||
* | 4.5.1 | — | ||||||||||||||||||||||
* | 4.6 | — | ||||||||||||||||||||||
* | 4.6.1 | — | ||||||||||||||||||||||
* | 4.7 | — | ||||||||||||||||||||||
* | 4.7.1 | — | ||||||||||||||||||||||
* | 4.8 | — | ||||||||||||||||||||||
* | 4.8.1 | |||||||||||||||||||||||
* | 4.9 | — | ||||||||||||||||||||||
** | 31.1 | — | ||||||||||||||||||||||
** | 31.2 | — | ||||||||||||||||||||||
*** | 32 | — | ||||||||||||||||||||||
** | 101.INS | — | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||||||||||||||
** | 101.SCH | — | Inline XBRL Taxonomy Extension Schema | |||||||||||||||||||||
** | 101.CAL | — | Inline XBRL Taxonomy Extension Calculation | |||||||||||||||||||||
** | 101.DEF | — | Inline XBRL Taxonomy Extension Definition | |||||||||||||||||||||
** | 101.LAB | — | Inline XBRL Taxonomy Extension Label | |||||||||||||||||||||
** | 101.PRE | — | Inline XBRL Taxonomy Extension Presentation | |||||||||||||||||||||
** | 104 | — | Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101 |
* | Incorporated by reference to the indicated prior filing. | ||||
** | Filed with this report. | ||||
Furnished with this report. | |||||
# | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. | ||||
† | Management contract or compensatory plan. |
/s/ Bradford T. Nordholm | November 8, 2021 | ||||||||||
By: | Bradford T. Nordholm | Date | |||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
/s/ Aparna Ramesh | November 8, 2021 | ||||||||||
By: | Aparna Ramesh | Date | |||||||||
Executive Vice President – Chief Financial | |||||||||||
Officer (Principal Financial Officer) | |||||||||||