DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 02, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | FEDERAL AGRICULTURAL MORTGAGE CORP | ||
Entity Central Index Key | 845877 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Trading Symbol | AGM | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $311,066,941 | ||
Common Class A, Voting [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,030,780 | ||
Common Class B, Voting [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 500,301 | ||
Common Class C, Non-Voting [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,406,392 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and cash equivalents | $1,363,387 | $749,313 |
Loans: | ||
Loans held for investment, at amortized cost | 2,833,461 | 2,570,125 |
Loans held for investment in consolidated trusts, at amortized cost | 692,478 | 629,989 |
Allowance for loan losses | -5,864 | -6,866 |
Total loans, net of allowance | 3,520,075 | 3,193,248 |
Real estate owned, at lower of cost or fair value | 421 | 2,617 |
Financial derivatives, at fair value | 4,177 | 19,718 |
Interest receivable (includes $9,509 and $9,276, respectively, related to consolidated trusts) | 104,550 | 107,201 |
Guarantee and commitment fees receivable | 41,786 | 43,904 |
Deferred tax asset, net | 33,391 | 44,045 |
Prepaid expenses and other assets | 55,413 | 14,046 |
Total Assets | 14,287,821 | 13,361,780 |
Notes payable: | ||
Due within one year | 7,353,953 | 7,338,781 |
Due after one year | 5,471,186 | 5,001,169 |
Total notes payable | 12,825,139 | 12,339,950 |
Debt securities of consolidated trusts held by third parties | 424,214 | 261,760 |
Financial derivatives, at fair value | 84,844 | 75,708 |
Accrued interest payable (includes $5,145 and $2,823, respectively, related to consolidated trusts) | 48,355 | 53,772 |
Guarantee and commitment obligation | 37,925 | 39,667 |
Accounts payable and accrued expenses | 81,252 | 9,986 |
Reserve for losses | 4,263 | 6,468 |
Total Liabilities | 13,505,992 | 12,787,311 |
Commitments and Contingencies (Note 6) | ||
Common stock: | ||
Additional paid-in capital | 113,559 | 110,722 |
Accumulated other comprehensive income/(loss), net of tax | 15,533 | -16,202 |
Retained earnings | 201,013 | 168,877 |
Total Stockholders' Equity | 545,801 | 332,616 |
Non-controlling interest - preferred stock | 236,028 | 241,853 |
Total Equity | 781,829 | 574,469 |
Total Liabilities and Equity | 14,287,821 | 13,361,780 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 58,333 | 58,333 |
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 73,044 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 73,382 | 0 |
Common Class A, Voting [Member] | ||
Common stock: | ||
Common Stock | 1,031 | 1,031 |
Common Class B, Voting [Member] | ||
Common stock: | ||
Common Stock | 500 | 500 |
Common Class C, Non-Voting [Member] | ||
Common stock: | ||
Common Stock | 9,406 | 9,355 |
Investment Securities [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,938,499 | 2,483,147 |
Trading, at fair value | 689 | 928 |
Marketable Securities | 1,939,188 | 2,484,075 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 3,659,281 | 5,091,600 |
Held-to-maturity, at amortized cost | 1,794,620 | 0 |
Marketable Securities | 5,453,901 | 5,091,600 |
USDA Securities [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 1,731,222 | 1,553,669 |
Trading, at fair value | 40,310 | 58,344 |
Marketable Securities | $1,771,532 | $1,612,013 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Interest receivable - Consolidated Trusts amount | $104,550 | $107,201 |
Accrued interest payable - Consolidated Trusts amount | 48,355 | 53,772 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $25 | $25 |
Preferred stock, shares authorized | 2,400,000 | 2,400,000 |
Preferred Stock, shares issued | 2,400,000 | 2,400,000 |
Preferred Stock, shares outstanding | 2,400,000 | 2,400,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $25 | $0 |
Preferred stock, shares authorized | 3,000,000 | 0 |
Preferred Stock, shares issued | 3,000,000 | 0 |
Preferred Stock, shares outstanding | 3,000,000 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $25 | $0 |
Preferred stock, shares authorized | 3,000,000 | 0 |
Preferred Stock, shares issued | 3,000,000 | 0 |
Preferred Stock, shares outstanding | 3,000,000 | 0 |
Common Class A, Voting [Member] | ||
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 1,030,780 | 1,030,780 |
Common Class B, Voting [Member] | ||
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 500,301 | 500,301 |
Common Class C, Non-Voting [Member] | ||
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 9,406,267 | 9,354,804 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Interest receivable - Consolidated Trusts amount | 9,509 | 9,276 |
Accrued interest payable - Consolidated Trusts amount | $5,145 | $2,823 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest income: | ||||||
Investments and cash equivalents | $17,269 | $21,940 | $24,729 | |||
Farmer Mac Guaranteed Securities and USDA Securities | 118,430 | 128,399 | 136,297 | |||
Loans | 94,875 | 85,059 | 103,644 | |||
Total interest income | 230,574 | [1] | 235,398 | [2] | 264,670 | [2] |
Total interest expense | 170,720 | [3] | 137,276 | [4] | 142,690 | [4] |
Net interest income | 59,854 | 98,122 | 121,980 | |||
Release of/(provision for) loan losses | 961 | 481 | -3,691 | |||
Net interest income after release of/(provision for) loan losses | 60,815 | 98,603 | 118,289 | |||
Non-interest income: | ||||||
Guarantee and commitment fees | 25,187 | 26,958 | 24,963 | |||
(Losses)/gains on financial derivatives and hedging activities | -21,646 | 31,764 | -19,829 | |||
Gains/(losses) on trading securities | 38,629 | -819 | 307 | |||
(Losses)/gains on sale of available-for-sale investment securities | -238 | 2,113 | 18 | |||
Gains on repurchase of debt | 0 | 1,462 | 0 | |||
Gains on sale of real estate owned | 137 | 1,236 | 878 | |||
Lower of cost or fair value adjustment on loans held for sale | 0 | 0 | -5,943 | |||
Other income | 1,714 | 3,057 | 3,341 | |||
Non-interest income | 43,783 | 65,771 | 3,735 | |||
Non-interest expense: | ||||||
Compensation and employee benefits | 19,009 | 17,817 | 19,186 | |||
General and administrative | 12,197 | 11,563 | 11,123 | |||
Regulatory fees | 2,381 | 2,375 | 2,281 | |||
Real estate owned operating costs, net | 110 | 423 | 134 | |||
(Release of)/provision for reserve for losses | -2,205 | 929 | -1,816 | |||
Non-interest expense | 31,492 | [5] | 33,107 | [5] | 30,908 | [5] |
Income before income taxes | 73,106 | 131,267 | 91,116 | |||
Income tax expense | 2,824 | 33,752 | 22,156 | |||
Net income | 70,282 | 97,515 | 68,960 | |||
Less: Net income attributable to non-controlling interest - preferred stock dividends | -22,192 | -22,187 | -22,187 | |||
Net income attributable to Farmer Mac | 48,090 | 75,328 | 46,773 | |||
Preferred stock dividends | -9,839 | -3,495 | -2,879 | |||
Net income attributable to common stockholders | $38,251 | $71,833 | $43,894 | |||
Earnings per common share and dividends: | ||||||
Basic earnings per common share | $3.50 | $6.64 | $4.19 | |||
Diluted earnings per common share | $3.37 | $6.41 | $3.98 | |||
[1] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell. | |||||
[2] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||
[3] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased. | |||||
[4] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||
[5] | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Comprehensive Income | |||
Net income | $70,282,000 | $97,515,000 | $68,960,000 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Unrealized holding gains/(losses) on available-for-sale securities (1) | 44,900,000 | -75,465,000 | 2,165,000 |
(Losses)/gains on sale of available-for-sale investment securities (4) | 155,000 | -1,374,000 | -12,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Unrealized (losses)/gains on cash flow hedges (2) | -226,000 | 70,000 | 0 |
(Losses)/gains on financial derivatives and hedging activities (3) | -12,488,000 | -12,598,000 | -6,358,000 |
Other income (5) | -606,000 | -804,000 | -1,196,000 |
Other comprehensive income/(loss) | 31,735,000 | -90,171,000 | -5,401,000 |
Comprehensive income | 102,017,000 | 7,344,000 | 63,559,000 |
Less: Comprehensive income attributable to noncontrolling interest - preferred stock dividends | -22,192,000 | -22,187,000 | -22,187,000 |
Comprehensive income/(loss) attributable to Farmer Mac | 79,825,000 | -14,843,000 | 41,372,000 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 24,200,000 | -40,600,000 | 1,200,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 100,000 | -700,000 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -100,000 | 0 | |
financial derivatives and hedging activities [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||
Tax effects of reclassification adjustment for gains included in net income, tax | -6,700,000 | -6,800,000 | -3,400,000 |
Other Income [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||
Tax effects of reclassification adjustment for gains included in net income, tax | ($300,000) | ($400,000) | ($600,000) |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | $781,829 | $574,469 | $781,829 | $574,469 | $592,962 | |
Net income attributable to Farmer Mac | 8,943 | 13,367 | 48,090 | 75,328 | 46,773 | |
Balance, end of period | 781,829 | 574,469 | 781,829 | 574,469 | 592,962 | |
Other comprehensive income/(loss), net of tax | 31,735 | -90,171 | -5,401 | |||
Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (Shares) | 8,400 | 2,400 | 8,400 | 2,400 | 58 | 58 |
Balance, beginning of period | 204,759 | 58,333 | 204,759 | 58,333 | 57,578 | 57,578 |
Balance, end of period | 204,759 | 58,333 | 204,759 | 58,333 | 57,578 | 57,578 |
Balance, end of period (Shares) | 8,400 | 2,400 | 8,400 | 2,400 | 58 | 58 |
Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of Series preferred stock (Shares) | 0 | 2,400 | 0 | |||
Issuance of Series preferred stock | 0 | 58,333 | 0 | |||
Issuance of Class C common stock (Shares) | 0 | 2,400 | 0 | |||
Issuance of Class C common stock | 0 | 58,333 | 0 | |||
Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of Series preferred stock (Shares) | 3,000 | 0 | 0 | |||
Issuance of Series preferred stock | 73,044 | 0 | 0 | |||
Issuance of Class C common stock (Shares) | 3,000 | 0 | 0 | |||
Issuance of Class C common stock | 73,044 | 0 | 0 | |||
Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of Series preferred stock (Shares) | 3,000 | 0 | 0 | |||
Issuance of Series preferred stock | 73,382 | 0 | 0 | |||
Issuance of Class C common stock (Shares) | 3,000 | 0 | 0 | |||
Issuance of Class C common stock | 73,382 | 0 | 0 | |||
Preferred Stock [Member] | Retired Series C Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Redemption of Series C preferred stock (Shares) | 0 | -58 | 0 | |||
Redemption of Series C preferred stock | 0 | -57,578 | 0 | |||
Common Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (Shares) | 10,937 | 10,886 | 10,937 | 10,886 | 10,702 | 10,357 |
Balance, beginning of period | 10,937 | 10,886 | 10,937 | 10,886 | 10,702 | 10,357 |
Issuance of Series preferred stock (Shares) | 51 | 184 | 345 | |||
Issuance of Series preferred stock | 51 | 184 | 345 | |||
Issuance of Class C common stock (Shares) | 51 | 184 | 345 | |||
Issuance of Class C common stock | 51 | 184 | 345 | |||
Balance, end of period | 10,937 | 10,886 | 10,937 | 10,886 | 10,702 | 10,357 |
Balance, end of period (Shares) | 10,937 | 10,886 | 10,937 | 10,886 | 10,702 | 10,357 |
Additional Paid-in Capital [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | 113,559 | 110,722 | 113,559 | 110,722 | 106,617 | 102,821 |
Issuance of Series preferred stock | 19 | 25 | 14 | |||
Issuance of Class C common stock | 19 | 25 | 14 | |||
Stock-based compensation expense | 2,859 | 2,966 | 2,428 | |||
Tax effect of stock-based awards | -41 | 1,114 | 1,354 | |||
Balance, end of period | 113,559 | 110,722 | 113,559 | 110,722 | 106,617 | 102,821 |
Retained Earnings [Member} | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | 201,013 | 168,877 | 201,013 | 168,877 | 102,243 | 62,554 |
Net income attributable to Farmer Mac | 48,090 | 75,328 | 46,773 | |||
Balance, end of period | 201,013 | 168,877 | 201,013 | 168,877 | 102,243 | 62,554 |
Cash dividends: | ||||||
Common stock ($0.56 per share in 2014, $0.48 per share in 2013, and $0.40 per share in 2012) | -6,115 | -5,199 | -4,205 | |||
Retained Earnings [Member} | Series A Preferred Stock [Member] | ||||||
Cash dividends: | ||||||
Preferred Stock Series A ($1.4688 per share in 2014 and $1.3994 per share in 2013) Preferred stock, Series B ($1.3129 per share), Preferred stock Series C ($0.7917 per share), Preferred stock, retired Series C ($2.36 in 2013 per share and $50 per share in 2012) | -3,525 | -3,359 | 0 | |||
Retained Earnings [Member} | Series B Preferred Stock [Member] | ||||||
Cash dividends: | ||||||
Preferred Stock Series A ($1.4688 per share in 2014 and $1.3994 per share in 2013) Preferred stock, Series B ($1.3129 per share), Preferred stock Series C ($0.7917 per share), Preferred stock, retired Series C ($2.36 in 2013 per share and $50 per share in 2012) | -3,939 | 0 | 0 | |||
Retained Earnings [Member} | Series C Preferred Stock [Member] | ||||||
Cash dividends: | ||||||
Preferred Stock Series A ($1.4688 per share in 2014 and $1.3994 per share in 2013) Preferred stock, Series B ($1.3129 per share), Preferred stock Series C ($0.7917 per share), Preferred stock, retired Series C ($2.36 in 2013 per share and $50 per share in 2012) | -2,375 | 0 | 0 | |||
Retained Earnings [Member} | Retired Series C Preferred Stock [Member] | ||||||
Cash dividends: | ||||||
Preferred Stock Series A ($1.4688 per share in 2014 and $1.3994 per share in 2013) Preferred stock, Series B ($1.3129 per share), Preferred stock Series C ($0.7917 per share), Preferred stock, retired Series C ($2.36 in 2013 per share and $50 per share in 2012) | 0 | -136 | -2,879 | |||
Accumulated Other Comprehensive Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | 15,533 | -16,202 | 15,533 | -16,202 | 73,969 | 79,370 |
Balance, end of period | 15,533 | -16,202 | 15,533 | -16,202 | 73,969 | 79,370 |
Other comprehensive income/(loss), net of tax | 31,735 | -90,171 | -5,401 | |||
Total Stockholders Equity [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | 545,801 | 332,616 | 545,801 | 332,616 | 351,109 | |
Balance, end of period | 545,801 | 332,616 | 545,801 | 332,616 | 351,109 | |
Non-controlling Interest - Preferred Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period | 236,028 | 241,853 | 236,028 | 241,853 | 241,853 | 241,853 |
Balance, end of period | 236,028 | 241,853 | 236,028 | 241,853 | 241,853 | 241,853 |
Investment in Contour - origination of a non-controlling interest | 175 | 0 | 0 | |||
Purchase of non-controlling interest - preferred stock | ($6,000) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common stock dividend, per share, cash paid | $0.56 | $0.48 | $0.40 |
Series A Preferred Stock [Member] | |||
Preferred stock (in usd per share) | $1.47 | $1.40 | $0 |
Series B Preferred Stock [Member] | |||
Preferred stock (in usd per share) | $1.31 | $0 | $0 |
Series C Preferred Stock [Member] | |||
Preferred stock (in usd per share) | $0.79 | $0 | $0 |
Retired Series C Preferred Stock [Member] | |||
Preferred stock (in usd per share) | $0 | $2.36 | $50 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $70,282 | $97,515 | $68,960 |
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 | 18,461 | 26,217 | 19,643 |
Amortization of debt premiums, discounts and issuance costs | 9,689 | 11,839 | 14,658 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 8,213 | -44,362 | -1,017 |
Losses/(gains) on sale of available-for-sale investment securities | 238 | -2,113 | -18 |
Gains on repurchase of debt | 0 | 1,462 | 0 |
Gains on sale of real estate owned | -137 | -1,236 | -878 |
Total (release of)/provision for losses | -3,166 | 448 | 1,875 |
Deferred income taxes | -6,979 | 6,670 | -1,982 |
Stock-based compensation expense | 2,859 | 2,967 | 2,428 |
Proceeds from repayment of trading investment securities | 685 | 774 | 810 |
Payments to Purchase Loans Held-for-sale | 0 | 0 | -171,925 |
Proceeds from repayment of loans purchased as held for sale | 98,712 | 168,589 | 151,473 |
Net change in: | |||
Interest receivable | 2,657 | -3,835 | 6,938 |
Guarantee and commitment fees receivable | 2,118 | -2,115 | -10,405 |
Other assets | -39,624 | 52,872 | -43,200 |
Accrued interest payable | -5,417 | 1,993 | -9,075 |
Other liabilities | -3,539 | -771 | 5,018 |
Net cash provided by operating activities | 155,052 | 313,990 | 33,303 |
Cash flows from investing activities: | |||
Purchases of loans held for investment | -749,099 | -911,846 | -564,251 |
Purchases of defaulted loans | -705 | -6,704 | -17,024 |
Proceeds from repayment of loans purchased as held for investment | 337,466 | 265,151 | 289,318 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 175,754 | 150,417 | 38,063 |
Proceeds from sale of real estate owned | 1,927 | 4,042 | 2,056 |
Net cash used in investing activities | -83,662 | -995,093 | -1,328,810 |
Cash flows from financing activities: | |||
Excess tax benefits related to stock-based awards | 51 | 1,160 | 2,113 |
Payments to third parties on debt securities of consolidated trusts | -37,512 | -56,278 | -106,438 |
Proceeds from common stock issuance | 244 | 1,913 | 2,935 |
Investment in Contour | 175 | 0 | 0 |
Purchase of interest - Non-controlling interest - preferred stock | -6,000 | 0 | 0 |
Dividends paid - Non-controlling interest - preferred stock | -22,192 | -22,187 | -22,187 |
Dividends paid on common and preferred stock | -13,996 | -7,979 | -7,084 |
Net cash provided by financing activities | 542,684 | 644,852 | 1,264,025 |
Net increase/(decrease) in cash and cash equivalents | 614,074 | -36,251 | -31,482 |
Cash and cash equivalents at beginning of period | 749,313 | 785,564 | 817,046 |
Cash and cash equivalents at end of period | 1,363,387 | 749,313 | 785,564 |
Medium-term Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of discount notes and medium-term notes | 3,544,818 | 2,886,783 | 3,358,188 |
Payments to redeem discount notes and medium-term notes | -3,108,000 | -2,066,602 | -1,790,000 |
Discount Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of discount notes and medium-term notes | 38,388,899 | 64,859,652 | 67,404,261 |
Payments to redeem discount notes and medium-term notes | -38,350,229 | -64,952,365 | -67,577,763 |
Investment Securities [Member] | |||
Cash flows from investing activities: | |||
Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | -1,545,658 | -1,703,082 | -1,888,352 |
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 1,327,044 | 1,350,491 | 1,410,427 |
Proceeds from sale of available-for-sale investment securities | 770,149 | 366,562 | 7,018 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | |||
Cash flows from investing activities: | |||
Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | -1,555,272 | -1,635,394 | -1,469,057 |
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 1,154,732 | 1,125,270 | 862,992 |
Series A Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Preferred Stock Issuances | 0 | 58,333 | 0 |
Series B Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Preferred Stock Issuances | 73,044 | 0 | 0 |
Series C Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Preferred Stock Issuances | 73,382 | 0 | 0 |
Retired Series C Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Retirement of Series C Preferred stock | $0 | ($57,578) | $0 |
Organization_ORGANIZATION
Organization ORGANIZATION | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization [Text Block] | ORGANIZATION | |
The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the availability of long-term credit at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Since Farmer Mac's inception, Congress has expanded Farmer Mac's charter to authorize Farmer Mac to create the USDA Guarantees line of business and to purchase, and guarantee securities backed by, loans made by cooperative lenders to finance electrification and telecommunications systems in rural areas. | ||
Farmer Mac's main secondary market activities are: | ||
• | purchasing eligible loans directly from lenders; | |
• | providing advances against eligible loans by purchasing obligations secured by those loans; | |
• | securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and | |
• | issuing long-term standby purchase commitments ("LTSPCs") for eligible loans. | |
Effective January 1, 2014, Farmer Mac determined the reportable segments of its four lines of business to be – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. See Note 14 for information about Farmer Mac's reportable segments. As of December 31, 2014, the total outstanding balance in all of Farmer Mac's lines of business was $14.6 billion. | ||
Under the Farm & Ranch line of business, Farmer Mac purchases eligible mortgage loans secured by first liens on agricultural real estate and rural housing. Farmer Mac also guarantees securities representing interests in pools of mortgage loans eligible for the Farm & Ranch line of business. Additionally, Farmer Mac commits to purchase, subject to the terms of the applicable LTSPC agreement, eligible Farm & Ranch mortgage loans. The securities guaranteed by Farmer Mac under this line of business are referred to as "Farm & Ranch Guaranteed Securities." To be eligible, loans must meet Farmer Mac's credit underwriting, collateral valuation, documentation, and other specified standards. As of December 31, 2014, outstanding loans held by Farmer Mac, loans that either backed off-balance sheet Farm & Ranch Guaranteed Securities or were subject to LTSPCs, and other Farm & Ranch Guaranteed Securities totaled $5.4 billion. | ||
Under the USDA Guarantees line of business, Farmer Mac II LLC, a subsidiary of Farmer Mac, purchases the portions of certain agricultural, rural development, business and industry, and community facilities loans guaranteed by the United States Department of Agriculture under the Consolidated Farm and Rural Development Act (7 U.S.C. §§ 1921 et seq.). USDA-guaranteed portions are referred to and presented on the consolidated balance sheets as "USDA Securities." Farmer Mac II LLC also purchases USDA Securities in exchange for issuing securities to third parties backed by those USDA Securities, which are then also guaranteed by Farmer Mac. These issued securities are referred to and presented on the consolidated balance sheets as Farmer Mac Guaranteed USDA Securities. As of December 31, 2014, outstanding Farmer Mac Guaranteed USDA Securities and USDA Securities totaled $1.8 billion. | ||
Farmer Mac's authorized activities under the Rural Utilities line of business are similar to those conducted under the Farm & Ranch line of business – purchases of, and guarantees of securities backed by, eligible rural utilities loans. To be eligible, loans must meet Farmer Mac's credit underwriting and other specified standards. Farmer Mac has retained in its portfolio all of the rural utilities loans and, to date, has not issued any LTSPCs under the Rural Utilities line of business. As of December 31, 2014, the aggregate outstanding principal balance of rural utilities loans held was $1.0 billion. | ||
Under the Institutional Credit line of business, Farmer Mac guarantees and purchases general obligations of lenders that are secured by pools of loans that would be eligible under Farmer Mac's Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. AgVantage® is a registered trademark of Farmer Mac used to designate Farmer Mac's guarantees of securities related to these general obligations of lenders that are secured by pools of eligible loans and that comprise the Institutional Credit line of business. For more information on the products currently offered under Farmer Mac's Institutional Credit line of business, see "Business—Farmer Mac Lines of Business—Institutional Credit." As of December 31, 2014, outstanding securities held or guaranteed by Farmer Mac in its Institutional Credit line of business totaled $6.4 billion. | ||
Farm & Ranch Guaranteed Securities, Farmer Mac Guaranteed USDA Securities, and AgVantage Securities are collectively referred to as "Farmer Mac Guaranteed Securities." The assets collateralizing Farmer Mac Guaranteed Securities include (1) loans or loan participation interests eligible for purchase under either the Farm & Ranch or Rural Utilities lines of business or (2) USDA Securities eligible for purchase under the USDA Guarantees line of business. Farmer Mac guarantees the timely payment of principal and interest on the resulting Farmer Mac Guaranteed Securities. Farmer Mac may retain Farmer Mac Guaranteed Securities in its portfolio or sell them to third parties. | ||
Farmer Mac's two principal sources of revenue are: | ||
• | interest income earned on assets held on balance sheet, net of related funding costs and interest payments and receipts on financial derivatives; and | |
• | guarantee and commitment fees received in connection with outstanding Farmer Mac Guaranteed Securities and LTSPCs. | |
Farmer Mac funds its purchases of eligible loan assets and liquidity investment assets primarily by issuing debt obligations of various maturities in the public capital markets. As of December 31, 2014, Farmer Mac had $4.9 billion of discount notes and $7.9 billion of medium-term notes outstanding. The proceeds of debt issuance are invested in loan purchases, Farmer Mac Guaranteed Securities, and liquidity investment assets in accordance with policies established by Farmer Mac's board of directors that comply with regulations promulgated by the Farm Credit Administration ("FCA"). |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Accounting Policies Disclosure | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||||||||||
The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities (including, but not limited to, the allowance for loan losses, reserve for losses, other-than-temporary impairment of investment securities and fair value measurements) as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: | |||||||||||||||||||||||||||||||||
The consolidated financial statements include the accounts of Farmer Mac and its three subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities; and (3) Contour Valuation Services, LLC, whose principal activity is to appraise agricultural real estate. The consolidated financial statements also include the accounts of variable interest entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. See Note 2(q) for more information on consolidated VIEs. | |||||||||||||||||||||||||||||||||
A guarantee by Farmer Mac of timely payment of principal and interest is an explicit element of the terms of all Farmer Mac Guaranteed Securities. When Farmer Mac retains such securities in its portfolio, that guarantee is not extinguished. For Farmer Mac Guaranteed Securities held in Farmer Mac's portfolio, Farmer Mac has entered into guarantee arrangements with FMMSC. The guarantee fee rate established between Farmer Mac and FMMSC is an element in determining the fair value of these Farmer Mac Guaranteed Securities, and guarantee fees related to these securities are reflected in guarantee and commitment fees in the consolidated statements of operations. These guarantee fees totaled $10.1 million in 2014, $10.9 million in 2013, and $10.3 million in 2012. The corresponding expense of FMMSC has been eliminated against interest income in consolidation. All other inter-company balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||||||||||
rmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. Farmer Mac does not consider securities purchased under agreements to resell to be cash equivalents if it intends to reinvest the funds from maturing repurchase agreements into new repurchase agreements and the aggregate term of the repurchase agreements exceeds three months. The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||
The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||
Table 2.1 | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest | $ | 171,644 | $ | 114,609 | $ | 112,663 | |||||||||||||||||||||||||||
Income taxes | 12,750 | 23,000 | 21,500 | ||||||||||||||||||||||||||||||
Non-cash activity: | |||||||||||||||||||||||||||||||||
Real estate owned acquired through loan liquidation | — | 1,443 | 2,280 | ||||||||||||||||||||||||||||||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 175,754 | 150,417 | 32,736 | ||||||||||||||||||||||||||||||
Purchases of securities - traded, not yet settled | 70,178 | — | — | ||||||||||||||||||||||||||||||
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 | 199,906 | 150,417 | 32,736 | ||||||||||||||||||||||||||||||
Deconsolidation of loans held for investment in consolidated trusts and debt securities of consolidated trusts held by third parties - transferred to off-balance sheet Farm & Ranch Guaranteed Securities | — | — | 460,261 | ||||||||||||||||||||||||||||||
Transfers of loans held for sale to loans held for investment | — | 673,991 | — | ||||||||||||||||||||||||||||||
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity | 1,632,786 | — | — | ||||||||||||||||||||||||||||||
On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed Securities from available-for-sale to held-to-maturity because Farmer Mac determined it has the ability and intent to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value which reflected an unrealized holding gain of $22.3 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. The unrealized holding gain is being amortized out of accumulated other comprehensive income over the remaining life of the transferred securities. | |||||||||||||||||||||||||||||||||
On January 1, 2013, Farmer Mac transferred $674.0 million of loans from held for sale to held for investment because Farmer Mac either (1) no longer intends to sell these loans in the foreseeable future or (2) securitizes these loans using VIEs that are ultimately consolidated on Farmer Mac's balance sheet and reported as "Loans held for investment in consolidated trusts, at amortized cost." Farmer Mac transferred these loans at the lower of cost or fair value (determined on a pooled basis). Farmer Mac recorded a $5.9 million unamortized discount for loans transferred at fair value. At the time of purchase, loans are classified as either held for sale or held for investment depending upon management's intent and ability to hold the loans for the foreseeable future. Cash receipts from the repayment of loans are classified within the statements of cash flows based on management's intent upon purchase of the loan. | |||||||||||||||||||||||||||||||||
During 2012, Farmer Mac deconsolidated $460.3 million of Farm & Ranch Guaranteed Securities owned by Farm Credit West ("FCW") from loans held for investment in consolidated trusts and debt securities of consolidated trusts held by third parties to off-balance sheet Farm & Ranch Guaranteed Securities because FCW was no longer a related party as of June 30, 2012. See Note 2(q) for further information related to the consolidation of VIEs. | |||||||||||||||||||||||||||||||||
Transfers of Financial Assets and Liabilities | |||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell are treated as collateralized lending transactions. Farmer Mac's counterparties are required to pledge collateral for transactions involving securities purchased under agreements to resell. Farmer Mac considers the types of securities being pledged as collateral when determining how much to lend in these transactions. Additionally, on a daily basis, Farmer Mac reviews the fair values of these securities compared to amounts loaned and derivative counterparty collateral posting thresholds in an effort to minimize exposure to losses. These transactions are reported as securities purchased under agreements to resell in the consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in the consolidated balance sheets. Farmer Mac records securities purchased under agreements to resell at the amount loaned in the consolidated balance sheets. The resulting fees for these transactions are included in interest income in the consolidated statements of operations. As of December 31, 2014 and 2013, there were no outstanding securities purchased under agreements to resell. | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased, represent obligations of Farmer Mac to deliver specified securities at contracted prices, which would thereby require Farmer Mac to purchase the securities in the market at prevailing prices. Farmer Mac records securities sold, not yet purchased in the consolidated balance sheets at fair value with changes in fair value recognized in "Gains/(losses) on trading securities" in the consolidated statements of operations. The resulting interest expense for these transactions is included in interest expense in the consolidated statements of operations. As of December 31, 2014 and 2013, there were no outstanding securities sold, not yet purchased. | |||||||||||||||||||||||||||||||||
nvestment Securities, Farmer Mac Guaranteed Securities, and USDA Securities | |||||||||||||||||||||||||||||||||
Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. As of December 31, 2013, Farmer Mac did not classify any securities as held-to-maturity. However, effective January 1, 2014, Farmer Mac transferred $1.6 billion of available-for-sale securities to a held-to-maturity classification as the company currently has the intent to hold the securities to maturity. | |||||||||||||||||||||||||||||||||
Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts and other deferred costs are amortized to interest income over the estimated life of the security using the effective interest method. | |||||||||||||||||||||||||||||||||
Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(q) for more information on the accounting policy related to consolidation. Loans that Farmer Mac does not intend to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac does not amortize premiums and discounts related to loans held for sale. | |||||||||||||||||||||||||||||||||
Non-accrual Loans | |||||||||||||||||||||||||||||||||
Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. | |||||||||||||||||||||||||||||||||
Securitization of Loans | |||||||||||||||||||||||||||||||||
Asset securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans or rural utilities loans into trusts that are used as vehicles for the securitization of the transferred loans. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on an accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. | |||||||||||||||||||||||||||||||||
Real Estate Owned | |||||||||||||||||||||||||||||||||
Real estate owned ("REO") consists of real estate acquired through loan liquidation and is recorded at fair value less estimated selling cost at acquisition. Fair value is determined by appraisal or other appropriate valuation method. Any excess of the recorded investment in the loan over the fair value less estimated selling cost is charged to the allowance for loan losses. Subsequent to the acquisition, management continues to perform periodic valuations of real estate owned. Declines in the net realizable value (fair value less estimated selling costs) are charged through income and presented in "Real estate owned operating costs, net" on the consolidated statements of operations. | |||||||||||||||||||||||||||||||||
Farmer Mac contracts with third parties to operate or preserve real estate owned and offered for sale when appropriate to maintain property value. Non-recoverable costs are expensed as incurred and those related to the production of saleable goods or crops are capitalized to the extent they are realizable. As revenues from the sale of goods or crops are received, they are applied first to any capitalized costs and any remaining revenues offset non-recoverable expenses incurred. Farmer Mac had no capitalized costs as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and often times deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. | |||||||||||||||||||||||||||||||||
Accounting for financial derivatives differs significantly depending on whether a derivative is designated in a hedging relationship. Derivative instruments designated in fair value hedging relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedging relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset or liability or a future cash flow. Effectiveness of the hedge must be assessed at inception and monitored over the life of the hedging relationship. | |||||||||||||||||||||||||||||||||
All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. Changes in the fair values of financial derivatives not designated as cash flow hedges are reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in fair value hedging relationships, changes in the fair values of the hedged items related to the risk being hedged are also reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. For financial derivatives designated in cash flow hedging relationships, the effective portion of the derivative gain/loss is recorded in other comprehensive income; amounts are disclosed as a reclassification out of other comprehensive income when the hedged transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||
Farmer Mac has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio, consistent with how Farmer Mac previously has been measuring credit risk for these instruments. See Notes 6 and 13 for more information on financial derivatives. | |||||||||||||||||||||||||||||||||
Notes Payable | |||||||||||||||||||||||||||||||||
Notes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities. Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Losses | |||||||||||||||||||||||||||||||||
Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. | |||||||||||||||||||||||||||||||||
The allowance for losses is increased through periodic provisions for loan losses that are charged against net interest income and provisions for losses that are charged to non-interest expense, and is reduced by charge-offs for actual losses, net of recoveries. Negative provisions, or releases of allowance for losses, generally are recorded in the event that the estimate of probable losses as of the end of a period is lower than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is reclassified as allowance for loan losses and there is a corresponding release from the provision for losses and a charge to the provision for loan losses. | |||||||||||||||||||||||||||||||||
The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. | |||||||||||||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||||||||||||
Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. | |||||||||||||||||||||||||||||||||
General Allowance for Losses | |||||||||||||||||||||||||||||||||
Farm & Ranch | |||||||||||||||||||||||||||||||||
Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. | |||||||||||||||||||||||||||||||||
Management evaluates this assumption by taking into consideration several factors, including: | |||||||||||||||||||||||||||||||||
• | economic conditions; | ||||||||||||||||||||||||||||||||
• | geographic and agricultural commodity/product concentrations in the portfolio; | ||||||||||||||||||||||||||||||||
• | the credit profile of the portfolio; | ||||||||||||||||||||||||||||||||
• | delinquency trends of the portfolio; | ||||||||||||||||||||||||||||||||
• | historical charge-off and recovery activities of the portfolio; and | ||||||||||||||||||||||||||||||||
• | other factors to capture current portfolio trends and characteristics that differ from historical experience. | ||||||||||||||||||||||||||||||||
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. There were no purchases or sales during 2014 that materially affected the credit profile of the Farm & Ranch portfolio. | |||||||||||||||||||||||||||||||||
Rural Utilities | |||||||||||||||||||||||||||||||||
Farmer Mac separately evaluates the rural utilities loans it owns to determine if there are any probable losses inherent in those assets. No allowance for losses has been provided for this portfolio segment based on the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of December 31, 2014 there were no delinquencies and no probable losses inherent in Farmer Mac's rural utilities loans. | |||||||||||||||||||||||||||||||||
Specific Allowance for Impaired Loans | |||||||||||||||||||||||||||||||||
Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. | |||||||||||||||||||||||||||||||||
Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. | |||||||||||||||||||||||||||||||||
For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. | |||||||||||||||||||||||||||||||||
Earnings Per Common Share | |||||||||||||||||||||||||||||||||
Basic earnings per common share ("EPS") is based on the weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive common stock options, stock appreciation rights ("SARs"), and non-vested restricted stock awards. The following schedule reconciles basic and diluted EPS for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||
Table 2.2 | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net | Weighted-Average Shares | $ per | Net | Weighted-Average Shares | $ per | Net | Weighted-Average Shares | $ per | |||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 38,251 | 10,920 | $ | 3.5 | $ | 71,833 | 10,816 | $ | 6.64 | $ | 43,894 | 10,479 | $ | 4.19 | ||||||||||||||||||
Effect of dilutive securities (1): | |||||||||||||||||||||||||||||||||
Stock options, SARs and restricted stock | — | 447 | (0.13 | ) | — | 393 | (0.23 | ) | — | 540 | (0.21 | ) | |||||||||||||||||||||
Diluted EPS | $ | 38,251 | 11,367 | $ | 3.37 | $ | 71,833 | 11,209 | $ | 6.41 | $ | 43,894 | 11,019 | $ | 3.98 | ||||||||||||||||||
-1 | For the years ended December 31, 2014, 2013, and 2012, stock options and SARs of 109,143, 33,730, and 317,253, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2014, 2013, and 2012, contingent shares of non-vested restricted stock of 36,784, 26,696, and 79,300, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met. | ||||||||||||||||||||||||||||||||
Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. | |||||||||||||||||||||||||||||||||
Farmer Mac evaluates its tax positions at least quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50 percent) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. | |||||||||||||||||||||||||||||||||
Farmer Mac recognized $2.9 million, $3.0 million, and $2.5 million of compensation expense related to stock options, SARs, and non-vested restricted stock awards for 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||
Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised primarily of net income and unrealized gains and losses on securities available-for-sale, net of related taxes. | |||||||||||||||||||||||||||||||||
Long-Term Standby Purchase Commitments | |||||||||||||||||||||||||||||||||
Farmer Mac accounts for its LTSPCs as guarantees. Commitment fee income represents a reduction of the commitment obligation based on amortization using the actual prepayment experience on the underlying loans. See Note 2(j) for Farmer Mac's policy for estimating probable losses for LTSPCs and Note 12 for more information on the accounting for LTSPCs. | |||||||||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||||||||
Farmer Mac defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest rank to unobservable inputs (level 3 measurements). | |||||||||||||||||||||||||||||||||
Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs. See Note 13 for more information regarding fair value measurement. | |||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||
Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. | |||||||||||||||||||||||||||||||||
The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. | |||||||||||||||||||||||||||||||||
For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. | |||||||||||||||||||||||||||||||||
For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to AgVantage securities. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. The following tables present, by line of business, details about the consolidation of VIEs: | |||||||||||||||||||||||||||||||||
Table 2.3 | |||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
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) | $ | 421,355 | $ | — | $ | 271,123 | $ | — | $ | — | $ | 692,478 | |||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (2) | 424,214 | — | — | — | — | 424,214 | |||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Carrying value (3) | — | 27,620 | — | 32,415 | — | 60,035 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) | — | 27,832 | — | 30,000 | — | 57,832 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
Carrying value (5) | — | — | — | — | 409,657 | 409,657 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) (5) | — | — | — | — | 412,690 | 412,690 | |||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Maximum exposure to loss (4) (6) | 636,086 | 13,978 | — | 970,000 | — | 1,620,064 | |||||||||||||||||||||||||||
(1) Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million. | |||||||||||||||||||||||||||||||||
(2) Includes borrower remittances of $2.9 million. The borrower remittances have not been passed through to third party investors as of December 31, 2014. | |||||||||||||||||||||||||||||||||
(3) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million. | |||||||||||||||||||||||||||||||||
(4) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. | |||||||||||||||||||||||||||||||||
(5) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. | |||||||||||||||||||||||||||||||||
(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. | |||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
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) | $ | 259,509 | $ | — | $ | 370,480 | $ | — | $ | — | $ | 629,989 | |||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (2) | 261,760 | — | — | — | — | 261,760 | |||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Carrying value (3) | — | 21,234 | — | 33,248 | — | 54,482 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) | — | 21,088 | — | 30,000 | — | 51,088 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
Carrying value (5) | — | — | — | — | 533,688 | 533,688 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) (5) | — | — | — | — | 540,726 | 540,726 | |||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Maximum exposure to loss (4) (6) | 765,751 | 20,222 | — | 970,000 | — | 1,755,973 | |||||||||||||||||||||||||||
(1) Includes unamortized premiums related to the Rural Utilities line of business of $16.2 million. | |||||||||||||||||||||||||||||||||
(2) Includes borrower remittances of $2.3 million, which have not been passed through to third party investors as of December 31, 2013. | |||||||||||||||||||||||||||||||||
(3) Includes unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees and Institutional Credit lines of business of $0.1 million and $3.2 million, respectively. | |||||||||||||||||||||||||||||||||
(4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. | |||||||||||||||||||||||||||||||||
(5) Includes auction-rate certificates, asset-backed securities, and GSE-guaranteed mortgage-backed securities. | |||||||||||||||||||||||||||||||||
(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. | |||||||||||||||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||||||||||||||
Receivables | |||||||||||||||||||||||||||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This update clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction.” ASU 2014-04 is effective for interim and annual periods beginning after December 15, 2014. The adoption of the new guidance will not have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. | |||||||||||||||||||||||||||||||||
Certain reclassifications of prior period information were made to conform to the current period presentation. |
Related_Party_Transactions_Not
Related Party Transactions - (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS | |||||||||||
Farmer Mac considers an entity to be a related party if (1) the entity holds at least five percent of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect five members of Farmer Mac's 15-member board of directors and that Class B stockholders elect five members of the board of directors. Additionally, in order to participate in the Farm & Ranch program, a financial institution must own a requisite amount of Farmer Mac's common stock, based on the size and type of institution. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. | ||||||||||||
Zions First National Bank: | ||||||||||||
Farmer Mac considers Zions First National Bank and its affiliates ("Zions") a related party due to the ownership by Zions of approximately 31.2 percent of Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2014, 2013, and 2012: | ||||||||||||
Table 3.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unpaid Principal Balance: | ||||||||||||
Purchases: | ||||||||||||
Loans | $ | 155,808 | $ | 210,088 | $ | 168,826 | ||||||
USDA Securities | 42,637 | 13,153 | 14,415 | |||||||||
On-balance sheet AgVantage Securities | 50,237 | — | — | |||||||||
Sales of Farmer Mac Guaranteed Securities | 147,234 | 120,409 | 5,327 | |||||||||
The purchases of loans from Zions under the Farm & Ranch line of business represented approximately 22.3 percent, 25.5 percent, and 29.6 percent of Farm & Ranch loan purchases for the years ended December 31, 2014, 2013, and 2012, respectively, and 14.6 percent, 15.4 percent, and 12.8 percent, respectively, of total new Farm & Ranch business volume. The purchases of USDA Securities from Zions under the USDA Guarantees line of business represented approximately 12.4 percent, 3.6 percent, and 3.0 percent of purchases in that line of business for the years ended December 31, 2014, 2013, and 2012, respectively. Outstanding Farm & Ranch loans, USDA Securities, and AgVantage securities purchased from Zions represented 5.9 percent and 5.1 percent, respectively, of Farmer Mac's outstanding business volume as of December 31, 2014 and 2013. | ||||||||||||
Zions retained servicing fees of $8.4 million, $7.0 million, and $6.5 million in 2014, 2013, and 2012, respectively, for its work as a Farmer Mac servicer. | ||||||||||||
Farmer Mac and Zions were parties to interest rate swap contracts having an aggregate outstanding notional amount of approximately $29.3 million as of December 31, 2013. As of December 31, 2013, Farmer Mac had net interest payable to Zions under those contracts of approximately $0.3 million. There were no interest rate swap contracts outstanding between Farmer Mac and Zions as of December 31, 2014. Zions acted as dealer for $5.0 million par value of Farmer Mac medium term notes during 2014 and none for 2013 and 2012. The related commissions Farmer Mac paid to Zions for these services were immaterial. | ||||||||||||
The National Rural Utilities Cooperative Financial Corporation: | ||||||||||||
Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party due to its ownership of approximately 7.9 percent of Class A voting common stock. The following transactions occurred between Farmer Mac and CFC during 2014, 2013, and 2012: | ||||||||||||
Table 3.2 | ||||||||||||
Farmer Mac Loan Purchases and Guarantees | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unpaid Principal Balance: | ||||||||||||
Loans | $ | 75,500 | $ | 86,965 | $ | 166,117 | ||||||
On-balance sheet AgVantage Securities | 820,775 | 820,000 | 383,406 | |||||||||
Off-balance sheet AgVantage Securities | 7,190 | — | — | |||||||||
Total purchases and guarantees | $ | 903,465 | $ | 906,965 | $ | 549,523 | ||||||
The transactions with CFC represented 100 percent of Farmer Mac's loan purchase volume under the Rural Utilities line of business for 2014, 2013, and 2012, represented 64.7 percent, 64.4 percent, and 38.9 percent of AgVantage securities volume under the Institutional Credit line of business for 2014, 2013, and 2012, respectively, and represented 32.7 percent, 29.4 percent, and 18.6 percent of total purchases for 2014, 2013, and 2012, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2014 and 2013, Rural Utilities loans and AgVantage securities issued by CFC represented 18.7 percent and 18.6 percent, respectively. As of December 31, 2014 and for the year then ended, Farmer Mac had guarantee fees receivable of $0.3 million from CFC and earned guarantee fees of $3.2 million. As of December 31, 2013 and for the year then ended, Farmer Mac had guarantee fees receivable of $0.7 million from CFC and earned guarantee fees of $4.1 million. As of December 31, 2012 and for the year then ended, Farmer Mac had guarantee fees receivable of $0.7 million from CFC and earned guarantee fees of $4.4 million. | ||||||||||||
Farmer Mac also had interest receivable of $0.9 million and $5.6 million as of December 31, 2014 and 2013, respectively, and earned interest income of $12.7 million, $23.7 million, and $28.0 million during 2014, 2013, and 2012, respectively, related to its AgVantage transactions with CFC. | ||||||||||||
CFC retained servicing fees of $3.4 million in both 2014 and 2013 and $3.0 million in 2012 for its work as a Farmer Mac central servicer. | ||||||||||||
AgFirst Farm Credit Bank: | ||||||||||||
Farmer Mac has a related party relationship with AgFirst Farm Credit Bank ("AgFirst") resulting from AgFirst being a holder of approximately 16.8 percent of Farmer Mac Class B voting common stock. | ||||||||||||
AgFirst entered into $19.7 million, $8.1 million, and $16.8 million of LTSPC transactions in 2014, 2013, and 2012, respectively, and the aggregate balance of LTSPCs outstanding as of December 31, 2014 and 2013 was $112.8 million and $131.8 million, respectively. Farmer Mac received from AgFirst $0.6 million, $0.7 million, and $0.8 million in commitment fees in 2014, 2013, and 2012, respectively, and had $0.1 million of commitment fees receivable as of both December 31, 2014 and 2013. | ||||||||||||
AgFirst owns certain securities backed by rural housing loans for which Farmer Mac is the second-loss guarantor for the last ten percent. As of December 31, 2014 and 2013, the outstanding balance of those securities owned by AgFirst was $28.9 million and $121.9 million, respectively. Farmer Mac received guarantee fees of $0.1 million in 2014 and $0.5 million in both 2013 and 2012 on those securities. | ||||||||||||
Farm Credit Bank of Texas: | ||||||||||||
Farmer Mac has a related party relationship with Farm Credit Bank of Texas resulting from the bank being a holder of approximately 7.7 percent of Farmer Mac Class B voting common stock. During 2014, 2013, and 2012, Farmer Mac did not enter into any new LTSPCs with Farm Credit Bank of Texas. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $0.2 million in both 2014 and 2013 and $0.3 million in 2012. The aggregate amount of LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2014 and 2013 was $51.5 million and $63.2 million, respectively. In 2014, 2013, and 2012, Farm Credit Bank of Texas retained $0.4 million, $0.5 million, and $0.6 million, respectively, in servicing fees for its work as a Farmer Mac central servicer. | ||||||||||||
Farm Credit West: | ||||||||||||
Farmer Mac had a related party relationship with Farm Credit West, ACA during 2012 resulting from a member of Farmer Mac's board of directors being the Executive Vice President of Farm Credit West. Effective in June 2012, Farm Credit West was no longer a related party because the Executive Vice President of Farm Credit West was no longer a member of Farmer Mac's board of directors. Amounts, where presented for 2012, represent activity for the entire year. | ||||||||||||
During 2012, Farm Credit West entered into $8.1 million of new LTSPCs. Farmer Mac received from Farm Credit West commitment fees of $0.3 million for the year ended December 31, 2012. During 2003 and 2006, Farm Credit West, ACA converted $722.3 million and $129.0 million, respectively, of existing LTSPCs to Farm & Ranch Guaranteed Securities. The aggregate amount of LTSPCs outstanding as of December 31, 2012 was $95.4 million and the outstanding principal balance of the converted securities was $420.9 million. Farmer Mac understands that the current owner of some of those Farmer Mac Guaranteed Securities is CoBank, FCB. Farmer Mac received $1.9 million in guarantee fees on those securities during 2012. In 2012, Farm Credit West retained $0.9 million in servicing fees for its work as a Farmer Mac central servicer. | ||||||||||||
Other Related Party Transactions: | ||||||||||||
Farmer Mac purchased $35.1 million, $61.6 million, and $37.1 million in loans from First Dakota National Bank in 2014, 2013, and 2012, respectively. Farmer Mac entered into no new LTSPCs in 2014, $1.0 million in 2013, and none in 2012, respectively with First Dakota National Bank. First Dakota National Bank retained servicing fees of $0.8 million, $0.6 million, and $0.5 million in 2014, 2013, and 2012, respectively, for its work as a Farmer Mac servicer. Farmer Mac purchased $4.5 million, $9.3 million, and $4.4 million in USDA Securities from Bath State Bank in 2014, 2013, and 2012, respectively. Farmer Mac entered into $20.2 million, $27.5 million, $51.5 million of new LTSPCs with AgGeorgia and received $0.1 million of commitment fees during 2014, 2013, and 2012. These institutions had a related party relationship with Farmer Mac resulting from a member or former member of Farmer Mac's board of directors being affiliated with the entity. | ||||||||||||
Farmer Mac owned $70.0 million of subordinated debt issued by CoBank as of December 31, 2014 and 2013, respectively, and $78.5 million par value of preferred stock as of December 31, 2013. CoBank called the preferred stock on October 1, 2014. Farmer Mac has a related party relationship with CoBank because CoBank is a major holder (32.6 percent) of Farmer Mac Class B voting common stock. |
Investment_Securities
Investment Securities (Investment Securities [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investment Securities [Member] | ||||||||||||||||||||||||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENT SECURITIES | |||||||||||||||||||||||
The following tables set forth information about Farmer Mac's investment securities as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Table 4.1 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 46,600 | $ | — | $ | 46,600 | $ | — | $ | (6,024 | ) | $ | 40,576 | |||||||||||
Floating rate asset-backed securities | 100,730 | (74 | ) | 100,656 | 283 | (37 | ) | 100,902 | ||||||||||||||||
Floating rate corporate debt securities | 10,000 | — | 10,000 | 91 | — | 10,091 | ||||||||||||||||||
Fixed rate corporate debt securities | 30,000 | (10 | ) | 29,990 | 35 | — | 30,025 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 605,053 | 3,431 | 608,484 | 4,712 | (443 | ) | 612,753 | |||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities (1) | 853 | 3,542 | 4,395 | 3,807 | — | 8,202 | ||||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (3,680 | ) | 66,320 | |||||||||||||||||
Fixed rate senior agency debt | 18,806 | 130 | 18,936 | 3 | — | 18,939 | ||||||||||||||||||
Floating rate U.S. Treasuries | 75,000 | (10 | ) | 74,990 | — | (11 | ) | 74,979 | ||||||||||||||||
Fixed rate U.S. Treasuries | 975,194 | 462 | 975,656 | 72 | (16 | ) | 975,712 | |||||||||||||||||
Total available-for-sale | 1,932,236 | 7,471 | 1,939,707 | 9,003 | (10,211 | ) | 1,938,499 | |||||||||||||||||
Trading: | ||||||||||||||||||||||||
Floating rate asset-backed securities | 2,868 | — | 2,868 | — | (2,179 | ) | 689 | |||||||||||||||||
Total investment securities | $ | 1,935,104 | $ | 7,471 | $ | 1,942,575 | $ | 9,003 | $ | (12,390 | ) | $ | 1,939,188 | |||||||||||
-1 | Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 74,100 | $ | — | $ | 74,100 | $ | — | $ | (8,815 | ) | $ | 65,285 | |||||||||||
Floating rate asset-backed securities | 166,185 | (217 | ) | 165,968 | 195 | (59 | ) | 166,104 | ||||||||||||||||
Floating rate corporate debt securities | 109,345 | (3 | ) | 109,342 | 445 | (18 | ) | 109,769 | ||||||||||||||||
Fixed rate corporate debt securities | 55,000 | 48 | 55,048 | 97 | (4 | ) | 55,141 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 612,413 | 4,336 | 616,749 | 4,955 | (435 | ) | 621,269 | |||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities (1) | 1,173 | 3,966 | 5,139 | 3,518 | — | 8,657 | ||||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (6,615 | ) | 63,385 | |||||||||||||||||
Fixed rate GSE preferred stock | 78,500 | 365 | 78,865 | 4,296 | — | 83,161 | ||||||||||||||||||
Fixed rate taxable municipal bonds | 30,595 | 84 | 30,679 | 5 | (3 | ) | 30,681 | |||||||||||||||||
Fixed rate senior agency debt | 523,691 | 294 | 523,985 | 107 | (30 | ) | 524,062 | |||||||||||||||||
Fixed rate U.S. Treasuries | 754,405 | 1,141 | 755,546 | 95 | (8 | ) | 755,633 | |||||||||||||||||
Total available-for-sale | 2,475,407 | 10,014 | 2,485,421 | 13,713 | (15,987 | ) | 2,483,147 | |||||||||||||||||
Trading: | ||||||||||||||||||||||||
Floating rate asset-backed securities | 3,553 | — | 3,553 | — | (2,625 | ) | 928 | |||||||||||||||||
Total investment securities | $ | 2,478,960 | $ | 10,014 | $ | 2,488,974 | $ | 13,713 | $ | (18,612 | ) | $ | 2,484,075 | |||||||||||
-1 | Fair value includes $7.4 million of an interest-only security with a notional amount of $152.4 million. | |||||||||||||||||||||||
During 2014, Farmer Mac received proceeds of $770.1 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.6 million and gross realized losses of $0.8 million. During 2013, Farmer Mac received proceeds of $366.6 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $3.1 million and gross realized losses of $1.0 million. During 2012, Farmer Mac received proceeds of $7.0 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $28,000 and gross realized losses of $10,000. | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, unrealized losses on available-for-sale investment securities were as follows: | ||||||||||||||||||||||||
Table 4.2 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 40,576 | $ | (6,024 | ) | |||||||||||||||
Floating rate asset-backed securities | 19,388 | (37 | ) | — | — | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 76,100 | (164 | ) | 76,867 | (279 | ) | ||||||||||||||||||
Floating rate GSE subordinated debt | — | — | 66,320 | (3,680 | ) | |||||||||||||||||||
Floating rate U.S. Treasuries | 74,980 | (11 | ) | — | — | |||||||||||||||||||
Fixed rate U.S. Treasuries | 325,033 | (16 | ) | — | — | |||||||||||||||||||
Total | $ | 495,501 | $ | (228 | ) | $ | 183,763 | $ | (9,983 | ) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 65,285 | $ | (8,815 | ) | |||||||||||||||
Floating rate asset-backed securities | 50,129 | (59 | ) | — | — | |||||||||||||||||||
Floating rate corporate debt securities | 19,982 | (18 | ) | — | — | |||||||||||||||||||
Fixed rate corporate debt securities | 10,058 | (4 | ) | — | — | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 161,960 | (435 | ) | — | — | |||||||||||||||||||
Floating rate GSE subordinated debt | — | — | 63,385 | (6,615 | ) | |||||||||||||||||||
Fixed rate taxable municipal bonds | 8,041 | (3 | ) | — | — | |||||||||||||||||||
Fixed rate senior agency debt | 316,273 | (30 | ) | — | — | |||||||||||||||||||
Fixed rate U.S. Treasuries | 118,056 | (8 | ) | — | — | |||||||||||||||||||
Total | $ | 684,499 | $ | (557 | ) | $ | 128,670 | $ | (15,430 | ) | ||||||||||||||
The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to December 31, 2014 and 2013, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of December 31, 2014, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." As of December 31, 2013, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except two that were rated "A-" and one that was rated "BBB+." The unrealized losses were on 35 and 64 individual investment securities as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
As of December 31, 2014, 15 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million. As of December 31, 2013, 7 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $15.4 million. Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2014 that is, on average, approximately 95 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of changes in credit spreads or maturity. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of December 31, 2014 and 2013. Farmer Mac does not intend to sell these securities and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. | ||||||||||||||||||||||||
Farmer Mac did not own any held-to-maturity investment securities as of December 31, 2014 and 2013. As of December 31, 2014, Farmer Mac owned trading investment securities with an amortized cost of $2.9 million, a fair value of $0.7 million, and a weighted average yield of 4.24 percent. As of December 31, 2013, Farmer Mac owned trading investment securities with an amortized cost of $3.6 million, a fair value of $0.9 million, and a weighted average yield of 4.25 percent. | ||||||||||||||||||||||||
The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2014 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. | ||||||||||||||||||||||||
Table 4.3 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 1,014,587 | $ | 1,014,679 | 0.30% | |||||||||||||||||||
Due after one year through five years | 156,022 | 156,719 | 0.87% | |||||||||||||||||||||
Due after five years through ten years | 261,556 | 262,917 | 0.85% | |||||||||||||||||||||
Due after ten years | 507,542 | 504,184 | 1.00% | |||||||||||||||||||||
Total | $ | 1,939,707 | $ | 1,938,499 | 0.60% | |||||||||||||||||||
Farmer_Mac_Guaranteed_Securiti
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities (Farmer Mac Guaranteed Securities and USDA Securities [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||||||||||||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES | |||||||||||||||||||||||
The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Table 5.1 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
AgVantage | $ | 1,785,340 | $ | 9,280 | $ | 1,794,620 | $ | 6,211 | $ | (255 | ) | $ | 1,800,576 | |||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 3,625,073 | $ | — | $ | 3,625,073 | $ | 36,442 | $ | (29,853 | ) | $ | 3,631,662 | |||||||||||
Farmer Mac Guaranteed USDA Securities | 27,831 | (442 | ) | 27,389 | 237 | (7 | ) | 27,619 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 3,652,904 | (442 | ) | 3,652,462 | 36,679 | (29,860 | ) | 3,659,281 | ||||||||||||||||
USDA Securities | 1,717,813 | 3,162 | 1,720,975 | 11,850 | (1,603 | ) | 1,731,222 | |||||||||||||||||
Total available-for-sale | $ | 5,370,717 | $ | 2,720 | $ | 5,373,437 | $ | 48,529 | $ | (31,463 | ) | $ | 5,390,503 | |||||||||||
Trading: | ||||||||||||||||||||||||
USDA Securities | $ | 38,412 | $ | 2,748 | $ | 41,160 | $ | 114 | $ | (964 | ) | $ | 40,310 | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 5,066,855 | $ | 125 | $ | 5,066,980 | $ | 64,051 | $ | (60,665 | ) | $ | 5,070,366 | |||||||||||
Farmer Mac Guaranteed USDA Securities | 21,089 | (518 | ) | 20,571 | 669 | (6 | ) | 21,234 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,087,944 | (393 | ) | 5,087,551 | 64,720 | (60,671 | ) | 5,091,600 | ||||||||||||||||
USDA Securities | 1,590,433 | 4,585 | 1,595,018 | 2,753 | (44,102 | ) | 1,553,669 | |||||||||||||||||
Total available-for-sale | $ | 6,678,377 | $ | 4,192 | $ | 6,682,569 | $ | 67,473 | $ | (104,773 | ) | $ | 6,645,269 | |||||||||||
Trading: | ||||||||||||||||||||||||
USDA Securities | $ | 55,373 | $ | 4,972 | $ | 60,345 | $ | 193 | $ | (2,194 | ) | $ | 58,344 | |||||||||||
As of December 31, 2014 and 2013, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: | ||||||||||||||||||||||||
Table 5.2 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Held-to-Maturity and Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
AgVantage | $ | 547 | $ | (1 | ) | $ | 49,745 | $ | (254 | ) | ||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 685,131 | $ | (13,115 | ) | 1,460,089 | $ | (16,738 | ) | |||||||||||||||
Farmer Mac Guaranteed USDA Securities | 3,720 | (7 | ) | — | — | |||||||||||||||||||
USDA Securities | 264,375 | (1,549 | ) | 97,817 | (54 | ) | ||||||||||||||||||
Total available-for-sale | $ | 953,226 | $ | (14,671 | ) | $ | 1,557,906 | $ | (16,792 | ) | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 1,157,656 | $ | (51,923 | ) | $ | 763,885 | $ | (8,742 | ) | ||||||||||||||
Farmer Mac Guaranteed USDA Securities | 343 | (6 | ) | — | — | |||||||||||||||||||
USDA Securities | 1,070,816 | (44,040 | ) | 104,416 | (62 | ) | ||||||||||||||||||
Total | $ | 2,228,815 | $ | (95,969 | ) | $ | 868,301 | $ | (8,804 | ) | ||||||||||||||
The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2014 and 2013, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of December 31, 2014. The unrealized losses from AgVantage securities were on 27 available-for-sale securities as of December 31, 2013. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. As of December 31, 2013, 13 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $8.7 million. AgVantage® is a registered trademark of Farmer Mac used to designate Farmer Mac Guaranteed Securities that are general obligations of lenders secured by pools of eligible loans, with such Farmer Mac Guaranteed Securities referred to herein as AgVantage securities. Each AgVantage security backed by agricultural mortgages requires some level of overcollateralization, or, in the case of rural utilities loans, 100 percent collateralization, and is secured by eligible loans of the issuing institution with a requirement that delinquent loans be removed from the collateral pool and then replaced with current eligible loans. Thus, Farmer Mac does not believe it will realize any of the losses presented above. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of December 31, 2014 and 2013. Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. | ||||||||||||||||||||||||
During 2014, 2013, and 2012, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities. | ||||||||||||||||||||||||
The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2014 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. | ||||||||||||||||||||||||
Table 5.3 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 109,217 | $ | 106,395 | 0.93 | % | ||||||||||||||||||
Due after one year through five years | 1,686,323 | 1,708,230 | 1.84 | % | ||||||||||||||||||||
Due after five years through ten years | 1,449,257 | 1,455,096 | 1.72 | % | ||||||||||||||||||||
Due after ten years | 2,128,640 | 2,120,782 | 2.57 | % | ||||||||||||||||||||
Total | $ | 5,373,437 | $ | 5,390,503 | 2.07 | % | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 606,442 | $ | 606,627 | 2.74 | % | ||||||||||||||||||
Due after one year through five years | 1,178,000 | 1,183,351 | 2.23 | % | ||||||||||||||||||||
Due after five years through ten years | 10,178 | 10,598 | 3.25 | % | ||||||||||||||||||||
Total | $ | 1,794,620 | $ | 1,800,576 | 2.4 | % | ||||||||||||||||||
Farmer Mac did not own any held-to-maturity Farmer Mac Guaranteed Securities or USDA Securities as of December 31, 2013. As of December 31, 2014, Farmer Mac owned trading USDA Securities with an amortized cost of $41.2 million, a fair value of $40.3 million, and a weighted average yield of 5.60 percent. As of December 31, 2013, Farmer Mac owned trading USDA Securities with an amortized cost of $60.3 million, a fair value of $58.3 million, and a weighted average yield of 5.60 percent. |
Financial_Derivatives
Financial Derivatives | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | FINANCIAL DERIVATIVES | ||||||||||||||||||||
Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes. Certain financial derivatives are designated as fair value hedges of fixed rate assets classified as available-for-sale to protect against fair value changes in the assets related to a benchmark interest rate (i.e., LIBOR). Other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. | |||||||||||||||||||||
Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, through the use of forward sale contracts on the debt of other GSEs and futures contracts involving U.S. Treasury securities. Farmer Mac uses forward sale contracts on GSE securities to reduce its interest rate exposure to changes in both U.S. Treasury rates and spreads on Farmer Mac debt. The notional amounts of these contracts are determined based on a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. | |||||||||||||||||||||
All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. Changes in the fair values of financial derivatives not designated as cash flow hedges are reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in fair value hedging relationships, changes in the fair values of the hedged items related to the risk being hedged are also reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in cash flow hedging relationships, the effective portion of the derivative gain/loss is recorded in other comprehensive income; amounts are disclosed as a reclassification out of other comprehensive income when the hedged transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in"(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. | |||||||||||||||||||||
Market Risk: | |||||||||||||||||||||
Market risk is the risk of an adverse effect resulting from changes in interest rates or spreads on the value of a financial instrument. Farmer Mac manages market risk associated with financial derivatives by establishing and monitoring limits as to the degree of risk that may be undertaken. This risk is periodically measured as part of Farmer Mac's overall risk monitoring processes, which include market value of equity measurements, net interest income modeling, and other measures. | |||||||||||||||||||||
As of December 31, 2014 and 2013, Farmer Mac's credit exposure to interest rate swap counterparties, excluding netting arrangements and any adjustment for nonperformance risk, but including accrued interest, was $6.1 million and $25.1 million, respectively; however, including netting arrangements and accrued interest, Farmer Mac's credit exposure was $0.4 million and $3.3 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Farmer Mac held no cash as collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $0.4 million and $3.0 million, respectively. | |||||||||||||||||||||
As of December 31, 2014 and 2013, the fair value of Farmer Mac's derivatives in a net liability position including accrued interest but excluding netting arrangements and any adjustment for nonperformance risk, was $99.4 million and $92.0 million, respectively; however, including netting arrangements and accrued interest, the fair value of Farmer Mac's derivatives in a net liability position at the counterparty level, was $93.4 million and $74.8 million as of December 31, 2014 and 2013, respectively. Farmer Mac posted cash of $46.6 million and no investment securities as of December 31, 2014 and posted cash of $9.8 million and investment securities with a fair value of $1.5 million as of December 31, 2013 as collateral for its derivatives in net liability positions. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. The investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of December 31, 2014 and 2013, it could have been required to settle its obligations under the agreements or post additional collateral of $46.8 million and $63.5 million, respectively. As of December 31, 2014 and 2013, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge. | |||||||||||||||||||||
Effective in second quarter 2013, Farmer Mac expanded its use of centrally-cleared derivatives by clearing certain interest rate swaps through a clearinghouse. Farmer Mac posts initial and variation margin to the clearinghouses through which centrally-cleared derivatives and futures contracts are traded. These collateral postings expose Farmer Mac to institutional credit risk in the event that either the clearinghouse or the futures commission merchant that Farmer Mac uses to post collateral to the clearinghouse fails to meet its obligations. Conversely, the use of centrally-cleared derivatives mitigates Farmer Mac's credit risk to individual counterparties because clearinghouses assume the credit risk among counterparties in centrally-cleared derivatives transactions. Of Farmer Mac's $6.8 billion notional amount of interest rate swaps outstanding as of December 31, 2014, $4.0 billion were cleared through swap clearinghouses. Of Farmer Mac's $6.6 billion notional amount of interest rate swaps outstanding as of December 31, 2013, $2.3 billion were cleared through swap clearinghouses. | |||||||||||||||||||||
The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of December 31, 2014 and 2013 and the effects of financial derivatives on the consolidated statements of operations for the year ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||
Table 6.1 | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Weighted- | Weighted- | Weighted- | Weighted- | |||||||||||||||||
Average | Average Receive Rate | Average | Average | ||||||||||||||||||
Pay Rate | Forward | Remaining | |||||||||||||||||||
Notional Amount | Asset | (Liability) | Price | Life (in years) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | $ | 1,000,000 | $ | — | $ | (31,718 | ) | 2.47% | 0.23% | 3.98 | |||||||||||
Cash flow hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 15,000 | — | (289 | ) | 2.43% | 0.51% | 6.23 | ||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 490,183 | 537 | (51,224 | ) | 4.23% | 0.23% | 7.05 | ||||||||||||||
Receive fixed non-callable | 3,829,355 | 3,414 | (461 | ) | 0.14% | 0.27% | 0.55 | ||||||||||||||
Receive fixed callable | 383,565 | 1 | (877 | ) | 0.12% | 1.34% | 3.47 | ||||||||||||||
Basis swaps | 1,105,000 | 247 | (406 | ) | 0.11% | 0.31% | 2.42 | ||||||||||||||
Agency forwards | 12,768 | — | (53 | ) | 101 | ||||||||||||||||
Treasury futures | 1,700 | — | (3 | ) | 126.6 | ||||||||||||||||
Credit valuation adjustment | (22 | ) | 187 | ||||||||||||||||||
Total financial derivatives | $ | 6,837,571 | $ | 4,177 | $ | (84,844 | ) | ||||||||||||||
Collateral pledged | — | 46,627 | |||||||||||||||||||
Net amount | $ | 4,177 | $ | (38,217 | ) | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Weighted- | Weighted- | Weighted- | Weighted- | |||||||||||||||||
Average | Average Receive Rate | Average | Average | ||||||||||||||||||
Pay Rate | Forward | Remaining | |||||||||||||||||||
Notional Amount | Asset | (Liability) | Price | Life (in years) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | $ | 900,000 | $ | — | $ | (28,989 | ) | 2.25% | 0.24% | 3.25 | |||||||||||
Cash flow hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 10,000 | 68 | — | 2.50% | 0.48% | 6.95 | |||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 806,596 | 7,570 | (45,360 | ) | 4.63% | 0.24% | 4.86 | ||||||||||||||
Receive fixed non-callable | 4,324,663 | 11,836 | (262 | ) | 0.27% | 0.70% | 0.53 | ||||||||||||||
Receive fixed callable | 175,000 | 83 | (934 | ) | 0.10% | 0.65% | 3.3 | ||||||||||||||
Basis swaps | 404,288 | 276 | (318 | ) | 0.32% | 0.29% | 1.52 | ||||||||||||||
Agency forwards | 65,704 | 86 | — | 98.91 | |||||||||||||||||
Treasury futures | 5,600 | — | (1 | ) | 123.02 | ||||||||||||||||
Credit valuation adjustment | (201 | ) | 156 | ||||||||||||||||||
Total financial derivatives | $ | 6,691,851 | $ | 19,718 | $ | (75,708 | ) | ||||||||||||||
Collateral pledged | — | 11,320 | |||||||||||||||||||
Net amount | $ | 19,718 | $ | (64,388 | ) | ||||||||||||||||
Table 6.2 | |||||||||||||||||||||
(Losses)/gains on financial derivatives and hedging activities | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps (1) | $ | (2,729 | ) | $ | 29,538 | $ | (404 | ) | |||||||||||||
Hedged items | 14,520 | (18,230 | ) | 6,388 | |||||||||||||||||
Gains on hedging activities | 11,791 | 11,308 | 5,984 | ||||||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps | (31,111 | ) | 21,355 | (24,763 | ) | ||||||||||||||||
Agency forwards | (1,842 | ) | (1,002 | ) | (828 | ) | |||||||||||||||
Treasury futures | (484 | ) | 103 | (129 | ) | ||||||||||||||||
Credit default swaps | — | — | (93 | ) | |||||||||||||||||
(Losses)/gains on financial derivatives not designated in hedging relationships | (33,437 | ) | 20,456 | (25,813 | ) | ||||||||||||||||
(Losses)/gains on financial derivatives and hedging activities | $ | (21,646 | ) | $ | 31,764 | $ | (19,829 | ) | |||||||||||||
-1 | Included in the assessment of hedge effectiveness as of December 31, 2014, but excluded from the amounts in the table, were losses of $11.6 million for the year ended December 31, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the year ended December 31, 2014 were losses of $0.2 million. The comparable amounts as of December 31, 2013 were losses of $11.8 million for the year ended December 31, 2013, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.5 million for the year ended December 31, 2013, attributable to hedge ineffectiveness. The comparable amounts as of December 31, 2012 were losses of $6.1 million for the year ended December 31, 2012, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the year ended December 31, 2012, attributable to hedge ineffectiveness. |
Notes_Payable_NOTES_PAYABLE
Notes Payable - NOTES PAYABLE | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt Disclosure [Text Block] | TES PAYABLE | |||||||||||||
Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 6 months to 15 years. | ||||||||||||||
The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2014 and 2013: | ||||||||||||||
Table 7.1 | ||||||||||||||
31-Dec-14 | ||||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(dollars in thousands) | ||||||||||||||
Due within one year: | ||||||||||||||
Discount notes | $ | 4,925,828 | 0.11 | % | $ | 4,059,708 | 0.15 | % | ||||||
Medium-term notes | 754,988 | 0.17 | % | 532,621 | 0.15 | % | ||||||||
Current portion of long-term notes | 1,673,137 | 0.98 | % | |||||||||||
Total due within one year | $ | 7,353,953 | 0.32 | % | ||||||||||
Due after one year: | ||||||||||||||
Medium-term notes due in: | ||||||||||||||
2016 | $ | 1,569,961 | 1.16 | % | ||||||||||
2017 | 1,219,192 | 0.9 | % | |||||||||||
2018 | 682,224 | 1.28 | % | |||||||||||
2019 | 872,576 | 1.42 | % | |||||||||||
Thereafter | 1,127,233 | 3.09 | % | |||||||||||
Total due after one year | 5,471,186 | 1.56 | % | |||||||||||
Total | $ | 12,825,139 | 0.85 | % | ||||||||||
December 31, 2013 | ||||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(dollars in thousands) | ||||||||||||||
Due within one year: | ||||||||||||||
Discount notes | $ | 4,880,971 | 0.12 | % | $ | 4,365,045 | 0.18 | % | ||||||
Medium-term notes | 179,999 | 0.17 | % | 167,617 | 0.16 | % | ||||||||
Current portion of long-term notes | 2,277,811 | 1.79 | % | |||||||||||
$ | 7,338,781 | 0.64 | % | |||||||||||
Due after one year: | ||||||||||||||
Medium-term notes due in: | ||||||||||||||
2015 | $ | 1,411,140 | 1.14 | % | ||||||||||
2016 | 1,290,629 | 1.33 | % | |||||||||||
2017 | 528,322 | 1.23 | % | |||||||||||
2018 | 675,968 | 1.33 | % | |||||||||||
Thereafter | 1,095,110 | 2.85 | % | |||||||||||
Total due after one year | 5,001,169 | 1.6 | % | |||||||||||
Total | $ | 12,339,950 | 1.03 | % | ||||||||||
The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2014 and 2013 was $4.9 billion. | ||||||||||||||
Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2015 as of December 31, 2014: | ||||||||||||||
Table 7.2 | ||||||||||||||
Debt Callable in 2015 as of December 31, 2014 | ||||||||||||||
Maturity | Amount | Rate | ||||||||||||
(dollars in thousands) | ||||||||||||||
2016 | $ | 78,960 | 0.57 | % | ||||||||||
2017 | 507,893 | 0.48 | % | |||||||||||
2018 | 149,944 | 0.92 | % | |||||||||||
2019 | 402,393 | 1.02 | % | |||||||||||
Thereafter | 279,157 | 2.64 | % | |||||||||||
$ | 1,418,347 | 1.11 | % | |||||||||||
The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2014 , including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: | ||||||||||||||
Table 7.3 | ||||||||||||||
Earliest Interest Rate Reset Date of Borrowings Outstanding | ||||||||||||||
Amount | Weighted-Average Rate | |||||||||||||
(dollars in thousands) | ||||||||||||||
Debt with interest rate resets in: | ||||||||||||||
2015 | $ | 8,887,288 | 0.44% | |||||||||||
2016 | 1,391,014 | 1.26% | ||||||||||||
2017 | 711,299 | 1.19% | ||||||||||||
2018 | 532,279 | 1.38% | ||||||||||||
2019 | 470,183 | 1.76% | ||||||||||||
Thereafter | 833,076 | 3.29% | ||||||||||||
Total | $ | 12,825,139 | 0.85% | |||||||||||
During 2014 and 2013, Farmer Mac called $0.5 billion and $0.4 billion of callable medium-term notes, respectively. | ||||||||||||||
Authority to Borrow from the U.S. Treasury | ||||||||||||||
Farmer Mac's statutory charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2014, Farmer Mac had not used this borrowing authority and does not expect to use this borrowing authority in the future. | ||||||||||||||
Gains on Repurchase of Outstanding Debt | ||||||||||||||
No outstanding debt repurchases were made in 2014 or 2012. In 2013, Farmer Mac repurchased $29.1 million of outstanding debt at a gain of $1.5 million. |
Loans_and_Allowance_for_Losses
Loans and Allowance for Losses and Concentrations of Credit Risk | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses and Concentration Risk Disclosure | LOANS AND ALLOWANCE FOR LOSSES | |||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of December 31, 2014 and 2013, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.1 | ||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Farm & Ranch | $ | 2,118,867 | $ | 421,355 | $ | 2,540,222 | $ | 1,875,958 | $ | 259,509 | $ | 2,135,467 | ||||||||||||||||
Rural Utilities | 718,213 | 267,396 | 985,609 | 698,010 | 354,241 | 1,052,251 | ||||||||||||||||||||||
Total unpaid principal balance (1) | 2,837,080 | 688,751 | 3,525,831 | 2,573,968 | 613,750 | 3,187,718 | ||||||||||||||||||||||
Unamortized premiums, discounts and other cost basis adjustments | (3,619 | ) | 3,727 | 108 | (3,843 | ) | 16,239 | 12,396 | ||||||||||||||||||||
Total loans | 2,833,461 | 692,478 | 3,525,939 | 2,570,125 | 629,989 | 3,200,114 | ||||||||||||||||||||||
Allowance for loan losses | (5,324 | ) | (540 | ) | (5,864 | ) | (6,587 | ) | (279 | ) | (6,866 | ) | ||||||||||||||||
Total loans, net of allowance | $ | 2,828,137 | $ | 691,938 | $ | 3,520,075 | $ | 2,563,538 | $ | 629,710 | $ | 3,193,248 | ||||||||||||||||
-1 | Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. | |||||||||||||||||||||||||||
Allowances for Losses | ||||||||||||||||||||||||||||
Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: an allowance for loan losses to account for estimated probable losses on loans held, and a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities. As of December 31, 2014 and 2013, Farmer Mac recorded allowances for losses of $10.1 million and $13.3 million, respectively. See Note 5 and Note 12 for more information about Farmer Mac Guaranteed Securities. | ||||||||||||||||||||||||||||
The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2014: | ||||||||||||||||||||||||||||
Table 8.2 | ||||||||||||||||||||||||||||
Allowance | Reserve | Total | ||||||||||||||||||||||||||
for Loan | for Losses | Allowance | ||||||||||||||||||||||||||
Losses | for Losses | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 10,161 | $ | 7,355 | $ | 17,516 | ||||||||||||||||||||||
Provision for/(release of) losses | 3,691 | (1,816 | ) | 1,875 | ||||||||||||||||||||||||
Charge-offs | (2,501 | ) | — | (2,501 | ) | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 11,351 | $ | 5,539 | $ | 16,890 | ||||||||||||||||||||||
(Release of)/provision for losses | (481 | ) | 929 | 448 | ||||||||||||||||||||||||
Charge-offs | (4,004 | ) | — | (4,004 | ) | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 6,866 | $ | 6,468 | $ | 13,334 | ||||||||||||||||||||||
Release of losses | (961 | ) | (2,205 | ) | (3,166 | ) | ||||||||||||||||||||||
Charge-offs | (86 | ) | — | (86 | ) | |||||||||||||||||||||||
Recoveries | 45 | — | 45 | |||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,864 | $ | 4,263 | $ | 10,127 | ||||||||||||||||||||||
During 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.0 million and releases from its reserve for losses of $2.2 million, primarily related to a decrease in the balance of its ethanol loans as well as a general improvement in the quality of the ethanol loans held and loans underlying LTSPCs. Farmer Mac recorded $0.1 million of charge-offs and recoveries of $45,000 to its allowance for loan losses during 2014. | ||||||||||||||||||||||||||||
During 2013, Farmer Mac recorded releases from its allowance for loan losses of $0.5 million and provisions to its reserve for losses of $0.9 million. Farmer Mac also recorded $4.0 million of charge-offs to its allowance for loan losses during 2013. Charge-offs recorded during 2013 included a $3.6 million charge-off related to one ethanol loan that transitioned to real estate owned ("REO") for which Farmer Mac had previously provided a specific allowance. | ||||||||||||||||||||||||||||
During 2012, Farmer Mac recorded provisions to its allowance for loan losses of $3.7 million and releases from its reserve for losses of $1.8 million. In fourth quarter 2012, Farmer Mac purchased one defaulted ethanol loan pursuant to the terms of an LTSPC agreement. This resulted in the reclassification of a specific allowance of $3.2 million from the reserve for losses to the allowance for loan losses. The provision for/(release of) losses for 2012 reflects this reclassification as well as an increase in the specific allowance for this loan during 2012 prior to purchase. Farmer Mac also recorded charge-offs of $2.5 million to its allowance for loan losses during 2012. | ||||||||||||||||||||||||||||
The following tables present the changes in the total allowance for losses for the year ended December 31, 2014 and 2013 by commodity type: | ||||||||||||||||||||||||||||
Table 8.3 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
Provision for/(release of) losses | 395 | (72 | ) | 209 | 42 | (3,740 | ) | — | (3,166 | ) | ||||||||||||||||||
Charge-offs | — | — | (57 | ) | (29 | ) | — | — | (86 | ) | ||||||||||||||||||
Recoveries | — | 45 | — | — | — | — | 45 | |||||||||||||||||||||
Ending Balance | $ | 2,519 | $ | 2,159 | $ | 1,423 | $ | 467 | $ | 3,552 | $ | 7 | $ | 10,127 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 2,589 | $ | 2,316 | $ | 1,534 | $ | 784 | $ | 9,661 | $ | 6 | $ | 16,890 | ||||||||||||||
(Release of)/provision for losses | (420 | ) | (130 | ) | (263 | ) | 4 | 1,256 | 1 | 448 | ||||||||||||||||||
Charge-offs | (45 | ) | — | — | (334 | ) | (3,625 | ) | — | (4,004 | ) | |||||||||||||||||
Ending Balance | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.4 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Ending Balance: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,621,360 | $ | 359,517 | $ | 406,049 | $ | 57,851 | $ | 29,003 | $ | — | $ | 2,473,780 | ||||||||||||||
Off-balance sheet | 1,305,141 | 521,535 | 839,286 | 102,857 | 85,357 | 6,781 | 2,860,957 | |||||||||||||||||||||
Total | $ | 2,926,501 | $ | 881,052 | $ | 1,245,335 | $ | 160,708 | $ | 114,360 | $ | 6,781 | $ | 5,334,737 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 12,307 | $ | 35,904 | $ | 6,571 | $ | 11,660 | $ | — | $ | — | $ | 66,442 | ||||||||||||||
Off-balance sheet | 2,458 | 3,239 | 8,712 | 1,586 | — | — | 15,995 | |||||||||||||||||||||
Total | $ | 14,765 | $ | 39,143 | $ | 15,283 | $ | 13,246 | $ | — | $ | — | $ | 82,437 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,633,667 | $ | 395,421 | $ | 412,620 | $ | 69,511 | $ | 29,003 | $ | — | $ | 2,540,222 | ||||||||||||||
Off-balance sheet | 1,307,599 | 524,774 | 847,998 | 104,443 | 85,357 | 6,781 | 2,876,952 | |||||||||||||||||||||
Total | $ | 2,941,266 | $ | 920,195 | $ | 1,260,618 | $ | 173,954 | $ | 114,360 | $ | 6,781 | $ | 5,417,174 | ||||||||||||||
Allowance for Losses: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,824 | $ | 495 | $ | 658 | $ | 51 | $ | 503 | $ | — | $ | 3,531 | ||||||||||||||
Off-balance sheet | 298 | 149 | 404 | 52 | 3,049 | 7 | 3,959 | |||||||||||||||||||||
Total | $ | 2,122 | $ | 644 | $ | 1,062 | $ | 103 | $ | 3,552 | $ | 7 | $ | 7,490 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 283 | $ | 1,410 | $ | 328 | $ | 312 | $ | — | $ | — | $ | 2,333 | ||||||||||||||
Off-balance sheet | 114 | 105 | 33 | 52 | — | — | 304 | |||||||||||||||||||||
Total | $ | 397 | $ | 1,515 | $ | 361 | $ | 364 | $ | — | $ | — | $ | 2,637 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 2,107 | $ | 1,905 | $ | 986 | $ | 363 | $ | 503 | $ | — | $ | 5,864 | ||||||||||||||
Off-balance sheet | 412 | 254 | 437 | 104 | 3,049 | 7 | 4,263 | |||||||||||||||||||||
Total | $ | 2,519 | $ | 2,159 | $ | 1,423 | $ | 467 | $ | 3,552 | $ | 7 | $ | 10,127 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Ending Balance: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,363,861 | $ | 295,037 | $ | 319,665 | $ | 39,940 | $ | 32,636 | $ | 359 | $ | 2,051,498 | ||||||||||||||
Off-balance sheet | 1,279,887 | 567,932 | 912,397 | 109,884 | 138,282 | 8,159 | 3,016,541 | |||||||||||||||||||||
Total | $ | 2,643,748 | $ | 862,969 | $ | 1,232,062 | $ | 149,824 | $ | 170,918 | $ | 8,518 | $ | 5,068,039 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 21,147 | $ | 41,441 | $ | 10,844 | $ | 10,422 | $ | — | $ | 115 | $ | 83,969 | ||||||||||||||
Off-balance sheet | 1,962 | 3,414 | 3,199 | 2,497 | — | — | 11,072 | |||||||||||||||||||||
Total | $ | 23,109 | $ | 44,855 | $ | 14,043 | $ | 12,919 | $ | — | $ | 115 | $ | 95,041 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,385,008 | $ | 336,478 | $ | 330,509 | $ | 50,362 | $ | 32,636 | $ | 474 | $ | 2,135,467 | ||||||||||||||
Off-balance sheet | 1,281,849 | 571,346 | 915,596 | 112,381 | 138,282 | 8,159 | 3,027,613 | |||||||||||||||||||||
Total | $ | 2,666,857 | $ | 907,824 | $ | 1,246,105 | $ | 162,743 | $ | 170,918 | $ | 8,633 | $ | 5,163,080 | ||||||||||||||
Allowance for Losses: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,321 | $ | 325 | $ | 436 | $ | 20 | $ | 2,290 | $ | — | $ | 4,392 | ||||||||||||||
Off-balance sheet | 397 | 159 | 642 | 42 | 5,002 | 4 | 6,246 | |||||||||||||||||||||
Total | $ | 1,718 | $ | 484 | $ | 1,078 | $ | 62 | $ | 7,292 | $ | 4 | $ | 10,638 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 362 | $ | 1,641 | $ | 140 | $ | 331 | $ | — | $ | — | $ | 2,474 | ||||||||||||||
Off-balance sheet | 44 | 61 | 53 | 61 | — | 3 | 222 | |||||||||||||||||||||
Total | $ | 406 | $ | 1,702 | $ | 193 | $ | 392 | $ | — | $ | 3 | $ | 2,696 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,683 | $ | 1,966 | $ | 576 | $ | 351 | $ | 2,290 | $ | — | $ | 6,866 | ||||||||||||||
Off-balance sheet | 441 | 220 | 695 | 103 | 5,002 | 7 | 6,468 | |||||||||||||||||||||
Total | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.5 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||
With no specific allowance: | ||||||||||||||||||||||||||||
Recorded investment | $ | 4,877 | $ | 5,837 | $ | 9,576 | $ | 2,001 | $ | — | $ | — | $ | 22,291 | ||||||||||||||
Unpaid principal balance | 4,723 | 5,750 | 9,386 | 1,981 | — | — | 21,840 | |||||||||||||||||||||
With a specific allowance: | ||||||||||||||||||||||||||||
Recorded investment (1) | 10,753 | 33,690 | 5,979 | 11,350 | — | — | 61,772 | |||||||||||||||||||||
Unpaid principal balance | 10,042 | 33,393 | 5,897 | 11,265 | — | — | 60,597 | |||||||||||||||||||||
Associated allowance | 397 | 1,515 | 361 | 364 | — | — | 2,637 | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Recorded investment | 15,630 | 39,527 | 15,555 | 13,351 | — | — | 84,063 | |||||||||||||||||||||
Unpaid principal balance | 14,765 | 39,143 | 15,283 | 13,246 | — | — | 82,437 | |||||||||||||||||||||
Associated allowance | 397 | 1,515 | 361 | 364 | — | — | 2,637 | |||||||||||||||||||||
Recorded investment of loans on nonaccrual status (2) | $ | 5,168 | $ | 14,413 | $ | 4,438 | $ | 6,133 | $ | — | $ | — | $ | 30,152 | ||||||||||||||
-1 | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million. | |||||||||||||||||||||||||||
-2 | Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||
With no specific allowance: | ||||||||||||||||||||||||||||
Recorded investment | $ | 6,956 | $ | 9,880 | $ | 6,671 | $ | 1,444 | $ | — | $ | — | $ | 24,951 | ||||||||||||||
Unpaid principal balance | 6,825 | 9,877 | 6,588 | 1,443 | — | — | 24,733 | |||||||||||||||||||||
With a specific allowance: | ||||||||||||||||||||||||||||
Recorded investment (1) | 16,697 | 36,146 | 7,600 | 11,554 | — | 119 | 72,116 | |||||||||||||||||||||
Unpaid principal balance | 16,284 | 34,978 | 7,455 | 11,476 | — | 115 | 70,308 | |||||||||||||||||||||
Associated allowance | 406 | 1,702 | 193 | 392 | — | 3 | 2,696 | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Recorded investment | 23,653 | 46,026 | 14,271 | 12,998 | — | 119 | 97,067 | |||||||||||||||||||||
Unpaid principal balance | 23,109 | 44,855 | 14,043 | 12,919 | — | 115 | 95,041 | |||||||||||||||||||||
Associated allowance | 406 | 1,702 | 193 | 392 | — | 3 | 2,696 | |||||||||||||||||||||
Recorded investment of loans on nonaccrual status (2) | $ | 10,812 | $ | 15,237 | $ | 5,344 | $ | 5,835 | $ | — | $ | — | $ | 37,228 | ||||||||||||||
-1 | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $65.1 million (67 percent) of impaired loans as of December 31, 2013, which resulted in a specific reserve of $1.3 million. | |||||||||||||||||||||||||||
-2 | Includes $9.6 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. | |||||||||||||||||||||||||||
The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.6 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 20,625 | $ | 43,221 | $ | 13,543 | $ | 12,596 | $ | — | $ | 24 | $ | 90,009 | ||||||||||||||
Income recognized on impaired loans | 373 | 474 | 327 | 359 | — | — | 1,533 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 28,387 | $ | 42,838 | $ | 16,117 | $ | 13,042 | $ | 867 | $ | 481 | $ | 101,732 | ||||||||||||||
Income recognized on impaired loans | 793 | 2,254 | 277 | 444 | — | — | 3,768 | |||||||||||||||||||||
A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring ("TDR"). Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. For the year ended December 31, 2014, the recorded investment of loans determined to be TDRs was $5.3 million before restructuring and $6.0 million after restructuring. For the year ended December 31, 2013, the recorded investment of loans determined to be TDRs was $1.1 million both before and after restructuring. For the year ended December 31, 2012, the recorded investment of loans determined to be TDRs was $2.6 million before and $2.8 million after restructuring. As of December 31, 2014 and 2013, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the year ended December 31, 2014. The impact of TDRs on Farmer Mac's allowance for loan losses for the year ended December 31 2013, and 2012 was a provision of $0.1 million and a release of $0.3 million, respectively. | ||||||||||||||||||||||||||||
When particular criteria are met, such as the default of the borrower, Farmer Mac becomes entitled to purchase the defaulted loans underlying Farmer Mac Guaranteed Securities (commonly referred to as "removal-of-account" provisions). Farmer Mac records all such defaulted loans at their unpaid principal balance during the period in which Farmer Mac becomes entitled to purchase the loans and therefore regains effective control over the transferred loans. In accordance with the terms of all LTSPCs, Farmer Mac acquires loans that are either 90 days or 120 days delinquent (depending on the provisions of the applicable agreement) upon the request of the counterparty. Subsequent to the purchase, these defaulted loans are treated as nonaccrual loans and, therefore, interest is accounted for on the cash basis. Any decreases in expected cash flows are recognized as impairment. | ||||||||||||||||||||||||||||
During 2014, Farmer Mac purchased 2 defaulted loans having an unpaid principal balance of $0.7 million, from pools underlying LTSPCs. During 2013, Farmer Mac purchased 11 defaulted loans having an unpaid principal balance of $6.7 million from pools underlying Farm & Ranch Guaranteed Securities and LTSPCs. During 2012, Farmer Mac purchased 15 defaulted loans having an unpaid principal balance of $17.0 million from pools underlying Farm & Ranch Guaranteed Securities and LTSPCs. | ||||||||||||||||||||||||||||
The following tables present information related to Farmer Mac's acquisition of defaulted loans for the years ended December 31, 2014, 2013, and 2012 and the outstanding balances and carrying amounts of all such loans as of December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||
Table 8.7 | ||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Unpaid principal balance at acquisition date: | ||||||||||||||||||||||||||||
Loans underlying LTSPCs | $ | 705 | $ | 37 | $ | 8,091 | ||||||||||||||||||||||
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities | — | 6,667 | 8,933 | |||||||||||||||||||||||||
Total unpaid principal balance at acquisition date | 705 | 6,704 | 17,024 | |||||||||||||||||||||||||
Contractually required payments receivable | 705 | 6,907 | 17,432 | |||||||||||||||||||||||||
Impairment recognized subsequent to acquisition | 69 | 477 | 4,774 | |||||||||||||||||||||||||
Recovery/release of allowance for defaulted loans | 233 | 949 | 997 | |||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Outstanding balance | $ | 24,921 | $ | 32,838 | $ | 41,737 | ||||||||||||||||||||||
Carrying amount | 22,149 | 29,613 | 33,798 | |||||||||||||||||||||||||
Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below. As of December 31, 2014, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans. | ||||||||||||||||||||||||||||
Table 8.8 | ||||||||||||||||||||||||||||
90-Day Delinquencies (1) | Net Credit (Recoveries)/Losses | |||||||||||||||||||||||||||
As of December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
On-balance sheet assets: | ||||||||||||||||||||||||||||
Farm & Ranch: | ||||||||||||||||||||||||||||
Loans | $ | 18,427 | $ | 27,580 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
Total on-balance sheet | $ | 18,427 | $ | 27,580 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
Off-balance sheet assets: | ||||||||||||||||||||||||||||
Farm & Ranch: | ||||||||||||||||||||||||||||
LTSPCs | $ | 490 | $ | 716 | $ | — | $ | — | $ | — | ||||||||||||||||||
Total off-balance sheet | $ | 490 | $ | 716 | $ | — | $ | — | $ | — | ||||||||||||||||||
Total | $ | 18,917 | $ | 28,296 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
-1 | Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. | |||||||||||||||||||||||||||
Of the $18.4 million and $27.6 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2014 and 2013, respectively, $1.8 million and $1.2 million, respectively, were loans subject to "removal-of-account" provisions. | ||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
Farmer Mac analyzes credit risk related to loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities based on internally assigned loan scores (i.e., risk ratings) that are derived by taking into consideration such factors as historical repayment performance, indicators of current financial condition, loan seasoning, loan size, and loan-to-value ratio. Loans are then classified into one of the following asset categories based on their underlying risk rating: acceptable; other assets especially mentioned; and substandard. Farmer Mac believes this analysis provides meaningful information regarding the credit risk profile of its Farm & Ranch portfolio as of each quarterly reporting period end date. | ||||||||||||||||||||||||||||
Farmer Mac also uses 90-day delinquency information to evaluate its credit risk exposure on these assets because historically it has been the best measure of borrower credit quality deterioration. Most of the loans held and underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities have annual (January 1) or semi-annual (January 1 and July 1) payment dates and are supported by less frequent and less predictable revenue sources, such as the cash flows generated from the maturation of crops, sales of livestock, and government farm support programs. Taking into account the reduced frequency of payment due dates and revenue sources, Farmer Mac considers 90-day delinquency to be the most significant observation point when evaluating delinquency information. | ||||||||||||||||||||||||||||
The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.9 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | ||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,604,546 | $ | 353,487 | $ | 375,010 | $ | 57,239 | $ | 29,003 | $ | — | $ | 2,419,285 | ||||||||||||||
Special mention (2) | 16,814 | 6,030 | 31,039 | 612 | — | — | 54,495 | |||||||||||||||||||||
Substandard (3) | 12,307 | 35,904 | 6,571 | 11,660 | — | — | 66,442 | |||||||||||||||||||||
Total on-balance sheet | $ | 1,633,667 | $ | 395,421 | $ | 412,620 | $ | 69,511 | $ | 29,003 | $ | — | $ | 2,540,222 | ||||||||||||||
Off-Balance Sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,282,773 | $ | 503,414 | $ | 799,047 | $ | 97,692 | $ | 64,363 | $ | 6,117 | $ | 2,753,406 | ||||||||||||||
Special mention (2) | 13,603 | 12,150 | 30,281 | 1,351 | — | 8 | 57,393 | |||||||||||||||||||||
Substandard (3) | 11,223 | 9,210 | 18,670 | 5,400 | 20,994 | 656 | 66,153 | |||||||||||||||||||||
Total off-balance sheet | $ | 1,307,599 | $ | 524,774 | $ | 847,998 | $ | 104,443 | $ | 85,357 | $ | 6,781 | $ | 2,876,952 | ||||||||||||||
Total Ending Balance: | ||||||||||||||||||||||||||||
Acceptable | $ | 2,887,319 | $ | 856,901 | $ | 1,174,057 | $ | 154,931 | $ | 93,366 | $ | 6,117 | $ | 5,172,691 | ||||||||||||||
Special mention (2) | 30,417 | 18,180 | 61,320 | 1,963 | — | 8 | 111,888 | |||||||||||||||||||||
Substandard (3) | 23,530 | 45,114 | 25,241 | 17,060 | 20,994 | 656 | 132,595 | |||||||||||||||||||||
Total | $ | 2,941,266 | $ | 920,195 | $ | 1,260,618 | $ | 173,954 | $ | 114,360 | $ | 6,781 | $ | 5,417,174 | ||||||||||||||
Commodity analysis of past due loans (1) | ||||||||||||||||||||||||||||
On-balance sheet | $ | 4,175 | $ | 6,869 | $ | 4,555 | $ | 2,828 | $ | — | $ | — | $ | 18,427 | ||||||||||||||
Off-balance sheet | — | — | 490 | — | — | — | 490 | |||||||||||||||||||||
90-days or more past due | $ | 4,175 | $ | 6,869 | $ | 5,045 | $ | 2,828 | $ | — | $ | — | $ | 18,917 | ||||||||||||||
-1 | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||||||||||||||||||||||||||
-2 | Assets in the Special mention category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. | |||||||||||||||||||||||||||
-3 | Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | ||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,348,205 | $ | 290,064 | $ | 300,308 | $ | 39,022 | $ | 10,987 | $ | 359 | $ | 1,988,945 | ||||||||||||||
Special Mention (2) | 15,656 | 4,973 | 19,357 | 918 | 6,267 | — | 47,171 | |||||||||||||||||||||
Substandard (3) | 21,147 | 41,441 | 10,844 | 10,422 | 15,382 | 115 | 99,351 | |||||||||||||||||||||
Total on-balance sheet | $ | 1,385,008 | $ | 336,478 | $ | 330,509 | $ | 50,362 | $ | 32,636 | $ | 474 | $ | 2,135,467 | ||||||||||||||
Off-Balance Sheet | ||||||||||||||||||||||||||||
Acceptable | $ | 1,251,834 | $ | 548,254 | $ | 844,130 | $ | 105,589 | $ | 99,072 | $ | 7,478 | $ | 2,856,357 | ||||||||||||||
Special Mention (2) | 10,977 | 15,621 | 36,555 | 917 | 11,011 | 578 | 75,659 | |||||||||||||||||||||
Substandard (3) | 19,038 | 7,471 | 34,911 | 5,875 | 28,199 | 103 | 95,597 | |||||||||||||||||||||
Total off-balance sheet | $ | 1,281,849 | $ | 571,346 | $ | 915,596 | $ | 112,381 | $ | 138,282 | $ | 8,159 | $ | 3,027,613 | ||||||||||||||
Total Ending Balance: | ||||||||||||||||||||||||||||
Acceptable | $ | 2,600,039 | $ | 838,318 | $ | 1,144,438 | $ | 144,611 | $ | 110,059 | $ | 7,837 | $ | 4,845,302 | ||||||||||||||
Special Mention (2) | 26,633 | 20,594 | 55,912 | 1,835 | 17,278 | 578 | 122,830 | |||||||||||||||||||||
Substandard (3) | 40,185 | 48,912 | 45,755 | 16,297 | 43,581 | 218 | 194,948 | |||||||||||||||||||||
Total | $ | 2,666,857 | $ | 907,824 | $ | 1,246,105 | $ | 162,743 | $ | 170,918 | $ | 8,633 | $ | 5,163,080 | ||||||||||||||
Commodity analysis of past due loans (1) | ||||||||||||||||||||||||||||
On-balance sheet | $ | 8,036 | $ | 11,841 | $ | 4,462 | $ | 3,122 | $ | — | $ | 119 | $ | 27,580 | ||||||||||||||
Off-balance sheet | 220 | — | — | 496 | — | — | 716 | |||||||||||||||||||||
90-days or more past due | $ | 8,256 | $ | 11,841 | $ | 4,462 | $ | 3,618 | $ | — | $ | 119 | $ | 28,296 | ||||||||||||||
-1 | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||||||||||||||||||||||||||
-2 | Assets in the Special mention category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. | |||||||||||||||||||||||||||
-3 | Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. | |||||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||||||
The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
Table 8.10 | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
By commodity/collateral type: | ||||||||||||||||||||||||||||
Crops | $ | 2,941,266 | $ | 2,666,857 | ||||||||||||||||||||||||
Permanent plantings | 920,195 | 907,824 | ||||||||||||||||||||||||||
Livestock | 1,260,618 | 1,246,105 | ||||||||||||||||||||||||||
Part-time farm | 173,954 | 162,743 | ||||||||||||||||||||||||||
Ag. Storage and Processing (including ethanol facilities) | 114,360 | 170,918 | ||||||||||||||||||||||||||
Other | 6,781 | 8,633 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
By geographic region (1): | ||||||||||||||||||||||||||||
Northwest | $ | 573,135 | $ | 524,034 | ||||||||||||||||||||||||
Southwest | 1,753,606 | 1,752,109 | ||||||||||||||||||||||||||
Mid-North | 1,873,041 | 1,702,668 | ||||||||||||||||||||||||||
Mid-South | 627,615 | 601,359 | ||||||||||||||||||||||||||
Northeast | 214,402 | 231,731 | ||||||||||||||||||||||||||
Southeast | 375,375 | 351,179 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
By original loan-to-value ratio: | ||||||||||||||||||||||||||||
0.00% to 40.00% | $ | 1,503,076 | $ | 1,375,758 | ||||||||||||||||||||||||
40.01% to 50.00% | 1,191,804 | 1,099,033 | ||||||||||||||||||||||||||
50.01% to 60.00% | 1,491,502 | 1,431,562 | ||||||||||||||||||||||||||
60.01% to 70.00% | 1,091,759 | 1,113,427 | ||||||||||||||||||||||||||
70.01% to 80.00% | 115,645 | 110,828 | ||||||||||||||||||||||||||
80.01% to 90.00% | 23,388 | 32,472 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
-1 | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). | |||||||||||||||||||||||||||
The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment. Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Equity Disclosure | EQUITY | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Farmer Mac has three classes of common stock outstanding: | |||||||||||||||||||||
• | Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33 percent of the outstanding shares of Class A voting common stock. | ||||||||||||||||||||
• | Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. | ||||||||||||||||||||
• | Class C non-voting common stock, which has no ownership restrictions. | ||||||||||||||||||||
During 2014, 2013, and 2012, Farmer Mac paid a quarterly dividend of $0.14, $0.12, and $0.10, respectively, per share on all classes of its common stock. Farmer Mac's ability to declare and pay a dividend could be restricted if it fails to comply with applicable capital requirements. | |||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
On June 20, 2014, Farmer Mac issued 3.0 million shares of 6.000 percent Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the "Series C Preferred Stock"). On March 25, 2014, Farmer Mac issued 3.0 million shares of 6.875 percent Non-Cumulative Preferred Stock, Series B (the "Series B Preferred Stock"). On January 17, 2013, Farmer Mac issued 2.4 million shares of 5.875 percent Non-Cumulative Preferred Stock, Series A (the "Series A Preferred Stock"). The Series A Preferred Stock, the Series B Preferred Stock, and the Series C Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") each has a par value of $25.00 per share and a liquidation preference of $25.00 per share. The Series A Preferred Stock and the Series B Preferred Stock pay an annual dividend rate of 5.875 percent and 6.875 percent, respectively, for the life of the securities. The Series C Preferred Stock pays an annual dividend rate of 6.000 percent from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26 percent. Farmer Mac has the right, but not the obligation, to redeem the Series A Preferred Stock at any time on and after January 17, 2018, the Series B Preferred Stock at any time on and after April 17, 2019, and the Series C Preferred Stock at any time on and after July 18, 2024, all at a price equal to the then-applicable liquidation preference. Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's Board of Directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. Farmer Mac incurred direct costs of $1.7 million related to the issuance of the Series A Preferred Stock, direct costs of $1.9 million related to the issuance of the Series B Preferred Stock, and direct costs of $1.6 million related to the issuance of the Series C Preferred Stock. Farmer Mac used the proceeds from the sale of the Series A Preferred Stock to redeem and retire on January 17, 2013 its then-outstanding shares of Series C Non-Voting Cumulative Preferred Stock, which is different than the Series C Preferred Stock that is currently outstanding and which had a par value and liquidation preference of $1,000 per share and had been issued in 2008 and 2009. As of December 31, 2014, Farmer Mac had 2.4 million shares of Series A Preferred Stock outstanding, 3.0 million shares of Series B Preferred Stock outstanding, and 3.0 million of Series C Preferred Stock outstanding. | |||||||||||||||||||||
Farmer Mac's ability to declare and pay dividends on its preferred stock could be restricted if it fails to comply with applicable capital requirements. Farmer Mac's preferred stock is included as a component of core capital for regulatory and statutory capital compliance measurements. | |||||||||||||||||||||
Non-Controlling Interest in Farmer Mac II LLC | |||||||||||||||||||||
On January 25, 2010, Farmer Mac completed a private offering of $250.0 million of securities issued by a newly formed Delaware statutory trust. The trust securities, called Farm Asset-Linked Capital Securities or "FALConS," represent undivided beneficial ownership interests in 250,000 shares of non-cumulative perpetual preferred stock (the "Farmer Mac II LLC Preferred Stock") of Farmer Mac's subsidiary, Farmer Mac II LLC, a Delaware limited liability company. The Farmer Mac II LLC Preferred Stock has a liquidation preference of $1,000 per share. On May 14, 2014, Farmer Mac purchased $6.0 million of FALConS from certain holders. | |||||||||||||||||||||
Dividends on the Farmer Mac II LLC Preferred Stock will be payable if, when, and as declared by Farmer Mac II LLC's board of directors, quarterly, on a non-cumulative basis, on March 30, June 30, September 30, and December 30 of each year. From the date of issuance to but excluding the quarterly payment date occurring on March 30, 2015, the annual dividend rate on the Farmer Mac II LLC Preferred Stock will be 8.875 percent. From March 30, 2015 to but excluding the quarterly payment date occurring on March 30, 2020, the annual dividend rate on the Farmer Mac II LLC Preferred Stock will be 10.875 percent. Beginning on March 30, 2020, the dividend rate on the Farmer Mac II LLC Preferred Stock will be an annual rate equal to three-month LIBOR plus 8.211 percent. Dividends on the Farmer Mac II LLC Preferred Stock are non-cumulative, so dividends that are not declared for any payment date will not accrue. Farmer Mac II LLC Preferred Stock is presented as "Non-controlling interest – preferred stock" within equity on the consolidated balance sheets of Farmer Mac. The accrual of declared dividends is presented as "Net income attributable to non-controlling interest – preferred stock dividends" on the consolidated statements of operations on a pre-tax basis. The consolidated tax benefit is included in income tax expense. Farmer Mac II LLC has provided notice of its intent to redeem the Farmer Mac II LLC Preferred Stock on March 30, 2015, which will in turn trigger the redemption of all the outstanding FALConS securities on that same day. See Note 16 for more information on the announcement to redeem Farmer Mac II LLC Preferred Stock. | |||||||||||||||||||||
Equity-based Incentive Compensation Plans | |||||||||||||||||||||
Farmer Mac's 2008 Omnibus Incentive Compensation Plan authorizes the grants of restricted stock, stock options, and SARs, among other alternative forms of equity-based compensation, to directors, officers and other employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or terminated earlier due to the termination of employment or service on the Board, SARs granted to officers or employees expire after 10 years. For all SARs granted, the exercise price is equal to the closing price of the Class C non-voting common stock on the date of grant. SARs granted during 2014 have exercise prices ranging from $29.37 to $35.60 per share, SARs granted during 2013 have exercise prices ranging from $30.20 to $37.17 per share, and SARS granted during 2012 have exercise prices ranging from $21.69 to $32.85 per share. During 2014 and 2013, restricted stock awards were granted to directors with a vesting period of one year, to officers vesting in three years provided certain performance targets are met, and to officers and employees vesting annually in thirds. During 2012, restricted stock awards were granted to directors with a vesting period of one year, and restricted stock awards were granted to officers vesting in three years provided certain performance targets are met. | |||||||||||||||||||||
The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||
Table 9.1 | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock | Weighted- | Stock | Weighted- | Stock | Weighted- | ||||||||||||||||
Options | Average | Options | Average | Options | Average | ||||||||||||||||
and | Exercise | and | Exercise | and | Exercise | ||||||||||||||||
SARs | Price | SARs | Price | SARs | Price | ||||||||||||||||
Outstanding, beginning of year | 664,245 | $ | 23.78 | 788,748 | $ | 20.89 | 1,327,066 | $ | 18.72 | ||||||||||||
Granted | 87,600 | 34.92 | 94,017 | 31.24 | 157,983 | 22.32 | |||||||||||||||
Exercised | (23,035 | ) | 20.83 | (208,877 | ) | 16.24 | (427,348 | ) | 13.18 | ||||||||||||
Canceled | (10,667 | ) | 31.16 | (9,643 | ) | 23.02 | (268,953 | ) | 23.29 | ||||||||||||
Outstanding, end of year | 718,143 | 25.12 | 664,245 | 23.78 | 788,748 | 20.89 | |||||||||||||||
Exercisable at end of year | 548,180 | 23.12 | 483,216 | 22.83 | 574,439 | 21.76 | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Non-vested | Weighted- | Non-vested | Weighted- | Non-vested | Weighted- | ||||||||||||||||
Restricted | Average | Restricted | Average | Restricted | Average | ||||||||||||||||
Stock | Grant Date | Stock | Grant Date | Stock | Grant Date | ||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding, beginning of year | 98,285 | $ | 27.66 | 91,311 | $ | 18.75 | 196,076 | $ | 12.15 | ||||||||||||
Granted | 57,590 | 33.88 | 73,985 | 30.27 | 72,637 | 21.92 | |||||||||||||||
Canceled | (8,360 | ) | 21.72 | (1,000 | ) | 31.42 | (59,624 | ) | 16.98 | ||||||||||||
Vested and issued | (43,743 | ) | 28.48 | (66,011 | ) | 18.21 | (117,778 | ) | 10.62 | ||||||||||||
Outstanding, end of year | 103,772 | 31.24 | 98,285 | 27.66 | 91,311 | 18.75 | |||||||||||||||
The cancellations of stock options, SARs, and non-vested restricted stock during 2014, 2013, and 2012 were due either to unvested awards terminating in accordance with the provisions of the applicable stock option plans upon directors' or employees' departures from Farmer Mac or failure to meet specified performance goals, or vested awards terminating unexercised on their expiration date. | |||||||||||||||||||||
Farmer Mac receives cash when stock options are exercised. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock. Farmer Mac received $0.2 million from the exercise of stock options during 2014, $1.9 million during 2013, and $2.9 million during 2012. During 2014, 2013, and 2012, the reduction of income taxes payable as a result of the deduction for the exercise of stock options and SARs and the vesting or accelerated tax elections of restricted stock was $0.6 million, $2.1 million, and $3.4 million, respectively. | |||||||||||||||||||||
During 2014, Farmer Mac recorded a net reduction to additional paid-in capital of $41,000 related to stock-based compensation awards. During 2013 and 2012, Farmer Mac recorded a net increase to additional paid-in capital of $1.1 million and $1.4 million, respectively, related to stock-based compensation awards. | |||||||||||||||||||||
Farmer Mac has a policy that permits directors of Farmer Mac to elect to receive shares of Class C non-voting common stock in lieu of cash retainers. During 2014, Farmer Mac issued 604 shares of Class C non-voting common stock with a fair value of $20,000 to the 5 directors who made that election. During 2013, Farmer Mac issued 842 shares of Class C non-voting common stock with a fair value of $26,000 to the 7 directors who made that election. During 2012, Farmer Mac issued 649 shares of Class C non-voting common stock with a fair value of $15,000 to the 4 directors who made that election. Fair values are determined based on the closing price of the Class C non-voting common stock as of the last business day of each quarter. | |||||||||||||||||||||
The following tables summarize information regarding stock options, SARs, and non-vested restricted stock outstanding as of December 31, 2014: | |||||||||||||||||||||
Table 9.2 | |||||||||||||||||||||
Outstanding | Exercisable | Vested or Expected to Vest | |||||||||||||||||||
Range of | Stock Options and SARs | Weighted- | Stock Options and SARs | Weighted- | Stock Options and SARs | Weighted- | |||||||||||||||
Exercise Prices | Average Remaining Contractual Life | Average Remaining Contractual Life | Average Remaining Contractual Life | ||||||||||||||||||
$5.00 - $ 9.99 | 32,000 | 4.4 years | 32,000 | 4.4 years | 32,000 | 4.4 years | |||||||||||||||
10.00 - 14.99 | 66,665 | 5.4 years | 66,665 | 5.4 years | 66,665 | 5.4 years | |||||||||||||||
15.00 - 19.99 | 67,000 | 6.4 years | 67,000 | 6.4 years | 67,000 | 6.4 years | |||||||||||||||
20.00 - 24.99 | 127,703 | 4.9 years | 101,036 | 4.3 years | 125,295 | 4.9 years | |||||||||||||||
25.00 - 29.99 | 230,152 | 2.6 years | 228,152 | 2.5 years | 230,072 | 2.6 years | |||||||||||||||
30.00 - 34.99 | 136,623 | 7.6 years | 53,327 | 6.2 years | 132,349 | 7.6 years | |||||||||||||||
35.00 - 39.99 | 58,000 | 9.2 years | — | — | 55,560 | 9.2 years | |||||||||||||||
718,143 | 548,180 | 708,941 | |||||||||||||||||||
Outstanding | Expected to Vest | ||||||||||||||||||||
Weighted- | Non-vested Restricted Stock | Weighted-Average Remaining Contractual | Non-vested Restricted Stock | Weighted-Average Remaining Contractual | |||||||||||||||||
Average | Life | Life | |||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
20.00 - 24.99 | 12,000 | 0.2 years | 11,160 | 0.2 years | |||||||||||||||||
25.00 - 29.99 | — | — | — | — | |||||||||||||||||
30.00 - 34.99 | 90,223 | 1.7 years | 85,012 | 1.7 years | |||||||||||||||||
35.00 - 39.99 | 1,549 | 2.8 years | 1,487 | 2.8 years | |||||||||||||||||
103,772 | 97,659 | ||||||||||||||||||||
The weighted average exercise price of the 708,941 options and SARs vested or expected to vest as of December 31, 2014 was $25.06. | |||||||||||||||||||||
As of December 31, 2014 and 2013, the intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $7.2 million and $10.0 million, respectively. During 2014, 2013, and 2012, the total intrinsic value of options and SARs exercised was $0.3 million, $3.8 million, and $7.4 million, respectively. As of December 31, 2014, there was $3.0 million of total unrecognized compensation cost related to non-vested stock options, SARs, and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||||||
The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2014, 2013, and 2012 were $21.11, $23.12, and $16.73 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $2.9 million, $3.0 million, and $2.5 million during 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: | |||||||||||||||||||||
Table 9.3 | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 1.50% | 0.60% | 1.10% | ||||||||||||||||||
Expected years until exercise | 4 years | 4 years | 5 years | ||||||||||||||||||
Expected stock volatility | 49.70% | 83.40% | 94.60% | ||||||||||||||||||
Dividend yield | 1.60% | 1.50% | 1.80% | ||||||||||||||||||
The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C common stock on the grant date. | |||||||||||||||||||||
Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2014, 2013, and 2012 was $33.88, $30.27, and $21.92 per share, respectively, which was the closing price of the stock on the date granted. | |||||||||||||||||||||
Capital Requirements | |||||||||||||||||||||
Farmer Mac is subject to the following capital requirements: | |||||||||||||||||||||
• | Statutory minimum capital requirement – Farmer Mac's statutory minimum capital level is an amount of core capital (stockholders' equity less accumulated other comprehensive income plus non-controlling interest – preferred stock) equal to the sum of 2.75 percent of Farmer Mac's aggregate on-balance sheet assets, as calculated for regulatory purposes, plus 0.75 percent of the aggregate off-balance sheet obligations of Farmer Mac, specifically including: | ||||||||||||||||||||
◦ | the unpaid principal balance of outstanding Farmer Mac Guaranteed Securities; | ||||||||||||||||||||
◦ | instruments issued or guaranteed by Farmer Mac that are substantially equivalent to Farmer Mac Guaranteed Securities, including LTSPCs; and | ||||||||||||||||||||
◦ | other off-balance sheet obligations of Farmer Mac. | ||||||||||||||||||||
• | Statutory critical capital requirement – Farmer Mac's critical capital level is an amount of core capital equal to 50 percent of the total minimum capital requirement at that time. | ||||||||||||||||||||
• | Risk-based capital requirement – Farmer Mac's charter directs FCA to establish a risk-based capital stress test for Farmer Mac, using specified stress-test parameters. | ||||||||||||||||||||
Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. | |||||||||||||||||||||
As of December 31, 2014, Farmer Mac's minimum and critical capital requirements were $421.3 million and $210.7 million, respectively, and its actual core capital level was $766.3 million, which was $345.0 million above the minimum capital requirement and $555.6 million above the critical capital requirement as of that date. As of December 31, 2013, Farmer Mac's minimum and critical capital requirements were $398.5 million and $199.3 million, respectively, and its actual core capital level was $590.7 million, which was $192.2 million above the minimum capital requirement and $391.4 million above the critical capital requirement as of that date. | |||||||||||||||||||||
Based on the risk-based capital stress test, Farmer Mac's risk-based capital requirement as of December 31, 2014 was $121.6 million, and Farmer Mac's regulatory capital (core capital plus the allowance for losses) of $776.4 million exceeded that amount by approximately $654.8 million. As of December 31, 2013, Farmer Mac's risk-based capital requirement was $90.8 million, and Farmer Mac's regulatory capital of $604.0 million exceeded that amount by approximately $513.2 million. | |||||||||||||||||||||
In accordance with FCA's rule on Farmer Mac's capital planning that became effective on January 3, 2014, and as part of Farmer Mac's capital plan, Farmer Mac has adopted a policy for maintaining a sufficient level of Tier 1 capital (consisting of retained earnings, paid-in-capital, common stock, qualifying preferred stock, and accumulated other comprehensive income allocable to investments not included in one of the four operating lines of business) and imposing restrictions on common stock dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds. |
Income_Taxes_INCOME_TAXES
Income Taxes - INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES | |||||||||||
Farmer Mac is subject to federal income taxes but is exempt from state and local income taxes. The components of the federal income tax expense for the years ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||||
Table 10.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current income tax expense | $ | 9,803 | $ | 27,082 | $ | 24,138 | ||||||
Deferred income tax (benefit)/expense | (6,979 | ) | 6,670 | (1,982 | ) | |||||||
Income tax expense | $ | 2,824 | $ | 33,752 | $ | 22,156 | ||||||
A reconciliation of tax at the statutory federal tax rate to the income tax expense for the years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||
Table 10.2 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Tax expense at statutory rate | $ | 25,587 | $ | 45,943 | $ | 31,891 | ||||||
Non-taxable dividend income | (1,587 | ) | (2,116 | ) | (2,116 | ) | ||||||
Income from non-controlling interest | (7,766 | ) | (7,766 | ) | (7,766 | ) | ||||||
Valuation allowance | (13,542 | ) | (2,693 | ) | 6 | |||||||
Other | 132 | 384 | 141 | |||||||||
Income tax expense | $ | 2,824 | $ | 33,752 | $ | 22,156 | ||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
The components of the deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows: | ||||||||||||
Table 10.3 | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Basis differences related to financial derivatives | $ | 30,921 | $ | 22,349 | ||||||||
Basis differences related to securities | 4,218 | 2,509 | ||||||||||
Unrealized losses on available-for-sale securities | — | 8,762 | ||||||||||
Allowance for losses | 3,545 | 4,667 | ||||||||||
Stock-based compensation | 2,443 | 1,916 | ||||||||||
Capital loss carryforwards | 2,105 | 38,532 | ||||||||||
Valuation allowance | (2,105 | ) | (36,432 | ) | ||||||||
Amortization of premiums on capital investments | — | 1,499 | ||||||||||
Valuation allowance | — | (1,499 | ) | |||||||||
Other | 1,205 | 2,455 | ||||||||||
Total deferred tax assets | 42,332 | 44,758 | ||||||||||
Deferred tax liability: | ||||||||||||
Unrealized gains on available-for-sale securities | 8,448 | — | ||||||||||
Basis difference in subsidiary | 195 | 353 | ||||||||||
Other | 298 | 360 | ||||||||||
Total deferred tax liability | 8,941 | 713 | ||||||||||
Net deferred tax asset | $ | 33,391 | $ | 44,045 | ||||||||
A valuation allowance is required to reduce a deferred tax asset to an amount that is more likely than not to be realized. Future realization of the tax benefit from a deferred tax asset depends on the existence of sufficient taxable income of the appropriate character. After the evaluation of both positive and negative objective evidence regarding the likelihood that its deferred tax assets will be realized, Farmer Mac established a valuation allowance of $2.1 million and $37.9 million, respectively, as of December 31, 2014 and 2013, which was attributable to capital loss carryforwards on investment securities. Farmer Mac did not establish a valuation allowance for the remainder of its deferred tax assets because it believes it is more likely than not that those deferred tax assets will be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. During 2014, Farmer Mac reduced its deferred tax valuation allowance by $13.5 million upon utilizing capital loss carryforwards. In addition, $63.7 million of capital loss carryforwards expired on December 31, 2014 and Farmer Mac removed $22.3 million of corresponding deferred tax assets and the related deferred tax asset valuation allowance. Deferred tax assets are measured at rates in effect when they arise. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A reduction in corporate tax rates would result in a reduction in the value of the deferred tax asset. As of December 31, 2014, the amount of capital loss carryforwards was $6.0 million. Of these capital loss carryforwards, $0.1 million will expire in 2015 and $5.9 million in 2016. | ||||||||||||
As of December 31, 2014 Farmer Mac did not identify any uncertain tax positions. As of December 31, 2013 both the recorded liability for uncertain tax positions and the corresponding deferred tax asset were $1.1 million. | ||||||||||||
The following table presents the changes in unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Table 10.4 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 1,148 | $ | 1,046 | $ | 1,175 | ||||||
Decreases based on tax positions related to prior years | (1,148 | ) | — | — | ||||||||
Increases/(decreases) based on tax positions related to current year | — | 102 | (129 | ) | ||||||||
Ending balance | $ | — | $ | 1,148 | $ | 1,046 | ||||||
The resolution of the unrecognized tax benefits presented above represented temporary differences and, therefore, would not result in a change to Farmer Mac's effective tax rate. As of December 31, 2013, accrued interest payable and the associated interest expense related to unrecognized tax benefits was immaterial and was presented as a component of income taxes. Farmer Mac does not expect to be subject to, and has not recorded tax penalties. During 2014, the IRS examined Farmer Mac's uncertain tax positions reported in its 2011 tax return; as a result of the examination, Farmer Mac concluded it does not currently have any uncertain tax positions. Tax years 2012 through 2014 remain subject to examination. |
Employee_Benefits_EMPLOYEE_BEN
Employee Benefits - EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFITS |
Farmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2 percent of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($260,000 for 2014, $255,000 for 2013, and $250,000 for 2012), plus 5.7 percent of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA; and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years. Expense for this plan for the years ended December 31, 2014, 2013, and 2012 was $1.2 million, $1.1 million, and $0.9 million, respectively. |
OffBalance_Sheet_Guarantees_an
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments Disclosure | OFF-BALANCE SHEET GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS | |||||||||||
Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities, which are available through the Farm & Ranch, the USDA Guarantees, or the Rural Utilities lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business. Farmer Mac records, at the inception of a guarantee, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee. The fair values of the guarantee obligation and asset at inception are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are subsequently amortized into guarantee and commitment fee income in relation to the decline in the unpaid principal balance on the underlying agricultural real estate mortgage and rural utilities loans. | ||||||||||||
The contractual terms of Farmer Mac's guarantees range from less than 1 year to 30 years. However, the actual term of each guarantee may be significantly less than the contractual term based on the prepayment characteristics of the related agricultural real estate mortgage loans. Farmer Mac's maximum potential exposure under these guarantees is comprised of the unpaid principal balance of the underlying agricultural real estate mortgage loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $3.8 billion and $3.9 billion as of December 31, 2014 and 2013, respectively. Farmer Mac's maximum potential exposure for guarantees issued prior to January 1, 2003, which are not recorded on the consolidated balance sheets, was $70.6 million and $108.7 million as of December 31, 2014 and 2013, respectively. The maximum exposure from these guarantees is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(j) and Note 8. The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Table 12.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance, January 1 | $ | 39,667 | $ | 37,803 | $ | 27,440 | ||||||
Additions to the guarantee and commitment obligation (1) | 4,966 | 8,414 | 15,134 | |||||||||
Amortization of the guarantee and commitment obligation | (6,708 | ) | (6,550 | ) | (4,771 | ) | ||||||
Ending balance, December 31 | $ | 37,925 | $ | 39,667 | $ | 37,803 | ||||||
-1 | Represents the fair value of the guarantee and commitment obligation at inception. | |||||||||||
Off-Balance Sheet Farmer Mac Guaranteed Securities | ||||||||||||
Agricultural real estate mortgage loans, rural utilities loans, and other related assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. Farmer Mac is obligated under its guarantee to ensure that the investors receive timely payments of principal and interest based on the underlying loans, regardless of whether the trust has actually received such scheduled loan payments. As consideration for Farmer Mac's assumption of the credit risk on these securities, Farmer Mac receives guarantee fees that are recognized as earned on an accrual basis over the life of the loans and based upon the outstanding balance of the Farmer Mac Guaranteed Security. | ||||||||||||
Farmer Mac is required to perform under its obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farm & Ranch Guaranteed Security becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. | ||||||||||||
The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2014 and 2013, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: | ||||||||||||
Table 12.2 | ||||||||||||
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | ||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||
(in thousands) | ||||||||||||
Farm & Ranch: | ||||||||||||
Guaranteed Securities | $ | 636,086 | $ | 765,751 | ||||||||
USDA Guarantees: | ||||||||||||
Farmer Mac Guaranteed USDA Securities | 13,978 | 20,222 | ||||||||||
Institutional Credit: | ||||||||||||
AgVantage Securities | 986,528 | 981,009 | ||||||||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 1,636,592 | $ | 1,766,982 | ||||||||
If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the property securing the loans. | ||||||||||||
Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full faith and credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. | ||||||||||||
Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: | ||||||||||||
Table 12.3 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Proceeds from new securitizations | $ | 175,754 | $ | 150,417 | $ | 38,063 | ||||||
Guarantee fees received | 4,612 | 5,182 | 5,197 | |||||||||
Purchases of assets from the trusts | — | (6,667 | ) | (8,933 | ) | |||||||
Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $11.1 million as of December 31, 2014 and $13.4 million as of December 31, 2013. As of December 31, 2014 and 2013, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 12.0 years and 12.8 years, respectively. As of December 31, 2014 and December 31, 2013, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 2.4 years and 3.4 years, respectively. | ||||||||||||
Long-Term Standby Purchase Commitments | ||||||||||||
An LTSPC is a commitment by Farmer Mac to purchase eligible loans from an identified pool of loans under specified circumstances set forth in the applicable agreement, either for cash or in exchange for Farmer Mac Guaranteed Securities, on one or more undetermined future dates. As consideration for its assumption of the credit risk on loans underlying an LTSPC, Farmer Mac receives a commitment fee payable monthly in arrears in an amount approximating what would have been the guarantee fee if the transaction were structured as a swap for Farmer Mac Guaranteed Securities. | ||||||||||||
An LTSPC permits a lender to nominate from its portfolio an identified pool of loans for participation in the Farm & Ranch program, which are retained in the lender's portfolio and serviced by the lender. Farmer Mac reviews the loan pool to confirm that it conforms to Farmer Mac's underwriting standards. Upon Farmer Mac's approval of the eligible loans, the lender effectively transfers the credit risk on those loans to Farmer Mac, thereby reducing the lender's credit and concentration risk exposures and, consequently, its regulatory capital requirements and its loss reserve requirements. Credit risk is transferred through Farmer Mac's commitment to purchase the identified loans from the counterparty based on Farmer Mac's original credit review and acceptance of the credit risk on the loans. | ||||||||||||
The specific events or circumstances that would require Farmer Mac to purchase some or all of the loans subject to LTSPCs include: (1) the failure of the borrower under any loan to make installment payments under that loan for a period of either 90 days or 120 days (depending on the provisions of the applicable agreement); or (2) the determination by the holder of the LTSPC to sell or exchange some or all of the loans under the LTSPC to Farmer Mac. | ||||||||||||
Farmer Mac purchases loans subject to an LTSPC at: | ||||||||||||
• | par if the loans become delinquent for either 90 days or 120 days (depending on the agreement) or are in material non-monetary default, with accrued and unpaid interest on the defaulted loans payable out of any future loan payments or liquidation proceeds; or | |||||||||||
• | a mark-to-market price or in exchange for Farm & Ranch Guaranteed Securities (if the loans are not delinquent), in accordance with the terms of the applicable agreement. | |||||||||||
The maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, was $2.2 billion as of December 31, 2014 and $2.3 billion as of December 31, 2013. | ||||||||||||
As of December 31, 2014 and 2013, the weighted-average remaining maturity of all loans underlying LTSPCs was 14.3 years and 13.9 years, respectively. For those LTSPCs issued or modified on or after January 1, 2003, Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $26.8 million as of December 31, 2014 and $26.3 million as of December 31, 2013. | ||||||||||||
Commitments | ||||||||||||
Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2014 and 2013, commitments to purchase Farm & Ranch loans and USDA Guarantees totaled $29.7 million and $54.8 million, respectively, all of which were mandatory commitments. As of December 31, 2014 and 2013, commitments to purchase rural utilities loans totaled $4.0 million and $26.3 million, respectively. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. | ||||||||||||
Farmer Mac is exposed to interest rate risk from the time it commits to purchase a loan to the time it either: (1) sells Farmer Mac Guaranteed Securities backed by the loan or (2) issues debt to retain the loan in its portfolio. There were no commitments to sell Farmer Mac Guaranteed Securities as of December 31, 2014 and 2013. Farmer Mac manages the interest rate risk related to loans not yet sold or funded as a retained investment through the use of forward sale contracts on the debt of other GSEs and futures contracts involving U.S. Treasury securities. For more information on financial derivatives see Note 2(h) and Note 6. | ||||||||||||
Rental expense for Farmer Mac's office space for each of the years ended December 31, 2014, 2013, and 2012 was $1.3 million. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations are as follows: | ||||||||||||
Table 12.4 | ||||||||||||
Future Minimum Lease Payments | Other Contractual Obligations | |||||||||||
(in thousands) | ||||||||||||
2015 | $ | 1,375 | $ | 773 | ||||||||
2016 | 1,378 | 209 | ||||||||||
2017 | 1,400 | 88 | ||||||||||
2018 | 1,388 | — | ||||||||||
2019 | 1,389 | — | ||||||||||
Thereafter | 6,951 | — | ||||||||||
Total | $ | 13,881 | $ | 1,070 | ||||||||
Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Disclosure | FAIR VALUE DISCLOSURES | |||||||||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. Farmer Mac's accounting policies for fair value measurement and a description of the fair value techniques used for instruments measured at fair value is discussed in Note 2(p). | ||||||||||||||||||||||||||||||||
Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. | ||||||||||||||||||||||||||||||||
Fair Value Classification and Transfers | ||||||||||||||||||||||||||||||||
The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: | ||||||||||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||||||||||||||
Level 2 | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. | |||||||||||||||||||||||||||||||
Level 3 | Prices or valuations that require unobservable inputs that are significant to the fair value measurement. | |||||||||||||||||||||||||||||||
Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. | ||||||||||||||||||||||||||||||||
The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of such instruments pursuant to the valuation hierarchy described above. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements and Classification | ||||||||||||||||||||||||||||||||
Available-for-Sale and Trading Investment Securities | ||||||||||||||||||||||||||||||||
The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices in active markets. Farmer Mac classifies these fair value measurements as level 1. | ||||||||||||||||||||||||||||||||
For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, corporate debt securities, senior agency debt securities, Government/GSE guaranteed mortgage-backed securities, municipal bonds, and preferred stock issued by GSEs, fair value is primarily determined using a reputable and nationally recognized third party pricing service. The prices obtained are non-binding and generally representative of recent market trades. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third party pricing service. Farmer Mac classifies these fair value measurements as level 2. | ||||||||||||||||||||||||||||||||
For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as level 3. | ||||||||||||||||||||||||||||||||
Farmer Mac's investment securities include callable, highly rated auction-rate certificates ("ARCs"), the interest rates on which are reset through an auction process, most commonly at intervals of 28 days, or at formula-based floating rates as set forth in the related transaction documents in the event of a failed auction. These formula-based floating rates, which may at times reset to zero, are intended to preserve the underlying principal balance of the securities and avoid overall cash shortfalls. Accordingly, payments of accrued interest may also be delayed and are ultimately subject to cash availability. Beginning in mid-February 2008, there were widespread failures of the auction mechanism designed to provide regular liquidity to these types of securities. Consequently, Farmer Mac has not sold any of its ARCs into the auctions since that time. All ARCs held by Farmer Mac are collateralized entirely by pools of Federal Family Education Loan Program guaranteed student loans that are backed by the full faith and credit of the United States. Farmer Mac continues to believe that the credit quality of these securities is high, based on the underlying collateralization and the securities' ratings. To date, Farmer Mac has received all interest due on ARCs it holds and expects to continue to do so. | ||||||||||||||||||||||||||||||||
Farmer Mac classifies its estimates of fair value for ARCs as level 3 measurements. Farmer Mac uses unadjusted quotes from a broker specializing in these types of securities to determine the estimated fair value of these investments as of each quarter end. Through periodic discussions with the broker, Farmer Mac gained an understanding of the assumptions underlying the broker quotes and independently benchmarked those quotes against other dealer price indications. Farmer Mac believes the broker quotes are the best indication of fair value as of the measurement date although there is uncertainty regarding the ability to transact at such levels. Considering there is no active secondary market for these securities, although limited observable transactions do occasionally occur, price quotes vary significantly among dealers or independent pricing services, if provided at all, and there is little transparency in the price determination, Farmer Mac believes these measurements are appropriately classified as level 3. | ||||||||||||||||||||||||||||||||
Net transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities during 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||
Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities | ||||||||||||||||||||||||||||||||
Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Farmer Mac classifies these fair value measurements as level 3 because there is limited market activity and therefore little or no price transparency. On a sample basis, Farmer Mac corroborates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by obtaining a secondary valuation from an independent third party service. | ||||||||||||||||||||||||||||||||
Farmer Mac made no transfers within the fair value hierarchy for fair value measurements of Farmer Mac Guaranteed Securities and USDA Securities during 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||
Financial Derivatives | ||||||||||||||||||||||||||||||||
The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as level 1. | ||||||||||||||||||||||||||||||||
Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon the counterparty valuations. Farmer Mac internally values its derivative portfolio using a discounted cash flow valuation technique and obtains a secondary valuation for certain interest rate swaps to corroborate the counterparty valuations. Farmer Mac also regularly reviews the counterparty valuations as part of the collateral exchange process. Farmer Mac classifies these fair value measurements as level 2. | ||||||||||||||||||||||||||||||||
Certain basis swaps are nonstandard interest rate swap structures and are therefore internally modeled using significant assumptions and unobservable inputs, resulting in level 3 classification. Farmer Mac uses a discounted cash flow valuation technique, using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. | ||||||||||||||||||||||||||||||||
During first quarter 2013, Farmer Mac observed an increasing trend in the use of the overnight index swap ("OIS") curve by other market participants to value certain collateralized interest rate swap agreements. As a result, Farmer Mac concluded that the OIS curve was a more appropriate curve to use to discount the cash flows on certain collateralized interest rate swaps effective March 31, 2013. The impact of this change was not significant. | ||||||||||||||||||||||||||||||||
As of December 31, 2014, the consideration of Farmer Mac's and the counterparties' credit risk resulted in an adjustment of $0.2 million to the valuations of Farmer Mac's derivative portfolio. As of December 31, 2013, the consideration of Farmer Mac's and the counterparties' credit risk resulted in an adjustment of $45,000 to the valuations of Farmer Mac's derivative portfolio. See Note 2(h) and Note 6 for more information about Farmer Mac's derivative portfolio. | ||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements and Classification | ||||||||||||||||||||||||||||||||
Loans Held for Investment | ||||||||||||||||||||||||||||||||
Certain loans in Farmer Mac's held for investment loan portfolio are measured at fair value when they are determined to be impaired. For these impaired loans, the fair value of the loan generally is based on the fair value of the underlying property, which is determined by recent third-party appraisals. Farmer Mac uses net realizable value (fair value less estimated costs to sell) as a reasonable estimate of fair value and classifies the fair values as level 3 measurements in the tables below. | ||||||||||||||||||||||||||||||||
When recent third-party appraisals are not available, Farmer Mac measures loan impairment in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics, and does not include these impaired loans in the tables below. | ||||||||||||||||||||||||||||||||
Real Estate Owned | ||||||||||||||||||||||||||||||||
Farmer Mac initially records REO properties at net realizable value and subsequently records them at the lower of carrying value or net realizable value. The fair value of the REO generally is based on third-party appraisals. Farmer Mac classifies the REO fair values as level 3 measurements. Farmer Mac uses net realizable value as a reasonable estimate of fair value in the tables below. | ||||||||||||||||||||||||||||||||
Fair Value Classification and Transfers | ||||||||||||||||||||||||||||||||
As of December 31, 2014, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $5.5 billion whose fair values were estimated by management in the absence of readily determinable fair values (i.e., level 3). These financial instruments measured as level 3 represented 38 percent of total assets and 73 percent of financial instruments measured at fair value as of December 31, 2014. As of December 31, 2013, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $6.8 billion whose fair values were estimated by management in the absence of readily determinable fair values. These financial instruments measured as level 3 represented 51 percent of total assets and 73 percent of financial instruments measured at fair value as of December 31, 2013. | ||||||||||||||||||||||||||||||||
Net transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives during 2014, 2013, and 2012. See Note 2(b) for information about the transfer of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity as of January 1, 2014. | ||||||||||||||||||||||||||||||||
The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2014 and 2013, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: | ||||||||||||||||||||||||||||||||
Table 13.1 | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value as of December 31, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 40,576 | $ | 40,576 | ||||||||||||||||||||||||
Floating rate asset-backed securities | — | 100,902 | — | 100,902 | ||||||||||||||||||||||||||||
Floating rate corporate debt securities | — | 10,091 | — | 10,091 | ||||||||||||||||||||||||||||
Fixed rate corporate debt securities | — | 30,025 | — | 30,025 | ||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 612,753 | — | 612,753 | ||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 8,202 | — | 8,202 | ||||||||||||||||||||||||||||
Floating rate GSE subordinated debt | — | 66,320 | — | 66,320 | ||||||||||||||||||||||||||||
Fixed rate senior agency debt | — | 18,939 | — | 18,939 | ||||||||||||||||||||||||||||
Floating rate U.S. Treasuries | 74,979 | — | — | 74,979 | ||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 975,712 | — | — | 975,712 | ||||||||||||||||||||||||||||
Total available-for-sale | 1,050,691 | 847,232 | 40,576 | 1,938,499 | ||||||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities | — | — | 689 | 689 | ||||||||||||||||||||||||||||
Total trading | — | — | 689 | 689 | ||||||||||||||||||||||||||||
Total Investment Securities | 1,050,691 | 847,232 | 41,265 | 1,939,188 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | — | — | 3,631,662 | 3,631,662 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | — | — | 27,619 | 27,619 | ||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 3,659,281 | 3,659,281 | ||||||||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | — | — | 1,731,222 | 1,731,222 | ||||||||||||||||||||||||||||
Trading | — | — | 40,310 | 40,310 | ||||||||||||||||||||||||||||
Total USDA Securities | — | — | 1,771,532 | 1,771,532 | ||||||||||||||||||||||||||||
Financial derivatives | — | 4,177 | — | 4,177 | ||||||||||||||||||||||||||||
Total Assets at fair value | $ | 1,050,691 | $ | 851,409 | $ | 5,472,078 | $ | 7,374,178 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | 3 | 84,841 | — | 84,844 | ||||||||||||||||||||||||||||
Total Liabilities at fair value | $ | 3 | $ | 84,841 | $ | — | $ | 84,844 | ||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 5,973 | $ | 5,973 | ||||||||||||||||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 5,973 | $ | 5,973 | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value as of December 31, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 65,285 | $ | 65,285 | ||||||||||||||||||||||||
Floating rate asset-backed securities | — | 166,104 | — | 166,104 | ||||||||||||||||||||||||||||
Floating rate corporate debt securities | — | 109,769 | — | 109,769 | ||||||||||||||||||||||||||||
Fixed rate corporate debt | — | 55,141 | — | 55,141 | ||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 621,064 | 205 | 621,269 | ||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 8,657 | — | 8,657 | ||||||||||||||||||||||||||||
Floating rate GSE subordinated debt | — | 63,385 | — | 63,385 | ||||||||||||||||||||||||||||
Fixed rate GSE preferred stock | — | 83,161 | — | 83,161 | ||||||||||||||||||||||||||||
Fixed rate taxable municipal bonds | — | 30,681 | — | 30,681 | ||||||||||||||||||||||||||||
Fixed rate senior agency debt | — | 524,062 | — | 524,062 | ||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 755,633 | — | — | 755,633 | ||||||||||||||||||||||||||||
Total available-for-sale | 755,633 | 1,662,024 | 65,490 | 2,483,147 | ||||||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities | — | — | 928 | 928 | ||||||||||||||||||||||||||||
Total trading | — | — | 928 | 928 | ||||||||||||||||||||||||||||
Total Investment Securities | 755,633 | 1,662,024 | 66,418 | 2,484,075 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | — | — | 5,070,366 | 5,070,366 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | — | — | 21,234 | 21,234 | ||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 5,091,600 | 5,091,600 | ||||||||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | — | — | 1,553,669 | 1,553,669 | ||||||||||||||||||||||||||||
Trading | — | — | 58,344 | 58,344 | ||||||||||||||||||||||||||||
Total USDA Securities | — | — | 1,612,013 | 1,612,013 | ||||||||||||||||||||||||||||
Financial derivatives | — | 19,718 | — | 19,718 | ||||||||||||||||||||||||||||
Total Assets at fair value | $ | 755,633 | $ | 1,681,742 | $ | 6,770,031 | $ | 9,207,406 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | $ | 1 | $ | 75,472 | $ | 235 | $ | 75,708 | ||||||||||||||||||||||||
Total Liabilities at fair value | $ | 1 | $ | 75,472 | $ | 235 | $ | 75,708 | ||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 4,420 | $ | 4,420 | ||||||||||||||||||||||||
REO | — | — | 1,818 | 1,818 | ||||||||||||||||||||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 6,238 | $ | 6,238 | ||||||||||||||||||||||||
The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. | ||||||||||||||||||||||||||||||||
Table 13.2 | ||||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Transfers Out | Ending | |||||||||||||||||||||||||
Balance | Unrealized Gains/(Losses) included | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
in Income | included in Other | |||||||||||||||||||||||||||||||
Comprehen-sive | ||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 65,285 | $ | — | $ | (26,675 | ) | $ | — | $ | (825 | ) | $ | 2,791 | $ | — | $ | 40,576 | ||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 205 | — | — | (205 | ) | — | — | — | — | |||||||||||||||||||||||
Total available-for-sale | 65,490 | — | (26,675 | ) | (205 | ) | (825 | ) | 2,791 | — | 40,576 | |||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 928 | — | — | (685 | ) | 446 | — | — | 689 | |||||||||||||||||||||||
Total trading | 928 | — | — | (685 | ) | 446 | — | — | 689 | |||||||||||||||||||||||
Total Investment Securities | 66,418 | — | (26,675 | ) | (890 | ) | (379 | ) | 2,791 | — | 41,265 | |||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage (2) | 5,070,366 | 1,091,475 | — | (922,908 | ) | 14,520 | 10,995 | (1,632,786 | ) | 3,631,662 | ||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 21,234 | 7,627 | — | (808 | ) | — | (434 | ) | — | 27,619 | ||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,091,600 | 1,099,102 | — | (923,716 | ) | 14,520 | 10,561 | (1,632,786 | ) | 3,659,281 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,553,669 | 335,359 | — | (209,400 | ) | — | 51,594 | — | 1,731,222 | |||||||||||||||||||||||
Trading (3) | 58,344 | — | — | (19,185 | ) | 1,151 | — | — | 40,310 | |||||||||||||||||||||||
Total USDA Securities | 1,612,013 | 335,359 | — | (228,585 | ) | 1,151 | 51,594 | — | 1,771,532 | |||||||||||||||||||||||
Total Assets at fair value | $ | 6,770,031 | $ | 1,434,461 | $ | (26,675 | ) | $ | (1,153,191 | ) | $ | 15,292 | $ | 64,946 | $ | (1,632,786 | ) | $ | 5,472,078 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — | |||||||||||||||
Total Liabilities at fair value | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — | |||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2014 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes $1.6 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on January 1, 2014 and $20.7 million of AgVantage securities purchased during 2014 transferred from available-for-sale to held-to-maturity. | |||||||||||||||||||||||||||||||
-3 | Includes unrealized gains of $1.8 million attributable to assets still held as of December 31, 2014 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Ending | ||||||||||||||||||||||||||
Balance | Unrealized Gains/ | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
(Losses) included | included in Other | |||||||||||||||||||||||||||||||
in Income | Comprehen-sive | |||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 63,159 | $ | — | $ | — | $ | — | $ | — | $ | 2,126 | $ | 65,285 | ||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 233 | — | (24 | ) | — | (4 | ) | 205 | |||||||||||||||||||||||
Total available-for-sale | 63,159 | 233 | — | (24 | ) | — | 2,122 | 65,490 | ||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,247 | — | — | (774 | ) | 455 | — | 928 | ||||||||||||||||||||||||
Total trading | 1,247 | — | — | (774 | ) | 455 | — | 928 | ||||||||||||||||||||||||
Total Investment Securities | 64,406 | 233 | — | (798 | ) | 455 | 2,122 | 66,418 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | 4,739,577 | 1,273,500 | — | (844,437 | ) | (18,230 | ) | (80,044 | ) | 5,070,366 | ||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 26,681 | — | — | (5,214 | ) | — | (233 | ) | 21,234 | |||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,766,258 | 1,273,500 | — | (849,651 | ) | (18,230 | ) | (80,277 | ) | 5,091,600 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,486,595 | 361,894 | — | (234,035 | ) | — | (60,785 | ) | 1,553,669 | |||||||||||||||||||||||
Trading (2) | 104,188 | — | — | (44,570 | ) | (1,274 | ) | — | 58,344 | |||||||||||||||||||||||
Total USDA Securities | 1,590,783 | 361,894 | — | (278,605 | ) | (1,274 | ) | (60,785 | ) | 1,612,013 | ||||||||||||||||||||||
Total Assets at fair value | $ | 6,421,447 | $ | 1,635,627 | $ | — | $ | (1,129,054 | ) | $ | (19,049 | ) | $ | (138,940 | ) | $ | 6,770,031 | |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives (3) | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 456 | $ | — | $ | (235 | ) | ||||||||||||||||
Total Liabilities at fair value | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 456 | $ | — | $ | (235 | ) | ||||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2013 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes unrealized losses of $0.5 million attributable to assets still held as of December 31, 2013 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-3 | Unrealized gains are attributable to liabilities still held as of December 31, 2013 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Ending | ||||||||||||||||||||||||||
Balance | Unrealized Gains/ | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
(Losses) included | included in Other | |||||||||||||||||||||||||||||||
in Income | Comprehen-sive | |||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 60,213 | $ | — | $ | — | $ | — | $ | — | $ | 2,946 | $ | 63,159 | ||||||||||||||||||
Total available-for-sale | 60,213 | — | — | — | — | 2,946 | 63,159 | |||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,796 | — | — | (812 | ) | 263 | — | 1,247 | ||||||||||||||||||||||||
Total trading | 1,796 | — | — | (812 | ) | 263 | — | 1,247 | ||||||||||||||||||||||||
Total Investment Securities | 62,009 | — | — | (812 | ) | 263 | 2,946 | 64,406 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | 4,253,673 | 984,406 | — | (498,533 | ) | 6,388 | (6,357 | ) | 4,739,577 | |||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 35,599 | 5,327 | (5,327 | ) | (8,907 | ) | — | (11 | ) | 26,681 | ||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,289,272 | 989,733 | (5,327 | ) | (507,440 | ) | 6,388 | (6,368 | ) | 4,766,258 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,279,546 | 479,324 | — | (256,685 | ) | — | (15,590 | ) | 1,486,595 | |||||||||||||||||||||||
Trading (2) | 212,359 | — | — | (108,215 | ) | 44 | — | 104,188 | ||||||||||||||||||||||||
Total USDA Securities | 1,491,905 | 479,324 | — | (364,900 | ) | 44 | (15,590 | ) | 1,590,783 | |||||||||||||||||||||||
Total Assets at fair value | $ | 5,843,186 | $ | 1,469,057 | $ | (5,327 | ) | $ | (873,152 | ) | $ | 6,695 | $ | (19,012 | ) | $ | 6,421,447 | |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives (3) | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 644 | $ | — | $ | (691 | ) | ||||||||||||||||
Total Liabilities at fair value | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 644 | $ | — | $ | (691 | ) | ||||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2012 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes unrealized gains of $0.3 million attributable to assets still held as of December 31, 2012 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-3 | Unrealized gains are attributable to liabilities still held as of December 31, 2012 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||||||||||||||||||||||||
The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Table 13.3 | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | 40,576 | Indicative bids | Range of broker quotes | 82.0% - 94.0% (87.1%) | |||||||||||||||||||||||||||
Floating rate asset-backed securities | $ | 689 | Discounted cash flow | Discount rate | 14.3% - 23.9% (19.1%) | |||||||||||||||||||||||||||
CPR | 10% | |||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
AgVantage | $ | 3,631,662 | Discounted cash flow | Discount rate | 0.7% - 2.7% (1.3%) | |||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | $ | 27,619 | Discounted cash flow | Discount rate | 0.8% - 3.6% (1.9%) | |||||||||||||||||||||||||||
CPR | 0% - 21% (9%) | |||||||||||||||||||||||||||||||
USDA Securities | $ | 1,771,532 | Discounted cash flow | Discount rate | 1.1% - 5.3% (3.2%) | |||||||||||||||||||||||||||
CPR | 0% - 20% (8%) | |||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 65,285 | Indicative bids | Range of broker quotes | 82.0% - 92.0% (88.1%) | |||||||||||||||||||||||||||
Floating rate asset-backed securities | $ | 928 | Discounted cash flow | Discount rate | 13.0% - 22.5% (17.7%) | |||||||||||||||||||||||||||
CPR | 10% | |||||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | $ | 205 | Discounted cash flow | Discount rate | 1.8% - 1.8% (1.8%) | |||||||||||||||||||||||||||
CPR | 6% | |||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
AgVantage | $ | 5,070,366 | Discounted cash flow | Discount rate | 0.9% - 3.6% (1.8%) | |||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | $ | 21,234 | Discounted cash flow | Discount rate | 0.9% - 3.2% (1.9%) | |||||||||||||||||||||||||||
CPR | 7% - 14% (11%) | |||||||||||||||||||||||||||||||
USDA Securities | $ | 1,612,013 | Discounted cash flow | Discount rate | 1.2% - 5.3% (3.4%) | |||||||||||||||||||||||||||
CPR | 0% - 23% (5%) | |||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial Derivatives: | ||||||||||||||||||||||||||||||||
Basis swaps | $ | 235 | Discounted cash flow | Discount rate | 0.7% - 2.3% (1.3%) | |||||||||||||||||||||||||||
CPR | 10% - 11% (10%) | |||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurements of Farmer Mac Guaranteed Securities and USDA Securities are prepayment rates and discount rates commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Prepayment rates are not presented in the table above for AgVantage securities because they generally do not pay down principal based on amortization schedules but instead typically have fixed maturity dates when the secured general obligations are due. | ||||||||||||||||||||||||||||||||
Disclosures on Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Table 13.4 | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair Value | Carrying | |||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,363,387 | $ | 1,363,387 | $ | 749,313 | $ | 749,313 | ||||||||||||||||||||||||
Investment securities | 1,939,188 | 1,939,188 | 2,484,075 | 2,484,075 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 5,459,857 | 5,453,901 | 5,091,600 | 5,091,600 | ||||||||||||||||||||||||||||
USDA Securities | 1,771,532 | 1,771,532 | 1,612,013 | 1,612,013 | ||||||||||||||||||||||||||||
Loans | 3,547,424 | 3,520,075 | 3,138,932 | 3,193,248 | ||||||||||||||||||||||||||||
Financial derivatives | 4,177 | 4,177 | 19,718 | 19,718 | ||||||||||||||||||||||||||||
Guarantee and commitment fees receivable: | ||||||||||||||||||||||||||||||||
LTSPCs | 29,095 | 27,807 | 33,807 | 27,244 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 14,200 | 13,979 | 18,470 | 16,660 | ||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||
Due within one year | 7,357,770 | 7,353,953 | 7,353,356 | 7,338,781 | ||||||||||||||||||||||||||||
Due after one year | 5,556,570 | 5,471,186 | 4,977,942 | 5,001,169 | ||||||||||||||||||||||||||||
Debt securities of consolidated trusts held by third parties | 423,085 | 424,214 | 257,512 | 261,760 | ||||||||||||||||||||||||||||
Financial derivatives | 84,844 | 84,844 | 75,708 | 75,708 | ||||||||||||||||||||||||||||
Guarantee and commitment obligations: | ||||||||||||||||||||||||||||||||
LTSPCs | 28,130 | 26,843 | 32,856 | 26,293 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 11,303 | 11,082 | 15,185 | 13,374 | ||||||||||||||||||||||||||||
The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for sale, loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business_Segment_Reporting
Business Segment Reporting | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Business Segment Reporting Disclosure | BUSINESS SEGMENT REPORTING | |||||||||||||||||||||||||||
After an evaluation of Farmer Mac's overall portfolio of product offerings and reportable segments, Farmer Mac's management determined that Farmer Mac's operations consist of four reportable operating segments effective January 1, 2014 – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Institutional Credit segment comprises Farmer Mac's guarantees of AgVantage securities related to general obligations of lenders that are secured by pools of eligible loans. | ||||||||||||||||||||||||||||
Farmer Mac uses these four segments to manage business risk, and each segment is based on distinct products and distinct business activities. In addition to these four operating segments, a corporate segment is presented. That segment represents activity in Farmer Mac's investment portfolio and other corporate activities. The segment financial results include directly attributable revenues and expenses. Corporate charges for administrative expenses that are not directly attributable to an operating segment are allocated based on headcount. | ||||||||||||||||||||||||||||
Farmer Mac uses core earnings to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. Core earnings principally differs from net income attributable to common stockholders by excluding the effects of fair value accounting guidance, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This non-GAAP financial measure may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. | ||||||||||||||||||||||||||||
The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's reportable operating segments will differ from the stand-alone financial statements of Farmer Mac's subsidiaries. These differences will be due to various factors, including the reversal of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as dividends and interest expense related to the issuance of capital and the incurrence of indebtedness managed at the corporate level. The allocation of general and administrative expenses that are not directly attributable to an operating segment may also result in differences. The assets of Farmer Mac's subsidiary Farmer Mac II LLC will only be available to creditors of Farmer Mac after all obligations owed to creditors of and equity holders in Farmer Mac II LLC have been satisfied. As of December 31, 2014, Farmer Mac II LLC held assets with a fair value of $1.8 billion, had debt outstanding of $470.0 million, had preferred stock outstanding with a liquidation preference of $250.0 million, and had $1.0 billion of common stock outstanding held by Farmer Mac. | ||||||||||||||||||||||||||||
The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
Table 14.1 | ||||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 78,934 | $ | 54,955 | $ | 27,879 | $ | 67,019 | $ | 17,637 | $ | (15,850 | ) | $ | 230,574 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (2,086 | ) | — | — | — | — | 2,086 | — | ||||||||||||||||||||
Interest expense (2) | (45,025 | ) | (36,689 | ) | (17,138 | ) | (38,456 | ) | (3,830 | ) | (29,582 | ) | (170,720 | ) | ||||||||||||||
Net effective spread | 31,823 | 18,266 | 10,741 | 28,563 | 13,807 | (43,346 | ) | 59,854 | ||||||||||||||||||||
Guarantee and commitment fees | 15,107 | 134 | — | 12,032 | — | (2,086 | ) | 25,187 | ||||||||||||||||||||
Other income/(expense) (3) | 762 | 63 | 9 | — | (4,913 | ) | 22,675 | 18,596 | ||||||||||||||||||||
Non-interest income/(loss) | 15,869 | 197 | 9 | 12,032 | (4,913 | ) | 20,589 | 43,783 | ||||||||||||||||||||
Release of allowance for loan losses | 961 | — | — | — | — | — | 961 | |||||||||||||||||||||
Release of reserve for losses | 2,205 | — | — | — | — | — | 2,205 | |||||||||||||||||||||
Other non-interest expense | (15,180 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (33,697 | ) | |||||||||||||||
Non-interest expense (4) | (12,975 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (31,492 | ) | |||||||||||||||
Core earnings before income taxes | 35,678 | 15,508 | 7,620 | 38,704 | (1,647 | ) | (22,757 | ) | -5 | 73,106 | ||||||||||||||||||
Income tax (expense)/benefit | (12,486 | ) | (5,430 | ) | (2,668 | ) | (13,548 | ) | 23,347 | 7,961 | (2,824 | ) | ||||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 23,192 | 10,078 | 4,952 | 25,156 | 21,700 | (14,796 | ) | -5 | 70,282 | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (9,839 | ) | — | (9,839 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,192 | ) | — | (22,192 | ) | |||||||||||||||||||
Segment core earnings/(losses) | $ | 23,192 | $ | 10,078 | $ | 4,952 | $ | 25,156 | $ | (10,331 | ) | $ | (14,796 | ) | -5 | $ | 38,251 | |||||||||||
Total assets at carrying value | $ | 2,611,401 | $ | 1,825,210 | $ | 995,082 | $ | 5,459,296 | $ | 3,396,832 | $ | — | $ | 14,287,821 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 5,417,174 | 1,798,034 | 985,609 | 6,396,941 | — | 14,597,758 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased. | |||||||||||||||||||||||||||
-3 | Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. | |||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 67,429 | $ | 53,384 | $ | 35,194 | $ | 77,868 | $ | 21,940 | $ | (20,417 | ) | $ | 235,398 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (964 | ) | — | — | — | — | 964 | — | ||||||||||||||||||||
Interest expense (2) | (32,062 | ) | (35,656 | ) | (23,601 | ) | (53,613 | ) | (4,668 | ) | 12,324 | (137,276 | ) | |||||||||||||||
Net effective spread | 34,403 | 17,728 | 11,593 | 24,255 | 17,272 | (7,129 | ) | 98,122 | ||||||||||||||||||||
Guarantee and commitment fees | 14,944 | 132 | — | 12,846 | — | (964 | ) | 26,958 | ||||||||||||||||||||
Other income/(expense) (3) | 2,244 | 791 | — | — | 1,622 | 34,156 | 38,813 | |||||||||||||||||||||
Non-interest income/(loss) | 17,188 | 923 | — | 12,846 | 1,622 | 33,192 | 65,771 | |||||||||||||||||||||
Release of allowance for loan losses | 481 | — | — | — | — | — | 481 | |||||||||||||||||||||
Provision for losses | (929 | ) | — | — | — | — | — | (929 | ) | |||||||||||||||||||
Other non-interest expense | (14,649 | ) | (2,904 | ) | (3,100 | ) | (1,774 | ) | (9,751 | ) | — | (32,178 | ) | |||||||||||||||
Non-interest expense (4) | (15,578 | ) | (2,904 | ) | (3,100 | ) | (1,774 | ) | (9,751 | ) | — | (33,107 | ) | |||||||||||||||
Core earnings before income taxes | 36,494 | 15,747 | 8,493 | 35,327 | 9,143 | 26,063 | -5 | 131,267 | ||||||||||||||||||||
Income tax (expense)/benefit | (12,773 | ) | (5,511 | ) | (2,973 | ) | (12,364 | ) | 8,991 | (9,122 | ) | (33,752 | ) | |||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 23,721 | 10,236 | 5,520 | 22,963 | 18,134 | 16,941 | -5 | 97,515 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,495 | ) | — | (3,495 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,187 | ) | — | (22,187 | ) | |||||||||||||||||||
Segment core earnings/(losses) | $ | 23,721 | $ | 10,236 | $ | 5,520 | $ | 22,963 | $ | (7,548 | ) | $ | 16,941 | -5 | $ | 71,833 | ||||||||||||
Total assets at carrying value | $ | 2,190,224 | $ | 1,656,688 | $ | 1,076,298 | $ | 5,121,666 | $ | 3,316,904 | $ | — | $ | 13,361,780 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 5,163,080 | 1,687,117 | 1,052,251 | 6,047,864 | — | 13,950,312 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||||||||||||||||
-3 | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. | |||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 70,590 | $ | 56,815 | $ | 35,566 | $ | 88,801 | $ | 24,729 | $ | (11,831 | ) | $ | 264,670 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (1,659 | ) | — | — | — | — | 1,659 | — | ||||||||||||||||||||
Interest expense (2) | (36,390 | ) | (38,761 | ) | (23,301 | ) | (64,942 | ) | (4,891 | ) | 25,595 | (142,690 | ) | |||||||||||||||
Net effective spread | 32,541 | 18,054 | 12,265 | 23,859 | 19,838 | 15,423 | 121,980 | |||||||||||||||||||||
Guarantee and commitment fees | 14,292 | 163 | — | 12,167 | — | (1,659 | ) | 24,963 | ||||||||||||||||||||
Other income/(expense) (3) | 2,427 | 599 | 466 | — | (2,113 | ) | (22,607 | ) | (21,228 | ) | ||||||||||||||||||
Non-interest income/(loss) | 16,719 | 762 | 466 | 12,167 | (2,113 | ) | (24,266 | ) | 3,735 | |||||||||||||||||||
Provision for loan losses | (3,691 | ) | — | — | — | — | — | (3,691 | ) | |||||||||||||||||||
Release of losses | 1,816 | — | — | — | — | — | 1,816 | |||||||||||||||||||||
Other non-interest expense | (14,836 | ) | (2,773 | ) | (3,204 | ) | (1,834 | ) | (10,077 | ) | — | (32,724 | ) | |||||||||||||||
Non-interest expense (4) | (13,020 | ) | (2,773 | ) | (3,204 | ) | (1,834 | ) | (10,077 | ) | — | (30,908 | ) | |||||||||||||||
Core earnings before income taxes | 32,549 | 16,043 | 9,527 | 34,192 | 7,648 | (8,843 | ) | -5 | 91,116 | |||||||||||||||||||
Income tax (expense)/benefit | (11,392 | ) | (5,615 | ) | (3,334 | ) | (11,967 | ) | 7,057 | 3,095 | (22,156 | ) | ||||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 21,157 | 10,428 | 6,193 | 22,225 | 14,705 | (5,748 | ) | -5 | 68,960 | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,187 | ) | — | (22,187 | ) | |||||||||||||||||||
Segment core earnings | $ | 21,157 | $ | 10,428 | $ | 6,193 | $ | 22,225 | $ | (10,361 | ) | $ | (5,748 | ) | -5 | $ | 43,894 | |||||||||||
Total assets at carrying value | $ | 1,736,391 | $ | 1,641,030 | $ | 1,080,045 | $ | 4,772,509 | $ | 3,392,226 | $ | — | $ | 12,622,201 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 4,747,289 | 1,615,579 | 1,031,945 | 5,620,375 | — | 13,015,188 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||||||||||||||||
-3 | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Additional Financial Information Disclosure [Text Block] | QUARTERLY FINANCIAL INFORMATION (Unaudited) | |||||||||||||||
Table 15.1 | ||||||||||||||||
2014 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest income | $ | 58,199 | $ | 60,882 | $ | 61,775 | $ | 49,718 | ||||||||
Interest expense | 44,606 | 48,886 | 42,502 | 34,726 | ||||||||||||
Net interest income | 13,593 | 11,996 | 19,273 | 14,992 | ||||||||||||
Release of /(provision for) loan losses | 462 | (511 | ) | 1,583 | (573 | ) | ||||||||||
Net interest income after release of/(provision for) loan losses | 14,055 | 11,485 | 20,856 | 14,419 | ||||||||||||
Non-interest income/(loss): | ||||||||||||||||
Guarantee and commitment fees | 6,094 | 6,172 | 6,403 | 6,518 | ||||||||||||
(Losses)/gains on financial derivatives and hedging activities | (9,178 | ) | 808 | (5,698 | ) | (7,578 | ) | |||||||||
Gains on trading assets | 13,857 | 16,369 | 7,748 | 655 | ||||||||||||
(Losses)/gains on sale of available-for-sale investment securities | — | (396 | ) | 143 | 15 | |||||||||||
(Losses)/gains on sale of real estate owned | (28 | ) | — | 168 | (3 | ) | ||||||||||
Other income | 920 | 502 | 200 | 92 | ||||||||||||
Non-interest income/(loss) | 11,665 | 23,455 | 8,964 | (301 | ) | |||||||||||
Non-interest expense | 8,594 | 7,095 | 7,856 | 7,947 | ||||||||||||
Income before income taxes | 17,126 | 27,845 | 21,964 | 6,171 | ||||||||||||
Income tax expense/(benefit) | 2,769 | 7,564 | (6,368 | ) | (1,141 | ) | ||||||||||
Net income | 14,357 | 20,281 | 28,332 | 7,312 | ||||||||||||
Less: Net income attributable to non-controlling | (5,414 | ) | (5,412 | ) | (5,819 | ) | (5,547 | ) | ||||||||
interest - preferred stock dividends | ||||||||||||||||
Net income attributable to Farmer Mac | 8,943 | 14,869 | 22,513 | 1,765 | ||||||||||||
Preferred stock dividends | (3,296 | ) | (3,283 | ) | (2,308 | ) | (952 | ) | ||||||||
Net income attributable to common stockholders | $ | 5,647 | $ | 11,586 | $ | 20,205 | $ | 813 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.52 | $ | 1.06 | $ | 1.85 | $ | 0.07 | ||||||||
Diluted earnings per common share | $ | 0.5 | $ | 1.02 | $ | 1.78 | $ | 0.07 | ||||||||
2013 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest income | $ | 49,180 | $ | 62,975 | $ | 61,745 | $ | 61,498 | ||||||||
Interest expense | 35,777 | 34,787 | 33,584 | 33,128 | ||||||||||||
Net interest income | 13,403 | 28,188 | 28,161 | 28,370 | ||||||||||||
(Provision for)/release of loan losses | (117 | ) | 499 | 529 | (430 | ) | ||||||||||
Net interest income after (provision for)/release of loan losses | 13,286 | 28,687 | 28,690 | 27,940 | ||||||||||||
Non-interest income: | ||||||||||||||||
Guarantee and commitment fees | 6,768 | 6,819 | 6,759 | 6,612 | ||||||||||||
Gains on financial derivatives and hedging activities | 9,263 | 3,024 | 14,983 | 4,494 | ||||||||||||
(Losses)/gains on trading assets | (76 | ) | (626 | ) | (327 | ) | 210 | |||||||||
(Losses)/gains on sale of available-for-sale investment securities | (960 | ) | — | 3,071 | 2 | |||||||||||
Gains on repurchase of debt | 1,462 | — | — | — | ||||||||||||
Gains on sale of real estate owned | 26 | 39 | 1,124 | 47 | ||||||||||||
Other income | 539 | 565 | 873 | 1,080 | ||||||||||||
Non-interest income | 17,022 | 9,821 | 26,483 | 12,445 | ||||||||||||
Non-interest expense | 7,621 | 8,441 | 7,964 | 9,081 | ||||||||||||
Income before income taxes | 22,687 | 30,067 | 47,209 | 31,304 | ||||||||||||
Income tax expense | 3,774 | 8,226 | 13,036 | 8,716 | ||||||||||||
Net income | 18,913 | 21,841 | 34,173 | 22,588 | ||||||||||||
Less: Net income attributable to non-controlling | (5,546 | ) | (5,547 | ) | (5,547 | ) | (5,547 | ) | ||||||||
interest - preferred stock dividends | ||||||||||||||||
Net income attributable to Farmer Mac | 13,367 | 16,294 | 28,626 | 17,041 | ||||||||||||
Preferred stock dividends | (882 | ) | (881 | ) | (881 | ) | (851 | ) | ||||||||
Net income attributable to common stockholders | $ | 12,485 | $ | 15,413 | $ | 27,745 | $ | 16,190 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 1.14 | $ | 1.42 | $ | 2.57 | $ | 1.51 | ||||||||
Diluted earnings per common share | $ | 1.11 | $ | 1.37 | $ | 2.48 | $ | 1.45 | ||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
Farmer Mac II LLC announced on February 27, 2015 that it intends to redeem all 250,000 outstanding shares of Farmer Mac II Preferred Stock for a redemption price of $1,000 per share (the par value) on March 30, 2015, which is the initial redemption date for those securities. The redemption of the Farmer Mac II Preferred Stock will trigger on the same day the redemption of all $250.0 million of the outstanding related FALConS, which represent undivided beneficial ownership in the 250,000 shares of the Farmer Mac II Preferred Stock. Farmer Mac currently holds $6.0 million of the outstanding FALConS, which were purchased in the open market during the second quarter of 2014. The record date for the redemption of the Farmer Mac II Preferred Stock and the FALConS is March 16, 2015. Farmer Mac II LLC has also announced the quarterly dividend of $22.1875 to be paid on each share of Farmer Mac II Preferred Stock on March 30, 2015 in connection with the redemption. |
Accounting_Policies_Policies
Accounting Policies - (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Account Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities (including, but not limited to, the allowance for loan losses, reserve for losses, other-than-temporary impairment of investment securities and fair value measurements) as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: | ||
Principles of Consolidation | The consolidated financial statements include the accounts of Farmer Mac and its three subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities; and (3) Contour Valuation Services, LLC, whose principal activity is to appraise agricultural real estate. The consolidated financial statements also include the accounts of variable interest entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. See Note 2(q) for more information on consolidated VIEs. | |
A guarantee by Farmer Mac of timely payment of principal and interest is an explicit element of the terms of all Farmer Mac Guaranteed Securities. When Farmer Mac retains such securities in its portfolio, that guarantee is not extinguished. For Farmer Mac Guaranteed Securities held in Farmer Mac's portfolio, Farmer Mac has entered into guarantee arrangements with FMMSC. The guarantee fee rate established between Farmer Mac and FMMSC is an element in determining the fair value of these Farmer Mac Guaranteed Securities, and guarantee fees related to these securities are reflected in guarantee and commitment fees in the consolidated statements of operations. | ||
Cash and Cash Equivalents and Statements of Cash Flows | Farmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. Farmer Mac does not consider securities purchased under agreements to resell to be cash equivalents if it intends to reinvest the funds from maturing repurchase agreements into new repurchase agreements and the aggregate term of the repurchase agreements exceeds three months. The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. | |
Transfers of Financial Assets and Liabilities | Securities purchased under agreements to resell are treated as collateralized lending transactions. Farmer Mac's counterparties are required to pledge collateral for transactions involving securities purchased under agreements to resell. Farmer Mac considers the types of securities being pledged as collateral when determining how much to lend in these transactions. Additionally, on a daily basis, Farmer Mac reviews the fair values of these securities compared to amounts loaned and derivative counterparty collateral posting thresholds in an effort to minimize exposure to losses. These transactions are reported as securities purchased under agreements to resell in the consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in the consolidated balance sheets. Farmer Mac records securities purchased under agreements to resell at the amount loaned in the consolidated balance sheets. The resulting fees for these transactions are included in interest income in the consolidated statements of operations. As of December 31, 2014 and 2013, there were no outstanding securities purchased under agreements to resell. | |
Securities sold, not yet purchased, represent obligations of Farmer Mac to deliver specified securities at contracted prices, which would thereby require Farmer Mac to purchase the securities in the market at prevailing prices. Farmer Mac records securities sold, not yet purchased in the consolidated balance sheets at fair value with changes in fair value recognized in "Gains/(losses) on trading securities" in the consolidated statements of operations. The resulting interest expense for these transactions is included in interest expense in the consolidated statements of operations. As of December 31, 2014 and 2013, there were no outstanding securities sold, not yet purchased. | ||
Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities | Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. As of December 31, 2013, Farmer Mac did not classify any securities as held-to-maturity. However, effective January 1, 2014, Farmer Mac transferred $1.6 billion of available-for-sale securities to a held-to-maturity classification as the company currently has the intent to hold the securities to maturity. | |
Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts and other deferred costs are amortized to interest income over the estimated life of the security using the effective interest method. | ||
Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. | ||
Loans | Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(q) for more information on the accounting policy related to consolidation. Loans that Farmer Mac does not intend to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac does not amortize premiums and discounts related to loans held for sale. | |
Non-Accrual Loans | Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. | |
Securitization of Loans | Asset securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans or rural utilities loans into trusts that are used as vehicles for the securitization of the transferred loans. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on an accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. | |
Real Estate Owned | Real estate owned ("REO") consists of real estate acquired through loan liquidation and is recorded at fair value less estimated selling cost at acquisition. Fair value is determined by appraisal or other appropriate valuation method. Any excess of the recorded investment in the loan over the fair value less estimated selling cost is charged to the allowance for loan losses. Subsequent to the acquisition, management continues to perform periodic valuations of real estate owned. Declines in the net realizable value (fair value less estimated selling costs) are charged through income and presented in "Real estate owned operating costs, net" on the consolidated statements of operations. | |
Farmer Mac contracts with third parties to operate or preserve real estate owned and offered for sale when appropriate to maintain property value. Non-recoverable costs are expensed as incurred and those related to the production of saleable goods or crops are capitalized to the extent they are realizable. As revenues from the sale of goods or crops are received, they are applied first to any capitalized costs and any remaining revenues offset non-recoverable expenses incurred. | ||
Financial Derivatives | Financial Derivatives | |
Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and often times deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. | ||
Accounting for financial derivatives differs significantly depending on whether a derivative is designated in a hedging relationship. Derivative instruments designated in fair value hedging relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedging relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset or liability or a future cash flow. Effectiveness of the hedge must be assessed at inception and monitored over the life of the hedging relationship. | ||
All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. Changes in the fair values of financial derivatives not designated as cash flow hedges are reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in fair value hedging relationships, changes in the fair values of the hedged items related to the risk being hedged are also reported in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. For financial derivatives designated in cash flow hedging relationships, the effective portion of the derivative gain/loss is recorded in other comprehensive income; amounts are disclosed as a reclassification out of other comprehensive income when the hedged transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "(Losses)/gains on financial derivatives and hedging activities" in the consolidated statements of operations. | ||
Farmer Mac has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio, consistent with how Farmer Mac previously has been measuring credit risk for these instruments. See Notes 6 and 13 for more information on financial derivatives. | ||
Notes Payable | Notes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities. Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. | |
Allowance for Losses | Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. | |
The allowance for losses is increased through periodic provisions for loan losses that are charged against net interest income and provisions for losses that are charged to non-interest expense, and is reduced by charge-offs for actual losses, net of recoveries. Negative provisions, or releases of allowance for losses, generally are recorded in the event that the estimate of probable losses as of the end of a period is lower than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is reclassified as allowance for loan losses and there is a corresponding release from the provision for losses and a charge to the provision for loan losses. | ||
The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. | ||
Charge-offs | ||
Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. | ||
General Allowance for Losses | ||
Farm & Ranch | ||
Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. | ||
Management evaluates this assumption by taking into consideration several factors, including: | ||
• | economic conditions; | |
• | geographic and agricultural commodity/product concentrations in the portfolio; | |
• | the credit profile of the portfolio; | |
• | delinquency trends of the portfolio; | |
• | historical charge-off and recovery activities of the portfolio; and | |
• | other factors to capture current portfolio trends and characteristics that differ from historical experience. | |
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. There were no purchases or sales during 2014 that materially affected the credit profile of the Farm & Ranch portfolio. | ||
Rural Utilities | ||
Farmer Mac separately evaluates the rural utilities loans it owns to determine if there are any probable losses inherent in those assets. No allowance for losses has been provided for this portfolio segment based on the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of December 31, 2014 there were no delinquencies and no probable losses inherent in Farmer Mac's rural utilities loans. | ||
Specific Allowance for Impaired Loans | ||
Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. | ||
Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. | ||
For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. | ||
Earnings Per Common Share | Basic earnings per common share ("EPS") is based on the weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive common stock options, stock appreciation rights ("SARs"), and non-vested restricted stock awards. | |
Income Taxes | Income Taxes | |
Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. | ||
Farmer Mac evaluates its tax positions at least quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50 percent) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
Stock-Based Compensation | Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. | |
Comprehensive Income | Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised primarily of net income and unrealized gains and losses on securities available-for-sale, net of related taxes. | |
Long-Term Standby Purchase Commitments | Farmer Mac accounts for its LTSPCs as guarantees. Commitment fee income represents a reduction of the commitment obligation based on amortization using the actual prepayment experience on the underlying loans. | |
Fair Value Measurement | Fair Value Measurement | |
Farmer Mac defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest rank to unobservable inputs (level 3 measurements). | ||
Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs | ||
Consolidation of Variable Interest Entities | Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. | |
The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. | ||
For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. | ||
For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to AgVantage securities. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. | ||
New Accounting Standards | Receivables | |
In January 2014, the FASB issued ASU 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This update clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction.” ASU 2014-04 is effective for interim and annual periods beginning after December 15, 2014. The adoption of the new guidance will not have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. | ||
Reclassifications | Reclassifications | |
Certain reclassifications of prior period information were made to conform to the current period presentation. |
Accounting_Policies_Tables
Accounting Policies - (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||
Table 2.1 | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Cash paid during the period for: | |||||||||||||||||||||||||||||||||
Interest | $ | 171,644 | $ | 114,609 | $ | 112,663 | |||||||||||||||||||||||||||
Income taxes | 12,750 | 23,000 | 21,500 | ||||||||||||||||||||||||||||||
Non-cash activity: | |||||||||||||||||||||||||||||||||
Real estate owned acquired through loan liquidation | — | 1,443 | 2,280 | ||||||||||||||||||||||||||||||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 175,754 | 150,417 | 32,736 | ||||||||||||||||||||||||||||||
Purchases of securities - traded, not yet settled | 70,178 | — | — | ||||||||||||||||||||||||||||||
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 | 199,906 | 150,417 | 32,736 | ||||||||||||||||||||||||||||||
Deconsolidation of loans held for investment in consolidated trusts and debt securities of consolidated trusts held by third parties - transferred to off-balance sheet Farm & Ranch Guaranteed Securities | — | — | 460,261 | ||||||||||||||||||||||||||||||
Transfers of loans held for sale to loans held for investment | — | 673,991 | — | ||||||||||||||||||||||||||||||
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity | 1,632,786 | — | — | ||||||||||||||||||||||||||||||
Earnings Per Common Share | The following schedule reconciles basic and diluted EPS for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||
Table 2.2 | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net | Weighted-Average Shares | $ per | Net | Weighted-Average Shares | $ per | Net | Weighted-Average Shares | $ per | |||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 38,251 | 10,920 | $ | 3.5 | $ | 71,833 | 10,816 | $ | 6.64 | $ | 43,894 | 10,479 | $ | 4.19 | ||||||||||||||||||
Effect of dilutive securities (1): | |||||||||||||||||||||||||||||||||
Stock options, SARs and restricted stock | — | 447 | (0.13 | ) | — | 393 | (0.23 | ) | — | 540 | (0.21 | ) | |||||||||||||||||||||
Diluted EPS | $ | 38,251 | 11,367 | $ | 3.37 | $ | 71,833 | 11,209 | $ | 6.41 | $ | 43,894 | 11,019 | $ | 3.98 | ||||||||||||||||||
-1 | For the years ended December 31, 2014, 2013, and 2012, stock options and SARs of 109,143, 33,730, and 317,253, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2014, 2013, and 2012, contingent shares of non-vested restricted stock of 36,784, 26,696, and 79,300, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met. | ||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following tables present, by line of business, details about the consolidation of VIEs: | ||||||||||||||||||||||||||||||||
Table 2.3 | |||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
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) | $ | 421,355 | $ | — | $ | 271,123 | $ | — | $ | — | $ | 692,478 | |||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (2) | 424,214 | — | — | — | — | 424,214 | |||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Carrying value (3) | — | 27,620 | — | 32,415 | — | 60,035 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) | — | 27,832 | — | 30,000 | — | 57,832 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
Carrying value (5) | — | — | — | — | 409,657 | 409,657 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) (5) | — | — | — | — | 412,690 | 412,690 | |||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Maximum exposure to loss (4) (6) | 636,086 | 13,978 | — | 970,000 | — | 1,620,064 | |||||||||||||||||||||||||||
(1) Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million. | |||||||||||||||||||||||||||||||||
(2) Includes borrower remittances of $2.9 million. The borrower remittances have not been passed through to third party investors as of December 31, 2014. | |||||||||||||||||||||||||||||||||
(3) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million. | |||||||||||||||||||||||||||||||||
(4) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. | |||||||||||||||||||||||||||||||||
(5) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. | |||||||||||||||||||||||||||||||||
(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. | |||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entities | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
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) | $ | 259,509 | $ | — | $ | 370,480 | $ | — | $ | — | $ | 629,989 | |||||||||||||||||||||
Debt securities of consolidated trusts held by third parties (2) | 261,760 | — | — | — | — | 261,760 | |||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Carrying value (3) | — | 21,234 | — | 33,248 | — | 54,482 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) | — | 21,088 | — | 30,000 | — | 51,088 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||
Carrying value (5) | — | — | — | — | 533,688 | 533,688 | |||||||||||||||||||||||||||
Maximum exposure to loss (4) (5) | — | — | — | — | 540,726 | 540,726 | |||||||||||||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||||
Maximum exposure to loss (4) (6) | 765,751 | 20,222 | — | 970,000 | — | 1,755,973 | |||||||||||||||||||||||||||
(1) Includes unamortized premiums related to the Rural Utilities line of business of $16.2 million. | |||||||||||||||||||||||||||||||||
(2) Includes borrower remittances of $2.3 million, which have not been passed through to third party investors as of December 31, 2013. | |||||||||||||||||||||||||||||||||
(3) Includes unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees and Institutional Credit lines of business of $0.1 million and $3.2 million, respectively. | |||||||||||||||||||||||||||||||||
(4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. | |||||||||||||||||||||||||||||||||
(5) Includes auction-rate certificates, asset-backed securities, and GSE-guaranteed mortgage-backed securities. | |||||||||||||||||||||||||||||||||
(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. |
Related_Party_Transactions_Tab
Related Party Transactions - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Zions First National Bank [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The following transactions occurred between Farmer Mac and Zions during 2014, 2013, and 2012: | |||||||||||
Table 3.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unpaid Principal Balance: | ||||||||||||
Purchases: | ||||||||||||
Loans | $ | 155,808 | $ | 210,088 | $ | 168,826 | ||||||
USDA Securities | 42,637 | 13,153 | 14,415 | |||||||||
On-balance sheet AgVantage Securities | 50,237 | — | — | |||||||||
Sales of Farmer Mac Guaranteed Securities | 147,234 | 120,409 | 5,327 | |||||||||
CFC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The following transactions occurred between Farmer Mac and CFC during 2014, 2013, and 2012: | |||||||||||
Table 3.2 | ||||||||||||
Farmer Mac Loan Purchases and Guarantees | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Unpaid Principal Balance: | ||||||||||||
Loans | $ | 75,500 | $ | 86,965 | $ | 166,117 | ||||||
On-balance sheet AgVantage Securities | 820,775 | 820,000 | 383,406 | |||||||||
Off-balance sheet AgVantage Securities | 7,190 | — | — | |||||||||
Total purchases and guarantees | $ | 903,465 | $ | 906,965 | $ | 549,523 | ||||||
Investment_Securities_Tables
Investment Securities - (Tables) (Investment Securities [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investment Securities [Member] | ||||||||||||||||||||||||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||||||||||||||||||||||||
Marketable Securities [Table Text Block] | The following tables set forth information about Farmer Mac's investment securities as of December 31, 2014 and 2013: | |||||||||||||||||||||||
Table 4.1 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 46,600 | $ | — | $ | 46,600 | $ | — | $ | (6,024 | ) | $ | 40,576 | |||||||||||
Floating rate asset-backed securities | 100,730 | (74 | ) | 100,656 | 283 | (37 | ) | 100,902 | ||||||||||||||||
Floating rate corporate debt securities | 10,000 | — | 10,000 | 91 | — | 10,091 | ||||||||||||||||||
Fixed rate corporate debt securities | 30,000 | (10 | ) | 29,990 | 35 | — | 30,025 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 605,053 | 3,431 | 608,484 | 4,712 | (443 | ) | 612,753 | |||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities (1) | 853 | 3,542 | 4,395 | 3,807 | — | 8,202 | ||||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (3,680 | ) | 66,320 | |||||||||||||||||
Fixed rate senior agency debt | 18,806 | 130 | 18,936 | 3 | — | 18,939 | ||||||||||||||||||
Floating rate U.S. Treasuries | 75,000 | (10 | ) | 74,990 | — | (11 | ) | 74,979 | ||||||||||||||||
Fixed rate U.S. Treasuries | 975,194 | 462 | 975,656 | 72 | (16 | ) | 975,712 | |||||||||||||||||
Total available-for-sale | 1,932,236 | 7,471 | 1,939,707 | 9,003 | (10,211 | ) | 1,938,499 | |||||||||||||||||
Trading: | ||||||||||||||||||||||||
Floating rate asset-backed securities | 2,868 | — | 2,868 | — | (2,179 | ) | 689 | |||||||||||||||||
Total investment securities | $ | 1,935,104 | $ | 7,471 | $ | 1,942,575 | $ | 9,003 | $ | (12,390 | ) | $ | 1,939,188 | |||||||||||
-1 | Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 74,100 | $ | — | $ | 74,100 | $ | — | $ | (8,815 | ) | $ | 65,285 | |||||||||||
Floating rate asset-backed securities | 166,185 | (217 | ) | 165,968 | 195 | (59 | ) | 166,104 | ||||||||||||||||
Floating rate corporate debt securities | 109,345 | (3 | ) | 109,342 | 445 | (18 | ) | 109,769 | ||||||||||||||||
Fixed rate corporate debt securities | 55,000 | 48 | 55,048 | 97 | (4 | ) | 55,141 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 612,413 | 4,336 | 616,749 | 4,955 | (435 | ) | 621,269 | |||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities (1) | 1,173 | 3,966 | 5,139 | 3,518 | — | 8,657 | ||||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (6,615 | ) | 63,385 | |||||||||||||||||
Fixed rate GSE preferred stock | 78,500 | 365 | 78,865 | 4,296 | — | 83,161 | ||||||||||||||||||
Fixed rate taxable municipal bonds | 30,595 | 84 | 30,679 | 5 | (3 | ) | 30,681 | |||||||||||||||||
Fixed rate senior agency debt | 523,691 | 294 | 523,985 | 107 | (30 | ) | 524,062 | |||||||||||||||||
Fixed rate U.S. Treasuries | 754,405 | 1,141 | 755,546 | 95 | (8 | ) | 755,633 | |||||||||||||||||
Total available-for-sale | 2,475,407 | 10,014 | 2,485,421 | 13,713 | (15,987 | ) | 2,483,147 | |||||||||||||||||
Trading: | ||||||||||||||||||||||||
Floating rate asset-backed securities | 3,553 | — | 3,553 | — | (2,625 | ) | 928 | |||||||||||||||||
Total investment securities | $ | 2,478,960 | $ | 10,014 | $ | 2,488,974 | $ | 13,713 | $ | (18,612 | ) | $ | 2,484,075 | |||||||||||
-1 | Fair value includes $7.4 million of an interest-only security with a notional amount of $152.4 million. | |||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of December 31, 2014 and 2013, unrealized losses on available-for-sale investment securities were as follows: | |||||||||||||||||||||||
Table 4.2 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 40,576 | $ | (6,024 | ) | |||||||||||||||
Floating rate asset-backed securities | 19,388 | (37 | ) | — | — | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 76,100 | (164 | ) | 76,867 | (279 | ) | ||||||||||||||||||
Floating rate GSE subordinated debt | — | — | 66,320 | (3,680 | ) | |||||||||||||||||||
Floating rate U.S. Treasuries | 74,980 | (11 | ) | — | — | |||||||||||||||||||
Fixed rate U.S. Treasuries | 325,033 | (16 | ) | — | — | |||||||||||||||||||
Total | $ | 495,501 | $ | (228 | ) | $ | 183,763 | $ | (9,983 | ) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 65,285 | $ | (8,815 | ) | |||||||||||||||
Floating rate asset-backed securities | 50,129 | (59 | ) | — | — | |||||||||||||||||||
Floating rate corporate debt securities | 19,982 | (18 | ) | — | — | |||||||||||||||||||
Fixed rate corporate debt securities | 10,058 | (4 | ) | — | — | |||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 161,960 | (435 | ) | — | — | |||||||||||||||||||
Floating rate GSE subordinated debt | — | — | 63,385 | (6,615 | ) | |||||||||||||||||||
Fixed rate taxable municipal bonds | 8,041 | (3 | ) | — | — | |||||||||||||||||||
Fixed rate senior agency debt | 316,273 | (30 | ) | — | — | |||||||||||||||||||
Fixed rate U.S. Treasuries | 118,056 | (8 | ) | — | — | |||||||||||||||||||
Total | $ | 684,499 | $ | (557 | ) | $ | 128,670 | $ | (15,430 | ) | ||||||||||||||
The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to December 31, 2014 and 2013, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of December 31, 2014, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." As of December 31, 2013, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except two that were rated "A-" and one that was rated "BBB+." The unrealized losses were on 35 and 64 individual investment securities as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
As of December 31, 2014, 15 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million. As of December 31, 2013, 7 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $15.4 million. Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2014 that is, on average, approximately 95 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of changes in credit spreads or maturity. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of December 31, 2014 and 2013. Farmer Mac does not intend to sell these securities and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. | ||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2014 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. | |||||||||||||||||||||||
Table 4.3 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 1,014,587 | $ | 1,014,679 | 0.30% | |||||||||||||||||||
Due after one year through five years | 156,022 | 156,719 | 0.87% | |||||||||||||||||||||
Due after five years through ten years | 261,556 | 262,917 | 0.85% | |||||||||||||||||||||
Due after ten years | 507,542 | 504,184 | 1.00% | |||||||||||||||||||||
Total | $ | 1,939,707 | $ | 1,938,499 | 0.60% | |||||||||||||||||||
Farmer_Mac_Guaranteed_Securiti1
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - (Tables) (Farmer Mac Guaranteed Securities and USDA Securities [Member]) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||||||||||||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||||||||||||||||||||||||
Marketable Securities [Table Text Block] | The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2014 and 2013: | |||||||||||||||||||||||
Table 5.1 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
AgVantage | $ | 1,785,340 | $ | 9,280 | $ | 1,794,620 | $ | 6,211 | $ | (255 | ) | $ | 1,800,576 | |||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 3,625,073 | $ | — | $ | 3,625,073 | $ | 36,442 | $ | (29,853 | ) | $ | 3,631,662 | |||||||||||
Farmer Mac Guaranteed USDA Securities | 27,831 | (442 | ) | 27,389 | 237 | (7 | ) | 27,619 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 3,652,904 | (442 | ) | 3,652,462 | 36,679 | (29,860 | ) | 3,659,281 | ||||||||||||||||
USDA Securities | 1,717,813 | 3,162 | 1,720,975 | 11,850 | (1,603 | ) | 1,731,222 | |||||||||||||||||
Total available-for-sale | $ | 5,370,717 | $ | 2,720 | $ | 5,373,437 | $ | 48,529 | $ | (31,463 | ) | $ | 5,390,503 | |||||||||||
Trading: | ||||||||||||||||||||||||
USDA Securities | $ | 38,412 | $ | 2,748 | $ | 41,160 | $ | 114 | $ | (964 | ) | $ | 40,310 | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 5,066,855 | $ | 125 | $ | 5,066,980 | $ | 64,051 | $ | (60,665 | ) | $ | 5,070,366 | |||||||||||
Farmer Mac Guaranteed USDA Securities | 21,089 | (518 | ) | 20,571 | 669 | (6 | ) | 21,234 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,087,944 | (393 | ) | 5,087,551 | 64,720 | (60,671 | ) | 5,091,600 | ||||||||||||||||
USDA Securities | 1,590,433 | 4,585 | 1,595,018 | 2,753 | (44,102 | ) | 1,553,669 | |||||||||||||||||
Total available-for-sale | $ | 6,678,377 | $ | 4,192 | $ | 6,682,569 | $ | 67,473 | $ | (104,773 | ) | $ | 6,645,269 | |||||||||||
Trading: | ||||||||||||||||||||||||
USDA Securities | $ | 55,373 | $ | 4,972 | $ | 60,345 | $ | 193 | $ | (2,194 | ) | $ | 58,344 | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of December 31, 2014 and 2013, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: | |||||||||||||||||||||||
Table 5.2 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Held-to-Maturity and Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
AgVantage | $ | 547 | $ | (1 | ) | $ | 49,745 | $ | (254 | ) | ||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 685,131 | $ | (13,115 | ) | 1,460,089 | $ | (16,738 | ) | |||||||||||||||
Farmer Mac Guaranteed USDA Securities | 3,720 | (7 | ) | — | — | |||||||||||||||||||
USDA Securities | 264,375 | (1,549 | ) | 97,817 | (54 | ) | ||||||||||||||||||
Total available-for-sale | $ | 953,226 | $ | (14,671 | ) | $ | 1,557,906 | $ | (16,792 | ) | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Unrealized loss position for | Unrealized loss position for | |||||||||||||||||||||||
less than 12 months | more than 12 months | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||
Loss | Loss | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
AgVantage | $ | 1,157,656 | $ | (51,923 | ) | $ | 763,885 | $ | (8,742 | ) | ||||||||||||||
Farmer Mac Guaranteed USDA Securities | 343 | (6 | ) | — | — | |||||||||||||||||||
USDA Securities | 1,070,816 | (44,040 | ) | 104,416 | (62 | ) | ||||||||||||||||||
Total | $ | 2,228,815 | $ | (95,969 | ) | $ | 868,301 | $ | (8,804 | ) | ||||||||||||||
The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2014 and 2013, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of December 31, 2014. The unrealized losses from AgVantage securities were on 27 available-for-sale securities as of December 31, 2013. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. As of December 31, 2013, 13 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $8.7 million. AgVantage® is a registered trademark of Farmer Mac used to designate Farmer Mac Guaranteed Securities that are general obligations of lenders secured by pools of eligible loans, with such Farmer Mac Guaranteed Securities referred to herein as AgVantage securities. Each AgVantage security backed by agricultural mortgages requires some level of overcollateralization, or, in the case of rural utilities loans, 100 percent collateralization, and is secured by eligible loans of the issuing institution with a requirement that delinquent loans be removed from the collateral pool and then replaced with current eligible loans. Thus, Farmer Mac does not believe it will realize any of the losses presented above. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of December 31, 2014 and 2013. Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. | ||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2014 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. | |||||||||||||||||||||||
Table 5.3 | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 109,217 | $ | 106,395 | 0.93 | % | ||||||||||||||||||
Due after one year through five years | 1,686,323 | 1,708,230 | 1.84 | % | ||||||||||||||||||||
Due after five years through ten years | 1,449,257 | 1,455,096 | 1.72 | % | ||||||||||||||||||||
Due after ten years | 2,128,640 | 2,120,782 | 2.57 | % | ||||||||||||||||||||
Total | $ | 5,373,437 | $ | 5,390,503 | 2.07 | % | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||
Amortized | Fair Value | Weighted- | ||||||||||||||||||||||
Cost | Average | |||||||||||||||||||||||
Yield | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Due within one year | $ | 606,442 | $ | 606,627 | 2.74 | % | ||||||||||||||||||
Due after one year through five years | 1,178,000 | 1,183,351 | 2.23 | % | ||||||||||||||||||||
Due after five years through ten years | 10,178 | 10,598 | 3.25 | % | ||||||||||||||||||||
Total | $ | 1,794,620 | $ | 1,800,576 | 2.4 | % | ||||||||||||||||||
Financial_Derivatives_Tables
Financial Derivatives - (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of December 31, 2014 and 2013 and the effects of financial derivatives on the consolidated statements of operations for the year ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||
Table 6.1 | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Fair Value | Weighted- | Weighted- | Weighted- | Weighted- | |||||||||||||||||
Average | Average Receive Rate | Average | Average | ||||||||||||||||||
Pay Rate | Forward | Remaining | |||||||||||||||||||
Notional Amount | Asset | (Liability) | Price | Life (in years) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | $ | 1,000,000 | $ | — | $ | (31,718 | ) | 2.47% | 0.23% | 3.98 | |||||||||||
Cash flow hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 15,000 | — | (289 | ) | 2.43% | 0.51% | 6.23 | ||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 490,183 | 537 | (51,224 | ) | 4.23% | 0.23% | 7.05 | ||||||||||||||
Receive fixed non-callable | 3,829,355 | 3,414 | (461 | ) | 0.14% | 0.27% | 0.55 | ||||||||||||||
Receive fixed callable | 383,565 | 1 | (877 | ) | 0.12% | 1.34% | 3.47 | ||||||||||||||
Basis swaps | 1,105,000 | 247 | (406 | ) | 0.11% | 0.31% | 2.42 | ||||||||||||||
Agency forwards | 12,768 | — | (53 | ) | 101 | ||||||||||||||||
Treasury futures | 1,700 | — | (3 | ) | 126.6 | ||||||||||||||||
Credit valuation adjustment | (22 | ) | 187 | ||||||||||||||||||
Total financial derivatives | $ | 6,837,571 | $ | 4,177 | $ | (84,844 | ) | ||||||||||||||
Collateral pledged | — | 46,627 | |||||||||||||||||||
Net amount | $ | 4,177 | $ | (38,217 | ) | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Fair Value | Weighted- | Weighted- | Weighted- | Weighted- | |||||||||||||||||
Average | Average Receive Rate | Average | Average | ||||||||||||||||||
Pay Rate | Forward | Remaining | |||||||||||||||||||
Notional Amount | Asset | (Liability) | Price | Life (in years) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | $ | 900,000 | $ | — | $ | (28,989 | ) | 2.25% | 0.24% | 3.25 | |||||||||||
Cash flow hedges: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 10,000 | 68 | — | 2.50% | 0.48% | 6.95 | |||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||
Pay fixed non-callable | 806,596 | 7,570 | (45,360 | ) | 4.63% | 0.24% | 4.86 | ||||||||||||||
Receive fixed non-callable | 4,324,663 | 11,836 | (262 | ) | 0.27% | 0.70% | 0.53 | ||||||||||||||
Receive fixed callable | 175,000 | 83 | (934 | ) | 0.10% | 0.65% | 3.3 | ||||||||||||||
Basis swaps | 404,288 | 276 | (318 | ) | 0.32% | 0.29% | 1.52 | ||||||||||||||
Agency forwards | 65,704 | 86 | — | 98.91 | |||||||||||||||||
Treasury futures | 5,600 | — | (1 | ) | 123.02 | ||||||||||||||||
Credit valuation adjustment | (201 | ) | 156 | ||||||||||||||||||
Total financial derivatives | $ | 6,691,851 | $ | 19,718 | $ | (75,708 | ) | ||||||||||||||
Collateral pledged | — | 11,320 | |||||||||||||||||||
Net amount | $ | 19,718 | $ | (64,388 | ) | ||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | Table 6.2 | ||||||||||||||||||||
(Losses)/gains on financial derivatives and hedging activities | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||
Interest rate swaps (1) | $ | (2,729 | ) | $ | 29,538 | $ | (404 | ) | |||||||||||||
Hedged items | 14,520 | (18,230 | ) | 6,388 | |||||||||||||||||
Gains on hedging activities | 11,791 | 11,308 | 5,984 | ||||||||||||||||||
No hedge designation: | |||||||||||||||||||||
Interest rate swaps | (31,111 | ) | 21,355 | (24,763 | ) | ||||||||||||||||
Agency forwards | (1,842 | ) | (1,002 | ) | (828 | ) | |||||||||||||||
Treasury futures | (484 | ) | 103 | (129 | ) | ||||||||||||||||
Credit default swaps | — | — | (93 | ) | |||||||||||||||||
(Losses)/gains on financial derivatives not designated in hedging relationships | (33,437 | ) | 20,456 | (25,813 | ) | ||||||||||||||||
(Losses)/gains on financial derivatives and hedging activities | $ | (21,646 | ) | $ | 31,764 | $ | (19,829 | ) | |||||||||||||
-1 | Included in the assessment of hedge effectiveness as of December 31, 2014, but excluded from the amounts in the table, were losses of $11.6 million for the year ended December 31, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the year ended December 31, 2014 were losses of $0.2 million. The comparable amounts as of December 31, 2013 were losses of $11.8 million for the year ended December 31, 2013, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.5 million for the year ended December 31, 2013, attributable to hedge ineffectiveness. The comparable amounts as of December 31, 2012 were losses of $6.1 million for the year ended December 31, 2012, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the year ended December 31, 2012, attributable to hedge ineffectiveness. |
Notes_Payable_Tables
Notes Payable - (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule of Debt [Table Text Block] | e following tables set forth information related to Farmer Mac's borrowings as of December 31, 2014 and 2013: | |||||||||||||
Table 7.1 | ||||||||||||||
31-Dec-14 | ||||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(dollars in thousands) | ||||||||||||||
Due within one year: | ||||||||||||||
Discount notes | $ | 4,925,828 | 0.11 | % | $ | 4,059,708 | 0.15 | % | ||||||
Medium-term notes | 754,988 | 0.17 | % | 532,621 | 0.15 | % | ||||||||
Current portion of long-term notes | 1,673,137 | 0.98 | % | |||||||||||
Total due within one year | $ | 7,353,953 | 0.32 | % | ||||||||||
Due after one year: | ||||||||||||||
Medium-term notes due in: | ||||||||||||||
2016 | $ | 1,569,961 | 1.16 | % | ||||||||||
2017 | 1,219,192 | 0.9 | % | |||||||||||
2018 | 682,224 | 1.28 | % | |||||||||||
2019 | 872,576 | 1.42 | % | |||||||||||
Thereafter | 1,127,233 | 3.09 | % | |||||||||||
Total due after one year | 5,471,186 | 1.56 | % | |||||||||||
Total | $ | 12,825,139 | 0.85 | % | ||||||||||
December 31, 2013 | ||||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(dollars in thousands) | ||||||||||||||
Due within one year: | ||||||||||||||
Discount notes | $ | 4,880,971 | 0.12 | % | $ | 4,365,045 | 0.18 | % | ||||||
Medium-term notes | 179,999 | 0.17 | % | 167,617 | 0.16 | % | ||||||||
Current portion of long-term notes | 2,277,811 | 1.79 | % | |||||||||||
$ | 7,338,781 | 0.64 | % | |||||||||||
Due after one year: | ||||||||||||||
Medium-term notes due in: | ||||||||||||||
2015 | $ | 1,411,140 | 1.14 | % | ||||||||||
2016 | 1,290,629 | 1.33 | % | |||||||||||
2017 | 528,322 | 1.23 | % | |||||||||||
2018 | 675,968 | 1.33 | % | |||||||||||
Thereafter | 1,095,110 | 2.85 | % | |||||||||||
Total due after one year | 5,001,169 | 1.6 | % | |||||||||||
Total | $ | 12,339,950 | 1.03 | % | ||||||||||
The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2014 and 2013 was $4.9 billion. | ||||||||||||||
Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2015 as of December 31, 2014: | ||||||||||||||
Table 7.2 | ||||||||||||||
Debt Callable in 2015 as of December 31, 2014 | ||||||||||||||
Maturity | Amount | Rate | ||||||||||||
(dollars in thousands) | ||||||||||||||
2016 | $ | 78,960 | 0.57 | % | ||||||||||
2017 | 507,893 | 0.48 | % | |||||||||||
2018 | 149,944 | 0.92 | % | |||||||||||
2019 | 402,393 | 1.02 | % | |||||||||||
Thereafter | 279,157 | 2.64 | % | |||||||||||
$ | 1,418,347 | 1.11 | % | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | e following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2014 , including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: | |||||||||||||
Table 7.3 | ||||||||||||||
Earliest Interest Rate Reset Date of Borrowings Outstanding | ||||||||||||||
Amount | Weighted-Average Rate | |||||||||||||
(dollars in thousands) | ||||||||||||||
Debt with interest rate resets in: | ||||||||||||||
2015 | $ | 8,887,288 | 0.44% | |||||||||||
2016 | 1,391,014 | 1.26% | ||||||||||||
2017 | 711,299 | 1.19% | ||||||||||||
2018 | 532,279 | 1.38% | ||||||||||||
2019 | 470,183 | 1.76% | ||||||||||||
Thereafter | 833,076 | 3.29% | ||||||||||||
Total | $ | 12,825,139 | 0.85% | |||||||||||
During 2014 and 2013, Farmer Mac called $0.5 billion and $0.4 billion of callable medium-term notes, respectively. | ||||||||||||||
Loans_and_Allowance_for_Losses1
Loans and Allowance for Losses and Concentrations of Credit Risk - (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans | |||||||||||||||||||||||||||
Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of December 31, 2014 and 2013, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.1 | ||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Farm & Ranch | $ | 2,118,867 | $ | 421,355 | $ | 2,540,222 | $ | 1,875,958 | $ | 259,509 | $ | 2,135,467 | ||||||||||||||||
Rural Utilities | 718,213 | 267,396 | 985,609 | 698,010 | 354,241 | 1,052,251 | ||||||||||||||||||||||
Total unpaid principal balance (1) | 2,837,080 | 688,751 | 3,525,831 | 2,573,968 | 613,750 | 3,187,718 | ||||||||||||||||||||||
Unamortized premiums, discounts and other cost basis adjustments | (3,619 | ) | 3,727 | 108 | (3,843 | ) | 16,239 | 12,396 | ||||||||||||||||||||
Total loans | 2,833,461 | 692,478 | 3,525,939 | 2,570,125 | 629,989 | 3,200,114 | ||||||||||||||||||||||
Allowance for loan losses | (5,324 | ) | (540 | ) | (5,864 | ) | (6,587 | ) | (279 | ) | (6,866 | ) | ||||||||||||||||
Total loans, net of allowance | $ | 2,828,137 | $ | 691,938 | $ | 3,520,075 | $ | 2,563,538 | $ | 629,710 | $ | 3,193,248 | ||||||||||||||||
-1 | Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. | |||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowances for Losses | |||||||||||||||||||||||||||
Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: an allowance for loan losses to account for estimated probable losses on loans held, and a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities. As of December 31, 2014 and 2013, Farmer Mac recorded allowances for losses of $10.1 million and $13.3 million, respectively. See Note 5 and Note 12 for more information about Farmer Mac Guaranteed Securities. | ||||||||||||||||||||||||||||
The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2014: | ||||||||||||||||||||||||||||
Table 8.2 | ||||||||||||||||||||||||||||
Allowance | Reserve | Total | ||||||||||||||||||||||||||
for Loan | for Losses | Allowance | ||||||||||||||||||||||||||
Losses | for Losses | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 10,161 | $ | 7,355 | $ | 17,516 | ||||||||||||||||||||||
Provision for/(release of) losses | 3,691 | (1,816 | ) | 1,875 | ||||||||||||||||||||||||
Charge-offs | (2,501 | ) | — | (2,501 | ) | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 11,351 | $ | 5,539 | $ | 16,890 | ||||||||||||||||||||||
(Release of)/provision for losses | (481 | ) | 929 | 448 | ||||||||||||||||||||||||
Charge-offs | (4,004 | ) | — | (4,004 | ) | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 6,866 | $ | 6,468 | $ | 13,334 | ||||||||||||||||||||||
Release of losses | (961 | ) | (2,205 | ) | (3,166 | ) | ||||||||||||||||||||||
Charge-offs | (86 | ) | — | (86 | ) | |||||||||||||||||||||||
Recoveries | 45 | — | 45 | |||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,864 | $ | 4,263 | $ | 10,127 | ||||||||||||||||||||||
During 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.0 million and releases from its reserve for losses of $2.2 million, primarily related to a decrease in the balance of its ethanol loans as well as a general improvement in the quality of the ethanol loans held and loans underlying LTSPCs. Farmer Mac recorded $0.1 million of charge-offs and recoveries of $45,000 to its allowance for loan losses during 2014. | ||||||||||||||||||||||||||||
During 2013, Farmer Mac recorded releases from its allowance for loan losses of $0.5 million and provisions to its reserve for losses of $0.9 million. Farmer Mac also recorded $4.0 million of charge-offs to its allowance for loan losses during 2013. Charge-offs recorded during 2013 included a $3.6 million charge-off related to one ethanol loan that transitioned to real estate owned ("REO") for which Farmer Mac had previously provided a specific allowance. | ||||||||||||||||||||||||||||
During 2012, Farmer Mac recorded provisions to its allowance for loan losses of $3.7 million and releases from its reserve for losses of $1.8 million. In fourth quarter 2012, Farmer Mac purchased one defaulted ethanol loan pursuant to the terms of an LTSPC agreement. This resulted in the reclassification of a specific allowance of $3.2 million from the reserve for losses to the allowance for loan losses. The provision for/(release of) losses for 2012 reflects this reclassification as well as an increase in the specific allowance for this loan during 2012 prior to purchase. Farmer Mac also recorded charge-offs of $2.5 million to its allowance for loan losses during 2012. | ||||||||||||||||||||||||||||
The following tables present the changes in the total allowance for losses for the year ended December 31, 2014 and 2013 by commodity type: | ||||||||||||||||||||||||||||
Table 8.3 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
Provision for/(release of) losses | 395 | (72 | ) | 209 | 42 | (3,740 | ) | — | (3,166 | ) | ||||||||||||||||||
Charge-offs | — | — | (57 | ) | (29 | ) | — | — | (86 | ) | ||||||||||||||||||
Recoveries | — | 45 | — | — | — | — | 45 | |||||||||||||||||||||
Ending Balance | $ | 2,519 | $ | 2,159 | $ | 1,423 | $ | 467 | $ | 3,552 | $ | 7 | $ | 10,127 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Beginning Balance | $ | 2,589 | $ | 2,316 | $ | 1,534 | $ | 784 | $ | 9,661 | $ | 6 | $ | 16,890 | ||||||||||||||
(Release of)/provision for losses | (420 | ) | (130 | ) | (263 | ) | 4 | 1,256 | 1 | 448 | ||||||||||||||||||
Charge-offs | (45 | ) | — | — | (334 | ) | (3,625 | ) | — | (4,004 | ) | |||||||||||||||||
Ending Balance | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
Schedule of Allowance for Losses by Impairment Method and Commodity [Table Text Block] | The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Table 8.4 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Ending Balance: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,621,360 | $ | 359,517 | $ | 406,049 | $ | 57,851 | $ | 29,003 | $ | — | $ | 2,473,780 | ||||||||||||||
Off-balance sheet | 1,305,141 | 521,535 | 839,286 | 102,857 | 85,357 | 6,781 | 2,860,957 | |||||||||||||||||||||
Total | $ | 2,926,501 | $ | 881,052 | $ | 1,245,335 | $ | 160,708 | $ | 114,360 | $ | 6,781 | $ | 5,334,737 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 12,307 | $ | 35,904 | $ | 6,571 | $ | 11,660 | $ | — | $ | — | $ | 66,442 | ||||||||||||||
Off-balance sheet | 2,458 | 3,239 | 8,712 | 1,586 | — | — | 15,995 | |||||||||||||||||||||
Total | $ | 14,765 | $ | 39,143 | $ | 15,283 | $ | 13,246 | $ | — | $ | — | $ | 82,437 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,633,667 | $ | 395,421 | $ | 412,620 | $ | 69,511 | $ | 29,003 | $ | — | $ | 2,540,222 | ||||||||||||||
Off-balance sheet | 1,307,599 | 524,774 | 847,998 | 104,443 | 85,357 | 6,781 | 2,876,952 | |||||||||||||||||||||
Total | $ | 2,941,266 | $ | 920,195 | $ | 1,260,618 | $ | 173,954 | $ | 114,360 | $ | 6,781 | $ | 5,417,174 | ||||||||||||||
Allowance for Losses: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,824 | $ | 495 | $ | 658 | $ | 51 | $ | 503 | $ | — | $ | 3,531 | ||||||||||||||
Off-balance sheet | 298 | 149 | 404 | 52 | 3,049 | 7 | 3,959 | |||||||||||||||||||||
Total | $ | 2,122 | $ | 644 | $ | 1,062 | $ | 103 | $ | 3,552 | $ | 7 | $ | 7,490 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 283 | $ | 1,410 | $ | 328 | $ | 312 | $ | — | $ | — | $ | 2,333 | ||||||||||||||
Off-balance sheet | 114 | 105 | 33 | 52 | — | — | 304 | |||||||||||||||||||||
Total | $ | 397 | $ | 1,515 | $ | 361 | $ | 364 | $ | — | $ | — | $ | 2,637 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 2,107 | $ | 1,905 | $ | 986 | $ | 363 | $ | 503 | $ | — | $ | 5,864 | ||||||||||||||
Off-balance sheet | 412 | 254 | 437 | 104 | 3,049 | 7 | 4,263 | |||||||||||||||||||||
Total | $ | 2,519 | $ | 2,159 | $ | 1,423 | $ | 467 | $ | 3,552 | $ | 7 | $ | 10,127 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Ending Balance: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,363,861 | $ | 295,037 | $ | 319,665 | $ | 39,940 | $ | 32,636 | $ | 359 | $ | 2,051,498 | ||||||||||||||
Off-balance sheet | 1,279,887 | 567,932 | 912,397 | 109,884 | 138,282 | 8,159 | 3,016,541 | |||||||||||||||||||||
Total | $ | 2,643,748 | $ | 862,969 | $ | 1,232,062 | $ | 149,824 | $ | 170,918 | $ | 8,518 | $ | 5,068,039 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 21,147 | $ | 41,441 | $ | 10,844 | $ | 10,422 | $ | — | $ | 115 | $ | 83,969 | ||||||||||||||
Off-balance sheet | 1,962 | 3,414 | 3,199 | 2,497 | — | — | 11,072 | |||||||||||||||||||||
Total | $ | 23,109 | $ | 44,855 | $ | 14,043 | $ | 12,919 | $ | — | $ | 115 | $ | 95,041 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,385,008 | $ | 336,478 | $ | 330,509 | $ | 50,362 | $ | 32,636 | $ | 474 | $ | 2,135,467 | ||||||||||||||
Off-balance sheet | 1,281,849 | 571,346 | 915,596 | 112,381 | 138,282 | 8,159 | 3,027,613 | |||||||||||||||||||||
Total | $ | 2,666,857 | $ | 907,824 | $ | 1,246,105 | $ | 162,743 | $ | 170,918 | $ | 8,633 | $ | 5,163,080 | ||||||||||||||
Allowance for Losses: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,321 | $ | 325 | $ | 436 | $ | 20 | $ | 2,290 | $ | — | $ | 4,392 | ||||||||||||||
Off-balance sheet | 397 | 159 | 642 | 42 | 5,002 | 4 | 6,246 | |||||||||||||||||||||
Total | $ | 1,718 | $ | 484 | $ | 1,078 | $ | 62 | $ | 7,292 | $ | 4 | $ | 10,638 | ||||||||||||||
Individually evaluated for impairment: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 362 | $ | 1,641 | $ | 140 | $ | 331 | $ | — | $ | — | $ | 2,474 | ||||||||||||||
Off-balance sheet | 44 | 61 | 53 | 61 | — | 3 | 222 | |||||||||||||||||||||
Total | $ | 406 | $ | 1,702 | $ | 193 | $ | 392 | $ | — | $ | 3 | $ | 2,696 | ||||||||||||||
Total Farm & Ranch loans: | ||||||||||||||||||||||||||||
On-balance sheet | $ | 1,683 | $ | 1,966 | $ | 576 | $ | 351 | $ | 2,290 | $ | — | $ | 6,866 | ||||||||||||||
Off-balance sheet | 441 | 220 | 695 | 103 | 5,002 | 7 | 6,468 | |||||||||||||||||||||
Total | $ | 2,124 | $ | 2,186 | $ | 1,271 | $ | 454 | $ | 7,292 | $ | 7 | $ | 13,334 | ||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Table 8.5 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||
With no specific allowance: | ||||||||||||||||||||||||||||
Recorded investment | $ | 4,877 | $ | 5,837 | $ | 9,576 | $ | 2,001 | $ | — | $ | — | $ | 22,291 | ||||||||||||||
Unpaid principal balance | 4,723 | 5,750 | 9,386 | 1,981 | — | — | 21,840 | |||||||||||||||||||||
With a specific allowance: | ||||||||||||||||||||||||||||
Recorded investment (1) | 10,753 | 33,690 | 5,979 | 11,350 | — | — | 61,772 | |||||||||||||||||||||
Unpaid principal balance | 10,042 | 33,393 | 5,897 | 11,265 | — | — | 60,597 | |||||||||||||||||||||
Associated allowance | 397 | 1,515 | 361 | 364 | — | — | 2,637 | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Recorded investment | 15,630 | 39,527 | 15,555 | 13,351 | — | — | 84,063 | |||||||||||||||||||||
Unpaid principal balance | 14,765 | 39,143 | 15,283 | 13,246 | — | — | 82,437 | |||||||||||||||||||||
Associated allowance | 397 | 1,515 | 361 | 364 | — | — | 2,637 | |||||||||||||||||||||
Recorded investment of loans on nonaccrual status (2) | $ | 5,168 | $ | 14,413 | $ | 4,438 | $ | 6,133 | $ | — | $ | — | $ | 30,152 | ||||||||||||||
-1 | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million. | |||||||||||||||||||||||||||
-2 | Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||
With no specific allowance: | ||||||||||||||||||||||||||||
Recorded investment | $ | 6,956 | $ | 9,880 | $ | 6,671 | $ | 1,444 | $ | — | $ | — | $ | 24,951 | ||||||||||||||
Unpaid principal balance | 6,825 | 9,877 | 6,588 | 1,443 | — | — | 24,733 | |||||||||||||||||||||
With a specific allowance: | ||||||||||||||||||||||||||||
Recorded investment (1) | 16,697 | 36,146 | 7,600 | 11,554 | — | 119 | 72,116 | |||||||||||||||||||||
Unpaid principal balance | 16,284 | 34,978 | 7,455 | 11,476 | — | 115 | 70,308 | |||||||||||||||||||||
Associated allowance | 406 | 1,702 | 193 | 392 | — | 3 | 2,696 | |||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Recorded investment | 23,653 | 46,026 | 14,271 | 12,998 | — | 119 | 97,067 | |||||||||||||||||||||
Unpaid principal balance | 23,109 | 44,855 | 14,043 | 12,919 | — | 115 | 95,041 | |||||||||||||||||||||
Associated allowance | 406 | 1,702 | 193 | 392 | — | 3 | 2,696 | |||||||||||||||||||||
Recorded investment of loans on nonaccrual status (2) | $ | 10,812 | $ | 15,237 | $ | 5,344 | $ | 5,835 | $ | — | $ | — | $ | 37,228 | ||||||||||||||
-1 | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $65.1 million (67 percent) of impaired loans as of December 31, 2013, which resulted in a specific reserve of $1.3 million. | |||||||||||||||||||||||||||
-2 | Includes $9.6 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. | |||||||||||||||||||||||||||
The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Table 8.6 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 20,625 | $ | 43,221 | $ | 13,543 | $ | 12,596 | $ | — | $ | 24 | $ | 90,009 | ||||||||||||||
Income recognized on impaired loans | 373 | 474 | 327 | 359 | — | — | 1,533 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including | ||||||||||||||||||||||||||||
ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
For the Year Ended: | ||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 28,387 | $ | 42,838 | $ | 16,117 | $ | 13,042 | $ | 867 | $ | 481 | $ | 101,732 | ||||||||||||||
Income recognized on impaired loans | 793 | 2,254 | 277 | 444 | — | — | 3,768 | |||||||||||||||||||||
Schedule of Certain Loans Acquired in Transfer Acquired During Period [Table Text Block] | The following tables present information related to Farmer Mac's acquisition of defaulted loans for the years ended December 31, 2014, 2013, and 2012 and the outstanding balances and carrying amounts of all such loans as of December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||
Table 8.7 | ||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Unpaid principal balance at acquisition date: | ||||||||||||||||||||||||||||
Loans underlying LTSPCs | $ | 705 | $ | 37 | $ | 8,091 | ||||||||||||||||||||||
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities | — | 6,667 | 8,933 | |||||||||||||||||||||||||
Total unpaid principal balance at acquisition date | 705 | 6,704 | 17,024 | |||||||||||||||||||||||||
Contractually required payments receivable | 705 | 6,907 | 17,432 | |||||||||||||||||||||||||
Impairment recognized subsequent to acquisition | 69 | 477 | 4,774 | |||||||||||||||||||||||||
Recovery/release of allowance for defaulted loans | 233 | 949 | 997 | |||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Outstanding balance | $ | 24,921 | $ | 32,838 | $ | 41,737 | ||||||||||||||||||||||
Carrying amount | 22,149 | 29,613 | 33,798 | |||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below. As of December 31, 2014, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans. | |||||||||||||||||||||||||||
Table 8.8 | ||||||||||||||||||||||||||||
90-Day Delinquencies (1) | Net Credit (Recoveries)/Losses | |||||||||||||||||||||||||||
As of December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
On-balance sheet assets: | ||||||||||||||||||||||||||||
Farm & Ranch: | ||||||||||||||||||||||||||||
Loans | $ | 18,427 | $ | 27,580 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
Total on-balance sheet | $ | 18,427 | $ | 27,580 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
Off-balance sheet assets: | ||||||||||||||||||||||||||||
Farm & Ranch: | ||||||||||||||||||||||||||||
LTSPCs | $ | 490 | $ | 716 | $ | — | $ | — | $ | — | ||||||||||||||||||
Total off-balance sheet | $ | 490 | $ | 716 | $ | — | $ | — | $ | — | ||||||||||||||||||
Total | $ | 18,917 | $ | 28,296 | $ | (6 | ) | $ | 2,975 | $ | 1,673 | |||||||||||||||||
-1 | Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. | |||||||||||||||||||||||||||
Of the $18.4 million and $27.6 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2014 and 2013, respectively, $1.8 million and $1.2 million, respectively, were loans subject to "removal-of-account" provisions. | ||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Table 8.9 | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | ||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,604,546 | $ | 353,487 | $ | 375,010 | $ | 57,239 | $ | 29,003 | $ | — | $ | 2,419,285 | ||||||||||||||
Special mention (2) | 16,814 | 6,030 | 31,039 | 612 | — | — | 54,495 | |||||||||||||||||||||
Substandard (3) | 12,307 | 35,904 | 6,571 | 11,660 | — | — | 66,442 | |||||||||||||||||||||
Total on-balance sheet | $ | 1,633,667 | $ | 395,421 | $ | 412,620 | $ | 69,511 | $ | 29,003 | $ | — | $ | 2,540,222 | ||||||||||||||
Off-Balance Sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,282,773 | $ | 503,414 | $ | 799,047 | $ | 97,692 | $ | 64,363 | $ | 6,117 | $ | 2,753,406 | ||||||||||||||
Special mention (2) | 13,603 | 12,150 | 30,281 | 1,351 | — | 8 | 57,393 | |||||||||||||||||||||
Substandard (3) | 11,223 | 9,210 | 18,670 | 5,400 | 20,994 | 656 | 66,153 | |||||||||||||||||||||
Total off-balance sheet | $ | 1,307,599 | $ | 524,774 | $ | 847,998 | $ | 104,443 | $ | 85,357 | $ | 6,781 | $ | 2,876,952 | ||||||||||||||
Total Ending Balance: | ||||||||||||||||||||||||||||
Acceptable | $ | 2,887,319 | $ | 856,901 | $ | 1,174,057 | $ | 154,931 | $ | 93,366 | $ | 6,117 | $ | 5,172,691 | ||||||||||||||
Special mention (2) | 30,417 | 18,180 | 61,320 | 1,963 | — | 8 | 111,888 | |||||||||||||||||||||
Substandard (3) | 23,530 | 45,114 | 25,241 | 17,060 | 20,994 | 656 | 132,595 | |||||||||||||||||||||
Total | $ | 2,941,266 | $ | 920,195 | $ | 1,260,618 | $ | 173,954 | $ | 114,360 | $ | 6,781 | $ | 5,417,174 | ||||||||||||||
Commodity analysis of past due loans (1) | ||||||||||||||||||||||||||||
On-balance sheet | $ | 4,175 | $ | 6,869 | $ | 4,555 | $ | 2,828 | $ | — | $ | — | $ | 18,427 | ||||||||||||||
Off-balance sheet | — | — | 490 | — | — | — | 490 | |||||||||||||||||||||
90-days or more past due | $ | 4,175 | $ | 6,869 | $ | 5,045 | $ | 2,828 | $ | — | $ | — | $ | 18,917 | ||||||||||||||
-1 | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||||||||||||||||||||||||||
-2 | Assets in the Special mention category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. | |||||||||||||||||||||||||||
-3 | Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Crops | Permanent | Livestock | Part-time | Ag. Storage and | Other | Total | ||||||||||||||||||||||
Plantings | Farm | Processing | ||||||||||||||||||||||||||
(including ethanol | ||||||||||||||||||||||||||||
facilities) | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | ||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||
Acceptable | $ | 1,348,205 | $ | 290,064 | $ | 300,308 | $ | 39,022 | $ | 10,987 | $ | 359 | $ | 1,988,945 | ||||||||||||||
Special Mention (2) | 15,656 | 4,973 | 19,357 | 918 | 6,267 | — | 47,171 | |||||||||||||||||||||
Substandard (3) | 21,147 | 41,441 | 10,844 | 10,422 | 15,382 | 115 | 99,351 | |||||||||||||||||||||
Total on-balance sheet | $ | 1,385,008 | $ | 336,478 | $ | 330,509 | $ | 50,362 | $ | 32,636 | $ | 474 | $ | 2,135,467 | ||||||||||||||
Off-Balance Sheet | ||||||||||||||||||||||||||||
Acceptable | $ | 1,251,834 | $ | 548,254 | $ | 844,130 | $ | 105,589 | $ | 99,072 | $ | 7,478 | $ | 2,856,357 | ||||||||||||||
Special Mention (2) | 10,977 | 15,621 | 36,555 | 917 | 11,011 | 578 | 75,659 | |||||||||||||||||||||
Substandard (3) | 19,038 | 7,471 | 34,911 | 5,875 | 28,199 | 103 | 95,597 | |||||||||||||||||||||
Total off-balance sheet | $ | 1,281,849 | $ | 571,346 | $ | 915,596 | $ | 112,381 | $ | 138,282 | $ | 8,159 | $ | 3,027,613 | ||||||||||||||
Total Ending Balance: | ||||||||||||||||||||||||||||
Acceptable | $ | 2,600,039 | $ | 838,318 | $ | 1,144,438 | $ | 144,611 | $ | 110,059 | $ | 7,837 | $ | 4,845,302 | ||||||||||||||
Special Mention (2) | 26,633 | 20,594 | 55,912 | 1,835 | 17,278 | 578 | 122,830 | |||||||||||||||||||||
Substandard (3) | 40,185 | 48,912 | 45,755 | 16,297 | 43,581 | 218 | 194,948 | |||||||||||||||||||||
Total | $ | 2,666,857 | $ | 907,824 | $ | 1,246,105 | $ | 162,743 | $ | 170,918 | $ | 8,633 | $ | 5,163,080 | ||||||||||||||
Commodity analysis of past due loans (1) | ||||||||||||||||||||||||||||
On-balance sheet | $ | 8,036 | $ | 11,841 | $ | 4,462 | $ | 3,122 | $ | — | $ | 119 | $ | 27,580 | ||||||||||||||
Off-balance sheet | 220 | — | — | 496 | — | — | 716 | |||||||||||||||||||||
90-days or more past due | $ | 8,256 | $ | 11,841 | $ | 4,462 | $ | 3,618 | $ | — | $ | 119 | $ | 28,296 | ||||||||||||||
-1 | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||||||||||||||||||||||||||
-2 | Assets in the Special mention category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. | |||||||||||||||||||||||||||
-3 | Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. | |||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Concentrations of Credit Risk | |||||||||||||||||||||||||||
The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
Table 8.10 | ||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
By commodity/collateral type: | ||||||||||||||||||||||||||||
Crops | $ | 2,941,266 | $ | 2,666,857 | ||||||||||||||||||||||||
Permanent plantings | 920,195 | 907,824 | ||||||||||||||||||||||||||
Livestock | 1,260,618 | 1,246,105 | ||||||||||||||||||||||||||
Part-time farm | 173,954 | 162,743 | ||||||||||||||||||||||||||
Ag. Storage and Processing (including ethanol facilities) | 114,360 | 170,918 | ||||||||||||||||||||||||||
Other | 6,781 | 8,633 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
By geographic region (1): | ||||||||||||||||||||||||||||
Northwest | $ | 573,135 | $ | 524,034 | ||||||||||||||||||||||||
Southwest | 1,753,606 | 1,752,109 | ||||||||||||||||||||||||||
Mid-North | 1,873,041 | 1,702,668 | ||||||||||||||||||||||||||
Mid-South | 627,615 | 601,359 | ||||||||||||||||||||||||||
Northeast | 214,402 | 231,731 | ||||||||||||||||||||||||||
Southeast | 375,375 | 351,179 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
By original loan-to-value ratio: | ||||||||||||||||||||||||||||
0.00% to 40.00% | $ | 1,503,076 | $ | 1,375,758 | ||||||||||||||||||||||||
40.01% to 50.00% | 1,191,804 | 1,099,033 | ||||||||||||||||||||||||||
50.01% to 60.00% | 1,491,502 | 1,431,562 | ||||||||||||||||||||||||||
60.01% to 70.00% | 1,091,759 | 1,113,427 | ||||||||||||||||||||||||||
70.01% to 80.00% | 115,645 | 110,828 | ||||||||||||||||||||||||||
80.01% to 90.00% | 23,388 | 32,472 | ||||||||||||||||||||||||||
Total | $ | 5,417,174 | $ | 5,163,080 | ||||||||||||||||||||||||
-1 | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). | |||||||||||||||||||||||||||
The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment. Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios. |
Equity_Tables
Equity - (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||
Table 9.1 | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock | Weighted- | Stock | Weighted- | Stock | Weighted- | ||||||||||||||||
Options | Average | Options | Average | Options | Average | ||||||||||||||||
and | Exercise | and | Exercise | and | Exercise | ||||||||||||||||
SARs | Price | SARs | Price | SARs | Price | ||||||||||||||||
Outstanding, beginning of year | 664,245 | $ | 23.78 | 788,748 | $ | 20.89 | 1,327,066 | $ | 18.72 | ||||||||||||
Granted | 87,600 | 34.92 | 94,017 | 31.24 | 157,983 | 22.32 | |||||||||||||||
Exercised | (23,035 | ) | 20.83 | (208,877 | ) | 16.24 | (427,348 | ) | 13.18 | ||||||||||||
Canceled | (10,667 | ) | 31.16 | (9,643 | ) | 23.02 | (268,953 | ) | 23.29 | ||||||||||||
Outstanding, end of year | 718,143 | 25.12 | 664,245 | 23.78 | 788,748 | 20.89 | |||||||||||||||
Exercisable at end of year | 548,180 | 23.12 | 483,216 | 22.83 | 574,439 | 21.76 | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Non-vested | Weighted- | Non-vested | Weighted- | Non-vested | Weighted- | ||||||||||||||||
Restricted | Average | Restricted | Average | Restricted | Average | ||||||||||||||||
Stock | Grant Date | Stock | Grant Date | Stock | Grant Date | ||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding, beginning of year | 98,285 | $ | 27.66 | 91,311 | $ | 18.75 | 196,076 | $ | 12.15 | ||||||||||||
Granted | 57,590 | 33.88 | 73,985 | 30.27 | 72,637 | 21.92 | |||||||||||||||
Canceled | (8,360 | ) | 21.72 | (1,000 | ) | 31.42 | (59,624 | ) | 16.98 | ||||||||||||
Vested and issued | (43,743 | ) | 28.48 | (66,011 | ) | 18.21 | (117,778 | ) | 10.62 | ||||||||||||
Outstanding, end of year | 103,772 | 31.24 | 98,285 | 27.66 | 91,311 | 18.75 | |||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following tables summarize information regarding stock options, SARs, and non-vested restricted stock outstanding as of December 31, 2014: | ||||||||||||||||||||
Table 9.2 | |||||||||||||||||||||
Outstanding | Exercisable | Vested or Expected to Vest | |||||||||||||||||||
Range of | Stock Options and SARs | Weighted- | Stock Options and SARs | Weighted- | Stock Options and SARs | Weighted- | |||||||||||||||
Exercise Prices | Average Remaining Contractual Life | Average Remaining Contractual Life | Average Remaining Contractual Life | ||||||||||||||||||
$5.00 - $ 9.99 | 32,000 | 4.4 years | 32,000 | 4.4 years | 32,000 | 4.4 years | |||||||||||||||
10.00 - 14.99 | 66,665 | 5.4 years | 66,665 | 5.4 years | 66,665 | 5.4 years | |||||||||||||||
15.00 - 19.99 | 67,000 | 6.4 years | 67,000 | 6.4 years | 67,000 | 6.4 years | |||||||||||||||
20.00 - 24.99 | 127,703 | 4.9 years | 101,036 | 4.3 years | 125,295 | 4.9 years | |||||||||||||||
25.00 - 29.99 | 230,152 | 2.6 years | 228,152 | 2.5 years | 230,072 | 2.6 years | |||||||||||||||
30.00 - 34.99 | 136,623 | 7.6 years | 53,327 | 6.2 years | 132,349 | 7.6 years | |||||||||||||||
35.00 - 39.99 | 58,000 | 9.2 years | — | — | 55,560 | 9.2 years | |||||||||||||||
718,143 | 548,180 | 708,941 | |||||||||||||||||||
Outstanding | Expected to Vest | ||||||||||||||||||||
Weighted- | Non-vested Restricted Stock | Weighted-Average Remaining Contractual | Non-vested Restricted Stock | Weighted-Average Remaining Contractual | |||||||||||||||||
Average | Life | Life | |||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
20.00 - 24.99 | 12,000 | 0.2 years | 11,160 | 0.2 years | |||||||||||||||||
25.00 - 29.99 | — | — | — | — | |||||||||||||||||
30.00 - 34.99 | 90,223 | 1.7 years | 85,012 | 1.7 years | |||||||||||||||||
35.00 - 39.99 | 1,549 | 2.8 years | 1,487 | 2.8 years | |||||||||||||||||
103,772 | 97,659 | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: | ||||||||||||||||||||
Table 9.3 | |||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 1.50% | 0.60% | 1.10% | ||||||||||||||||||
Expected years until exercise | 4 years | 4 years | 5 years | ||||||||||||||||||
Expected stock volatility | 49.70% | 83.40% | 94.60% | ||||||||||||||||||
Dividend yield | 1.60% | 1.50% | 1.80% | ||||||||||||||||||
The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C common stock on the grant date. |
Income_Taxes_Tables
Income Taxes - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Farmer Mac is subject to federal income taxes but is exempt from state and local income taxes. The components of the federal income tax expense for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||
Table 10.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current income tax expense | $ | 9,803 | $ | 27,082 | $ | 24,138 | ||||||
Deferred income tax (benefit)/expense | (6,979 | ) | 6,670 | (1,982 | ) | |||||||
Income tax expense | $ | 2,824 | $ | 33,752 | $ | 22,156 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of tax at the statutory federal tax rate to the income tax expense for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||
Table 10.2 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Tax expense at statutory rate | $ | 25,587 | $ | 45,943 | $ | 31,891 | ||||||
Non-taxable dividend income | (1,587 | ) | (2,116 | ) | (2,116 | ) | ||||||
Income from non-controlling interest | (7,766 | ) | (7,766 | ) | (7,766 | ) | ||||||
Valuation allowance | (13,542 | ) | (2,693 | ) | 6 | |||||||
Other | 132 | 384 | 141 | |||||||||
Income tax expense | $ | 2,824 | $ | 33,752 | $ | 22,156 | ||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows: | |||||||||||
Table 10.3 | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Basis differences related to financial derivatives | $ | 30,921 | $ | 22,349 | ||||||||
Basis differences related to securities | 4,218 | 2,509 | ||||||||||
Unrealized losses on available-for-sale securities | — | 8,762 | ||||||||||
Allowance for losses | 3,545 | 4,667 | ||||||||||
Stock-based compensation | 2,443 | 1,916 | ||||||||||
Capital loss carryforwards | 2,105 | 38,532 | ||||||||||
Valuation allowance | (2,105 | ) | (36,432 | ) | ||||||||
Amortization of premiums on capital investments | — | 1,499 | ||||||||||
Valuation allowance | — | (1,499 | ) | |||||||||
Other | 1,205 | 2,455 | ||||||||||
Total deferred tax assets | 42,332 | 44,758 | ||||||||||
Deferred tax liability: | ||||||||||||
Unrealized gains on available-for-sale securities | 8,448 | — | ||||||||||
Basis difference in subsidiary | 195 | 353 | ||||||||||
Other | 298 | 360 | ||||||||||
Total deferred tax liability | 8,941 | 713 | ||||||||||
Net deferred tax asset | $ | 33,391 | $ | 44,045 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | As of December 31, 2014 Farmer Mac did not identify any uncertain tax positions. As of December 31, 2013 both the recorded liability for uncertain tax positions and the corresponding deferred tax asset were $1.1 million. | |||||||||||
The following table presents the changes in unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Table 10.4 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 1,148 | $ | 1,046 | $ | 1,175 | ||||||
Decreases based on tax positions related to prior years | (1,148 | ) | — | — | ||||||||
Increases/(decreases) based on tax positions related to current year | — | 102 | (129 | ) | ||||||||
Ending balance | $ | — | $ | 1,148 | $ | 1,046 | ||||||
The resolution of the unrecognized tax benefits presented above represented temporary differences and, therefore, would not result in a change to Farmer Mac's effective tax rate. As of December 31, 2013, accrued interest payable and the associated interest expense related to unrecognized tax benefits was immaterial and was presented as a component of income taxes. Farmer Mac does not expect to be subject to, and has not recorded tax penalties. During 2014, the IRS examined Farmer Mac's uncertain tax positions reported in its 2011 tax return; as a result of the examination, Farmer Mac concluded it does not currently have any uncertain tax positions. Tax years 2012 through 2014 remain subject to examination. |
OffBalance_Sheet_Guarantees_an1
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Guarantee Obligations Activity [Table Text Block] | The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2014, 2013, and 2012: | |||||||||||
Table 12.1 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance, January 1 | $ | 39,667 | $ | 37,803 | $ | 27,440 | ||||||
Additions to the guarantee and commitment obligation (1) | 4,966 | 8,414 | 15,134 | |||||||||
Amortization of the guarantee and commitment obligation | (6,708 | ) | (6,550 | ) | (4,771 | ) | ||||||
Ending balance, December 31 | $ | 37,925 | $ | 39,667 | $ | 37,803 | ||||||
-1 | Represents the fair value of the guarantee and commitment obligation at inception | |||||||||||
Schedule of Guarantor Obligations [Table Text Block] | The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2014 and 2013, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: | |||||||||||
Table 12.2 | ||||||||||||
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | ||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||
(in thousands) | ||||||||||||
Farm & Ranch: | ||||||||||||
Guaranteed Securities | $ | 636,086 | $ | 765,751 | ||||||||
USDA Guarantees: | ||||||||||||
Farmer Mac Guaranteed USDA Securities | 13,978 | 20,222 | ||||||||||
Institutional Credit: | ||||||||||||
AgVantage Securities | 986,528 | 981,009 | ||||||||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 1,636,592 | $ | 1,766,982 | ||||||||
If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the property securing the loans. | ||||||||||||
Schedule of Cash Flows Related To Transfer of Securitizations [Table Text Block] | . | |||||||||||
Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: | ||||||||||||
Table 12.3 | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Proceeds from new securitizations | $ | 175,754 | $ | 150,417 | $ | 38,063 | ||||||
Guarantee fees received | 4,612 | 5,182 | 5,197 | |||||||||
Purchases of assets from the trusts | — | (6,667 | ) | (8,933 | ) | |||||||
Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $11.1 million as of December 31, 2014 and $13.4 million as of December 31, 2013. As of December 31, 2014 and 2013, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 12.0 years and 12.8 years, respectively. As of December 31, 2014 and December 31, 2013, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 2.4 years and 3.4 years, respectively. | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations are as follows: | |||||||||||
Table 12.4 | ||||||||||||
Future Minimum Lease Payments | Other Contractual Obligations | |||||||||||
(in thousands) | ||||||||||||
2015 | $ | 1,375 | $ | 773 | ||||||||
2016 | 1,378 | 209 | ||||||||||
2017 | 1,400 | 88 | ||||||||||
2018 | 1,388 | — | ||||||||||
2019 | 1,389 | — | ||||||||||
Thereafter | 6,951 | — | ||||||||||
Total | $ | 13,881 | $ | 1,070 | ||||||||
Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures - (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2014 and 2013, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: | |||||||||||||||||||||||||||||||
Table 13.1 | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value as of December 31, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 40,576 | $ | 40,576 | ||||||||||||||||||||||||
Floating rate asset-backed securities | — | 100,902 | — | 100,902 | ||||||||||||||||||||||||||||
Floating rate corporate debt securities | — | 10,091 | — | 10,091 | ||||||||||||||||||||||||||||
Fixed rate corporate debt securities | — | 30,025 | — | 30,025 | ||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 612,753 | — | 612,753 | ||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 8,202 | — | 8,202 | ||||||||||||||||||||||||||||
Floating rate GSE subordinated debt | — | 66,320 | — | 66,320 | ||||||||||||||||||||||||||||
Fixed rate senior agency debt | — | 18,939 | — | 18,939 | ||||||||||||||||||||||||||||
Floating rate U.S. Treasuries | 74,979 | — | — | 74,979 | ||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 975,712 | — | — | 975,712 | ||||||||||||||||||||||||||||
Total available-for-sale | 1,050,691 | 847,232 | 40,576 | 1,938,499 | ||||||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities | — | — | 689 | 689 | ||||||||||||||||||||||||||||
Total trading | — | — | 689 | 689 | ||||||||||||||||||||||||||||
Total Investment Securities | 1,050,691 | 847,232 | 41,265 | 1,939,188 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | — | — | 3,631,662 | 3,631,662 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | — | — | 27,619 | 27,619 | ||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 3,659,281 | 3,659,281 | ||||||||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | — | — | 1,731,222 | 1,731,222 | ||||||||||||||||||||||||||||
Trading | — | — | 40,310 | 40,310 | ||||||||||||||||||||||||||||
Total USDA Securities | — | — | 1,771,532 | 1,771,532 | ||||||||||||||||||||||||||||
Financial derivatives | — | 4,177 | — | 4,177 | ||||||||||||||||||||||||||||
Total Assets at fair value | $ | 1,050,691 | $ | 851,409 | $ | 5,472,078 | $ | 7,374,178 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | 3 | 84,841 | — | 84,844 | ||||||||||||||||||||||||||||
Total Liabilities at fair value | $ | 3 | $ | 84,841 | $ | — | $ | 84,844 | ||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 5,973 | $ | 5,973 | ||||||||||||||||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 5,973 | $ | 5,973 | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value as of December 31, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 65,285 | $ | 65,285 | ||||||||||||||||||||||||
Floating rate asset-backed securities | — | 166,104 | — | 166,104 | ||||||||||||||||||||||||||||
Floating rate corporate debt securities | — | 109,769 | — | 109,769 | ||||||||||||||||||||||||||||
Fixed rate corporate debt | — | 55,141 | — | 55,141 | ||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 621,064 | 205 | 621,269 | ||||||||||||||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 8,657 | — | 8,657 | ||||||||||||||||||||||||||||
Floating rate GSE subordinated debt | — | 63,385 | — | 63,385 | ||||||||||||||||||||||||||||
Fixed rate GSE preferred stock | — | 83,161 | — | 83,161 | ||||||||||||||||||||||||||||
Fixed rate taxable municipal bonds | — | 30,681 | — | 30,681 | ||||||||||||||||||||||||||||
Fixed rate senior agency debt | — | 524,062 | — | 524,062 | ||||||||||||||||||||||||||||
Fixed rate U.S. Treasuries | 755,633 | — | — | 755,633 | ||||||||||||||||||||||||||||
Total available-for-sale | 755,633 | 1,662,024 | 65,490 | 2,483,147 | ||||||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities | — | — | 928 | 928 | ||||||||||||||||||||||||||||
Total trading | — | — | 928 | 928 | ||||||||||||||||||||||||||||
Total Investment Securities | 755,633 | 1,662,024 | 66,418 | 2,484,075 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | — | — | 5,070,366 | 5,070,366 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | — | — | 21,234 | 21,234 | ||||||||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 5,091,600 | 5,091,600 | ||||||||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | — | — | 1,553,669 | 1,553,669 | ||||||||||||||||||||||||||||
Trading | — | — | 58,344 | 58,344 | ||||||||||||||||||||||||||||
Total USDA Securities | — | — | 1,612,013 | 1,612,013 | ||||||||||||||||||||||||||||
Financial derivatives | — | 19,718 | — | 19,718 | ||||||||||||||||||||||||||||
Total Assets at fair value | $ | 755,633 | $ | 1,681,742 | $ | 6,770,031 | $ | 9,207,406 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | $ | 1 | $ | 75,472 | $ | 235 | $ | 75,708 | ||||||||||||||||||||||||
Total Liabilities at fair value | $ | 1 | $ | 75,472 | $ | 235 | $ | 75,708 | ||||||||||||||||||||||||
Nonrecurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 4,420 | $ | 4,420 | ||||||||||||||||||||||||
REO | — | — | 1,818 | 1,818 | ||||||||||||||||||||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 6,238 | $ | 6,238 | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. | |||||||||||||||||||||||||||||||
Table 13.2 | ||||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Transfers Out | Ending | |||||||||||||||||||||||||
Balance | Unrealized Gains/(Losses) included | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
in Income | included in Other | |||||||||||||||||||||||||||||||
Comprehen-sive | ||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 65,285 | $ | — | $ | (26,675 | ) | $ | — | $ | (825 | ) | $ | 2,791 | $ | — | $ | 40,576 | ||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 205 | — | — | (205 | ) | — | — | — | — | |||||||||||||||||||||||
Total available-for-sale | 65,490 | — | (26,675 | ) | (205 | ) | (825 | ) | 2,791 | — | 40,576 | |||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 928 | — | — | (685 | ) | 446 | — | — | 689 | |||||||||||||||||||||||
Total trading | 928 | — | — | (685 | ) | 446 | — | — | 689 | |||||||||||||||||||||||
Total Investment Securities | 66,418 | — | (26,675 | ) | (890 | ) | (379 | ) | 2,791 | — | 41,265 | |||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage (2) | 5,070,366 | 1,091,475 | — | (922,908 | ) | 14,520 | 10,995 | (1,632,786 | ) | 3,631,662 | ||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 21,234 | 7,627 | — | (808 | ) | — | (434 | ) | — | 27,619 | ||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,091,600 | 1,099,102 | — | (923,716 | ) | 14,520 | 10,561 | (1,632,786 | ) | 3,659,281 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,553,669 | 335,359 | — | (209,400 | ) | — | 51,594 | — | 1,731,222 | |||||||||||||||||||||||
Trading (3) | 58,344 | — | — | (19,185 | ) | 1,151 | — | — | 40,310 | |||||||||||||||||||||||
Total USDA Securities | 1,612,013 | 335,359 | — | (228,585 | ) | 1,151 | 51,594 | — | 1,771,532 | |||||||||||||||||||||||
Total Assets at fair value | $ | 6,770,031 | $ | 1,434,461 | $ | (26,675 | ) | $ | (1,153,191 | ) | $ | 15,292 | $ | 64,946 | $ | (1,632,786 | ) | $ | 5,472,078 | |||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — | |||||||||||||||
Total Liabilities at fair value | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — | |||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2014 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes $1.6 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on January 1, 2014 and $20.7 million of AgVantage securities purchased during 2014 transferred from available-for-sale to held-to-maturity. | |||||||||||||||||||||||||||||||
-3 | Includes unrealized gains of $1.8 million attributable to assets still held as of December 31, 2014 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Ending | ||||||||||||||||||||||||||
Balance | Unrealized Gains/ | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
(Losses) included | included in Other | |||||||||||||||||||||||||||||||
in Income | Comprehen-sive | |||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 63,159 | $ | — | $ | — | $ | — | $ | — | $ | 2,126 | $ | 65,285 | ||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 233 | — | (24 | ) | — | (4 | ) | 205 | |||||||||||||||||||||||
Total available-for-sale | 63,159 | 233 | — | (24 | ) | — | 2,122 | 65,490 | ||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,247 | — | — | (774 | ) | 455 | — | 928 | ||||||||||||||||||||||||
Total trading | 1,247 | — | — | (774 | ) | 455 | — | 928 | ||||||||||||||||||||||||
Total Investment Securities | 64,406 | 233 | — | (798 | ) | 455 | 2,122 | 66,418 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | 4,739,577 | 1,273,500 | — | (844,437 | ) | (18,230 | ) | (80,044 | ) | 5,070,366 | ||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 26,681 | — | — | (5,214 | ) | — | (233 | ) | 21,234 | |||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,766,258 | 1,273,500 | — | (849,651 | ) | (18,230 | ) | (80,277 | ) | 5,091,600 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,486,595 | 361,894 | — | (234,035 | ) | — | (60,785 | ) | 1,553,669 | |||||||||||||||||||||||
Trading (2) | 104,188 | — | — | (44,570 | ) | (1,274 | ) | — | 58,344 | |||||||||||||||||||||||
Total USDA Securities | 1,590,783 | 361,894 | — | (278,605 | ) | (1,274 | ) | (60,785 | ) | 1,612,013 | ||||||||||||||||||||||
Total Assets at fair value | $ | 6,421,447 | $ | 1,635,627 | $ | — | $ | (1,129,054 | ) | $ | (19,049 | ) | $ | (138,940 | ) | $ | 6,770,031 | |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives (3) | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 456 | $ | — | $ | (235 | ) | ||||||||||||||||
Total Liabilities at fair value | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 456 | $ | — | $ | (235 | ) | ||||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2013 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes unrealized losses of $0.5 million attributable to assets still held as of December 31, 2013 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-3 | Unrealized gains are attributable to liabilities still held as of December 31, 2013 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||||||||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Settlements | Realized and | Unrealized | Ending | ||||||||||||||||||||||||||
Balance | Unrealized Gains/ | Gains/(Losses) | Balance | |||||||||||||||||||||||||||||
(Losses) included | included in Other | |||||||||||||||||||||||||||||||
in Income | Comprehen-sive | |||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Recurring: | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 60,213 | $ | — | $ | — | $ | — | $ | — | $ | 2,946 | $ | 63,159 | ||||||||||||||||||
Total available-for-sale | 60,213 | — | — | — | — | 2,946 | 63,159 | |||||||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,796 | — | — | (812 | ) | 263 | — | 1,247 | ||||||||||||||||||||||||
Total trading | 1,796 | — | — | (812 | ) | 263 | — | 1,247 | ||||||||||||||||||||||||
Total Investment Securities | 62,009 | — | — | (812 | ) | 263 | 2,946 | 64,406 | ||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
AgVantage | 4,253,673 | 984,406 | — | (498,533 | ) | 6,388 | (6,357 | ) | 4,739,577 | |||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 35,599 | 5,327 | (5,327 | ) | (8,907 | ) | — | (11 | ) | 26,681 | ||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,289,272 | 989,733 | (5,327 | ) | (507,440 | ) | 6,388 | (6,368 | ) | 4,766,258 | ||||||||||||||||||||||
USDA Securities: | ||||||||||||||||||||||||||||||||
Available-for-sale | 1,279,546 | 479,324 | — | (256,685 | ) | — | (15,590 | ) | 1,486,595 | |||||||||||||||||||||||
Trading (2) | 212,359 | — | — | (108,215 | ) | 44 | — | 104,188 | ||||||||||||||||||||||||
Total USDA Securities | 1,491,905 | 479,324 | — | (364,900 | ) | 44 | (15,590 | ) | 1,590,783 | |||||||||||||||||||||||
Total Assets at fair value | $ | 5,843,186 | $ | 1,469,057 | $ | (5,327 | ) | $ | (873,152 | ) | $ | 6,695 | $ | (19,012 | ) | $ | 6,421,447 | |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial derivatives (3) | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 644 | $ | — | $ | (691 | ) | ||||||||||||||||
Total Liabilities at fair value | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 644 | $ | — | $ | (691 | ) | ||||||||||||||||
-1 | Unrealized gains are attributable to assets still held as of December 31, 2012 and are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-2 | Includes unrealized gains of $0.3 million attributable to assets still held as of December 31, 2012 that are recorded in "Gains/(losses) on trading securities." | |||||||||||||||||||||||||||||||
-3 | Unrealized gains are attributable to liabilities still held as of December 31, 2012 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||||||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block] | The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Table 13.3 | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | 40,576 | Indicative bids | Range of broker quotes | 82.0% - 94.0% (87.1%) | |||||||||||||||||||||||||||
Floating rate asset-backed securities | $ | 689 | Discounted cash flow | Discount rate | 14.3% - 23.9% (19.1%) | |||||||||||||||||||||||||||
CPR | 10% | |||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
AgVantage | $ | 3,631,662 | Discounted cash flow | Discount rate | 0.7% - 2.7% (1.3%) | |||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | $ | 27,619 | Discounted cash flow | Discount rate | 0.8% - 3.6% (1.9%) | |||||||||||||||||||||||||||
CPR | 0% - 21% (9%) | |||||||||||||||||||||||||||||||
USDA Securities | $ | 1,771,532 | Discounted cash flow | Discount rate | 1.1% - 5.3% (3.2%) | |||||||||||||||||||||||||||
CPR | 0% - 20% (8%) | |||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
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 | $ | 65,285 | Indicative bids | Range of broker quotes | 82.0% - 92.0% (88.1%) | |||||||||||||||||||||||||||
Floating rate asset-backed securities | $ | 928 | Discounted cash flow | Discount rate | 13.0% - 22.5% (17.7%) | |||||||||||||||||||||||||||
CPR | 10% | |||||||||||||||||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | $ | 205 | Discounted cash flow | Discount rate | 1.8% - 1.8% (1.8%) | |||||||||||||||||||||||||||
CPR | 6% | |||||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | ||||||||||||||||||||||||||||||||
AgVantage | $ | 5,070,366 | Discounted cash flow | Discount rate | 0.9% - 3.6% (1.8%) | |||||||||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | $ | 21,234 | Discounted cash flow | Discount rate | 0.9% - 3.2% (1.9%) | |||||||||||||||||||||||||||
CPR | 7% - 14% (11%) | |||||||||||||||||||||||||||||||
USDA Securities | $ | 1,612,013 | Discounted cash flow | Discount rate | 1.2% - 5.3% (3.4%) | |||||||||||||||||||||||||||
CPR | 0% - 23% (5%) | |||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Financial Derivatives: | ||||||||||||||||||||||||||||||||
Basis swaps | $ | 235 | Discounted cash flow | Discount rate | 0.7% - 2.3% (1.3%) | |||||||||||||||||||||||||||
CPR | 10% - 11% (10%) | |||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Table 13.4 | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair Value | Carrying | |||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,363,387 | $ | 1,363,387 | $ | 749,313 | $ | 749,313 | ||||||||||||||||||||||||
Investment securities | 1,939,188 | 1,939,188 | 2,484,075 | 2,484,075 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 5,459,857 | 5,453,901 | 5,091,600 | 5,091,600 | ||||||||||||||||||||||||||||
USDA Securities | 1,771,532 | 1,771,532 | 1,612,013 | 1,612,013 | ||||||||||||||||||||||||||||
Loans | 3,547,424 | 3,520,075 | 3,138,932 | 3,193,248 | ||||||||||||||||||||||||||||
Financial derivatives | 4,177 | 4,177 | 19,718 | 19,718 | ||||||||||||||||||||||||||||
Guarantee and commitment fees receivable: | ||||||||||||||||||||||||||||||||
LTSPCs | 29,095 | 27,807 | 33,807 | 27,244 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 14,200 | 13,979 | 18,470 | 16,660 | ||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||
Due within one year | 7,357,770 | 7,353,953 | 7,353,356 | 7,338,781 | ||||||||||||||||||||||||||||
Due after one year | 5,556,570 | 5,471,186 | 4,977,942 | 5,001,169 | ||||||||||||||||||||||||||||
Debt securities of consolidated trusts held by third parties | 423,085 | 424,214 | 257,512 | 261,760 | ||||||||||||||||||||||||||||
Financial derivatives | 84,844 | 84,844 | 75,708 | 75,708 | ||||||||||||||||||||||||||||
Guarantee and commitment obligations: | ||||||||||||||||||||||||||||||||
LTSPCs | 28,130 | 26,843 | 32,856 | 26,293 | ||||||||||||||||||||||||||||
Farmer Mac Guaranteed Securities | 11,303 | 11,082 | 15,185 | 13,374 | ||||||||||||||||||||||||||||
The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for sale, loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business_Segment_Reporting_Tab
Business Segment Reporting - (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||
Table 14.1 | ||||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 78,934 | $ | 54,955 | $ | 27,879 | $ | 67,019 | $ | 17,637 | $ | (15,850 | ) | $ | 230,574 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (2,086 | ) | — | — | — | — | 2,086 | — | ||||||||||||||||||||
Interest expense (2) | (45,025 | ) | (36,689 | ) | (17,138 | ) | (38,456 | ) | (3,830 | ) | (29,582 | ) | (170,720 | ) | ||||||||||||||
Net effective spread | 31,823 | 18,266 | 10,741 | 28,563 | 13,807 | (43,346 | ) | 59,854 | ||||||||||||||||||||
Guarantee and commitment fees | 15,107 | 134 | — | 12,032 | — | (2,086 | ) | 25,187 | ||||||||||||||||||||
Other income/(expense) (3) | 762 | 63 | 9 | — | (4,913 | ) | 22,675 | 18,596 | ||||||||||||||||||||
Non-interest income/(loss) | 15,869 | 197 | 9 | 12,032 | (4,913 | ) | 20,589 | 43,783 | ||||||||||||||||||||
Release of allowance for loan losses | 961 | — | — | — | — | — | 961 | |||||||||||||||||||||
Release of reserve for losses | 2,205 | — | — | — | — | — | 2,205 | |||||||||||||||||||||
Other non-interest expense | (15,180 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (33,697 | ) | |||||||||||||||
Non-interest expense (4) | (12,975 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (31,492 | ) | |||||||||||||||
Core earnings before income taxes | 35,678 | 15,508 | 7,620 | 38,704 | (1,647 | ) | (22,757 | ) | -5 | 73,106 | ||||||||||||||||||
Income tax (expense)/benefit | (12,486 | ) | (5,430 | ) | (2,668 | ) | (13,548 | ) | 23,347 | 7,961 | (2,824 | ) | ||||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 23,192 | 10,078 | 4,952 | 25,156 | 21,700 | (14,796 | ) | -5 | 70,282 | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (9,839 | ) | — | (9,839 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,192 | ) | — | (22,192 | ) | |||||||||||||||||||
Segment core earnings/(losses) | $ | 23,192 | $ | 10,078 | $ | 4,952 | $ | 25,156 | $ | (10,331 | ) | $ | (14,796 | ) | -5 | $ | 38,251 | |||||||||||
Total assets at carrying value | $ | 2,611,401 | $ | 1,825,210 | $ | 995,082 | $ | 5,459,296 | $ | 3,396,832 | $ | — | $ | 14,287,821 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 5,417,174 | 1,798,034 | 985,609 | 6,396,941 | — | 14,597,758 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased. | |||||||||||||||||||||||||||
-3 | Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. | |||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 67,429 | $ | 53,384 | $ | 35,194 | $ | 77,868 | $ | 21,940 | $ | (20,417 | ) | $ | 235,398 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (964 | ) | — | — | — | — | 964 | — | ||||||||||||||||||||
Interest expense (2) | (32,062 | ) | (35,656 | ) | (23,601 | ) | (53,613 | ) | (4,668 | ) | 12,324 | (137,276 | ) | |||||||||||||||
Net effective spread | 34,403 | 17,728 | 11,593 | 24,255 | 17,272 | (7,129 | ) | 98,122 | ||||||||||||||||||||
Guarantee and commitment fees | 14,944 | 132 | — | 12,846 | — | (964 | ) | 26,958 | ||||||||||||||||||||
Other income/(expense) (3) | 2,244 | 791 | — | — | 1,622 | 34,156 | 38,813 | |||||||||||||||||||||
Non-interest income/(loss) | 17,188 | 923 | — | 12,846 | 1,622 | 33,192 | 65,771 | |||||||||||||||||||||
Release of allowance for loan losses | 481 | — | — | — | — | — | 481 | |||||||||||||||||||||
Provision for losses | (929 | ) | — | — | — | — | — | (929 | ) | |||||||||||||||||||
Other non-interest expense | (14,649 | ) | (2,904 | ) | (3,100 | ) | (1,774 | ) | (9,751 | ) | — | (32,178 | ) | |||||||||||||||
Non-interest expense (4) | (15,578 | ) | (2,904 | ) | (3,100 | ) | (1,774 | ) | (9,751 | ) | — | (33,107 | ) | |||||||||||||||
Core earnings before income taxes | 36,494 | 15,747 | 8,493 | 35,327 | 9,143 | 26,063 | -5 | 131,267 | ||||||||||||||||||||
Income tax (expense)/benefit | (12,773 | ) | (5,511 | ) | (2,973 | ) | (12,364 | ) | 8,991 | (9,122 | ) | (33,752 | ) | |||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 23,721 | 10,236 | 5,520 | 22,963 | 18,134 | 16,941 | -5 | 97,515 | ||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,495 | ) | — | (3,495 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,187 | ) | — | (22,187 | ) | |||||||||||||||||||
Segment core earnings/(losses) | $ | 23,721 | $ | 10,236 | $ | 5,520 | $ | 22,963 | $ | (7,548 | ) | $ | 16,941 | -5 | $ | 71,833 | ||||||||||||
Total assets at carrying value | $ | 2,190,224 | $ | 1,656,688 | $ | 1,076,298 | $ | 5,121,666 | $ | 3,316,904 | $ | — | $ | 13,361,780 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 5,163,080 | 1,687,117 | 1,052,251 | 6,047,864 | — | 13,950,312 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||||||||||||||||
-3 | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. | |||||||||||||||||||||||||||
Core Earnings by Business Segment | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural | Institutional Credit | Corporate | Reconciling | Consolidated Net Income | ||||||||||||||||||||||
Utilities | Adjustments | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income (1) | $ | 70,590 | $ | 56,815 | $ | 35,566 | $ | 88,801 | $ | 24,729 | $ | (11,831 | ) | $ | 264,670 | |||||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (1,659 | ) | — | — | — | — | 1,659 | — | ||||||||||||||||||||
Interest expense (2) | (36,390 | ) | (38,761 | ) | (23,301 | ) | (64,942 | ) | (4,891 | ) | 25,595 | (142,690 | ) | |||||||||||||||
Net effective spread | 32,541 | 18,054 | 12,265 | 23,859 | 19,838 | 15,423 | 121,980 | |||||||||||||||||||||
Guarantee and commitment fees | 14,292 | 163 | — | 12,167 | — | (1,659 | ) | 24,963 | ||||||||||||||||||||
Other income/(expense) (3) | 2,427 | 599 | 466 | — | (2,113 | ) | (22,607 | ) | (21,228 | ) | ||||||||||||||||||
Non-interest income/(loss) | 16,719 | 762 | 466 | 12,167 | (2,113 | ) | (24,266 | ) | 3,735 | |||||||||||||||||||
Provision for loan losses | (3,691 | ) | — | — | — | — | — | (3,691 | ) | |||||||||||||||||||
Release of losses | 1,816 | — | — | — | — | — | 1,816 | |||||||||||||||||||||
Other non-interest expense | (14,836 | ) | (2,773 | ) | (3,204 | ) | (1,834 | ) | (10,077 | ) | — | (32,724 | ) | |||||||||||||||
Non-interest expense (4) | (13,020 | ) | (2,773 | ) | (3,204 | ) | (1,834 | ) | (10,077 | ) | — | (30,908 | ) | |||||||||||||||
Core earnings before income taxes | 32,549 | 16,043 | 9,527 | 34,192 | 7,648 | (8,843 | ) | -5 | 91,116 | |||||||||||||||||||
Income tax (expense)/benefit | (11,392 | ) | (5,615 | ) | (3,334 | ) | (11,967 | ) | 7,057 | 3,095 | (22,156 | ) | ||||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 21,157 | 10,428 | 6,193 | 22,225 | 14,705 | (5,748 | ) | -5 | 68,960 | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (2,879 | ) | — | (2,879 | ) | |||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,187 | ) | — | (22,187 | ) | |||||||||||||||||||
Segment core earnings | $ | 21,157 | $ | 10,428 | $ | 6,193 | $ | 22,225 | $ | (10,361 | ) | $ | (5,748 | ) | -5 | $ | 43,894 | |||||||||||
Total assets at carrying value | $ | 1,736,391 | $ | 1,641,030 | $ | 1,080,045 | $ | 4,772,509 | $ | 3,392,226 | $ | — | $ | 12,622,201 | ||||||||||||||
Total on- and off-balance sheet program assets at principal balance | 4,747,289 | 1,615,579 | 1,031,945 | 5,620,375 | — | 13,015,188 | ||||||||||||||||||||||
-1 | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||||||||||||||||
-2 | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||||||||||||||||
-3 | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||||||||||||||||
-4 | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||||||||||||||||
-5 | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Table 15.1 | |||||||||||||||
2014 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest income | $ | 58,199 | $ | 60,882 | $ | 61,775 | $ | 49,718 | ||||||||
Interest expense | 44,606 | 48,886 | 42,502 | 34,726 | ||||||||||||
Net interest income | 13,593 | 11,996 | 19,273 | 14,992 | ||||||||||||
Release of /(provision for) loan losses | 462 | (511 | ) | 1,583 | (573 | ) | ||||||||||
Net interest income after release of/(provision for) loan losses | 14,055 | 11,485 | 20,856 | 14,419 | ||||||||||||
Non-interest income/(loss): | ||||||||||||||||
Guarantee and commitment fees | 6,094 | 6,172 | 6,403 | 6,518 | ||||||||||||
(Losses)/gains on financial derivatives and hedging activities | (9,178 | ) | 808 | (5,698 | ) | (7,578 | ) | |||||||||
Gains on trading assets | 13,857 | 16,369 | 7,748 | 655 | ||||||||||||
(Losses)/gains on sale of available-for-sale investment securities | — | (396 | ) | 143 | 15 | |||||||||||
(Losses)/gains on sale of real estate owned | (28 | ) | — | 168 | (3 | ) | ||||||||||
Other income | 920 | 502 | 200 | 92 | ||||||||||||
Non-interest income/(loss) | 11,665 | 23,455 | 8,964 | (301 | ) | |||||||||||
Non-interest expense | 8,594 | 7,095 | 7,856 | 7,947 | ||||||||||||
Income before income taxes | 17,126 | 27,845 | 21,964 | 6,171 | ||||||||||||
Income tax expense/(benefit) | 2,769 | 7,564 | (6,368 | ) | (1,141 | ) | ||||||||||
Net income | 14,357 | 20,281 | 28,332 | 7,312 | ||||||||||||
Less: Net income attributable to non-controlling | (5,414 | ) | (5,412 | ) | (5,819 | ) | (5,547 | ) | ||||||||
interest - preferred stock dividends | ||||||||||||||||
Net income attributable to Farmer Mac | 8,943 | 14,869 | 22,513 | 1,765 | ||||||||||||
Preferred stock dividends | (3,296 | ) | (3,283 | ) | (2,308 | ) | (952 | ) | ||||||||
Net income attributable to common stockholders | $ | 5,647 | $ | 11,586 | $ | 20,205 | $ | 813 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.52 | $ | 1.06 | $ | 1.85 | $ | 0.07 | ||||||||
Diluted earnings per common share | $ | 0.5 | $ | 1.02 | $ | 1.78 | $ | 0.07 | ||||||||
2013 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | Mar. 31 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest income | $ | 49,180 | $ | 62,975 | $ | 61,745 | $ | 61,498 | ||||||||
Interest expense | 35,777 | 34,787 | 33,584 | 33,128 | ||||||||||||
Net interest income | 13,403 | 28,188 | 28,161 | 28,370 | ||||||||||||
(Provision for)/release of loan losses | (117 | ) | 499 | 529 | (430 | ) | ||||||||||
Net interest income after (provision for)/release of loan losses | 13,286 | 28,687 | 28,690 | 27,940 | ||||||||||||
Non-interest income: | ||||||||||||||||
Guarantee and commitment fees | 6,768 | 6,819 | 6,759 | 6,612 | ||||||||||||
Gains on financial derivatives and hedging activities | 9,263 | 3,024 | 14,983 | 4,494 | ||||||||||||
(Losses)/gains on trading assets | (76 | ) | (626 | ) | (327 | ) | 210 | |||||||||
(Losses)/gains on sale of available-for-sale investment securities | (960 | ) | — | 3,071 | 2 | |||||||||||
Gains on repurchase of debt | 1,462 | — | — | — | ||||||||||||
Gains on sale of real estate owned | 26 | 39 | 1,124 | 47 | ||||||||||||
Other income | 539 | 565 | 873 | 1,080 | ||||||||||||
Non-interest income | 17,022 | 9,821 | 26,483 | 12,445 | ||||||||||||
Non-interest expense | 7,621 | 8,441 | 7,964 | 9,081 | ||||||||||||
Income before income taxes | 22,687 | 30,067 | 47,209 | 31,304 | ||||||||||||
Income tax expense | 3,774 | 8,226 | 13,036 | 8,716 | ||||||||||||
Net income | 18,913 | 21,841 | 34,173 | 22,588 | ||||||||||||
Less: Net income attributable to non-controlling | (5,546 | ) | (5,547 | ) | (5,547 | ) | (5,547 | ) | ||||||||
interest - preferred stock dividends | ||||||||||||||||
Net income attributable to Farmer Mac | 13,367 | 16,294 | 28,626 | 17,041 | ||||||||||||
Preferred stock dividends | (882 | ) | (881 | ) | (881 | ) | (851 | ) | ||||||||
Net income attributable to common stockholders | $ | 12,485 | $ | 15,413 | $ | 27,745 | $ | 16,190 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 1.14 | $ | 1.42 | $ | 2.57 | $ | 1.51 | ||||||||
Diluted earnings per common share | $ | 1.11 | $ | 1.37 | $ | 2.48 | $ | 1.45 | ||||||||
Organization_Details
Organization (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Product Information [Line Items] | |||
On and Off Balance Sheet Program Assets, At Principal Balance | $14,597,758,000 | $13,950,312,000 | $13,015,188,000 |
Farm & Ranch [Member] | |||
Product Information [Line Items] | |||
On and Off Balance Sheet Program Assets, At Principal Balance | 5,417,174,000 | 5,163,080,000 | 4,747,289,000 |
USDA Guarantees [Member] | |||
Product Information [Line Items] | |||
On and Off Balance Sheet Program Assets, At Principal Balance | 1,798,034,000 | 1,687,117,000 | 1,615,579,000 |
Rural Utilities [Member] | |||
Product Information [Line Items] | |||
On and Off Balance Sheet Program Assets, At Principal Balance | 985,609,000 | 1,052,251,000 | 1,031,945,000 |
Institutional Credit [Member] | |||
Product Information [Line Items] | |||
On and Off Balance Sheet Program Assets, At Principal Balance | 6,396,941,000 | 6,047,864,000 | 5,620,375,000 |
Medium-term Notes [Member] | |||
Product Information [Line Items] | |||
Notes Payable | 7,900,000,000 | ||
Discount Notes [Member] | |||
Product Information [Line Items] | |||
Notes Payable | $4,900,000,000 |
Accounting_Policies_Principles
Accounting Policies - Principles of Consolidation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
subsidiary | |||||||||||
Schedule of Summary of Significant Accounting Policies [Line Items] | |||||||||||
Number of Subsidiaries | 3 | ||||||||||
Guarantee and commitment fees | $6,094 | $6,172 | $6,403 | $6,518 | $6,768 | $6,819 | $6,759 | $6,612 | $25,187 | $26,958 | $24,963 |
Guarantor Subsidiaries [Member] | |||||||||||
Schedule of Summary of Significant Accounting Policies [Line Items] | |||||||||||
Guarantee and commitment fees | $10,100 | $10,900 | $10,300 |
Accounting_Policies_Cash_and_C
Accounting Policies - Cash and Cash Equivalents and Statements of Cash Flows (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash paid during the period for: | ||||
Interest | $171,644,000 | $114,609,000 | $112,663,000 | |
Income taxes | 12,750,000 | 23,000,000 | 21,500,000 | |
Non-cash activity: | ||||
Real estate owned acquired through loan liquidation | 0 | 1,443,000 | 2,280,000 | |
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 175,754,000 | 150,417,000 | 32,736,000 | |
Purchases of securities - traded, not yet settled | 70,178,000 | 0 | 0 | |
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 | 199,906,000 | 150,417,000 | 32,736,000 | |
Deconsolidation of loans held for investment in consolidated trusts and debt securities of consolidated trusts held by third parties - transferred to off-balance sheet Farm & Ranch Guaranteed Securities | 0 | 0 | 460,261,000 | |
Transfers of loans held for sale to loans held for investment | 0 | 673,991,000 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Non-cash activity: | ||||
Transfers Out | 1,632,786,000 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | ||||
Non-cash activity: | ||||
Transfers Out | 1,632,786,000 | |||
Fair Value, Inputs, Level 3 [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | ||||
Non-cash activity: | ||||
Transfers Out | $1,632,786,000 | [1] | $0 | $0 |
[1] | Includes $1.6 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on January 1, 2014 and $20.7 million of AgVantage securities purchased during 2014 transferred from available-for-sale to held-to-maturity. |
Accounting_Policies_Transfers_
Accounting Policies - Transfers of Financial Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Federal Funds Sold and Securities Purchased under Agreements to Resell Pledged as Collateral | $0 | $0 |
Security Owned and Sold, Not yet Purchased Fair Value, Security Sold, Not yet Purchased | $0 | $0 |
Accounting_Policies_Investment
Accounting Policies - Investment Securities, Farmer Mac Guaranteed Securities and USDA Securities (Details) (USD $) | Jan. 01, 2014 |
In Billions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Held-to-maturity Securities, Fair Value | $1.60 |
Accounting_Policies_Real_Estat
Accounting Policies - Real Estate Owned (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Capitalized Costs on Real Estate Owned | $0 | $0 |
Accounting_Policies_Allowance_
Accounting Policies - Allowance for Losses (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Loans Receivable, Allowance, Calculation Period | 3 years |
Accounting_Policies_Earnings_P
Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||||||||||
Net income attributable to common stockholders (Basic) | $5,647 | $11,586 | $20,205 | $813 | $12,485 | $15,413 | $27,745 | $16,190 | $38,251 | $71,833 | $43,894 |
Net income attributable to common stockholders (Dilutive) | $38,251 | $71,833 | $43,894 | ||||||||
Earnings Per Share, Basic [Abstract] | |||||||||||
Stock options, SARs and restricted stock | 447 | 393 | 540 | ||||||||
Stock options, SARs and restricted stock (in usd per share) | ($0.13) | ($0.23) | ($0.21) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 10,920 | 10,816 | 10,479 | ||||||||
Basic earnings per common share | $0.52 | $1.06 | $1.85 | $0.07 | $1.14 | $1.42 | $2.57 | $1.51 | $3.50 | $6.64 | $4.19 |
Weighted Average Number of Shares Outstanding, Diluted | 11,367 | 11,209 | 11,019 | ||||||||
Diluted earnings per common share | $0.50 | $1.02 | $1.78 | $0.07 | $1.11 | $1.37 | $2.48 | $1.45 | $3.37 | $6.41 | $3.98 |
Accounting_Policies_Earnings_P1
Accounting Policies - Earnings Per Share Anti-Dilutive (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options and SARs [Members] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from earnings per share (shares) | 109,143 | 33,730 | 317,253 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from earnings per share (shares) | 36,784 | 26,696 | 79,300 |
Accounting_Policies_Income_Tax
Accounting Policies - Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | |
Income tax benefit recognition probability | 50.00% |
Accounting_Policies_StockBased
Accounting Policies - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Allocated Share-based Compensation Expense | $2.90 | $3 | $2.50 |
Accounting_Policies_Consolidat
Accounting Policies - Consolidation of Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | $692,478,000 | $629,989,000 | ||
Debt securities of consolidated trusts held by third parties | 424,214,000 | 261,760,000 | ||
On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 692,478,000 | [1] | 629,989,000 | [2] |
Debt securities of consolidated trusts held by third parties | 424,214,000 | [3] | 261,760,000 | [4] |
Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,620,064,000 | [5],[6] | 1,755,973,000 | [6],[7] |
Farm & Ranch [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Other Liabilities | 2,900,000 | 2,300,000 | ||
Farm & Ranch [Member] | On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 421,355,000 | [1] | 259,509,000 | [2] |
Debt securities of consolidated trusts held by third parties | 424,214,000 | [3] | 261,760,000 | [4] |
Farm & Ranch [Member] | Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 636,086,000 | [5],[6] | 765,751,000 | [6],[7] |
USDA Guarantees [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unamortized Premium/(Discount) | -200,000 | 100,000 | ||
USDA Guarantees [Member] | On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 0 | [1] | 0 | [2] |
Debt securities of consolidated trusts held by third parties | 0 | [3] | 0 | [4] |
USDA Guarantees [Member] | Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 13,978,000 | [5],[6] | 20,222,000 | [6],[7] |
Rural Utilities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Debt Instrument, Unamortized Premium | 3,700,000 | 16,200,000 | ||
Rural Utilities [Member] | On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 271,123,000 | [1] | 370,480,000 | [2] |
Debt securities of consolidated trusts held by third parties | 0 | [3] | 0 | [4] |
Rural Utilities [Member] | Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [5],[6] | 0 | [6],[7] |
Institutional Credit [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unamortized Premium/(Discount) | 2,400,000 | 3,200,000 | ||
Institutional Credit [Member] | On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 0 | [1] | 0 | [2] |
Debt securities of consolidated trusts held by third parties | 0 | [3] | 0 | [4] |
Institutional Credit [Member] | Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 970,000,000 | [5],[6] | 970,000,000 | [6],[7] |
Corporate [Member] | On-balance sheet [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Loans held for investment in consolidated trusts, at amortized cost | 0 | [1] | 0 | [2] |
Debt securities of consolidated trusts held by third parties | 0 | [3] | 0 | [4] |
Corporate [Member] | Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [5],[6] | 0 | [6],[7] |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 60,035,000 | [8] | 54,482,000 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 57,832,000 | [5] | 51,088,000 | [7] |
Farmer Mac Guaranteed Securities: | Farm & Ranch [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [8] | 0 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [5] | 0 | [7] |
Farmer Mac Guaranteed Securities: | USDA Guarantees [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 27,620,000 | [8] | 21,234,000 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 27,832,000 | [5] | 21,088,000 | [7] |
Farmer Mac Guaranteed Securities: | Rural Utilities [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [8] | 0 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [5] | 0 | [7] |
Farmer Mac Guaranteed Securities: | Institutional Credit [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 32,415,000 | [8] | 33,248,000 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 30,000,000 | [5] | 30,000,000 | [7] |
Farmer Mac Guaranteed Securities: | Corporate [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [8] | 0 | [9] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [5] | 0 | [7] |
Investment Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unamortized Premium/(Discount) | 7,471,000 | 10,014,000 | ||
Investment Securities [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 409,657,000 | [10] | 533,688,000 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 412,690,000 | [10],[5] | 540,726,000 | [11],[7] |
Investment Securities [Member] | Farm & Ranch [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [10] | 0 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [10],[5] | 0 | [11],[7] |
Investment Securities [Member] | USDA Guarantees [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [10] | 0 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [10],[5] | 0 | [11],[7] |
Investment Securities [Member] | Rural Utilities [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [10] | 0 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [10],[5] | 0 | [11],[7] |
Investment Securities [Member] | Institutional Credit [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | [10] | 0 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | [10],[5] | 0 | [11],[7] |
Investment Securities [Member] | Corporate [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 409,657,000 | [10] | 533,688,000 | [11] |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $412,690,000 | [10],[5] | $540,726,000 | [11],[7] |
[1] | Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million. | |||
[2] | Includes unamortized premiums related to the Rural Utilities line of business of $16.2 million. | |||
[3] | Includes borrower remittances of $2.9 million. The borrower remittances have not been passed through to third party investors as of DecemberB 31, 2014. | |||
[4] | Includes borrower remittances of $2.3 million, which have not been passed through to third party investors as of December 31, 2013. | |||
[5] | Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. | |||
[6] | The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. | |||
[7] | Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. | |||
[8] | Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million. | |||
[9] | Includes unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees and Institutional Credit lines of business of $0.1 million and $3.2 million, respectively. | |||
[10] | Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. | |||
[11] | Includes auction-rate certificates, asset-backed securities, and GSE-guaranteed mortgage-backed securities. |
Related_Party_Transactions_Nar
Related Party Transactions - Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Common Stock Ownership Percentage by a Related Party | 5.00% |
Number of Board of Directors | 15 |
Common Class A, Voting [Member] | |
Related Party Transaction [Line Items] | |
Number of Board of Directors | 5 |
Common Class B, Voting [Member] | |
Related Party Transaction [Line Items] | |
Number of Board of Directors | 5 |
Related_Party_Transactions_Zio
Related Party Transactions - Zions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 5.00% | ||
Derivative, Notional Amount | $6,837,571 | $6,691,851 | |
Accrued interest payable (includes $5,145 and $2,823, respectively, related to consolidated trusts) | 48,355 | 53,772 | |
Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party's percent of Farmer Mac Total Outstanding Book of Business | 5.90% | 5.10% | |
Related Party Transaction, Expenses from Transactions with Related Party | 8,400 | 7,000 | 6,500 |
Accrued interest payable (includes $5,145 and $2,823, respectively, related to consolidated trusts) | 300 | ||
Zions First National Bank [Member] | Derivative [Member] | |||
Related Party Transaction [Line Items] | |||
Derivative, Notional Amount | 0 | 29,300 | |
Zions First National Bank [Member] | Medium-term Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 5,000 | 0 | 0 |
Zions First National Bank [Member] | Sale of Farmer Mac Guaranteed Securities [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 147,234 | 120,409 | 5,327 |
Common Class A, Voting [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 31.20% | ||
Farm & Ranch [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's Percent of Total Program Loans | 22.30% | 25.50% | 29.60% |
Related Party Transaction, Related Party's percent of total Program | 14.60% | 15.40% | 12.80% |
USDA Guarantee [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 12.40% | 3.60% | 3.00% |
Loans Collateralized by Real Estate [Member] | Farm & Ranch [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 155,808 | 210,088 | 168,826 |
USDA Securities [Member] | USDA Guarantee [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 42,637 | 13,153 | 14,415 |
On-balance sheet [Member] | Farmer Mac Guaranteed Securities [Member] | Institutional Credit [Member] | Zions First National Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $50,237 | $0 | $0 |
Related_Party_Transactions_Nat
Related Party Transactions - National Rural Utilities Cooperative Finance Corporation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 5.00% | ||
CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $903,465,000 | $906,965,000 | $549,523,000 |
Related Party Transaction, Related Party's percent of total Program | 32.70% | 29.40% | 18.60% |
Related Party's percent of Farmer Mac Total Outstanding Book of Business | 18.70% | 18.60% | |
Accounts Receivable, Related Parties, Current | 300,000 | 700,000 | 700,000 |
Revenue from Related Parties | 3,200,000 | 4,100,000 | 4,400,000 |
Due from Related Parties | 900,000 | 5,600,000 | |
Interest Income, Related Party | 12,700,000 | 23,700,000 | 28,000,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 3,400,000 | 3,352,000 | 3,000,000 |
Common Class A, Voting [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 7.90% | ||
Rural Utilities [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 100.00% | 100.00% | 100.00% |
Rural Utilities [Member] | Loans Collateralized by Real Estate [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 75,500,000 | 86,965,000 | 166,117,000 |
Institutional Credit [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 64.70% | 64.40% | 38.90% |
Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Institutional Credit [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 820,775,000 | 820,000,000 | 383,406,000 |
Farmer Mac Guaranteed Securities [Member] | Off-balance sheet [Member] | Institutional Credit [Member] | CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $7,190,000 | $0 | $0 |
Related_Party_Transactions_AgF
Related Party Transactions - AgFirst Farm Credit Bank (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 5.00% | ||
AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $100,000 | $500,000 | $500,000 |
Revenue from Related Parties | 600,000 | 700,000 | 800,000 |
Accounts Receivable, Related Parties, Current | 100,000 | 100,000 | |
Common Class B, Voting [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 16.80% | ||
Guarantee Obligations [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 19,700,000 | 8,100,000 | 16,800,000 |
Related Party Transactions, Outstanding Balance | 112,800,000 | 131,800,000 | |
Performance Guarantee [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transactions, Outstanding Balance | $28,900,000 | $121,900,000 |
Related_Party_Transactions_Far
Related Party Transactions - Farm Credit Bank of Texas (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 5.00% | ||
Farm Credit Bank of Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $400,000 | $500,000 | $600,000 |
Common Class B, Voting [Member] | Farm Credit Bank of Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 7.70% | ||
Commitment fees [Member] | Farm Credit Bank of Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 200,000 | 200,000 | 300,000 |
Guarantee Obligations [Member] | Farm Credit Bank of Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transactions, Outstanding Balance | $51,500,000 | $63,200,000 |
Related_Party_Transactions_Far1
Related Party Transactions - Farm Credit West (Details) (Farm Credit West [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2003 | |
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $1,900,000 | ||
Related Party Transaction, Expenses from Transactions with Related Party | 900,000 | ||
Guarantee Obligations [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 8,100,000 | ||
Related Party Transactions, Outstanding Balance | 95,400,000 | ||
Commitment fees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 300,000 | ||
Conversion of Long-Term Standby Purchase Commitments to Farmer Mac Guaranteed Securirites [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 129,000,000 | 722,300,000 | |
Related Party Transactions, Outstanding Balance | $420,900,000 |
Related_Party_Transactions_Oth
Related Party Transactions - Other Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 5.00% | ||
First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $800,000 | $600,000 | $500,000 |
Farm & Ranch [Member] | Mortgage Loans on Real Estate [Member] | First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 35,100,000 | 61,600,000 | 37,100,000 |
Guarantee Obligations [Member] | First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 0 | 1,000,000 | 0 |
Guarantee Obligations [Member] | AgGeorgia [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 20,200,000 | 27,500,000 | 51,500,000 |
USDA Securities [Member] | USDA Guarantee [Member] | Bath State Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 4,500,000 | 9,300,000 | 4,400,000 |
Commitment fees [Member] | AgGeorgia [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 100,000 | 100,000 | 100,000 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Notes Receivable, Related Parties | 70,000,000 | 70,000,000 | |
Fixed Interest Rate [Member] | Preferred Stock [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Notes Receivable, Related Parties | $0 | $78,500,000 | |
Common Class B, Voting [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 32.60% |
Investment_Securities_Schedule
Investment Securities - Schedule of Investment Securities (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Available-for-sale Securities [Abstract] | |||||||||
Derivative, Notional Amount | $6,837,571,000 | $6,691,851,000 | $6,837,571,000 | $6,691,851,000 | |||||
Investment Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 1,932,236,000 | 2,475,407,000 | 1,932,236,000 | 2,475,407,000 | |||||
Unamortized Premium/(Discount) | 7,471,000 | 10,014,000 | 7,471,000 | 10,014,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 1,939,707,000 | 2,485,421,000 | 1,939,707,000 | 2,485,421,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 9,003,000 | 13,713,000 | 9,003,000 | 13,713,000 | |||||
Available-for-sale Securities, Unrealized Losses | -10,211,000 | -15,987,000 | -10,211,000 | -15,987,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 1,938,499,000 | 2,483,147,000 | 1,938,499,000 | 2,483,147,000 | |||||
Proceeds from sale of available-for-sale investment securities | 770,149,000 | 366,562,000 | 7,018,000 | ||||||
Available-for-sale Securities, Gross Realized Gains | 600,000 | 3,100,000 | 28,000 | ||||||
Trading Securities [Abstract] | |||||||||
Trading, at fair value | 689,000 | 928,000 | 689,000 | 928,000 | |||||
Marketable Securities [Abstract] | |||||||||
Marketable Securities Unpaid Principal Balance | 1,935,104,000 | 2,478,960,000 | 1,935,104,000 | 2,478,960,000 | |||||
Marketable Securities, Amortized Cost | 1,942,575,000 | 2,488,974,000 | 1,942,575,000 | 2,488,974,000 | |||||
Marketable Securities, Unrealized Gains | 9,003,000 | 13,713,000 | 9,003,000 | 13,713,000 | |||||
Marketable Securities, Unrealized Losses | -12,390,000 | -18,612,000 | -12,390,000 | -18,612,000 | |||||
Marketable Securities | 1,939,188,000 | 2,484,075,000 | 1,939,188,000 | 2,484,075,000 | |||||
USDA Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-sale Securities, Fair Value Disclosure | 1,731,222,000 | 1,553,669,000 | 1,731,222,000 | 1,553,669,000 | |||||
Trading Securities [Abstract] | |||||||||
Trading, at fair value | 40,310,000 | 58,344,000 | 40,310,000 | 58,344,000 | |||||
Marketable Securities [Abstract] | |||||||||
Marketable Securities | 1,771,532,000 | 1,612,013,000 | 1,771,532,000 | 1,612,013,000 | |||||
Available-for-sale Securities [Member] | Investment Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 7,471,000 | 10,014,000 | 7,471,000 | 10,014,000 | |||||
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 46,600,000 | 74,100,000 | 46,600,000 | 74,100,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 46,600,000 | 74,100,000 | 46,600,000 | 74,100,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | 0 | |||||
Available-for-sale Securities, Unrealized Losses | -6,024,000 | -8,815,000 | -6,024,000 | -8,815,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 40,576,000 | 65,285,000 | 40,576,000 | 65,285,000 | |||||
Floating Interest Rate [Member] | Asset-backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 100,730,000 | 166,185,000 | 100,730,000 | 166,185,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 100,656,000 | 165,968,000 | 100,656,000 | 165,968,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 283,000 | 195,000 | 283,000 | 195,000 | |||||
Available-for-sale Securities, Unrealized Losses | -37,000 | -59,000 | -37,000 | -59,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 100,902,000 | 166,104,000 | 100,902,000 | 166,104,000 | |||||
Trading Securities [Abstract] | |||||||||
Trading Securities - Amount Outstanding | 2,868,000 | 3,553,000 | 2,868,000 | 3,553,000 | |||||
Trading Securities, Debt, Amortized Cost | 2,868,000 | 3,553,000 | 2,868,000 | 3,553,000 | |||||
Trading Securities, Unrealized Gains | 0 | 0 | |||||||
Trading Securities, Unrealized Losses | -2,179,000 | -2,625,000 | |||||||
Trading, at fair value | 689,000 | 928,000 | 689,000 | 928,000 | |||||
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 10,000,000 | 109,345,000 | 10,000,000 | 109,345,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 10,000,000 | 109,342,000 | 10,000,000 | 109,342,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 91,000 | 445,000 | 91,000 | 445,000 | |||||
Available-for-sale Securities, Unrealized Losses | 0 | -18,000 | 0 | -18,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 10,091,000 | 109,769,000 | 10,091,000 | 109,769,000 | |||||
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 605,053,000 | 612,413,000 | 605,053,000 | 612,413,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 608,484,000 | 616,749,000 | 608,484,000 | 616,749,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,712,000 | 4,955,000 | 4,712,000 | 4,955,000 | |||||
Available-for-sale Securities, Unrealized Losses | -443,000 | -435,000 | -443,000 | -435,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 612,753,000 | 621,269,000 | 612,753,000 | 621,269,000 | |||||
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 70,000,000 | 70,000,000 | 70,000,000 | 70,000,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 70,000,000 | 70,000,000 | 70,000,000 | 70,000,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | 0 | |||||
Available-for-sale Securities, Unrealized Losses | -3,680,000 | -6,615,000 | -3,680,000 | -6,615,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 66,320,000 | 63,385,000 | 66,320,000 | 63,385,000 | |||||
Floating Interest Rate [Member] | Taxable Municipal Bonds [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 30,595,000 | 30,595,000 | |||||||
Available-for-sale Securities, Amortized Cost Basis | 30,679,000 | 30,679,000 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 5,000 | 5,000 | |||||||
Available-for-sale Securities, Unrealized Losses | -3,000 | -3,000 | |||||||
Available-for-sale Securities, Fair Value Disclosure | 30,681,000 | 30,681,000 | |||||||
Floating Interest Rate [Member] | US Treasury Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 75,000,000 | 75,000,000 | |||||||
Available-for-sale Securities, Amortized Cost Basis | 74,990,000 | 74,990,000 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |||||||
Available-for-sale Securities, Unrealized Losses | -11,000 | -11,000 | |||||||
Available-for-sale Securities, Fair Value Disclosure | 74,979,000 | 74,979,000 | |||||||
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 0 | 0 | 0 | 0 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 0 | 0 | 0 | 0 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | -74,000 | -217,000 | -74,000 | -217,000 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 0 | -3,000 | 0 | -3,000 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 3,431,000 | 4,336,000 | 3,431,000 | 4,336,000 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | GSE Subordinated Debt [Member} | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 0 | 0 | 0 | 0 | |||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Taxable Municipal Bonds [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 84,000 | 84,000 | |||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | -10,000 | -10,000 | |||||||
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 30,000,000 | 55,000,000 | 30,000,000 | 55,000,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 29,990,000 | 55,048,000 | 29,990,000 | 55,048,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 35,000 | 97,000 | 35,000 | 97,000 | |||||
Available-for-sale Securities, Unrealized Losses | 0 | -4,000 | 0 | -4,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 30,025,000 | 55,141,000 | 30,025,000 | 55,141,000 | |||||
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 853,000 | 1,173,000 | [1] | 853,000 | 1,173,000 | [1] | |||
Available-for-sale Securities, Amortized Cost Basis | 4,395,000 | 5,139,000 | [1] | 4,395,000 | 5,139,000 | [1] | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,807,000 | 3,518,000 | [1] | 3,807,000 | 3,518,000 | [1] | |||
Available-for-sale Securities, Unrealized Losses | 0 | 0 | [1] | 0 | 0 | [1] | |||
Available-for-sale Securities, Fair Value Disclosure | 8,202,000 | [2] | 8,657,000 | [1] | 8,202,000 | [2] | 8,657,000 | [1] | |
Derivative, Notional Amount | 152,400,000 | 152,400,000 | 152,400,000 | 152,400,000 | |||||
Fixed Interest Rate [Member] | GSE Preferred Stock [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 78,500,000 | 78,500,000 | |||||||
Available-for-sale Securities, Amortized Cost Basis | 78,865,000 | 78,865,000 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,296,000 | 4,296,000 | |||||||
Available-for-sale Securities, Unrealized Losses | 0 | 0 | |||||||
Available-for-sale Securities, Fair Value Disclosure | 83,161,000 | 83,161,000 | |||||||
Fixed Interest Rate [Member] | USDA Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 18,806,000 | 523,691,000 | 18,806,000 | 523,691,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 18,936,000 | 523,985,000 | 18,936,000 | 523,985,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,000 | 107,000 | 3,000 | 107,000 | |||||
Available-for-sale Securities, Unrealized Losses | 0 | -30,000 | 0 | -30,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 18,939,000 | 524,062,000 | 18,939,000 | 524,062,000 | |||||
Fixed Interest Rate [Member] | US Treasury Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Available-for-Sale Securities Unpaid Principal Balance | 975,194,000 | 754,405,000 | 975,194,000 | 754,405,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 975,656,000 | 755,546,000 | 975,656,000 | 755,546,000 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 72,000 | 95,000 | 72,000 | 95,000 | |||||
Available-for-sale Securities, Unrealized Losses | -16,000 | -8,000 | -16,000 | -8,000 | |||||
Available-for-sale Securities, Fair Value Disclosure | 975,712,000 | 755,633,000 | 975,712,000 | 755,633,000 | |||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | -10,000 | 48,000 | -10,000 | 48,000 | |||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 3,542,000 | 3,966,000 | [1] | 3,542,000 | 3,966,000 | [1] | |||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | GSE Preferred Stock [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 365,000 | 365,000 | |||||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | USDA Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 130,000 | 294,000 | 130,000 | 294,000 | |||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | 462,000 | 1,141,000 | 462,000 | 1,141,000 | |||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Interest-Only-Strip [Member] | |||||||||
Available-for-sale Securities [Abstract] | |||||||||
Unamortized Premium/(Discount) | $7,300,000 | $7,400,000 | $7,300,000 | $7,400,000 | |||||
[1] | Fair value includes $7.4 million of an interest-only security with a notional amount of $152.4 million. | ||||||||
[2] | (1)Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million. |
Investment_Securities_Narrativ
Investment Securities - Narrative (Details) (Investment Securities [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sale of available-for-sale investment securities | $770,149,000 | $366,562,000 | $7,018,000 |
Available-for-sale Securities, Gross Realized Losses | 800,000 | 1,000,000 | 10,000 |
Available-for-sale Securities, Gross Realized Gains | $600,000 | $3,100,000 | $28,000 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Loss Position (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | position | position |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $495,501 | $684,499 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 183,763 | 128,670 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -228 | -557 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -9,983 | -15,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 35 | 64 |
Investment Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale securities in a loss position for more than 12 months, qualitative disclosure, percent of amortized cost | 95.00% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 15 | 7 |
Standard & Poor's, A- Rating [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | 2 |
Standard & Poor's, BBB+ Rating [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 40,576 | 65,285 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6,024 | -8,815 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,388 | 50,129 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -37 | -59 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,982 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 76,100 | 161,960 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 76,867 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -164 | -435 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -279 | 0 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 66,320 | 63,385 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3,680 | -6,615 |
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,058 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 8,041 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Fixed Interest Rate [Member] | Preferred Stock [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 74,980 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -11 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Fixed Interest Rate [Member] | USDA Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 316,273 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -30 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 325,033 | 118,056 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses | -16 | -8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $0 | $0 |
Investment_Securities_Trading_
Investment Securities - Trading Securities (Details) (Floating Interest Rate [Member], Asset-backed Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Debt, Amortized Cost | $2,868 | $3,553 |
Trading, at fair value | $689 | $928 |
Trading Securities, Weighted-Average Yield | 4.24% | 4.25% |
Investment_Securities_Debt_Mat
Investment Securities - Debt Maturities (Details) (Investment Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Due within one year, Amortized Cost | $1,014,587 | |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 156,022 | |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 261,556 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 507,542 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Fair Value | 1,014,679 | |
Available-for-sale Securities, Due after one year through five years, Fair Value | 156,719 | |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 262,917 | |
Available-for-sale Securities, Due after ten years, Fair Value | 504,184 | |
Available-for-sale securities | $1,938,499 | $2,483,147 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 0.30% | |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 0.87% | |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 0.85% | |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 1.00% | |
Available-for-sale Securities, Total Weighted-Average Yield | 0.60% |
Farmer_Mac_Guaranteed_Securiti2
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2014 |
Held-to-Maturity Securities [Abstract] | |||
Held-to-maturity Securities, Fair Value | $1,600,000 | ||
Farmer Mac Guaranteed Securities and USDA Securities [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available-for-Sale Securities Unpaid Principal Balance | 5,370,717 | 6,678,377 | |
Available-for-sale Securities, Amortized Cost Basis | 5,373,437 | 6,682,569 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 48,529 | 67,473 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 31,463 | 104,773 | |
Available-for-sale, at fair value | 5,390,503 | 6,645,269 | |
Farmer Mac Guaranteed Securities [Member] | |||
Held-to-Maturity Securities [Abstract] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,794,620 | ||
Held-to-maturity Securities, Fair Value | 1,800,576 | ||
Available-for-sale Securities [Abstract] | |||
Available-for-Sale Securities Unpaid Principal Balance | 3,652,904 | 5,087,944 | |
Available-for-sale Securities, Amortized Cost Basis | 3,652,462 | 5,087,551 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 36,679 | 64,720 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 29,860 | 60,671 | |
Available-for-sale, at fair value | 3,659,281 | 5,091,600 | |
USDA Securities [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available-for-sale, at fair value | 1,731,222 | 1,553,669 | |
Trading Securities [Abstract] | |||
Trading, at fair value | 40,310 | 58,344 | |
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities and USDA Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | 2,720 | 4,192 | |
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | -442 | -393 | |
Institutional Credit [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | 2,400 | 3,200 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Held-to-Maturity Securities [Abstract] | |||
Held-to-Maturity Unpaid Principal Balance | 1,785,340 | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,794,620 | ||
Held to Maturity; Unrealized Holding Gains | 6,211 | ||
Held to Maturity - Unrealized Holding Loss | 255 | ||
Held-to-maturity Securities, Fair Value | 1,800,576 | ||
Available-for-sale Securities [Abstract] | |||
Available-for-Sale Securities Unpaid Principal Balance | 3,625,073 | 5,066,855 | |
Available-for-sale Securities, Amortized Cost Basis | 3,625,073 | 5,066,980 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 36,442 | 64,051 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 29,853 | 60,665 | |
Available-for-sale, at fair value | 3,631,662 | 5,070,366 | |
Institutional Credit [Member] | Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | 9,280 | ||
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | 0 | 125 | |
USDA Guarantees [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | -200 | 100 | |
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available-for-Sale Securities Unpaid Principal Balance | 27,831 | 21,089 | |
Available-for-sale Securities, Amortized Cost Basis | 27,389 | 20,571 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 237 | 669 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 7 | 6 | |
Available-for-sale, at fair value | 27,619 | 21,234 | |
USDA Guarantees [Member] | USDA Securities [Member] | |||
Available-for-sale Securities [Abstract] | |||
Available-for-Sale Securities Unpaid Principal Balance | 1,717,813 | 1,590,433 | |
Available-for-sale Securities, Amortized Cost Basis | 1,720,975 | 1,595,018 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 11,850 | 2,753 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,603 | 44,102 | |
Available-for-sale, at fair value | 1,731,222 | 1,553,669 | |
Trading Securities [Abstract] | |||
Trading Securities Unpaid Principal Balance | 38,412 | 55,373 | |
Trading Securities, Debt, Amortized Cost | 41,160 | 60,345 | |
Trading Securities, Unrealized Gains | 114 | 193 | |
Trading Securities, Unrealized Holding Loss | 964 | 2,194 | |
Trading, at fair value | 40,310 | 58,344 | |
USDA Guarantees [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | -442 | -518 | |
USDA Guarantees [Member] | Available-for-sale Securities [Member] | USDA Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | 3,162 | 4,585 | |
USDA Guarantees [Member] | Trading Securities [Member] | USDA Securities [Member] | |||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||
Unamortized Premium/(Discount) | $2,748 | $4,972 |
Farmer_Mac_Guaranteed_Securiti3
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Unrealized Loss Position (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | position | position |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $495,501 | $684,499 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 183,763 | 128,670 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 228 | 557 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,983 | 15,430 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 35 | 64 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 953,226 | 2,228,815 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,557,906 | 868,301 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14,671 | 95,969 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16,792 | 8,804 |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 547 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,745 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 254 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 685,131 | 1,157,656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,460,089 | 763,885 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13,115 | 51,923 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16,738 | 8,742 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 23 | 27 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 15 | 13 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | |
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,720 | 343 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
USDA Guarantees [Member] | USDA Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 264,375 | 1,070,816 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 97,817 | 104,416 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,549 | 44,040 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $54 | $62 |
Farmer_Mac_Guaranteed_Securiti4
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Available-for-sale Securities (Details) (Farmer Mac Guaranteed Securities and USDA Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Due within one year, Amortized Cost | $109,217 | |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 1,686,323 | |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 1,449,257 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 2,128,640 | |
Available-for-sale Securities, Amortized Cost Basis | 5,373,437 | 6,682,569 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Fair Value | 106,395 | |
Available-for-sale Securities, Due after one year through five years, Fair Value | 1,708,230 | |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 1,455,096 | |
Available-for-sale Securities, Due after ten years, Fair Value | 2,120,782 | |
Available-for-sale, at fair value | $5,390,503 | $6,645,269 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 0.93% | |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 1.84% | |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 1.72% | |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 2.57% | |
Available-for-sale Securities, Total Weighted-Average Yield | 2.07% |
Farmer_Mac_Guaranteed_Securiti5
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Held-to-maturity Securities (Details) (USD $) | Jan. 01, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | ||
Held-to-maturity Securities, Fair Value | $1,600,000 | |
Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 606,442 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 1,178,000 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 10,178 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,794,620 | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 606,627 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 1,183,351 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 10,598 | |
Held-to-maturity Securities, Fair Value | $1,800,576 | |
Held-to-Maturity Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Held-to-Maturity Securities, Debt Maturities, Next Twelve Months, Weighted-Average Yield | 2.74% | |
Held-to-Maturity Securities, Debt Maturities, Year Two Through Five, Weighted-Average Yield | 2.23% | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Yield | 3.25% | |
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.40% |
Farmer_Mac_Guaranteed_Securiti6
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Trading Securities (Details) (USDA Securities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading, at fair value | $40,310 | $58,344 |
USDA Guarantees [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Debt, Amortized Cost | 41,160 | 60,345 |
Trading, at fair value | $40,310 | $58,344 |
Trading Securities, Weighted-Average Yield | 5.60% | 5.60% |
Financial_Derivatives_Narrativ
Financial Derivatives - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||
Financial derivatives, at fair value | $84,844,000 | $75,708,000 |
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 46,627,000 | 11,320,000 |
Additional Collateral, Aggregate Fair Value | 46,800,000 | 63,500,000 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 6,837,571,000 | 6,691,851,000 |
Excluding netting [Member] | Including accrued interest [Member] | ||
Derivative [Line Items] | ||
Financial derivatives, at fair value | 99,400,000 | 92,000,000 |
Credit exposure to interest rate swap counterparties | 6,100,000 | 25,100,000 |
Netting [Member] | Including accrued interest [Member] | ||
Derivative [Line Items] | ||
Financial derivatives, at fair value | 93,400,000 | 74,800,000 |
Credit exposure to interest rate swap counterparties | 400,000 | 3,300,000 |
Uncollateralized [Member] | ||
Derivative [Line Items] | ||
Credit exposure to interest rate swap counterparties | 400,000 | 3,000,000 |
Cash [Member] | ||
Derivative, Collateral [Abstract] | ||
Collateral Received | 0 | 0 |
Collateral Pledged | 46,600,000 | 9,800,000 |
Securities Pledged as Collateral [Member] | ||
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 0 | 1,500,000 |
Exchange Cleared [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 4,000,000,000 | 2,300,000,000 |
Interest Rate Swap [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $6,800,000,000 | $6,600,000,000 |
Financial_Derivatives_Schedule
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $6,837,571 | $6,691,851 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 4,177 | 19,718 |
Financial derivatives, at fair value | 84,844 | 75,708 |
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 46,627 | 11,320 |
Derivative Asset | 4,177 | 19,718 |
Derivative Liability | 38,217 | 64,388 |
Cash [Member] | ||
Derivative, Collateral [Abstract] | ||
Obligation to Return Securities Received as Collateral | 0 | 0 |
Collateral Pledged | 46,600 | 9,800 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,000,000 | 900,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 0 |
Financial derivatives, at fair value | 31,718 | 28,989 |
Derivative, Weighted-Average Pay Rate | 2.47% | 2.25% |
Derivative, Weighted-Average Receive Rate | 0.23% | 0.24% |
Derivative, Average Remaining Maturity | 3 years 11 months 23 days | 3 years 3 months 0 days |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 15,000 | 10,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 68 |
Financial derivatives, at fair value | 289 | 0 |
Derivative, Weighted-Average Pay Rate | 2.43% | 2.50% |
Derivative, Weighted-Average Receive Rate | 0.51% | 0.48% |
Derivative, Average Remaining Maturity | 6 years 2 months 23 days | 6 years 11 months 12 days |
Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | 22 | 201 |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | 187 | 156 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 490,183 | 806,596 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 537 | 7,570 |
Financial derivatives, at fair value | 51,224 | 45,360 |
Derivative, Weighted-Average Pay Rate | 4.23% | 4.63% |
Derivative, Weighted-Average Receive Rate | 0.23% | 0.24% |
Derivative, Average Remaining Maturity | 7 years 0 months 18 days | 4 years 10 months 10 days |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 3,829,355 | 4,324,663 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 3,414 | 11,836 |
Financial derivatives, at fair value | 461 | 262 |
Derivative, Weighted-Average Pay Rate | 0.14% | 0.27% |
Derivative, Weighted-Average Receive Rate | 0.27% | 0.70% |
Derivative, Average Remaining Maturity | 0 years 6 months 18 days | 0 years 6 months 11 days |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 383,565 | 175,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 1 | 83 |
Financial derivatives, at fair value | 877 | 934 |
Derivative, Weighted-Average Pay Rate | 0.12% | 0.10% |
Derivative, Weighted-Average Receive Rate | 1.34% | 0.65% |
Derivative, Average Remaining Maturity | 3 years 5 months 19 days | 3 years 3 months 18 days |
Not Designated as Hedging Instrument [Member] | Basis Swap [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,105,000 | 404,288 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 247 | 276 |
Financial derivatives, at fair value | 406 | 318 |
Derivative, Weighted-Average Pay Rate | 0.11% | 0.32% |
Derivative, Weighted-Average Receive Rate | 0.31% | 0.29% |
Derivative, Average Remaining Maturity | 2 years 5 months 1 day | 1 year 6 months 7 days |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 12,768 | 65,704 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 86 |
Financial derivatives, at fair value | 53 | 0 |
Derivative, Weighted-Average Forward Price | $101 | $98.91 |
Not Designated as Hedging Instrument [Member] | Future [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,700 | 5,600 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 0 |
Financial derivatives, at fair value | $3 | $1 |
Derivative, Weighted-Average Forward Price | $126.60 | $123.02 |
Financial_Derivatives_Schedule1
Financial Derivatives - Schedule of Derivative Instruments, Impact on Results of Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | ($21,646,000) | $31,764,000 | ($19,829,000) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 14,520,000 | -18,230,000 | 6,388,000 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 11,791,000 | 11,308,000 | 5,984,000 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | -33,437,000 | 20,456,000 | -25,813,000 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Components Included from Assessment of Interest Rate Fair Value Hedge Effectiveness | 11,600,000 | 11,800,000 | 6,100,000 |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | -200,000 | 500,000 | -100,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -2,729,000 | 29,538,000 | -404,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | -31,111,000 | 21,355,000 | -24,763,000 |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | -1,842,000 | -1,002,000 | -828,000 |
Future [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | -484,000 | 103,000 | -129,000 |
Credit Default Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains on financial derivatives and hedging activities | $0 | $0 | ($93,000) |
Notes_Payable_Narrative_Detail
Notes Payable - Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Discount Notes [Member] | |
Schedule of Short-term and Long-term Borrowings [Line Items] | |
Debt Instrument, original maturity period | 1 year |
Minimum [Member] | Medium-term Notes [Member] | |
Schedule of Short-term and Long-term Borrowings [Line Items] | |
Debt Instrument, original maturity period | 0 years 6 months |
Maximum [Member] | Medium-term Notes [Member] | |
Schedule of Short-term and Long-term Borrowings [Line Items] | |
Debt Instrument, original maturity period | 15 years |
Notes_Payable_Borrowings_and_C
Notes Payable - Borrowings and Callable Debt (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Abstract] | ||
Due within one year | $7,353,953,000 | $7,338,781,000 |
Long-term Debt, Current Maturities | 1,673,137,000 | 2,277,811,000 |
Short-term Debt, Weighted Average Interest Rate | 0.32% | 0.64% |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,569,961,000 | 1,411,140,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,219,192,000 | 1,290,629,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 682,224,000 | 528,322,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 872,576,000 | 675,968,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,127,233,000 | 1,095,110,000 |
Long-term Debt, Weighted Average Interest Rate | 1.56% | 1.60% |
Long-term Debt, Excluding Current Maturities | 5,471,186,000 | 5,001,169,000 |
Debt and Capital Lease Obligations | 12,825,139,000 | 12,339,950,000 |
Debt, Weighted Average Interest Rate | 0.85% | 1.03% |
Due after one year | 5,471,186,000 | 5,001,169,000 |
Discount Notes [Member] | ||
Short-term Debt [Abstract] | ||
Due within one year | 4,925,828,000 | 4,880,971,000 |
Short-term Debt, Weighted Average Interest Rate | 0.11% | 0.12% |
Short-term Debt, Average Outstanding Amount | 4,059,708,000 | 4,365,045,000 |
Debt Instrument, Interest Rate During Period | 0.15% | 0.18% |
Short-term Debt, Maximum Month-end Outstanding Amount | 4,900,000,000 | 4,900,000,000 |
Medium-term Notes [Member] | ||
Short-term Debt [Abstract] | ||
Due within one year | 754,988,000 | 179,999,000 |
Short-term Debt, Weighted Average Interest Rate | 0.17% | 0.17% |
Short-term Debt, Average Outstanding Amount | 532,621,000 | 167,617,000 |
Debt Instrument, Interest Rate During Period | 0.15% | 0.16% |
Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 78,960,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 507,893,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 149,944,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 402,393,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 279,157,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.11% | |
Due after one year | $1,418,347,000 | |
Long-term Debt [Member] | ||
Short-term Debt [Abstract] | ||
Short-term Debt, Weighted Average Interest Rate | 0.98% | 1.79% |
Due year two [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 1.16% | 1.14% |
Due year two [Member] | Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 0.57% | |
Due year three [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 0.90% | 1.33% |
Due year three [Member] | Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 0.48% | |
Due year four [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 1.28% | 1.23% |
Due year four [Member] | Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 0.92% | |
Due year five [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 1.42% | 1.33% |
Due year five [Member] | Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 1.02% | |
Due after five years [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 3.09% | 2.85% |
Due after five years [Member] | Call Option [Member] | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term Debt, Weighted Average Interest Rate | 2.64% |
Notes_Payable_Earliest_Interes
Notes Payable - Earliest Interest Rate Reset Date of Borrowings Outstanding (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Due within one year | $7,353,953,000 | $7,338,781,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,569,961,000 | 1,411,140,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,219,192,000 | 1,290,629,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 682,224,000 | 528,322,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 872,576,000 | 675,968,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,127,233,000 | 1,095,110,000 |
Debt and Capital Lease Obligations | 12,825,139,000 | 12,339,950,000 |
Short-term Debt, Weighted Average Interest Rate | 0.32% | 0.64% |
Long-term Debt, Weighted Average Interest Rate | 1.56% | 1.60% |
Debt, Weighted Average Interest Rate | 0.85% | 1.03% |
Meduim Term Notes Called During the Period | 500,000,000 | 400,000,000 |
Due within one year [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Due within one year | 8,887,288,000 | |
Short-term Debt, Weighted Average Interest Rate | 0.44% | |
Due year two [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,391,014,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.26% | |
Due year three [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 711,299,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.19% | |
Due year four [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 532,279,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.38% | |
Due year five [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 470,183,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.76% | |
Due after five years [Member] | ||
Schedule of Short-term and Long-term Borrowings [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $833,076,000 | |
Long-term Debt, Weighted Average Interest Rate | 3.29% |
Notes_Payable_Authority_to_Bor
Notes Payable - Authority to Borrow from U.S. Treasury (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $1.50 |
Notes_Payable_Gains_on_Repurch
Notes Payable - Gains on Repurchase of Outstanding Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | |||||||
Extinguishment of Debt, Amount | $29,100,000 | ||||||
Gains on repurchase of debt | $1,462,000 | $0 | $0 | $0 | $0 | $1,462,000 | $0 |
Loans_and_Allowance_for_Losses2
Loans and Allowance for Losses and Concentrations of Credit Risk - Loan (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment, at amortized cost | $2,833,461 | $2,570,125 | ||
Allowance for Loan and Lease Losses, Real Estate | 5,864 | 6,866 | ||
Total loans, net of allowance | 3,520,075 | 3,193,248 | ||
Unsecuritized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 2,837,080 | [1] | 2,573,968 | [1] |
Unamortized premiums, discounts and other cost basis adjustments | -3,619 | -3,843 | ||
Loans held for investment, at amortized cost | 2,833,461 | 2,570,125 | ||
Allowance for Loan and Lease Losses, Real Estate | 5,324 | 6,587 | ||
Total loans, net of allowance | 2,828,137 | 2,563,538 | ||
Unsecuritized [Member] | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 2,118,867 | 1,875,958 | ||
Unsecuritized [Member] | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 718,213 | 698,010 | ||
In Consolidated Trusts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 688,751 | [1] | 613,750 | [1] |
Unamortized premiums, discounts and other cost basis adjustments | 3,727 | 16,239 | ||
Loans held for investment, at amortized cost | 692,478 | 629,989 | ||
Allowance for Loan and Lease Losses, Real Estate | 540 | 279 | ||
Total loans, net of allowance | 691,938 | 629,710 | ||
In Consolidated Trusts | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 421,355 | 259,509 | ||
In Consolidated Trusts | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 267,396 | 354,241 | ||
Loans Collateralized by Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 3,525,831 | [1] | 3,187,718 | [1] |
Unamortized premiums, discounts and other cost basis adjustments | 108 | 12,396 | ||
Loans held for investment, at amortized cost | 3,525,939 | 3,200,114 | ||
Allowance for Loan and Lease Losses, Real Estate | 5,864 | 6,866 | ||
Total loans, net of allowance | 3,520,075 | 3,193,248 | ||
Loans Collateralized by Real Estate [Member] | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 2,540,222 | 2,135,467 | ||
Loans Collateralized by Real Estate [Member] | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | $985,609 | $1,052,251 | ||
[1] | Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. |
Loans_and_Allowance_for_Losses3
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Credit Losses Roll Forward (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Allowance for Loan Losses | $6,866,000 | $6,866,000 | |||||||||
Beginning Balance - Reserve for Losses | 6,468,000 | 6,468,000 | |||||||||
Beginning Balance - Total Allowance for Losses | 13,334,000 | 16,890,000 | 13,334,000 | 16,890,000 | 17,516,000 | ||||||
Release of/(provision for) loan losses | 462,000 | -511,000 | 1,583,000 | -573,000 | -117,000 | 499,000 | 529,000 | -430,000 | 961,000 | 481,000 | -3,691,000 |
(Release of)/provision for reserve for losses | -2,205,000 | 929,000 | -1,816,000 | ||||||||
Total (release of)/provision for losses | -3,166,000 | 448,000 | 1,875,000 | ||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 86,000 | 4,004,000 | 2,501,000 | ||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 45,000 | ||||||||||
Ending Balance - Allowance for Loan Losses | 5,864,000 | 6,866,000 | 5,864,000 | 6,866,000 | |||||||
Ending Balance - Reserve for Losses | 4,263,000 | 6,468,000 | 4,263,000 | 6,468,000 | |||||||
Ending Balance - Total Allowance for Losses | 10,127,000 | 13,334,000 | 10,127,000 | 13,334,000 | 16,890,000 | ||||||
Allowance for Loan and Lease Losses, Adjustments, Net | 3,200,000 | ||||||||||
Crops [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 2,124,000 | 2,589,000 | 2,124,000 | 2,589,000 | |||||||
Total (release of)/provision for losses | 395,000 | -420,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 45,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Total Allowance for Losses | 2,519,000 | 2,124,000 | 2,519,000 | 2,124,000 | |||||||
Permanent Plantings [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 2,186,000 | 2,316,000 | 2,186,000 | 2,316,000 | |||||||
Total (release of)/provision for losses | -72,000 | -130,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 45,000 | ||||||||||
Ending Balance - Total Allowance for Losses | 2,159,000 | 2,186,000 | 2,159,000 | 2,186,000 | |||||||
Livestock [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 1,271,000 | 1,534,000 | 1,271,000 | 1,534,000 | |||||||
Total (release of)/provision for losses | 209,000 | -263,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 57,000 | 0 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Total Allowance for Losses | 1,423,000 | 1,271,000 | 1,423,000 | 1,271,000 | |||||||
Part-Time Farm [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 454,000 | 784,000 | 454,000 | 784,000 | |||||||
Total (release of)/provision for losses | 42,000 | 4,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 29,000 | 334,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Total Allowance for Losses | 467,000 | 454,000 | 467,000 | 454,000 | |||||||
Agriculture Storage and Processing [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 7,292,000 | 9,661,000 | 7,292,000 | 9,661,000 | |||||||
Total (release of)/provision for losses | -3,740,000 | 1,256,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 3,625,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Total Allowance for Losses | 3,552,000 | 7,292,000 | 3,552,000 | 7,292,000 | |||||||
Other Commodity [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Total Allowance for Losses | 7,000 | 6,000 | 7,000 | 6,000 | |||||||
Total (release of)/provision for losses | 0 | 1,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Total Allowance for Losses | 7,000 | 7,000 | 7,000 | 7,000 | |||||||
Allowance for Loan and Lease Losses [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Allowance for Loan Losses | 6,866,000 | 11,351,000 | 6,866,000 | 11,351,000 | 10,161,000 | ||||||
Release of/(provision for) loan losses | 961,000 | 481,000 | -3,691,000 | ||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 86,000 | 4,004,000 | 2,501,000 | ||||||||
Ending Balance - Allowance for Loan Losses | 5,864,000 | 6,866,000 | 5,864,000 | 6,866,000 | 11,351,000 | ||||||
Reserve for Off-balance Sheet Activities [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Beginning Balance - Reserve for Losses | 6,468,000 | 5,539,000 | 6,468,000 | 5,539,000 | 7,355,000 | ||||||
(Release of)/provision for reserve for losses | -2,205,000 | 929,000 | -1,816,000 | ||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | ||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||
Ending Balance - Reserve for Losses | 4,263,000 | 6,468,000 | 4,263,000 | 6,468,000 | 5,539,000 | ||||||
Eligible Loans [Member] | Agriculture Storage and Processing [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $3,600,000 |
Loans_and_Allowance_for_Losses4
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Losses by Impairment Method and Commodity (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | $5,334,737 | $5,068,039 | ||||
Financing Receivable, Individually Evaluated for Impairment | 82,437 | 95,041 | ||||
Financing Receivable, Gross | 5,417,174 | [1],[2] | 5,163,080 | [1],[2] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,490 | 10,638 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,637 | 2,696 | ||||
Financing Receivable, Allowance for Credit Losses | 10,127 | 13,334 | 16,890 | 17,516 | ||
Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,926,501 | 2,643,748 | ||||
Financing Receivable, Individually Evaluated for Impairment | 14,765 | 23,109 | ||||
Financing Receivable, Gross | 2,941,266 | [1] | 2,666,857 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,122 | 1,718 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 397 | 406 | ||||
Financing Receivable, Allowance for Credit Losses | 2,519 | 2,124 | 2,589 | |||
Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 881,052 | 862,969 | ||||
Financing Receivable, Individually Evaluated for Impairment | 39,143 | 44,855 | ||||
Financing Receivable, Gross | 920,195 | [1] | 907,824 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 644 | 484 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,515 | 1,702 | ||||
Financing Receivable, Allowance for Credit Losses | 2,159 | 2,186 | 2,316 | |||
Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,245,335 | 1,232,062 | ||||
Financing Receivable, Individually Evaluated for Impairment | 15,283 | 14,043 | ||||
Financing Receivable, Gross | 1,260,618 | [1] | 1,246,105 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,062 | 1,078 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 361 | 193 | ||||
Financing Receivable, Allowance for Credit Losses | 1,423 | 1,271 | 1,534 | |||
Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 160,708 | 149,824 | ||||
Financing Receivable, Individually Evaluated for Impairment | 13,246 | 12,919 | ||||
Financing Receivable, Gross | 173,954 | [1] | 162,743 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 103 | 62 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 364 | 392 | ||||
Financing Receivable, Allowance for Credit Losses | 467 | 454 | 784 | |||
Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 114,360 | 170,918 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Gross | 114,360 | [1] | 170,918 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,552 | 7,292 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses | 3,552 | 7,292 | 9,661 | |||
Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 6,781 | 8,518 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 115 | ||||
Financing Receivable, Gross | 6,781 | [1] | 8,633 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7 | 4 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 3 | ||||
Financing Receivable, Allowance for Credit Losses | 7 | 7 | 6 | |||
On-balance sheet [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,473,780 | 2,051,498 | ||||
Financing Receivable, Individually Evaluated for Impairment | 66,442 | 83,969 | ||||
Financing Receivable, Gross | 2,540,222 | [1] | 2,135,467 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,531 | 4,392 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,333 | 2,474 | ||||
Financing Receivable, Allowance for Credit Losses | 5,864 | 6,866 | ||||
On-balance sheet [Member] | Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,621,360 | 1,363,861 | ||||
Financing Receivable, Individually Evaluated for Impairment | 12,307 | 21,147 | ||||
Financing Receivable, Gross | 1,633,667 | [1] | 1,385,008 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,824 | 1,321 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 283 | 362 | ||||
Financing Receivable, Allowance for Credit Losses | 2,107 | 1,683 | ||||
On-balance sheet [Member] | Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 359,517 | 295,037 | ||||
Financing Receivable, Individually Evaluated for Impairment | 35,904 | 41,441 | ||||
Financing Receivable, Gross | 395,421 | [1] | 336,478 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 495 | 325 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,410 | 1,641 | ||||
Financing Receivable, Allowance for Credit Losses | 1,905 | 1,966 | ||||
On-balance sheet [Member] | Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 406,049 | 319,665 | ||||
Financing Receivable, Individually Evaluated for Impairment | 6,571 | 10,844 | ||||
Financing Receivable, Gross | 412,620 | [1] | 330,509 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 658 | 436 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 328 | 140 | ||||
Financing Receivable, Allowance for Credit Losses | 986 | 576 | ||||
On-balance sheet [Member] | Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 57,851 | 39,940 | ||||
Financing Receivable, Individually Evaluated for Impairment | 11,660 | 10,422 | ||||
Financing Receivable, Gross | 69,511 | [1] | 50,362 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 51 | 20 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 312 | 331 | ||||
Financing Receivable, Allowance for Credit Losses | 363 | 351 | ||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 29,003 | 32,636 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Gross | 29,003 | [1] | 32,636 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 503 | 2,290 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses | 503 | 2,290 | ||||
On-balance sheet [Member] | Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 0 | 359 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 115 | ||||
Financing Receivable, Gross | 0 | [1] | 474 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||||
Off-balance sheet [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,860,957 | 3,016,541 | ||||
Financing Receivable, Individually Evaluated for Impairment | 15,995 | 11,072 | ||||
Financing Receivable, Gross | 2,876,952 | [1] | 3,027,613 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,959 | 6,246 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 304 | 222 | ||||
Financing Receivable, Allowance for Credit Losses | 4,263 | 6,468 | ||||
Off-balance sheet [Member] | Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,305,141 | 1,279,887 | ||||
Financing Receivable, Individually Evaluated for Impairment | 2,458 | 1,962 | ||||
Financing Receivable, Gross | 1,307,599 | [1] | 1,281,849 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 298 | 397 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 114 | 44 | ||||
Financing Receivable, Allowance for Credit Losses | 412 | 441 | ||||
Off-balance sheet [Member] | Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 521,535 | 567,932 | ||||
Financing Receivable, Individually Evaluated for Impairment | 3,239 | 3,414 | ||||
Financing Receivable, Gross | 524,774 | [1] | 571,346 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 149 | 159 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 105 | 61 | ||||
Financing Receivable, Allowance for Credit Losses | 254 | 220 | ||||
Off-balance sheet [Member] | Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 839,286 | 912,397 | ||||
Financing Receivable, Individually Evaluated for Impairment | 8,712 | 3,199 | ||||
Financing Receivable, Gross | 847,998 | [1] | 915,596 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 404 | 642 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 33 | 53 | ||||
Financing Receivable, Allowance for Credit Losses | 437 | 695 | ||||
Off-balance sheet [Member] | Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 102,857 | 109,884 | ||||
Financing Receivable, Individually Evaluated for Impairment | 1,586 | 2,497 | ||||
Financing Receivable, Gross | 104,443 | [1] | 112,381 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 52 | 42 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 52 | 61 | ||||
Financing Receivable, Allowance for Credit Losses | 104 | 103 | ||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 85,357 | 138,282 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Gross | 85,357 | [1] | 138,282 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,049 | 5,002 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses | 3,049 | 5,002 | ||||
Off-balance sheet [Member] | Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 6,781 | 8,159 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Gross | 6,781 | [1] | 8,159 | [1] | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7 | 4 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 3 | ||||
Financing Receivable, Allowance for Credit Losses | $7 | $7 | ||||
[1] | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||||
[2] | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). |
Loans_and_Allowance_for_Losses5
Loans and Allowance for Losses and Concentrations of Credit Risk - Impaired Financing Receivables (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $22,291 | $24,951 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 61,772 | [1] | 72,116 | [2] |
Impaired Financing Receivable, Recorded Investment | 84,063 | 97,067 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 21,840 | 24,733 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 60,597 | 70,308 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 82,437 | 95,041 | ||
Impaired Financing Receivable, Related Allowance | 2,637 | 2,696 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 30,152 | [3] | 37,228 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 90,009 | 101,732 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,533 | 3,768 | ||
Crops [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,877 | 6,956 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,753 | [1] | 16,697 | [2] |
Impaired Financing Receivable, Recorded Investment | 15,630 | 23,653 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,723 | 6,825 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,042 | 16,284 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 14,765 | 23,109 | ||
Impaired Financing Receivable, Related Allowance | 397 | 406 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,168 | [3] | 10,812 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 20,625 | 28,387 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 373 | 793 | ||
Permanent Plantings [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,837 | 9,880 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 33,690 | [1] | 36,146 | [2] |
Impaired Financing Receivable, Recorded Investment | 39,527 | 46,026 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,750 | 9,877 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 33,393 | 34,978 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 39,143 | 44,855 | ||
Impaired Financing Receivable, Related Allowance | 1,515 | 1,702 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,413 | [3] | 15,237 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 43,221 | 42,838 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 474 | 2,254 | ||
Livestock [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 9,576 | 6,671 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,979 | [1] | 7,600 | [2] |
Impaired Financing Receivable, Recorded Investment | 15,555 | 14,271 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,386 | 6,588 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,897 | 7,455 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 15,283 | 14,043 | ||
Impaired Financing Receivable, Related Allowance | 361 | 193 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,438 | [3] | 5,344 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 13,543 | 16,117 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 327 | 277 | ||
Part-Time Farm [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,001 | 1,444 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,350 | [1] | 11,554 | [2] |
Impaired Financing Receivable, Recorded Investment | 13,351 | 12,998 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,981 | 1,443 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,265 | 11,476 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 13,246 | 12,919 | ||
Impaired Financing Receivable, Related Allowance | 364 | 392 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,133 | [3] | 5,835 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 12,596 | 13,042 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 359 | 444 | ||
Agriculture Storage and Processing [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 0 | [2] |
Impaired Financing Receivable, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [3] | 0 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 0 | 867 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | ||
Other Commodity [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 119 | [2] |
Impaired Financing Receivable, Recorded Investment | 0 | 119 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 115 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 115 | ||
Impaired Financing Receivable, Related Allowance | 0 | 3 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [3] | 0 | [4] |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment | 24 | 481 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | ||
Collateral Dependent Not Individually Analyzed [Member] | ||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Recorded Investment | 54,400 | 65,100 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Impaired Financing Receivable, Related Allowance | 1,200 | 1,300 | ||
Impaired Financing Receivable, Impairment analysis performed percent | 65.00% | [1] | 67.00% | |
Less than 90 days past due [Member] | ||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $11,700 | [3] | $9,600 | [4] |
[1] | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of DecemberB 31, 2014, which resulted in a specific reserve of $1.2 million. | |||
[2] | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $65.1 million (67 percent) of impaired loans as of DecemberB 31, 2013, which resulted in a specific reserve of $1.3 million. | |||
[3] | Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. | |||
[4] | Includes $9.6 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status. |
Loans_and_Allowance_for_Losses6
Loans and Allowance for Losses and Concentrations of Credit Risk - Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
defaulted_loan | defaulted_loan | ||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $5,300,000 | $1,100,000 | $2,600,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6,000,000 | 1,100,000 | 2,800,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | |
Total (release of)/provision for losses | -3,166,000 | 448,000 | 1,875,000 |
Loans Collateralized by Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total (release of)/provision for losses | $0 | $100,000 | ($300,000) |
Loans_and_Allowance_for_Losses7
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired in Transfer (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
defaulted_loan | defaulted_loan | defaulted_loan | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Number Defaulted | 2 | 11 | 15 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period | $705 | $6,704 | $17,024 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition, During the Period | 705 | 6,907 | 17,432 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 69 | 477 | 4,774 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 233 | 949 | 997 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 24,921 | 32,838 | 41,737 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 22,149 | 29,613 | 33,798 |
Payments to Acquire Other Loans and Leases Held-for-investment | 705 | 6,704 | 17,024 |
Long-Term Standby Purchase Commitments [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period | 705 | 37 | 8,091 |
Farmer Mac Guaranteed Securities [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period | $0 | $6,667 | $8,933 |
Loans_and_Allowance_for_Losses8
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired Delinquencies and Net Credit Losses (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | $18,917,000 | [1] | $28,296,000 | [2] | |
Net credit losses (recoveries) | -6,000 | 2,975,000 | 1,673,000 | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased | 1,800,000 | [3] | 1,200,000 | [3] | |
On-balance sheet [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 18,427,000 | [1] | 27,580,000 | [2] | |
Net credit losses (recoveries) | -6,000 | 2,975,000 | 1,673,000 | ||
Off-balance sheet [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 490,000 | [1] | 716,000 | [2] | |
Net credit losses (recoveries) | $0 | $0 | $0 | ||
[1] | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | ||||
[2] | (1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | ||||
[3] | Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
Loans_and_Allowance_for_Losses9
Loans and Allowance for Losses and Concentrations of Credit Risk - Financing Receivables Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | $5,417,174 | [1],[2] | $5,163,080 | [1],[2] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 18,917 | [1] | 28,296 | [3] |
Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 5,172,691 | [1] | 4,845,302 | [1] |
Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 111,888 | [1],[4] | 122,830 | [1],[4] |
Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 132,595 | [1],[5] | 194,948 | [1],[5] |
On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,540,222 | [1] | 2,135,467 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 18,427 | [1] | 27,580 | [3] |
On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,419,285 | [1] | 1,988,945 | [1] |
On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 54,495 | [1],[4] | 47,171 | [1],[4] |
On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 66,442 | [1],[5] | 99,351 | [1],[5] |
Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,876,952 | [1] | 3,027,613 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 490 | [1] | 716 | [3] |
Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,753,406 | [1] | 2,856,357 | [1] |
Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 57,393 | [1],[4] | 75,659 | [1],[4] |
Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 66,153 | [1],[5] | 95,597 | [1],[5] |
Crops [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,941,266 | [1] | 2,666,857 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,175 | [1] | 8,256 | [3] |
Crops [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 2,887,319 | [1] | 2,600,039 | [1] |
Crops [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 30,417 | [1],[4] | 26,633 | [1],[4] |
Crops [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 23,530 | [1],[5] | 40,185 | [1],[5] |
Crops [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,633,667 | [1] | 1,385,008 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,175 | [1] | 8,036 | [3] |
Crops [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,604,546 | [1] | 1,348,205 | [1] |
Crops [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 16,814 | [1],[4] | 15,656 | [1],[4] |
Crops [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 12,307 | [1],[5] | 21,147 | [1],[5] |
Crops [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,307,599 | [1] | 1,281,849 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 220 | [3] |
Crops [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,282,773 | [1] | 1,251,834 | [1] |
Crops [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 13,603 | [1],[4] | 10,977 | [1],[4] |
Crops [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 11,223 | [1],[5] | 19,038 | [1],[5] |
Permanent Plantings [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 920,195 | [1] | 907,824 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 6,869 | [1] | 11,841 | [3] |
Permanent Plantings [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 856,901 | [1] | 838,318 | [1] |
Permanent Plantings [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 18,180 | [1],[4] | 20,594 | [1],[4] |
Permanent Plantings [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 45,114 | [1],[5] | 48,912 | [1],[5] |
Permanent Plantings [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 395,421 | [1] | 336,478 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 6,869 | [1] | 11,841 | [3] |
Permanent Plantings [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 353,487 | [1] | 290,064 | [1] |
Permanent Plantings [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,030 | [1],[4] | 4,973 | [1],[4] |
Permanent Plantings [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 35,904 | [1],[5] | 41,441 | [1],[5] |
Permanent Plantings [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 524,774 | [1] | 571,346 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 0 | [3] |
Permanent Plantings [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 503,414 | [1] | 548,254 | [1] |
Permanent Plantings [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 12,150 | [1],[4] | 15,621 | [1],[4] |
Permanent Plantings [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 9,210 | [1],[5] | 7,471 | [1],[5] |
Livestock [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,260,618 | [1] | 1,246,105 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 5,045 | [1] | 4,462 | [3] |
Livestock [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,174,057 | [1] | 1,144,438 | [1] |
Livestock [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 61,320 | [1],[4] | 55,912 | [1],[4] |
Livestock [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 25,241 | [1],[5] | 45,755 | [1],[5] |
Livestock [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 412,620 | [1] | 330,509 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,555 | [1] | 4,462 | [3] |
Livestock [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 375,010 | [1] | 300,308 | [1] |
Livestock [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 31,039 | [1],[4] | 19,357 | [1],[4] |
Livestock [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,571 | [1],[5] | 10,844 | [1],[5] |
Livestock [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 847,998 | [1] | 915,596 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 490 | [1] | 0 | [3] |
Livestock [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 799,047 | [1] | 844,130 | [1] |
Livestock [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 30,281 | [1],[4] | 36,555 | [1],[4] |
Livestock [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 18,670 | [1],[5] | 34,911 | [1],[5] |
Part-Time Farm [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 173,954 | [1] | 162,743 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,828 | [1] | 3,618 | [3] |
Part-Time Farm [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 154,931 | [1] | 144,611 | [1] |
Part-Time Farm [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,963 | [1],[4] | 1,835 | [1],[4] |
Part-Time Farm [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 17,060 | [1],[5] | 16,297 | [1],[5] |
Part-Time Farm [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 69,511 | [1] | 50,362 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,828 | [1] | 3,122 | [3] |
Part-Time Farm [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 57,239 | [1] | 39,022 | [1] |
Part-Time Farm [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 612 | [1],[4] | 918 | [1],[4] |
Part-Time Farm [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 11,660 | [1],[5] | 10,422 | [1],[5] |
Part-Time Farm [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 104,443 | [1] | 112,381 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 496 | [3] |
Part-Time Farm [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 97,692 | [1] | 105,589 | [1] |
Part-Time Farm [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 1,351 | [1],[4] | 917 | [1],[4] |
Part-Time Farm [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 5,400 | [1],[5] | 5,875 | [1],[5] |
Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 114,360 | [1] | 170,918 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 0 | [3] |
Agriculture Storage and Processing [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 93,366 | [1] | 110,059 | [1] |
Agriculture Storage and Processing [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[4] | 17,278 | [1],[4] |
Agriculture Storage and Processing [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 20,994 | [1],[5] | 43,581 | [1],[5] |
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 29,003 | [1] | 32,636 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 0 | [3] |
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 29,003 | [1] | 10,987 | [1] |
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[4] | 6,267 | [1],[4] |
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[5] | 15,382 | [1],[5] |
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 85,357 | [1] | 138,282 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 0 | [3] |
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 64,363 | [1] | 99,072 | [1] |
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[4] | 11,011 | [1],[4] |
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 20,994 | [1],[5] | 28,199 | [1],[5] |
Other Commodity [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,781 | [1] | 8,633 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 119 | [3] |
Other Commodity [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,117 | [1] | 7,837 | [1] |
Other Commodity [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 8 | [1],[4] | 578 | [1],[4] |
Other Commodity [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 656 | [1],[5] | 218 | [1],[5] |
Other Commodity [Member] | On-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1] | 474 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 119 | [3] |
Other Commodity [Member] | On-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1] | 359 | [1] |
Other Commodity [Member] | On-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[4] | 0 | [1],[4] |
Other Commodity [Member] | On-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 0 | [1],[5] | 115 | [1],[5] |
Other Commodity [Member] | Off-balance sheet [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,781 | [1] | 8,159 | [1] |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [1] | 0 | [3] |
Other Commodity [Member] | Off-balance sheet [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 6,117 | [1] | 7,478 | [1] |
Other Commodity [Member] | Off-balance sheet [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | 8 | [1],[4] | 578 | [1],[4] |
Other Commodity [Member] | Off-balance sheet [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Gross | $656 | [1],[5] | $103 | [1],[5] |
[1] | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||
[2] | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). | |||
[3] | (1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||
[4] | Assets in the Special mention category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. | |||
[5] | Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
Recovered_Sheet1
Loans and Allowance for Losses and Concentrations of Credit Risk - Concentrations of Credit Risk (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $5,417,174 | [1],[2] | $5,163,080 | [1],[2] |
Northwest [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 573,135 | [2] | 524,034 | [2] |
Southwest [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,753,606 | [2] | 1,752,109 | [2] |
Mid-North [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,873,041 | [2] | 1,702,668 | [2] |
Mid-South [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 627,615 | [2] | 601,359 | [2] |
Northeast [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 214,402 | [2] | 231,731 | [2] |
Southeast [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 375,375 | [2] | 351,179 | [2] |
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,503,076 | 1,375,758 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 0.00% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 40.00% | |||
Financing Receivables, Original Loan-To-Value Ratio, Range Two [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,191,804 | 1,099,033 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 40.01% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 50.00% | |||
Financing Receivables, Original Loan-To-Value Ratio, Range Three [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,491,502 | 1,431,562 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 50.01% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 60.00% | |||
Financing Receivables, Original Loan-To-Value Ratio, Range Four [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,091,759 | 1,113,427 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 60.01% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 70.00% | |||
Financing Receivables, Original Loan-To-Value Ratio, Range Five [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 115,645 | 110,828 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 70.01% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 80.00% | |||
Financing Receivables, Original Loan-To-Value Ratio, Range Six [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 23,388 | 32,472 | ||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 80.01% | |||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 90.00% | |||
Crops [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 2,941,266 | [1] | 2,666,857 | [1] |
Permanent Plantings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 920,195 | [1] | 907,824 | [1] |
Livestock [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,260,618 | [1] | 1,246,105 | [1] |
Part-Time Farm [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 173,954 | [1] | 162,743 | [1] |
Agriculture Storage and Processing [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 114,360 | [1] | 170,918 | [1] |
Other Commodity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $6,781 | [1] | $8,633 | [1] |
[1] | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. | |||
[2] | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). |
Equity_Narrative_Details
Equity - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
class_of_stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of Classes of Common Stock | 3 | ||||||||||||||
Common stock dividend, per share, cash paid | $0.14 | $0.14 | $0.14 | $0.14 | $0.12 | $0.12 | $0.12 | $0.12 | $0.10 | $0.10 | $0.10 | $0.10 | $0.56 | $0.48 | $0.40 |
Common Class A, Voting [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common Stock, Maximum Ownership Percentage by a Beneficial Owner | 33.00% | 33.00% | |||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, shares issued | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | |||||||||||
Preferred Stock, shares outstanding | 2,400,000 | 2,400,000 | 2,400,000 | 2,400,000 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.88% | ||||||||||||||
Payments of Stock Issuance Costs | $1.70 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $25 | $25 | $25 | $25 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | |||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, shares issued | 3,000,000 | 0 | 3,000,000 | 0 | |||||||||||
Preferred Stock, shares outstanding | 3,000,000 | 0 | 3,000,000 | 0 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.88% | ||||||||||||||
Payments of Stock Issuance Costs | 1.9 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $25 | $0 | $25 | $0 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | |||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, shares issued | 3,000,000 | 0 | 3,000,000 | 0 | |||||||||||
Preferred Stock, shares outstanding | 3,000,000 | 0 | 3,000,000 | 0 | |||||||||||
Payments of Stock Issuance Costs | $1.60 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $25 | $0 | $25 | $0 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | |||||||||||||
Retired Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $1,000 | $1,000 | |||||||||||||
Up to but excluding July 17, 2024 [Member] | Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||||||
July 17, 2024, thereafter [Member] | Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, Dividend Variable Rate, Percentage | 3.26% |
Equity_Noncontrolling_interest
Equity - Non-controlling interest (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 25, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Farmer Mac II LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Consideration Received on Transaction | $250,000,000 | |||
Farmer Mac II LLC [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | 1,000 | |||
Farmer Mac II LLC [Member] | Private Placement [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 250,000 | |||
Farmer Mac II LLC [Member] | March 30, 2015 To But Excluding March 30, 2020 [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 10.88% | |||
Farmer Mac II LLC [Member] | Issuance To But Excluding March 30, 2015 [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 8.88% | |||
Farmer Mac II LLC [Member] | March 30, 2020 and Thereafter [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Dividend Variable Rate, Percentage | 8.21% | |||
Non-controlling Interest - Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 6,000,000 | $0 | $0 |
Equity_Equitybased_Incentive_C
Equity - Equity-based Incentive Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $29.37 | $30.20 | $21.69 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $35.60 | $37.17 | $32.85 |
Officers and certain employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P10Y0M0D |
Equity_Schedule_of_Stock_optio
Equity - Schedule of Stock options, SARs and Non-Vested Restricted Stock Outstanding (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 718,143 | 664,245 | 788,748 | 1,327,066 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $25.12 | $23.78 | $20.89 | $18.72 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 87,600 | 94,017 | 157,983 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $34.92 | $31.24 | $22.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 23,035 | 208,877 | 427,348 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $20.83 | $16.24 | $13.18 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 10,667 | 9,643 | 268,953 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $31.16 | $23.02 | $23.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 548,180 | 483,216 | 574,439 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.12 | $22.83 | $21.76 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 103,772 | 98,285 | 91,311 | 196,076 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $31.24 | $27.66 | $18.75 | $12.15 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,590 | 73,985 | 72,637 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $33.88 | $30.27 | $21.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 8,360 | 1,000 | 59,624 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $21.72 | $31.42 | $16.98 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 43,743 | 66,011 | 117,778 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $28.48 | $18.21 | $10.62 |
Equity_Narrative_Related_to_Sh
Equity - Narrative Related to Share Based Compensation Award (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||
Proceeds from Stock Options Exercised | $200,000 | $1,900,000 | $2,900,000 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 600,000 | 2,100,000 | 3,400,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | -41,000 | 1,100,000 | 1,400,000 |
Stock Issued During Period, Shares, Other | 604 | 842 | 649 |
Stock Issued During Period, Value, Other | $20,000 | $26,000 | $15,000 |
Number of Board of Directors | 15 | ||
Common Class C, Non-Voting [Member] | |||
Class of Stock [Line Items] | |||
Number of Board of Directors | 5 | 7 | 4 |
Equity_Schedule_of_Share_Based
Equity - Schedule of Share Based Compensation Activity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 718,143 | 664,245 | 788,748 | 1,327,066 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 548,180 | 483,216 | 574,439 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 708,941 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 9 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 103,772 | 98,285 | 91,311 | 196,076 |
$5.00 to $9.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 32,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 32,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
$10.00 to $14.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 66,665 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 66,665 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 66,665 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | |||
$15.00 - $19.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 67,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 67,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 67,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |||
$20.00 to $24.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 127,703 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 101,036 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 125,295 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 12,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 0 years 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 0 years 2 months 12 days | |||
$25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 230,152 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 228,152 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months 0 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 230,072 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | |||
$30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 136,623 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 53,327 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 132,349 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 90,223 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 8 months 12 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 1 year 8 months 12 days | |||
$35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 58,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 55,560 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,549 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 9 months 18 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 2 years 9 months 18 days | |||
Expected to Vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 97,659 | |||
Expected to Vest [Member] | $20.00 to $24.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 11,160 | |||
Expected to Vest [Member] | $25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | |||
Expected to Vest [Member] | $30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 85,012 | |||
Expected to Vest [Member] | $35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,487 | |||
Minimum [Member] | $5.00 to $9.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 5 | |||
Minimum [Member] | $10.00 to $14.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 10 | |||
Minimum [Member] | $15.00 - $19.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 15 | |||
Minimum [Member] | $20.00 to $24.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 20 | |||
Minimum [Member] | $25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 25 | |||
Minimum [Member] | $30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 30 | |||
Minimum [Member] | $35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 35 | |||
Maximum [Member] | $5.00 to $9.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 9.99 | |||
Maximum [Member] | $10.00 to $14.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 14.99 | |||
Maximum [Member] | $15.00 - $19.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 19.99 | |||
Maximum [Member] | $20.00 to $24.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 24.99 | |||
Maximum [Member] | $25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 29.99 | |||
Maximum [Member] | $30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 34.99 | |||
Maximum [Member] | $35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | 39.99 |
Equity_Schedule_of_ShareBased_
Equity - Schedule of Share-Based payment award, Stock Options, Valuations Assumptions (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 708,941 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $25.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $7.20 | $10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.3 | 3.8 | 7.4 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 5 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $21.11 | $23.12 | $16.73 |
Allocated Share-based Compensation Expense | $2.90 | $3 | $2.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 0.60% | 1.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | P4Y | P4Y | P5Y |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 49.70% | 83.40% | 94.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 1.50% | 1.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $33.88 | $30.27 | $21.92 |
Equity_Capital_Requirements_De
Equity - Capital Requirements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ||
Capital Requirements, Minimum Capital, Percentage of Aggregate On-Balance Sheet Assets Included In Core Capital | 2.75% | |
Excess Capital, Core Capital In Excess of Capital Required for Capital Adequacy | $345 | $192.20 |
Excess Capital, Core Capital In Excess of Critical Capital | 555.6 | 391.4 |
Capital Required for Capital Adequacy | 421.3 | 398.5 |
Capital Required for Critical Capital Adequacy | 210.7 | 199.3 |
Core Capital | 766.3 | 590.7 |
Risk-based Capital Required for Regulatory Capital Adequacy | 121.6 | 90.8 |
Regulatory Capital | 776.4 | 604 |
Excess Capital, Regulatory Capital In Excess of Risk-Based Capital | $654.80 | $513.20 |
Capital Requirements, Minimum Capital, Percentage of Aggregate Off-Balance Sheet Assets Included In Core Capital | 0.75% | |
Capital Requirements, Critical Capital, Percentage of Core Capital of Total Minimum Capital | 50.00% |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current Income Tax Expense (Benefit) | $9,803 | $27,082 | $24,138 | ||||||||
Deferred income taxes | -6,979 | 6,670 | -1,982 | ||||||||
Income tax expense | $2,769 | $7,564 | ($6,368) | ($1,141) | $3,774 | $8,226 | $13,036 | $8,716 | $2,824 | $33,752 | $22,156 |
Income_Taxes_Statutory_Federal
Income Taxes - Statutory Federal Tax Rate (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $25,587 | $45,943 | $31,891 | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 1,587 | 2,116 | 2,116 | ||||||||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | 7,766 | 7,766 | 7,766 | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -13,542 | -2,693 | 6 | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 132 | 384 | 141 | ||||||||
Income tax expense | $2,769 | $7,564 | ($6,368) | ($1,141) | $3,774 | $8,226 | $13,036 | $8,716 | $2,824 | $33,752 | $22,156 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Components of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets, Derivative Instruments | $30,921,000 | $22,349,000 |
Deferred Tax Asset - basis in securities | 4,218,000 | 2,509,000 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 0 | 8,762,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | 3,545,000 | 4,667,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 2,443,000 | 1,916,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 2,105,000 | 38,532,000 |
Deferred Tax Assets, Valuation Allowance | 2,100,000 | 37,900,000 |
Deferred Tax Assets, Investments | 0 | 1,499,000 |
Deferred Tax Assets, Other | 1,205,000 | 2,455,000 |
Deferred Tax Assets, Gross | 42,332,000 | 44,758,000 |
Deferred Tax Liabilities, Other Comprehensive Income | 8,448,000 | 0 |
Entity Not Subject to Income Taxes, Difference in Bases, Amount | -195,000 | -353,000 |
Deferred Tax Liabilities, Other | 298,000 | 360,000 |
Deferred Tax Liabilities, Gross | 8,941,000 | 713,000 |
Deferred tax asset, net | 33,391,000 | 44,045,000 |
Capital Loss Carryforward [Member] | ||
Components of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | 2,105,000 | 36,432,000 |
Amortization of Premiums on Capital Investments [Member] | ||
Components of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | $0 | $1,499,000 |
Income_Taxes_Valuation_Allowan
Income Taxes - Valuation Allowance (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $2,100,000 | $37,900,000 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -13,542,000 | -2,693,000 | 6,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 2,105,000 | 38,532,000 | |
Tax Credit Carryforward, Amount | 6,000,000 | ||
Expired Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 22,300 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 22,300,000 | ||
Tax Credit Carryforward, Amount | 63,700,000 | ||
Expires after one year before year two [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 100,000 | ||
Expires after year two before year three [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | $5,900,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $0 | $1,148 | $1,046 | $1,175 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -1,148 | 0 | 0 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $0 | $102 | ($129) |
Employee_Benefits_Details
Employee Benefits - (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan Wage Base | $260,000 | $255,000 | $250,000 |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | ||
Defined Contribution Plan, Cost Recognized | $1,200,000 | $1,100,000 | $900,000 |
Base Percentage [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 13.20% | ||
Excess Percentage for amounts above Social Security taxable wage base] [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 5.70% |
OffBalance_Sheet_Guarantees_an2
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Narrative (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term Purchase Commitment [Line Items] | ||
Term of Guarantees Minimum | 1 year | |
Term of Guarantees Maximum | 30 years | |
Guarantee obligations issued after January 1, 2003 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,800,000 | $3,900,000 |
Guarantee obligations issued prior to January 1, 2003 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 70,600 | $108,700 |
OffBalance_Sheet_Guarantees_an3
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Schedule of Guarantor Obligations Activity (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Guarantee and commitment obligation | $37,925 | $39,667 | $37,803 | $27,440 | |||
Additions to guarantee and commitment obligations | 4,966 | [1] | 8,414 | [1] | 15,134 | [1] | |
Amortization of the Guarantee and Commitment Obligation | $6,708 | $6,550 | $4,771 | ||||
[1] | Represents the fair value of the guarantee and commitment obligation at inception. |
OffBalance_Sheet_Guarantees_an4
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Off-Balance Sheet Guaranteed Securities (Details) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $1,636,592 | $1,766,982 |
Farm & Ranch [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 636,086 | 765,751 |
USDA Guarantees [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 13,978 | 20,222 |
Institutional Credit [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $986,528 | $981,009 |
OffBalance_Sheet_Guarantees_an5
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Cash Flows from Off-balance sheet Guaranteed Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Guarantor Obligations [Line Items] | |||
Proceeds from sale of Farmer Mac Guaranteed Securities | $175,754,000 | $150,417,000 | $38,063,000 |
Proceeds from Fees Received | 4,612,000 | 5,182,000 | 5,197,000 |
Payments to Acquire Loans and Leases Held-for-investment | 0 | 6,667,000 | 8,933,000 |
Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 12 years 0 months 0 days | 12 years 9 months 18 days | |
Farmer Mac Guaranteed Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $11,100,000 | $13,400,000 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 2 years 5 months 5 days | 3 years 4 months 20 days |
OffBalance_Sheet_Guarantees_an6
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Long Term Standby Purchase Commitments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Long-Term Standby Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $2,200,000,000 | $2,300,000,000 |
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 14 years 3 months 18 days | 13 years 10 months 24 days |
Guarantee obligations issued after January 1, 2003 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,800,000,000 | 3,900,000,000 |
Guarantee obligations issued after January 1, 2003 [Member] | Long-Term Standby Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $26,800,000 | $26,300,000 |
OffBalance_Sheet_Guarantees_an7
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Future Minimum Lease Payments and Other Contractual Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Rent Expense, Net | $1,300,000 | $1,300,000 | $1,300,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,375,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 1,378,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 1,400,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,388,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,389,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 6,951,000 | ||
Operating Leases, Future Minimum Payments Due | 13,881,000 | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | |||
Contractual Obligation, Due in Next Twelve Months | 773,000 | ||
Contractual Obligation, Due in Second Year | 209,000 | ||
Contractual Obligation, Due in Third Year | 88,000 | ||
Contractual Obligation, Due in Fourth Year | 0 | ||
Contractual Obligation, Due in Fifth Year | 0 | ||
Contractual Obligation, Due after Fifth Year | 0 | ||
Contractual Obligation | 1,070,000 | ||
Farm & Ranch Loans and USDA Guarantees [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Loans and Leases Receivable, Commitments to Purchase or Sell | 29,700,000 | 54,800,000 | |
Rural Utilities Loans [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Loans and Leases Receivable, Commitments to Purchase or Sell | $4,000,000 | $26,300,000 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets and Liabilities | $200,000 | $0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets and Liabilities, Fair Value Disclosure | $5,500,000,000 | $6,800,000,000 |
Fair Value, Assets and Liabilities Fair Value as Percent of Total Assets | 38.00% | 51.00% |
Fair Value, Assets and Liabilities, Fair Value as Percent of Total Financial Instruments Measured at Fair Value | 73.00% | 73.00% |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $4,177 | $19,718 |
Derivative Liability | 38,217 | 64,388 |
Loans and Leases Receivable, Net Amount | 3,520,075 | 3,193,248 |
Real estate owned, at lower of cost or fair value | 421 | 2,617 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 5,973 | 6,238 |
Loans and Leases Receivable, Net Amount | 5,973 | 4,420 |
Real estate owned, at lower of cost or fair value | 1,818 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Loans and Leases Receivable, Net Amount | 0 | 0 |
Real estate owned, at lower of cost or fair value | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Loans and Leases Receivable, Net Amount | 0 | 0 |
Real estate owned, at lower of cost or fair value | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 5,973 | 6,238 |
Loans and Leases Receivable, Net Amount | 5,973 | 4,420 |
Real estate owned, at lower of cost or fair value | 1,818 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4,177 | 19,718 |
Assets, Fair Value Disclosure | 7,374,178 | 9,207,406 |
Derivative Liability | 84,844 | 75,708 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 84,844 | 75,708 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Assets, Fair Value Disclosure | 1,050,691 | 755,633 |
Derivative Liability | 3 | 1 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3 | 1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4,177 | 19,718 |
Assets, Fair Value Disclosure | 851,409 | 1,681,742 |
Derivative Liability | 84,841 | 75,472 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 84,841 | 75,472 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Assets, Fair Value Disclosure | 5,472,078 | 6,770,031 |
Derivative Liability | 0 | 235 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 235 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,631,662 | 5,070,366 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,631,662 | 5,070,366 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 27,619 | 21,234 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 27,619 | 21,234 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,659,281 | 5,091,600 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,659,281 | 5,091,600 |
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,939,188 | 2,484,075 |
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,050,691 | 755,633 |
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 847,232 | 1,662,024 |
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 41,265 | 66,418 |
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,938,499 | 2,483,147 |
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,050,691 | 755,633 |
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 847,232 | 1,662,024 |
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 40,576 | 65,490 |
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 689 | 928 |
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 689 | 928 |
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,771,532 | 1,612,013 |
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,771,532 | 1,612,013 |
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,731,222 | 1,553,669 |
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,731,222 | 1,553,669 |
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 40,310 | 58,344 |
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 40,310 | 58,344 |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 40,576 | 65,285 |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 40,576 | 65,285 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 100,902 | 166,104 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 100,902 | 166,104 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 689 | 928 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 689 | 928 |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,091 | 109,769 |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,091 | 109,769 |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 612,753 | 621,269 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 612,753 | 621,064 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 205 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 66,320 | 63,385 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 66,320 | 63,385 |
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 18,939 | 524,062 |
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 18,939 | 524,062 |
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 74,979 | |
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 74,979 | |
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 30,025 | 55,141 |
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 30,025 | 55,141 |
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 8,202 | 8,657 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 8,202 | 8,657 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Interest Rate [Member] | Preferred Stock [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 83,161 | |
Fixed Interest Rate [Member] | Preferred Stock [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed Interest Rate [Member] | Preferred Stock [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 83,161 | |
Fixed Interest Rate [Member] | Preferred Stock [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 30,681 | |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 30,681 | |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 975,712 | 755,633 |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 975,712 | 755,633 |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $0 | $0 |
Fair_Value_Disclosures_Unobser
Fair Value Disclosures - Unobservable Input Reconciliation (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | $6,770,031 | $6,770,031 | $6,421,447 | $5,843,186 | ||||||
Purchases | 1,434,461 | 1,635,627 | 1,469,057 | |||||||
Sales | 26,675 | 0 | 5,327 | |||||||
Settlements | 1,153,191 | 1,129,054 | 873,152 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 15,292 | -19,049 | 6,695 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 64,946 | -138,940 | -19,012 | |||||||
Transfers Out | 1,632,786 | |||||||||
Ending Balance | 5,472,078 | 5,472,078 | 6,770,031 | 6,421,447 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 235 | 235 | 691 | 1,335 | ||||||
Purchases | 0 | 0 | 0 | |||||||
Sales | 0 | 0 | 0 | |||||||
Settlements | 0 | 0 | 0 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 235 | 456 | 644 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 0 | 0 | 235 | 691 | ||||||
Investment Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 66,418 | 66,418 | 64,406 | 62,009 | ||||||
Purchases | 0 | 233 | 0 | |||||||
Sales | 26,675 | 0 | 0 | |||||||
Settlements | 890 | 798 | 812 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | -379 | 455 | 263 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 2,791 | 2,122 | 2,946 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 41,265 | 41,265 | 66,418 | 64,406 | ||||||
USDA Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||
Trading Securities, Unrealized Holding Loss | 500 | |||||||||
Trading Securities, Unrealized Gains | 1,800 | 300 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 1,612,013 | 1,612,013 | 1,590,783 | 1,491,905 | ||||||
Purchases | 335,359 | 361,894 | 479,324 | |||||||
Sales | 0 | 0 | 0 | |||||||
Settlements | 228,585 | 278,605 | 364,900 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 1,151 | -1,274 | 44 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 51,594 | -60,785 | -15,590 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 1,771,532 | 1,771,532 | 1,612,013 | 1,590,783 | ||||||
Available-for-sale Securities [Member] | Investment Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 65,490 | 65,490 | 63,159 | 60,213 | ||||||
Purchases | 0 | 233 | 0 | |||||||
Sales | 26,675 | 0 | 0 | |||||||
Settlements | 205 | 24 | 0 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | -825 | 0 | 0 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 2,791 | 2,122 | 2,946 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 40,576 | 40,576 | 65,490 | 63,159 | ||||||
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 5,091,600 | 5,091,600 | 4,766,258 | 4,289,272 | ||||||
Purchases | 1,099,102 | 1,273,500 | 989,733 | |||||||
Sales | 0 | 0 | 5,327 | |||||||
Settlements | 923,716 | 849,651 | 507,440 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 14,520 | -18,230 | 6,388 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 10,561 | -80,277 | -6,368 | |||||||
Transfers Out | 1,632,786 | |||||||||
Ending Balance | 3,659,281 | 3,659,281 | 5,091,600 | 4,766,258 | ||||||
Available-for-sale Securities [Member] | USDA Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 1,553,669 | 1,553,669 | 1,486,595 | 1,279,546 | ||||||
Purchases | 335,359 | 361,894 | 479,324 | |||||||
Sales | 0 | 0 | 0 | |||||||
Settlements | 209,400 | 234,035 | 256,685 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | 0 | 0 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 51,594 | -60,785 | -15,590 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 1,731,222 | 1,731,222 | 1,553,669 | 1,486,595 | ||||||
Trading Securities [Member] | Investment Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 928 | 928 | 1,247 | 1,796 | ||||||
Purchases | 0 | 0 | 0 | |||||||
Sales | 0 | 0 | 0 | |||||||
Settlements | 685 | 774 | 812 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 446 | 455 | 263 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 689 | 689 | 928 | 1,247 | ||||||
Trading Securities [Member] | USDA Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 58,344 | [1],[2] | 58,344 | [1],[2] | 104,188 | [1],[3] | 212,359 | [3] | ||
Purchases | 0 | [2] | 0 | [1] | 0 | [3] | ||||
Sales | 0 | [2] | 0 | [1] | 0 | [3] | ||||
Settlements | 19,185 | [2] | 44,570 | [1] | 108,215 | [3] | ||||
Realized and Unrealized Gains/(Losses) included in Income | 1,151 | [2] | -1,274 | [1] | 44 | [3] | ||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | [2] | 0 | [1] | 0 | [3] | ||||
Transfers Out | 0 | [2] | ||||||||
Ending Balance | 40,310 | [2] | 40,310 | [2] | 58,344 | [1],[2] | 104,188 | [1],[3] | ||
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 5,070,366 | [4] | 5,070,366 | [4] | 4,739,577 | 4,253,673 | ||||
Purchases | 1,091,475 | [4] | 1,273,500 | 984,406 | ||||||
Sales | 0 | [4] | 0 | 0 | ||||||
Settlements | 922,908 | [4] | 844,437 | 498,533 | ||||||
Realized and Unrealized Gains/(Losses) included in Income | 14,520 | [4] | -18,230 | 6,388 | ||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 10,995 | [4] | -80,044 | -6,357 | ||||||
Transfers Out | 20,700 | 1,600,000 | 1,632,786 | [4] | 0 | 0 | ||||
Ending Balance | 3,631,662 | [4] | 3,631,662 | [4] | 5,070,366 | [4] | 4,739,577 | |||
USDA Guarantees [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 21,234 | 21,234 | 26,681 | 35,599 | ||||||
Purchases | 7,627 | 0 | 5,327 | |||||||
Sales | 0 | 0 | 5,327 | |||||||
Settlements | 808 | 5,214 | 8,907 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | 0 | 0 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | -434 | -233 | -11 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 27,619 | 27,619 | 21,234 | 26,681 | ||||||
Derivative Financial Instruments, Liabilities [Member] | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 235 | [5] | 235 | [5] | 691 | [5],[6] | 1,335 | [6] | ||
Purchases | 0 | 0 | [5] | 0 | [6] | |||||
Sales | 0 | 0 | [5] | 0 | [6] | |||||
Settlements | 0 | 0 | [5] | 0 | [6] | |||||
Realized and Unrealized Gains/(Losses) included in Income | 235 | 456 | [5] | 644 | [6] | |||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | [5] | 0 | [6] | |||||
Transfers Out | 0 | |||||||||
Ending Balance | 0 | 0 | 235 | [5] | 691 | [5],[6] | ||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 65,285 | 65,285 | 63,159 | 60,213 | ||||||
Purchases | 0 | 0 | 0 | |||||||
Sales | 26,675 | 0 | 0 | |||||||
Settlements | 0 | 0 | 0 | |||||||
Realized and Unrealized Gains/(Losses) included in Income | -825 | 0 | 0 | |||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 2,791 | 2,126 | 2,946 | |||||||
Transfers Out | 0 | |||||||||
Ending Balance | 40,576 | 40,576 | 65,285 | 63,159 | ||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 205 | 205 | 0 | |||||||
Purchases | 0 | 233 | ||||||||
Sales | 0 | 0 | ||||||||
Settlements | 205 | 24 | ||||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | 0 | ||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | -4 | ||||||||
Transfers Out | 0 | |||||||||
Ending Balance | 0 | 0 | 205 | |||||||
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Beginning Balance | 928 | [7],[8] | 928 | [7],[8] | 1,247 | [7],[9] | 1,796 | [9] | ||
Purchases | 0 | [8] | 0 | [7] | 0 | [9] | ||||
Sales | 0 | [8] | 0 | [7] | 0 | [9] | ||||
Settlements | 685 | [8] | 774 | [7] | 812 | [9] | ||||
Realized and Unrealized Gains/(Losses) included in Income | 446 | [8] | 455 | [7] | 263 | [9] | ||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | [8] | 0 | [7] | 0 | [9] | ||||
Transfers Out | 0 | [8] | ||||||||
Ending Balance | $689 | [8] | $689 | [8] | $928 | [7],[8] | $1,247 | [7],[9] | ||
[1] | Includes unrealized losses of $0.5 million attributable to assets still held as of DecemberB 31, 2013 that are recorded in "Gains/(losses) on trading securities." | |||||||||
[2] | Includes unrealized gains of $1.8 million attributable to assets still held as of DecemberB 31, 2014 that are recorded in "Gains/(losses) on trading securities." | |||||||||
[3] | Includes unrealized gains of $0.3 million attributable to assets still held as of DecemberB 31, 2012 that are recorded in "Gains/(losses) on trading securities." | |||||||||
[4] | Includes $1.6 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on January 1, 2014 and $20.7 million of AgVantage securities purchased during 2014 transferred from available-for-sale to held-to-maturity. | |||||||||
[5] | Unrealized gains are attributable to liabilities still held as of DecemberB 31, 2013 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||
[6] | Unrealized gains are attributable to liabilities still held as of DecemberB 31, 2012 and are recorded in "(Losses)/gains on financial derivatives and hedging activities." | |||||||||
[7] | (1)Unrealized gains are attributable to assets still held as of DecemberB 31, 2013 and are recorded in "Gains/(losses) on trading securities." | |||||||||
[8] | Unrealized gains are attributable to assets still held as of DecemberB 31, 2014 and are recorded in "Gains/(losses) on trading securities." | |||||||||
[9] | Unrealized gains are attributable to assets still held as of DecemberB 31, 2012 and are recorded in "Gains/(losses) on trading securities." |
Fair_Value_Disclosures_Quantit
Fair Value Disclosures - Quantitative Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative Liability | 38,217 | 64,388 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative Liability | 84,844 | 75,708 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative Liability | 0 | 235 |
Cost Approach Valuation Technique [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative Liability | 235 | |
Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale, at fair value | 3,631,662 | 5,070,366 |
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale, at fair value | 27,619 | 21,234 |
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Marketable Securities | 1,771,532 | 1,612,013 |
Floating Interest Rate [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale, at fair value | 40,576 | 65,285 |
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Trading, at fair value | 689 | 928 |
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Prepayment Rate | 10.00% | 10.00% |
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale, at fair value | 205 | |
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Prepayment Rate | 6.00% | 6.00% |
Minimum [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Range of Offered Quotes | 82.00% | 82.00% |
Minimum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 12.20% | 13.00% |
Minimum [Member] | Cost Approach Valuation Technique [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.70% | 1.80% |
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.80% | 0.90% |
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.80% | 0.90% |
Fair Value Inputs, Prepayment Rate | 8.00% | 7.00% |
Minimum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.10% | 1.20% |
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% |
Minimum [Member] | Derivative Financial Instruments, Liabilities [Member] | Cost Approach Valuation Technique [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.60% | 0.70% |
Fair Value Inputs, Prepayment Rate | 10.00% | 10.00% |
Maximum [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Range of Offered Quotes | 92.00% | 92.00% |
Maximum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 20.90% | 22.50% |
Maximum [Member] | Cost Approach Valuation Technique [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.70% | 1.80% |
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.20% | 3.60% |
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.20% | 3.20% |
Fair Value Inputs, Prepayment Rate | 15.00% | 14.00% |
Maximum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.20% | 5.30% |
Fair Value Inputs, Prepayment Rate | 15.00% | 23.00% |
Maximum [Member] | Derivative Financial Instruments, Liabilities [Member] | Cost Approach Valuation Technique [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.40% | 2.30% |
Fair Value Inputs, Prepayment Rate | 11.00% | 11.00% |
Weighted Average [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Range of Offered Quotes | 87.70% | 88.10% |
Weighted Average [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 16.60% | 17.70% |
Weighted Average [Member] | Cost Approach Valuation Technique [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.70% | 1.80% |
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.50% | 1.80% |
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.80% | 1.90% |
Fair Value Inputs, Prepayment Rate | 6.00% | 11.00% |
Weighted Average [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.20% | 3.40% |
Fair Value Inputs, Prepayment Rate | 6.00% | 5.00% |
Weighted Average [Member] | Derivative Financial Instruments, Liabilities [Member] | Cost Approach Valuation Technique [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.20% | 1.30% |
Fair Value Inputs, Prepayment Rate | 10.00% | 10.00% |
Fair_Value_Disclosures_Summary
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial derivatives | $4,177 | $19,718 | ||
Guarantee and commitment fees receivable: | 41,786 | 43,904 | ||
Derivative Liability | 38,217 | 64,388 | ||
Guarantee and commitment obligation | 37,925 | 39,667 | 37,803 | 27,440 |
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,363,387 | 749,313 | ||
Loans | 3,520,075 | 3,193,248 | ||
Financial derivatives | 4,177 | 19,718 | ||
Debt securities of consolidated trusts held by third parties | 424,214 | 261,760 | ||
Derivative Liability | 84,844 | 75,708 | ||
Reported Value Measurement [Member] | Investment Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 1,939,188 | 2,484,075 | ||
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 5,453,901 | 5,091,600 | ||
Reported Value Measurement [Member] | USDA Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 1,771,532 | 1,612,013 | ||
Reported Value Measurement [Member] | Long-Term Standby Purchase Commitments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 27,807 | 27,244 | ||
Guarantee and commitment obligation | 26,843 | 26,293 | ||
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 13,979 | 16,660 | ||
Guarantee and commitment obligation | 11,082 | 13,374 | ||
Reported Value Measurement [Member] | Due within one year [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 7,353,953 | 7,338,781 | ||
Reported Value Measurement [Member] | Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 5,471,186 | 5,001,169 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,363,387 | 749,313 | ||
Loans | 3,547,424 | 3,138,932 | ||
Financial derivatives | 4,177 | 19,718 | ||
Debt securities of consolidated trusts held by third parties | 423,085 | 257,512 | ||
Derivative Liability | 84,844 | 75,708 | ||
Estimate of Fair Value Measurement [Member] | Investment Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 1,939,188 | 2,484,075 | ||
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 5,459,857 | 5,091,600 | ||
Estimate of Fair Value Measurement [Member] | USDA Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 1,771,532 | 1,612,013 | ||
Estimate of Fair Value Measurement [Member] | Long-Term Standby Purchase Commitments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 29,095 | 33,807 | ||
Guarantee and commitment obligation | 28,130 | 32,856 | ||
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 14,200 | 18,470 | ||
Guarantee and commitment obligation | 11,303 | 15,185 | ||
Estimate of Fair Value Measurement [Member] | Due within one year [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 7,357,770 | 7,353,356 | ||
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | $5,556,570 | $4,977,942 |
Business_Segment_Reporting_Nar
Business Segment Reporting - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||
Total notes payable | $12,825,139,000 | $12,339,950,000 |
Farmer Mac II LLC [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets, Fair Value Disclosure | 1,800,000,000 | |
Total notes payable | 470,000,000 | |
Preferred Stock outstanding | 250,000,000 | |
Common Stock outstanding | $1,000,000,000 |
Business_Segment_Reporting_Det
Business Segment Reporting - (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | $58,199 | $60,882 | $61,775 | $49,718 | $49,180 | $62,975 | $61,745 | $61,498 | $230,574 | [1] | $235,398 | [2] | $264,670 | [2] |
Interest Income Reclassification | 0 | 0 | 0 | |||||||||||
Total interest expense | -44,606 | -48,886 | -42,502 | -34,726 | -35,777 | -34,787 | -33,584 | -33,128 | -170,720 | [3] | -137,276 | [4] | -142,690 | [4] |
Net effective spread | 13,593 | 11,996 | 19,273 | 14,992 | 13,403 | 28,188 | 28,161 | 28,370 | 59,854 | 98,122 | 121,980 | |||
Guarantee and commitment fees | 6,094 | 6,172 | 6,403 | 6,518 | 6,768 | 6,819 | 6,759 | 6,612 | 25,187 | 26,958 | 24,963 | |||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 18,596 | [5] | 38,813 | [6] | -21,228 | [6] | ||||||||
Non-interest income/(loss) | 11,665 | 23,455 | 8,964 | -301 | 17,022 | 9,821 | 26,483 | 12,445 | 43,783 | 65,771 | 3,735 | |||
Release of/(provision for) loan losses | 462 | -511 | 1,583 | -573 | -117 | 499 | 529 | -430 | 961 | 481 | -3,691 | |||
(Release of)/provision for reserve for losses | 2,205 | -929 | 1,816 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -33,697 | -32,178 | -32,724 | |||||||||||
Noninterest Expense | -8,594 | -7,095 | -7,856 | -7,947 | -7,621 | -8,441 | -7,964 | -9,081 | -31,492 | [7] | -33,107 | [7] | -30,908 | [7] |
Income before income taxes | 17,126 | 27,845 | 21,964 | 6,171 | 22,687 | 30,067 | 47,209 | 31,304 | 73,106 | 131,267 | 91,116 | |||
Income tax expense | -2,769 | -7,564 | 6,368 | 1,141 | -3,774 | -8,226 | -13,036 | -8,716 | -2,824 | -33,752 | -22,156 | |||
Net income | 14,357 | 20,281 | 28,332 | 7,312 | 18,913 | 21,841 | 34,173 | 22,588 | 70,282 | 97,515 | 68,960 | |||
Preferred Stock Dividends, Income Statement Impact | -3,296 | -3,283 | -2,308 | -952 | -882 | -881 | -881 | -851 | -9,839 | -3,495 | -2,879 | |||
Less: Net income attributable to non-controlling interest - preferred stock dividends | -5,414 | -5,412 | -5,819 | -5,547 | -5,546 | -5,547 | -5,547 | -5,547 | -22,192 | -22,187 | -22,187 | |||
Net income attributable to common stockholders | 5,647 | 11,586 | 20,205 | 813 | 12,485 | 15,413 | 27,745 | 16,190 | 38,251 | 71,833 | 43,894 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 14,287,821 | 13,361,780 | 14,287,821 | 13,361,780 | 12,622,201 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 14,597,758 | 13,950,312 | 14,597,758 | 13,950,312 | 13,015,188 | |||||||||
Farm & Ranch [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | 78,934 | [1] | 67,429 | [2] | 70,590 | [2] | ||||||||
Interest Income Reclassification | -2,086 | -964 | -1,659 | |||||||||||
Total interest expense | -45,025 | [3] | -32,062 | [4] | -36,390 | [4] | ||||||||
Net effective spread | 31,823 | 34,403 | 32,541 | |||||||||||
Guarantee and commitment fees | 15,107 | 14,944 | 14,292 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 762 | [5] | 2,244 | [6] | 2,427 | [6] | ||||||||
Non-interest income/(loss) | 15,869 | 17,188 | 16,719 | |||||||||||
Release of/(provision for) loan losses | 961 | 481 | -3,691 | |||||||||||
(Release of)/provision for reserve for losses | 2,205 | -929 | 1,816 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -15,180 | -14,649 | -14,836 | |||||||||||
Noninterest Expense | -12,975 | [7] | -15,578 | [7] | -13,020 | [7] | ||||||||
Segment core earnings before income taxes | 35,678 | 36,494 | 32,549 | |||||||||||
Income tax expense | -12,486 | -12,773 | -11,392 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 23,192 | 23,721 | 21,157 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | 0 | 0 | 0 | |||||||||||
Segment core earnings | 23,192 | 23,721 | 21,157 | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 2,611,401 | 2,190,224 | 2,611,401 | 2,190,224 | 1,736,391 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 5,417,174 | 5,163,080 | 5,417,174 | 5,163,080 | 4,747,289 | |||||||||
USDA Guarantees [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | 54,955 | [1] | 53,384 | [2] | 56,815 | [2] | ||||||||
Interest Income Reclassification | 0 | 0 | 0 | |||||||||||
Total interest expense | -36,689 | [3] | -35,656 | [4] | -38,761 | [4] | ||||||||
Net effective spread | 18,266 | 17,728 | 18,054 | |||||||||||
Guarantee and commitment fees | 134 | 132 | 163 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 63 | [5] | 791 | [6] | 599 | [6] | ||||||||
Non-interest income/(loss) | 197 | 923 | 762 | |||||||||||
Release of/(provision for) loan losses | 0 | 0 | 0 | |||||||||||
(Release of)/provision for reserve for losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -2,955 | -2,904 | -2,773 | |||||||||||
Noninterest Expense | -2,955 | [7] | -2,904 | [7] | -2,773 | [7] | ||||||||
Segment core earnings before income taxes | 15,508 | 15,747 | 16,043 | |||||||||||
Income tax expense | -5,430 | -5,511 | -5,615 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 10,078 | 10,236 | 10,428 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | 0 | 0 | 0 | |||||||||||
Segment core earnings | 10,078 | 10,236 | 10,428 | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 1,825,210 | 1,656,688 | 1,825,210 | 1,656,688 | 1,641,030 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 1,798,034 | 1,687,117 | 1,798,034 | 1,687,117 | 1,615,579 | |||||||||
Rural Utilities [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | 27,879 | [1] | 35,194 | [2] | 35,566 | [2] | ||||||||
Interest Income Reclassification | 0 | 0 | 0 | |||||||||||
Total interest expense | -17,138 | [3] | -23,601 | [4] | -23,301 | [4] | ||||||||
Net effective spread | 10,741 | 11,593 | 12,265 | |||||||||||
Guarantee and commitment fees | 0 | 0 | 0 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 9 | [5] | 0 | [6] | 466 | [6] | ||||||||
Non-interest income/(loss) | 9 | 0 | 466 | |||||||||||
Release of/(provision for) loan losses | 0 | 0 | 0 | |||||||||||
(Release of)/provision for reserve for losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -3,130 | -3,100 | -3,204 | |||||||||||
Noninterest Expense | -3,130 | [7] | -3,100 | [7] | -3,204 | [7] | ||||||||
Segment core earnings before income taxes | 7,620 | 8,493 | 9,527 | |||||||||||
Income tax expense | -2,668 | -2,973 | -3,334 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 4,952 | 5,520 | 6,193 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | 0 | 0 | 0 | |||||||||||
Segment core earnings | 4,952 | 5,520 | 6,193 | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 995,082 | 1,076,298 | 995,082 | 1,076,298 | 1,080,045 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 985,609 | 1,052,251 | 985,609 | 1,052,251 | 1,031,945 | |||||||||
Institutional Credit [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | 67,019 | [1] | 77,868 | [2] | 88,801 | [2] | ||||||||
Interest Income Reclassification | 0 | 0 | 0 | |||||||||||
Total interest expense | -38,456 | [3] | -53,613 | [4] | -64,942 | [4] | ||||||||
Net effective spread | 28,563 | 24,255 | 23,859 | |||||||||||
Guarantee and commitment fees | 12,032 | 12,846 | 12,167 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 0 | [5] | 0 | [6] | 0 | [6] | ||||||||
Non-interest income/(loss) | 12,032 | 12,846 | 12,167 | |||||||||||
Release of/(provision for) loan losses | 0 | 0 | 0 | |||||||||||
(Release of)/provision for reserve for losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -1,891 | -1,774 | -1,834 | |||||||||||
Noninterest Expense | -1,891 | [7] | -1,774 | [7] | -1,834 | [7] | ||||||||
Segment core earnings before income taxes | 38,704 | 35,327 | 34,192 | |||||||||||
Income tax expense | -13,548 | -12,364 | -11,967 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 25,156 | 22,963 | 22,225 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | 0 | 0 | 0 | |||||||||||
Segment core earnings | 25,156 | 22,963 | 22,225 | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 5,459,296 | 5,121,666 | 5,459,296 | 5,121,666 | 4,772,509 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 6,396,941 | 6,047,864 | 6,396,941 | 6,047,864 | 5,620,375 | |||||||||
Corporate [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | 17,637 | [1] | 21,940 | [2] | 24,729 | [2] | ||||||||
Interest Income Reclassification | 0 | 0 | 0 | |||||||||||
Total interest expense | -3,830 | [3] | -4,668 | [4] | -4,891 | [4] | ||||||||
Net effective spread | 13,807 | 17,272 | 19,838 | |||||||||||
Guarantee and commitment fees | 0 | 0 | 0 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | -4,913 | [5] | 1,622 | [6] | -2,113 | [6] | ||||||||
Non-interest income/(loss) | -4,913 | 1,622 | -2,113 | |||||||||||
Release of/(provision for) loan losses | 0 | 0 | 0 | |||||||||||
(Release of)/provision for reserve for losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | -10,541 | -9,751 | -10,077 | |||||||||||
Noninterest Expense | -10,541 | [7] | -9,751 | [7] | -10,077 | [7] | ||||||||
Segment core earnings before income taxes | -1,647 | 9,143 | 7,648 | |||||||||||
Income tax expense | 23,347 | 8,991 | 7,057 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 21,700 | 18,134 | 14,705 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | -9,839 | -3,495 | -2,879 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | -22,192 | -22,187 | -22,187 | |||||||||||
Segment core earnings | -10,331 | -7,548 | -10,361 | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 3,396,832 | 3,316,904 | 3,396,832 | 3,316,904 | 3,392,226 | |||||||||
Segment Reconciling Items [Member] | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | -15,850 | [1] | -20,417 | [2] | -11,831 | [2] | ||||||||
Interest Income Reclassification | 2,086 | 964 | 1,659 | |||||||||||
Total interest expense | -29,582 | [3] | 12,324 | [4] | 25,595 | [4] | ||||||||
Net effective spread | -43,346 | -7,129 | 15,423 | |||||||||||
Guarantee and commitment fees | -2,086 | -964 | -1,659 | |||||||||||
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 22,675 | [5] | 34,156 | [6] | -22,607 | [6] | ||||||||
Non-interest income/(loss) | 20,589 | 33,192 | -24,266 | |||||||||||
Release of/(provision for) loan losses | 0 | 0 | 0 | |||||||||||
(Release of)/provision for reserve for losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | 0 | 0 | 0 | |||||||||||
Noninterest Expense | 0 | [7] | 0 | [7] | 0 | [7] | ||||||||
Segment core earnings before income taxes | -22,757 | [8] | 26,063 | [8] | -8,843 | [8] | ||||||||
Income tax expense | 7,961 | -9,122 | 3,095 | |||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | -14,796 | [8] | 16,941 | [8] | -5,748 | [8] | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | 0 | 0 | 0 | |||||||||||
Segment core earnings | -14,796 | [8] | 16,941 | [8] | -5,748 | |||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||
Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | $0 | $0 | $0 | $0 | $0 | |||||||||
[1] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell. | |||||||||||||
[2] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||
[3] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased. | |||||||||||||
[4] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||
[5] | Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||
[6] | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. | |||||||||||||
[7] | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. | |||||||||||||
[8] | NetB adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Interest and Dividend Income, Operating | $58,199 | $60,882 | $61,775 | $49,718 | $49,180 | $62,975 | $61,745 | $61,498 | $230,574 | [1] | $235,398 | [2] | $264,670 | [2] |
Total interest expense | 44,606 | 48,886 | 42,502 | 34,726 | 35,777 | 34,787 | 33,584 | 33,128 | 170,720 | [3] | 137,276 | [4] | 142,690 | [4] |
Net interest income | 13,593 | 11,996 | 19,273 | 14,992 | 13,403 | 28,188 | 28,161 | 28,370 | 59,854 | 98,122 | 121,980 | |||
Release of /(provision for) loan losses | -462 | 511 | -1,583 | 573 | 117 | -499 | -529 | 430 | -961 | -481 | 3,691 | |||
Net interest income after release of/(provision for) loan losses | 14,055 | 11,485 | 20,856 | 14,419 | 13,286 | 28,687 | 28,690 | 27,940 | 60,815 | 98,603 | 118,289 | |||
Guarantee and commitment fees | 6,094 | 6,172 | 6,403 | 6,518 | 6,768 | 6,819 | 6,759 | 6,612 | 25,187 | 26,958 | 24,963 | |||
(Losses)/gains on financial derivatives and hedging activities | -9,178 | 808 | -5,698 | -7,578 | 9,263 | 3,024 | 14,983 | 4,494 | ||||||
Gains/(losses) on trading securities | 13,857 | 16,369 | 7,748 | 655 | -76 | -626 | -327 | 210 | 38,629 | -819 | 307 | |||
(Losses)/gains on sale of available-for-sale investment securities | 0 | -396 | 143 | 15 | -960 | 0 | 3,071 | 2 | -238 | 2,113 | 18 | |||
Gains on repurchase of debt | 1,462 | 0 | 0 | 0 | 0 | 1,462 | 0 | |||||||
Gains on sale of real estate owned | -28 | 0 | 168 | -3 | 26 | 39 | 1,124 | 47 | 137 | 1,236 | 878 | |||
Other income | 920 | 502 | 200 | 92 | 539 | 565 | 873 | 1,080 | 1,714 | 3,057 | 3,341 | |||
Non-interest income/(loss) | 11,665 | 23,455 | 8,964 | -301 | 17,022 | 9,821 | 26,483 | 12,445 | 43,783 | 65,771 | 3,735 | |||
Noninterest Expense | 8,594 | 7,095 | 7,856 | 7,947 | 7,621 | 8,441 | 7,964 | 9,081 | 31,492 | [5] | 33,107 | [5] | 30,908 | [5] |
Income before income taxes | 17,126 | 27,845 | 21,964 | 6,171 | 22,687 | 30,067 | 47,209 | 31,304 | 73,106 | 131,267 | 91,116 | |||
Income tax expense | 2,769 | 7,564 | -6,368 | -1,141 | 3,774 | 8,226 | 13,036 | 8,716 | 2,824 | 33,752 | 22,156 | |||
Net income | 14,357 | 20,281 | 28,332 | 7,312 | 18,913 | 21,841 | 34,173 | 22,588 | 70,282 | 97,515 | 68,960 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 5,414 | 5,412 | 5,819 | 5,547 | 5,546 | 5,547 | 5,547 | 5,547 | 22,192 | 22,187 | 22,187 | |||
Net income attributable to Farmer Mac | 8,943 | 14,869 | 22,513 | 1,765 | 13,367 | 16,294 | 28,626 | 17,041 | 48,090 | 75,328 | 46,773 | |||
Preferred stock dividends | 3,296 | 3,283 | 2,308 | 952 | 882 | 881 | 881 | 851 | 9,839 | 3,495 | 2,879 | |||
Net income attributable to common stockholders | $5,647 | $11,586 | $20,205 | $813 | $12,485 | $15,413 | $27,745 | $16,190 | $38,251 | $71,833 | $43,894 | |||
Basic earnings per common share | $0.52 | $1.06 | $1.85 | $0.07 | $1.14 | $1.42 | $2.57 | $1.51 | $3.50 | $6.64 | $4.19 | |||
Diluted earnings per common share | $0.50 | $1.02 | $1.78 | $0.07 | $1.11 | $1.37 | $2.48 | $1.45 | $3.37 | $6.41 | $3.98 | |||
[1] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell. | |||||||||||||
[2] | Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts. | |||||||||||||
[3] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased. | |||||||||||||
[4] | Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives and hedging activities" on the consolidated financial statements. | |||||||||||||
[5] | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Farmer Mac II LLC [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred Stock, Shares Outstanding | 250,000 | |||
Preferred Stock, Dividends Per Share, Declared | $22.19 | |||
Preferred Stock, Redemption Date | 30-Mar-15 | |||
Preferred Stock, Redemption Price Per Share | $1,000 | |||
Preferred Stock, Redemption Amount | $250,000,000 | |||
Non-controlling Interest - Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $6,000,000 | $0 | $0 |
Uncategorized_Items
Uncategorized Items | 1/2/14 | 1/2/13 |
USD ($) | USD ($) | |
[agm_TransferofFarmerMacGuaranteedSecuritiesAvailableforsaletoHeldtomaturityUnrealizedholdinggains] | 22,300,000 | |
[agm_TransferOfLoansHeldForSaleToLoansHeldForInvestmentUnamortizedDiscount] | 5,900,000 |