DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | FEDERAL AGRICULTURAL MORTGAGE CORP | |
Entity Central Index Key | 845,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | AGM | |
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 | 9,120,776 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 493,258 | $ 302,022 |
Loans: | ||
Loans held for investment, at amortized cost | 3,866,844 | 3,873,755 |
Loans held for investment in consolidated trusts, at amortized cost | 1,441,718 | 1,399,827 |
Allowance for loan losses | (6,365) | (6,796) |
Total loans, net of allowance | 5,302,197 | 5,266,786 |
Real estate owned, at lower of cost or fair value | 123 | 139 |
Financial derivatives, at fair value | 5,142 | 7,093 |
Interest receivable (includes $10,179 and $17,373, respectively, related to consolidated trusts) | 114,070 | 155,278 |
Guarantee and commitment fees receivable | 39,997 | 39,895 |
Deferred tax asset, net | 0 | 2,048 |
Prepaid expenses and other assets | 43,308 | 29,023 |
Total Assets | 18,397,236 | 17,792,274 |
Notes payable: | ||
Due within one year | 7,896,359 | 8,089,826 |
Due after one year | 8,127,594 | 7,432,790 |
Total notes payable | 16,023,953 | 15,522,616 |
Debt securities of consolidated trusts held by third parties | 1,463,653 | 1,404,945 |
Financial derivatives, at fair value | 22,570 | 26,599 |
Accrued interest payable (includes $8,533 and $14,631, respectively, related to consolidated trusts) | 71,348 | 75,402 |
Guarantee and commitment obligation | 38,487 | 38,400 |
Accounts payable and accrued expenses | 25,641 | 14,096 |
Deferred Tax Liabilities, Net | 4,227 | 0 |
Reserve for losses | 2,091 | 2,070 |
Total Liabilities | 17,651,970 | 17,084,128 |
Commitments and Contingencies (Note 6) | ||
Common stock: | ||
Additional paid-in capital | 118,208 | 118,979 |
Accumulated other comprehensive income, net of tax | 72,111 | 51,085 |
Retained earnings | 339,538 | 322,704 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 745,266 | 708,146 |
Total Liabilities and Equity | 18,397,236 | 17,792,274 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 58,333 | 58,333 |
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 73,044 | 73,044 |
Series C Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 73,382 | 73,382 |
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 | 9,119 | 9,088 |
Investment Securities [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 2,193,352 | 2,215,405 |
Held-to-maturity, at amortized cost | 45,032 | 45,032 |
Marketable Securities | 2,238,384 | 2,260,437 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 5,839,387 | 5,471,914 |
Held-to-maturity, at amortized cost | 2,182,043 | 2,126,274 |
Marketable Securities | 8,021,430 | 7,598,188 |
USDA Securities [Member] | ||
Assets: | ||
Held-to-maturity, at amortized cost | 2,127,769 | 2,117,850 |
Trading, at fair value | 11,558 | 13,515 |
Marketable Securities | $ 2,139,327 | $ 2,131,365 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Interest receivable - Consolidated Trusts amount | $ 114,070 | $ 155,278 |
Accrued interest payable - Consolidated Trusts amount | $ 71,348 | $ 75,402 |
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 | $ 25 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 25 | $ 25 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
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 | 9,119,416 | 9,087,670 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Interest receivable - Consolidated Trusts amount | $ 10,179 | $ 17,373 |
Accrued interest payable - Consolidated Trusts amount | $ 8,533 | $ 14,631 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Investments and cash equivalents | $ 11,463 | $ 7,243 |
Farmer Mac Guaranteed Securities and USDA Securities | 62,430 | 42,522 |
Loans | 45,653 | 36,852 |
Total interest income | 119,546 | 86,617 |
Total interest expense | 76,317 | 49,546 |
Net interest income | 43,229 | 37,071 |
Release of/(provision for) loan losses | 431 | (637) |
Net interest income after release of (provision for) loan losses | 43,660 | 36,434 |
Non-interest income: | ||
Guarantee and commitment fees | 3,499 | 3,844 |
(Losses)/gains on financial derivatives and hedging activities | (3,850) | 2,486 |
Gains/(losses) on trading securities | 16 | (82) |
Losses on sale of real estate owned | 0 | (5) |
Other income | 574 | 553 |
Non-interest income | 239 | 6,796 |
Non-interest expense: | ||
Compensation and employee benefits | 6,654 | 6,317 |
General and administrative | 4,326 | 3,800 |
Regulatory fees | 625 | 625 |
Real estate owned operating costs, net | 16 | 0 |
Provision for/(release of) reserve for losses | 21 | (193) |
Non-interest expense | 11,642 | 10,549 |
Income before income taxes | 32,257 | 32,681 |
Income tax expense | 6,438 | 10,786 |
Net income | 25,819 | 21,895 |
Less: Net loss attributable to non-controlling interest | 0 | 15 |
Net income attributable to Farmer Mac | 25,819 | 21,910 |
Preferred stock dividends | (3,295) | (3,295) |
Net income attributable to common stockholders | $ 22,524 | $ 18,615 |
Earnings per common share and dividends: | ||
Basic earnings per common share | $ 2.12 | $ 1.76 |
Diluted earnings per common share | 2.1000 | 1.73000 |
Common Stock, Dividends, Per Share, Declared | $ 0.58 | $ 0.36 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 25,819 | $ 21,895 |
Other comprehensive income before taxes: | ||
Net unrealized gains on available-for-sale securities | 21,228 | 14,838 |
Net changes in held-to-maturity securities | (1,310) | (3,487) |
Net unrealized gains on cash flow hedges | 6,663 | 629 |
Other comprehensive income before tax | 26,581 | 11,980 |
Income tax expense related to other comprehensive income | (5,582) | (4,194) |
Other comprehensive income net of tax | 20,999 | 7,786 |
Comprehensive income | 46,818 | 29,681 |
Less: comprehensive loss attributable to non-controlling interest | 0 | 15 |
Comprehensive income attributable to Farmer Mac | $ 46,818 | $ 29,696 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Class C, Non-Voting [Member] | Preferred Stock [Member] | Preferred Stock [Member]Common Class C, Non-Voting [Member] | Common Stock [Member] | Common Stock [Member]Common Class C, Non-Voting [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Common Class C, Non-Voting [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Common Class C, Non-Voting [Member] | Retained Earnings [Member] | Retained Earnings [Member]Common Class C, Non-Voting [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Common Class C, Non-Voting [Member] |
Beginning Balance (Shares Outstanding) at Dec. 31, 2016 | 8,400 | 10,539 | ||||||||||||
Beginning Balance at Dec. 31, 2016 | $ (643,647) | $ (204,759) | $ (10,539) | $ (118,655) | $ (33,758) | $ (275,714) | $ (222) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Attributable to Farmer Mac | 21,910 | 0 | 0 | 0 | 0 | 21,910 | 0 | |||||||
Less: Net loss attributable to non-controlling interest | 15 | 0 | 0 | 0 | 0 | 0 | (15) | |||||||
Other comprehensive income, net of tax | 7,786 | 0 | 0 | 0 | 7,786 | 0 | 0 | |||||||
Preferred stock | (3,295) | 0 | 0 | 0 | 0 | (3,295) | 0 | |||||||
Common stock | (3,799) | 0 | 0 | 0 | 0 | (3,799) | 0 | |||||||
Stock Issued During Period, Shares, New Issues | 0 | 57 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 201 | $ 0 | $ 57 | $ 144 | $ 0 | $ 0 | $ 0 | |||||||
Stock-based compensation cost | 981 | 0 | 0 | 981 | 0 | 0 | 0 | |||||||
Other stock-based award activity | (1,394) | $ 0 | $ 0 | (1,394) | 0 | 0 | 0 | |||||||
Ending Balance (Shares Outstanding) at Mar. 31, 2017 | 8,400 | 10,596 | ||||||||||||
Ending Balance at Mar. 31, 2017 | 666,022 | $ 204,759 | $ 10,596 | 118,386 | 41,544 | 290,530 | 207 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 498 | 0 | 0 | 0 | 27 | 471 | 0 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 708,644 | $ 204,759 | $ 10,619 | 118,979 | 51,112 | 323,175 | 0 | |||||||
Beginning Balance (Shares Outstanding) at Dec. 31, 2017 | 8,400 | 10,619 | ||||||||||||
Beginning Balance at Dec. 31, 2017 | (708,146) | $ (204,759) | $ (10,619) | (118,979) | (51,085) | (322,704) | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Attributable to Farmer Mac | 25,819 | 0 | 0 | 0 | 0 | 25,819 | 0 | |||||||
Less: Net loss attributable to non-controlling interest | 0 | |||||||||||||
Other comprehensive income, net of tax | 20,999 | 0 | 0 | 0 | 20,999 | 0 | 0 | |||||||
Preferred stock | (3,295) | 0 | 0 | 0 | 0 | (3,295) | 0 | |||||||
Common stock | (6,161) | 0 | 0 | 0 | 0 | (6,161) | 0 | |||||||
Stock Issued During Period, Shares, New Issues | 0 | 31 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 34 | $ 0 | $ 31 | $ 3 | $ 0 | $ 0 | $ 0 | |||||||
Stock-based compensation cost | 664 | 0 | 0 | 664 | 0 | 0 | 0 | |||||||
Other stock-based award activity | (1,438) | $ 0 | $ 0 | (1,438) | 0 | 0 | 0 | |||||||
Ending Balance (Shares Outstanding) at Mar. 31, 2018 | 8,400 | 10,650 | ||||||||||||
Ending Balance at Mar. 31, 2018 | $ 745,266 | $ 204,759 | $ 10,650 | $ 118,208 | $ 72,111 | $ 339,538 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 25,819 | $ 21,895 |
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 | 309 | 181 |
Amortization of debt premiums, discounts and issuance costs | 6,008 | 5,656 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 19,174 | 525 |
(Gains)/losses on sale of real estate owned | 0 | 5 |
Total provision for losses | (410) | 444 |
Excess Tax Benefits from Share-Based Compensation | 440 | 679 |
Deferred income taxes | (161) | 1,419 |
Stock-based compensation expense | 664 | 981 |
Proceeds from repayment of loans purchased as held for sale | 34,699 | 25,928 |
Net change in: | ||
Interest receivable | 41,219 | 37,292 |
Guarantee and commitment fees receivable | (15) | (357) |
Other assets | (11,973) | 2,236 |
Accrued interest payable | (4,054) | (2,855) |
Other liabilities | 6,111 | 8,605 |
Net cash provided by operating activities | 117,830 | 102,634 |
Cash flows from investing activities: | ||
Purchases of loans held for investment | (267,756) | (341,702) |
Purchases of defaulted loans | (721) | (311) |
Proceeds from repayment of loans purchased as held for investment | 191,298 | 182,790 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 131,202 | 149,607 |
Proceeds from sale of real estate owned | 0 | 697 |
Net cash used by investing activities | (383,997) | (245,913) |
Cash flows from financing activities: | ||
Payments to third parties on debt securities of consolidated trusts | (38,197) | (46,926) |
Proceeds from common stock issuance | 3 | 148 |
Tax payments related to share-based awards | (1,407) | (1,341) |
Dividends paid on common and preferred stock | (9,457) | (7,094) |
Net cash provided/(used) by financing activities | 457,403 | 191,691 |
Net increase in cash and cash equivalents | 191,236 | 48,412 |
Cash and cash equivalents at beginning of period | 302,022 | 265,229 |
Cash and cash equivalents at end of period | 493,258 | 313,641 |
Medium-term Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of discount notes and medium-term notes | 2,060,844 | 2,251,535 |
Payments to redeem discount notes and medium-term notes | (1,200,936) | (856,300) |
Notes Payable to Banks [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of discount notes and medium-term notes | 10,587,657 | 13,618,574 |
Payments to redeem discount notes and medium-term notes | (10,941,104) | (14,766,905) |
Investment Securities [Member] | ||
Cash flows from investing activities: | ||
Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | (242,677) | (66,561) |
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 263,621 | 183,749 |
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 | (931,199) | (692,245) |
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | $ 472,235 | $ 338,063 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2017 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2017 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2017 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 8, 2018. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three months ended March 31, 2018. Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary. The accounts of Contour Valuation Services, LLC (which began doing business as AgVisory during first quarter 2016) ("AgVisory"), Farmer Mac's former majority-owned subsidiary, are also included through March 31, 2017. Farmer Mac redeemed its ownership interest in AgVisory on May 1, 2017. The following tables present, by line of business, details about the consolidation of VIEs: Table 1.1 Consolidation of Variable Interest Entities As of March 31, 2018 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 $ 1,441,718 $ — $ — $ — $ — $ 1,441,718 Debt securities of consolidated trusts held by third parties (1) 1,463,653 — — — — 1,463,653 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 29,900 — — — 29,900 Maximum exposure to loss (3) — 29,596 — — — 29,596 Investment securities: Carrying value (4) — — — — 837,840 837,840 Maximum exposure to loss (3) (4) — — — — 835,202 835,202 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 314,497 284,435 — — — 598,932 (1) Includes borrower remittances of $21.9 million . The borrower remittances had not been passed through to third party investors as of March 31, 2018 . (2) Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. Consolidation of Variable Interest Entities As of December 31, 2017 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,399,827 $ — $ — $ — $ — $ 1,399,827 Debt securities of consolidated trusts held by third parties (1) 1,404,945 — — — — 1,404,945 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 30,300 — — — 30,300 Maximum exposure to loss (3) — 29,980 — — — 29,980 Investment securities: Carrying value (4) — — — — 783,964 783,964 Maximum exposure to loss (3) (4) — — — — 783,916 783,916 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 333,511 254,217 — — — 587,728 (1) Includes borrower remittances of $5.1 million , which have not been passed through to third party investors as of December 31, 2017. (2) Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and GSE-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. (a) Statements of Cash Flows The following table sets forth information regarding certain cash and non-cash transactions for the three months ended March 31, 2018 and 2017: Table 1.2 For the Three Months Ended March 31, 2018 March 31, 2017 (in thousands) Non-cash activity: Real estate owned acquired through loan liquidation — 4,630 Loans acquired and securitized as Farmer Mac Guaranteed Securities 131,202 149,607 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 96,909 117,018 Purchases of securities - traded not yet settled 5,640 — 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 three months ended March 31, 2018 and 2017: Table 1.3 For the Three Months Ended March 31, 2018 March 31, 2017 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 22,524 10,622 $ 2.12 $ 18,615 10,551 $ 1.76 Effect of dilutive securities (1) Stock options, SARs and restricted stock — 119 (0.02 ) — 231 (0.03 ) Diluted EPS $ 22,524 10,741 $ 2.10 $ 18,615 10,782 $ 1.73 (1) For the three months ended March 31, 2018, 25,062 SARs were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive, compared to 50,757 stock options and SARs for the three months ended March 31, 2017. For the three months ended March 31, 2018 and 2017, contingent shares of non-vested restricted stock of 13,138 and 32,892 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three months ended March 31, 2018 and 2017: Table 1.4 As of March 31, 2018 As of March 31, 2017 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Balance as of December 31, 2017 $ (1,676 ) $ 48,236 $ 4,525 $ 51,085 $ (14,387 ) $ 45,752 $ 2,393 $ 33,758 Cumulative effect from change in hedge accounting — — 27 27 — — — — Balance as of January 1, 2018 (1,676 ) 48,236 4,552 51,112 (14,387 ) 45,752 2,393 33,758 Other comprehensive income before reclassifications 18,187 — 5,053 23,240 12,223 — 76 12,299 Amounts reclassified from AOCI (1,417 ) (1,035 ) 211 (2,241 ) (2,578 ) (2,267 ) 332 (4,513 ) Net comprehensive income/(loss) 16,770 (1,035 ) 5,264 20,999 9,645 (2,267 ) 408 7,786 Ending Balance $ 15,094 $ 47,201 $ 9,816 $ 72,111 $ (4,742 ) $ 43,485 $ 2,801 $ 41,544 The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three months ended March 31, 2018 and 2017: Table 1.5 For the Three Months Ended March 31, 2018 March 31, 2017 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale-securities $ 23,022 $ 4,835 $ 18,187 $ 18,804 $ 6,581 $ 12,223 Less reclassification adjustments included in: Net Interest Income (1) (1,787 ) (375 ) (1,412 ) — — — Gains/(losses) on financial derivatives and hedging activities (1) — — — (3,959 ) (1,386 ) (2,573 ) Other income (2) (7 ) (2 ) (5 ) (7 ) (2 ) (5 ) Total $ 21,228 $ 4,458 $ 16,770 $ 14,838 $ 5,193 $ 9,645 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (1,310 ) (275 ) (1,035 ) (3,487 ) (1,220 ) (2,267 ) Total $ (1,310 ) $ (275 ) $ (1,035 ) $ (3,487 ) $ (1,220 ) $ (2,267 ) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 6,396 $ 1,343 $ 5,053 $ 117 $ 41 $ 76 Less reclassification adjustments included in: Net interest income (4) 267 56 211 512 180 332 Total $ 6,663 $ 1,399 $ 5,264 $ 629 $ 221 $ 408 Other comprehensive income/(loss) $ 26,581 $ 5,582 $ 20,999 $ 11,980 $ 4,194 $ 7,786 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. New Accounting Standards In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, " Financial Instruments—Credit Losses," which will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to form their credit loss estimates. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Farmer Mac is currently developing its accounting policy, planning for changes to its loss estimation methodologies and evaluating the impact that the new guidance will have on its consolidated financial statements. That impact will primarily be from the new requirement to recognize all expected losses rather than just incurred losses as of the reporting date. In March 2017, the FASB issued ASU 2017-08, " Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, " which shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's financial position, results of operations, or cash flows. In first quarter 2018 Farmer Mac adopted ASU 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which amends hedge accounting recognition and presentation requirements to better align a reporting entity's risk management activities and hedge accounting. The new guidance reduces the complexity and simplifies the application of hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and by requiring the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The cumulative-effect adjustment to retained earnings as of January 1, 2018 reflected application of the new guidance and did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017: Table 2.1 As of March 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (690 ) $ 19,010 Floating rate asset-backed securities 33,060 (143 ) 32,917 24 (128 ) 32,813 Floating rate Government/GSE guaranteed mortgage-backed securities 1,305,939 2,053 1,307,992 1,567 (1,883 ) 1,307,676 Fixed rate GSE guaranteed mortgage-backed securities (1) 435 2,029 2,464 2,121 — 4,585 Fixed rate U.S. Treasuries 833,912 (2,564 ) 831,348 — (2,080 ) 829,268 Total available-for-sale 2,193,046 1,375 2,194,421 3,712 (4,781 ) 2,193,352 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities 45,032 — 45,032 1,331 — 46,363 Total investment securities $ 2,238,078 $ 1,375 $ 2,239,453 $ 5,043 $ (4,781 ) $ 2,239,715 (1) Fair value includes $4.1 million of an interest-only security with a notional amount of $143.1 million . As of December 31, 2017 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (886 ) $ 18,814 Floating rate asset-backed securities 34,462 (154 ) 34,308 22 (120 ) 34,210 Floating rate Government/GSE guaranteed mortgage-backed securities 1,289,123 2,217 1,291,340 2,215 (3,368 ) 1,290,187 Fixed rate GSE guaranteed mortgage-backed securities (1) 451 2,138 2,589 2,230 — 4,819 Fixed rate senior agency debt 100,000 — 100,000 — (49 ) 99,951 Fixed rate U.S. Treasuries 770,852 (1,836 ) 769,016 — (1,592 ) 767,424 Total available-for-sale 2,214,588 2,365 2,216,953 4,467 (6,015 ) 2,215,405 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities 45,032 — 45,032 532 — 45,564 Total investment securities $ 2,259,620 $ 2,365 $ 2,261,985 $ 4,999 $ (6,015 ) $ 2,260,969 (1) Fair value includes $4.3 million of an interest-only security with a notional amount of $143.7 million . Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended March 31, 2018 and 2017. As of March 31, 2018 and December 31, 2017, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,010 $ (690 ) Floating rate asset-backed securities — — 22,114 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 383,636 (703 ) 188,940 (1,180 ) Fixed rate U.S. Treasuries 819,271 (2,077 ) 9,996 (3 ) Fixed rate senior agency debt — — — — Total $ 1,202,907 $ (2,780 ) $ 240,060 $ (2,001 ) As of December 31, 2017 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,814 $ (886 ) Floating rate asset-backed securities — — 23,145 (120 ) Floating rate Government/GSE guaranteed mortgage-backed securities 292,522 (2,337 ) 221,641 (1,031 ) Fixed rate U.S. Treasuries 742,442 (1,572 ) 24,983 (20 ) Fixed rate senior agency debt — — 99,951 (49 ) Total $ 1,034,964 $ (3,909 ) $ 388,534 $ (2,106 ) The unrealized losses presented above are principally due to a general widening of market spreads and an increase in the levels of interest rates from the dates of acquisition to March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017 , 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+." The unrealized losses were on 104 and 91 individual investment securities as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 , 45 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $2.0 million . As of December 31, 2017 , 51 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $2.1 million . Securities in unrealized loss positions for 12 months or longer have a fair value as of March 31, 2018 that is, on average, approximately 99.2 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 maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of March 31, 2018 and December 31, 2017. As of March 31, 2018 , Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $46.4 million and a weighted average yield of 2.8 percent . As of December 31, 2017, Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $45.6 million and a weighted average yield of 2.5 percent . Farmer Mac did not own any trading investment securities as of March 31, 2018 and December 31, 2017. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of March 31, 2018 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of March 31, 2018 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 716,640 $ 715,000 1.09% Due after one year through five years 358,743 358,688 1.83% Due after five years through ten years 402,603 405,264 2.06% Due after ten years 716,435 714,400 2.19% Total $ 2,194,421 $ 2,193,352 1.75% |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017: Table 3.1 As of March 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,152,618 $ (475 ) $ 2,152,143 $ 534 $ (16,265 ) $ 2,136,412 Farmer Mac Guaranteed USDA Securities 29,596 304 29,900 422 (6 ) 30,316 Total Farmer Mac Guaranteed Securities 2,182,214 (171 ) 2,182,043 956 (16,271 ) 2,166,728 USDA Securities 2,066,645 61,124 2,127,769 740 (52,293 ) 2,076,216 Total held-to-maturity $ 4,248,859 $ 60,953 $ 4,309,812 $ 1,696 $ (68,564 ) $ 4,242,944 Available-for-sale: AgVantage $ 5,861,731 $ (165 ) $ 5,861,566 $ 22,731 $ (44,910 ) $ 5,839,387 Trading: USDA Securities $ 11,063 $ 852 $ 11,915 $ 38 $ (395 ) $ 11,558 As of December 31, 2017 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,096,754 $ (779 ) $ 2,095,975 $ 2,011 $ (11,429 ) $ 2,086,557 Farmer Mac Guaranteed USDA Securities 29,980 319 30,299 108 (73 ) 30,334 Total Farmer Mac Guaranteed Securities 2,126,734 (460 ) 2,126,274 2,119 (11,502 ) 2,116,891 USDA Securities 2,055,050 62,800 2,117,850 — (54,969 ) 2,062,881 Total held-to-maturity $ 4,181,784 $ 62,340 $ 4,244,124 $ 2,119 $ (66,471 ) $ 4,179,772 Available-for-sale: AgVantage $ 5,496,569 $ (182 ) $ 5,496,387 $ 21,838 $ (46,311 ) $ 5,471,914 Trading: USDA Securities $ 12,966 $ 922 $ 13,888 $ 28 $ (401 ) $ 13,515 As of March 31, 2018 and December 31,2017, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,548,488 $ (12,933 ) $ 351,667 $ (3,332 ) Farmer Mac Guaranteed USDA Securities — — — (6 ) USDA Securities — — 2,010,713 (52,293 ) Total held-to-maturity $ 1,548,488 $ (12,933 ) $ 2,362,380 $ (55,631 ) Available-for-sale: AgVantage $ 1,031,980 $ (12,371 ) $ 1,722,350 $ (32,539 ) As of December 31, 2017 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,304,160 $ (8,094 ) $ 351,664 $ (3,335 ) Farmer Mac Guaranteed USDA Securities 24,721 (73 ) — — USDA Securities 451 (2 ) 2,062,429 (54,967 ) Total held-to-maturity $ 1,329,332 $ (8,169 ) $ 2,414,093 $ (58,302 ) Available-for-sale: AgVantage $ 1,273,965 $ (8,819 ) $ 1,759,377 $ (37,492 ) The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to March 31, 2018 and December 31, 2017, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of both March 31, 2018 and December 31, 2017 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 43 available-for-sale securities as of March 31, 2018 . There were 43 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2018 . The unrealized losses from AgVantage securities were on 36 available-for-sale securities as of December 31, 2017. There were unrealized losses from 23 held-to-maturity securities as of December 31, 2017 . As of March 31, 2018 , 14 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $32.5 million . As of December 31, 2017 , 16 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $37.5 million . Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impaired as of either March 31, 2018 or December 31, 2017. Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. During the three months ended March 31, 2018 and 2017, 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 March 31, 2018 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2018 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,285,582 $ 1,285,526 2.45 % Due after one year through five years 2,421,507 2,419,021 2.56 % Due after five years through ten years 815,799 800,742 3.03 % Due after ten years 1,338,678 1,334,098 2.84 % Total $ 5,861,566 $ 5,839,387 2.66 % As of March 31, 2018 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 866,596 $ 865,637 1.79 % Due after one year through five years 1,352,733 1,336,793 2.40 % Due after five years through ten years 209,070 204,168 3.16 % Due after ten years 1,881,413 1,836,346 3.43 % Total $ 4,309,812 $ 4,242,944 2.75 % As of March 31, 2018 , Farmer Mac owned trading USDA Securities with an amortized cost of $11.9 million , a fair value of $11.6 million , and a weighted-average yield of 5.31 percent . As of December 31, 2017 , Farmer Mac owned trading USDA Securities with an amortized cost of $13.9 million , a fair value of $13.5 million , and a weighted-average yield of 5.33 percent . |
Financial Derivatives
Financial Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
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, primarily classified as available-for-sale, to protect against fair value changes in the assets related to a benchmark interest rate (e.g.., 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. Effective first quarter 2018, Farmer Mac adopted ASU 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU reduces the complexity of hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and by requiring the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the income or expense effect from the hedged item. Upon the adoption of the ASU, Farmer Mac elected to retrospectively designate the hedged risk of its fair value hedges as the risk of changes in fair value resulting from changes in the benchmark interest rate component of the contractual coupon cash flows. Farmer Mac made this election for its fair value hedges designated upon the inception of the hedging instruments. For fair value hedges designated subsequent to the inception of the hedging instruments, Farmer Mac continues to designate the hedged risk as the risk of changes in fair value based on total contractual coupon cash flows. The adoption of the new guidance did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of March 31, 2018 and December 31, 2017 : Table 4.1 As of March 31, 2018 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 2,323,209 $ 804 $ (5,763 ) 2.09% 1.82% 9.01 Receive fixed non-callable 2,121,700 444 (3,956 ) 1.77% 1.58% 1.76 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 380,500 2,878 (261 ) 2.20% 2.09% 5.82 No hedge designation: Interest rate swaps: Pay fixed non-callable 330,709 1,062 (11,725 ) 3.72% 1.81% 6.76 Receive fixed non-callable 3,256,427 — — 1.73% 1.60% 0.86 Basis swaps 1,278,500 4 (517 ) 1.75% 1.74% 1.21 Treasury futures 43,200 — (366 ) 120.29 Credit valuation adjustment (50 ) 18 Total financial derivatives $ 9,734,245 $ 5,142 $ (22,570 ) Collateral pledged — 25,253 Net amount $ 5,142 $ 2,683 As of December 31, 2017 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 2,086,347 $ 5,240 $ (5,990 ) 1.88% 1.40% 5.46 Receive fixed non-callable 1,559,700 110 (4,033 ) 1.38% 1.45% 1.68 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 365,500 1,402 (138 ) 2.16% 1.74% 5.84 No hedge designation: Interest rate swaps: Pay fixed non-callable 345,333 339 (16,352 ) 3.79% 1.40% 6.68 Receive fixed non-callable 3,409,916 — — 1.25% 1.24% 0.92 Basis swaps 1,053,500 18 (106 ) 1.33% 1.42% 0.91 Treasury futures 40,000 — (36 ) 123.96 Credit valuation adjustment (16 ) 56 Total financial derivatives $ 8,860,296 $ 7,093 $ (26,599 ) Collateral pledged — 24,926 Net amount $ 7,093 $ (1,673 ) Changes in the fair values of financial derivatives not designated as cash flow or fair value 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 hedge relationships, changes in the fair values of the hedged items, which are primarily fixed rate AgVantage securities and fixed rate medium-term notes, related to the risk being hedged are reported in " Net interest income " in the consolidated statements of operations . Interest accruals on derivatives designated in fair value hedge relationships are also recorded in " Net interest income " in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to " Total interest expense " in conjunction with the recognition of interest expense on the debt. As of March 31, 2018 , Farmer Mac expects to reclassify $0.9 million after tax, from accumulated other comprehensive income, net of tax, to earnings over the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2018 . During the three months ended March 31, 2018 and 2017 , there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it became probable that the original forecasted transaction would not occur. The following table summarizes the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three months ended March 31, 2018 and 2017 : Table 4.2 March 31, 2018 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives and hedging activities (in thousands) For the Three Months Ended: Total amounts presented in the consolidated statement of operations: $ 62,430 $ 45,653 $ (76,317 ) $ (3,850 ) $ 27,916 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,488 ) (297 ) 294 — (1,491 ) Recognized on hedged items 13,597 1,414 (7,915 ) — 7,096 Discount amortization recognized on hedged items — — (155 ) — (155 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 12,109 $ 1,117 $ (7,776 ) $ — $ 5,450 Gains/(losses) on fair value hedging relationships: Recognized on derivatives 20,449 6,419 (9,647 ) — 17,221 Recognized on hedged items (18,948 ) (6,572 ) 11,137 — (14,383 ) Gains/(losses) on fair value hedging relationships $ 1,501 $ (153 ) $ 1,490 $ — $ 2,838 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives — — (267 ) — (267 ) Recognized on hedged items — — (1,780 ) — (1,780 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,049 ) $ — $ (2,049 ) (Losses)/gains on financial derivatives not designated in hedge relationships: Interest rate swaps — — — (4,075 ) (4,075 ) Agency forwards — — — — — Treasury futures — — — 225 225 (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,850 ) $ (3,850 ) March 31, 2017 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives and hedging activities (in thousands) For the Three Months Ended: Total amounts presented in the consolidated statement of operations $ 42,522 $ 36,852 $ (49,546 ) $ 2,486 $ 32,314 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (3,158 ) (217 ) 183 — (3,192 ) Recognized on hedged items 10,275 516 (2,277 ) — 8,514 Discount amortization recognized on hedged items — — (58 ) — (58 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 7,117 $ 299 $ (2,152 ) $ — $ 5,264 Gains/(losses) on fair value hedging relationships: Recognized on derivatives (1) 1,526 1,526 Recognized on hedged items (5,404 ) (5,404 ) Gains/(losses) on fair value hedging relationships $ — $ — $ — $ (3,878 ) $ (3,878 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (512 ) $ — $ (512 ) Recognized on hedged items — — (652 ) — (652 ) Discount amortization recognized on hedged items — — — — — Losses recognized in income for hedge ineffectiveness — — — (29 ) (29 ) Expense recognized on cash flow hedges $ — $ — $ (1,164 ) $ (29 ) $ (1,193 ) Gains/(losses) on financial derivatives not designated in hedging relationships: Interest rate swaps $ — $ — $ — $ 6,684 $ 6,684 Agency forwards — — — (399 ) (399 ) Treasury futures — — — 108 108 Gains/(losses) on financial derivatives not designated in hedge relationships $ — $ — $ — $ 6,393 $ 6,393 (1) Included in the assessment of hedge effectiveness as of March 31, 2017 , but excluded from the amounts in the table, were gains of $3.6 million for the three months ended March 31, 2017 , attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three months ended March 31, 2017 were losses of $0.3 million . The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of March 31, 2018 and December 31, 2017: Table 4.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 2,135,593 $ 1,928,220 $ (22,367 ) $ (22,853 ) Loans held for investment, at amortized cost 161,656 149,304 (44 ) (189 ) Notes Payable, due after one year (1)(2) (2,114,705 ) (1,552,935 ) 5,805 5,836 (1) Carrying amount represents amortized cost. (2) Includes $0.4 million of hedging adjustments on a discontinued hedging relationship. As of March 31, 2018 and December 31, 2017, Farmer Mac's credit exposure to interest rate swap counterparties, excluding netting arrangements and any adjustment for nonperformance risk, but including accrued interest, was $59.5 million and $28.5 million , respectively; however, including netting arrangements and accrued interest, Farmer Mac's credit exposure was $1.6 million and $0.5 million as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 , Farmer Mac held no cash as collateral for its derivatives in net asset positions resulting in uncollateralized net asset positions of $1.6 million . As of December 31, 2017, Farmer Mac held no cash collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $0.5 million . As of March 31, 2018 and December 31, 2017, 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 $62.2 million and $58.2 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 $4.8 million and $28.0 million as of March 31, 2018 and December 31, 2017, respectively. Farmer Mac posted cash of $0.4 million and $24.9 million of investment securities as of March 31, 2018 and posted cash of $0.1 million and $24.8 million investment securities as of December 31, 2017. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of March 31, 2018 and December 31, 2017, it could have been required to settle its obligations under the agreements or post additional collateral of none and $3.1 million , respectively. As of March 31, 2018 and December 31, 2017, 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. For certain derivatives, Farmer Mac clears interest rate swaps through a clearinghouse, the Chicago Mercantile Exchange ("CME"). Farmer Mac posts initial and variation margin to this clearinghouse 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 $9.7 billion notional amount of interest rate swaps outstanding as of March 31, 2018 , $8.6 billion were cleared through swap clearinghouses. Of Farmer Mac's $8.8 billion notional amount of interest rate swaps outstanding as of December 31, 2017, $7.9 billion were cleared through swap clearinghouses. |
Loans and Allowance for Losses
Loans and Allowance for Losses and Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of March 31, 2018 and December 31, 2017 : Table 5.1 As of March 31, 2018 As of December 31, 2017 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 2,832,641 $ 1,441,718 $ 4,274,359 $ 2,798,906 $ 1,399,827 $ 4,198,733 Rural Utilities 1,043,477 — 1,043,477 1,076,291 — 1,076,291 Total unpaid principal balance (1) 3,876,118 1,441,718 5,317,836 3,875,197 1,399,827 5,275,024 Unamortized premiums, discounts and other cost basis adjustments (9,274 ) — (9,274 ) (1,442 ) — (1,442 ) Total loans 3,866,844 1,441,718 5,308,562 3,873,755 1,399,827 5,273,582 Allowance for loan losses (5,051 ) (1,314 ) (6,365 ) (5,493 ) (1,303 ) (6,796 ) Total loans, net of allowance $ 3,861,793 $ 1,440,404 $ 5,302,197 $ 3,868,262 $ 1,398,524 $ 5,266,786 (1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses Farm & Ranch Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities). Farmer Mac's total allowance for losses was $8.5 million as of March 31, 2018 and $8.9 million as of December 31, 2017 . See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs. The following is a summary of the changes in the total allowance for losses for the three months ended March 31, 2018 and 2017: Table 5.2 For the Three Months Ended March 31, 2018 March 31, 2017 Allowance Reserve Total Allowance Reserve Total (in thousands) Beginning Balance $ 6,796 $ 2,070 $ 8,866 $ 5,415 $ 2,020 $ 7,435 (Release of)/provision for losses (431 ) 21 (410 ) 637 (193 ) 444 Charge-offs — — — (241 ) — (241 ) Ending Balance $ 6,365 $ 2,091 $ 8,456 $ 5,811 $ 1,827 $ 7,638 During first quarter 2018 , Farmer Mac recorded releases of its allowance for loan losses and provisions to its reserve for losses of $0.4 million and $21,000 , respectively. The net releases to the allowance for loan losses recorded during first quarter 2018 were primarily attributable to (1) paydowns or payoffs of loans with an existing allowance in amounts that exceeded the increase in the allowance associated with net volume growth in Farm & Ranch loans recorded in first quarter 2018, and (2) paydowns on existing substandard loans or an improvement in the risk ratings of certain substandard loans, which resulted in the reduction of the amount of substandard assets rated in the lowest credit quality tier. Farmer Mac recorded no charge-offs to its allowance for loan losses during first quarter 2018. During first quarter 2017, Farmer Mac recorded provisions to its allowance for loan losses of $0.6 million and releases to its reserve for losses of $0.2 million . The provisions to the allowance for loan losses recorded during first quarter 2017 were primarily attributable to an increase in the specific allowance for certain impaired on-balance sheet crop and permanent planting loans resulting from both an increase in the volume of such loans and downgrades in risk ratings on certain loans. The releases to the reserve for losses recorded during the three months ended March 31, 2017 were primarily attributable to (1) a decrease in the general reserve due to improvement in credit quality of certain Agricultural Storage and Processing loans and (2) a net decrease in the balance of loans underlying off-balance sheet Farmer Mac Guaranteed Securities. Farmer Mac recorded $0.2 million of charge-offs to its allowance for loan losses during first quarter 2017. The charge-offs recorded during the first quarter 2017 were primarily related to two impaired crop loans, with one borrower, that were foreclosed and transitioned to REO during first quarter 2017. Farmer Mac had previously recorded a specific allowance of $0.2 million on these impaired crop loans as of December 31, 2016. Subsequent to March 31, 2017, Farmer Mac sold the related properties for $5.7 million and recognized $0.5 million gain on sale of REO. The following tables present the changes in the total allowance for losses for the three months ended March 31, 2018 and 2017 by commodity type: Table 5.3 March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses (288 ) 10 25 (68 ) (84 ) (5 ) (410 ) Charge-offs — — — — — — — Ending Balance $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 March 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 3,365 $ 1,723 $ 1,375 $ 405 $ 533 $ 34 $ 7,435 Provision for/(release of) losses 425 147 17 (81 ) (61 ) (3 ) 444 Charge-offs (228 ) — (13 ) — — — (241 ) Ending Balance $ 3,562 $ 1,870 $ 1,379 $ 324 $ 472 $ 31 $ 7,638 The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related total allowance for losses by impairment method and commodity type as of March 31, 2018 and December 31, 2017 : Table 5.4 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,366,184 $ 797,591 $ 659,997 $ 298,438 $ 10,926 $ 9,005 $ 4,142,141 Off-balance sheet 1,246,446 509,396 663,355 161,563 57,983 3,886 2,642,629 Total $ 3,612,630 $ 1,306,987 $ 1,323,352 $ 460,001 $ 68,909 $ 12,891 $ 6,784,770 Individually evaluated for impairment: On-balance sheet $ 58,314 $ 43,960 $ 21,206 $ 8,103 $ — $ 635 $ 132,218 Off-balance sheet 8,878 2,391 2,752 919 — 74 15,014 Total $ 67,192 $ 46,351 $ 23,958 $ 9,022 $ — $ 709 $ 147,232 Total Farm & Ranch loans: On-balance sheet $ 2,424,498 $ 841,551 $ 681,203 $ 306,541 $ 10,926 $ 9,640 $ 4,274,359 Off-balance sheet 1,255,324 511,787 666,107 162,482 57,983 3,960 2,657,643 Total $ 3,679,822 $ 1,353,338 $ 1,347,310 $ 469,023 $ 68,909 $ 13,600 $ 6,932,002 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,158 $ 980 $ 642 $ 245 $ 10 $ 6 $ 4,041 Off-balance sheet 614 272 258 46 512 5 1,707 Total $ 2,772 $ 1,252 $ 900 $ 291 $ 522 $ 11 $ 5,748 Individually evaluated for impairment: On-balance sheet $ 787 $ 1,169 $ 268 $ 100 $ — $ — $ 2,324 Off-balance sheet 234 58 68 22 — 2 384 Total $ 1,021 $ 1,227 $ 336 $ 122 $ — $ 2 $ 2,708 Total Farm & Ranch loans: On-balance sheet $ 2,945 $ 2,149 $ 910 $ 345 $ 10 $ 6 $ 6,365 Off-balance sheet 848 330 326 68 512 7 2,091 Total $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 As of December 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,344,821 $ 794,478 $ 635,768 $ 269,337 $ 13,023 $ 9,030 $ 4,066,457 Off-balance sheet 1,236,392 532,666 678,642 155,627 45,738 4,981 2,654,046 Total $ 3,581,213 $ 1,327,144 $ 1,314,410 $ 424,964 $ 58,761 $ 14,011 $ 6,720,503 Individually evaluated for impairment: On-balance sheet $ 67,828 $ 38,180 $ 17,766 $ 7,858 $ — $ 644 $ 132,276 Off-balance sheet 8,904 2,239 2,782 806 — 76 14,807 Total $ 76,732 $ 40,419 $ 20,548 $ 8,664 $ — $ 720 $ 147,083 Total Farm & Ranch loans: On-balance sheet $ 2,412,649 $ 832,658 $ 653,534 $ 277,195 $ 13,023 $ 9,674 $ 4,198,733 Off-balance sheet 1,245,296 534,905 681,424 156,433 45,738 5,057 2,668,853 Total $ 3,657,945 $ 1,367,563 $ 1,334,958 $ 433,628 $ 58,761 $ 14,731 $ 6,867,586 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,104 $ 1,101 $ 738 $ 287 $ 44 $ 11 $ 4,285 Off-balance sheet 546 305 231 48 562 5 1,697 Total $ 2,650 $ 1,406 $ 969 $ 335 $ 606 $ 16 $ 5,982 Individually evaluated for impairment: On-balance sheet $ 1,207 $ 1,006 $ 172 $ 126 $ — $ — $ 2,511 Off-balance sheet 224 57 70 20 — 2 373 Total $ 1,431 $ 1,063 $ 242 $ 146 $ — $ 2 $ 2,884 Total Farm & Ranch loans: On-balance sheet $ 3,311 $ 2,107 $ 910 $ 413 $ 44 $ 11 $ 6,796 Off-balance sheet 770 362 301 68 562 7 2,070 Total $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 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 March 31, 2018 and December 31, 2017 : Table 5.5 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 18,940 $ 4,629 $ 8,090 $ 2,909 $ — $ 637 $ 35,205 Unpaid principal balance 18,902 4,620 8,074 2,904 — 635 35,135 With a specific allowance: Recorded investment (1) 48,367 41,809 15,910 6,128 — 74 112,288 Unpaid principal balance 48,290 41,731 15,884 6,118 — 74 112,097 Associated allowance 1,021 1,227 336 122 — 2 2,708 Total: Recorded investment 67,307 46,438 24,000 9,037 — 711 147,493 Unpaid principal balance 67,192 46,351 23,958 9,022 — 709 147,232 Associated allowance 1,021 1,227 336 122 — 2 2,708 Recorded investment of loans on nonaccrual status (2) $ 28,211 $ 24,870 $ 5,840 $ 5,391 $ — $ — $ 64,312 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $109.9 million ( 75 percent ) of impaired loans as of March 31, 2018 , which resulted in a specific allowance of $2.3 million . (2) Includes $20.7 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, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 14,417 $ 3,272 $ 11,171 $ 1,953 $ — $ 644 $ 31,457 Unpaid principal balance 14,418 3,273 11,172 1,953 — 644 31,460 With a specific allowance: Recorded investment (1) 62,309 37,143 9,376 6,710 — 76 115,614 Unpaid principal balance 62,314 37,146 9,376 6,711 — 76 115,623 Associated allowance 1,431 1,063 242 146 — 2 2,884 Total: Recorded investment 76,726 40,415 20,547 8,663 — 720 147,071 Unpaid principal balance 76,732 40,419 20,548 8,664 — 720 147,083 Associated allowance 1,431 1,063 242 146 — 2 2,884 Recorded investment of loans on nonaccrual status (2) $ 27,630 $ 25,701 $ 5,333 $ 4,929 $ — $ — $ 63,593 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $113.2 million ( 77 percent ) of impaired loans as of December 31, 2017 , which resulted in a specific allowance of $2.7 million . (2) Includes $15.7 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. The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2018 and 2017 : Table 5.6 March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 72,017 $ 43,427 $ 22,274 $ 8,850 $ — $ 716 $ 147,284 Income recognized on impaired loans 392 172 79 55 — — 698 March 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 58,309 $ 31,806 $ 13,658 $ 8,248 $ — $ — $ 112,021 Income recognized on impaired loans 302 152 177 103 — — 734 For the three months ended March 31, 2018 and 2017, there were no troubled debt restructurings ("TDRs"). As of March 31, 2018 and 2017, 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 three months ended March 31, 2018 and 2017. 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. The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three months ended March 31, 2018 and 2017 and the outstanding balances and carrying amounts of all such loans as of March 31, 2018 and December 31, 2017: Table 5.7 For the Three Months Ended March 31, 2018 March 31, 2017 ($ in thousands) Unpaid principal balance at acquisition date: Loans underlying LTSPCs $ — $ 311 Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) 721 — Total unpaid principal balance at acquisition date 721 311 Contractually required payments receivable 730 311 Impairment recognized subsequent to acquisition — — Recovery/release of allowance for all outstanding acquired defaulted loans — 14 Number of defaulted loans purchased 4 3 As of March 31, 2018 December 31, 2017 (in thousands) Outstanding balance $ 19,453 $ 18,866 Carrying amount 18,097 17,691 Net credit losses and 90 -day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet securities representing interests in pools of eligible Farm & Ranch loans ("Farm & Ranch Guaranteed Securities") and LTSPCs are presented in the table below. As of March 31, 2018 , 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 5.8 90-Day Delinquencies (1) Net Credit (Recoveries)/Losses As of For the Three Months Ended March 31, 2018 December 31, 2017 March 31, 2018 March 31, 2017 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 43,658 $ 47,881 $ 16 $ 246 Total on-balance sheet $ 43,658 $ 47,881 $ 16 $ 246 Off-balance sheet assets: Farm & Ranch: LTSPCs $ 3,902 $ 563 $ — $ — Total off-balance sheet $ 3,902 $ 563 $ — $ — Total $ 47,560 $ 48,444 $ 16 $ 246 (1) Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Of the $43.7 million of on-balance sheet loans reported as 90 -day delinquencies as of March 31, 2018 , none were loans subject to "removal-of-account" provisions. Of the $47.9 million of on-balance sheet loans reported as 90 -day delinquencies as of December 31, 2017 , $0.3 million were loans subject to "removal-of-account" provisions. Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of March 31, 2018 and December 31, 2017 : Table 5.9 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,288,500 $ 774,771 $ 651,345 $ 294,534 $ 10,926 $ 9,005 $ 4,029,081 Special mention (2) 77,684 22,819 8,652 3,904 — — 113,059 Substandard (3) 58,314 43,961 21,206 8,103 — 635 132,219 Total on-balance sheet $ 2,424,498 $ 841,551 $ 681,203 $ 306,541 $ 10,926 $ 9,640 $ 4,274,359 Off-Balance Sheet: Acceptable $ 1,118,453 $ 450,299 $ 613,302 $ 158,157 $ 55,050 $ 3,218 $ 2,398,479 Special mention (2) 97,872 37,510 34,394 210 — 158 170,144 Substandard (3) 38,999 23,978 18,411 4,115 2,933 584 89,020 Total off-balance sheet $ 1,255,324 $ 511,787 $ 666,107 $ 162,482 $ 57,983 $ 3,960 $ 2,657,643 Total Ending Balance: Acceptable $ 3,406,953 $ 1,225,070 $ 1,264,647 $ 452,691 $ 65,976 $ 12,223 $ 6,427,560 Special mention (2) 175,556 60,329 43,046 4,114 — 158 283,203 Substandard (3) 97,313 67,939 39,617 12,218 2,933 1,219 221,239 Total $ 3,679,822 $ 1,353,338 $ 1,347,310 $ 469,023 $ 68,909 $ 13,600 $ 6,932,002 Commodity analysis of past due loans (1) On-balance sheet $ 24,385 $ 9,140 $ 6,020 $ 3,477 $ — $ 636 $ 43,658 Off-balance sheet 176 — 3,331 395 — — 3,902 90 days or more past due $ 24,561 $ 9,140 $ 9,351 $ 3,872 $ — $ 636 $ 47,560 (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, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,274,912 $ 771,600 $ 617,527 $ 260,854 $ 13,023 $ 9,030 $ 3,946,946 Special mention (2) 70,063 22,878 18,405 8,483 — — 119,829 Substandard (3) 67,674 38,180 17,602 7,858 — 644 131,958 Total on-balance sheet $ 2,412,649 $ 832,658 $ 653,534 $ 277,195 $ 13,023 $ 9,674 $ 4,198,733 Off-Balance Sheet Acceptable $ 1,132,196 $ 478,573 $ 634,633 $ 150,906 $ 42,723 $ 4,294 $ 2,443,325 Special mention (2) 76,778 26,134 31,451 1,647 — 169 136,179 Substandard (3) 36,322 30,198 15,340 3,880 3,015 594 89,349 Total off-balance sheet $ 1,245,296 $ 534,905 $ 681,424 $ 156,433 $ 45,738 $ 5,057 $ 2,668,853 Total Ending Balance: Acceptable $ 3,407,108 $ 1,250,173 $ 1,252,160 $ 411,760 $ 55,746 $ 13,324 $ 6,390,271 Special mention (2) 146,841 49,012 49,856 10,130 — 169 256,008 Substandard (3) 103,996 68,378 32,942 11,738 3,015 1,238 221,307 Total $ 3,657,945 $ 1,367,563 $ 1,334,958 $ 433,628 $ 58,761 $ 14,731 $ 6,867,586 Commodity analysis of past due loans (1) On-balance sheet $ 21,702 $ 18,833 $ 3,835 $ 3,511 $ — $ — $ 47,881 Off-balance sheet 151 — — 412 — — 563 90 days or more past due $ 21,853 $ 18,833 $ 3,835 $ 3,923 $ — $ — $ 48,444 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. Concentrations of Credit Risk The following table sets forth the geographic and commodity/collateral diversification, the range of original loan-to-value ratios, and the range in the size of borrower exposure for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of March 31, 2018 and December 31, 2017: Table 5.10 As of March 31, 2018 December 31, 2017 (in thousands) By commodity/collateral type: Crops $ 3,679,822 $ 3,657,945 Permanent plantings 1,353,338 1,367,563 Livestock 1,347,310 1,334,958 Part-time farm 469,023 433,628 Ag. Storage and Processing 68,909 58,761 Other 13,600 14,731 Total $ 6,932,002 $ 6,867,586 By geographic region (1) : Northwest $ 799,823 $ 740,991 Southwest 2,096,948 2,093,213 Mid-North 2,249,763 2,244,094 Mid-South 901,231 908,603 Northeast 300,731 296,264 Southeast 583,506 584,421 Total $ 6,932,002 $ 6,867,586 By original loan-to-value ratio (2) : 0.00% to 40.00% $ 1,328,529 $ 1,322,422 40.01% to 50.00% 1,717,932 1,733,671 50.01% to 60.00% 2,395,568 2,385,605 60.01% to 70.00% 1,195,017 1,150,914 70.01% to 80.00% 269,716 248,799 80.01% to 90.00% 25,240 26,175 Total $ 6,932,002 $ 6,867,586 By size of borrower exposure (3) : Less than $1,000,000 $ 2,404,191 $ 2,379,596 $1,000,000 to $4,999,999 2,663,554 2,627,617 $5,000,000 to $9,999,999 887,986 867,574 $10,000,000 to $24,999,999 571,315 584,896 $25,000,000 to $50,000,000 404,956 407,903 Total $ 6,932,002 $ 6,867,586 (1) Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). (2) As of second quarter 2017, Farmer Mac revised its calculation of the original loan-to-value ratio of a loan to combine for any cross-collateralized loans: (i) the original loan principal balance amounts in the numerator and (ii) the original appraised property values in the denominator. In previous periods, the ratio was calculated on a loan-by-loan basis without considering the effects of any cross-collateralization. Prior period information has been reclassified to conform to the current period calculation and presentation. (3) Includes multiple loans to the same borrower or borrower-related entities. The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when 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. |
Guarantees and Long Term Standb
Guarantees and Long Term Standby Purchase Commitments | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Long Term Standby Purchase Commitments Disclosure | 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 each of the Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business. The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of March 31, 2018 and December 31, 2017, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of March 31, 2018 As of December 31, 2017 (in thousands) Farm & Ranch: Guaranteed Securities $ 314,497 $ 333,511 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 284,435 254,217 Institutional Credit: AgVantage Securities 11,556 11,556 Revolving floating rate AgVantage facility (1) 300,000 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 910,488 $ 899,284 (1) Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 6.2 For the Three Months Ended March 31, 2018 March 31, 2017 (in thousands) Proceeds from new securitizations $ 131,202 $ 149,607 Guarantee fees received 546 488 Purchases of assets from the trusts (721 ) — 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 $3.4 million as of March 31, 2018 and $3.6 million as of December 31, 2017. As of March 31, 2018 and December 31, 2017, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 9.9 years and 10.0 years , respectively. As of March 31, 2018 and December 31, 2017, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 0.6 years and 0.8 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. 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 $3.0 billion and $3.1 billion as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 and December 31, 2017, the weighted-average remaining maturity of all loans underlying LTSPCs was 15.2 years and 15.3 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 $35.1 million as of March 31, 2018 and $34.8 million as of December 31, 2017. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Equity Disclosure | EQUITY Common Stock For the first quarter 2018, Farmer Mac paid a quarterly dividend of $0.58 per share on all classes of its common stock. For each quarter in 2017, Farmer Mac paid a quarterly dividend of $0.36 per share on all classes of its common stock. In August 2017, Farmer Mac's board of directors approved the continuation of the share repurchase program on its existing terms through August 2019 for the repurchase of up to $5.4 million of Farmer Mac's outstanding Class C non-voting common stock, which is the amount that was remaining under the share repurchase program originally authorized in third quarter 2015. 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) 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 the Farm Credit Administration ("FCA"), an independent agency in the executive branch of the United States government that regulates Farmer Mac, 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 both March 31, 2018 and December 31, 2017, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements. As of March 31, 2018 , Farmer Mac's minimum capital requirement was $536.3 million and its core capital level was $673.2 million , which was $136.9 million above the minimum capital requirement as of that date. As of December 31, 2017, Farmer Mac's minimum capital requirement was $520.3 million and its core capital level was $657.1 million , which was $136.8 million above the minimum capital requirement as of that date. In accordance with FCA's rule on Farmer Mac's capital planning, 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, and qualifying preferred stock) and imposing restrictions on Tier 1-eligible dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | FAIR VALUE DISCLOSURES As of March 31, 2018 , Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $5.9 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 32 percent of total assets and 73 percent of financial instruments measured at fair value as of March 31, 2018 . As of December 31, 2017, 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. These financial instruments measured as level 3 represented 31 percent of total assets and 71 percent of financial instruments measured at fair value as of December 31, 2017. Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. During the first three months of 2018 there were no transfers within fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives. During the first three months of 2017 there was one transfer within fair value hierarchy from Level 2 to Level 3 for the fair value measurement of a fixed-rate GSE guaranteed mortgage-backed security (interest-only strip). The transfer to Level 3 was because unobservable inputs became significant to the overall estimate of the fair value of the security as of March 31, 2017. The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2018 and December 31, 2017, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 8.1 Assets and Liabilities Measured at Fair Value as of March 31, 2018 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 $ — $ — $ 19,010 $ 19,010 Floating rate asset-backed securities — 32,813 — 32,813 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,307,676 — 1,307,676 Fixed rate GSE guaranteed mortgage-backed securities — 465 4,120 4,585 Fixed rate U.S. Treasuries 829,268 — — 829,268 Total Investment Securities 829,268 1,340,954 23,130 2,193,352 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,839,387 5,839,387 Total Farmer Mac Guaranteed Securities — — 5,839,387 5,839,387 USDA Securities: Trading — — 11,558 11,558 Total USDA Securities — — 11,558 11,558 Financial derivatives — 5,142 — 5,142 Total Assets at fair value $ 829,268 $ 1,346,096 $ 5,874,075 $ 8,049,439 Liabilities: Financial derivatives $ 366 $ 22,204 $ — $ 22,570 Total Liabilities at fair value $ 366 $ 22,204 $ — $ 22,570 Non-recurring: Assets: Loans held for investment $ — $ — $ 343 $ 343 Total Non-recurring Assets at fair value $ — $ — $ 343 $ 343 Assets and Liabilities Measured at Fair Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,814 $ 18,814 Floating rate asset-backed securities — 34,210 — 34,210 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,290,187 — 1,290,187 Fixed rate GSE guaranteed mortgage-backed securities — 486 4,333 4,819 Fixed rate senior agency debt — 99,951 — 99,951 Fixed rate U.S. Treasuries 767,424 — — 767,424 Total available-for-sale 767,424 1,424,834 23,147 2,215,405 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,471,914 5,471,914 Total Farmer Mac Guaranteed Securities — — 5,471,914 5,471,914 USDA Securities: Trading — — 13,515 13,515 Total USDA Securities — — 13,515 13,515 Financial derivatives — 7,093 — 7,093 Total Assets at fair value $ 767,424 $ 1,431,927 $ 5,508,576 $ 7,707,927 Liabilities: Financial derivatives $ 36 $ 26,563 $ — $ 26,599 Total Liabilities at fair value $ 36 $ 26,563 $ — $ 26,599 Non-recurring: Assets: Loans held for investment $ — $ — $ 508 $ 508 Total Non-recurring Assets at fair value $ — $ — $ 508 $ 508 The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three months ended March 31, 2018 and 2017. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2018 Beginning Cumulative Effect from Change in Hedge Accounting Purchases Sales Settlements Realized and Unrealized Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 — $ — $ — $ — $ — $ 196 $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (109 ) — (104 ) 4,120 Total available-for-sale 23,147 — — — (109 ) — 92 23,130 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 655,447 — (290,268 ) (18,948 ) 20,755 5,839,387 Total available-for-sale 5,471,914 487 655,447 — (290,268 ) (18,948 ) 20,755 5,839,387 USDA Securities: Available-for-sale — — 34,293 (34,293 ) — — — — Trading (1) 13,515 — — — (1,973 ) 16 — 11,558 Total USDA Securities 13,515 — 34,293 (34,293 ) (1,973 ) 16 — 11,558 Total Assets at fair value $ 5,508,576 $ 487 $ 689,740 $ (34,293 ) $ (292,350 ) $ (18,932 ) $ 20,847 $ 5,874,075 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of March 31, 2018 that are recorded in " Gains/(losses) on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2017 Beginning Transfers in Purchases Sales Settlements Realized and Unrealized Gains/(losses) included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 17,730 $ — $ — $ — $ — $ — $ 394 $ 18,124 Fixed rate GSE guaranteed mortgage-backed securities $ — $ 7,041 $ — $ — $ (112 ) $ — $ (2,110 ) $ 4,819 Total available-for-sale 17,730 7,041 — — (112 ) — (1,716 ) 22,943 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 4,853,685 — 539,527 — (161,907 ) (3,215 ) 14,956 5,243,046 Total available-for-sale 4,853,685 — 539,527 — (161,907 ) (3,215 ) 14,956 5,243,046 USDA Securities: Available-for-sale — — 32,589 (32,589 ) — — — — Trading (1) 20,388 — — — (1,704 ) (82 ) — 18,602 Total USDA Securities 20,388 — 32,589 (32,589 ) (1,704 ) (82 ) — 18,602 Total Assets at fair value $ 4,891,803 $ 7,041 $ 572,116 $ (32,589 ) $ (163,723 ) $ (3,297 ) $ 13,240 $ 5,284,591 (1) Includes unrealized losses of $44,000 attributable to assets still held as of March 31, 2017 that are recorded in " Gains/(losses) on trading securities ." The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of March 31, 2018 and December 31, 2017. Table 8.3 As of March 31, 2018 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,010 Indicative bids Range of broker quotes 96.5% - 96.5% (96.5%) Fixed rate GSE guaranteed mortgage-backed securities $ 4,120 Discounted cash flow Discount rate 3.1% CPR 0 % Farmer Mac Guaranteed Securities: AgVantage $ 5,839,387 Discounted cash flow Discount rate 2.4% - 3.8% (2.7%) USDA Securities $ 11,558 Discounted cash flow Discount rate 3.2% - 5.3% (5.0%) CPR 7% - 18% (16%) As of December 31, 2017 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 Indicative bids Range of broker quotes 95.5% - 95.5% (95.5%) Fixed rate GSE guaranteed mortgage-backed securities $ 4,333 Discounted cash flow Discount rate 2.9% CPR —% Farmer Mac Guaranteed Securities: AgVantage $ 5,471,914 Discounted cash flow Discount rate 2.1% - 3.4% (2.4%) USDA Securities $ 13,515 Discounted cash flow Discount rate 3.6% - 5.4% (5.0%) CPR 7% - 19% (17%) 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 March 31, 2018 and December 31, 2017: Table 8.4 As of March 31, 2018 As of December 31, 2017 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 493,258 $ 493,258 $ 302,022 $ 302,022 Investment securities 2,239,715 2,238,384 2,260,969 2,260,437 Farmer Mac Guaranteed Securities 8,006,115 8,021,430 7,588,806 7,598,188 USDA Securities 2,087,775 2,139,327 2,076,396 2,131,365 Loans 5,341,228 5,302,197 5,279,225 5,266,786 Financial derivatives 5,142 5,142 7,093 7,093 Guarantee and commitment fees receivable: LTSPCs 36,558 36,035 33,871 35,718 Farmer Mac Guaranteed Securities 4,058 3,962 4,323 4,177 Financial liabilities: Notes payable: Due within one year 7,885,414 7,896,359 8,079,309 8,089,826 Due after one year 8,095,285 8,127,594 7,445,545 7,432,790 Debt securities of consolidated trusts held by third parties 1,431,475 1,463,653 1,386,652 1,404,945 Financial derivatives 22,570 22,570 26,599 26,599 Guarantee and commitment obligations: LTSPCs 35,623 35,099 32,976 34,824 Farmer Mac Guaranteed Securities 3,485 3,388 3,722 3,576 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | BUSINESS SEGMENT REPORTING The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the three months ended March 31, 2018 and 2017 : Table 9.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2018 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 14,941 $ 5,070 $ 2,537 $ 17,832 $ 2,849 $ — $ 43,229 Less: reconciling adjustments (1)(2)(3)(4) (2,401 ) (670 ) 413 (3,008 ) (462 ) 6,128 — Net effective spread 12,540 4,400 2,950 14,824 2,387 6,128 — Guarantee and commitment fees (2) 4,378 166 449 90 — (1,584 ) 3,499 Other income/(expense) (3) 557 5 5 — (139 ) (3,688 ) (3,260 ) Non-interest income/(loss) 4,935 171 454 90 (139 ) (5,272 ) 239 Provision for loan losses 431 — — — — — 431 Provision for reserve for losses (21 ) — — — — — (21 ) Other non-interest expense (4,520 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,621 ) Non-interest expense (5) (4,541 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,642 ) Core earnings before income taxes 13,365 3,378 2,731 13,068 (1,141 ) 856 (6) 32,257 Income tax (expense)/benefit (2,807 ) (709 ) (574 ) (2,744 ) 575 (179 ) (6,438 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 10,558 2,669 2,157 10,324 (566 ) 677 (6) 25,819 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Segment core earnings/(losses) $ 10,558 $ 2,669 $ 2,157 $ 10,324 $ (3,861 ) $ 677 (6) $ 22,524 Total assets at carrying value $ 4,306,960 $ 2,195,714 $ 1,043,335 $ 8,066,231 $ 2,784,996 $ — $ 18,397,236 Total on- and off-balance sheet program assets at principal balance $ 6,932,002 $ 2,391,739 $ 1,729,797 $ 8,325,905 — — $ 19,379,443 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (6) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Three Months Ended March 31, 2017 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 12,754 $ 5,283 $ 2,948 $ 13,502 $ 2,584 $ — $ 37,071 Less: reconciling adjustments (1)(2)(3)(4) (2,243 ) (722 ) (380 ) (887 ) (313 ) 4,545 — Net effective spread 10,511 4,561 2,568 12,615 2,271 4,545 — Guarantee and commitment fees (2) 4,295 74 492 455 — (1,472 ) 3,844 Other income/(expense) (3)(5) 194 14 5 — 267 2,472 2,952 Non-interest income/(loss) 4,489 88 497 455 267 1,000 6,796 Provision for loan losses (637 ) — — — — — (637 ) Provision for reserve for losses 193 — — — — — 193 Other non-interest expense (4,065 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,742 ) Non-interest expense (6) (3,872 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,549 ) Core earnings before income taxes 10,491 3,562 2,478 11,549 (944 ) 5,545 (7) 32,681 Income tax (expense)/benefit (3,672 ) (1,247 ) (867 ) (4,042 ) 984 (1,942 ) (10,786 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 6,819 2,315 1,611 7,507 40 3,603 (7) 21,895 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Non-controlling interest — — — — 15 — 15 Segment core earnings/(losses) $ 6,819 $ 2,315 $ 1,611 $ 7,507 $ (3,240 ) $ 3,603 (7) $ 18,615 Total assets at carrying value $ 3,693,360 $ 2,109,264 $ 1,005,187 $ 6,315,591 $ 2,808,355 $ — $ 15,931,757 Total on- and off-balance sheet program assets at principal balance 6,240,467 2,149,697 1,868,794 7,585,583 — — $ 17,844,541 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. (6) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (7) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Table 9.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2018 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 14,941 $ 5,070 $ 2,537 $ 17,832 $ 2,849 $ — $ 43,229 Less: reconciling adjustments (1)(2)(3)(4) (2,401 ) (670 ) 413 (3,008 ) (462 ) 6,128 — Net effective spread 12,540 4,400 2,950 14,824 2,387 6,128 — Guarantee and commitment fees (2) 4,378 166 449 90 — (1,584 ) 3,499 Other income/(expense) (3) 557 5 5 — (139 ) (3,688 ) (3,260 ) Non-interest income/(loss) 4,935 171 454 90 (139 ) (5,272 ) 239 Provision for loan losses 431 — — — — — 431 Provision for reserve for losses (21 ) — — — — — (21 ) Other non-interest expense (4,520 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,621 ) Non-interest expense (5) (4,541 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,642 ) Core earnings before income taxes 13,365 3,378 2,731 13,068 (1,141 ) 856 (6) 32,257 Income tax (expense)/benefit (2,807 ) (709 ) (574 ) (2,744 ) 575 (179 ) (6,438 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 10,558 2,669 2,157 10,324 (566 ) 677 (6) 25,819 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Segment core earnings/(losses) $ 10,558 $ 2,669 $ 2,157 $ 10,324 $ (3,861 ) $ 677 (6) $ 22,524 Total assets at carrying value $ 4,306,960 $ 2,195,714 $ 1,043,335 $ 8,066,231 $ 2,784,996 $ — $ 18,397,236 Total on- and off-balance sheet program assets at principal balance $ 6,932,002 $ 2,391,739 $ 1,729,797 $ 8,325,905 — — $ 19,379,443 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (6) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Three Months Ended March 31, 2017 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 12,754 $ 5,283 $ 2,948 $ 13,502 $ 2,584 $ — $ 37,071 Less: reconciling adjustments (1)(2)(3)(4) (2,243 ) (722 ) (380 ) (887 ) (313 ) 4,545 — Net effective spread 10,511 4,561 2,568 12,615 2,271 4,545 — Guarantee and commitment fees (2) 4,295 74 492 455 — (1,472 ) 3,844 Other income/(expense) (3)(5) 194 14 5 — 267 2,472 2,952 Non-interest income/(loss) 4,489 88 497 455 267 1,000 6,796 Provision for loan losses (637 ) — — — — — (637 ) Provision for reserve for losses 193 — — — — — 193 Other non-interest expense (4,065 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,742 ) Non-interest expense (6) (3,872 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,549 ) Core earnings before income taxes 10,491 3,562 2,478 11,549 (944 ) 5,545 (7) 32,681 Income tax (expense)/benefit (3,672 ) (1,247 ) (867 ) (4,042 ) 984 (1,942 ) (10,786 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 6,819 2,315 1,611 7,507 40 3,603 (7) 21,895 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Non-controlling interest — — — — 15 — 15 Segment core earnings/(losses) $ 6,819 $ 2,315 $ 1,611 $ 7,507 $ (3,240 ) $ 3,603 (7) $ 18,615 Total assets at carrying value $ 3,693,360 $ 2,109,264 $ 1,005,187 $ 6,315,591 $ 2,808,355 $ — $ 15,931,757 Total on- and off-balance sheet program assets at principal balance 6,240,467 2,149,697 1,868,794 7,585,583 — — $ 17,844,541 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. (6) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (7) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Income Taxes - INCOME TAXES
Income Taxes - INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES As a result of the changes to the U.S. tax code resulting from legislation enacted in December 2017, Farmer Mac's effective tax rate decreased from 35.5 percent for the year ended December 31, 2017 to 20.0 percent for the three months ended March 31, 2018. The effective tax rate was lower than the statutory corporate tax rate in first quarter 2018 due to net tax benefits recognized related to exercises of share-based compensation awards during first quarter 2018. |
Accounting Policies - Accounti
Accounting Policies - Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Account Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2017 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2017 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2017 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 8, 2018. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three months ended March 31, 2018. P |
Cash and Cash Equivalents and Statements of Cash Flows | Statements of Cash Flows |
Earnings Per Share | 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. |
Comprehensive Income | Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. |
New Accounting Standards | New Accounting Standards In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, " Financial Instruments—Credit Losses," which will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to form their credit loss estimates. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Farmer Mac is currently developing its accounting policy, planning for changes to its loss estimation methodologies and evaluating the impact that the new guidance will have on its consolidated financial statements. That impact will primarily be from the new requirement to recognize all expected losses rather than just incurred losses as of the reporting date. In March 2017, the FASB issued ASU 2017-08, " Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, " which shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's financial position, results of operations, or cash flows. In first quarter 2018 Farmer Mac adopted ASU 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," which amends hedge accounting recognition and presentation requirements to better align a reporting entity's risk management activities and hedge accounting. The new guidance reduces the complexity and simplifies the application of hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and by requiring the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The cumulative-effect adjustment to retained earnings as of January 1, 2018 reflected application of the new guidance and did 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 - Accoun19
Accounting Policies - Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following tables present, by line of business, details about the consolidation of VIEs: Table 1.1 Consolidation of Variable Interest Entities As of March 31, 2018 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 $ 1,441,718 $ — $ — $ — $ — $ 1,441,718 Debt securities of consolidated trusts held by third parties (1) 1,463,653 — — — — 1,463,653 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 29,900 — — — 29,900 Maximum exposure to loss (3) — 29,596 — — — 29,596 Investment securities: Carrying value (4) — — — — 837,840 837,840 Maximum exposure to loss (3) (4) — — — — 835,202 835,202 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 314,497 284,435 — — — 598,932 (1) Includes borrower remittances of $21.9 million . The borrower remittances had not been passed through to third party investors as of March 31, 2018 . (2) Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. Consolidation of Variable Interest Entities As of December 31, 2017 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,399,827 $ — $ — $ — $ — $ 1,399,827 Debt securities of consolidated trusts held by third parties (1) 1,404,945 — — — — 1,404,945 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 30,300 — — — 30,300 Maximum exposure to loss (3) — 29,980 — — — 29,980 Investment securities: Carrying value (4) — — — — 783,964 783,964 Maximum exposure to loss (3) (4) — — — — 783,916 783,916 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 333,511 254,217 — — — 587,728 (1) Includes borrower remittances of $5.1 million , which have not been passed through to third party investors as of December 31, 2017. (2) Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. (3) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, asset-backed securities, and GSE-guaranteed mortgage-backed securities. (5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. |
Schedule of Cash Flow, Supplemental Disclosures | The following table sets forth information regarding certain cash and non-cash transactions for the three months ended March 31, 2018 and 2017: Table 1.2 For the Three Months Ended March 31, 2018 March 31, 2017 (in thousands) Non-cash activity: Real estate owned acquired through loan liquidation — 4,630 Loans acquired and securitized as Farmer Mac Guaranteed Securities 131,202 149,607 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 96,909 117,018 Purchases of securities - traded not yet settled 5,640 — |
Earnings Per Common Share | The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2018 and 2017: Table 1.3 For the Three Months Ended March 31, 2018 March 31, 2017 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 22,524 10,622 $ 2.12 $ 18,615 10,551 $ 1.76 Effect of dilutive securities (1) Stock options, SARs and restricted stock — 119 (0.02 ) — 231 (0.03 ) Diluted EPS $ 22,524 10,741 $ 2.10 $ 18,615 10,782 $ 1.73 (1) For the three months ended March 31, 2018, 25,062 SARs were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive, compared to 50,757 stock options and SARs for the three months ended March 31, 2017. For the three months ended March 31, 2018 and 2017, contingent shares of non-vested restricted stock of 13,138 and 32,892 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Table 1.4 As of March 31, 2018 As of March 31, 2017 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Balance as of December 31, 2017 $ (1,676 ) $ 48,236 $ 4,525 $ 51,085 $ (14,387 ) $ 45,752 $ 2,393 $ 33,758 Cumulative effect from change in hedge accounting — — 27 27 — — — — Balance as of January 1, 2018 (1,676 ) 48,236 4,552 51,112 (14,387 ) 45,752 2,393 33,758 Other comprehensive income before reclassifications 18,187 — 5,053 23,240 12,223 — 76 12,299 Amounts reclassified from AOCI (1,417 ) (1,035 ) 211 (2,241 ) (2,578 ) (2,267 ) 332 (4,513 ) Net comprehensive income/(loss) 16,770 (1,035 ) 5,264 20,999 9,645 (2,267 ) 408 7,786 Ending Balance $ 15,094 $ 47,201 $ 9,816 $ 72,111 $ (4,742 ) $ 43,485 $ 2,801 $ 41,544 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three months ended March 31, 2018 and 2017: Table 1.5 For the Three Months Ended March 31, 2018 March 31, 2017 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale-securities $ 23,022 $ 4,835 $ 18,187 $ 18,804 $ 6,581 $ 12,223 Less reclassification adjustments included in: Net Interest Income (1) (1,787 ) (375 ) (1,412 ) — — — Gains/(losses) on financial derivatives and hedging activities (1) — — — (3,959 ) (1,386 ) (2,573 ) Other income (2) (7 ) (2 ) (5 ) (7 ) (2 ) (5 ) Total $ 21,228 $ 4,458 $ 16,770 $ 14,838 $ 5,193 $ 9,645 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (1,310 ) (275 ) (1,035 ) (3,487 ) (1,220 ) (2,267 ) Total $ (1,310 ) $ (275 ) $ (1,035 ) $ (3,487 ) $ (1,220 ) $ (2,267 ) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 6,396 $ 1,343 $ 5,053 $ 117 $ 41 $ 76 Less reclassification adjustments included in: Net interest income (4) 267 56 211 512 180 332 Total $ 6,663 $ 1,399 $ 5,264 $ 629 $ 221 $ 408 Other comprehensive income/(loss) $ 26,581 $ 5,582 $ 20,999 $ 11,980 $ 4,194 $ 7,786 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
Investment Securities - Invest
Investment Securities - Investment Securities (Tables) - Investment Securities [Member] | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017: Table 2.1 As of March 31, 2018 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (690 ) $ 19,010 Floating rate asset-backed securities 33,060 (143 ) 32,917 24 (128 ) 32,813 Floating rate Government/GSE guaranteed mortgage-backed securities 1,305,939 2,053 1,307,992 1,567 (1,883 ) 1,307,676 Fixed rate GSE guaranteed mortgage-backed securities (1) 435 2,029 2,464 2,121 — 4,585 Fixed rate U.S. Treasuries 833,912 (2,564 ) 831,348 — (2,080 ) 829,268 Total available-for-sale 2,193,046 1,375 2,194,421 3,712 (4,781 ) 2,193,352 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities 45,032 — 45,032 1,331 — 46,363 Total investment securities $ 2,238,078 $ 1,375 $ 2,239,453 $ 5,043 $ (4,781 ) $ 2,239,715 (1) Fair value includes $4.1 million of an interest-only security with a notional amount of $143.1 million . As of December 31, 2017 Amount Outstanding Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ — $ (886 ) $ 18,814 Floating rate asset-backed securities 34,462 (154 ) 34,308 22 (120 ) 34,210 Floating rate Government/GSE guaranteed mortgage-backed securities 1,289,123 2,217 1,291,340 2,215 (3,368 ) 1,290,187 Fixed rate GSE guaranteed mortgage-backed securities (1) 451 2,138 2,589 2,230 — 4,819 Fixed rate senior agency debt 100,000 — 100,000 — (49 ) 99,951 Fixed rate U.S. Treasuries 770,852 (1,836 ) 769,016 — (1,592 ) 767,424 Total available-for-sale 2,214,588 2,365 2,216,953 4,467 (6,015 ) 2,215,405 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities 45,032 — 45,032 532 — 45,564 Total investment securities $ 2,259,620 $ 2,365 $ 2,261,985 $ 4,999 $ (6,015 ) $ 2,260,969 (1) Fair value includes $4.3 million of an interest-only security with a notional amount of $143.7 million . |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of March 31, 2018 and December 31, 2017, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,010 $ (690 ) Floating rate asset-backed securities — — 22,114 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 383,636 (703 ) 188,940 (1,180 ) Fixed rate U.S. Treasuries 819,271 (2,077 ) 9,996 (3 ) Fixed rate senior agency debt — — — — Total $ 1,202,907 $ (2,780 ) $ 240,060 $ (2,001 ) As of December 31, 2017 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,814 $ (886 ) Floating rate asset-backed securities — — 23,145 (120 ) Floating rate Government/GSE guaranteed mortgage-backed securities 292,522 (2,337 ) 221,641 (1,031 ) Fixed rate U.S. Treasuries 742,442 (1,572 ) 24,983 (20 ) Fixed rate senior agency debt — — 99,951 (49 ) Total $ 1,034,964 $ (3,909 ) $ 388,534 $ (2,106 ) The unrealized losses presented above are principally due to a general widening of market spreads and an increase in the levels of interest rates from the dates of acquisition to March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017 , 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+." The unrealized losses were on 104 and 91 individual investment securities as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018 , 45 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $2.0 million . As of December 31, 2017 , 51 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $2.1 million . Securities in unrealized loss positions for 12 months or longer have a fair value as of March 31, 2018 that is, on average, approximately 99.2 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 maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of March 31, 2018 and December 31, 2017. |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of March 31, 2018 , Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $46.4 million and a weighted average yield of 2.8 percent . As of December 31, 2017, Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $45.6 million and a weighted average yield of 2.5 percent . Farmer Mac did not own any trading investment securities as of March 31, 2018 and December 31, 2017. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of March 31, 2018 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of March 31, 2018 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 716,640 $ 715,000 1.09% Due after one year through five years 358,743 358,688 1.83% Due after five years through ten years 402,603 405,264 2.06% Due after ten years 716,435 714,400 2.19% Total $ 2,194,421 $ 2,193,352 1.75% |
Farmer Mac Guaranteed Securit21
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Tables) - Farmer Mac Guaranteed Securities and USDA Securities [Member] | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017: Table 3.1 As of March 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,152,618 $ (475 ) $ 2,152,143 $ 534 $ (16,265 ) $ 2,136,412 Farmer Mac Guaranteed USDA Securities 29,596 304 29,900 422 (6 ) 30,316 Total Farmer Mac Guaranteed Securities 2,182,214 (171 ) 2,182,043 956 (16,271 ) 2,166,728 USDA Securities 2,066,645 61,124 2,127,769 740 (52,293 ) 2,076,216 Total held-to-maturity $ 4,248,859 $ 60,953 $ 4,309,812 $ 1,696 $ (68,564 ) $ 4,242,944 Available-for-sale: AgVantage $ 5,861,731 $ (165 ) $ 5,861,566 $ 22,731 $ (44,910 ) $ 5,839,387 Trading: USDA Securities $ 11,063 $ 852 $ 11,915 $ 38 $ (395 ) $ 11,558 As of December 31, 2017 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,096,754 $ (779 ) $ 2,095,975 $ 2,011 $ (11,429 ) $ 2,086,557 Farmer Mac Guaranteed USDA Securities 29,980 319 30,299 108 (73 ) 30,334 Total Farmer Mac Guaranteed Securities 2,126,734 (460 ) 2,126,274 2,119 (11,502 ) 2,116,891 USDA Securities 2,055,050 62,800 2,117,850 — (54,969 ) 2,062,881 Total held-to-maturity $ 4,181,784 $ 62,340 $ 4,244,124 $ 2,119 $ (66,471 ) $ 4,179,772 Available-for-sale: AgVantage $ 5,496,569 $ (182 ) $ 5,496,387 $ 21,838 $ (46,311 ) $ 5,471,914 Trading: USDA Securities $ 12,966 $ 922 $ 13,888 $ 28 $ (401 ) $ 13,515 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of March 31, 2018 and December 31,2017, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2018 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,548,488 $ (12,933 ) $ 351,667 $ (3,332 ) Farmer Mac Guaranteed USDA Securities — — — (6 ) USDA Securities — — 2,010,713 (52,293 ) Total held-to-maturity $ 1,548,488 $ (12,933 ) $ 2,362,380 $ (55,631 ) Available-for-sale: AgVantage $ 1,031,980 $ (12,371 ) $ 1,722,350 $ (32,539 ) As of December 31, 2017 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,304,160 $ (8,094 ) $ 351,664 $ (3,335 ) Farmer Mac Guaranteed USDA Securities 24,721 (73 ) — — USDA Securities 451 (2 ) 2,062,429 (54,967 ) Total held-to-maturity $ 1,329,332 $ (8,169 ) $ 2,414,093 $ (58,302 ) Available-for-sale: AgVantage $ 1,273,965 $ (8,819 ) $ 1,759,377 $ (37,492 ) The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to March 31, 2018 and December 31, 2017, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of both March 31, 2018 and December 31, 2017 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 43 available-for-sale securities as of March 31, 2018 . There were 43 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2018 . The unrealized losses from AgVantage securities were on 36 available-for-sale securities as of December 31, 2017. There were unrealized losses from 23 held-to-maturity securities as of December 31, 2017 . As of March 31, 2018 , 14 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $32.5 million . As of December 31, 2017 , 16 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $37.5 million . Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impaired as of either March 31, 2018 or December 31, 2017. 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 March 31, 2018 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of March 31, 2018 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,285,582 $ 1,285,526 2.45 % Due after one year through five years 2,421,507 2,419,021 2.56 % Due after five years through ten years 815,799 800,742 3.03 % Due after ten years 1,338,678 1,334,098 2.84 % Total $ 5,861,566 $ 5,839,387 2.66 % As of March 31, 2018 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 866,596 $ 865,637 1.79 % Due after one year through five years 1,352,733 1,336,793 2.40 % Due after five years through ten years 209,070 204,168 3.16 % Due after ten years 1,881,413 1,836,346 3.43 % Total $ 4,309,812 $ 4,242,944 2.75 % |
Financial Derivatives - Financ
Financial Derivatives - Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedged Items in Fair Value Hedging Relationships [Table Text Block] | The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of March 31, 2018 and December 31, 2017: Table 4.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 2,135,593 $ 1,928,220 $ (22,367 ) $ (22,853 ) Loans held for investment, at amortized cost 161,656 149,304 (44 ) (189 ) Notes Payable, due after one year (1)(2) (2,114,705 ) (1,552,935 ) 5,805 5,836 (1) Carrying amount represents amortized cost. (2) Includes $0.4 million of hedging adjustments on a discontinued hedging relationship. |
Schedule of Derivative Instruments [Table Text Block] | he following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of March 31, 2018 and December 31, 2017 : Table 4.1 As of March 31, 2018 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 2,323,209 $ 804 $ (5,763 ) 2.09% 1.82% 9.01 Receive fixed non-callable 2,121,700 444 (3,956 ) 1.77% 1.58% 1.76 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 380,500 2,878 (261 ) 2.20% 2.09% 5.82 No hedge designation: Interest rate swaps: Pay fixed non-callable 330,709 1,062 (11,725 ) 3.72% 1.81% 6.76 Receive fixed non-callable 3,256,427 — — 1.73% 1.60% 0.86 Basis swaps 1,278,500 4 (517 ) 1.75% 1.74% 1.21 Treasury futures 43,200 — (366 ) 120.29 Credit valuation adjustment (50 ) 18 Total financial derivatives $ 9,734,245 $ 5,142 $ (22,570 ) Collateral pledged — 25,253 Net amount $ 5,142 $ 2,683 As of December 31, 2017 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 2,086,347 $ 5,240 $ (5,990 ) 1.88% 1.40% 5.46 Receive fixed non-callable 1,559,700 110 (4,033 ) 1.38% 1.45% 1.68 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 365,500 1,402 (138 ) 2.16% 1.74% 5.84 No hedge designation: Interest rate swaps: Pay fixed non-callable 345,333 339 (16,352 ) 3.79% 1.40% 6.68 Receive fixed non-callable 3,409,916 — — 1.25% 1.24% 0.92 Basis swaps 1,053,500 18 (106 ) 1.33% 1.42% 0.91 Treasury futures 40,000 — (36 ) 123.96 Credit valuation adjustment (16 ) 56 Total financial derivatives $ 8,860,296 $ 7,093 $ (26,599 ) Collateral pledged — 24,926 Net amount $ 7,093 $ (1,673 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three months ended March 31, 2018 and 2017 : Table 4.2 March 31, 2018 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives and hedging activities (in thousands) For the Three Months Ended: Total amounts presented in the consolidated statement of operations: $ 62,430 $ 45,653 $ (76,317 ) $ (3,850 ) $ 27,916 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,488 ) (297 ) 294 — (1,491 ) Recognized on hedged items 13,597 1,414 (7,915 ) — 7,096 Discount amortization recognized on hedged items — — (155 ) — (155 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 12,109 $ 1,117 $ (7,776 ) $ — $ 5,450 Gains/(losses) on fair value hedging relationships: Recognized on derivatives 20,449 6,419 (9,647 ) — 17,221 Recognized on hedged items (18,948 ) (6,572 ) 11,137 — (14,383 ) Gains/(losses) on fair value hedging relationships $ 1,501 $ (153 ) $ 1,490 $ — $ 2,838 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives — — (267 ) — (267 ) Recognized on hedged items — — (1,780 ) — (1,780 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,049 ) $ — $ (2,049 ) (Losses)/gains on financial derivatives not designated in hedge relationships: Interest rate swaps — — — (4,075 ) (4,075 ) Agency forwards — — — — — Treasury futures — — — 225 225 (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,850 ) $ (3,850 ) March 31, 2017 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense (Losses)/gains on financial derivatives and hedging activities (in thousands) For the Three Months Ended: Total amounts presented in the consolidated statement of operations $ 42,522 $ 36,852 $ (49,546 ) $ 2,486 $ 32,314 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (3,158 ) (217 ) 183 — (3,192 ) Recognized on hedged items 10,275 516 (2,277 ) — 8,514 Discount amortization recognized on hedged items — — (58 ) — (58 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 7,117 $ 299 $ (2,152 ) $ — $ 5,264 Gains/(losses) on fair value hedging relationships: Recognized on derivatives (1) 1,526 1,526 Recognized on hedged items (5,404 ) (5,404 ) Gains/(losses) on fair value hedging relationships $ — $ — $ — $ (3,878 ) $ (3,878 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (512 ) $ — $ (512 ) Recognized on hedged items — — (652 ) — (652 ) Discount amortization recognized on hedged items — — — — — Losses recognized in income for hedge ineffectiveness — — — (29 ) (29 ) Expense recognized on cash flow hedges $ — $ — $ (1,164 ) $ (29 ) $ (1,193 ) Gains/(losses) on financial derivatives not designated in hedging relationships: Interest rate swaps $ — $ — $ — $ 6,684 $ 6,684 Agency forwards — — — (399 ) (399 ) Treasury futures — — — 108 108 Gains/(losses) on financial derivatives not designated in hedge relationships $ — $ — $ — $ 6,393 $ 6,393 (1) Included in the assessment of hedge effectiveness as of March 31, 2017 , but excluded from the amounts in the table, were gains of $3.6 million for the three months ended March 31, 2017 , attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three months ended March 31, 2017 were losses of $0.3 million . |
Loans and Allowance for Losse23
Loans and Allowance for Losses and Concentrations of Credit Risk - Loans and Allowance for Losses and Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of March 31, 2018 and December 31, 2017 : Table 5.1 As of March 31, 2018 As of December 31, 2017 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 2,832,641 $ 1,441,718 $ 4,274,359 $ 2,798,906 $ 1,399,827 $ 4,198,733 Rural Utilities 1,043,477 — 1,043,477 1,076,291 — 1,076,291 Total unpaid principal balance (1) 3,876,118 1,441,718 5,317,836 3,875,197 1,399,827 5,275,024 Unamortized premiums, discounts and other cost basis adjustments (9,274 ) — (9,274 ) (1,442 ) — (1,442 ) Total loans 3,866,844 1,441,718 5,308,562 3,873,755 1,399,827 5,273,582 Allowance for loan losses (5,051 ) (1,314 ) (6,365 ) (5,493 ) (1,303 ) (6,796 ) Total loans, net of allowance $ 3,861,793 $ 1,440,404 $ 5,302,197 $ 3,868,262 $ 1,398,524 $ 5,266,786 (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] | Allowance for Losses Farm & Ranch Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities). Farmer Mac's total allowance for losses was $8.5 million as of March 31, 2018 and $8.9 million as of December 31, 2017 . See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs. The following is a summary of the changes in the total allowance for losses for the three months ended March 31, 2018 and 2017: Table 5.2 For the Three Months Ended March 31, 2018 March 31, 2017 Allowance Reserve Total Allowance Reserve Total (in thousands) Beginning Balance $ 6,796 $ 2,070 $ 8,866 $ 5,415 $ 2,020 $ 7,435 (Release of)/provision for losses (431 ) 21 (410 ) 637 (193 ) 444 Charge-offs — — — (241 ) — (241 ) Ending Balance $ 6,365 $ 2,091 $ 8,456 $ 5,811 $ 1,827 $ 7,638 During first quarter 2018 , Farmer Mac recorded releases of its allowance for loan losses and provisions to its reserve for losses of $0.4 million and $21,000 , respectively. The net releases to the allowance for loan losses recorded during first quarter 2018 were primarily attributable to (1) paydowns or payoffs of loans with an existing allowance in amounts that exceeded the increase in the allowance associated with net volume growth in Farm & Ranch loans recorded in first quarter 2018, and (2) paydowns on existing substandard loans or an improvement in the risk ratings of certain substandard loans, which resulted in the reduction of the amount of substandard assets rated in the lowest credit quality tier. Farmer Mac recorded no charge-offs to its allowance for loan losses during first quarter 2018. During first quarter 2017, Farmer Mac recorded provisions to its allowance for loan losses of $0.6 million and releases to its reserve for losses of $0.2 million . The provisions to the allowance for loan losses recorded during first quarter 2017 were primarily attributable to an increase in the specific allowance for certain impaired on-balance sheet crop and permanent planting loans resulting from both an increase in the volume of such loans and downgrades in risk ratings on certain loans. The releases to the reserve for losses recorded during the three months ended March 31, 2017 were primarily attributable to (1) a decrease in the general reserve due to improvement in credit quality of certain Agricultural Storage and Processing loans and (2) a net decrease in the balance of loans underlying off-balance sheet Farmer Mac Guaranteed Securities. Farmer Mac recorded $0.2 million of charge-offs to its allowance for loan losses during first quarter 2017. The charge-offs recorded during the first quarter 2017 were primarily related to two impaired crop loans, with one borrower, that were foreclosed and transitioned to REO during first quarter 2017. Farmer Mac had previously recorded a specific allowance of $0.2 million on these impaired crop loans as of December 31, 2016. Subsequent to March 31, 2017, Farmer Mac sold the related properties for $5.7 million and recognized $0.5 million gain on sale of REO. The following tables present the changes in the total allowance for losses for the three months ended March 31, 2018 and 2017 by commodity type: Table 5.3 March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses (288 ) 10 25 (68 ) (84 ) (5 ) (410 ) Charge-offs — — — — — — — Ending Balance $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 March 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 3,365 $ 1,723 $ 1,375 $ 405 $ 533 $ 34 $ 7,435 Provision for/(release of) losses 425 147 17 (81 ) (61 ) (3 ) 444 Charge-offs (228 ) — (13 ) — — — (241 ) Ending Balance $ 3,562 $ 1,870 $ 1,379 $ 324 $ 472 $ 31 $ 7,638 |
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 (excluding AgVantage securities) and the related total allowance for losses by impairment method and commodity type as of March 31, 2018 and December 31, 2017 : Table 5.4 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,366,184 $ 797,591 $ 659,997 $ 298,438 $ 10,926 $ 9,005 $ 4,142,141 Off-balance sheet 1,246,446 509,396 663,355 161,563 57,983 3,886 2,642,629 Total $ 3,612,630 $ 1,306,987 $ 1,323,352 $ 460,001 $ 68,909 $ 12,891 $ 6,784,770 Individually evaluated for impairment: On-balance sheet $ 58,314 $ 43,960 $ 21,206 $ 8,103 $ — $ 635 $ 132,218 Off-balance sheet 8,878 2,391 2,752 919 — 74 15,014 Total $ 67,192 $ 46,351 $ 23,958 $ 9,022 $ — $ 709 $ 147,232 Total Farm & Ranch loans: On-balance sheet $ 2,424,498 $ 841,551 $ 681,203 $ 306,541 $ 10,926 $ 9,640 $ 4,274,359 Off-balance sheet 1,255,324 511,787 666,107 162,482 57,983 3,960 2,657,643 Total $ 3,679,822 $ 1,353,338 $ 1,347,310 $ 469,023 $ 68,909 $ 13,600 $ 6,932,002 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,158 $ 980 $ 642 $ 245 $ 10 $ 6 $ 4,041 Off-balance sheet 614 272 258 46 512 5 1,707 Total $ 2,772 $ 1,252 $ 900 $ 291 $ 522 $ 11 $ 5,748 Individually evaluated for impairment: On-balance sheet $ 787 $ 1,169 $ 268 $ 100 $ — $ — $ 2,324 Off-balance sheet 234 58 68 22 — 2 384 Total $ 1,021 $ 1,227 $ 336 $ 122 $ — $ 2 $ 2,708 Total Farm & Ranch loans: On-balance sheet $ 2,945 $ 2,149 $ 910 $ 345 $ 10 $ 6 $ 6,365 Off-balance sheet 848 330 326 68 512 7 2,091 Total $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 As of December 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,344,821 $ 794,478 $ 635,768 $ 269,337 $ 13,023 $ 9,030 $ 4,066,457 Off-balance sheet 1,236,392 532,666 678,642 155,627 45,738 4,981 2,654,046 Total $ 3,581,213 $ 1,327,144 $ 1,314,410 $ 424,964 $ 58,761 $ 14,011 $ 6,720,503 Individually evaluated for impairment: On-balance sheet $ 67,828 $ 38,180 $ 17,766 $ 7,858 $ — $ 644 $ 132,276 Off-balance sheet 8,904 2,239 2,782 806 — 76 14,807 Total $ 76,732 $ 40,419 $ 20,548 $ 8,664 $ — $ 720 $ 147,083 Total Farm & Ranch loans: On-balance sheet $ 2,412,649 $ 832,658 $ 653,534 $ 277,195 $ 13,023 $ 9,674 $ 4,198,733 Off-balance sheet 1,245,296 534,905 681,424 156,433 45,738 5,057 2,668,853 Total $ 3,657,945 $ 1,367,563 $ 1,334,958 $ 433,628 $ 58,761 $ 14,731 $ 6,867,586 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,104 $ 1,101 $ 738 $ 287 $ 44 $ 11 $ 4,285 Off-balance sheet 546 305 231 48 562 5 1,697 Total $ 2,650 $ 1,406 $ 969 $ 335 $ 606 $ 16 $ 5,982 Individually evaluated for impairment: On-balance sheet $ 1,207 $ 1,006 $ 172 $ 126 $ — $ — $ 2,511 Off-balance sheet 224 57 70 20 — 2 373 Total $ 1,431 $ 1,063 $ 242 $ 146 $ — $ 2 $ 2,884 Total Farm & Ranch loans: On-balance sheet $ 3,311 $ 2,107 $ 910 $ 413 $ 44 $ 11 $ 6,796 Off-balance sheet 770 362 301 68 562 7 2,070 Total $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 |
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 March 31, 2018 and December 31, 2017 : Table 5.5 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 18,940 $ 4,629 $ 8,090 $ 2,909 $ — $ 637 $ 35,205 Unpaid principal balance 18,902 4,620 8,074 2,904 — 635 35,135 With a specific allowance: Recorded investment (1) 48,367 41,809 15,910 6,128 — 74 112,288 Unpaid principal balance 48,290 41,731 15,884 6,118 — 74 112,097 Associated allowance 1,021 1,227 336 122 — 2 2,708 Total: Recorded investment 67,307 46,438 24,000 9,037 — 711 147,493 Unpaid principal balance 67,192 46,351 23,958 9,022 — 709 147,232 Associated allowance 1,021 1,227 336 122 — 2 2,708 Recorded investment of loans on nonaccrual status (2) $ 28,211 $ 24,870 $ 5,840 $ 5,391 $ — $ — $ 64,312 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $109.9 million ( 75 percent ) of impaired loans as of March 31, 2018 , which resulted in a specific allowance of $2.3 million . (2) Includes $20.7 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, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 14,417 $ 3,272 $ 11,171 $ 1,953 $ — $ 644 $ 31,457 Unpaid principal balance 14,418 3,273 11,172 1,953 — 644 31,460 With a specific allowance: Recorded investment (1) 62,309 37,143 9,376 6,710 — 76 115,614 Unpaid principal balance 62,314 37,146 9,376 6,711 — 76 115,623 Associated allowance 1,431 1,063 242 146 — 2 2,884 Total: Recorded investment 76,726 40,415 20,547 8,663 — 720 147,071 Unpaid principal balance 76,732 40,419 20,548 8,664 — 720 147,083 Associated allowance 1,431 1,063 242 146 — 2 2,884 Recorded investment of loans on nonaccrual status (2) $ 27,630 $ 25,701 $ 5,333 $ 4,929 $ — $ — $ 63,593 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $113.2 million ( 77 percent ) of impaired loans as of December 31, 2017 , which resulted in a specific allowance of $2.7 million . (2) Includes $15.7 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. The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2018 and 2017 : Table 5.6 March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 72,017 $ 43,427 $ 22,274 $ 8,850 $ — $ 716 $ 147,284 Income recognized on impaired loans 392 172 79 55 — — 698 March 31, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 58,309 $ 31,806 $ 13,658 $ 8,248 $ — $ — $ 112,021 Income recognized on impaired loans 302 152 177 103 — — 734 For the three months ended March 31, 2018 and 2017, there were no troubled debt restructurings ("TDRs"). As of March 31, 2018 and 2017, 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 three months ended March 31, 2018 and 2017. 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. |
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 three months ended March 31, 2018 and 2017 and the outstanding balances and carrying amounts of all such loans as of March 31, 2018 and December 31, 2017: Table 5.7 For the Three Months Ended March 31, 2018 March 31, 2017 ($ in thousands) Unpaid principal balance at acquisition date: Loans underlying LTSPCs $ — $ 311 Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) 721 — Total unpaid principal balance at acquisition date 721 311 Contractually required payments receivable 730 311 Impairment recognized subsequent to acquisition — — Recovery/release of allowance for all outstanding acquired defaulted loans — 14 Number of defaulted loans purchased 4 3 As of March 31, 2018 December 31, 2017 (in thousands) Outstanding balance $ 19,453 $ 18,866 Carrying amount 18,097 17,691 |
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 securities representing interests in pools of eligible Farm & Ranch loans ("Farm & Ranch Guaranteed Securities") and LTSPCs are presented in the table below. As of March 31, 2018 , 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 5.8 90-Day Delinquencies (1) Net Credit (Recoveries)/Losses As of For the Three Months Ended March 31, 2018 December 31, 2017 March 31, 2018 March 31, 2017 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 43,658 $ 47,881 $ 16 $ 246 Total on-balance sheet $ 43,658 $ 47,881 $ 16 $ 246 Off-balance sheet assets: Farm & Ranch: LTSPCs $ 3,902 $ 563 $ — $ — Total off-balance sheet $ 3,902 $ 563 $ — $ — Total $ 47,560 $ 48,444 $ 16 $ 246 (1) Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Of the $43.7 million of on-balance sheet loans reported as 90 -day delinquencies as of March 31, 2018 , none were loans subject to "removal-of-account" provisions. Of the $47.9 million of on-balance sheet loans reported as 90 -day delinquencies as of December 31, 2017 , $0.3 million were loans subject to "removal-of-account" provisions. |
Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of March 31, 2018 and December 31, 2017 : Table 5.9 As of March 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,288,500 $ 774,771 $ 651,345 $ 294,534 $ 10,926 $ 9,005 $ 4,029,081 Special mention (2) 77,684 22,819 8,652 3,904 — — 113,059 Substandard (3) 58,314 43,961 21,206 8,103 — 635 132,219 Total on-balance sheet $ 2,424,498 $ 841,551 $ 681,203 $ 306,541 $ 10,926 $ 9,640 $ 4,274,359 Off-Balance Sheet: Acceptable $ 1,118,453 $ 450,299 $ 613,302 $ 158,157 $ 55,050 $ 3,218 $ 2,398,479 Special mention (2) 97,872 37,510 34,394 210 — 158 170,144 Substandard (3) 38,999 23,978 18,411 4,115 2,933 584 89,020 Total off-balance sheet $ 1,255,324 $ 511,787 $ 666,107 $ 162,482 $ 57,983 $ 3,960 $ 2,657,643 Total Ending Balance: Acceptable $ 3,406,953 $ 1,225,070 $ 1,264,647 $ 452,691 $ 65,976 $ 12,223 $ 6,427,560 Special mention (2) 175,556 60,329 43,046 4,114 — 158 283,203 Substandard (3) 97,313 67,939 39,617 12,218 2,933 1,219 221,239 Total $ 3,679,822 $ 1,353,338 $ 1,347,310 $ 469,023 $ 68,909 $ 13,600 $ 6,932,002 Commodity analysis of past due loans (1) On-balance sheet $ 24,385 $ 9,140 $ 6,020 $ 3,477 $ — $ 636 $ 43,658 Off-balance sheet 176 — 3,331 395 — — 3,902 90 days or more past due $ 24,561 $ 9,140 $ 9,351 $ 3,872 $ — $ 636 $ 47,560 (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, 2017 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,274,912 $ 771,600 $ 617,527 $ 260,854 $ 13,023 $ 9,030 $ 3,946,946 Special mention (2) 70,063 22,878 18,405 8,483 — — 119,829 Substandard (3) 67,674 38,180 17,602 7,858 — 644 131,958 Total on-balance sheet $ 2,412,649 $ 832,658 $ 653,534 $ 277,195 $ 13,023 $ 9,674 $ 4,198,733 Off-Balance Sheet Acceptable $ 1,132,196 $ 478,573 $ 634,633 $ 150,906 $ 42,723 $ 4,294 $ 2,443,325 Special mention (2) 76,778 26,134 31,451 1,647 — 169 136,179 Substandard (3) 36,322 30,198 15,340 3,880 3,015 594 89,349 Total off-balance sheet $ 1,245,296 $ 534,905 $ 681,424 $ 156,433 $ 45,738 $ 5,057 $ 2,668,853 Total Ending Balance: Acceptable $ 3,407,108 $ 1,250,173 $ 1,252,160 $ 411,760 $ 55,746 $ 13,324 $ 6,390,271 Special mention (2) 146,841 49,012 49,856 10,130 — 169 256,008 Substandard (3) 103,996 68,378 32,942 11,738 3,015 1,238 221,307 Total $ 3,657,945 $ 1,367,563 $ 1,334,958 $ 433,628 $ 58,761 $ 14,731 $ 6,867,586 Commodity analysis of past due loans (1) On-balance sheet $ 21,702 $ 18,833 $ 3,835 $ 3,511 $ — $ — $ 47,881 Off-balance sheet 151 — — 412 — — 563 90 days or more past due $ 21,853 $ 18,833 $ 3,835 $ 3,923 $ — $ — $ 48,444 (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, the range of original loan-to-value ratios, and the range in the size of borrower exposure for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of March 31, 2018 and December 31, 2017: Table 5.10 As of March 31, 2018 December 31, 2017 (in thousands) By commodity/collateral type: Crops $ 3,679,822 $ 3,657,945 Permanent plantings 1,353,338 1,367,563 Livestock 1,347,310 1,334,958 Part-time farm 469,023 433,628 Ag. Storage and Processing 68,909 58,761 Other 13,600 14,731 Total $ 6,932,002 $ 6,867,586 By geographic region (1) : Northwest $ 799,823 $ 740,991 Southwest 2,096,948 2,093,213 Mid-North 2,249,763 2,244,094 Mid-South 901,231 908,603 Northeast 300,731 296,264 Southeast 583,506 584,421 Total $ 6,932,002 $ 6,867,586 By original loan-to-value ratio (2) : 0.00% to 40.00% $ 1,328,529 $ 1,322,422 40.01% to 50.00% 1,717,932 1,733,671 50.01% to 60.00% 2,395,568 2,385,605 60.01% to 70.00% 1,195,017 1,150,914 70.01% to 80.00% 269,716 248,799 80.01% to 90.00% 25,240 26,175 Total $ 6,932,002 $ 6,867,586 By size of borrower exposure (3) : Less than $1,000,000 $ 2,404,191 $ 2,379,596 $1,000,000 to $4,999,999 2,663,554 2,627,617 $5,000,000 to $9,999,999 887,986 867,574 $10,000,000 to $24,999,999 571,315 584,896 $25,000,000 to $50,000,000 404,956 407,903 Total $ 6,932,002 $ 6,867,586 (1) Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). (2) As of second quarter 2017, Farmer Mac revised its calculation of the original loan-to-value ratio of a loan to combine for any cross-collateralized loans: (i) the original loan principal balance amounts in the numerator and (ii) the original appraised property values in the denominator. In previous periods, the ratio was calculated on a loan-by-loan basis without considering the effects of any cross-collateralization. Prior period information has been reclassified to conform to the current period calculation and presentation. (3) Includes multiple loans to the same borrower or borrower-related entities. The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when 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. |
Guarantees and Long Term Stan24
Guarantees and Long Term Standby Purchase Commitments - Guarantees and Long-Term Standby Purchase Commitments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 March 31, 2018 and December 31, 2017, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of March 31, 2018 As of December 31, 2017 (in thousands) Farm & Ranch: Guaranteed Securities $ 314,497 $ 333,511 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 284,435 254,217 Institutional Credit: AgVantage Securities 11,556 11,556 Revolving floating rate AgVantage facility (1) 300,000 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 910,488 $ 899,284 (1) Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. |
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 6.2 For the Three Months Ended March 31, 2018 March 31, 2017 (in thousands) Proceeds from new securitizations $ 131,202 $ 149,607 Guarantee fees received 546 488 Purchases of assets from the trusts (721 ) — 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 $3.4 million as of March 31, 2018 and $3.6 million as of December 31, 2017. As of March 31, 2018 and December 31, 2017, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 9.9 years and 10.0 years , respectively. As of March 31, 2018 and December 31, 2017, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 0.6 years and 0.8 years , respectively. |
Fair Value Disclosures - Fair
Fair Value Disclosures - Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 non-recurring basis as of March 31, 2018 and December 31, 2017, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 8.1 Assets and Liabilities Measured at Fair Value as of March 31, 2018 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 $ — $ — $ 19,010 $ 19,010 Floating rate asset-backed securities — 32,813 — 32,813 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,307,676 — 1,307,676 Fixed rate GSE guaranteed mortgage-backed securities — 465 4,120 4,585 Fixed rate U.S. Treasuries 829,268 — — 829,268 Total Investment Securities 829,268 1,340,954 23,130 2,193,352 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,839,387 5,839,387 Total Farmer Mac Guaranteed Securities — — 5,839,387 5,839,387 USDA Securities: Trading — — 11,558 11,558 Total USDA Securities — — 11,558 11,558 Financial derivatives — 5,142 — 5,142 Total Assets at fair value $ 829,268 $ 1,346,096 $ 5,874,075 $ 8,049,439 Liabilities: Financial derivatives $ 366 $ 22,204 $ — $ 22,570 Total Liabilities at fair value $ 366 $ 22,204 $ — $ 22,570 Non-recurring: Assets: Loans held for investment $ — $ — $ 343 $ 343 Total Non-recurring Assets at fair value $ — $ — $ 343 $ 343 Assets and Liabilities Measured at Fair Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,814 $ 18,814 Floating rate asset-backed securities — 34,210 — 34,210 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,290,187 — 1,290,187 Fixed rate GSE guaranteed mortgage-backed securities — 486 4,333 4,819 Fixed rate senior agency debt — 99,951 — 99,951 Fixed rate U.S. Treasuries 767,424 — — 767,424 Total available-for-sale 767,424 1,424,834 23,147 2,215,405 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,471,914 5,471,914 Total Farmer Mac Guaranteed Securities — — 5,471,914 5,471,914 USDA Securities: Trading — — 13,515 13,515 Total USDA Securities — — 13,515 13,515 Financial derivatives — 7,093 — 7,093 Total Assets at fair value $ 767,424 $ 1,431,927 $ 5,508,576 $ 7,707,927 Liabilities: Financial derivatives $ 36 $ 26,563 $ — $ 26,599 Total Liabilities at fair value $ 36 $ 26,563 $ — $ 26,599 Non-recurring: Assets: Loans held for investment $ — $ — $ 508 $ 508 Total Non-recurring Assets at fair value $ — $ — $ 508 $ 508 |
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. There were no liabilities measured at fair value using significant unobservable inputs during the three months ended March 31, 2018 and 2017. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2018 Beginning Cumulative Effect from Change in Hedge Accounting Purchases Sales Settlements Realized and Unrealized Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 — $ — $ — $ — $ — $ 196 $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (109 ) — (104 ) 4,120 Total available-for-sale 23,147 — — — (109 ) — 92 23,130 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 655,447 — (290,268 ) (18,948 ) 20,755 5,839,387 Total available-for-sale 5,471,914 487 655,447 — (290,268 ) (18,948 ) 20,755 5,839,387 USDA Securities: Available-for-sale — — 34,293 (34,293 ) — — — — Trading (1) 13,515 — — — (1,973 ) 16 — 11,558 Total USDA Securities 13,515 — 34,293 (34,293 ) (1,973 ) 16 — 11,558 Total Assets at fair value $ 5,508,576 $ 487 $ 689,740 $ (34,293 ) $ (292,350 ) $ (18,932 ) $ 20,847 $ 5,874,075 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of March 31, 2018 that are recorded in " Gains/(losses) on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2017 Beginning Transfers in Purchases Sales Settlements Realized and Unrealized Gains/(losses) included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 17,730 $ — $ — $ — $ — $ — $ 394 $ 18,124 Fixed rate GSE guaranteed mortgage-backed securities $ — $ 7,041 $ — $ — $ (112 ) $ — $ (2,110 ) $ 4,819 Total available-for-sale 17,730 7,041 — — (112 ) — (1,716 ) 22,943 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 4,853,685 — 539,527 — (161,907 ) (3,215 ) 14,956 5,243,046 Total available-for-sale 4,853,685 — 539,527 — (161,907 ) (3,215 ) 14,956 5,243,046 USDA Securities: Available-for-sale — — 32,589 (32,589 ) — — — — Trading (1) 20,388 — — — (1,704 ) (82 ) — 18,602 Total USDA Securities 20,388 — 32,589 (32,589 ) (1,704 ) (82 ) — 18,602 Total Assets at fair value $ 4,891,803 $ 7,041 $ 572,116 $ (32,589 ) $ (163,723 ) $ (3,297 ) $ 13,240 $ 5,284,591 (1) Includes unrealized losses of $44,000 attributable to assets still held as of March 31, 2017 that are recorded in " Gains/(losses) on trading securities ." |
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 March 31, 2018 and December 31, 2017. Table 8.3 As of March 31, 2018 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,010 Indicative bids Range of broker quotes 96.5% - 96.5% (96.5%) Fixed rate GSE guaranteed mortgage-backed securities $ 4,120 Discounted cash flow Discount rate 3.1% CPR 0 % Farmer Mac Guaranteed Securities: AgVantage $ 5,839,387 Discounted cash flow Discount rate 2.4% - 3.8% (2.7%) USDA Securities $ 11,558 Discounted cash flow Discount rate 3.2% - 5.3% (5.0%) CPR 7% - 18% (16%) As of December 31, 2017 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,814 Indicative bids Range of broker quotes 95.5% - 95.5% (95.5%) Fixed rate GSE guaranteed mortgage-backed securities $ 4,333 Discounted cash flow Discount rate 2.9% CPR —% Farmer Mac Guaranteed Securities: AgVantage $ 5,471,914 Discounted cash flow Discount rate 2.1% - 3.4% (2.4%) USDA Securities $ 13,515 Discounted cash flow Discount rate 3.6% - 5.4% (5.0%) CPR 7% - 19% (17%) 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. |
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 March 31, 2018 and December 31, 2017: Table 8.4 As of March 31, 2018 As of December 31, 2017 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 493,258 $ 493,258 $ 302,022 $ 302,022 Investment securities 2,239,715 2,238,384 2,260,969 2,260,437 Farmer Mac Guaranteed Securities 8,006,115 8,021,430 7,588,806 7,598,188 USDA Securities 2,087,775 2,139,327 2,076,396 2,131,365 Loans 5,341,228 5,302,197 5,279,225 5,266,786 Financial derivatives 5,142 5,142 7,093 7,093 Guarantee and commitment fees receivable: LTSPCs 36,558 36,035 33,871 35,718 Farmer Mac Guaranteed Securities 4,058 3,962 4,323 4,177 Financial liabilities: Notes payable: Due within one year 7,885,414 7,896,359 8,079,309 8,089,826 Due after one year 8,095,285 8,127,594 7,445,545 7,432,790 Debt securities of consolidated trusts held by third parties 1,431,475 1,463,653 1,386,652 1,404,945 Financial derivatives 22,570 22,570 26,599 26,599 Guarantee and commitment obligations: LTSPCs 35,623 35,099 32,976 34,824 Farmer Mac Guaranteed Securities 3,485 3,388 3,722 3,576 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business Segment Reporting - B
Business Segment Reporting - Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Table 9.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2018 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 14,941 $ 5,070 $ 2,537 $ 17,832 $ 2,849 $ — $ 43,229 Less: reconciling adjustments (1)(2)(3)(4) (2,401 ) (670 ) 413 (3,008 ) (462 ) 6,128 — Net effective spread 12,540 4,400 2,950 14,824 2,387 6,128 — Guarantee and commitment fees (2) 4,378 166 449 90 — (1,584 ) 3,499 Other income/(expense) (3) 557 5 5 — (139 ) (3,688 ) (3,260 ) Non-interest income/(loss) 4,935 171 454 90 (139 ) (5,272 ) 239 Provision for loan losses 431 — — — — — 431 Provision for reserve for losses (21 ) — — — — — (21 ) Other non-interest expense (4,520 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,621 ) Non-interest expense (5) (4,541 ) (1,193 ) (673 ) (1,846 ) (3,389 ) — (11,642 ) Core earnings before income taxes 13,365 3,378 2,731 13,068 (1,141 ) 856 (6) 32,257 Income tax (expense)/benefit (2,807 ) (709 ) (574 ) (2,744 ) 575 (179 ) (6,438 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 10,558 2,669 2,157 10,324 (566 ) 677 (6) 25,819 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Segment core earnings/(losses) $ 10,558 $ 2,669 $ 2,157 $ 10,324 $ (3,861 ) $ 677 (6) $ 22,524 Total assets at carrying value $ 4,306,960 $ 2,195,714 $ 1,043,335 $ 8,066,231 $ 2,784,996 $ — $ 18,397,236 Total on- and off-balance sheet program assets at principal balance $ 6,932,002 $ 2,391,739 $ 1,729,797 $ 8,325,905 — — $ 19,379,443 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (6) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Three Months Ended March 31, 2017 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 12,754 $ 5,283 $ 2,948 $ 13,502 $ 2,584 $ — $ 37,071 Less: reconciling adjustments (1)(2)(3)(4) (2,243 ) (722 ) (380 ) (887 ) (313 ) 4,545 — Net effective spread 10,511 4,561 2,568 12,615 2,271 4,545 — Guarantee and commitment fees (2) 4,295 74 492 455 — (1,472 ) 3,844 Other income/(expense) (3)(5) 194 14 5 — 267 2,472 2,952 Non-interest income/(loss) 4,489 88 497 455 267 1,000 6,796 Provision for loan losses (637 ) — — — — — (637 ) Provision for reserve for losses 193 — — — — — 193 Other non-interest expense (4,065 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,742 ) Non-interest expense (6) (3,872 ) (1,087 ) (587 ) (1,521 ) (3,482 ) — (10,549 ) Core earnings before income taxes 10,491 3,562 2,478 11,549 (944 ) 5,545 (7) 32,681 Income tax (expense)/benefit (3,672 ) (1,247 ) (867 ) (4,042 ) 984 (1,942 ) (10,786 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 6,819 2,315 1,611 7,507 40 3,603 (7) 21,895 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Non-controlling interest — — — — 15 — 15 Segment core earnings/(losses) $ 6,819 $ 2,315 $ 1,611 $ 7,507 $ (3,240 ) $ 3,603 (7) $ 18,615 Total assets at carrying value $ 3,693,360 $ 2,109,264 $ 1,005,187 $ 6,315,591 $ 2,808,355 $ — $ 15,931,757 Total on- and off-balance sheet program assets at principal balance 6,240,467 2,149,697 1,868,794 7,585,583 — — $ 17,844,541 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives and hedging activities " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Effective in fourth quarter 2017, Farmer Mac revised its methodology for calculating net effective spread, a component of core earnings, to also include the net effects of gains/(losses) due to terminations or net settlements on financial derivatives and hedging activities. All prior period information has been recast to reflect the revised methodology. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread." (5) Includes reconciling adjustments for fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. (6) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (7) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Accounting Policies - Cash and
Accounting Policies - Cash and Cash Equivalents and Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2015 | |
Other Significant Noncash Transactions [Line Items] | |||
SEC Schedule III, Real Estate, Acquisitions Through Foreclosures | $ 0 | $ 4,630 | |
Proceeds from sale of Farmer Mac Guaranteed Securities | 131,202 | 149,607 | |
Consolidation of guaranteed securities from off-balance sheet to Loans Held for Investment and Debt Securities of consolidated trusts held by third parties | 96,909 | 117,018 | |
Purchases of Investment Securities Traded, Not Yet Settled | $ 5,640 | $ 0 | |
Preferred Stock Redemption Premium | $ 8,147 |
Accounting Policies - Earnings
Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Net income attributable to common stockholders (Dilutive) | $ 22,524 | $ 18,615 | |
Stock options, SARs and restricted stock | 119 | 231 | |
Earnings Per Share, On Incremental Common Shares Attributable to Share-based Payment Arrangements | $ (0.02) | $ (0.03) | |
Weighted Average Number of Shares Outstanding, Diluted | 10,741 | 10,782 | |
Diluted earnings per common share | $ 2.1000 | $ 1.73000 | |
Earnings Per Share, Basic [Abstract] | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 22,524 | $ 18,615 | $ 47,371 |
Weighted Average Number of Shares Outstanding, Basic | 10,622 | 10,551 | |
Basic earnings per common share | $ 2.12 | $ 1.76 |
Accounting Policies - Earnin29
Accounting Policies - Earnings Per Share Anti-Dilutive (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 22,524 | $ 18,615 | $ 47,371 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 22,524 | $ 18,615 | |
Stock options, SARs and restricted stock | 119,000 | 231,000 | |
Weighted Average Number of Shares Outstanding, Basic | 10,622,000 | 10,551,000 | |
Basic earnings per common share | $ 2.12 | $ 1.76 | |
Earnings Per Share, On Incremental Common Shares Attributable to Share-based Payment Arrangements | $ (0.02) | $ (0.03) | |
Weighted Average Number of Shares Outstanding, Diluted | 10,741,000 | 10,782,000 | |
Diluted earnings per common share | $ 2.1000 | $ 1.73000 | |
Stock Options and SARs [Members] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from earnings per share (shares) | 25,062 | 50,757 | |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from earnings per share (shares) | 13,138 | 32,892 |
Accounting Policies - Changes
Accounting Policies - Changes in Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 51,085 | $ 33,758 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 27 | $ 0 | ||
Accumulated Other Comprehensive Income, Net of Tax, Adjusted Balance | 51,112 | 33,758 | ||
Other comprehensive income before reclassifications | 23,240 | 12,299 | ||
Amounts reclassified from AOCI | (2,241) | (4,513) | ||
Net comprehensive income/(loss) | 20,999 | 7,786 | ||
Ending Balance | 72,111 | 41,544 | ||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,676) | (14,387) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | ||
Accumulated Other Comprehensive Income, Net of Tax, Adjusted Balance | (1,676) | (14,387) | ||
Other comprehensive income before reclassifications | 18,187 | 12,223 | ||
Amounts reclassified from AOCI | 1,417 | 2,578 | ||
Net comprehensive income/(loss) | 16,770 | 9,645 | ||
Ending Balance | 15,094 | (4,742) | ||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Held-to-maturity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 48,236 | 45,752 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | ||
Accumulated Other Comprehensive Income, Net of Tax, Adjusted Balance | 48,236 | 45,752 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 1,035 | 2,267 | ||
Net comprehensive income/(loss) | (1,035) | (2,267) | ||
Ending Balance | 47,201 | 43,485 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 4,525 | 2,393 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 27 | 0 | ||
Accumulated Other Comprehensive Income, Net of Tax, Adjusted Balance | $ 4,552 | $ 2,393 | ||
Other comprehensive income before reclassifications | 5,053 | 76 | ||
Amounts reclassified from AOCI | (211) | (332) | ||
Net comprehensive income/(loss) | 5,264 | 408 | ||
Ending Balance | $ 9,816 | $ 2,801 |
Accounting Policies - Componen
Accounting Policies - Components of Other Comprehensive Income Loss and Related Tax Impact (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 23,022 | $ 18,804 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 4,835 | 6,581 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 18,187 | 12,223 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 23,240 | 12,299 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,241) | (4,513) |
Other Comprehensive Income (Loss), before Tax | 26,581 | 11,980 |
Other Comprehensive Income (Loss), Tax | 5,582 | 4,194 |
Other comprehensive income, net of tax | 20,999 | 7,786 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 6,396 | 117 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 1,343 | 41 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5,053 | 76 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (211) | (332) |
Other Comprehensive Income (Loss), before Tax | 6,663 | 629 |
Other Comprehensive Income (Loss), Tax | 1,399 | 221 |
Other comprehensive income, net of tax | 5,264 | 408 |
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 18,187 | 12,223 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,417 | 2,578 |
Other Comprehensive Income (Loss), before Tax | 21,228 | 14,838 |
Other Comprehensive Income (Loss), Tax | 4,458 | 5,193 |
Other comprehensive income, net of tax | 16,770 | 9,645 |
Held-to-maturity Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,035 | 2,267 |
Other Comprehensive Income (Loss), before Tax | (1,310) | (3,487) |
Other Comprehensive Income (Loss), Tax | (275) | (1,220) |
Other comprehensive income, net of tax | (1,035) | (2,267) |
Gain (Loss) on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (3,959) |
Reclassification from AOCI, Current Period, Tax | 0 | (1,386) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 2,573 |
Other Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (7) | (7) |
Reclassification from AOCI, Current Period, Tax | (2) | (2) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 5 |
Interest Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,787) | 0 |
Reclassification from AOCI, Current Period, Tax | (375) | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,412 | 0 |
Interest Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Held-to-maturity Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,310) | (3,487) |
Reclassification from AOCI, Current Period, Tax | (275) | (1,220) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,035 | 2,267 |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 267 | 512 |
Reclassification from AOCI, Current Period, Tax | 56 | 180 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (211) | $ (332) |
Accounting Policies - Consolid
Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | $ 1,441,718 | $ 1,399,827 |
Debt securities of consolidated trusts held by third parties | 1,463,653 | 1,404,945 |
Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Other Liabilities | 5,100 | |
USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized Premium/(Discount) | 300 | |
On-balance sheet [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,441,718 | 1,399,827 |
Debt securities of consolidated trusts held by third parties | 1,463,653 | |
On-balance sheet [Member] | Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,441,718 | |
Debt securities of consolidated trusts held by third parties | 1,463,653 | |
On-balance sheet [Member] | USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | |
On-balance sheet [Member] | Rural Utilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | |
On-balance sheet [Member] | Institutional Credit [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | |
Debt securities of consolidated trusts held by third parties | 0 | |
On-balance sheet [Member] | Corporate Segment [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
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 | 598,932 | |
Off-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 314,497 | |
Off-balance sheet [Member] | USDA Guarantees [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 284,435 | 254,217 |
Off-balance sheet [Member] | Rural Utilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Off-balance sheet [Member] | Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Off-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
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 | 29,900 | 30,300 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 29,596 | |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | USDA Guarantees [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 29,596 | |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Investment Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized Premium/(Discount) | 1,375 | 2,365 |
Investment Securities [Member] | On-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 | 835,202 | 783,916 |
Investment Securities [Member] | On-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Investment Securities [Member] | On-balance sheet [Member] | Rural Utilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | |
Investment Securities [Member] | On-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 835,202 | $ 783,916 |
Accounting Policies - New Acco
Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Excess Tax Benefits from Share-Based Compensation | $ 440 | $ 679 |
Payments Related to Tax Withholding for Share-based Compensation | $ 1,407 | $ 1,341 |
Investment Securities - Schedu
Investment Securities - Schedule of Investment Securities (Details) $ in Thousands | Mar. 31, 2018USD ($)position | Dec. 31, 2017USD ($)position |
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 104 | 91 |
Available-for-sale Securities [Abstract] | ||
Derivative, Notional Amount | $ 9,734,245 | $ 8,860,296 |
Investment Securities [Member] | ||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 45 | 51 |
Available-for-sale securities in a loss position for more than 12 months, qualitative disclosure, percent of amortized cost | 99.20% | |
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | $ 2,193,046 | $ 2,214,588 |
Unamortized Premium/(Discount) | 1,375 | 2,365 |
Available-for-sale Securities, Amortized Cost Basis | 2,194,421 | 2,216,953 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,712 | 4,467 |
Available-for-sale Securities, Unrealized Losses | (4,781) | (6,015) |
Available-for-sale Securities, Fair Value Disclosure | 2,193,352 | 2,215,405 |
Marketable Securities, Amortized Cost Basis | 2,239,453 | 2,261,985 |
Marketable Securities, Gross Unrealized Gains | 5,043 | 4,999 |
Marketable Securities, Gross Unrealized Losses | (4,781) | (6,015) |
Marketable Securities Unpaid Principal Balance | 2,238,078 | 2,259,620 |
Marketable Securities [Abstract] | ||
Marketable Securities | 2,239,715 | 2,260,969 |
Available-for-sale Securities [Member] | Investment Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | 1,375 | 2,365 |
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 | 19,700 | 19,700 |
Available-for-sale Securities, Amortized Cost Basis | 19,700 | 19,700 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Unrealized Losses | (690) | (886) |
Available-for-sale Securities, Fair Value Disclosure | 19,010 | 18,814 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 33,060 | 34,462 |
Available-for-sale Securities, Amortized Cost Basis | 32,917 | 34,308 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 24 | 22 |
Available-for-sale Securities, Unrealized Losses | (128) | (120) |
Available-for-sale Securities, Fair Value Disclosure | 32,813 | 34,210 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 1,305,939 | 1,289,123 |
Available-for-sale Securities, Amortized Cost Basis | 1,307,992 | 1,291,340 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,567 | 2,215 |
Available-for-sale Securities, Unrealized Losses | (1,883) | (3,368) |
Available-for-sale Securities, Fair Value Disclosure | 1,307,676 | 1,290,187 |
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 |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | (143) | (154) |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | 2,053 | 2,217 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 435 | 451 |
Available-for-sale Securities, Amortized Cost Basis | 2,464 | 2,589 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,121 | 2,230 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 4,585 | 4,819 |
Derivative, Notional Amount | 143,100 | 143,700 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 45,032 | 45,032 |
Held to Maturity; Unrealized Holding Gains | 1,331 | 532 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 46,363 | 45,564 |
Held-to-Maturity Unpaid Principal Balance | 45,032 | 45,032 |
Fixed Interest Rate [Member] | USDA Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 100,000 | |
Available-for-sale Securities, Amortized Cost Basis | 100,000 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities, Unrealized Losses | (49) | |
Available-for-sale Securities, Fair Value Disclosure | 99,951 | |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 833,912 | 770,852 |
Available-for-sale Securities, Amortized Cost Basis | 831,348 | 769,016 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Unrealized Losses | (2,080) | (1,592) |
Available-for-sale Securities, Fair Value Disclosure | 829,268 | 767,424 |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | 2,029 | 2,138 |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | USDA Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | 0 | |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | (2,564) | (1,836) |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Interest-Only-Strip [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | 4,100 | 4,300 |
Fixed Interest Rate [Member] | Held-to-maturity Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Unamortized Premium/(Discount) | $ 0 | $ 0 |
Investment Securities - Narrat
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investment Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.80% | 2.50% | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 45,032 | $ 45,032 | |
Held-to-maturity Securities, Fair Value | $ 46,363 | $ 45,564 |
Investment Securities - Unreal
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2018USD ($)position | Dec. 31, 2017USD ($)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 | $ 1,202,907 | $ 1,034,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 240,060 | 388,534 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,780) | (3,909) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ (2,001) | $ (2,106) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 104 | 91 |
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 | 99.20% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 45 | 51 |
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 | 19,010 | 18,814 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (690) | (886) |
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 | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,114 | 23,145 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (128) | (120) |
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 | 383,636 | 292,522 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 188,940 | 221,641 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (703) | (2,337) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ (1,180) | $ (1,031) |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.80% | 2.50% |
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 | $ 819,271 | $ 742,442 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,996 | 24,983 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,077) | (1,572) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3) | (20) |
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 | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 99,951 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 0 | $ (49) |
Investment Securities - Debt M
Investment Securities - Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
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 | $ 716,640 | |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 358,743 | |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 402,603 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 716,435 | |
Available-for-sale Securities, Amortized Cost Basis | 2,194,421 | $ 2,216,953 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Fair Value | 715,000 | |
Available-for-sale Securities, Due after one year through five years, Fair Value | 358,688 | |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 405,264 | |
Available-for-sale Securities, Due after ten years, Fair Value | 714,400 | |
Available-for-sale securities | $ 2,193,352 | 2,215,405 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 1.09% | |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 1.83% | |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 2.06% | |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 2.19% | |
Available-for-sale Securities, Total Weighted-Average Yield | 1.75% | |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 45,032 | 45,032 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,464 | 2,589 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale securities | 4,585 | 4,819 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Held-to-maturity Securities, Fair Value | $ 46,363 | $ 45,564 |
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.80% | 2.50% |
Farmer Mac Guaranteed Securit38
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) $ in Thousands | Mar. 31, 2018USD ($)position | Dec. 31, 2017USD ($)position |
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 104 | 91 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,001 | $ 2,106 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Unamortized Premium/(Discount) | 60,953 | |
Held-to-Maturity Securities [Abstract] | ||
Held-to-Maturity Unpaid Principal Balance | 4,248,859 | 4,181,784 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 4,309,812 | 4,244,124 |
Held to Maturity; Unrealized Holding Gains | 1,696 | 2,119 |
Held to Maturity - Unrealized Holding Loss | (68,564) | (66,471) |
Held-to-maturity Securities, Fair Value | 4,242,944 | 4,179,772 |
Available-for-sale Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | 5,861,566 | |
Available-for-sale, at fair value | 5,839,387 | |
Farmer Mac Guaranteed Securities [Member] | ||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Unamortized Premium/(Discount) | (171) | (460) |
Held-to-Maturity Securities [Abstract] | ||
Held-to-Maturity Unpaid Principal Balance | 2,182,214 | 2,126,734 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,182,043 | 2,126,274 |
Held to Maturity; Unrealized Holding Gains | 956 | 2,119 |
Held to Maturity - Unrealized Holding Loss | (16,271) | (11,502) |
Held-to-maturity Securities, Fair Value | 2,166,728 | 2,116,891 |
USDA Securities [Member] | ||
Trading Securities [Abstract] | ||
Trading, at fair value | $ 11,558 | 13,515 |
Institutional Credit [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) | $ 62,340 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 43 | 36 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 43 | 23 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 14 | 16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 32,539 | $ 37,492 |
Held-to-Maturity Securities [Abstract] | ||
Held-to-Maturity Unpaid Principal Balance | 2,152,618 | 2,096,754 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,152,143 | 2,095,975 |
Held to Maturity; Unrealized Holding Gains | 534 | 2,011 |
Held to Maturity - Unrealized Holding Loss | (16,265) | (11,429) |
Held-to-maturity Securities, Fair Value | 2,136,412 | 2,086,557 |
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities Unpaid Principal Balance | 5,861,731 | 5,496,569 |
Available-for-sale Securities, Amortized Cost Basis | 5,861,566 | 5,496,387 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 22,731 | 21,838 |
Available-for-sale Securities, Unrealized Losses | (44,910) | (46,311) |
Available-for-sale, at fair value | 5,839,387 | 5,471,914 |
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) | (475) | (779) |
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) | (165) | (182) |
USDA Guarantees [Member] | ||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Unamortized Premium/(Discount) | 300 | |
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-Maturity Securities [Abstract] | ||
Held-to-Maturity Unpaid Principal Balance | 29,596 | 29,980 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 29,900 | 30,299 |
Held to Maturity; Unrealized Holding Gains | 422 | 108 |
Held to Maturity - Unrealized Holding Loss | (6) | (73) |
Held-to-maturity Securities, Fair Value | 30,316 | 30,334 |
USDA Guarantees [Member] | USDA Securities [Member] | ||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | ||
Unamortized Premium/(Discount) | 61,124 | 62,800 |
Held-to-Maturity Securities [Abstract] | ||
Held-to-Maturity Unpaid Principal Balance | 2,066,645 | 2,055,050 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,127,769 | 2,117,850 |
Held to Maturity; Unrealized Holding Gains | 740 | 0 |
Held to Maturity - Unrealized Holding Loss | (52,293) | (54,969) |
Held-to-maturity Securities, Fair Value | 2,076,216 | 2,062,881 |
Trading Securities [Abstract] | ||
Trading Securities Unpaid Principal Balance | 11,063 | 12,966 |
Trading Securities, Debt, Amortized Cost | 11,915 | 13,888 |
Trading Securities, Unrealized Gains | 38 | 28 |
Trading Securities, Unrealized Holding Loss | (395) | (401) |
Trading, at fair value | $ 11,558 | $ 13,515 |
Trading Securities, Weighted-Average Yield | 5.31% | 5.33% |
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) | $ 304 | $ 319 |
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) | $ 852 | $ 922 |
Farmer Mac Guaranteed Securit39
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2018USD ($)position | Dec. 31, 2017USD ($)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 | $ 1,202,907 | $ 1,034,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 240,060 | 388,534 |
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 | (2,780) | (3,909) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2,001) | $ (2,106) |
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 | position | 104 | 91 |
Farmer Mac Guaranteed Securities and USDA 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 | $ 1,548,488 | $ 1,329,332 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,362,380 | 2,414,093 |
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 | (12,933) | (8,169) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (55,631) | (58,302) |
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 | 1,548,488 | 1,304,160 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 351,667 | 351,664 |
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 | (12,933) | (8,094) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,332) | (3,335) |
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 | 1,031,980 | 1,273,965 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,722,350 | 1,759,377 |
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 | (12,371) | (8,819) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (32,539) | $ (37,492) |
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 | position | 43 | 36 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 14 | 16 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position | 43 | 23 |
USDA Guarantees [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 | $ 0 | $ 24,721 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6) | 0 |
USDA Guarantees [Member] | USDA 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 | 0 | 451 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,010,713 | 2,062,429 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (52,293) | (54,967) |
Available-for-sale Securities [Member] | USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | ||
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 | 0 | (73) |
Available-for-sale Securities [Member] | USDA Guarantees [Member] | USDA Securities [Member] | ||
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 | $ 0 | $ (2) |
Farmer Mac Guaranteed Securit40
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Available-for-sale Securities (Details) - Farmer Mac Guaranteed Securities and USDA Securities [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | |
Available-for-sale Securities, Due within one year, Amortized Cost | $ 1,285,582 |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 2,421,507 |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 815,799 |
Available-for-sale Securities, Due after ten years, Amortized Cost | 1,338,678 |
Available-for-sale Securities, Amortized Cost Basis | 5,861,566 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | |
Available-for-sale Securities, Due within one year, Fair Value | 1,285,526 |
Available-for-sale Securities, Due after one year through five years, Fair Value | 2,419,021 |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 800,742 |
Available-for-sale Securities, Due after ten years, Fair Value | 1,334,098 |
Available-for-sale, at fair value | $ 5,839,387 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | |
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 2.45% |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 2.56% |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 3.03% |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 2.84% |
Available-for-sale Securities, Total Weighted-Average Yield | 2.66% |
Farmer Mac Guaranteed Securit41
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 4,309,812 | $ 4,244,124 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | ||
Held-to-maturity Securities, Fair Value | $ 4,242,944 | 4,179,772 |
Held-to-Maturity Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Yield | 3.16% | |
Held-to-Maturity Securities, Debt Maturities, After Ten Years, Weighted-Average Yield | 3.43% | |
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 | $ 866,596 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 1,352,733 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 209,070 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,182,043 | 2,126,274 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 865,637 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 1,336,793 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 204,168 | |
Held-to-maturity Securities, Fair Value | $ 2,166,728 | $ 2,116,891 |
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 | 1.79% | |
Held-to-Maturity Securities, Debt Maturities, Year Two Through Five, Weighted-Average Yield | 2.40% | |
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.75% | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | $ 1,881,413 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | $ 1,836,346 |
Farmer Mac Guaranteed Securit42
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Trading Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,001 | $ 2,106 |
USDA Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading, at fair value | 11,558 | 13,515 |
USDA Guarantees [Member] | USDA Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Debt, Amortized Cost | 11,915 | 13,888 |
Trading, at fair value | $ 11,558 | $ 13,515 |
Trading Securities, Weighted-Average Yield | 5.31% | 5.33% |
Financial Derivatives - Hedgin
Financial Derivatives - Hedging Description (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 900 |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 |
Financial Derivatives - Schedu
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Farmer Mac Guaranteed Securities and USDA Securities | $ 62,430 | $ 42,522 | |
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 9,734,245 | $ 8,860,296 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 5,142 | 7,093 | |
Financial derivatives, at fair value | (22,570) | (26,599) | |
Derivative, Collateral [Abstract] | |||
Collateral Pledged | 25,253 | 24,926 | |
Derivative Asset | 5,142 | 7,093 | |
Loans | 45,653 | 36,852 | |
Total interest expense | (76,317) | (49,546) | |
Gain (Loss) on Derivative Instruments, Net, Pretax | 3,850 | (2,486) | |
TotalAmountsofLineItemsPresentedintheConsolidatedStatementofIncome | 27,916 | 32,314 | |
Derivative Liability | 2,683 | 1,673 | |
Interest Rate Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 9,700,000 | 8,800,000 | |
Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 2,838 | (3,878) | |
Income_Expense related to interest settlements on fair value hedges | 5,450 | 5,264 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 17,221 | 1,526 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (14,383) | (5,404) | |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | (29) | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Derivative Net Interest Settlements | (1,491) | (3,192) | |
Cash Flow Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (267) | (512) | |
Premium_Discount recognized on hedged item | (2) | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (1,780) | (652) | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (2,049) | (1,193) | |
Cash [Member] | |||
Derivative, Collateral [Abstract] | |||
Obligation to Return Securities Received as Collateral | 0 | 0 | |
Collateral Pledged | 400 | 100 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Hedged Item Net Interest Settlements | 7,096 | 8,514 | |
Premium_Discount recognized on hedged item | (155) | (58) | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 2,323,209 | 2,086,347 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 804 | 5,240 | |
Financial derivatives, at fair value | $ (5,763) | $ (5,990) | |
Derivative, Average Fixed Interest Rate | 2.09% | 1.88% | |
Derivative, Average Variable Interest Rate | 1.82% | 1.40% | |
Derivative, Average Remaining Maturity | 9 years 5 days | 5 years 5 months 17 days | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | $ 2,121,700 | $ 1,559,700 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 444 | 110 | |
Financial derivatives, at fair value | $ (3,956) | $ (4,033) | |
Derivative, Average Fixed Interest Rate | 1.77% | 1.38% | |
Derivative, Average Variable Interest Rate | 1.58% | 1.45% | |
Derivative, Average Remaining Maturity | 1 year 9 months 5 days | 1 year 8 months 5 days | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | $ 380,500 | $ 365,500 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 2,878 | 1,402 | |
Financial derivatives, at fair value | $ (261) | $ (138) | |
Derivative, Average Fixed Interest Rate | 2.20% | 2.16% | |
Derivative, Average Variable Interest Rate | 2.09% | 1.74% | |
Derivative, Average Remaining Maturity | 5 years 9 months 25 days | 5 years 10 months 3 days | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | $ 50 | $ 16 | |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | 18 | 56 | |
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | (6,393) | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,075 | (6,684) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 330,709 | 345,333 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 1,062 | 339 | |
Financial derivatives, at fair value | $ (11,725) | $ (16,352) | |
Derivative, Average Fixed Interest Rate | 3.72% | 3.79% | |
Derivative, Average Variable Interest Rate | 1.81% | 1.40% | |
Derivative, Average Remaining Maturity | 6 years 9 months 5 days | 6 years 8 months 5 days | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | $ 3,256,427 | $ 3,409,916 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 0 | 0 | |
Financial derivatives, at fair value | $ 0 | $ 0 | |
Derivative, Average Fixed Interest Rate | 1.60% | 1.24% | |
Derivative, Average Variable Interest Rate | 1.73% | 1.25% | |
Derivative, Average Remaining Maturity | 10 months 10 days | 11 months | |
Not Designated as Hedging Instrument [Member] | Basis Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | $ 1,278,500 | $ 1,053,500 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 4 | 18 | |
Financial derivatives, at fair value | $ (517) | $ (106) | |
Derivative, Average Variable Interest Rate | 1.75% | 1.33% | |
Derivative, Variable Interest Rate | 1.74% | 1.42% | |
Derivative, Average Remaining Maturity | 1 year 2 months 15 days | 10 months 28 days | |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 0 | 399 | |
Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 43,200 | $ 40,000 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Financial derivatives, at fair value | 0 | 0 | |
Financial derivatives, at fair value | $ (366) | $ (36) | |
Derivative, Weighted-Average Forward Price | $ 120.29 | $ 123.96 | |
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (225) | (108) | |
Interest Income [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Interest Income [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,501 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (18,948) | ||
Interest Income [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Derivative Net Interest Settlements | (1,488) | (3,158) | |
Income_Expense related to interest settlements on fair value hedges | 12,109 | 7,117 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 20,449 | ||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | ||
Interest Income [Member] | Cash Flow Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 | |
Interest Income [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Hedged Item Net Interest Settlements | 13,597 | 10,275 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Loans and Finance Receivables [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (153) | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (6,572) | ||
Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Derivative Net Interest Settlements | (297) | (217) | |
Income_Expense related to interest settlements on fair value hedges | 1,117 | 299 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 6,419 | ||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | ||
Loans and Finance Receivables [Member] | Cash Flow Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 | |
Loans and Finance Receivables [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Hedged Item Net Interest Settlements | 1,414 | 516 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Interest Expense [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Interest Expense [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,490 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 11,137 | ||
Interest Expense [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Derivative Net Interest Settlements | 294 | 183 | |
Income_Expense related to interest settlements on fair value hedges | (7,776) | (2,152) | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | (9,647) | ||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | ||
Interest Expense [Member] | Cash Flow Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (267) | (512) | |
Premium_Discount recognized on hedged item | (2) | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (1,780) | (652) | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (2,049) | (1,164) | |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Hedged Item Net Interest Settlements | (7,915) | (2,277) | |
Premium_Discount recognized on hedged item | (155) | (58) | |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | ||
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 | |
Gain (Loss) on Derivative Instruments [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 3,850 | (6,393) | |
Gain (Loss) on Derivative Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Derivative Net Interest Settlements | 0 | 0 | |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | (3,878) | |
Income_Expense related to interest settlements on fair value hedges | 0 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 0 | 1,526 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | (5,404) | |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | (29) | ||
Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | (29) | |
Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Collateral [Abstract] | |||
Hedged Item Net Interest Settlements | 0 | 0 | |
Premium_Discount recognized on hedged item | 0 | 0 | |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,075 | (6,684) | |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 399 | |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Derivative, Collateral [Abstract] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (225) | $ (108) |
Financial Derivatives - Narrat
Financial Derivatives - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | |
Securities Purchased under Agreements to Resell | 0 | |
Financial derivatives, at fair value | 22,570 | $ 26,599 |
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 25,253 | 24,926 |
Additional Collateral, Aggregate Fair Value | 0 | 3,100 |
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 9,734,245 | 8,860,296 |
Uncollateralized [Member] | ||
Derivative [Line Items] | ||
Credit exposure to interest rate swap counterparties | 1,600 | 500 |
Cash [Member] | ||
Derivative, Collateral [Abstract] | ||
Collateral Received | 0 | 0 |
Collateral Pledged | 400 | 100 |
Securities Pledged as Collateral [Member] | ||
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 24,900 | 24,800 |
Exchange Cleared [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 8,600,000 | 7,900,000 |
Interest Rate Swap [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 9,700,000 | 8,800,000 |
Including accrued interest [Member] | Excluding netting [Member] | ||
Derivative [Line Items] | ||
Credit exposure to interest rate swap counterparties | 59,500 | 28,500 |
Financial derivatives, at fair value | 62,200 | 58,200 |
Including accrued interest [Member] | Netting [Member] | ||
Derivative [Line Items] | ||
Credit exposure to interest rate swap counterparties | 1,600 | 500 |
Financial derivatives, at fair value | $ 4,800 | $ 28,000 |
Financial Derivatives Derivativ
Financial Derivatives Derivatives in Fair Value and Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Interest Income, Operating | $ 62,430 | $ 42,522 |
Interest and Fee Income, Loans and Leases | 45,653 | 36,852 |
Total interest expense | (76,317) | (49,546) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 3,850 | (2,486) |
TotalAmountsofLineItemsPresentedintheConsolidatedStatementofIncome | 27,916 | 32,314 |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 2,838 | (3,878) |
Income_Expense related to interest settlements on fair value hedges | 5,450 | 5,264 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 17,221 | 1,526 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (14,383) | (5,404) |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium_Discount recognized on hedged item | (2) | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (267) | (512) |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (1,780) | (652) |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (2,049) | (1,193) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Item Net Interest Settlements | 7,096 | 8,514 |
Premium_Discount recognized on hedged item | (155) | (58) |
Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | (6,393) | |
Interest Income [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Interest Income [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,501 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (18,948) | |
Interest Income [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium_Discount recognized on hedged item | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 |
Interest Income [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Item Net Interest Settlements | 13,597 | 10,275 |
Premium_Discount recognized on hedged item | 0 | 0 |
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Loans and Finance Receivables [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (153) | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (6,572) | |
Loans and Finance Receivables [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium_Discount recognized on hedged item | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 |
Loans and Finance Receivables [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Item Net Interest Settlements | 1,414 | 516 |
Premium_Discount recognized on hedged item | 0 | 0 |
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Interest Expense [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Interest Expense [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,490 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 11,137 | |
Interest Expense [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium_Discount recognized on hedged item | (2) | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (267) | (512) |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | (1,780) | (652) |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (2,049) | (1,164) |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Item Net Interest Settlements | (7,915) | (2,277) |
Premium_Discount recognized on hedged item | (155) | (58) |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | |
Gain (Loss) on Derivative Instruments [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 3,850 | (6,393) |
Gain (Loss) on Derivative Instruments [Member] | Fair Value Hedging [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Derivative Net Interest Settlements | 0 | 0 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | (3,878) |
Income_Expense related to interest settlements on fair value hedges | 0 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 0 | 1,526 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | (5,404) |
Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Premium_Discount recognized on hedged item | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Hedged Item | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | (29) |
Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Item Net Interest Settlements | 0 | 0 |
Premium_Discount recognized on hedged item | 0 | 0 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Derivative Net Interest Settlements | (1,491) | (3,192) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Components Included from Assessment of Interest Rate Fair Value Hedge Effectiveness | 3,600 | |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | (300) | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,075 | (6,684) |
Interest Rate Swap [Member] | Interest Income [Member] | Fair Value Hedging [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Derivative Net Interest Settlements | (1,488) | (3,158) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income_Expense related to interest settlements on fair value hedges | 12,109 | 7,117 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 20,449 | |
Interest Rate Swap [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Interest Rate Swap [Member] | Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Derivative Net Interest Settlements | (297) | (217) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income_Expense related to interest settlements on fair value hedges | 1,117 | 299 |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | 6,419 | |
Interest Rate Swap [Member] | Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | Fair Value Hedging [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Derivative Net Interest Settlements | 294 | 183 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income_Expense related to interest settlements on fair value hedges | (7,776) | (2,152) |
Derivative Net Hedge Ineffectiveness Gain Loss Component Recognized On Derivative | (9,647) | |
Interest Rate Swap [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4,075 | (6,684) |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 399 |
Forward Contracts [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Forward Contracts [Member] | Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Forward Contracts [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Forward Contracts [Member] | Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 399 |
Future [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | (225) | (108) |
Future [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Future [Member] | Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Future [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | 0 |
Future [Member] | Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||
Line Items Presented in the Consolidated Statement of Income [Abstract] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (225) | $ (108) |
Financial Derivatives Hedged It
Financial Derivatives Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedged Liability Discontinued Fair Value Cumulative Increase Decrease | $ 400 | |
Loans [Member] | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Derivative, Amount of Hedged Item | 161,656 | $ 149,304 |
Hedged Asset Fair Value Hedge Cumulative Increase Decrease | (44) | (189) |
Long-term Debt [Member] | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Derivative, Amount of Hedged Item | (2,114,705) | (1,552,935) |
Hedged Liability Fair Value Hedge Cumulative Increase Decrease | 5,805 | 5,836 |
Farmer Mac Guaranteed Securities: | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Derivative, Amount of Hedged Item | 2,135,593 | 1,928,220 |
Hedged Asset Fair Value Hedge Cumulative Increase Decrease | $ (22,367) | $ (22,853) |
Loans and Allowance for Losse48
Loans and Allowance for Losses and Concentrations of Credit Risk - Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 3,866,844 | $ 3,873,755 | ||
Allowance for Loan and Lease Losses, Real Estate | 6,365 | 6,796 | ||
Loans and Leases Receivable, Net Amount | 5,302,197 | 5,266,786 | ||
Financing Receivable, Allowance for Credit Losses | 8,456 | 8,866 | $ 7,638 | $ 7,435 |
Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 5,317,836 | 5,275,024 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (9,274) | (1,442) | ||
Loans and Leases Receivable, Gross | 5,308,562 | 5,273,582 | ||
Allowance for Loan and Lease Losses, Real Estate | 6,365 | 6,796 | ||
Loans and Leases Receivable, Net Amount | 5,302,197 | 5,266,786 | ||
Real Estate Loan [Member] | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 4,274,359 | 4,198,733 | ||
Real Estate Loan [Member] | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 1,043,477 | 1,076,291 | ||
Unsecuritized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 3,876,118 | 3,875,197 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (9,274) | (1,442) | ||
Loans and Leases Receivable, Gross | 3,866,844 | 3,873,755 | ||
Allowance for Loan and Lease Losses, Real Estate | 5,051 | 5,493 | ||
Loans and Leases Receivable, Net Amount | 3,861,793 | 3,868,262 | ||
Unsecuritized [Member] | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 2,832,641 | 2,798,906 | ||
Unsecuritized [Member] | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 1,043,477 | 1,076,291 | ||
In Consolidated Trusts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 1,441,718 | 1,399,827 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 0 | 0 | ||
Loans and Leases Receivable, Gross | 1,441,718 | 1,399,827 | ||
Allowance for Loan and Lease Losses, Real Estate | 1,314 | 1,303 | ||
Loans and Leases Receivable, Net Amount | 1,440,404 | 1,398,524 | ||
In Consolidated Trusts [Member] | Farm & Ranch [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | 1,441,718 | 1,399,827 | ||
In Consolidated Trusts [Member] | Rural Utilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Lease Receivable Unpaid Principal Balance | $ 0 | $ 0 |
Loans and Allowance for Losse49
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Credit Losses Roll Forward (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | $ 147,493,000 | $ 147,071,000 | ||
Financing Receivable, Recorded Investment, Past Due | 47,560,000 | 48,444,000 | ||
Impaired Financing Receivable, Related Allowance | 2,708,000 | 2,884,000 | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased | 0 | 300,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 64,312,000 | 63,593,000 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Allowance for Loan Losses | 6,796,000 | |||
Beginning Balance - Reserve for Losses | 2,070,000 | |||
Beginning Balance - Total Allowance for Losses | 8,866,000 | $ 7,435,000 | ||
Release of/(provision for) loan losses | 431,000 | (637,000) | $ (2,388,000) | |
Provision for/(release of) reserve for losses | 21,000 | (193,000) | $ (2,180,000) | |
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (241,000) | ||
Total provision for losses | (410,000) | 444,000 | ||
Ending Balance - Allowance for Loan Losses | 6,365,000 | |||
Ending Balance - Reserve for Losses | 2,091,000 | |||
Ending Balance - Total Allowance for Losses | 8,456,000 | 7,638,000 | ||
Crops [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 67,307,000 | 76,726,000 | ||
Financing Receivable, Recorded Investment, Past Due | 24,561,000 | 21,853,000 | ||
Impaired Financing Receivable, Related Allowance | 1,021,000 | 1,431,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 28,211,000 | 27,630,000 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 4,081,000 | 3,365,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (228,000) | ||
Total provision for losses | (288,000) | 425,000 | ||
Ending Balance - Total Allowance for Losses | 3,793,000 | 3,562,000 | ||
Permanent Plantings [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 46,438,000 | 40,415,000 | ||
Financing Receivable, Recorded Investment, Past Due | 9,140,000 | 18,833,000 | ||
Impaired Financing Receivable, Related Allowance | 1,227,000 | 1,063,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 24,870,000 | 25,701,000 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 2,469,000 | 1,723,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Total provision for losses | 10,000 | 147,000 | ||
Ending Balance - Total Allowance for Losses | 2,479,000 | 1,870,000 | ||
Livestock [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 24,000,000 | 20,547,000 | ||
Financing Receivable, Recorded Investment, Past Due | 9,351,000 | 3,835,000 | ||
Impaired Financing Receivable, Related Allowance | 336,000 | 242,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,840,000 | 5,333,000 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 1,211,000 | 1,375,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (13,000) | ||
Total provision for losses | 25,000 | 17,000 | ||
Ending Balance - Total Allowance for Losses | 1,236,000 | 1,379,000 | ||
Part-Time Farm [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 9,037,000 | 8,663,000 | ||
Financing Receivable, Recorded Investment, Past Due | 3,872,000 | 3,923,000 | ||
Impaired Financing Receivable, Related Allowance | 122,000 | 146,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,391,000 | 4,929,000 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 481,000 | 405,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Total provision for losses | (68,000) | (81,000) | ||
Ending Balance - Total Allowance for Losses | 413,000 | 324,000 | ||
Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 606,000 | 533,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Total provision for losses | (84,000) | (61,000) | ||
Ending Balance - Total Allowance for Losses | 522,000 | 472,000 | ||
Other Commodity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 711,000 | 720,000 | ||
Financing Receivable, Recorded Investment, Past Due | 636,000 | 0 | ||
Impaired Financing Receivable, Related Allowance | 2,000 | 2,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | $ 0 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 18,000 | 34,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Total provision for losses | (5,000) | (3,000) | ||
Ending Balance - Total Allowance for Losses | 13,000 | 31,000 | ||
Allowance for Loan and Lease Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Allowance for Loan Losses | 6,796,000 | 5,415,000 | ||
Release of/(provision for) loan losses | 431,000 | (637,000) | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (241,000) | ||
Ending Balance - Allowance for Loan Losses | 6,365,000 | 5,811,000 | ||
Reserve for Off-balance Sheet Activities [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Reserve for Losses | 2,070,000 | 2,020,000 | ||
Provision for/(release of) reserve for losses | 21,000 | (193,000) | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Ending Balance - Reserve for Losses | $ 2,091,000 | $ 1,827,000 |
Loans and Allowance for Losse50
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | $ 6,784,770 | $ 6,720,503 | ||
Financing Receivable, Individually Evaluated for Impairment | 147,232 | 147,083 | ||
Financing Receivable, Gross | 6,932,002 | 6,867,586 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,748 | 5,982 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,708 | 2,884 | ||
Financing Receivable, Allowance for Credit Losses | 8,456 | $ 7,638 | 8,866 | $ 7,435 |
Total provision for losses | (410) | 444 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (241) | ||
Crops [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 3,612,630 | 3,581,213 | ||
Financing Receivable, Individually Evaluated for Impairment | 67,192 | 76,732 | ||
Financing Receivable, Gross | 3,679,822 | 3,657,945 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,772 | 2,650 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,021 | 1,431 | ||
Financing Receivable, Allowance for Credit Losses | 3,793 | 3,562 | 4,081 | 3,365 |
Total provision for losses | (288) | 425 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (228) | ||
Permanent Plantings [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,306,987 | 1,327,144 | ||
Financing Receivable, Individually Evaluated for Impairment | 46,351 | 40,419 | ||
Financing Receivable, Gross | 1,353,338 | 1,367,563 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,252 | 1,406 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,227 | 1,063 | ||
Financing Receivable, Allowance for Credit Losses | 2,479 | 1,870 | 2,469 | 1,723 |
Total provision for losses | 10 | 147 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Livestock [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,323,352 | 1,314,410 | ||
Financing Receivable, Individually Evaluated for Impairment | 23,958 | 20,548 | ||
Financing Receivable, Gross | 1,347,310 | 1,334,958 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 900 | 969 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 336 | 242 | ||
Financing Receivable, Allowance for Credit Losses | 1,236 | 1,379 | 1,211 | 1,375 |
Total provision for losses | 25 | 17 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (13) | ||
Part-Time Farm [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 460,001 | 424,964 | ||
Financing Receivable, Individually Evaluated for Impairment | 9,022 | 8,664 | ||
Financing Receivable, Gross | 469,023 | 433,628 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 291 | 335 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 122 | 146 | ||
Financing Receivable, Allowance for Credit Losses | 413 | 324 | 481 | 405 |
Total provision for losses | (68) | (81) | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 68,909 | 58,761 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Gross | 68,909 | 58,761 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 522 | 606 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 522 | 472 | 606 | 533 |
Total provision for losses | (84) | (61) | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Other Commodity [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 12,891 | 14,011 | ||
Financing Receivable, Individually Evaluated for Impairment | 709 | 720 | ||
Financing Receivable, Gross | 13,600 | 14,731 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11 | 16 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2 | 2 | ||
Financing Receivable, Allowance for Credit Losses | 13 | 31 | 18 | $ 34 |
Total provision for losses | (5) | (3) | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
On-balance sheet [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 4,142,141 | 4,066,457 | ||
Financing Receivable, Individually Evaluated for Impairment | 132,218 | 132,276 | ||
Financing Receivable, Gross | 4,274,359 | 4,198,733 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,041 | 4,285 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,324 | 2,511 | ||
Financing Receivable, Allowance for Credit Losses | 6,365 | 6,796 | ||
On-balance sheet [Member] | Crops [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 2,366,184 | 2,344,821 | ||
Financing Receivable, Individually Evaluated for Impairment | 58,314 | 67,828 | ||
Financing Receivable, Gross | 2,424,498 | 2,412,649 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,158 | 2,104 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 787 | 1,207 | ||
Financing Receivable, Allowance for Credit Losses | 2,945 | 3,311 | ||
On-balance sheet [Member] | Permanent Plantings [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 797,591 | 794,478 | ||
Financing Receivable, Individually Evaluated for Impairment | 43,960 | 38,180 | ||
Financing Receivable, Gross | 841,551 | 832,658 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 980 | 1,101 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,169 | 1,006 | ||
Financing Receivable, Allowance for Credit Losses | 2,149 | 2,107 | ||
On-balance sheet [Member] | Livestock [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 659,997 | 635,768 | ||
Financing Receivable, Individually Evaluated for Impairment | 21,206 | 17,766 | ||
Financing Receivable, Gross | 681,203 | 653,534 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 642 | 738 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 268 | 172 | ||
Financing Receivable, Allowance for Credit Losses | 910 | 910 | ||
On-balance sheet [Member] | Part-Time Farm [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 298,438 | 269,337 | ||
Financing Receivable, Individually Evaluated for Impairment | 8,103 | 7,858 | ||
Financing Receivable, Gross | 306,541 | 277,195 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 245 | 287 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 100 | 126 | ||
Financing Receivable, Allowance for Credit Losses | 345 | 413 | ||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 10,926 | 13,023 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Gross | 10,926 | 13,023 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10 | 44 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 10 | 44 | ||
On-balance sheet [Member] | Other Commodity [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 9,005 | 9,030 | ||
Financing Receivable, Individually Evaluated for Impairment | 635 | 644 | ||
Financing Receivable, Gross | 9,640 | 9,674 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6 | 11 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 6 | 11 | ||
Off-balance sheet [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 2,642,629 | 2,654,046 | ||
Financing Receivable, Individually Evaluated for Impairment | 15,014 | 14,807 | ||
Financing Receivable, Gross | 2,657,643 | 2,668,853 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,707 | 1,697 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 384 | 373 | ||
Financing Receivable, Allowance for Credit Losses | 2,091 | 2,070 | ||
Off-balance sheet [Member] | Crops [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,246,446 | 1,236,392 | ||
Financing Receivable, Individually Evaluated for Impairment | 8,878 | 8,904 | ||
Financing Receivable, Gross | 1,255,324 | 1,245,296 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 614 | 546 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 234 | 224 | ||
Financing Receivable, Allowance for Credit Losses | 848 | 770 | ||
Off-balance sheet [Member] | Permanent Plantings [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 509,396 | 532,666 | ||
Financing Receivable, Individually Evaluated for Impairment | 2,391 | 2,239 | ||
Financing Receivable, Gross | 511,787 | 534,905 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 272 | 305 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 58 | 57 | ||
Financing Receivable, Allowance for Credit Losses | 330 | 362 | ||
Off-balance sheet [Member] | Livestock [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 663,355 | 678,642 | ||
Financing Receivable, Individually Evaluated for Impairment | 2,752 | 2,782 | ||
Financing Receivable, Gross | 666,107 | 681,424 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 258 | 231 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 68 | 70 | ||
Financing Receivable, Allowance for Credit Losses | 326 | 301 | ||
Off-balance sheet [Member] | Part-Time Farm [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 161,563 | 155,627 | ||
Financing Receivable, Individually Evaluated for Impairment | 919 | 806 | ||
Financing Receivable, Gross | 162,482 | 156,433 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 46 | 48 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 22 | 20 | ||
Financing Receivable, Allowance for Credit Losses | 68 | 68 | ||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 57,983 | 45,738 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Gross | 57,983 | 45,738 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 512 | 562 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 512 | 562 | ||
Off-balance sheet [Member] | Other Commodity [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Collectively Evaluated for Impairment | 3,886 | 4,981 | ||
Financing Receivable, Individually Evaluated for Impairment | 74 | 76 | ||
Financing Receivable, Gross | 3,960 | 5,057 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5 | 5 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2 | 2 | ||
Financing Receivable, Allowance for Credit Losses | 7 | $ 7 | ||
Allowance for Loan and Lease Losses [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 0 | $ (241) |
Loans and Allowance for Losse51
Loans and Allowance for Losses and Concentrations of Credit Risk - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 35,205 | $ 31,457 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 35,135 | 31,460 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 112,288 | 115,614 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 112,097 | 115,623 | |
Impaired Financing Receivable, Recorded Investment | 147,493 | 147,071 | |
Impaired Financing Receivable, Unpaid Principal Balance | 147,232 | 147,083 | |
Impaired Financing Receivable, Related Allowance | 2,708 | 2,884 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 64,312 | 63,593 | |
Impaired Financing Receivable, Average Recorded Investment | 147,284 | $ 112,021 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 698 | 734 | |
Crops [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 18,940 | 14,417 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 18,902 | 14,418 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 48,367 | 62,309 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 48,290 | 62,314 | |
Impaired Financing Receivable, Recorded Investment | 67,307 | 76,726 | |
Impaired Financing Receivable, Unpaid Principal Balance | 67,192 | 76,732 | |
Impaired Financing Receivable, Related Allowance | 1,021 | 1,431 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 28,211 | 27,630 | |
Impaired Financing Receivable, Average Recorded Investment | 72,017 | 58,309 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 392 | 302 | |
Permanent Plantings [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,629 | 3,272 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,620 | 3,273 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 41,809 | 37,143 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 41,731 | 37,146 | |
Impaired Financing Receivable, Recorded Investment | 46,438 | 40,415 | |
Impaired Financing Receivable, Unpaid Principal Balance | 46,351 | 40,419 | |
Impaired Financing Receivable, Related Allowance | 1,227 | 1,063 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 24,870 | 25,701 | |
Impaired Financing Receivable, Average Recorded Investment | 43,427 | 31,806 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 172 | 152 | |
Livestock [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,090 | 11,171 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,074 | 11,172 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 15,910 | 9,376 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,884 | 9,376 | |
Impaired Financing Receivable, Recorded Investment | 24,000 | 20,547 | |
Impaired Financing Receivable, Unpaid Principal Balance | 23,958 | 20,548 | |
Impaired Financing Receivable, Related Allowance | 336 | 242 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,840 | 5,333 | |
Impaired Financing Receivable, Average Recorded Investment | 22,274 | 13,658 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 79 | 177 | |
Part-Time Farm [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,909 | 1,953 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,904 | 1,953 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,128 | 6,710 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,118 | 6,711 | |
Impaired Financing Receivable, Recorded Investment | 9,037 | 8,663 | |
Impaired Financing Receivable, Unpaid Principal Balance | 9,022 | 8,664 | |
Impaired Financing Receivable, Related Allowance | 122 | 146 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,391 | 4,929 | |
Impaired Financing Receivable, Average Recorded Investment | 8,850 | 8,248 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 55 | 103 | |
Agriculture Storage and Processing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | |
Other Commodity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 637 | 644 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 635 | 644 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 74 | 76 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 74 | 76 | |
Impaired Financing Receivable, Recorded Investment | 711 | 720 | |
Impaired Financing Receivable, Unpaid Principal Balance | 709 | 720 | |
Impaired Financing Receivable, Related Allowance | 2 | 2 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 716 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | $ 0 | |
Collateral Dependent Not Individually Analyzed [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 109,900 | 113,200 | |
Impaired Financing Receivable, Related Allowance | $ 2,300 | $ 2,700 | |
Impaired Financing Receivable, Impairment analysis performed percent | 75.00% | 77.00% | |
Less than 90 days past due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 20,700 | $ 15,700 |
Loans and Allowance for Losse52
Loans and Allowance for Losses and Concentrations of Credit Risk - Troubled Debt Restructurings (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Receivables [Abstract] | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 0 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 |
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | 0 | 0 |
Loans and Allowance for Losse53
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired in Transfer (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)defaulted_loan | Mar. 31, 2017USD ($)defaulted_loan | Dec. 31, 2017USD ($) | |
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 | defaulted_loan | 4 | 3 | |
Payments to Acquire Other Loans and Leases Held-for-investment | $ 721 | $ 311 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition, During the Period | 730 | 311 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 0 | 14 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 19,453 | $ 18,866 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 18,097 | $ 17,691 | |
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, UPB at acquisition | 0 | 311 | |
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, UPB at acquisition | $ 721 | $ 0 |
Loans and Allowance for Losse54
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired Delinquencies and Net Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 47,560 | $ 48,444 | |
Net credit losses (recoveries) | 16 | $ 246 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased | 0 | 300 | |
On-balance sheet [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 43,658 | 47,881 | |
Net credit losses (recoveries) | 16 | 246 | |
Off-balance sheet [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,902 | $ 563 | |
Net credit losses (recoveries) | $ 0 | $ 0 |
Loans and Allowance for Losse55
Loans and Allowance for Losses and Concentrations of Credit Risk - Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | $ 6,932,002 | $ 6,867,586 |
Financing Receivable, Recorded Investment, Past Due | 47,560 | 48,444 |
Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 6,427,560 | 6,390,271 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 283,203 | 256,008 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 221,239 | 221,307 |
Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 3,679,822 | 3,657,945 |
Financing Receivable, Recorded Investment, Past Due | 24,561 | 21,853 |
Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 3,406,953 | 3,407,108 |
Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 175,556 | 146,841 |
Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 97,313 | 103,996 |
Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,353,338 | 1,367,563 |
Financing Receivable, Recorded Investment, Past Due | 9,140 | 18,833 |
Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,225,070 | 1,250,173 |
Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 60,329 | 49,012 |
Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 67,939 | 68,378 |
Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,347,310 | 1,334,958 |
Financing Receivable, Recorded Investment, Past Due | 9,351 | 3,835 |
Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,264,647 | 1,252,160 |
Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 43,046 | 49,856 |
Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 39,617 | 32,942 |
Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 469,023 | 433,628 |
Financing Receivable, Recorded Investment, Past Due | 3,872 | 3,923 |
Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 452,691 | 411,760 |
Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 4,114 | 10,130 |
Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 12,218 | 11,738 |
Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 68,909 | 58,761 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 65,976 | 55,746 |
Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 0 | 0 |
Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,933 | 3,015 |
Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 13,600 | 14,731 |
Financing Receivable, Recorded Investment, Past Due | 636 | 0 |
Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 12,223 | 13,324 |
Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 158 | 169 |
Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,219 | 1,238 |
On-balance sheet [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 4,274,359 | 4,198,733 |
Financing Receivable, Recorded Investment, Past Due | 43,658 | 47,881 |
On-balance sheet [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 4,029,081 | 3,946,946 |
On-balance sheet [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 113,059 | 119,829 |
On-balance sheet [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 132,219 | 131,958 |
On-balance sheet [Member] | Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,424,498 | 2,412,649 |
Financing Receivable, Recorded Investment, Past Due | 24,385 | 21,702 |
On-balance sheet [Member] | Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,288,500 | 2,274,912 |
On-balance sheet [Member] | Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 77,684 | 70,063 |
On-balance sheet [Member] | Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 58,314 | 67,674 |
On-balance sheet [Member] | Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 841,551 | 832,658 |
Financing Receivable, Recorded Investment, Past Due | 9,140 | 18,833 |
On-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 774,771 | 771,600 |
On-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 22,819 | 22,878 |
On-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 43,961 | 38,180 |
On-balance sheet [Member] | Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 681,203 | 653,534 |
Financing Receivable, Recorded Investment, Past Due | 6,020 | 3,835 |
On-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 651,345 | 617,527 |
On-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 8,652 | 18,405 |
On-balance sheet [Member] | Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 21,206 | 17,602 |
On-balance sheet [Member] | Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 306,541 | 277,195 |
Financing Receivable, Recorded Investment, Past Due | 3,477 | 3,511 |
On-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 294,534 | 260,854 |
On-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 3,904 | 8,483 |
On-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 8,103 | 7,858 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 10,926 | 13,023 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 10,926 | 13,023 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 0 | 0 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 0 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 9,640 | 9,674 |
Financing Receivable, Recorded Investment, Past Due | 636 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 9,005 | 9,030 |
On-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 0 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 635 | 644 |
Off-balance sheet [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,657,643 | 2,668,853 |
Financing Receivable, Recorded Investment, Past Due | 3,902 | 563 |
Off-balance sheet [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,398,479 | 2,443,325 |
Off-balance sheet [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 170,144 | 136,179 |
Off-balance sheet [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 89,020 | 89,349 |
Off-balance sheet [Member] | Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,255,324 | 1,245,296 |
Financing Receivable, Recorded Investment, Past Due | 176 | 151 |
Off-balance sheet [Member] | Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 1,118,453 | 1,132,196 |
Off-balance sheet [Member] | Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 97,872 | 76,778 |
Off-balance sheet [Member] | Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 38,999 | 36,322 |
Off-balance sheet [Member] | Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 511,787 | 534,905 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 450,299 | 478,573 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 37,510 | 26,134 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 23,978 | 30,198 |
Off-balance sheet [Member] | Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 666,107 | 681,424 |
Financing Receivable, Recorded Investment, Past Due | 3,331 | 0 |
Off-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 613,302 | 634,633 |
Off-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 34,394 | 31,451 |
Off-balance sheet [Member] | Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 18,411 | 15,340 |
Off-balance sheet [Member] | Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 162,482 | 156,433 |
Financing Receivable, Recorded Investment, Past Due | 395 | 412 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 158,157 | 150,906 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 210 | 1,647 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 4,115 | 3,880 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 57,983 | 45,738 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 55,050 | 42,723 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 0 | 0 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 2,933 | 3,015 |
Off-balance sheet [Member] | Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 3,960 | 5,057 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Off-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 3,218 | 4,294 |
Off-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | 158 | 169 |
Off-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Gross | $ 584 | $ 594 |
Loans and Allowance for Losse56
Loans and Allowance for Losses and Concentrations of Credit Risk - Concentrations of Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 6,932,002 | $ 6,867,586 |
Financing Receivables, Borrower Exposure, Range One [Member] [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 2,404,191 | 2,379,596 |
Financing Receivables, Borrower Exposure, Range Two [Member] [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 2,663,554 | 2,627,617 |
Financing Receivables, Borrower Exposure, Range Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 887,986 | 867,574 |
Financing Receivables, Borrower Exposure, Range Four [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 571,315 | 584,896 |
Financing Receivables, Borrower Exposure, Range Five [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 404,956 | 407,903 |
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 1,328,529 | 1,322,422 |
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 | $ 1,717,932 | 1,733,671 |
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 | $ 2,395,568 | 2,385,605 |
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 | $ 1,195,017 | 1,150,914 |
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 | $ 269,716 | 248,799 |
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 | $ 25,240 | 26,175 |
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 80.01% | |
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 90.00% | |
Northwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 799,823 | 740,991 |
Southwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 2,096,948 | 2,093,213 |
Mid-North [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 2,249,763 | 2,244,094 |
Mid-South [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 901,231 | 908,603 |
Northeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 300,731 | 296,264 |
Southeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 583,506 | 584,421 |
Crops [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 3,679,822 | 3,657,945 |
Permanent Plantings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 1,353,338 | 1,367,563 |
Livestock [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 1,347,310 | 1,334,958 |
Part-Time Farm [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 469,023 | 433,628 |
Agriculture Storage and Processing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 68,909 | 58,761 |
Other Commodity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 13,600 | $ 14,731 |
Guarantees and Long Term Stan57
Guarantees and Long Term Standby Purchase Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 910,488 | $ 899,284 |
Farm & Ranch [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 314,497 | 333,511 |
USDA Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 284,435 | 254,217 |
Institutional Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 11,556 | 11,556 |
Revolving Credit Facility [Member] | Institutional Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 300,000 | $ 300,000 |
Guarantees and Long Term Stan58
Guarantees and Long Term Standby Purchase Commitments - Cash Flows from Off-balance sheet Guaranteed Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | |||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 131,202 | $ 149,607 | |
Proceeds from Fees Received | 546 | 488 | |
Payments to Acquire Loans and Leases Held-for-investment | $ (721) | $ 0 | |
Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 9 years 11 months | 10 years | |
Farmer Mac Guaranteed Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $ 3,400 | $ 3,600 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 7 months 15 days | 9 months 15 days |
Guarantees and Long Term Stan59
Guarantees and Long Term Standby Purchase Commitments - Long-Term Standby Purchase Commitments (Details) - Long-Term Standby Purchase Commitments [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 15 years 2 months 10 days | 15 years 3 months 10 days | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000,000 | $ 3,141,684 | |
Guarantee obligations issued after January 1, 2003 [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $ 35,100 | $ 34,800 |
Equity - Capital Requirements
Equity - Capital Requirements (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Capital Required for Capital Adequacy | $ 536.3 | $ 520.3 |
Capital | 673.2 | 657.1 |
Excess Capital | $ 136.9 | $ 136.8 |
Equity Narrative (Details)
Equity Narrative (Details) $ in Millions | Aug. 03, 2017USD ($) |
Common Class C, Non-Voting [Member] | |
Class of Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 5.4 |
Fair Value Disclosures - Narra
Fair Value Disclosures - Narrative (Details) - Level 3 [Member] - USD ($) $ in Billions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets and Liabilities, Fair Value Disclosure | $ 5.9 | $ 5.5 |
Fair Value, Assets and Liabilities Fair Value as Percent of Total Assets | 32.00% | 31.00% |
Fair Value, Assets and Liabilities, Fair Value as Percent of Total Financial Instruments Measured at Fair Value | 73.00% | 71.00% |
Fair Value Disclosures - Fai63
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 5,142 | $ 7,093 |
Derivative Liability | 2,683 | 1,673 |
Loans and Leases Receivable, Net Amount | 5,302,197 | 5,266,786 |
Real estate owned, at lower of cost or fair value | 123 | 139 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 5,142 | 7,093 |
Assets, Fair Value Disclosure | 8,049,439 | 7,707,927 |
Derivative Liability | 22,570 | 26,599 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 22,570 | 26,599 |
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 | 829,268 | 767,424 |
Derivative Liability | 366 | 36 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 366 | 36 |
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 | 5,142 | 7,093 |
Assets, Fair Value Disclosure | 1,346,096 | 1,431,927 |
Derivative Liability | 22,204 | 26,563 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 22,204 | 26,563 |
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 | 5,874,075 | 5,508,576 |
Derivative Liability | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 343 | 508 |
Loans and Leases Receivable, Net Amount | 343 | 508 |
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 |
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 |
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 | 343 | 508 |
Loans and Leases Receivable, Net Amount | 343 | 508 |
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 | 5,839,387 | 5,471,914 |
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 | 5,839,387 | 5,471,914 |
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 | 5,839,387 | 5,471,914 |
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 | 5,839,387 | 5,471,914 |
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 | 2,215,405 | |
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 | 767,424 | |
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 | 1,424,834 | |
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 | 23,147 | |
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 | 2,193,352 | |
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 | 829,268 | |
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 | 1,340,954 | |
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 | 23,130 | |
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 | 11,558 | 13,515 |
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 | 11,558 | 13,515 |
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 | 11,558 | 13,515 |
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 | 11,558 | 13,515 |
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 | 19,010 | 18,814 |
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 | 19,010 | 18,814 |
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 | 32,813 | 34,210 |
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 | 32,813 | 34,210 |
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] | 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 | 1,307,676 | 1,290,187 |
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 | 1,307,676 | 1,290,187 |
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 | 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 | 99,951 | |
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 | |
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 | 99,951 | |
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 | |
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 | 4,585 | 4,819 |
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 | 465 | 486 |
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 | 4,120 | 4,333 |
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 | 829,268 | 767,424 |
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 | 829,268 | 767,424 |
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 - Unobs
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - USD ($) | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 27,000 | $ 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 7,041,000 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 487,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 5,508,576,000 | 4,891,803,000 | ||
Purchases | 689,740,000 | 572,116,000 | ||
Sales | (34,293,000) | (32,589,000) | ||
Settlements | (292,350,000) | (163,723,000) | ||
Ending Balance | 5,508,576,000 | 5,874,075,000 | 5,284,591,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (18,932,000) | (3,297,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 20,847,000 | 13,240,000 | ||
Fair Value, Inputs, Level 3 [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Trading Securities, Unrealized Gains | 100,000 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 13,515,000 | 20,388,000 | ||
Purchases | 34,293,000 | 32,589,000 | ||
Sales | (34,293,000) | (32,589,000) | ||
Settlements | (1,973,000) | (1,704,000) | ||
Ending Balance | 13,515,000 | 11,558,000 | 18,602,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 16,000 | (82,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 7,041,000 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 23,147,000 | 17,730,000 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (109,000) | (112,000) | ||
Ending Balance | 23,147,000 | 23,130,000 | 22,943,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 92,000 | (1,716,000) | ||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 487,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5,471,914,000 | 4,853,685,000 | ||
Purchases | 655,447,000 | 539,527,000 | ||
Sales | 0 | 0 | ||
Settlements | (290,268,000) | (161,907,000) | ||
Ending Balance | 5,471,914,000 | 5,839,387,000 | 5,243,046,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (18,948,000) | (3,215,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 20,755,000 | 14,956,000 | ||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 0 | 0 | ||
Purchases | 34,293,000 | 32,589,000 | ||
Sales | (34,293,000) | (32,589,000) | ||
Settlements | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Trading Securities [Member] | Fair Value, Inputs, Level 3 [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 13,515,000 | 20,388,000 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1,973,000) | (1,704,000) | ||
Ending Balance | 13,515,000 | 11,558,000 | 18,602,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 16,000 | (82,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Institutional Credit [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 487,000 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 5,471,914,000 | 4,853,685,000 | ||
Purchases | 655,447,000 | 539,527,000 | ||
Sales | 0 | 0 | ||
Settlements | (290,268,000) | (161,907,000) | ||
Ending Balance | 5,471,914,000 | 5,839,387,000 | 5,243,046,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (18,948,000) | (3,215,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 20,755,000 | 14,956,000 | ||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 18,814,000 | 17,730,000 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending Balance | 18,814,000 | 19,010,000 | 18,124,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 196,000 | 394,000 | ||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 7,041,000 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 4,333,000 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (109,000) | (112,000) | ||
Ending Balance | $ 4,333,000 | 4,120,000 | 4,819,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (104,000) | $ (2,110,000) |
Fair Value Disclosures - Quant
Fair Value Disclosures - Quantitative Information (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 5,874,075 | $ 5,284,591 | $ 5,508,576 | $ 4,891,803 |
USDA Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 11,558 | $ 18,602 | 13,515 | 20,388 |
Minimum [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Market Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Range of Offered Quotes | 96.50% | 95.50% | ||
Minimum [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 2.40% | 2.10% | ||
Minimum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.20% | 3.60% | ||
Fair Value Inputs, Prepayment Rate | 7.00% | 7.00% | ||
Maximum [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Market Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Range of Offered Quotes | 96.50% | 95.50% | ||
Maximum [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.80% | 3.40% | ||
Maximum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 5.30% | 5.40% | ||
Fair Value Inputs, Prepayment Rate | 18.00% | 19.00% | ||
Weighted Average [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Market Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Range of Offered Quotes | 96.50% | 95.50% | ||
Weighted Average [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 2.70% | 2.40% | ||
Weighted Average [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Cost Approach Valuation Technique [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 5.00% | 5.00% | ||
Fair Value Inputs, Prepayment Rate | 16.00% | 17.00% | ||
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 5,839,387 | $ 5,243,046 | 5,471,914 | 4,853,685 |
Available-for-sale Securities [Member] | USDA Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | 0 |
Available-for-sale Securities [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,839,387 | 5,243,046 | 5,471,914 | 4,853,685 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 4,120 | $ 4,819 | 4,333 | 0 |
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% | ||
Available-for-sale Securities [Member] | Minimum [Member] | Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.10% | 2.90% | ||
Available-for-sale Securities [Member] | Maximum [Member] | Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.10% | 2.90% | ||
Available-for-sale Securities [Member] | Weighted Average [Member] | Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.10% | 2.90% | ||
Trading Securities [Member] | USDA Securities [Member] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 11,558 | $ 18,602 | $ 13,515 | $ 20,388 |
Fair Value Disclosures - Summa
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial derivatives | $ 5,142 | $ 7,093 |
Guarantee and commitment fees receivable: | 39,997 | 39,895 |
Derivative Liability | 2,683 | 1,673 |
Guarantee and commitment obligation | 38,487 | 38,400 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 493,258 | 302,022 |
Loans | 5,302,197 | 5,266,786 |
Financial derivatives | 5,142 | 7,093 |
Debt securities of consolidated trusts held by third parties | 1,463,653 | 1,404,945 |
Derivative Liability | 22,570 | 26,599 |
Reported Value Measurement [Member] | Investment Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,238,384 | 2,260,437 |
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8,021,430 | 7,598,188 |
Reported Value Measurement [Member] | USDA Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,139,327 | 2,131,365 |
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: | 36,035 | 35,718 |
Guarantee and commitment obligation | 35,099 | 34,824 |
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable: | 3,962 | 4,177 |
Guarantee and commitment obligation | 3,388 | 3,576 |
Reported Value Measurement [Member] | Due within one year [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 7,896,359 | 8,089,826 |
Reported Value Measurement [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 8,127,594 | 7,432,790 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 493,258 | 302,022 |
Loans | 5,341,228 | 5,279,225 |
Financial derivatives | 5,142 | 7,093 |
Debt securities of consolidated trusts held by third parties | 1,431,475 | 1,386,652 |
Derivative Liability | 22,570 | 26,599 |
Estimate of Fair Value Measurement [Member] | Investment Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,239,715 | 2,260,969 |
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8,006,115 | 7,588,806 |
Estimate of Fair Value Measurement [Member] | USDA Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,087,775 | 2,076,396 |
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: | 36,558 | 33,871 |
Guarantee and commitment obligation | 35,623 | 32,976 |
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: | 4,058 | 4,323 |
Guarantee and commitment obligation | 3,485 | 3,722 |
Estimate of Fair Value Measurement [Member] | Due within one year [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 7,885,414 | 8,079,309 |
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | $ 8,095,285 | $ 7,445,545 |
Business Segment Reporting - C
Business Segment Reporting - Core Earnings - Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | 4 | |||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | $ 43,229 | $ 37,071 | $ 125,807 | |
Less: reconciling adjustments(1)(2)(3) | 0 | 0 | 0 | |
Net Effective Spread | 0 | 0 | 0 | |
Guaranty Fee Income | 3,499 | 3,844 | 14,077 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | (3,260) | 2,952 | 6,064 | |
Non-interest income | 239 | 6,796 | 20,141 | |
Release of/(provision for) loan losses | 431 | (637) | (2,388) | |
Provision for Other Credit Losses | (21) | 193 | 2,180 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (11,621) | (10,742) | (37,662) | |
Non-interest expense | (11,642) | (10,549) | (35,482) | |
Income Tax Expense (Benefit) | (6,438) | (10,786) | (34,239) | |
Net income | 25,819 | 21,895 | 73,839 | |
Net income | 32,257 | 32,681 | 108,078 | |
Preferred Stock Dividends, Income Statement Impact | (3,295) | (3,295) | (13,182) | |
Less: Net loss attributable to non-controlling interest | 0 | 15 | (5,139) | |
Preferred Stock Redemption Premium | 8,147 | |||
Net Income (Loss) Available to Common Stockholders, Basic | 22,524 | 18,615 | 47,371 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 18,397,236 | 15,931,757 | 15,540,354 | $ 17,792,274 |
On and Off Balance Sheet Program Assets, At Principal Balance | 19,379,443 | 17,844,541 | 15,898,820 | |
Farm & Ranch [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 14,941 | 12,754 | 43,271 | |
Less: reconciling adjustments(1)(2)(3) | (2,401) | (2,243) | (5,308) | |
Net Effective Spread | 12,540 | 10,511 | 37,963 | |
Guaranty Fee Income | 4,378 | 4,295 | 15,076 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 557 | 194 | 1,039 | |
Non-interest income | 4,935 | 4,489 | 16,115 | |
Release of/(provision for) loan losses | 431 | (637) | (2,388) | |
Provision for Other Credit Losses | (21) | 193 | 2,180 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (4,520) | (4,065) | (16,876) | |
Non-interest expense | (4,541) | (3,872) | (14,696) | |
Segment core earnings before income taxes | 13,365 | 10,491 | 36,994 | |
Income Tax Expense (Benefit) | (2,807) | (3,672) | (12,956) | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 10,558 | 6,819 | 24,038 | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Less: Net loss attributable to non-controlling interest | 0 | 0 | ||
Preferred Stock Redemption Premium | 0 | |||
Segment core earnings | 10,558 | 6,819 | 24,038 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 4,306,960 | 3,693,360 | 3,041,386 | |
On and Off Balance Sheet Program Assets, At Principal Balance | 6,932,002 | 6,240,467 | 5,725,299 | |
USDA Guarantees [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 5,070 | 5,283 | 17,750 | |
Less: reconciling adjustments(1)(2)(3) | (670) | (722) | (638) | |
Net Effective Spread | 4,400 | 4,561 | 17,112 | |
Guaranty Fee Income | 166 | 74 | 17 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 5 | 14 | 100 | |
Non-interest income | 171 | 88 | 117 | |
Release of/(provision for) loan losses | 0 | 0 | 0 | |
Provision for Other Credit Losses | 0 | 0 | 0 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (1,193) | (1,087) | (3,449) | |
Non-interest expense | (1,193) | (1,087) | (3,449) | |
Segment core earnings before income taxes | 3,378 | 3,562 | 13,780 | |
Income Tax Expense (Benefit) | (709) | (1,247) | (4,826) | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 2,669 | 2,315 | 8,954 | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Less: Net loss attributable to non-controlling interest | 0 | 0 | ||
Preferred Stock Redemption Premium | 0 | |||
Segment core earnings | 2,669 | 2,315 | 8,954 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 2,195,714 | 2,109,264 | 1,977,609 | |
On and Off Balance Sheet Program Assets, At Principal Balance | 2,391,739 | 2,149,697 | 1,918,277 | |
Rural Utilities [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 2,537 | 2,948 | 11,728 | |
Less: reconciling adjustments(1)(2)(3) | 413 | (380) | (723) | |
Net Effective Spread | 2,950 | 2,568 | 11,005 | |
Guaranty Fee Income | 449 | 492 | 397 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 5 | 5 | 25 | |
Non-interest income | 454 | 497 | 422 | |
Release of/(provision for) loan losses | 0 | 0 | 0 | |
Provision for Other Credit Losses | 0 | 0 | 0 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (673) | (587) | (3,364) | |
Non-interest expense | (673) | (587) | (3,364) | |
Segment core earnings before income taxes | 2,731 | 2,478 | 8,063 | |
Income Tax Expense (Benefit) | (574) | (867) | (2,828) | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 2,157 | 1,611 | 5,235 | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Less: Net loss attributable to non-controlling interest | 0 | 0 | ||
Preferred Stock Redemption Premium | 0 | |||
Segment core earnings | 2,157 | 1,611 | 5,235 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 1,043,335 | 1,005,187 | 1,019,279 | |
On and Off Balance Sheet Program Assets, At Principal Balance | 1,729,797 | 1,868,794 | 1,530,990 | |
Institutional Credit [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 17,832 | 13,502 | 44,971 | |
Less: reconciling adjustments(1)(2)(3) | (3,008) | (887) | (1,512) | |
Net Effective Spread | 14,824 | 12,615 | 43,459 | |
Guaranty Fee Income | 90 | 455 | 1,665 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | 0 | 0 | 0 | |
Non-interest income | 90 | 455 | 1,665 | |
Release of/(provision for) loan losses | 0 | 0 | 0 | |
Provision for Other Credit Losses | 0 | 0 | 0 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (1,846) | (1,521) | (2,109) | |
Non-interest expense | (1,846) | (1,521) | (2,109) | |
Segment core earnings before income taxes | 13,068 | 11,549 | 43,015 | |
Income Tax Expense (Benefit) | (2,744) | (4,042) | (15,038) | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 10,324 | 7,507 | 27,977 | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Less: Net loss attributable to non-controlling interest | 0 | 0 | ||
Preferred Stock Redemption Premium | 0 | |||
Segment core earnings | 10,324 | 7,507 | 27,977 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 8,066,231 | 6,315,591 | 5,420,195 | |
On and Off Balance Sheet Program Assets, At Principal Balance | 8,325,905 | 7,585,583 | 6,724,254 | |
Corporate Segment [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 2,849 | 2,584 | 8,087 | |
Less: reconciling adjustments(1)(2)(3) | (462) | (313) | (198) | |
Net Effective Spread | 2,387 | 2,271 | 7,889 | |
Guaranty Fee Income | 0 | 0 | 0 | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | (139) | 267 | 74 | |
Non-interest income | (139) | 267 | 74 | |
Release of/(provision for) loan losses | 0 | 0 | 0 | |
Provision for Other Credit Losses | 0 | 0 | 0 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | (3,389) | (3,482) | (11,864) | |
Non-interest expense | (3,389) | (3,482) | (11,864) | |
Segment core earnings before income taxes | (1,141) | (944) | (3,901) | |
Income Tax Expense (Benefit) | 575 | 984 | 3,053 | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | (566) | 40 | (848) | |
Preferred Stock Dividends, Income Statement Impact | (3,295) | (3,295) | (13,182) | |
Less: Net loss attributable to non-controlling interest | 15 | (5,139) | ||
Preferred Stock Redemption Premium | 0 | |||
Segment core earnings | (3,861) | (3,240) | (19,169) | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 2,784,996 | 2,808,355 | 4,081,885 | |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||
Net interest income | 0 | 0 | 0 | |
Less: reconciling adjustments(1)(2)(3) | 6,128 | 4,545 | 8,379 | |
Net Effective Spread | 6,128 | 4,545 | 8,379 | |
Guaranty Fee Income | (1,584) | (1,472) | (3,078) | |
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees | (3,688) | 2,472 | 4,826 | |
Non-interest income | (5,272) | 1,000 | 1,748 | |
Release of/(provision for) loan losses | 0 | 0 | 0 | |
Provision for Other Credit Losses | 0 | 0 | 0 | |
Noninterest Expense, Excluding Loan, Lease and Other Losses | 0 | 0 | 0 | |
Non-interest expense | 0 | 0 | 0 | |
Segment core earnings before income taxes | 856 | 5,545 | 10,127 | |
Income Tax Expense (Benefit) | (179) | (1,942) | (1,644) | |
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 677 | 3,603 | 8,483 | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Less: Net loss attributable to non-controlling interest | 0 | 0 | ||
Preferred Stock Redemption Premium | 8,147 | |||
Segment core earnings | 677 | 3,603 | 336 | |
Segment Reporting Information, Additional Information [Abstract] | ||||
Total Assets | 0 | 0 | 0 | |
On and Off Balance Sheet Program Assets, At Principal Balance | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of I
Income Taxes - Components of Income Tax Expense (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 20.00% | 35.50% |