COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 25, 2019 | |
Entity Information [Line Items] | ||
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-14951 | |
Entity Registrant Name | FEDERAL AGRICULTURAL MORTGAGE CORPORATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 52-1578738 | |
Entity Address, Address Line One | 1999 K Street, N.W., 4th Floor, | |
Entity Address, City or Town | Washington, | |
Entity Address, Postal Zip Code | 20006 | |
Entity Address, State or Province | DC | |
City Area Code | (202) | |
Local Phone Number | 872-7700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000845877 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A, Voting [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A voting common stock | |
Trading Symbol | AGM.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,030,780 | |
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] | ||
Title of 12(b) Security | Class C non-voting common stock | |
Trading Symbol | AGM | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 9,169,154 | |
Series A Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.875% Non-Cumulative Preferred Stock, Series A | |
Trading Symbol | AGM.PRA | |
Security Exchange Name | NYSE | |
Series C Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | |
Trading Symbol | AGM.PRC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.700% Non-Cumulative Preferred Stock, Series D | |
Trading Symbol | AGM.PRD | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 396,602 | $ 425,256 |
Loans: | ||
Loans held for investment, at amortized cost | 4,760,046 | 4,004,968 |
Loans held for investment in consolidated trusts, at amortized cost | 1,563,223 | 1,517,101 |
Allowance for loan losses | (7,264) | (7,017) |
Total loans, net of allowance | 6,316,005 | 5,515,052 |
Real estate owned, at lower of cost or fair value | 1,770 | 128 |
Financial derivatives, at fair value | 7,560 | 7,487 |
Interest receivable (includes $18,811and $19,783, respectively, related to consolidated trusts) | 184,693 | 180,080 |
Guarantee and commitment fees receivable | 38,809 | 40,366 |
Deferred tax asset, net | 10,543 | 6,369 |
Prepaid expenses and other assets | 62,220 | 9,418 |
Total Assets | 20,738,160 | 18,694,328 |
Notes payable: | ||
Due within one year | 9,939,589 | 7,757,050 |
Due after one year | 8,247,829 | 8,486,647 |
Total notes payable | 18,187,418 | 16,243,697 |
Debt securities of consolidated trusts held by third parties | 1,570,862 | 1,528,957 |
Financial derivatives, at fair value | 27,429 | 19,633 |
Accrued interest payable (includes $16,077 and $17,125, respectively, related to consolidated trusts) | 108,129 | 96,743 |
Guarantee and commitment obligation | 37,246 | 38,683 |
Accounts payable and accrued expenses | 31,454 | 11,891 |
Reserve for losses | 1,880 | 2,167 |
Total Liabilities | 19,964,418 | 17,941,771 |
Commitments and Contingencies | ||
Common stock: | ||
Additional paid-in capital | 118,942 | 118,822 |
Accumulated other comprehensive income, net of tax | (12,843) | 24,956 |
Retained earnings | 428,569 | 393,351 |
Total Equity | 773,742 | 752,557 |
Total Liabilities and Equity | 20,738,160 | 18,694,328 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 58,333 | 58,333 |
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 0 | 73,044 |
Series C Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 73,382 | 73,382 |
Series D Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock | 96,659 | 0 |
Common Class A, Voting [Member] | ||
Common stock: | ||
Common Stock | 1,031 | 1,031 |
Common Class B, Voting [Member] | ||
Common stock: | ||
Common Stock | 500 | 500 |
Common Class C, Non-Voting [Member] | ||
Common stock: | ||
Common Stock | 9,169 | 9,138 |
Investment Securities [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 2,922,504 | 2,217,852 |
Held-to-maturity, at amortized cost | 45,032 | 45,032 |
Total Securities | 2,967,536 | 2,262,884 |
Farmer Mac Guaranteed Securities [Member] | ||
Assets: | ||
Available-for-sale, at fair value | 7,035,668 | 5,974,497 |
Held-to-maturity, at amortized cost | 1,579,175 | 2,096,618 |
Total Securities | 8,614,843 | 8,071,115 |
USDA Securities [Member] | ||
Assets: | ||
Held-to-maturity, at amortized cost | 2,128,378 | 2,166,174 |
Trading, at fair value | 9,201 | 9,999 |
Total Securities | $ 2,137,579 | $ 2,176,173 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Interest receivable - Consolidated Trusts amount | $ 184,693 | $ 180,080 |
Accrued interest payable - Consolidated Trusts amount | $ 108,129 | $ 96,743 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 2,400,000 | 2,400,000 |
Preferred stock, shares issued (in shares) | 2,400,000 | 2,400,000 |
Preferred stock, shares outstanding (in shares) | 2,400,000 | 2,400,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, redemption amount | $ 75,000 | $ 75,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Series D Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares outstanding (in shares) | 4,000,000 | 4,000,000 |
Common Class A, Voting [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 1,030,780 | 1,030,780 |
Common Class B, Voting [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 500,301 | 500,301 |
Common Class C, Non-Voting [Member] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares outstanding (in shares) | 9,168,893 | 9,137,550 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Interest receivable - Consolidated Trusts amount | $ 18,811 | $ 19,783 |
Accrued interest payable - Consolidated Trusts amount | $ 16,077 | $ 17,125 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Investments and cash equivalents | $ 20,156 | $ 12,095 | $ 38,863 | $ 23,558 |
Farmer Mac Guaranteed Securities and USDA Securities | 85,569 | 74,179 | 170,980 | 136,609 |
Loans | 59,403 | 49,396 | 110,800 | 95,049 |
Total interest income | 165,128 | 135,670 | 320,643 | 255,216 |
Total interest expense | 122,074 | 91,737 | 236,990 | 168,054 |
Net interest income | 43,054 | 43,933 | 83,653 | 87,162 |
(Provision for)/release of loan losses | (578) | (424) | (314) | 7 |
Net interest income after (provision for)/release of loan losses | 42,476 | 43,509 | 83,339 | 87,169 |
Non-interest income: | ||||
Guarantee and commitment fees | 3,403 | 3,481 | 6,916 | 6,980 |
Gains/(losses) on financial derivatives | 8,913 | 2,534 | 8,553 | (1,316) |
Gains on trading securities | 61 | 11 | 105 | 27 |
Gains on sale of real estate owned | 0 | 34 | 0 | 34 |
Other income | 355 | 320 | 848 | 894 |
Non-interest income | 12,732 | 6,380 | 16,422 | 6,619 |
Non-interest expense: | ||||
Compensation and employee benefits | 6,770 | 6,936 | 14,376 | 13,590 |
General and administrative | 4,689 | 5,202 | 9,285 | 9,528 |
Regulatory fees | 687 | 625 | 1,375 | 1,250 |
Real estate owned operating costs, net | 64 | 0 | 64 | 16 |
(Release of)/provision for reserve for losses | (158) | 158 | (287) | 179 |
Non-interest expense | 12,052 | 12,921 | 24,813 | 24,563 |
Income before income taxes | 43,156 | 36,968 | 74,948 | 69,225 |
Income tax expense | 9,111 | 7,332 | 15,733 | 13,770 |
Net income | 34,045 | 29,636 | 59,215 | 55,455 |
Net income attributable to Farmer Mac | 34,045 | 29,636 | 59,215 | 55,455 |
Preferred stock dividends | (3,785) | (3,296) | (7,081) | (6,591) |
Loss on retirement of preferred stock | (1,956) | 0 | (1,956) | 0 |
Net income attributable to common stockholders | $ 28,304 | $ 26,340 | $ 50,178 | $ 48,864 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 2.65 | $ 2.47 | $ 4.70 | $ 4.59 |
Diluted earnings per common share (in dollars per share) | $ 2.63 | $ 2.45 | $ 4.66 | $ 4.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 34,045 | $ 29,636 | $ 59,215 | $ 55,455 |
Other comprehensive income before taxes: | ||||
Net unrealized (losses)/gains on available-for-sale securities | (28,588) | 996 | (25,347) | 22,224 |
Net changes in held-to-maturity securities | (4,601) | (1,546) | (6,863) | (2,856) |
Net unrealized (losses)/gains on cash flow hedges | (9,972) | 2,194 | (15,637) | 8,857 |
Other comprehensive (loss)/income before tax | (43,161) | 1,644 | (47,847) | 28,225 |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 9,064 | (345) | 10,048 | (5,927) |
Other comprehensive (loss)/income net of tax | (34,097) | 1,299 | (37,799) | 22,298 |
Comprehensive (loss)/income attributable to Farmer Mac | $ (52) | $ 30,935 | $ 21,416 | $ 77,753 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Class C, Non-Voting [Member] | Series B Preferred Stock [Member] | Series D Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [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] | Retained Earnings [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cumulative effect from change in hedge accounting | $ 498 | $ 27 | $ 471 | ||||||||||
Adjusted Beginning Balance | 708,644 | $ 204,759 | $ 10,619 | $ 118,979 | 51,112 | 323,175 | |||||||
Beginning balance ( in shares) 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 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 25,819 | 25,819 | |||||||||||
Other comprehensive loss, net of tax | 20,999 | 20,999 | |||||||||||
Preferred stock | (3,295) | (3,295) | |||||||||||
Common stock | (6,161) | (6,161) | |||||||||||
Issuance of stock (in shares) | 31 | ||||||||||||
Issuance of stock | $ 34 | $ 31 | $ 3 | ||||||||||
Stock-based compensation cost | 664 | 664 | |||||||||||
Other stock-based award activity | (1,438) | (1,438) | |||||||||||
Ending balance (in shares) 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 | |||||||
Beginning balance ( in shares) 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 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 55,455 | ||||||||||||
Other comprehensive loss, net of tax | 22,298 | ||||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||||
Ending balance (in shares) at Jun. 30, 2018 | 8,400 | 10,667 | |||||||||||
Ending balance at Jun. 30, 2018 | 766,212 | $ 204,759 | $ 10,667 | 117,684 | 73,410 | 359,692 | |||||||
Beginning balance ( in shares) at Mar. 31, 2018 | 8,400 | 10,650 | |||||||||||
Beginning balance at Mar. 31, 2018 | 745,266 | $ 204,759 | $ 10,650 | 118,208 | 72,111 | 339,538 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 29,636 | 29,636 | |||||||||||
Other comprehensive loss, net of tax | 1,299 | 1,299 | |||||||||||
Preferred stock | (3,296) | (3,296) | |||||||||||
Common stock | (6,186) | (6,186) | |||||||||||
Issuance of stock (in shares) | 17 | ||||||||||||
Issuance of stock | 21 | $ 17 | 4 | ||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||||
Stock-based compensation cost | 605 | 605 | |||||||||||
Other stock-based award activity | (1,133) | (1,133) | |||||||||||
Ending balance (in shares) at Jun. 30, 2018 | 8,400 | 10,667 | |||||||||||
Ending balance at Jun. 30, 2018 | 766,212 | $ 204,759 | $ 10,667 | 117,684 | 73,410 | 359,692 | |||||||
Beginning balance ( in shares) at Dec. 31, 2018 | 8,400 | 10,669 | |||||||||||
Beginning balance at Dec. 31, 2018 | 752,557 | $ 204,759 | $ 10,669 | 118,822 | 24,956 | 393,351 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 25,170 | 25,170 | |||||||||||
Other comprehensive loss, net of tax | (3,702) | (3,702) | |||||||||||
Preferred stock | (3,296) | (3,296) | |||||||||||
Common stock | (7,470) | (7,470) | |||||||||||
Issuance of stock (in shares) | 20 | ||||||||||||
Issuance of stock | 23 | $ 20 | 3 | ||||||||||
Stock-based compensation cost | 724 | 724 | |||||||||||
Other stock-based award activity | (708) | (708) | |||||||||||
Ending balance (in shares) at Mar. 31, 2019 | 8,400 | 10,689 | |||||||||||
Ending balance at Mar. 31, 2019 | 763,298 | $ 204,759 | $ 10,689 | 118,841 | 21,254 | 407,755 | |||||||
Beginning balance ( in shares) at Dec. 31, 2018 | 8,400 | 10,669 | |||||||||||
Beginning balance at Dec. 31, 2018 | 752,557 | $ 204,759 | $ 10,669 | 118,822 | 24,956 | 393,351 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 59,215 | ||||||||||||
Other comprehensive loss, net of tax | (37,799) | ||||||||||||
Loss on retirement of preferred stock | (1,956) | ||||||||||||
Ending balance (in shares) at Jun. 30, 2019 | 9,400 | 10,700 | |||||||||||
Ending balance at Jun. 30, 2019 | 773,742 | $ 228,374 | $ 10,700 | 118,942 | (12,843) | 428,569 | |||||||
Beginning balance ( in shares) at Mar. 31, 2019 | 8,400 | 10,689 | |||||||||||
Beginning balance at Mar. 31, 2019 | 763,298 | $ 204,759 | $ 10,689 | 118,841 | 21,254 | 407,755 | |||||||
Net income: | |||||||||||||
Net income attributable to Farmer Mac | 34,045 | 34,045 | |||||||||||
Other comprehensive loss, net of tax | (34,097) | (34,097) | |||||||||||
Preferred stock | (3,785) | (3,785) | |||||||||||
Common stock | (7,490) | (7,490) | |||||||||||
Issuance of stock (in shares) | 4,000 | 11 | |||||||||||
Issuance of stock | $ 14 | $ 96,659 | $ 96,659 | $ 11 | $ 3 | ||||||||
Redemption of Series B preferred stock (in shares) | (3,000) | ||||||||||||
Redemption of Series B preferred stock | $ (73,044) | $ (73,044) | |||||||||||
Loss on retirement of preferred stock | (1,956) | ||||||||||||
Stock-based compensation cost | 533 | 533 | |||||||||||
Other stock-based award activity | (435) | (435) | |||||||||||
Ending balance (in shares) at Jun. 30, 2019 | 9,400 | 10,700 | |||||||||||
Ending balance at Jun. 30, 2019 | $ 773,742 | $ 228,374 | $ 10,700 | $ 118,942 | $ (12,843) | $ 428,569 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends per common share (in dollars per share) | $ 0.70 | $ 0.70 | $ 0.58 | $ 0.58 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 59,215 | $ 55,455 |
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 | (4,922) | 1,536 |
Amortization of debt premiums, discounts and issuance costs | 24,022 | 13,701 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | (208,213) | 26,100 |
Gain on sale of real estate owned | 0 | (34) |
Total provision for losses | 27 | 172 |
Excess tax benefits related to stock-based awards | 259 | 903 |
Deferred income taxes | 5,874 | (2,457) |
Stock-based compensation expense | 1,257 | 1,269 |
Proceeds from repayment of loans purchased as held for sale | 23,239 | 62,078 |
Net change in: | ||
Interest receivable | (4,578) | (879) |
Guarantee and commitment fees receivable | 120 | 8 |
Other assets | (9,006) | (12,877) |
Accrued interest payable | 11,386 | 13,104 |
Other liabilities | 651 | 4,075 |
Net cash (used by)/provided by operating activities | (100,669) | 162,154 |
Cash flows from investing activities: | ||
Purchases of loans held for investment | (1,101,705) | (491,858) |
Proceeds from repayment of loans purchased as held for investment | 330,387 | 335,808 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 166,351 | 196,290 |
Proceeds from sale of real estate owned | 0 | 101 |
Net cash used by investing activities | (1,741,530) | (608,357) |
Cash flows from financing activities: | ||
Payments to third parties on debt securities of consolidated trusts | (80,820) | (72,752) |
Proceeds from common stock issuance | 6 | 7 |
Retirement of Series B preferred stock | (75,000) | 0 |
Proceeds from Series D preferred stock issuance, net of stock issuance costs | 96,659 | 0 |
Tax payments related to share-based awards | (1,112) | (2,523) |
Dividends paid on common and preferred stock | (22,041) | (18,939) |
Net cash provided by financing activities | 1,813,545 | 574,993 |
Net change in cash and cash equivalents | (28,654) | 128,790 |
Cash and cash equivalents at beginning of period | 425,256 | 302,022 |
Cash and cash equivalents at end of period | 396,602 | 430,812 |
Non-cash activity: | ||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 166,351 | 196,290 |
Consolidation of Farmer Mac Guaranteed Securities from off-balance sheet to loans held for investment in consolidated trusts and to debt securities of consolidated trusts held by third parties | 118,004 | 116,983 |
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 4,721 | 721 |
Maturity of investment security - not yet settled | (35,075) | 0 |
Purchases of securities - traded, not yet settled | 10,000 | 48,600 |
Medium-term Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of discount notes and medium-term notes | 4,467,265 | 4,103,234 |
Payments to redeem notes | (3,106,538) | (3,313,236) |
Notes Payable to Banks [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of discount notes and medium-term notes | 28,265,587 | 21,036,787 |
Payments to redeem notes | (27,730,461) | (21,157,585) |
Investment Securities [Member] | ||
Cash flows from investing activities: | ||
Purchases of securities | (1,217,901) | (539,667) |
Proceeds from repayment of securities | 500,462 | 403,018 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Cash flows from investing activities: | ||
Purchases of securities | (1,660,280) | (1,843,294) |
Proceeds from repayment of securities | $ 1,241,156 | $ 1,331,245 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2018 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2018 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 2018 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, 2018 filed with the SEC on February 21, 2019. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six months ended June 30, 2019 . Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. The following tables present, by line of business, details about the consolidation of VIEs: Table 1.1 Consolidation of Variable Interest Entities As of June 30, 2019 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 $ 1,563,223 $ — $ — $ — $ — $ 1,563,223 Debt securities of consolidated trusts held by third parties (1) 1,570,862 — — — — 1,570,862 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 33,778 — — — 33,778 Maximum exposure to loss (3) — 33,583 — — — 33,583 Investment securities: Carrying value (4) — — — — 1,115,618 1,115,618 Maximum exposure to loss (3) (4) — — — — 1,117,506 1,117,506 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 121,064 398,710 — — — 519,774 (1) Includes borrower remittances of $7.6 million . The borrower remittances had not been passed through to third party investors as of June 30, 2019 . (2) Includes $0.2 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, 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 $ 1,517,101 $ — $ — $ — $ — $ 1,517,101 Debt securities of consolidated trusts held by third parties (1) 1,528,957 — — — — 1,528,957 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 27,627 — — — 27,627 Maximum exposure to loss (3) — 27,383 — — — 27,383 Investment securities: Carrying value (4) — — — — 1,000,942 1,000,942 Maximum exposure to loss (3) (4) — — — — 1,003,968 1,003,968 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 135,862 367,684 — — — 503,546 (1) Includes borrower remittances of $11.9 million . The borrower remittances had not been passed through to third party investors as of December 31, 2018 . (2) Includes $0.2 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. Earnings Per Common Share Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock awards. The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2019 and 2018: Table 1.2 For the Three Months Ended June 30, 2019 June 30, 2018 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 28,304 10,698 $ 2.65 $ 26,340 10,658 $ 2.47 Effect of dilutive securities (1) SARs and restricted stock — 72 (0.02 ) — 84 (0.02 ) Diluted EPS $ 28,304 10,770 $ 2.63 $ 26,340 10,742 $ 2.45 (1) For the three months ended June 30, 2019 and 2018, SARs and restricted stock of 62,660 and 0 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2019 and 2018, contingent shares of unvested restricted stock of 12,284 and 13,138 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. For the Six Months Ended June 30, 2019 June 30, 2018 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 50,178 10,684 $ 4.70 $ 48,864 10,640 $ 4.59 Effect of dilutive securities (1) SARs and restricted stock — 90 (0.04 ) — 102 (0.04 ) Diluted EPS $ 50,178 10,774 $ 4.66 $ 48,864 10,742 $ 4.55 (1) For the six months ended June 30, 2019 and 2018, SARs and restricted stock of 59,818 and 25,062 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2019 and 2018, contingent shares of unvested restricted stock of 12,284 and 13,138 , 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 and six months ended June 30, 2019 and 2018: Table 1.3 As of June 30, 2019 As of June 30, 2018 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ (22,800 ) $ 41,656 $ 2,398 $ 21,254 $ 15,094 $ 47,201 $ 9,816 $ 72,111 Other comprehensive (loss)/income before reclassifications (21,711 ) — (7,512 ) (29,223 ) 2,209 — 1,778 3,987 Amounts reclassified from AOCI (873 ) (3,635 ) (366 ) (4,874 ) (1,421 ) (1,222 ) (45 ) (2,688 ) Net comprehensive (loss)/income (22,584 ) (3,635 ) (7,878 ) (34,097 ) 788 (1,222 ) 1,733 1,299 Ending Balance $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 For the Six Months Ended: Beginning Balance $ (25,360 ) $ 43,443 $ 6,873 $ 24,956 $ (1,676 ) $ 48,236 $ 4,525 $ 51,085 Cumulative effect from change in hedge accounting — — — — — — 27 27 Adjusted Beginning Balance (25,360 ) 43,443 6,873 24,956 (1,676 ) 48,236 4,552 51,112 Other comprehensive (loss)/income before reclassifications (18,393 ) — (11,608 ) (30,001 ) 20,396 — 6,831 27,227 Amounts reclassified from AOCI (1,631 ) (5,422 ) (745 ) (7,798 ) (2,838 ) (2,257 ) 166 (4,929 ) Net comprehensive (loss)/income (20,024 ) (5,422 ) (12,353 ) (37,799 ) 17,558 (2,257 ) 6,997 22,298 Ending Balance $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and six months ended June 30, 2019 and 2018: Table 1.4 For the Three Months Ended June 30, 2019 June 30, 2018 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale-securities $ (27,482 ) $ (5,771 ) $ (21,711 ) $ 2,795 $ 586 $ 2,209 Less reclassification adjustments included in: Net interest income (1) (956 ) (201 ) (755 ) (1,791 ) (376 ) (1,415 ) Other income (2) (150 ) (32 ) (118 ) (8 ) (2 ) (6 ) Total $ (28,588 ) $ (6,004 ) $ (22,584 ) $ 996 $ 208 $ 788 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (4,601 ) (966 ) (3,635 ) (1,546 ) (324 ) (1,222 ) Total $ (4,601 ) $ (966 ) $ (3,635 ) $ (1,546 ) $ (324 ) $ (1,222 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (9,510 ) $ (1,998 ) (7,512 ) $ 2,251 $ 473 1,778 Less reclassification adjustments included in: Net interest income (4) (462 ) (96 ) (366 ) (57 ) (12 ) (45 ) Total $ (9,972 ) $ (2,094 ) $ (7,878 ) $ 2,194 $ 461 $ 1,733 Other comprehensive (loss)/income $ (43,161 ) $ (9,064 ) $ (34,097 ) $ 1,644 $ 345 $ 1,299 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Six Months Ended June 30, 2019 June 30, 2018 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale-securities $ (23,282 ) $ (4,889 ) $ (18,393 ) $ 25,817 $ 5,421 $ 20,396 Less reclassification adjustments included in: Net interest income (1) (1,909 ) (401 ) (1,508 ) (3,578 ) (752 ) (2,826 ) Other income (2) (156 ) (33 ) (123 ) (15 ) (3 ) (12 ) Total $ (25,347 ) $ (5,323 ) $ (20,024 ) $ 22,224 $ 4,666 $ 17,558 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (6,863 ) (1,441 ) (5,422 ) (2,856 ) (599 ) (2,257 ) Total $ (6,863 ) $ (1,441 ) $ (5,422 ) $ (2,856 ) $ (599 ) $ (2,257 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (14,695 ) $ (3,087 ) (11,608 ) $ 8,647 $ 1,816 6,831 Less reclassification adjustments included in: Net interest income (4) (942 ) (197 ) (745 ) 210 44 166 Total $ (15,637 ) $ (3,284 ) $ (12,353 ) $ 8,857 $ 1,860 $ 6,997 Other comprehensive (loss)/income $ (47,847 ) $ (10,048 ) $ (37,799 ) $ 28,225 $ 5,927 $ 22,298 (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 Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-02 , Leases (Topic 842) This Update provides new guidance intended to improve financial reporting about leasing transactions. This Update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. It also requires new disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. January 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update 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, as well as require entities to use forward-looking information to form their credit loss estimates. January 1, 2020 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. The impact will primarily result from the new requirements to recognize all expected losses rather than just incurred losses as of the reporting date. ASU 2017-08 , Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. There is no required accounting change for securities held at a discount in this ASU. January 1, 2020 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. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 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. ASU 2018-15 , Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). January 1, 2020 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. (d) Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's investment securities as of June 30, 2019 and December 31, 2018: Table 2.1 As of June 30, 2019 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 $ — $ (492 ) $ 19,208 Floating rate asset-backed securities 26,118 (123 ) 25,995 — (193 ) 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities 1,601,067 1,354 1,602,421 4,168 (3,219 ) 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities 335 — 335 23 — 358 Fixed rate U.S. Treasuries 1,277,187 (5,479 ) 1,271,708 2,067 (9 ) 1,273,766 Total available-for-sale 2,924,407 (4,248 ) 2,920,159 6,258 (3,913 ) 2,922,504 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 729 — 45,761 Total investment securities $ 2,969,439 $ (4,248 ) $ 2,965,191 $ 6,987 $ (3,913 ) $ 2,968,265 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of June 30, 2019 . As of December 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 $ — $ (985 ) $ 18,715 Floating rate asset-backed securities 28,940 (136 ) 28,804 2 (128 ) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267 ) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882 ) 793,031 119 (548 ) 792,602 Total available-for-sale 2,226,409 (3,489 ) 2,222,920 860 (5,928 ) 2,217,852 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489 ) $ 2,267,952 $ 1,422 $ (5,928 ) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018 . Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and six months ended June 30, 2019 and 2018. As of June 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,208 $ (492 ) Floating rate asset-backed securities 8,978 (65 ) 16,824 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 376,791 (1,270 ) 281,180 (1,949 ) Fixed rate U.S. Treasuries 79,700 (9 ) — — Total $ 465,469 $ (1,344 ) $ 317,212 $ (2,569 ) Number of securities in loss position 37 46 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985 ) Floating rate asset-backed securities 6,456 (38 ) 19,058 (90 ) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907 ) 196,416 (1,360 ) Fixed rate U.S. Treasuries 499,581 (336 ) 81,597 (212 ) Total $ 1,433,453 $ (3,281 ) $ 315,786 $ (2,647 ) Number of securities in loss position 72 48 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 June 30, 2019 and December 31, 2018, 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 June 30, 2019 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one floating rate asset-backed security with a book value of $1.7 million and a fair value of $1.7 million that had a rating of "B." As of December 31, 2018, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2019 that is, on average, approximately 99.2% 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 June 30, 2019 and December 31, 2018. 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,265,454 $ 1,267,431 1.41% Due after one year through five years 212,838 212,891 2.89% Due after five years through ten years 761,882 760,584 2.84% Due after ten years 679,985 681,598 3.01% Total $ 2,920,159 $ 2,922,504 2.26% 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 June 30, 2019 and December 31, 2018: Table 3.1 As of June 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,545,629 $ (232 ) $ 1,545,397 $ 14,003 $ (1,593 ) $ 1,557,807 Farmer Mac Guaranteed USDA Securities 33,583 195 33,778 624 — 34,402 Total Farmer Mac Guaranteed Securities 1,579,212 (37 ) 1,579,175 14,627 (1,593 ) 1,592,209 USDA Securities 2,080,284 48,094 2,128,378 6,211 (1,924 ) 2,132,665 Total held-to-maturity $ 3,659,496 $ 48,057 $ 3,707,553 $ 20,838 $ (3,517 ) $ 3,724,874 Available-for-sale: AgVantage $ 6,923,464 $ (149 ) $ 6,923,315 $ 143,685 $ (31,332 ) $ 7,035,668 Trading: USDA Securities (1) $ 8,818 $ 570 $ 9,388 $ 15 $ (202 ) $ 9,201 (1) The trading USDA securities had a weighted average yield of 5.23% as of June 30, 2019 . As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194 ) $ 2,068,991 $ 2,637 $ (11,948 ) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948 ) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227 ) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175 ) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204 ) $ 6,003,529 $ 22,335 $ (51,367 ) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313 ) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018 . As of June 30, 2019 and December 31, 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2019 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 $ — $ — $ 480,032 $ (1,593 ) USDA Securities — — 285,968 (1,924 ) Total held-to-maturity $ — $ — $ 766,000 $ (3,517 ) Available-for-sale: AgVantage $ 921,296 $ (6,351 ) $ 1,378,063 $ (24,981 ) As of December 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 $ 669,610 $ (1,760 ) $ 976,318 $ (10,188 ) USDA Securities 38,203 (696 ) 2,065,743 (61,531 ) Total held-to-maturity $ 707,813 $ (2,456 ) $ 3,042,061 $ (71,719 ) Available-for-sale: AgVantage $ 1,480,423 $ (9,364 ) $ 1,599,679 $ (42,003 ) The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to June 30, 2019 and December 31, 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both June 30, 2019 and December 31, 2018 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 28 and 38 available-for-sale securities as of June 30, 2019 and December 31, 2018, respectively. There were 11 and 43 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 , 16 available-for-sale AgVantage securities had been in a loss position for more than 12 months. As of December 31, 2018 , 21 available-for-sale AgVantage securities had been in a loss position for more than 12 months. 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-temporarily impaired as of either June 30, 2019 or December 31, 2018. 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 and six months ended June 30, 2019 and 2018, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities or 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 June 30, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 586,896 $ 586,944 2.92 % Due after one year through five years 3,432,197 3,466,313 3.09 % Due after five years through ten years 1,347,781 1,383,218 3.26 % Due after ten years 1,556,441 1,599,193 3.55 % Total $ 6,923,315 $ 7,035,668 3.21 % As of June 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 539,516 $ 538,274 2.24 % Due after one year through five years 1,094,543 1,108,105 3.32 % Due after five years through ten years 203,660 203,644 3.48 % Due after ten years 1,869,834 1,874,851 3.63 % Total $ 3,707,553 $ 3,724,874 3.33 % |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
FARMER MAC GUARANTEED SECURITES AND USDA SECURITIES | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's investment securities as of June 30, 2019 and December 31, 2018: Table 2.1 As of June 30, 2019 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 $ — $ (492 ) $ 19,208 Floating rate asset-backed securities 26,118 (123 ) 25,995 — (193 ) 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities 1,601,067 1,354 1,602,421 4,168 (3,219 ) 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities 335 — 335 23 — 358 Fixed rate U.S. Treasuries 1,277,187 (5,479 ) 1,271,708 2,067 (9 ) 1,273,766 Total available-for-sale 2,924,407 (4,248 ) 2,920,159 6,258 (3,913 ) 2,922,504 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 729 — 45,761 Total investment securities $ 2,969,439 $ (4,248 ) $ 2,965,191 $ 6,987 $ (3,913 ) $ 2,968,265 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of June 30, 2019 . As of December 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 $ — $ (985 ) $ 18,715 Floating rate asset-backed securities 28,940 (136 ) 28,804 2 (128 ) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267 ) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882 ) 793,031 119 (548 ) 792,602 Total available-for-sale 2,226,409 (3,489 ) 2,222,920 860 (5,928 ) 2,217,852 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489 ) $ 2,267,952 $ 1,422 $ (5,928 ) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018 . Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and six months ended June 30, 2019 and 2018. As of June 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,208 $ (492 ) Floating rate asset-backed securities 8,978 (65 ) 16,824 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 376,791 (1,270 ) 281,180 (1,949 ) Fixed rate U.S. Treasuries 79,700 (9 ) — — Total $ 465,469 $ (1,344 ) $ 317,212 $ (2,569 ) Number of securities in loss position 37 46 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985 ) Floating rate asset-backed securities 6,456 (38 ) 19,058 (90 ) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907 ) 196,416 (1,360 ) Fixed rate U.S. Treasuries 499,581 (336 ) 81,597 (212 ) Total $ 1,433,453 $ (3,281 ) $ 315,786 $ (2,647 ) Number of securities in loss position 72 48 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 June 30, 2019 and December 31, 2018, 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 June 30, 2019 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one floating rate asset-backed security with a book value of $1.7 million and a fair value of $1.7 million that had a rating of "B." As of December 31, 2018, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2019 that is, on average, approximately 99.2% 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 June 30, 2019 and December 31, 2018. 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,265,454 $ 1,267,431 1.41% Due after one year through five years 212,838 212,891 2.89% Due after five years through ten years 761,882 760,584 2.84% Due after ten years 679,985 681,598 3.01% Total $ 2,920,159 $ 2,922,504 2.26% 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 June 30, 2019 and December 31, 2018: Table 3.1 As of June 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,545,629 $ (232 ) $ 1,545,397 $ 14,003 $ (1,593 ) $ 1,557,807 Farmer Mac Guaranteed USDA Securities 33,583 195 33,778 624 — 34,402 Total Farmer Mac Guaranteed Securities 1,579,212 (37 ) 1,579,175 14,627 (1,593 ) 1,592,209 USDA Securities 2,080,284 48,094 2,128,378 6,211 (1,924 ) 2,132,665 Total held-to-maturity $ 3,659,496 $ 48,057 $ 3,707,553 $ 20,838 $ (3,517 ) $ 3,724,874 Available-for-sale: AgVantage $ 6,923,464 $ (149 ) $ 6,923,315 $ 143,685 $ (31,332 ) $ 7,035,668 Trading: USDA Securities (1) $ 8,818 $ 570 $ 9,388 $ 15 $ (202 ) $ 9,201 (1) The trading USDA securities had a weighted average yield of 5.23% as of June 30, 2019 . As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194 ) $ 2,068,991 $ 2,637 $ (11,948 ) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948 ) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227 ) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175 ) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204 ) $ 6,003,529 $ 22,335 $ (51,367 ) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313 ) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018 . As of June 30, 2019 and December 31, 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2019 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 $ — $ — $ 480,032 $ (1,593 ) USDA Securities — — 285,968 (1,924 ) Total held-to-maturity $ — $ — $ 766,000 $ (3,517 ) Available-for-sale: AgVantage $ 921,296 $ (6,351 ) $ 1,378,063 $ (24,981 ) As of December 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 $ 669,610 $ (1,760 ) $ 976,318 $ (10,188 ) USDA Securities 38,203 (696 ) 2,065,743 (61,531 ) Total held-to-maturity $ 707,813 $ (2,456 ) $ 3,042,061 $ (71,719 ) Available-for-sale: AgVantage $ 1,480,423 $ (9,364 ) $ 1,599,679 $ (42,003 ) The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to June 30, 2019 and December 31, 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both June 30, 2019 and December 31, 2018 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 28 and 38 available-for-sale securities as of June 30, 2019 and December 31, 2018, respectively. There were 11 and 43 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 , 16 available-for-sale AgVantage securities had been in a loss position for more than 12 months. As of December 31, 2018 , 21 available-for-sale AgVantage securities had been in a loss position for more than 12 months. 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-temporarily impaired as of either June 30, 2019 or December 31, 2018. 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 and six months ended June 30, 2019 and 2018, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities or 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 June 30, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 586,896 $ 586,944 2.92 % Due after one year through five years 3,432,197 3,466,313 3.09 % Due after five years through ten years 1,347,781 1,383,218 3.26 % Due after ten years 1,556,441 1,599,193 3.55 % Total $ 6,923,315 $ 7,035,668 3.21 % As of June 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 539,516 $ 538,274 2.24 % Due after one year through five years 1,094,543 1,108,105 3.32 % Due after five years through ten years 203,660 203,644 3.48 % Due after ten years 1,869,834 1,874,851 3.63 % Total $ 3,707,553 $ 3,724,874 3.33 % |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL DERIVATIVES | FINANCIAL DERIVATIVES Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes. For more information about Farmer Mac's financial derivatives, see Note 6 in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 21, 2019. The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2019 and December 31, 2018 : Table 4.1 As of June 30, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,708,809 $ 3,481 $ (5,531 ) 2.52% 2.52% 11.04 Receive fixed non-callable 1,822,200 518 (5,017 ) 2.47% 2.02% 1.41 Receive fixed callable 300,000 1,250 — 2.41% 2.76% 2.19 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 887 (1,100 ) 2.40% 2.81% 5.62 No hedge designation: Interest rate swaps: Pay fixed non-callable 319,252 — (15,469 ) 3.69% 2.57% 5.83 Receive fixed non-callable 2,758,595 — — 2.43% 2.38% 1.06 Receive fixed callable 330,000 294 — 2.39% 2.48% 0.83 Basis swaps 2,545,500 1,132 (162 ) 2.27% 2.35% 1.07 Treasury futures 29,100 (188 ) 127.32 Credit valuation adjustment (2 ) 38 Total financial derivatives $ 13,186,456 $ 7,560 $ (27,429 ) Collateral (held)/pledged (4,425 ) 100,830 Net amount $ 3,135 $ 73,401 As of December 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 $ 3,097,084 $ 3,004 $ (4,326 ) 2.42% 2.58% 9.75 Receive fixed non-callable 1,871,200 547 (4,484 ) 2.50% 1.84% 1.58 Receive fixed callable 160,000 338 (28 ) 2.35% 3.06% 2.91 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 2,441 (99 ) 2.40% 2.83% 6.12 No hedge designation: Interest rate swaps: Pay fixed non-callable 316,664 796 (10,399 ) 3.69% 2.52% 6.25 Receive fixed non-callable 2,347,371 — — 2.37% 2.10% 0.86 Basis swaps 1,770,026 421 (130 ) 2.45% 2.49% 1.27 Treasury futures 20,400 — (188 ) 121.09 Credit valuation adjustment (60 ) 21 Total financial derivatives $ 9,955,745 $ 7,487 $ (19,633 ) Collateral (held)/pledged (1,778 ) 47,018 Net amount $ 5,709 $ 27,385 As of June 30, 2019 , Farmer Mac expects to reclassify $0.3 million after tax from accumulated other comprehensive income to earnings over the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after June 30, 2019 . During the three and six months ended June 30, 2019 and 2018 , 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 and six months ended June 30, 2019 and 2018 : Table 4.2 For the Three Months Ended June 30, 2019 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 85,569 $ 59,403 $ (122,074 ) $ 8,913 $ 31,811 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,167 (202 ) (2,572 ) — (1,607 ) Recognized on hedged items 30,380 6,323 (11,779 ) — 24,924 Discount amortization recognized on hedged items — — (164 ) — (164 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 31,547 $ 6,121 $ (14,515 ) $ — $ 23,153 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (116,405 ) $ (33,953 ) $ 16,146 $ — $ (134,212 ) Recognized on hedged items 114,638 33,795 (15,649 ) — 132,784 Gains/(losses) on fair value hedging relationships $ (1,767 ) $ (158 ) $ 497 $ — $ (1,428 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 462 $ — $ 462 Recognized on hedged items — — (2,697 ) — (2,697 ) Discount amortization recognized on hedged items — — (1 ) — (1 ) Expense recognized on cash flow hedges $ — $ — $ (2,236 ) $ — $ (2,236 ) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 11,152 $ 11,152 Interest expense on interest rate swaps — — — (1,146 ) (1,146 ) Treasury futures — — — (1,093 ) (1,093 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 8,913 $ 8,913 For the Three Months Ended June 30, 2018 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 74,179 $ 49,396 $ (91,737 ) $ 2,534 $ 34,372 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 681 (165 ) (2,320 ) — (1,804 ) Recognized on hedged items 15,923 1,545 (10,074 ) — 7,394 Discount amortization recognized on hedged items — — (188 ) — (188 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 16,604 $ 1,380 $ (12,582 ) $ — $ 5,402 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 12,485 $ 2,235 $ (2,731 ) $ — $ 11,989 Recognized on hedged items (10,849 ) (2,472 ) 3,194 — (10,127 ) Gains/(losses) on fair value hedging relationships $ 1,636 $ (237 ) $ 463 $ — $ 1,862 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 57 $ — $ 57 Recognized on hedged items — — (2,330 ) — (2,330 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,275 ) $ — $ (2,275 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 6,265 $ 6,265 Interest expense on interest rate swaps — — — (3,869 ) (3,869 ) Treasury futures — — — 138 138 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 2,534 $ 2,534 For the Six Months Ended June 30, 2019 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 170,980 $ 110,800 $ (236,990 ) $ 8,553 $ 53,343 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,717 (224 ) (5,790 ) — (3,297 ) Recognized on hedged items 55,198 10,878 (21,811 ) — 44,265 Discount amortization recognized on hedged items — — (314 ) — (314 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 57,915 $ 10,654 $ (27,915 ) $ — $ 40,654 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (175,392 ) $ (54,034 ) $ 25,123 $ — $ (204,303 ) Recognized on hedged items 173,990 50,031 (23,846 ) — 200,175 Gains/(losses) on fair value hedging relationships $ (1,402 ) $ (4,003 ) $ 1,277 $ — $ (4,128 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 942 $ — $ 942 Recognized on hedged items — — (5,417 ) — (5,417 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (4,477 ) $ — $ (4,477 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 13,320 $ 13,320 Interest expense on interest rate swaps — — — (3,446 ) (3,446 ) Treasury futures — — — (1,321 ) (1,321 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 8,553 $ 8,553 For the Six Months Ended June 30, 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 136,609 $ 95,049 $ (168,054 ) $ (1,316 ) $ 62,288 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (807 ) (463 ) (2,614 ) — (3,884 ) Recognized on hedged items 29,409 2,959 (18,628 ) — 13,740 Discount amortization recognized on hedged items — — (353 ) — (353 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 28,602 $ 2,496 $ (21,595 ) $ — $ 9,503 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 32,934 $ 8,655 $ (12,377 ) $ — $ 29,212 Recognized on hedged items (29,797 ) (9,045 ) 14,331 — (24,511 ) Gains/(losses) on fair value hedging relationships $ 3,137 $ (390 ) $ 1,954 $ — $ 4,701 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (210 ) $ — $ (210 ) Recognized on hedged items — — (4,110 ) — (4,110 ) Discount amortization recognized on hedged items — — (4 ) — (4 ) Expense recognized on cash flow hedges $ — $ — $ (4,324 ) $ — $ (4,324 ) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 4,176 $ 4,176 Interest expense on interest rate swaps — — — (5,855 ) (5,855 ) Treasury futures — — — 363 363 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (1,316 ) $ (1,316 ) The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of June 30, 2019 and December 31, 2018: Table 4.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 4,018,655 $ 2,882,919 $ 173,083 $ (906 ) Loans held for investment, at amortized cost 870,758 194,617 44,744 (5,287 ) Notes Payable, due after one year (1)(2) (2,136,383 ) (2,021,356 ) (15,156 ) 8,785 (1) Carrying amount represents amortized cost. (2) Includes $0.2 million and $0.3 million of hedging adjustments on a discontinued hedging relationship as of June 30, 2019 and December 31, 2018, respectively. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of June 30, 2019 and December 31, 2018: Table 4.4 June 30, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 51,760 $ 47,291 $ 4,469 Liabilities: Derivatives Interest rate swap $ 284,549 $ 268,132 $ 16,417 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2018 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 51,267 $ 48,124 $ 3,143 Liabilities: Derivatives Interest rate swaps $ 78,437 $ 64,568 $ 13,869 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. As of June 30, 2019 , Farmer Mac held $4.4 million of cash and no investment securities as collateral for its derivatives in net asset positions resulting in uncollateralized net asset positions of $44,000 . As of December 31, 2018, Farmer Mac held $0.7 million of cash and $1.1 million of investment securities as collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $1.4 million . Farmer Mac posted $0.1 million of cash and $100.7 million of investment securities as of June 30, 2019 and posted no cash and $47.0 million investment securities as of December 31, 2018. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of June 30, 2019 and December 31, 2018, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of June 30, 2019 and December 31, 2018, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge. Of Farmer Mac's $13.2 billion notional amount of interest rate swaps outstanding as of June 30, 2019 , $10.7 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $9.9 billion notional amount of interest rate swaps outstanding as of December 31, 2018, $8.5 billion were cleared through the swap clearinghouse. For more information about interest rate swaps cleared through a clearinghouse, see Note 6 in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 21, 2019. |
Loans and Allowance for Losses
Loans and Allowance for Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOSSES | 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. The following table displays the composition of the loan balances as of June 30, 2019 and December 31, 2018: Table 5.1 As of June 30, 2019 As of December 31, 2018 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 3,191,035 $ 1,563,223 $ 4,754,258 $ 3,071,222 $ 1,517,101 $ 4,588,323 Rural Utilities 1,527,150 — 1,527,150 938,843 — 938,843 Total unpaid principal balance (1) 4,718,185 1,563,223 6,281,408 4,010,065 1,517,101 5,527,166 Unamortized premiums, discounts, and other cost basis adjustments 41,861 — 41,861 (5,097 ) — (5,097 ) Total loans 4,760,046 1,563,223 6,323,269 4,004,968 1,517,101 5,522,069 Allowance for loan losses (5,822 ) (1,442 ) (7,264 ) (5,565 ) (1,452 ) (7,017 ) Total loans, net of allowance $ 4,754,224 $ 1,561,781 $ 6,316,005 $ 3,999,403 $ 1,515,649 $ 5,515,052 (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 The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2019 and 2018: Table 5.2 June 30, 2019 June 30, 2018 Allowance Reserve Total Allowance Reserve Total (in thousands) For the Three Months Ended: Beginning Balance $ 6,753 $ 2,038 8,791 $ 6,365 $ 2,091 8,456 Provision for/(release of) losses 578 (158 ) 420 424 158 582 Charge-offs (67 ) — (67 ) — — — Ending Balance 7,264 1,880 9,144 6,789 2,249 9,038 For the Six Months Ended: Beginning Balance $ 7,017 $ 2,167 9,184 $ 6,796 $ 2,070 8,866 Provision for/(release of) losses 314 (287 ) 27 (7 ) 179 172 Charge-offs (67 ) — (67 ) — — — Ending Balance 7,264 1,880 9,144 6,789 2,249 9,038 The provision for the allowance for loan losses recorded during second quarter 2019 was attributable to an increase in the general allowance due to net volume growth in on-balance sheet Farm & Ranch loans and a slight decrease in the portfolio credit quality of loan purchases. The release from the reserve for losses recorded during second quarter 2019 was primarily attributable to a net volume decrease in off-balance sheet Farm & Ranch LTSPCs and a slight improvement in off-balance sheet portfolio credit quality. The $0.1 million charge-off that occurred during the three and six months ended June 30, 2019 related to the foreclosure of one part-time farm loan. During second quarter 2018, Farmer Mac recorded a provision to both its allowance for loan losses and reserve for losses of $0.4 million and $0.2 million , respectively. The net provisions to the total allowance for loan losses recorded during second quarter 2018 were attributable to (1) a modest decrease in overall portfolio credit quality, and (2) an increase in the general allowance due to net volume growth in both on and off-balance sheet Farm & Ranch loans, primarily related to new agricultural storage and processing loans purchased during second quarter 2018. Farmer Mac recorded no charge-offs to its allowance for loan losses during second quarter 2018. The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2019 and 2018 by commodity type: Table 5.3 June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,233 $ 1,934 $ 1,452 $ 413 $ 737 $ 22 $ 8,791 Provision for/(release of) losses 540 (8 ) (29 ) 54 (134 ) (3 ) 420 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 For the Six Months Ended: Beginning Balance $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 Provision for/(release of) losses 379 (200 ) (37 ) (7 ) (117 ) 9 27 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 June 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 Provision for/(release of) losses 332 (111 ) 86 35 198 42 582 Ending Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 For the Six Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses 44 (101 ) 111 (33 ) 114 37 172 Ending Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 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 June 30, 2019 and December 31, 2018 : Table 5.4 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,501,439 $ 1,021,253 $ 725,595 $ 333,130 $ 11,581 $ 4,620 $ 4,597,618 Off-balance sheet 1,185,547 492,572 608,511 163,365 68,979 2,962 2,521,936 Total $ 3,686,986 $ 1,513,825 $ 1,334,106 $ 496,495 $ 80,560 $ 7,582 $ 7,119,554 Individually evaluated for impairment: On-balance sheet $ 90,891 $ 36,619 $ 21,932 $ 7,198 $ — $ — $ 156,640 Off-balance sheet 7,869 2,128 4,243 860 — 58 15,158 Total $ 98,760 $ 38,747 $ 26,175 $ 8,058 $ — $ 58 $ 171,798 Total Farm & Ranch loans: On-balance sheet $ 2,592,330 $ 1,057,872 $ 747,527 $ 340,328 $ 11,581 $ 4,620 $ 4,754,258 Off-balance sheet 1,193,416 494,700 612,754 164,225 68,979 3,020 2,537,094 Total $ 3,785,746 $ 1,552,572 $ 1,360,281 $ 504,553 $ 80,560 $ 7,640 $ 7,291,352 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 1,817 $ 932 $ 651 $ 251 $ 49 $ 14 $ 3,714 Off-balance sheet 612 112 277 25 554 5 1,585 Total $ 2,429 $ 1,044 $ 928 $ 276 $ 603 $ 19 $ 5,299 Individually evaluated for impairment: On-balance sheet $ 2,194 $ 832 $ 418 $ 106 $ — $ — $ 3,550 Off-balance sheet 150 50 77 18 — — 295 Total $ 2,344 $ 882 $ 495 $ 124 $ — $ — $ 3,845 Total Farm & Ranch loans: On-balance sheet $ 4,011 $ 1,764 $ 1,069 $ 357 $ 49 $ 14 $ 7,264 Off-balance sheet 762 162 354 43 554 5 1,880 Total $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 As of December 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,452,803 $ 952,719 $ 705,752 $ 329,070 $ 12,097 $ 4,477 $ 4,456,918 Off-balance sheet 1,239,094 515,520 624,522 166,907 73,084 3,286 2,622,413 Total $ 3,691,897 $ 1,468,239 $ 1,330,274 $ 495,977 $ 85,181 $ 7,763 $ 7,079,331 Individually evaluated for impairment: On-balance sheet $ 66,432 $ 36,333 $ 21,361 $ 7,278 $ — $ — $ 131,404 Off-balance sheet 13,298 5,249 3,737 883 — 69 23,236 Total $ 79,730 $ 41,582 $ 25,098 $ 8,161 $ — $ 69 $ 154,640 Total Farm & Ranch loans: On-balance sheet $ 2,519,235 $ 989,052 $ 727,113 $ 336,348 $ 12,097 $ 4,477 $ 4,588,322 Off-balance sheet 1,252,392 520,769 628,259 167,790 73,084 3,355 2,645,649 Total $ 3,771,627 $ 1,509,821 $ 1,355,372 $ 504,138 $ 85,181 $ 7,832 $ 7,233,971 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,120 $ 822 $ 731 $ 303 $ 84 $ 4 $ 4,064 Off-balance sheet 668 170 207 29 636 5 1,715 Total $ 2,788 $ 992 $ 938 $ 332 $ 720 $ 9 $ 5,779 Individually evaluated for impairment: On-balance sheet $ 1,329 $ 1,065 $ 437 $ 122 $ — $ — $ 2,953 Off-balance sheet 277 69 85 20 — 1 452 Total $ 1,606 $ 1,134 $ 522 $ 142 $ — $ 1 $ 3,405 Total Farm & Ranch loans: On-balance sheet $ 3,449 $ 1,887 $ 1,168 $ 425 $ 84 $ 4 $ 7,017 Off-balance sheet 945 239 292 49 636 6 2,167 Total $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 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 June 30, 2019 and December 31, 2018 : Table 5.5 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 25,163 $ 14,402 $ 7,475 $ 1,903 $ — $ 58 $ 49,001 Unpaid principal balance 25,067 14,346 7,447 1,895 — 58 48,813 With a specific allowance: Recorded investment (1) 73,953 24,489 18,786 6,184 — — 123,412 Unpaid principal balance 73,693 24,401 18,728 6,163 — — 122,985 Associated allowance 2,344 882 495 124 — — 3,845 Total: Recorded investment 99,116 38,891 26,261 8,087 — 58 172,413 Unpaid principal balance 98,760 38,747 26,175 8,058 — 58 171,798 Associated allowance 2,344 882 495 124 — — 3,845 Recorded investment of loans on nonaccrual status (2) $ 35,437 $ 12,778 $ 10,289 $ 3,351 $ — $ — $ 61,855 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $121.0 million ( 70% ) of impaired loans as of June 30, 2019 , which resulted in a specific allowance of $2.6 million . (2) Includes $41.0 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, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 20,734 $ 3,592 $ 5,764 $ 1,922 $ — $ — $ 32,012 Unpaid principal balance 20,632 3,573 5,737 1,912 — — 31,854 With a specific allowance: Recorded investment (1) 59,335 38,176 19,443 6,276 — 70 123,300 Unpaid principal balance 59,098 38,009 19,361 6,249 — 69 122,786 Associated allowance 1,606 1,134 522 142 — 1 3,405 Total: Recorded investment 80,069 41,768 25,207 8,198 — 70 155,312 Unpaid principal balance 79,730 41,582 25,098 8,161 — 69 154,640 Associated allowance 1,606 1,134 522 142 — 1 3,405 Recorded investment of loans on nonaccrual status (2) $ 26,611 $ 21,349 $ 8,803 $ 4,645 $ — $ — $ 61,408 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $120.9 million ( 78% ) of impaired loans as of December 31, 2018 , which resulted in a specific allowance of $2.7 million . (2) Includes $41.8 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 and six months ended June 30, 2019 and 2018 : Table 5.6 June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 98,176 $ 39,056 $ 28,650 $ 7,675 $ — $ 59 $ 173,616 Income recognized on impaired loans 379 121 304 55 — — 859 For the Six Months Ended: Average recorded investment in impaired loans $ 85,652 $ 41,903 $ 26,279 $ 8,268 $ — $ 66 $ 162,168 Income recognized on impaired loans 701 420 417 122 — — 1,660 June 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 72,041 $ 49,919 $ 23,453 $ 9,214 $ — $ 392 $ 155,019 Income recognized on impaired loans 327 492 60 62 — — 941 For the Six Months Ended: Average recorded investment in impaired loans $ 74,527 $ 45,945 $ 21,361 $ 8,780 $ — $ 557 $ 151,170 Income recognized on impaired loans 719 664 139 117 — — 1,639 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 June 30, 2019 , 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 5.7 90-Day Delinquencies (1) Net Credit Losses/(Recoveries) As of For the Six Months Ended June 30, 2019 December 31, 2018 June 30, 2019 June 30, 2018 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 20,812 $ 19,577 $ 131 $ (18 ) Total on-balance sheet $ 20,812 $ 19,577 $ 131 $ (18 ) Off-balance sheet assets: Farm & Ranch: LTSPCs $ 7,233 $ 7,304 $ — $ — Total off-balance sheet $ 7,233 $ 7,304 $ — $ — Total $ 28,045 $ 26,881 $ 131 $ (18 ) (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 $20.8 million of on-balance sheet loans reported as 90 -day delinquencies as of June 30, 2019 , $0.1 million were loans subject to "removal-of-account" provisions. Of the $19.6 million of on-balance sheet loans reported as 90 -day delinquencies as of December 31, 2018 , $0.1 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 June 30, 2019 and December 31, 2018 : Table 5.8 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,421,677 $ 972,075 $ 691,516 $ 320,449 $ 11,581 $ 4,620 $ 4,421,918 Special mention (2) 79,905 49,178 34,079 12,681 — — 175,843 Substandard (3) 90,748 36,619 21,932 7,198 — — 156,497 Total on-balance sheet $ 2,592,330 $ 1,057,872 $ 747,527 $ 340,328 $ 11,581 $ 4,620 $ 4,754,258 Off-Balance Sheet: Acceptable $ 1,069,784 $ 462,735 $ 552,051 $ 159,738 $ 68,979 $ 2,364 $ 2,315,651 Special mention (2) 77,264 23,893 33,223 857 — — 135,237 Substandard (3) 46,368 8,072 27,480 3,630 — 656 86,206 Total off-balance sheet $ 1,193,416 $ 494,700 $ 612,754 $ 164,225 $ 68,979 $ 3,020 $ 2,537,094 Total Ending Balance: Acceptable $ 3,491,461 $ 1,434,810 $ 1,243,567 $ 480,187 $ 80,560 $ 6,984 $ 6,737,569 Special mention (2) 157,169 73,071 67,302 13,538 — — 311,080 Substandard (3) 137,116 44,691 49,412 10,828 — 656 242,703 Total $ 3,785,746 $ 1,552,572 $ 1,360,281 $ 504,553 $ 80,560 $ 7,640 $ 7,291,352 Commodity analysis of past due loans (1) On-balance sheet $ 10,677 $ 3,375 $ 4,854 $ 1,906 $ — $ — $ 20,812 Off-balance sheet 4,706 911 1,128 488 — — 7,233 90 days or more past due $ 15,383 $ 4,286 $ 5,982 $ 2,394 $ — $ — $ 28,045 (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, 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 $ 2,381,853 $ 937,793 $ 679,253 $ 321,345 $ 10,604 $ 4,477 $ 4,335,325 Special mention (2) 71,096 14,926 26,499 7,725 1,493 — 121,739 Substandard (3) 66,286 36,333 21,361 7,278 — — 131,258 Total on-balance sheet $ 2,519,235 $ 989,052 $ 727,113 $ 336,348 $ 12,097 $ 4,477 $ 4,588,322 Off-Balance Sheet Acceptable $ 1,128,787 $ 469,479 $ 577,708 $ 162,730 $ 71,959 $ 2,656 $ 2,413,319 Special mention (2) 62,430 36,778 30,703 1,023 — — 130,934 Substandard (3) 61,175 14,512 19,848 4,037 1,125 699 101,396 Total off-balance sheet $ 1,252,392 $ 520,769 $ 628,259 $ 167,790 $ 73,084 $ 3,355 $ 2,645,649 Total Ending Balance: Acceptable $ 3,510,640 $ 1,407,272 $ 1,256,961 $ 484,075 $ 82,563 $ 7,133 $ 6,748,644 Special mention (2) 133,526 51,704 57,202 8,748 1,493 — 252,673 Substandard (3) 127,461 50,845 41,209 11,315 1,125 699 232,654 Total $ 3,771,627 $ 1,509,821 $ 1,355,372 $ 504,138 $ 85,181 $ 7,832 $ 7,233,971 Commodity analysis of past due loans (1) On-balance sheet $ 8,345 $ 2,997 $ 4,059 $ 4,176 $ — $ — $ 19,577 Off-balance sheet 6,476 197 — 631 — — 7,304 90 days or more past due $ 14,821 $ 3,194 $ 4,059 $ 4,807 $ — $ — $ 26,881 (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 June 30, 2019 and December 31, 2018: Table 5.9 As of June 30, 2019 December 31, 2018 (in thousands) By commodity/collateral type: Crops $ 3,785,746 $ 3,771,627 Permanent plantings 1,552,572 1,509,821 Livestock 1,360,281 1,355,372 Part-time farm 504,553 504,138 Ag. Storage and Processing 80,560 85,181 Other 7,640 7,832 Total $ 7,291,352 $ 7,233,971 By geographic region (1) : Northwest $ 847,475 $ 855,596 Southwest 2,337,303 2,273,184 Mid-North 2,304,637 2,296,073 Mid-South 891,870 883,279 Northeast 340,290 332,370 Southeast 569,777 593,469 Total $ 7,291,352 $ 7,233,971 By original loan-to-value ratio: 0.00% to 40.00% $ 1,298,487 $ 1,333,790 40.01% to 50.00% 1,856,262 1,811,166 50.01% to 60.00% 2,556,271 2,530,484 60.01% to 70.00% 1,268,048 1,244,823 70.01% to 80.00% (2) 292,080 289,427 80.01% to 90.00% (2) 20,204 24,281 Total $ 7,291,352 $ 7,233,971 By size of borrower exposure (3) : Less than $1,000,000 $ 2,438,984 $ 2,431,296 $1,000,000 to $4,999,999 2,766,582 2,755,996 $5,000,000 to $9,999,999 927,153 916,422 $10,000,000 to $24,999,999 612,040 601,349 $25,000,000 and greater 546,593 528,908 Total $ 7,291,352 $ 7,233,971 (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) Primarily part-time farm loans. Loans with original loan-to-value ratios of greater than 80% are required to have private mortgage insurance. (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 | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS | GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2019 and December 31, 2018, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of June 30, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 121,064 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 398,710 367,684 Institutional Credit: AgVantage Securities 9,225 9,898 Revolving floating rate AgVantage facility (1) 300,000 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 828,999 $ 813,444 (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 Six Months Ended June 30, 2019 June 30, 2018 (in thousands) Proceeds from new securitizations $ 166,351 $ 196,290 Guarantee fees received 861 1,063 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 $2.5 million and $2.8 million as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 and December 31, 2018, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 10.1 years and 10.3 years , respectively. As of June 30, 2019 and December 31, 2018, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 2.6 years and 5.0 years , respectively. Long-Term Standby Purchase Commitments A 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 $3.2 billion as of June 30, 2019 and December 31, 2018, respectively. As of both June 30, 2019 and December 31, 2018, the weighted-average remaining maturity of all loans underlying LTSPCs was 15.3 years . 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 $34.7 million and $35.9 million as of June 30, 2019 and December 31, 2018, respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
EQUITY | EQUITY Preferred Stock On May 13, 2019, Farmer Mac issued 4.0 million shares of 5.700% Non-Cumulative Preferred Stock, Series D ("Series D Preferred Stock"), which has a par value and liquidation preference of $25.00 per share, or $100.0 million aggregate outstanding. Farmer Mac incurred direct costs of $3.3 million related to the issuance of the Series D Preferred Stock. The dividend rate on the Series D Preferred Stock is a fixed rate of 5.700% per year for the life of the security. D ividends on the Series D Preferred Stock are payable when, as, and if declared by the Board of Directors of Farmer Mac and are non-cumulative, so dividends that are not declared for a quarterly payment date will not accrue. The Series D Preferred Stock has no maturity date, but Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. On June 12, 2019, Farmer Mac used part of the net proceeds from the sale of the Series D Preferred Stock to redeem and repurchase all $75.0 million aggregate outstanding of Farmer Mac's 6.875% Non-Cumulative Preferred Stock, Series B ("Series B Preferred Stock"), plus any declared and unpaid dividends through and including the redemption date. As a result of the retirement of the Series B Preferred Stock, Farmer Mac recognized $2.0 million of deferred issuance costs, which is presented as "Loss on retirement of preferred stock" on the consolidated statements of operations. Common Stock For the first and second quarter 2019, Farmer Mac paid a quarterly dividend of $0.70 per share on all classes of its common stock. For each quarter in 2018, Farmer Mac paid a quarterly dividend of $0.58 per share on all classes of its common stock. Farmer Mac's Board of Directors approved a share repurchase program during third quarter 2015 authorizing Farmer Mac to repurchase up to $25.0 million of its outstanding Class C non-voting common stock for two years. 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. This is the amount that was remaining under the share repurchase program that Farmer Mac's Board of Directors originally authorized in third quarter 2015 for the repurchase of up to $25.0 million of outstanding Class C non-voting common stock. On March 14, 2019, Farmer Mac's Board of Directors modified the terms of the existing share repurchase program by increasing the authorization for the repurchase to up to $10.0 million of Farmer Mac's outstanding Class C non-voting common stock and extending the term of the program through March 2021. Farmer Mac did no t repurchase any shares during the first half of 2019 under this program. As of June 30, 2019 , Farmer Mac had repurchased approximately 668,000 shares of Class C non-voting common stock at a cost of approximately $19.6 million under the share repurchase program, and has not repurchased any shares since first quarter 2016. Capital Requirements Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of both June 30, 2019 and December 31, 2018, 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 June 30, 2019 , Farmer Mac's minimum capital requirement was $595.0 million and its core capital level was $786.6 million , which was $191.6 million above the minimum capital requirement as of that date. As of December 31, 2018, Farmer Mac's minimum capital requirement was $545.0 million and its core capital level was $727.6 million , which was $182.6 million above the minimum capital requirement as of that date. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOUSRE | FAIR VALUE DISCLOSURES As of June 30, 2019 , Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $7.1 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 34% of total assets and 71% of financial instruments measured at fair value as of June 30, 2019 . As of December 31, 2018, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $6.0 billion whose fair values were estimated by management in the absence of readily determinable fair values. These financial instruments measured as level 3 represented 32% of total assets and 73% of financial instruments measured at fair value as of December 31, 2018. 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 half of both 2019 and 2018, there were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives. The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, 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 June 30, 2019 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 $ — $ — $ 19,208 $ 19,208 Floating rate asset-backed securities — 25,802 — 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,603,370 — 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities — 358 — 358 Fixed rate U.S. Treasuries 1,273,766 — — 1,273,766 Total Investment Securities 1,273,766 1,629,530 19,208 2,922,504 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,035,668 7,035,668 Total Farmer Mac Guaranteed Securities — — 7,035,668 7,035,668 USDA Securities: Trading — — 9,201 9,201 Total USDA Securities — — 9,201 9,201 Financial derivatives — 7,560 — 7,560 Total Assets at fair value $ 1,273,766 $ 1,637,090 $ 7,064,077 $ 9,974,933 Liabilities: Financial derivatives $ 188 $ 27,241 $ — $ 27,429 Total Liabilities at fair value $ 188 $ 27,241 $ — $ 27,429 Assets and Liabilities Measured at Fair Value as of December 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 $ — $ — $ 18,715 $ 18,715 Floating rate asset-backed securities — 28,678 — 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,377,454 — 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities — 403 — 403 Fixed rate U.S. Treasuries 792,602 — — 792,602 Total available-for-sale 792,602 1,406,535 18,715 2,217,852 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,974,497 5,974,497 Total Farmer Mac Guaranteed Securities — — 5,974,497 5,974,497 USDA Securities: Trading — — 9,999 9,999 Total USDA Securities — — 9,999 9,999 Financial derivatives — 7,487 — 7,487 Total Assets at fair value $ 792,602 $ 1,414,022 $ 6,003,211 $ 8,209,835 Liabilities: Financial derivatives $ 188 $ 19,445 $ — $ 19,633 Total Liabilities at fair value $ 188 $ 19,445 $ — $ 19,633 There were no significant assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2019 or December 31, 2018. The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three and six months ended June 30, 2019 and 2018. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ — $ 296 $ 19,208 Total available-for-sale 18,912 — — — — 296 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,441,624 613,764 — (98,579 ) 114,638 (35,779 ) 7,035,668 Total available-for-sale 6,441,624 613,764 — (98,579 ) 114,638 (35,779 ) 7,035,668 USDA Securities: Available-for-sale — 29,419 (29,419 ) — — — — Trading 9,487 — — (347 ) 61 — 9,201 Total USDA Securities 9,487 29,419 (29,419 ) (347 ) 61 — 9,201 Total Assets at fair value $ 6,470,023 $ 643,183 $ (29,419 ) $ (98,926 ) $ 114,699 $ (35,483 ) $ 7,064,077 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2018 Beginning Purchases Sales Settlements Realized and Unrealized Gains included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,010 $ — $ — $ — $ — $ — $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,120 — — (2,028 ) (2,092 ) — — Total available-for-sale 23,130 — — (2,028 ) (2,092 ) — 19,010 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,839,387 303,517 — (149,193 ) (10,850 ) 2,945 5,985,806 Total available-for-sale 5,839,387 303,517 — (149,193 ) (10,850 ) 2,945 5,985,806 USDA Securities: Available-for-sale — 45,014 (45,014 ) — — — — Trading (1) 11,558 — — (821 ) 11 — 10,748 Total USDA Securities 11,558 45,014 (45,014 ) (821 ) 11 — 10,748 Total Assets at fair value $ 5,874,075 $ 348,531 $ (45,014 ) $ (152,042 ) $ (12,931 ) $ 2,945 $ 6,015,564 (1) Includes unrealized gains of $11,000 attributable to assets still held as of June 30, 2018 that are recorded in " Gains on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 $ — $ — $ — $ — $ 493 $ 19,208 Total available-for-sale 18,715 — — — — 493 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,974,497 1,390,096 — (470,312 ) 173,990 (32,603 ) 7,035,668 Total available-for-sale 5,974,497 1,390,096 — (470,312 ) 173,990 (32,603 ) 7,035,668 USDA Securities: Available-for-sale — 48,347 (48,347 ) — — — — Trading 9,999 — — (903 ) 105 — 9,201 Total USDA Securities 9,999 48,347 (48,347 ) (903 ) 105 — 9,201 Total Assets at fair value $ 6,003,211 $ 1,438,443 $ (48,347 ) $ (471,215 ) $ 174,095 $ (32,110 ) $ 7,064,077 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2018 Beginning Cumulative Effect from Change in Hedge Accounting 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 $ 18,814 $ — $ — $ — $ — $ — $ 196 $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137 ) (2,092 ) (104 ) — Total available-for-sale 23,147 — — — (2,137 ) (2,092 ) 92 19,010 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 958,964 — (439,461 ) (29,798 ) 23,700 5,985,806 Total available-for-sale 5,471,914 487 958,964 — (439,461 ) (29,798 ) 23,700 5,985,806 USDA Securities: Available-for-sale — — 79,307 (79,307 ) — — — — Trading (1) 13,515 — — — (2,794 ) 27 — 10,748 Total USDA Securities 13,515 — 79,307 (79,307 ) (2,794 ) 27 — 10,748 Total Assets at fair value $ 5,508,576 $ 487 $ 1,038,271 $ (79,307 ) $ (444,392 ) $ (31,863 ) $ 23,792 $ 6,015,564 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2018 that are recorded in " Gains 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 June 30, 2019 and December 31, 2018: Table 8.3 As of June 30, 2019 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 $ 19,208 Indicative bids Range of broker quotes 97.5% - 97.5% (97.5%) Farmer Mac Guaranteed Securities: AgVantage $ 7,035,668 Discounted cash flow Discount rate 2.7% - 4.0% (3.0%) USDA Securities $ 9,201 Discounted cash flow Discount rate 3.0% - 5.2% (4.9%) CPR 8% - 20% (19%) As of December 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 $ 18,715 Indicative bids Range of broker quotes 95.0% - 95.0% (95.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,974,497 Discounted cash flow Discount rate 3.0% - 4.4% (3.3%) USDA Securities $ 9,999 Discounted cash flow Discount rate 3.2% - 5.2% (4.9%) CPR 7% - 17% (16%) The significant unobservable input used in the fair value measurements of AgVantage Farmer Mac Guaranteed Securities is the discount rate commensurate with the risks involved. Typically, significant increases (decreases) in this input in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease. Prepayment rates are not presented in the table above for AgVantage securities because they generally have fixed maturity dates when the secured general obligations are due and don't prepay. The significant unobservable inputs used in the fair value measurements of USDA Securities are the prepayment rate and discount rate commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Disclosures on Fair Value of Financial Instruments The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2019 and December 31, 2018: Table 8.4 As of June 30, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 396,602 $ 396,602 $ 425,256 $ 425,256 Investment securities 2,968,265 2,967,536 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,627,877 8,614,843 8,061,903 8,071,115 USDA Securities 2,141,866 2,137,579 2,113,946 2,176,173 Loans 6,403,950 6,316,005 5,512,781 5,515,052 Financial derivatives 7,560 7,560 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 33,678 35,835 37,461 36,870 Farmer Mac Guaranteed Securities 2,721 2,974 3,424 3,496 Financial liabilities: Notes payable: Due within one year 9,937,380 9,939,589 7,744,388 7,757,050 Due after one year 8,360,759 8,247,829 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,583,839 1,570,862 1,501,754 1,528,957 Financial derivatives 27,429 27,429 19,633 19,633 Guarantee and commitment obligations: LTSPCs 32,549 34,706 36,471 35,880 Farmer Mac Guaranteed Securities 2,287 2,540 2,731 2,803 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. The fair value of investments in U.S. Treasuries are valued based on unadjusted quoted prices in active markets and are classified as Level 1. A significant portion of Farmer Mac's investment portfolio is valued using a reputable nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts. |
Business Segment Reporting
Business Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | BUSINESS SEGMENT REPORTING The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2019 and 2018 : Table 9.1 Core Earnings by Business Segment For the Three Months Ended June 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 15,797 $ 4,112 $ 3,936 $ 16,385 $ 2,824 $ — $ 43,054 Less: reconciling adjustments (1)(2)(3) (2,462 ) (15 ) 60 986 (268 ) 1,699 — Net effective spread 13,335 4,097 3,996 17,371 2,556 1,699 — Guarantee and commitment fees (2) 4,594 238 358 86 — (1,873 ) 3,403 Other income/(expense) (3) 188 — 7 — 582 8,552 9,329 Non-interest income/(loss) 4,782 238 365 86 582 6,679 12,732 Provision for loan losses (578 ) — — — — — (578 ) Release of reserve for losses 158 — — — — — 158 Other non-interest expense (4,587 ) (1,345 ) (816 ) (2,034 ) (3,428 ) — (12,210 ) Non-interest expense (4) (4,429 ) (1,345 ) (816 ) (2,034 ) (3,428 ) — (12,052 ) Core earnings before income taxes 13,110 2,990 3,545 15,423 (290 ) 8,378 (5) 43,156 Income tax (expense)/benefit (2,753 ) (628 ) (744 ) (3,239 ) 13 (1,760 ) (9,111 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 10,357 2,362 2,801 12,184 (277 ) 6,618 (5) 34,045 Preferred stock dividends — — — — (3,785 ) — (3,785 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 10,357 $ 2,362 $ 2,801 $ 12,184 $ (4,062 ) $ 4,662 (5) $ 28,304 Total assets at carrying value $ 4,872,766 $ 2,198,514 $ 1,580,979 $ 8,633,059 $ 3,452,842 $ — $ 20,738,160 Total on- and off-balance sheet program assets at principal balance $ 7,291,352 $ 2,521,394 $ 2,155,671 $ 8,778,318 $ — $ — $ 20,746,735 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 June 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 15,889 $ 5,072 $ 3,313 $ 18,805 $ 854 $ — $ 43,933 Less: reconciling adjustments (1)(2)(3) (2,542 ) (674 ) (390 ) (3,585 ) (580 ) 7,771 — Net effective spread 13,347 4,398 2,923 15,220 274 7,771 — Guarantee and commitment fees (2) 4,488 190 402 91 — (1,690 ) 3,481 Other income/(expense) (3) 341 8 5 — (209 ) 2,754 2,899 Non-interest income/(loss) 4,829 198 407 91 (209 ) 1,064 6,380 Provision for loan losses (424 ) — — — — — (424 ) Provision for reserve for losses (158 ) — — — — — (158 ) Other non-interest expense (4,954 ) (1,312 ) (739 ) (2,030 ) (3,728 ) — (12,763 ) Non-interest expense (4) (5,112 ) (1,312 ) (739 ) (2,030 ) (3,728 ) — (12,921 ) Core earnings before income taxes 12,640 3,284 2,591 13,281 (3,663 ) 8,835 (5) 36,968 Income tax (expense)/benefit (2,654 ) (690 ) (544 ) (2,789 ) 1,200 (1,855 ) (7,332 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 9,986 2,594 2,047 10,492 (2,463 ) 6,980 (5) 29,636 Preferred stock dividends — — — — (3,296 ) — (3,296 ) Segment core earnings/(losses) $ 9,986 $ 2,594 $ 2,047 $ 10,492 $ (5,759 ) $ 6,980 (5) $ 26,340 Total assets at carrying value $ 4,428,172 $ 2,177,345 $ 995,068 $ 8,144,763 $ 2,881,423 $ — $ 18,626,771 Total on- and off-balance sheet program assets at principal balance $ 7,045,397 $ 2,418,115 $ 1,669,440 $ 8,391,885 $ — $ — $ 19,524,837 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 Six Months Ended June 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 31,079 $ 8,554 $ 3,662 $ 34,572 $ 5,786 $ — $ 83,653 Less: reconciling adjustments (1)(2)(3) (5,007 ) (493 ) 3,567 (828 ) (736 ) 3,497 — Net effective spread 26,072 8,061 7,229 33,744 5,050 3,497 — Guarantee and commitment fees (2) 9,338 462 721 174 — (3,779 ) 6,916 Other income/(expense) (3) 668 — 14 — 604 8,220 9,506 Non-interest income/(loss) 10,006 462 735 174 604 4,441 16,422 Provision for loan losses (314 ) — — — — — (314 ) Release of reserve for losses 287 — — — — — 287 Other non-interest expense (9,386 ) (2,773 ) (1,682 ) (4,193 ) (7,066 ) — (25,100 ) Non-interest expense (4) (9,099 ) (2,773 ) (1,682 ) (4,193 ) (7,066 ) — (24,813 ) Core earnings before income taxes 26,665 5,750 6,282 29,725 (1,412 ) 7,938 (5) 74,948 Income tax (expense)/benefit (5,600 ) (1,208 ) (1,319 ) (6,242 ) 303 (1,667 ) (15,733 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 21,065 4,542 4,963 23,483 (1,109 ) 6,271 (5) 59,215 Preferred stock dividends — — — — (7,081 ) — (7,081 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 21,065 $ 4,542 $ 4,963 $ 23,483 $ (8,190 ) $ 4,315 (5) $ 50,178 Total assets at carrying value $ 4,872,766 $ 2,198,514 $ 1,580,979 $ 8,633,059 $ 3,452,842 $ — $ 20,738,160 Total on- and off-balance sheet program assets at principal balance $ 7,291,352 $ 2,521,394 $ 2,155,671 $ 8,778,318 $ — $ — $ 20,746,735 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 Six Months Ended June 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 30,830 $ 10,142 $ 5,850 $ 36,637 $ 3,703 $ — $ 87,162 Less: reconciling adjustments (1)(2)(3) (4,943 ) (1,344 ) 23 (6,593 ) (1,042 ) 13,899 — Net effective spread 25,887 8,798 5,873 30,044 2,661 13,899 — Guarantee and commitment fees (2) 8,867 356 851 180 — (3,274 ) 6,980 Other income/(expense) (3) 899 13 10 — (349 ) (934 ) (361 ) Non-interest income/(loss) 9,766 369 861 180 (349 ) (4,208 ) 6,619 Release of loan losses 7 — — — — — 7 Provision for reserve for losses (179 ) — — — — — (179 ) Other non-interest expense (9,474 ) (2,505 ) (1,412 ) (3,876 ) (7,117 ) — (24,384 ) Non-interest expense (4) (9,653 ) (2,505 ) (1,412 ) (3,876 ) (7,117 ) — (24,563 ) Core earnings before income taxes 26,007 6,662 5,322 26,348 (4,805 ) 9,691 (5) 69,225 Income tax (expense)/benefit (5,461 ) (1,399 ) (1,118 ) (5,533 ) 1,775 (2,034 ) (13,770 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 20,546 5,263 4,204 20,815 (3,030 ) 7,657 (5) 55,455 Preferred stock dividends — — — — (6,591 ) — (6,591 ) Segment core earnings/(losses) $ 20,546 $ 5,263 $ 4,204 $ 20,815 $ (9,621 ) $ 7,657 (5) $ 48,864 Total assets at carrying value $ 4,428,172 $ 2,177,345 $ 995,068 $ 8,144,763 $ 2,881,423 $ — $ 18,626,771 Total on- and off-balance sheet program assets at principal balance $ 7,045,397 $ 2,418,115 $ 1,669,440 $ 8,391,885 $ — $ — $ 19,524,837 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Account Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2018 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2018 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 2018 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, 2018 filed with the SEC on February 21, 2019. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six months ended June 30, 2019 . |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. |
Earnings Per Share | Earnings Per Common Share |
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 Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-02 , Leases (Topic 842) This Update provides new guidance intended to improve financial reporting about leasing transactions. This Update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. It also requires new disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. January 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update 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, as well as require entities to use forward-looking information to form their credit loss estimates. January 1, 2020 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. The impact will primarily result from the new requirements to recognize all expected losses rather than just incurred losses as of the reporting date. ASU 2017-08 , Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. There is no required accounting change for securities held at a discount in this ASU. January 1, 2020 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. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 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. ASU 2018-15 , Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). January 1, 2020 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. |
Reclassifications | Certain reclassifications of prior period information were made to conform to the current period presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Consolidation of Variable Interest Entities | The following tables present, by line of business, details about the consolidation of VIEs: Table 1.1 Consolidation of Variable Interest Entities As of June 30, 2019 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 $ 1,563,223 $ — $ — $ — $ — $ 1,563,223 Debt securities of consolidated trusts held by third parties (1) 1,570,862 — — — — 1,570,862 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 33,778 — — — 33,778 Maximum exposure to loss (3) — 33,583 — — — 33,583 Investment securities: Carrying value (4) — — — — 1,115,618 1,115,618 Maximum exposure to loss (3) (4) — — — — 1,117,506 1,117,506 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 121,064 398,710 — — — 519,774 (1) Includes borrower remittances of $7.6 million . The borrower remittances had not been passed through to third party investors as of June 30, 2019 . (2) Includes $0.2 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, 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 $ 1,517,101 $ — $ — $ — $ — $ 1,517,101 Debt securities of consolidated trusts held by third parties (1) 1,528,957 — — — — 1,528,957 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 27,627 — — — 27,627 Maximum exposure to loss (3) — 27,383 — — — 27,383 Investment securities: Carrying value (4) — — — — 1,000,942 1,000,942 Maximum exposure to loss (3) (4) — — — — 1,003,968 1,003,968 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 135,862 367,684 — — — 503,546 (1) Includes borrower remittances of $11.9 million . The borrower remittances had not been passed through to third party investors as of December 31, 2018 . (2) Includes $0.2 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. |
Earnings Per Common Share | The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2019 and 2018: Table 1.2 For the Three Months Ended June 30, 2019 June 30, 2018 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 28,304 10,698 $ 2.65 $ 26,340 10,658 $ 2.47 Effect of dilutive securities (1) SARs and restricted stock — 72 (0.02 ) — 84 (0.02 ) Diluted EPS $ 28,304 10,770 $ 2.63 $ 26,340 10,742 $ 2.45 (1) For the three months ended June 30, 2019 and 2018, SARs and restricted stock of 62,660 and 0 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2019 and 2018, contingent shares of unvested restricted stock of 12,284 and 13,138 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. For the Six Months Ended June 30, 2019 June 30, 2018 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 50,178 10,684 $ 4.70 $ 48,864 10,640 $ 4.59 Effect of dilutive securities (1) SARs and restricted stock — 90 (0.04 ) — 102 (0.04 ) Diluted EPS $ 50,178 10,774 $ 4.66 $ 48,864 10,742 $ 4.55 (1) For the six months ended June 30, 2019 and 2018, SARs and restricted stock of 59,818 and 25,062 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2019 and 2018, contingent shares of unvested restricted stock of 12,284 and 13,138 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. |
Schedule of Accumulated Other Comprehensive Income, Net of Tax | The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and six months ended June 30, 2019 and 2018: Table 1.3 As of June 30, 2019 As of June 30, 2018 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ (22,800 ) $ 41,656 $ 2,398 $ 21,254 $ 15,094 $ 47,201 $ 9,816 $ 72,111 Other comprehensive (loss)/income before reclassifications (21,711 ) — (7,512 ) (29,223 ) 2,209 — 1,778 3,987 Amounts reclassified from AOCI (873 ) (3,635 ) (366 ) (4,874 ) (1,421 ) (1,222 ) (45 ) (2,688 ) Net comprehensive (loss)/income (22,584 ) (3,635 ) (7,878 ) (34,097 ) 788 (1,222 ) 1,733 1,299 Ending Balance $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 For the Six Months Ended: Beginning Balance $ (25,360 ) $ 43,443 $ 6,873 $ 24,956 $ (1,676 ) $ 48,236 $ 4,525 $ 51,085 Cumulative effect from change in hedge accounting — — — — — — 27 27 Adjusted Beginning Balance (25,360 ) 43,443 6,873 24,956 (1,676 ) 48,236 4,552 51,112 Other comprehensive (loss)/income before reclassifications (18,393 ) — (11,608 ) (30,001 ) 20,396 — 6,831 27,227 Amounts reclassified from AOCI (1,631 ) (5,422 ) (745 ) (7,798 ) (2,838 ) (2,257 ) 166 (4,929 ) Net comprehensive (loss)/income (20,024 ) (5,422 ) (12,353 ) (37,799 ) 17,558 (2,257 ) 6,997 22,298 Ending Balance $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and six months ended June 30, 2019 and 2018: Table 1.4 For the Three Months Ended June 30, 2019 June 30, 2018 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale-securities $ (27,482 ) $ (5,771 ) $ (21,711 ) $ 2,795 $ 586 $ 2,209 Less reclassification adjustments included in: Net interest income (1) (956 ) (201 ) (755 ) (1,791 ) (376 ) (1,415 ) Other income (2) (150 ) (32 ) (118 ) (8 ) (2 ) (6 ) Total $ (28,588 ) $ (6,004 ) $ (22,584 ) $ 996 $ 208 $ 788 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (4,601 ) (966 ) (3,635 ) (1,546 ) (324 ) (1,222 ) Total $ (4,601 ) $ (966 ) $ (3,635 ) $ (1,546 ) $ (324 ) $ (1,222 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (9,510 ) $ (1,998 ) (7,512 ) $ 2,251 $ 473 1,778 Less reclassification adjustments included in: Net interest income (4) (462 ) (96 ) (366 ) (57 ) (12 ) (45 ) Total $ (9,972 ) $ (2,094 ) $ (7,878 ) $ 2,194 $ 461 $ 1,733 Other comprehensive (loss)/income $ (43,161 ) $ (9,064 ) $ (34,097 ) $ 1,644 $ 345 $ 1,299 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Six Months Ended June 30, 2019 June 30, 2018 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale-securities $ (23,282 ) $ (4,889 ) $ (18,393 ) $ 25,817 $ 5,421 $ 20,396 Less reclassification adjustments included in: Net interest income (1) (1,909 ) (401 ) (1,508 ) (3,578 ) (752 ) (2,826 ) Other income (2) (156 ) (33 ) (123 ) (15 ) (3 ) (12 ) Total $ (25,347 ) $ (5,323 ) $ (20,024 ) $ 22,224 $ 4,666 $ 17,558 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (6,863 ) (1,441 ) (5,422 ) (2,856 ) (599 ) (2,257 ) Total $ (6,863 ) $ (1,441 ) $ (5,422 ) $ (2,856 ) $ (599 ) $ (2,257 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (14,695 ) $ (3,087 ) (11,608 ) $ 8,647 $ 1,816 6,831 Less reclassification adjustments included in: Net interest income (4) (942 ) (197 ) (745 ) 210 44 166 Total $ (15,637 ) $ (3,284 ) $ (12,353 ) $ 8,857 $ 1,860 $ 6,997 Other comprehensive (loss)/income $ (47,847 ) $ (10,048 ) $ (37,799 ) $ 28,225 $ 5,927 $ 22,298 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (4) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance, Note Yet Adopted Within Out Consolidated Financial Statements | Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-02 , Leases (Topic 842) This Update provides new guidance intended to improve financial reporting about leasing transactions. This Update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. It also requires new disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. January 1, 2019 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update 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, as well as require entities to use forward-looking information to form their credit loss estimates. January 1, 2020 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. The impact will primarily result from the new requirements to recognize all expected losses rather than just incurred losses as of the reporting date. ASU 2017-08 , Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. There is no required accounting change for securities held at a discount in this ASU. January 1, 2020 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. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 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. ASU 2018-15 , Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). January 1, 2020 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Investment Securities | The following tables set forth information about Farmer Mac's investment securities as of June 30, 2019 and December 31, 2018: Table 2.1 As of June 30, 2019 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 $ — $ (492 ) $ 19,208 Floating rate asset-backed securities 26,118 (123 ) 25,995 — (193 ) 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities 1,601,067 1,354 1,602,421 4,168 (3,219 ) 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities 335 — 335 23 — 358 Fixed rate U.S. Treasuries 1,277,187 (5,479 ) 1,271,708 2,067 (9 ) 1,273,766 Total available-for-sale 2,924,407 (4,248 ) 2,920,159 6,258 (3,913 ) 2,922,504 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 729 — 45,761 Total investment securities $ 2,969,439 $ (4,248 ) $ 2,965,191 $ 6,987 $ (3,913 ) $ 2,968,265 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of June 30, 2019 . As of December 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 $ — $ (985 ) $ 18,715 Floating rate asset-backed securities 28,940 (136 ) 28,804 2 (128 ) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267 ) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882 ) 793,031 119 (548 ) 792,602 Total available-for-sale 2,226,409 (3,489 ) 2,222,920 860 (5,928 ) 2,217,852 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489 ) $ 2,267,952 $ 1,422 $ (5,928 ) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018 . The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2019 and December 31, 2018: Table 3.1 As of June 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,545,629 $ (232 ) $ 1,545,397 $ 14,003 $ (1,593 ) $ 1,557,807 Farmer Mac Guaranteed USDA Securities 33,583 195 33,778 624 — 34,402 Total Farmer Mac Guaranteed Securities 1,579,212 (37 ) 1,579,175 14,627 (1,593 ) 1,592,209 USDA Securities 2,080,284 48,094 2,128,378 6,211 (1,924 ) 2,132,665 Total held-to-maturity $ 3,659,496 $ 48,057 $ 3,707,553 $ 20,838 $ (3,517 ) $ 3,724,874 Available-for-sale: AgVantage $ 6,923,464 $ (149 ) $ 6,923,315 $ 143,685 $ (31,332 ) $ 7,035,668 Trading: USDA Securities (1) $ 8,818 $ 570 $ 9,388 $ 15 $ (202 ) $ 9,201 (1) The trading USDA securities had a weighted average yield of 5.23% as of June 30, 2019 . As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194 ) $ 2,068,991 $ 2,637 $ (11,948 ) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948 ) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227 ) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175 ) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204 ) $ 6,003,529 $ 22,335 $ (51,367 ) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313 ) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018 . |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of June 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,208 $ (492 ) Floating rate asset-backed securities 8,978 (65 ) 16,824 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 376,791 (1,270 ) 281,180 (1,949 ) Fixed rate U.S. Treasuries 79,700 (9 ) — — Total $ 465,469 $ (1,344 ) $ 317,212 $ (2,569 ) Number of securities in loss position 37 46 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985 ) Floating rate asset-backed securities 6,456 (38 ) 19,058 (90 ) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907 ) 196,416 (1,360 ) Fixed rate U.S. Treasuries 499,581 (336 ) 81,597 (212 ) Total $ 1,433,453 $ (3,281 ) $ 315,786 $ (2,647 ) Number of securities in loss position 72 48 As of June 30, 2019 and December 31, 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2019 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 $ — $ — $ 480,032 $ (1,593 ) USDA Securities — — 285,968 (1,924 ) Total held-to-maturity $ — $ — $ 766,000 $ (3,517 ) Available-for-sale: AgVantage $ 921,296 $ (6,351 ) $ 1,378,063 $ (24,981 ) As of December 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 $ 669,610 $ (1,760 ) $ 976,318 $ (10,188 ) USDA Securities 38,203 (696 ) 2,065,743 (61,531 ) Total held-to-maturity $ 707,813 $ (2,456 ) $ 3,042,061 $ (71,719 ) Available-for-sale: AgVantage $ 1,480,423 $ (9,364 ) $ 1,599,679 $ (42,003 ) |
Schedule of Available-for-Sale Securities Maturities | The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,265,454 $ 1,267,431 1.41% Due after one year through five years 212,838 212,891 2.89% Due after five years through ten years 761,882 760,584 2.84% Due after ten years 679,985 681,598 3.01% Total $ 2,920,159 $ 2,922,504 2.26% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 586,896 $ 586,944 2.92 % Due after one year through five years 3,432,197 3,466,313 3.09 % Due after five years through ten years 1,347,781 1,383,218 3.26 % Due after ten years 1,556,441 1,599,193 3.55 % Total $ 6,923,315 $ 7,035,668 3.21 % As of June 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 539,516 $ 538,274 2.24 % Due after one year through five years 1,094,543 1,108,105 3.32 % Due after five years through ten years 203,660 203,644 3.48 % Due after ten years 1,869,834 1,874,851 3.63 % Total $ 3,707,553 $ 3,724,874 3.33 % |
Farmer Mac Guaranteed Securit_2
Farmer Mac Guaranteed Securities and USDA Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Guaranteed Securities and USDA Securities | The following tables set forth information about Farmer Mac's investment securities as of June 30, 2019 and December 31, 2018: Table 2.1 As of June 30, 2019 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 $ — $ (492 ) $ 19,208 Floating rate asset-backed securities 26,118 (123 ) 25,995 — (193 ) 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities 1,601,067 1,354 1,602,421 4,168 (3,219 ) 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities 335 — 335 23 — 358 Fixed rate U.S. Treasuries 1,277,187 (5,479 ) 1,271,708 2,067 (9 ) 1,273,766 Total available-for-sale 2,924,407 (4,248 ) 2,920,159 6,258 (3,913 ) 2,922,504 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 729 — 45,761 Total investment securities $ 2,969,439 $ (4,248 ) $ 2,965,191 $ 6,987 $ (3,913 ) $ 2,968,265 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of June 30, 2019 . As of December 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 $ — $ (985 ) $ 18,715 Floating rate asset-backed securities 28,940 (136 ) 28,804 2 (128 ) 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities 1,379,472 1,528 1,381,000 721 (4,267 ) 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities 384 1 385 18 — 403 Fixed rate U.S. Treasuries 797,913 (4,882 ) 793,031 119 (548 ) 792,602 Total available-for-sale 2,226,409 (3,489 ) 2,222,920 860 (5,928 ) 2,217,852 Held-to-maturity: Fixed rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 562 — 45,594 Total investment securities $ 2,271,441 $ (3,489 ) $ 2,267,952 $ 1,422 $ (5,928 ) $ 2,263,446 (1) The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018 . The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2019 and December 31, 2018: Table 3.1 As of June 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,545,629 $ (232 ) $ 1,545,397 $ 14,003 $ (1,593 ) $ 1,557,807 Farmer Mac Guaranteed USDA Securities 33,583 195 33,778 624 — 34,402 Total Farmer Mac Guaranteed Securities 1,579,212 (37 ) 1,579,175 14,627 (1,593 ) 1,592,209 USDA Securities 2,080,284 48,094 2,128,378 6,211 (1,924 ) 2,132,665 Total held-to-maturity $ 3,659,496 $ 48,057 $ 3,707,553 $ 20,838 $ (3,517 ) $ 3,724,874 Available-for-sale: AgVantage $ 6,923,464 $ (149 ) $ 6,923,315 $ 143,685 $ (31,332 ) $ 7,035,668 Trading: USDA Securities (1) $ 8,818 $ 570 $ 9,388 $ 15 $ (202 ) $ 9,201 (1) The trading USDA securities had a weighted average yield of 5.23% as of June 30, 2019 . As of December 31, 2018 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,069,185 $ (194 ) $ 2,068,991 $ 2,637 $ (11,948 ) $ 2,059,680 Farmer Mac Guaranteed USDA Securities 27,383 244 27,627 98 — 27,725 Total Farmer Mac Guaranteed Securities 2,096,568 50 2,096,618 2,735 (11,948 ) 2,087,405 USDA Securities 2,110,963 55,211 2,166,174 — (62,227 ) 2,103,947 Total held-to-maturity $ 4,207,531 $ 55,261 $ 4,262,792 $ 2,735 $ (74,175 ) $ 4,191,352 Available-for-sale: AgVantage $ 6,003,733 $ (204 ) $ 6,003,529 $ 22,335 $ (51,367 ) $ 5,974,497 Trading: USDA Securities (1) $ 9,591 $ 701 $ 10,292 $ 20 $ (313 ) $ 9,999 (1) The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018 . |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of June 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of June 30, 2019 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,208 $ (492 ) Floating rate asset-backed securities 8,978 (65 ) 16,824 (128 ) Floating rate Government/GSE guaranteed mortgage-backed securities 376,791 (1,270 ) 281,180 (1,949 ) Fixed rate U.S. Treasuries 79,700 (9 ) — — Total $ 465,469 $ (1,344 ) $ 317,212 $ (2,569 ) Number of securities in loss position 37 46 As of December 31, 2018 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,715 $ (985 ) Floating rate asset-backed securities 6,456 (38 ) 19,058 (90 ) Floating rate Government/GSE guaranteed mortgage-backed securities 927,416 (2,907 ) 196,416 (1,360 ) Fixed rate U.S. Treasuries 499,581 (336 ) 81,597 (212 ) Total $ 1,433,453 $ (3,281 ) $ 315,786 $ (2,647 ) Number of securities in loss position 72 48 As of June 30, 2019 and December 31, 2018, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of June 30, 2019 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 $ — $ — $ 480,032 $ (1,593 ) USDA Securities — — 285,968 (1,924 ) Total held-to-maturity $ — $ — $ 766,000 $ (3,517 ) Available-for-sale: AgVantage $ 921,296 $ (6,351 ) $ 1,378,063 $ (24,981 ) As of December 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 $ 669,610 $ (1,760 ) $ 976,318 $ (10,188 ) USDA Securities 38,203 (696 ) 2,065,743 (61,531 ) Total held-to-maturity $ 707,813 $ (2,456 ) $ 3,042,061 $ (71,719 ) Available-for-sale: AgVantage $ 1,480,423 $ (9,364 ) $ 1,599,679 $ (42,003 ) |
Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities | The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2019 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,265,454 $ 1,267,431 1.41% Due after one year through five years 212,838 212,891 2.89% Due after five years through ten years 761,882 760,584 2.84% Due after ten years 679,985 681,598 3.01% Total $ 2,920,159 $ 2,922,504 2.26% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of June 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 586,896 $ 586,944 2.92 % Due after one year through five years 3,432,197 3,466,313 3.09 % Due after five years through ten years 1,347,781 1,383,218 3.26 % Due after ten years 1,556,441 1,599,193 3.55 % Total $ 6,923,315 $ 7,035,668 3.21 % As of June 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 539,516 $ 538,274 2.24 % Due after one year through five years 1,094,543 1,108,105 3.32 % Due after five years through ten years 203,660 203,644 3.48 % Due after ten years 1,869,834 1,874,851 3.63 % Total $ 3,707,553 $ 3,724,874 3.33 % |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2019 and December 31, 2018 : Table 4.1 As of June 30, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,708,809 $ 3,481 $ (5,531 ) 2.52% 2.52% 11.04 Receive fixed non-callable 1,822,200 518 (5,017 ) 2.47% 2.02% 1.41 Receive fixed callable 300,000 1,250 — 2.41% 2.76% 2.19 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 887 (1,100 ) 2.40% 2.81% 5.62 No hedge designation: Interest rate swaps: Pay fixed non-callable 319,252 — (15,469 ) 3.69% 2.57% 5.83 Receive fixed non-callable 2,758,595 — — 2.43% 2.38% 1.06 Receive fixed callable 330,000 294 — 2.39% 2.48% 0.83 Basis swaps 2,545,500 1,132 (162 ) 2.27% 2.35% 1.07 Treasury futures 29,100 (188 ) 127.32 Credit valuation adjustment (2 ) 38 Total financial derivatives $ 13,186,456 $ 7,560 $ (27,429 ) Collateral (held)/pledged (4,425 ) 100,830 Net amount $ 3,135 $ 73,401 As of December 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 $ 3,097,084 $ 3,004 $ (4,326 ) 2.42% 2.58% 9.75 Receive fixed non-callable 1,871,200 547 (4,484 ) 2.50% 1.84% 1.58 Receive fixed callable 160,000 338 (28 ) 2.35% 3.06% 2.91 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 373,000 2,441 (99 ) 2.40% 2.83% 6.12 No hedge designation: Interest rate swaps: Pay fixed non-callable 316,664 796 (10,399 ) 3.69% 2.52% 6.25 Receive fixed non-callable 2,347,371 — — 2.37% 2.10% 0.86 Basis swaps 1,770,026 421 (130 ) 2.45% 2.49% 1.27 Treasury futures 20,400 — (188 ) 121.09 Credit valuation adjustment (60 ) 21 Total financial derivatives $ 9,955,745 $ 7,487 $ (19,633 ) Collateral (held)/pledged (1,778 ) 47,018 Net amount $ 5,709 $ 27,385 |
Schedule of Net Income/(Expense) Recognized | The following table summarizes the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three and six months ended June 30, 2019 and 2018 : Table 4.2 For the Three Months Ended June 30, 2019 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 85,569 $ 59,403 $ (122,074 ) $ 8,913 $ 31,811 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,167 (202 ) (2,572 ) — (1,607 ) Recognized on hedged items 30,380 6,323 (11,779 ) — 24,924 Discount amortization recognized on hedged items — — (164 ) — (164 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 31,547 $ 6,121 $ (14,515 ) $ — $ 23,153 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (116,405 ) $ (33,953 ) $ 16,146 $ — $ (134,212 ) Recognized on hedged items 114,638 33,795 (15,649 ) — 132,784 Gains/(losses) on fair value hedging relationships $ (1,767 ) $ (158 ) $ 497 $ — $ (1,428 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 462 $ — $ 462 Recognized on hedged items — — (2,697 ) — (2,697 ) Discount amortization recognized on hedged items — — (1 ) — (1 ) Expense recognized on cash flow hedges $ — $ — $ (2,236 ) $ — $ (2,236 ) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 11,152 $ 11,152 Interest expense on interest rate swaps — — — (1,146 ) (1,146 ) Treasury futures — — — (1,093 ) (1,093 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 8,913 $ 8,913 For the Three Months Ended June 30, 2018 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 74,179 $ 49,396 $ (91,737 ) $ 2,534 $ 34,372 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 681 (165 ) (2,320 ) — (1,804 ) Recognized on hedged items 15,923 1,545 (10,074 ) — 7,394 Discount amortization recognized on hedged items — — (188 ) — (188 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 16,604 $ 1,380 $ (12,582 ) $ — $ 5,402 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 12,485 $ 2,235 $ (2,731 ) $ — $ 11,989 Recognized on hedged items (10,849 ) (2,472 ) 3,194 — (10,127 ) Gains/(losses) on fair value hedging relationships $ 1,636 $ (237 ) $ 463 $ — $ 1,862 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 57 $ — $ 57 Recognized on hedged items — — (2,330 ) — (2,330 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,275 ) $ — $ (2,275 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 6,265 $ 6,265 Interest expense on interest rate swaps — — — (3,869 ) (3,869 ) Treasury futures — — — 138 138 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 2,534 $ 2,534 For the Six Months Ended June 30, 2019 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 170,980 $ 110,800 $ (236,990 ) $ 8,553 $ 53,343 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,717 (224 ) (5,790 ) — (3,297 ) Recognized on hedged items 55,198 10,878 (21,811 ) — 44,265 Discount amortization recognized on hedged items — — (314 ) — (314 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 57,915 $ 10,654 $ (27,915 ) $ — $ 40,654 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (175,392 ) $ (54,034 ) $ 25,123 $ — $ (204,303 ) Recognized on hedged items 173,990 50,031 (23,846 ) — 200,175 Gains/(losses) on fair value hedging relationships $ (1,402 ) $ (4,003 ) $ 1,277 $ — $ (4,128 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 942 $ — $ 942 Recognized on hedged items — — (5,417 ) — (5,417 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (4,477 ) $ — $ (4,477 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 13,320 $ 13,320 Interest expense on interest rate swaps — — — (3,446 ) (3,446 ) Treasury futures — — — (1,321 ) (1,321 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 8,553 $ 8,553 For the Six Months Ended June 30, 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 Gains/(losses) on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 136,609 $ 95,049 $ (168,054 ) $ (1,316 ) $ 62,288 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (807 ) (463 ) (2,614 ) — (3,884 ) Recognized on hedged items 29,409 2,959 (18,628 ) — 13,740 Discount amortization recognized on hedged items — — (353 ) — (353 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 28,602 $ 2,496 $ (21,595 ) $ — $ 9,503 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 32,934 $ 8,655 $ (12,377 ) $ — $ 29,212 Recognized on hedged items (29,797 ) (9,045 ) 14,331 — (24,511 ) Gains/(losses) on fair value hedging relationships $ 3,137 $ (390 ) $ 1,954 $ — $ 4,701 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (210 ) $ — $ (210 ) Recognized on hedged items — — (4,110 ) — (4,110 ) Discount amortization recognized on hedged items — — (4 ) — (4 ) Expense recognized on cash flow hedges $ — $ — $ (4,324 ) $ — $ (4,324 ) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 4,176 $ 4,176 Interest expense on interest rate swaps — — — (5,855 ) (5,855 ) Treasury futures — — — 363 363 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (1,316 ) $ (1,316 ) |
Schedule of Hedged Items in Fair Value Hedging Relationships | The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of June 30, 2019 and December 31, 2018: Table 4.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value $ 4,018,655 $ 2,882,919 $ 173,083 $ (906 ) Loans held for investment, at amortized cost 870,758 194,617 44,744 (5,287 ) Notes Payable, due after one year (1)(2) (2,136,383 ) (2,021,356 ) (15,156 ) 8,785 (1) Carrying amount represents amortized cost. (2) Includes $0.2 million and $0.3 million of hedging adjustments on a discontinued hedging relationship as of June 30, 2019 and December 31, 2018, respectively. |
Schedule of Credit Exposure to Interest Rate Swap Counterparties | The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of June 30, 2019 and December 31, 2018: Table 4.4 June 30, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 51,760 $ 47,291 $ 4,469 Liabilities: Derivatives Interest rate swap $ 284,549 $ 268,132 $ 16,417 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2018 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 51,267 $ 48,124 $ 3,143 Liabilities: Derivatives Interest rate swaps $ 78,437 $ 64,568 $ 13,869 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. |
Loans and Allowance for Losses
Loans and Allowance for Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Balances | The following table displays the composition of the loan balances as of June 30, 2019 and December 31, 2018: Table 5.1 As of June 30, 2019 As of December 31, 2018 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 3,191,035 $ 1,563,223 $ 4,754,258 $ 3,071,222 $ 1,517,101 $ 4,588,323 Rural Utilities 1,527,150 — 1,527,150 938,843 — 938,843 Total unpaid principal balance (1) 4,718,185 1,563,223 6,281,408 4,010,065 1,517,101 5,527,166 Unamortized premiums, discounts, and other cost basis adjustments 41,861 — 41,861 (5,097 ) — (5,097 ) Total loans 4,760,046 1,563,223 6,323,269 4,004,968 1,517,101 5,522,069 Allowance for loan losses (5,822 ) (1,442 ) (7,264 ) (5,565 ) (1,452 ) (7,017 ) Total loans, net of allowance $ 4,754,224 $ 1,561,781 $ 6,316,005 $ 3,999,403 $ 1,515,649 $ 5,515,052 (1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. |
Schedule of Allowance for Credit Losses | The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2019 and 2018: Table 5.2 June 30, 2019 June 30, 2018 Allowance Reserve Total Allowance Reserve Total (in thousands) For the Three Months Ended: Beginning Balance $ 6,753 $ 2,038 8,791 $ 6,365 $ 2,091 8,456 Provision for/(release of) losses 578 (158 ) 420 424 158 582 Charge-offs (67 ) — (67 ) — — — Ending Balance 7,264 1,880 9,144 6,789 2,249 9,038 For the Six Months Ended: Beginning Balance $ 7,017 $ 2,167 9,184 $ 6,796 $ 2,070 8,866 Provision for/(release of) losses 314 (287 ) 27 (7 ) 179 172 Charge-offs (67 ) — (67 ) — — — Ending Balance 7,264 1,880 9,144 6,789 2,249 9,038 The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2019 and 2018 by commodity type: Table 5.3 June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,233 $ 1,934 $ 1,452 $ 413 $ 737 $ 22 $ 8,791 Provision for/(release of) losses 540 (8 ) (29 ) 54 (134 ) (3 ) 420 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 For the Six Months Ended: Beginning Balance $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 Provision for/(release of) losses 379 (200 ) (37 ) (7 ) (117 ) 9 27 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 June 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 3,793 $ 2,479 $ 1,236 $ 413 $ 522 $ 13 $ 8,456 Provision for/(release of) losses 332 (111 ) 86 35 198 42 582 Ending Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 For the Six Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses 44 (101 ) 111 (33 ) 114 37 172 Ending Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 |
Schedule of Allowance for Losses by Impairment Method and Commodity | 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 June 30, 2019 and December 31, 2018 : Table 5.4 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,501,439 $ 1,021,253 $ 725,595 $ 333,130 $ 11,581 $ 4,620 $ 4,597,618 Off-balance sheet 1,185,547 492,572 608,511 163,365 68,979 2,962 2,521,936 Total $ 3,686,986 $ 1,513,825 $ 1,334,106 $ 496,495 $ 80,560 $ 7,582 $ 7,119,554 Individually evaluated for impairment: On-balance sheet $ 90,891 $ 36,619 $ 21,932 $ 7,198 $ — $ — $ 156,640 Off-balance sheet 7,869 2,128 4,243 860 — 58 15,158 Total $ 98,760 $ 38,747 $ 26,175 $ 8,058 $ — $ 58 $ 171,798 Total Farm & Ranch loans: On-balance sheet $ 2,592,330 $ 1,057,872 $ 747,527 $ 340,328 $ 11,581 $ 4,620 $ 4,754,258 Off-balance sheet 1,193,416 494,700 612,754 164,225 68,979 3,020 2,537,094 Total $ 3,785,746 $ 1,552,572 $ 1,360,281 $ 504,553 $ 80,560 $ 7,640 $ 7,291,352 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 1,817 $ 932 $ 651 $ 251 $ 49 $ 14 $ 3,714 Off-balance sheet 612 112 277 25 554 5 1,585 Total $ 2,429 $ 1,044 $ 928 $ 276 $ 603 $ 19 $ 5,299 Individually evaluated for impairment: On-balance sheet $ 2,194 $ 832 $ 418 $ 106 $ — $ — $ 3,550 Off-balance sheet 150 50 77 18 — — 295 Total $ 2,344 $ 882 $ 495 $ 124 $ — $ — $ 3,845 Total Farm & Ranch loans: On-balance sheet $ 4,011 $ 1,764 $ 1,069 $ 357 $ 49 $ 14 $ 7,264 Off-balance sheet 762 162 354 43 554 5 1,880 Total $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 As of December 31, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,452,803 $ 952,719 $ 705,752 $ 329,070 $ 12,097 $ 4,477 $ 4,456,918 Off-balance sheet 1,239,094 515,520 624,522 166,907 73,084 3,286 2,622,413 Total $ 3,691,897 $ 1,468,239 $ 1,330,274 $ 495,977 $ 85,181 $ 7,763 $ 7,079,331 Individually evaluated for impairment: On-balance sheet $ 66,432 $ 36,333 $ 21,361 $ 7,278 $ — $ — $ 131,404 Off-balance sheet 13,298 5,249 3,737 883 — 69 23,236 Total $ 79,730 $ 41,582 $ 25,098 $ 8,161 $ — $ 69 $ 154,640 Total Farm & Ranch loans: On-balance sheet $ 2,519,235 $ 989,052 $ 727,113 $ 336,348 $ 12,097 $ 4,477 $ 4,588,322 Off-balance sheet 1,252,392 520,769 628,259 167,790 73,084 3,355 2,645,649 Total $ 3,771,627 $ 1,509,821 $ 1,355,372 $ 504,138 $ 85,181 $ 7,832 $ 7,233,971 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 2,120 $ 822 $ 731 $ 303 $ 84 $ 4 $ 4,064 Off-balance sheet 668 170 207 29 636 5 1,715 Total $ 2,788 $ 992 $ 938 $ 332 $ 720 $ 9 $ 5,779 Individually evaluated for impairment: On-balance sheet $ 1,329 $ 1,065 $ 437 $ 122 $ — $ — $ 2,953 Off-balance sheet 277 69 85 20 — 1 452 Total $ 1,606 $ 1,134 $ 522 $ 142 $ — $ 1 $ 3,405 Total Farm & Ranch loans: On-balance sheet $ 3,449 $ 1,887 $ 1,168 $ 425 $ 84 $ 4 $ 7,017 Off-balance sheet 945 239 292 49 636 6 2,167 Total $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 |
Schedule of Impaired Financing Receivables | 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 June 30, 2019 and December 31, 2018 : Table 5.5 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 25,163 $ 14,402 $ 7,475 $ 1,903 $ — $ 58 $ 49,001 Unpaid principal balance 25,067 14,346 7,447 1,895 — 58 48,813 With a specific allowance: Recorded investment (1) 73,953 24,489 18,786 6,184 — — 123,412 Unpaid principal balance 73,693 24,401 18,728 6,163 — — 122,985 Associated allowance 2,344 882 495 124 — — 3,845 Total: Recorded investment 99,116 38,891 26,261 8,087 — 58 172,413 Unpaid principal balance 98,760 38,747 26,175 8,058 — 58 171,798 Associated allowance 2,344 882 495 124 — — 3,845 Recorded investment of loans on nonaccrual status (2) $ 35,437 $ 12,778 $ 10,289 $ 3,351 $ — $ — $ 61,855 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $121.0 million ( 70% ) of impaired loans as of June 30, 2019 , which resulted in a specific allowance of $2.6 million . (2) Includes $41.0 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, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 20,734 $ 3,592 $ 5,764 $ 1,922 $ — $ — $ 32,012 Unpaid principal balance 20,632 3,573 5,737 1,912 — — 31,854 With a specific allowance: Recorded investment (1) 59,335 38,176 19,443 6,276 — 70 123,300 Unpaid principal balance 59,098 38,009 19,361 6,249 — 69 122,786 Associated allowance 1,606 1,134 522 142 — 1 3,405 Total: Recorded investment 80,069 41,768 25,207 8,198 — 70 155,312 Unpaid principal balance 79,730 41,582 25,098 8,161 — 69 154,640 Associated allowance 1,606 1,134 522 142 — 1 3,405 Recorded investment of loans on nonaccrual status (2) $ 26,611 $ 21,349 $ 8,803 $ 4,645 $ — $ — $ 61,408 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $120.9 million ( 78% ) of impaired loans as of December 31, 2018 , which resulted in a specific allowance of $2.7 million . (2) Includes $41.8 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 and six months ended June 30, 2019 and 2018 : Table 5.6 June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 98,176 $ 39,056 $ 28,650 $ 7,675 $ — $ 59 $ 173,616 Income recognized on impaired loans 379 121 304 55 — — 859 For the Six Months Ended: Average recorded investment in impaired loans $ 85,652 $ 41,903 $ 26,279 $ 8,268 $ — $ 66 $ 162,168 Income recognized on impaired loans 701 420 417 122 — — 1,660 June 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Average recorded investment in impaired loans $ 72,041 $ 49,919 $ 23,453 $ 9,214 $ — $ 392 $ 155,019 Income recognized on impaired loans 327 492 60 62 — — 941 For the Six Months Ended: Average recorded investment in impaired loans $ 74,527 $ 45,945 $ 21,361 $ 8,780 $ — $ 557 $ 151,170 Income recognized on impaired loans 719 664 139 117 — — 1,639 |
Schedule of Past Due Financing Receivables | As of June 30, 2019 , 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 5.7 90-Day Delinquencies (1) Net Credit Losses/(Recoveries) As of For the Six Months Ended June 30, 2019 December 31, 2018 June 30, 2019 June 30, 2018 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 20,812 $ 19,577 $ 131 $ (18 ) Total on-balance sheet $ 20,812 $ 19,577 $ 131 $ (18 ) Off-balance sheet assets: Farm & Ranch: LTSPCs $ 7,233 $ 7,304 $ — $ — Total off-balance sheet $ 7,233 $ 7,304 $ — $ — Total $ 28,045 $ 26,881 $ 131 $ (18 ) (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. |
Schedule of Financing Receivable 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 June 30, 2019 and December 31, 2018 : Table 5.8 As of June 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Credit risk profile by internally assigned grade (1) On-balance sheet: Acceptable $ 2,421,677 $ 972,075 $ 691,516 $ 320,449 $ 11,581 $ 4,620 $ 4,421,918 Special mention (2) 79,905 49,178 34,079 12,681 — — 175,843 Substandard (3) 90,748 36,619 21,932 7,198 — — 156,497 Total on-balance sheet $ 2,592,330 $ 1,057,872 $ 747,527 $ 340,328 $ 11,581 $ 4,620 $ 4,754,258 Off-Balance Sheet: Acceptable $ 1,069,784 $ 462,735 $ 552,051 $ 159,738 $ 68,979 $ 2,364 $ 2,315,651 Special mention (2) 77,264 23,893 33,223 857 — — 135,237 Substandard (3) 46,368 8,072 27,480 3,630 — 656 86,206 Total off-balance sheet $ 1,193,416 $ 494,700 $ 612,754 $ 164,225 $ 68,979 $ 3,020 $ 2,537,094 Total Ending Balance: Acceptable $ 3,491,461 $ 1,434,810 $ 1,243,567 $ 480,187 $ 80,560 $ 6,984 $ 6,737,569 Special mention (2) 157,169 73,071 67,302 13,538 — — 311,080 Substandard (3) 137,116 44,691 49,412 10,828 — 656 242,703 Total $ 3,785,746 $ 1,552,572 $ 1,360,281 $ 504,553 $ 80,560 $ 7,640 $ 7,291,352 Commodity analysis of past due loans (1) On-balance sheet $ 10,677 $ 3,375 $ 4,854 $ 1,906 $ — $ — $ 20,812 Off-balance sheet 4,706 911 1,128 488 — — 7,233 90 days or more past due $ 15,383 $ 4,286 $ 5,982 $ 2,394 $ — $ — $ 28,045 (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, 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 $ 2,381,853 $ 937,793 $ 679,253 $ 321,345 $ 10,604 $ 4,477 $ 4,335,325 Special mention (2) 71,096 14,926 26,499 7,725 1,493 — 121,739 Substandard (3) 66,286 36,333 21,361 7,278 — — 131,258 Total on-balance sheet $ 2,519,235 $ 989,052 $ 727,113 $ 336,348 $ 12,097 $ 4,477 $ 4,588,322 Off-Balance Sheet Acceptable $ 1,128,787 $ 469,479 $ 577,708 $ 162,730 $ 71,959 $ 2,656 $ 2,413,319 Special mention (2) 62,430 36,778 30,703 1,023 — — 130,934 Substandard (3) 61,175 14,512 19,848 4,037 1,125 699 101,396 Total off-balance sheet $ 1,252,392 $ 520,769 $ 628,259 $ 167,790 $ 73,084 $ 3,355 $ 2,645,649 Total Ending Balance: Acceptable $ 3,510,640 $ 1,407,272 $ 1,256,961 $ 484,075 $ 82,563 $ 7,133 $ 6,748,644 Special mention (2) 133,526 51,704 57,202 8,748 1,493 — 252,673 Substandard (3) 127,461 50,845 41,209 11,315 1,125 699 232,654 Total $ 3,771,627 $ 1,509,821 $ 1,355,372 $ 504,138 $ 85,181 $ 7,832 $ 7,233,971 Commodity analysis of past due loans (1) On-balance sheet $ 8,345 $ 2,997 $ 4,059 $ 4,176 $ — $ — $ 19,577 Off-balance sheet 6,476 197 — 631 — — 7,304 90 days or more past due $ 14,821 $ 3,194 $ 4,059 $ 4,807 $ — $ — $ 26,881 (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. |
Schedule of Concentration of Risk, by Risk Factor | 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 June 30, 2019 and December 31, 2018: Table 5.9 As of June 30, 2019 December 31, 2018 (in thousands) By commodity/collateral type: Crops $ 3,785,746 $ 3,771,627 Permanent plantings 1,552,572 1,509,821 Livestock 1,360,281 1,355,372 Part-time farm 504,553 504,138 Ag. Storage and Processing 80,560 85,181 Other 7,640 7,832 Total $ 7,291,352 $ 7,233,971 By geographic region (1) : Northwest $ 847,475 $ 855,596 Southwest 2,337,303 2,273,184 Mid-North 2,304,637 2,296,073 Mid-South 891,870 883,279 Northeast 340,290 332,370 Southeast 569,777 593,469 Total $ 7,291,352 $ 7,233,971 By original loan-to-value ratio: 0.00% to 40.00% $ 1,298,487 $ 1,333,790 40.01% to 50.00% 1,856,262 1,811,166 50.01% to 60.00% 2,556,271 2,530,484 60.01% to 70.00% 1,268,048 1,244,823 70.01% to 80.00% (2) 292,080 289,427 80.01% to 90.00% (2) 20,204 24,281 Total $ 7,291,352 $ 7,233,971 By size of borrower exposure (3) : Less than $1,000,000 $ 2,438,984 $ 2,431,296 $1,000,000 to $4,999,999 2,766,582 2,755,996 $5,000,000 to $9,999,999 927,153 916,422 $10,000,000 to $24,999,999 612,040 601,349 $25,000,000 and greater 546,593 528,908 Total $ 7,291,352 $ 7,233,971 (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) Primarily part-time farm loans. Loans with original loan-to-value ratios of greater than 80% are required to have private mortgage insurance. (3) Includes multiple loans to the same borrower or borrower-related entities. |
Guarantees and Long-Term Stan_2
Guarantees and Long-Term Standby Purchase Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2019 and December 31, 2018, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of June 30, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 121,064 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 398,710 367,684 Institutional Credit: AgVantage Securities 9,225 9,898 Revolving floating rate AgVantage facility (1) 300,000 300,000 Total off-balance sheet Farmer Mac Guaranteed Securities $ 828,999 $ 813,444 (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 | The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 6.2 For the Six Months Ended June 30, 2019 June 30, 2018 (in thousands) Proceeds from new securitizations $ 166,351 $ 196,290 Guarantee fees received 861 1,063 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, 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 June 30, 2019 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 $ — $ — $ 19,208 $ 19,208 Floating rate asset-backed securities — 25,802 — 25,802 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,603,370 — 1,603,370 Fixed rate GSE guaranteed mortgage-backed securities — 358 — 358 Fixed rate U.S. Treasuries 1,273,766 — — 1,273,766 Total Investment Securities 1,273,766 1,629,530 19,208 2,922,504 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,035,668 7,035,668 Total Farmer Mac Guaranteed Securities — — 7,035,668 7,035,668 USDA Securities: Trading — — 9,201 9,201 Total USDA Securities — — 9,201 9,201 Financial derivatives — 7,560 — 7,560 Total Assets at fair value $ 1,273,766 $ 1,637,090 $ 7,064,077 $ 9,974,933 Liabilities: Financial derivatives $ 188 $ 27,241 $ — $ 27,429 Total Liabilities at fair value $ 188 $ 27,241 $ — $ 27,429 Assets and Liabilities Measured at Fair Value as of December 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 $ — $ — $ 18,715 $ 18,715 Floating rate asset-backed securities — 28,678 — 28,678 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,377,454 — 1,377,454 Fixed rate GSE guaranteed mortgage-backed securities — 403 — 403 Fixed rate U.S. Treasuries 792,602 — — 792,602 Total available-for-sale 792,602 1,406,535 18,715 2,217,852 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,974,497 5,974,497 Total Farmer Mac Guaranteed Securities — — 5,974,497 5,974,497 USDA Securities: Trading — — 9,999 9,999 Total USDA Securities — — 9,999 9,999 Financial derivatives — 7,487 — 7,487 Total Assets at fair value $ 792,602 $ 1,414,022 $ 6,003,211 $ 8,209,835 Liabilities: Financial derivatives $ 188 $ 19,445 $ — $ 19,633 Total Liabilities at fair value $ 188 $ 19,445 $ — $ 19,633 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three and six months ended June 30, 2019 and 2018. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ — $ 296 $ 19,208 Total available-for-sale 18,912 — — — — 296 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,441,624 613,764 — (98,579 ) 114,638 (35,779 ) 7,035,668 Total available-for-sale 6,441,624 613,764 — (98,579 ) 114,638 (35,779 ) 7,035,668 USDA Securities: Available-for-sale — 29,419 (29,419 ) — — — — Trading 9,487 — — (347 ) 61 — 9,201 Total USDA Securities 9,487 29,419 (29,419 ) (347 ) 61 — 9,201 Total Assets at fair value $ 6,470,023 $ 643,183 $ (29,419 ) $ (98,926 ) $ 114,699 $ (35,483 ) $ 7,064,077 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2018 Beginning Purchases Sales Settlements Realized and Unrealized Gains included in Other Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,010 $ — $ — $ — $ — $ — $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,120 — — (2,028 ) (2,092 ) — — Total available-for-sale 23,130 — — (2,028 ) (2,092 ) — 19,010 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,839,387 303,517 — (149,193 ) (10,850 ) 2,945 5,985,806 Total available-for-sale 5,839,387 303,517 — (149,193 ) (10,850 ) 2,945 5,985,806 USDA Securities: Available-for-sale — 45,014 (45,014 ) — — — — Trading (1) 11,558 — — (821 ) 11 — 10,748 Total USDA Securities 11,558 45,014 (45,014 ) (821 ) 11 — 10,748 Total Assets at fair value $ 5,874,075 $ 348,531 $ (45,014 ) $ (152,042 ) $ (12,931 ) $ 2,945 $ 6,015,564 (1) Includes unrealized gains of $11,000 attributable to assets still held as of June 30, 2018 that are recorded in " Gains on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized Gains/(Losses) Ending (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,715 $ — $ — $ — $ — $ 493 $ 19,208 Total available-for-sale 18,715 — — — — 493 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,974,497 1,390,096 — (470,312 ) 173,990 (32,603 ) 7,035,668 Total available-for-sale 5,974,497 1,390,096 — (470,312 ) 173,990 (32,603 ) 7,035,668 USDA Securities: Available-for-sale — 48,347 (48,347 ) — — — — Trading 9,999 — — (903 ) 105 — 9,201 Total USDA Securities 9,999 48,347 (48,347 ) (903 ) 105 — 9,201 Total Assets at fair value $ 6,003,211 $ 1,438,443 $ (48,347 ) $ (471,215 ) $ 174,095 $ (32,110 ) $ 7,064,077 Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2018 Beginning Cumulative Effect from Change in Hedge Accounting 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 $ 18,814 $ — $ — $ — $ — $ — $ 196 $ 19,010 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137 ) (2,092 ) (104 ) — Total available-for-sale 23,147 — — — (2,137 ) (2,092 ) 92 19,010 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 958,964 — (439,461 ) (29,798 ) 23,700 5,985,806 Total available-for-sale 5,471,914 487 958,964 — (439,461 ) (29,798 ) 23,700 5,985,806 USDA Securities: Available-for-sale — — 79,307 (79,307 ) — — — — Trading (1) 13,515 — — — (2,794 ) 27 — 10,748 Total USDA Securities 13,515 — 79,307 (79,307 ) (2,794 ) 27 — 10,748 Total Assets at fair value $ 5,508,576 $ 487 $ 1,038,271 $ (79,307 ) $ (444,392 ) $ (31,863 ) $ 23,792 $ 6,015,564 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2018 that are recorded in " Gains on trading securities ." |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of June 30, 2019 and December 31, 2018: Table 8.3 As of June 30, 2019 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 $ 19,208 Indicative bids Range of broker quotes 97.5% - 97.5% (97.5%) Farmer Mac Guaranteed Securities: AgVantage $ 7,035,668 Discounted cash flow Discount rate 2.7% - 4.0% (3.0%) USDA Securities $ 9,201 Discounted cash flow Discount rate 3.0% - 5.2% (4.9%) CPR 8% - 20% (19%) As of December 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 $ 18,715 Indicative bids Range of broker quotes 95.0% - 95.0% (95.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,974,497 Discounted cash flow Discount rate 3.0% - 4.4% (3.3%) USDA Securities $ 9,999 Discounted cash flow Discount rate 3.2% - 5.2% (4.9%) CPR 7% - 17% (16%) |
Fair Value, by Balance Sheet Grouping | The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2019 and December 31, 2018: Table 8.4 As of June 30, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 396,602 $ 396,602 $ 425,256 $ 425,256 Investment securities 2,968,265 2,967,536 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,627,877 8,614,843 8,061,903 8,071,115 USDA Securities 2,141,866 2,137,579 2,113,946 2,176,173 Loans 6,403,950 6,316,005 5,512,781 5,515,052 Financial derivatives 7,560 7,560 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 33,678 35,835 37,461 36,870 Farmer Mac Guaranteed Securities 2,721 2,974 3,424 3,496 Financial liabilities: Notes payable: Due within one year 9,937,380 9,939,589 7,744,388 7,757,050 Due after one year 8,360,759 8,247,829 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,583,839 1,570,862 1,501,754 1,528,957 Financial derivatives 27,429 27,429 19,633 19,633 Guarantee and commitment obligations: LTSPCs 32,549 34,706 36,471 35,880 Farmer Mac Guaranteed Securities 2,287 2,540 2,731 2,803 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2019 and 2018 : Table 9.1 Core Earnings by Business Segment For the Three Months Ended June 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 15,797 $ 4,112 $ 3,936 $ 16,385 $ 2,824 $ — $ 43,054 Less: reconciling adjustments (1)(2)(3) (2,462 ) (15 ) 60 986 (268 ) 1,699 — Net effective spread 13,335 4,097 3,996 17,371 2,556 1,699 — Guarantee and commitment fees (2) 4,594 238 358 86 — (1,873 ) 3,403 Other income/(expense) (3) 188 — 7 — 582 8,552 9,329 Non-interest income/(loss) 4,782 238 365 86 582 6,679 12,732 Provision for loan losses (578 ) — — — — — (578 ) Release of reserve for losses 158 — — — — — 158 Other non-interest expense (4,587 ) (1,345 ) (816 ) (2,034 ) (3,428 ) — (12,210 ) Non-interest expense (4) (4,429 ) (1,345 ) (816 ) (2,034 ) (3,428 ) — (12,052 ) Core earnings before income taxes 13,110 2,990 3,545 15,423 (290 ) 8,378 (5) 43,156 Income tax (expense)/benefit (2,753 ) (628 ) (744 ) (3,239 ) 13 (1,760 ) (9,111 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 10,357 2,362 2,801 12,184 (277 ) 6,618 (5) 34,045 Preferred stock dividends — — — — (3,785 ) — (3,785 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 10,357 $ 2,362 $ 2,801 $ 12,184 $ (4,062 ) $ 4,662 (5) $ 28,304 Total assets at carrying value $ 4,872,766 $ 2,198,514 $ 1,580,979 $ 8,633,059 $ 3,452,842 $ — $ 20,738,160 Total on- and off-balance sheet program assets at principal balance $ 7,291,352 $ 2,521,394 $ 2,155,671 $ 8,778,318 $ — $ — $ 20,746,735 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 June 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 15,889 $ 5,072 $ 3,313 $ 18,805 $ 854 $ — $ 43,933 Less: reconciling adjustments (1)(2)(3) (2,542 ) (674 ) (390 ) (3,585 ) (580 ) 7,771 — Net effective spread 13,347 4,398 2,923 15,220 274 7,771 — Guarantee and commitment fees (2) 4,488 190 402 91 — (1,690 ) 3,481 Other income/(expense) (3) 341 8 5 — (209 ) 2,754 2,899 Non-interest income/(loss) 4,829 198 407 91 (209 ) 1,064 6,380 Provision for loan losses (424 ) — — — — — (424 ) Provision for reserve for losses (158 ) — — — — — (158 ) Other non-interest expense (4,954 ) (1,312 ) (739 ) (2,030 ) (3,728 ) — (12,763 ) Non-interest expense (4) (5,112 ) (1,312 ) (739 ) (2,030 ) (3,728 ) — (12,921 ) Core earnings before income taxes 12,640 3,284 2,591 13,281 (3,663 ) 8,835 (5) 36,968 Income tax (expense)/benefit (2,654 ) (690 ) (544 ) (2,789 ) 1,200 (1,855 ) (7,332 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 9,986 2,594 2,047 10,492 (2,463 ) 6,980 (5) 29,636 Preferred stock dividends — — — — (3,296 ) — (3,296 ) Segment core earnings/(losses) $ 9,986 $ 2,594 $ 2,047 $ 10,492 $ (5,759 ) $ 6,980 (5) $ 26,340 Total assets at carrying value $ 4,428,172 $ 2,177,345 $ 995,068 $ 8,144,763 $ 2,881,423 $ — $ 18,626,771 Total on- and off-balance sheet program assets at principal balance $ 7,045,397 $ 2,418,115 $ 1,669,440 $ 8,391,885 $ — $ — $ 19,524,837 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 Six Months Ended June 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 31,079 $ 8,554 $ 3,662 $ 34,572 $ 5,786 $ — $ 83,653 Less: reconciling adjustments (1)(2)(3) (5,007 ) (493 ) 3,567 (828 ) (736 ) 3,497 — Net effective spread 26,072 8,061 7,229 33,744 5,050 3,497 — Guarantee and commitment fees (2) 9,338 462 721 174 — (3,779 ) 6,916 Other income/(expense) (3) 668 — 14 — 604 8,220 9,506 Non-interest income/(loss) 10,006 462 735 174 604 4,441 16,422 Provision for loan losses (314 ) — — — — — (314 ) Release of reserve for losses 287 — — — — — 287 Other non-interest expense (9,386 ) (2,773 ) (1,682 ) (4,193 ) (7,066 ) — (25,100 ) Non-interest expense (4) (9,099 ) (2,773 ) (1,682 ) (4,193 ) (7,066 ) — (24,813 ) Core earnings before income taxes 26,665 5,750 6,282 29,725 (1,412 ) 7,938 (5) 74,948 Income tax (expense)/benefit (5,600 ) (1,208 ) (1,319 ) (6,242 ) 303 (1,667 ) (15,733 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 21,065 4,542 4,963 23,483 (1,109 ) 6,271 (5) 59,215 Preferred stock dividends — — — — (7,081 ) — (7,081 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 21,065 $ 4,542 $ 4,963 $ 23,483 $ (8,190 ) $ 4,315 (5) $ 50,178 Total assets at carrying value $ 4,872,766 $ 2,198,514 $ 1,580,979 $ 8,633,059 $ 3,452,842 $ — $ 20,738,160 Total on- and off-balance sheet program assets at principal balance $ 7,291,352 $ 2,521,394 $ 2,155,671 $ 8,778,318 $ — $ — $ 20,746,735 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends 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 Six Months Ended June 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 30,830 $ 10,142 $ 5,850 $ 36,637 $ 3,703 $ — $ 87,162 Less: reconciling adjustments (1)(2)(3) (4,943 ) (1,344 ) 23 (6,593 ) (1,042 ) 13,899 — Net effective spread 25,887 8,798 5,873 30,044 2,661 13,899 — Guarantee and commitment fees (2) 8,867 356 851 180 — (3,274 ) 6,980 Other income/(expense) (3) 899 13 10 — (349 ) (934 ) (361 ) Non-interest income/(loss) 9,766 369 861 180 (349 ) (4,208 ) 6,619 Release of loan losses 7 — — — — — 7 Provision for reserve for losses (179 ) — — — — — (179 ) Other non-interest expense (9,474 ) (2,505 ) (1,412 ) (3,876 ) (7,117 ) — (24,384 ) Non-interest expense (4) (9,653 ) (2,505 ) (1,412 ) (3,876 ) (7,117 ) — (24,563 ) Core earnings before income taxes 26,007 6,662 5,322 26,348 (4,805 ) 9,691 (5) 69,225 Income tax (expense)/benefit (5,461 ) (1,399 ) (1,118 ) (5,533 ) 1,775 (2,034 ) (13,770 ) Core earnings before preferred stock dividends and attribution of income to non-controlling interest 20,546 5,263 4,204 20,815 (3,030 ) 7,657 (5) 55,455 Preferred stock dividends — — — — (6,591 ) — (6,591 ) Segment core earnings/(losses) $ 20,546 $ 5,263 $ 4,204 $ 20,815 $ (9,621 ) $ 7,657 (5) $ 48,864 Total assets at carrying value $ 4,428,172 $ 2,177,345 $ 995,068 $ 8,144,763 $ 2,881,423 $ — $ 18,626,771 Total on- and off-balance sheet program assets at principal balance $ 7,045,397 $ 2,418,115 $ 1,669,440 $ 8,391,885 $ — $ — $ 19,524,837 (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 " Gains/(losses) on financial derivatives " on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount. (5) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | Jun. 30, 2019subsidiary |
Accounting Policies [Abstract] | |
Number of subsidiaries | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | $ 1,563,223 | $ 1,517,101 |
Debt securities of consolidated trusts held by third parties | 1,570,862 | 1,528,957 |
Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Borrower remittances | 7,600 | 11,900 |
USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized premiums and discounts | 200 | 200 |
On-balance sheet [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,563,223 | 1,517,101 |
Debt securities of consolidated trusts held by third parties | 1,570,862 | 1,528,957 |
Off-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 519,774 | 503,546 |
Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 33,778 | 27,627 |
Unconsolidated VIEs Maximum exposure to loss | 33,583 | 27,383 |
Investment Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized premiums and discounts | 4,248 | 3,489 |
Investment Securities [Member] | On-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 1,115,618 | 1,000,942 |
Unconsolidated VIEs Maximum exposure to loss | 1,117,506 | 1,003,968 |
Operating Segments [Member] | On-balance sheet [Member] | Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,563,223 | 1,517,101 |
Debt securities of consolidated trusts held by third parties | 1,570,862 | 1,528,957 |
Operating Segments [Member] | On-balance sheet [Member] | USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Operating Segments [Member] | On-balance sheet [Member] | Rural Utilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Operating Segments [Member] | On-balance sheet [Member] | Institutional Credit [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Operating Segments [Member] | Off-balance sheet [Member] | Farm & Ranch [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 121,064 | 135,862 |
Operating Segments [Member] | Off-balance sheet [Member] | USDA Guarantees [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 398,710 | 367,684 |
Operating Segments [Member] | Off-balance sheet [Member] | Rural Utilities [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Off-balance sheet [Member] | Institutional Credit [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Farm & Ranch [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | USDA Guarantees [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 33,778 | 27,627 |
Unconsolidated VIEs Maximum exposure to loss | 33,583 | 27,383 |
Operating Segments [Member] | Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Rural Utilities [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Institutional Credit [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Investment Securities [Member] | On-balance sheet [Member] | Farm & Ranch [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Investment Securities [Member] | On-balance sheet [Member] | USDA Guarantees [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Investment Securities [Member] | On-balance sheet [Member] | Rural Utilities [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Operating Segments [Member] | Investment Securities [Member] | On-balance sheet [Member] | Institutional Credit [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Corporate, Non-Segment [Member] | On-balance sheet [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
Corporate, Non-Segment [Member] | Off-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Corporate, Non-Segment [Member] | Farmer Mac Guaranteed Securities [Member] | On-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 0 | 0 |
Unconsolidated VIEs Maximum exposure to loss | 0 | 0 |
Corporate, Non-Segment [Member] | Investment Securities [Member] | On-balance sheet [Member] | Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Unconsolidated VIEs Carrying value | 1,115,618 | 1,000,942 |
Unconsolidated VIEs Maximum exposure to loss | $ 1,117,506 | $ 1,003,968 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic EPS | ||||
Net Income | $ 28,304 | $ 26,340 | $ 50,178 | $ 48,864 |
Weighted-Average Shares (in shares) | 10,698,000 | 10,658,000 | 10,684,000 | 10,640,000 |
Dollars per share (in dollars per share) | $ 2.65 | $ 2.47 | $ 4.70 | $ 4.59 |
Effect of dilutive securities | ||||
SARs and restricted stock (in shares) | 72,000 | 84,000 | 90,000 | 102,000 |
SARs and restricted stock (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.04) | $ (0.04) |
Net income, Diluted EPS | $ 28,304 | $ 26,340 | $ 50,178 | $ 48,864 |
Weighted-Average Shares, Diluted EPS (in shares) | 10,770,000 | 10,742,000 | 10,774,000 | 10,742,000 |
Diluted EPS (in dollars per share) | $ 2.63 | $ 2.45 | $ 4.66 | $ 4.55 |
Stock Appreciation Rights [Member] | ||||
Effect of dilutive securities | ||||
Antidilutive securities excluded from earnings per share (in shares) | 62,660 | 59,818 | 56,976 | |
Restricted Stock [Member] | ||||
Effect of dilutive securities | ||||
Antidilutive securities excluded from earnings per share (in shares) | 0 | 25,062 | ||
Performance Shares [Member] | ||||
Effect of dilutive securities | ||||
Antidilutive securities excluded from earnings per share (in shares) | 12,284 | 13,138 | 12,284 | 13,138 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | $ 763,298 | $ 752,557 | $ 745,266 | $ 708,146 | $ 752,557 | $ 708,146 | |||
Cumulative effect from change in hedge accounting | $ 27 | ||||||||
Adjusted Beginning Balance | $ 708,644 | ||||||||
Other comprehensive (loss)/income before reclassifications | (29,223) | 3,987 | (30,001) | 27,227 | |||||
Amounts reclassified from AOCI | (4,874) | (2,688) | (7,798) | (4,929) | |||||
Other comprehensive (loss)/income net of tax | (34,097) | (3,702) | 1,299 | 20,999 | (37,799) | 22,298 | |||
Ending balance | 773,742 | 763,298 | 766,212 | 745,266 | 773,742 | 766,212 | |||
Total [Member] | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | 21,254 | 24,956 | 72,111 | 51,085 | 24,956 | 51,085 | |||
Adjusted Beginning Balance | $ 24,956 | 51,112 | $ 51,112 | ||||||
Other comprehensive (loss)/income net of tax | (34,097) | (3,702) | 1,299 | 20,999 | |||||
Ending balance | (12,843) | 21,254 | 73,410 | 72,111 | (12,843) | 73,410 | |||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Available-for-sale Securities [Member] | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (22,800) | (25,360) | 15,094 | (1,676) | (25,360) | (1,676) | |||
Adjusted Beginning Balance | (25,360) | (1,676) | |||||||
Other comprehensive (loss)/income before reclassifications | (21,711) | 2,209 | (18,393) | 20,396 | |||||
Amounts reclassified from AOCI | (873) | (1,421) | (1,631) | (2,838) | |||||
Other comprehensive (loss)/income net of tax | (22,584) | 788 | (20,024) | 17,558 | |||||
Ending balance | (45,384) | (22,800) | 15,882 | 15,094 | (45,384) | 15,882 | |||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Held-to-maturity Securities [Member] | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | 41,656 | 43,443 | 47,201 | 48,236 | 43,443 | 48,236 | |||
Adjusted Beginning Balance | 43,443 | 48,236 | |||||||
Other comprehensive (loss)/income before reclassifications | 0 | 0 | 0 | 0 | |||||
Amounts reclassified from AOCI | (3,635) | (1,222) | (5,422) | (2,257) | |||||
Other comprehensive (loss)/income net of tax | (3,635) | (1,222) | (5,422) | (2,257) | |||||
Ending balance | 38,021 | 41,656 | 45,979 | 47,201 | 38,021 | 45,979 | |||
Cash Flow Hedge [Member] | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | 2,398 | 6,873 | 9,816 | 4,525 | 6,873 | 4,525 | |||
Cumulative effect from change in hedge accounting | 27 | ||||||||
Adjusted Beginning Balance | $ 6,873 | $ 4,552 | |||||||
Other comprehensive (loss)/income before reclassifications | (7,512) | 1,778 | (11,608) | 6,831 | |||||
Amounts reclassified from AOCI | (366) | (45) | (745) | 166 | |||||
Other comprehensive (loss)/income net of tax | (7,878) | 1,733 | (12,353) | 6,997 | |||||
Ending balance | $ (5,480) | $ 2,398 | $ 11,549 | $ 9,816 | $ (5,480) | $ 11,549 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Before Tax | ||||||
Unrealized holding (losses)/gains on available-for-sale-securities | $ (27,482) | $ 2,795 | $ (23,282) | $ 25,817 | ||
Other comprehensive (loss)/income before tax | (43,161) | 1,644 | (47,847) | 28,225 | ||
Provision (Benefit) | ||||||
Unrealized holding (losses)/gains on available-for-sale-securities | (5,771) | 586 | (4,889) | 5,421 | ||
Other comprehensive (loss)/income | (9,064) | 345 | (10,048) | 5,927 | ||
After Tax | ||||||
Unrealized holding (losses)/gains on available-for-sale-securities | (21,711) | 2,209 | (18,393) | 20,396 | ||
Less reclassification adjustments included in | 4,874 | 2,688 | 7,798 | 4,929 | ||
Other comprehensive (loss)/income net of tax | (34,097) | $ (3,702) | 1,299 | $ 20,999 | (37,799) | 22,298 |
Unrealized (losses)/gains on cash flow hedges | (29,223) | 3,987 | (30,001) | 27,227 | ||
Cash Flow Hedge [Member] | ||||||
Before Tax | ||||||
Other comprehensive (loss)/income before tax | (9,972) | 2,194 | (15,637) | 8,857 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (9,510) | 2,251 | (14,695) | 8,647 | ||
Provision (Benefit) | ||||||
Other comprehensive (loss)/income | (2,094) | 461 | (3,284) | 1,860 | ||
Unrealized (losses)/gains on cash flow hedges | (1,998) | 473 | (3,087) | 1,816 | ||
After Tax | ||||||
Less reclassification adjustments included in | 366 | 45 | 745 | (166) | ||
Other comprehensive (loss)/income net of tax | (7,878) | 1,733 | (12,353) | 6,997 | ||
Unrealized (losses)/gains on cash flow hedges | (7,512) | 1,778 | (11,608) | 6,831 | ||
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Tax | ||||||
Other comprehensive (loss)/income before tax | (28,588) | 996 | (25,347) | 22,224 | ||
Provision (Benefit) | ||||||
Other comprehensive (loss)/income | (6,004) | 208 | (5,323) | 4,666 | ||
After Tax | ||||||
Less reclassification adjustments included in | 873 | 1,421 | 1,631 | 2,838 | ||
Other comprehensive (loss)/income net of tax | (22,584) | 788 | (20,024) | 17,558 | ||
Unrealized (losses)/gains on cash flow hedges | (21,711) | 2,209 | (18,393) | 20,396 | ||
Held-to-maturity Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Tax | ||||||
Other comprehensive (loss)/income before tax | (4,601) | (1,546) | (6,863) | (2,856) | ||
Provision (Benefit) | ||||||
Other comprehensive (loss)/income | (966) | (324) | (1,441) | (599) | ||
After Tax | ||||||
Less reclassification adjustments included in | 3,635 | 1,222 | 5,422 | 2,257 | ||
Other comprehensive (loss)/income net of tax | (3,635) | (1,222) | (5,422) | (2,257) | ||
Unrealized (losses)/gains on cash flow hedges | 0 | 0 | 0 | 0 | ||
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] | ||||||
Before Tax | ||||||
Less reclassification adjustments included in | (956) | (1,791) | (1,909) | (3,578) | ||
Provision (Benefit) | ||||||
Less reclassification adjustments included in | (201) | (376) | (401) | (752) | ||
After Tax | ||||||
Less reclassification adjustments included in | (755) | (1,415) | (1,508) | (2,826) | ||
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] | ||||||
Before Tax | ||||||
Less reclassification adjustments included in | (4,601) | (1,546) | (6,863) | (2,856) | ||
Provision (Benefit) | ||||||
Less reclassification adjustments included in | (966) | (324) | (1,441) | (599) | ||
After Tax | ||||||
Less reclassification adjustments included in | (3,635) | (1,222) | (5,422) | (2,257) | ||
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] | ||||||
Before Tax | ||||||
Less reclassification adjustments included in | (150) | (8) | (156) | (15) | ||
Provision (Benefit) | ||||||
Less reclassification adjustments included in | (32) | (2) | (33) | (3) | ||
After Tax | ||||||
Less reclassification adjustments included in | (118) | (6) | (123) | (12) | ||
Net interest income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedge [Member] | ||||||
Before Tax | ||||||
Less reclassification adjustments included in | (462) | (57) | (942) | 210 | ||
Provision (Benefit) | ||||||
Less reclassification adjustments included in | (96) | (12) | (197) | 44 | ||
After Tax | ||||||
Less reclassification adjustments included in | $ (366) | $ (45) | $ (745) | $ 166 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investment Securities [Member] | ||
Available-for-sale: | ||
Amount Outstanding | $ 2,924,407 | $ 2,226,409 |
Unamortized Premium/(Discount) | (4,248) | (3,489) |
Amortized Cost | 2,920,159 | 2,222,920 |
Unrealized Gains | 6,258 | 860 |
Unrealized Losses | (3,913) | (5,928) |
Fair Value | 2,922,504 | 2,217,852 |
Total investment securities | ||
Amount Outstanding | 2,969,439 | 2,271,441 |
Amortized Cost | 2,965,191 | 2,267,952 |
Unrealized Gains | 6,987 | 1,422 |
Unrealized Losses | (3,913) | (5,928) |
Fair Value | 2,968,265 | 2,263,446 |
Available-for-sale Securities [Member] | Investment Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (4,248) | (3,489) |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Available-for-sale: | ||
Amount Outstanding | 19,700 | 19,700 |
Amortized Cost | 19,700 | 19,700 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (492) | (985) |
Fair Value | 19,208 | 18,715 |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Amount Outstanding | 26,118 | 28,940 |
Amortized Cost | 25,995 | 28,804 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | (193) | (128) |
Fair Value | 25,802 | 28,678 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Amount Outstanding | 1,601,067 | 1,379,472 |
Amortized Cost | 1,602,421 | 1,381,000 |
Unrealized Gains | 4,168 | 721 |
Unrealized Losses | (3,219) | (4,267) |
Fair Value | 1,603,370 | 1,377,454 |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 0 |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (123) | (136) |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,354 | 1,528 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Amount Outstanding | 335 | 384 |
Amortized Cost | 335 | 385 |
Unrealized Gains | 23 | 18 |
Unrealized Losses | 0 | 0 |
Fair Value | 358 | 403 |
Held-to-maturity: | ||
Amount Outstanding | 45,032 | 45,032 |
Amortized Cost | 45,032 | 45,032 |
Unrealized Gains | 729 | 562 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 45,761 | $ 45,594 |
Total investment securities | ||
Held-to-maturity investment securities weighted average yield | 3.80% | 3.50% |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | ||
Available-for-sale: | ||
Amount Outstanding | $ 1,277,187 | $ 797,913 |
Amortized Cost | 1,271,708 | 793,031 |
Unrealized Gains | 2,067 | 119 |
Unrealized Losses | (9) | (548) |
Fair Value | 1,273,766 | 792,602 |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | 1 |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (5,479) | (4,882) |
Fixed Interest Rate [Member] | Held-to-maturity Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | $ 0 | $ 0 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2019USD ($)position | Dec. 31, 2018USD ($)position |
Unrealized loss position for less than 12 months | ||
Fair Value | $ 465,469 | $ 1,433,453 |
Unrealized Loss | (1,344) | (3,281) |
Unrealized loss position for more than 12 months | ||
Fair Value | 317,212 | 315,786 |
Unrealized Loss | $ (2,569) | $ (2,647) |
Investment Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Number of securities in loss position | position | 37 | 72 |
Unrealized loss position for more than 12 months | ||
Number of securities in loss position | position | 46 | 48 |
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Unrealized loss position for less than 12 months | ||
Fair Value | $ 0 | $ 0 |
Unrealized Loss | 0 | 0 |
Unrealized loss position for more than 12 months | ||
Fair Value | 19,208 | 18,715 |
Unrealized Loss | (492) | (985) |
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 8,978 | 6,456 |
Unrealized Loss | (65) | (38) |
Unrealized loss position for more than 12 months | ||
Fair Value | 16,824 | 19,058 |
Unrealized Loss | (128) | (90) |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 376,791 | 927,416 |
Unrealized Loss | (1,270) | (2,907) |
Unrealized loss position for more than 12 months | ||
Fair Value | 281,180 | 196,416 |
Unrealized Loss | (1,949) | (1,360) |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 79,700 | 499,581 |
Unrealized Loss | (9) | (336) |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | 81,597 |
Unrealized Loss | $ 0 | $ (212) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investment Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amount Outstanding | $ 2,924,407,000 | $ 2,226,409,000 | |
Fair Value | $ 2,922,504,000 | $ 2,217,852,000 | |
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months | 99.20% | ||
Other-than-temporary impairment | $ 0 | $ 0 | |
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amount Outstanding | 1,700,000 | ||
Fair Value | $ 1,700,000 |
Investment Securities - Debt Ma
Investment Securities - Debt Maturities (Details) - Investment Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 1,265,454 | |
Due after one year through five years | 212,838 | |
Due after five years through ten years | 761,882 | |
Due after ten years | 679,985 | |
Amortized Cost | 2,920,159 | $ 2,222,920 |
Fair Value | ||
Due within one year | 1,267,431 | |
Due after one year through five years | 212,891 | |
Due after five years through ten years | 760,584 | |
Due after ten years | 681,598 | |
Total | $ 2,922,504 | $ 2,217,852 |
Weighted- Average Yield | ||
Due within one year | 1.41% | |
Due after one year through five years | 2.89% | |
Due after five years through ten years | 2.84% | |
Due after ten years | 3.01% | |
Total | 2.26% |
Farmer Mac Guaranteed Securit_3
Farmer Mac Guaranteed Securities and USDA Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 3,659,496 | $ 4,207,531 |
Amortized Cost | 3,707,553 | 4,262,792 |
Unrealized Gains | 20,838 | 2,735 |
Unrealized Losses | (3,517) | (74,175) |
Fair Value | 3,724,874 | 4,191,352 |
Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,579,212 | 2,096,568 |
Amortized Cost | 1,579,175 | 2,096,618 |
Unrealized Gains | 14,627 | 2,735 |
Unrealized Losses | (1,593) | (11,948) |
Fair Value | 1,592,209 | 2,087,405 |
Available-for-sale: | ||
Amortized Cost | 6,923,315 | |
Fair Value | 7,035,668 | |
USDA Securities [Member] | ||
Trading: | ||
Fair Value | 9,201 | 9,999 |
Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 48,057 | 55,261 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 48,057 | 55,261 |
Trading: | ||
Unamortized Premium/(Discount) | 48,057 | 55,261 |
Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (37) | 50 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (37) | 50 |
Trading: | ||
Unamortized Premium/(Discount) | (37) | 50 |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 1,545,629 | 2,069,185 |
Amortized Cost | 1,545,397 | 2,068,991 |
Unrealized Gains | 14,003 | 2,637 |
Unrealized Losses | (1,593) | (11,948) |
Fair Value | 1,557,807 | 2,059,680 |
Available-for-sale: | ||
Unpaid Principal Balance | 6,923,464 | 6,003,733 |
Amortized Cost | 6,923,315 | 6,003,529 |
Unrealized Gains | 143,685 | 22,335 |
Unrealized Losses | (31,332) | (51,367) |
Fair Value | 7,035,668 | 5,974,497 |
Institutional Credit [Member] | Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (232) | (194) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (232) | (194) |
Trading: | ||
Unamortized Premium/(Discount) | (232) | (194) |
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (149) | (204) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (149) | (204) |
Trading: | ||
Unamortized Premium/(Discount) | (149) | (204) |
USDA Guarantees [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (200) | (200) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | (200) | (200) |
Trading: | ||
Unamortized Premium/(Discount) | (200) | (200) |
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 33,583 | 27,383 |
Amortized Cost | 33,778 | 27,627 |
Unrealized Gains | 624 | 98 |
Unrealized Losses | 0 | 0 |
Fair Value | 34,402 | 27,725 |
USDA Guarantees [Member] | USDA Securities [Member] | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,080,284 | 2,110,963 |
Amortized Cost | 2,128,378 | 2,166,174 |
Unrealized Gains | 6,211 | 0 |
Unrealized Losses | (1,924) | (62,227) |
Fair Value | 2,132,665 | 2,103,947 |
Trading: | ||
Unpaid Principal Balance | 8,818 | 9,591 |
Amortized Cost | 9,388 | 10,292 |
Unrealized Gains | 15 | 20 |
Unrealized Losses | (202) | (313) |
Fair Value | $ 9,201 | $ 9,999 |
Trading securities, weighted-average yield | 5.23% | 5.21% |
USDA Guarantees [Member] | Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | $ 195 | $ 244 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 195 | 244 |
Trading: | ||
Unamortized Premium/(Discount) | 195 | 244 |
USDA Guarantees [Member] | Held-to-maturity Securities [Member] | USDA Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 48,094 | 55,211 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 48,094 | 55,211 |
Trading: | ||
Unamortized Premium/(Discount) | 48,094 | 55,211 |
USDA Guarantees [Member] | Trading Securities [Member] | USDA Securities [Member] | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 570 | 701 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 570 | 701 |
Trading: | ||
Unamortized Premium/(Discount) | $ 570 | $ 701 |
Farmer Mac Guaranteed Securit_4
Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Unrealized loss position for less than 12 months | ||
Fair Value | $ 465,469 | $ 1,433,453 |
Unrealized Loss | (1,344) | (3,281) |
Unrealized loss position for more than 12 months | ||
Fair Value | 317,212 | 315,786 |
Unrealized Loss | (2,569) | (2,647) |
Farmer Mac Guaranteed Securities and USDA Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 707,813 |
Unrealized Loss | 0 | (2,456) |
Unrealized loss position for more than 12 months | ||
Fair Value | 766,000 | 3,042,061 |
Unrealized Loss | (3,517) | (71,719) |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 669,610 |
Unrealized Loss | 0 | (1,760) |
Unrealized loss position for more than 12 months | ||
Fair Value | 480,032 | 976,318 |
Unrealized Loss | (1,593) | (10,188) |
Unrealized loss position for less than 12 months | ||
Fair Value | 921,296 | 1,480,423 |
Unrealized Loss | (6,351) | (9,364) |
Unrealized loss position for more than 12 months | ||
Fair Value | 1,378,063 | 1,599,679 |
Unrealized Loss | (24,981) | (42,003) |
USDA Guarantees [Member] | USDA Securities [Member] | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 0 | 38,203 |
Unrealized Loss | 0 | (696) |
Unrealized loss position for more than 12 months | ||
Fair Value | 285,968 | 2,065,743 |
Unrealized Loss | $ (1,924) | $ (61,531) |
Farmer Mac Guaranteed Securit_5
Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) - Institutional Credit [Member] - Farmer Mac Guaranteed Securities [Member] - position | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, securities in unrealized loss positions | 28 | 38 |
Held-to-maturity, securities in unrealized loss positions | 11 | 43 |
Debt securities, available-for-sale, continuous unrealized loss position 12 months or longer | 16 | 21 |
Farmer Mac Guaranteed Securit_6
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-sale Securities (Details) - Farmer Mac Guaranteed Securities [Member] $ in Thousands | Jun. 30, 2019USD ($) |
Amortized Cost | |
Due within one year | $ 586,896 |
Due after one year through five years | 3,432,197 |
Due after five years through ten years | 1,347,781 |
Due after ten years | 1,556,441 |
Amortized Cost | 6,923,315 |
Fair Value | |
Due within one year | 586,944 |
Due after one year through five years | 3,466,313 |
Due after five years through ten years | 1,383,218 |
Due after ten years | 1,599,193 |
Total | $ 7,035,668 |
Weighted- Average Yield | |
Due within one year | 2.92% |
Due after one year through five years | 3.09% |
Due after five years through ten years | 3.26% |
Due after ten years | 3.55% |
Total | 3.21% |
Farmer Mac Guaranteed Securit_7
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Held-to-maturity Securities (Details) - Farmer Mac Guaranteed Securities and USDA Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 539,516 | |
Due after one year through five years | 1,094,543 | |
Due after five years through ten years | 203,660 | |
Due after ten years | 1,869,834 | |
Amortized Cost | 3,707,553 | $ 4,262,792 |
Fair Value | ||
Due within one year | 538,274 | |
Due after one year through five years | 1,108,105 | |
Due after five years through ten years | 203,644 | |
Due after ten years | 1,874,851 | |
Total | $ 3,724,874 | $ 4,191,352 |
Weighted- Average Yield | ||
Due within one year | 2.24% | |
Due after one year through five years | 3.32% | |
Due after five years through ten years | 3.48% | |
Due after ten years | 3.63% | |
Total | 3.33% |
Financial Derivatives - Schedu
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Notional Disclosures [Abstract] | |||
Notional Amount | $ 13,186,456 | $ 9,955,745 | |
Fair Value | |||
Asset | 7,560 | 7,487 | |
Collateral (held)/pledged | (4,425) | (1,778) | |
Net amount | 3,135 | 5,709 | |
(Liability) | (27,429) | (19,633) | |
Collateral (held)/pledged | 100,830 | 47,018 | |
Net amount | 73,401 | 27,385 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | 4,708,809 | 3,097,084 | |
Fair Value | |||
Asset | 3,481 | 3,004 | |
(Liability) | $ (5,531) | $ (4,326) | |
Weighted- Average Pay Rate | 2.52% | 2.42% | |
Weighted- Average Receive Rate | 2.52% | 2.58% | |
Weighted- Average Remaining Term (in years) | 11 years 14 days | 9 years 9 months | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 1,822,200 | $ 1,871,200 | |
Fair Value | |||
Asset | 518 | 547 | |
(Liability) | $ (5,017) | $ (4,484) | |
Weighted- Average Pay Rate | 2.47% | 2.50% | |
Weighted- Average Receive Rate | 2.02% | 1.84% | |
Weighted- Average Remaining Term (in years) | 1 year 4 months 28 days | 1 year 6 months 29 days | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Receive Fixed Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 300,000 | $ 160,000 | |
Fair Value | |||
Asset | 1,250 | 338 | |
(Liability) | $ 0 | $ (28) | |
Weighted- Average Pay Rate | 2.41% | 2.35% | |
Weighted- Average Receive Rate | 2.76% | 3.06% | |
Weighted- Average Remaining Term (in years) | 2 years 2 months 8 days | 2 years 10 months 28 days | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 373,000 | $ 373,000 | |
Fair Value | |||
Asset | 887 | 2,441 | |
(Liability) | $ (1,100) | $ (99) | |
Weighted- Average Pay Rate | 2.40% | 2.40% | |
Weighted- Average Receive Rate | 2.81% | 2.83% | |
Weighted- Average Remaining Term (in years) | 5 years 7 months 13 days | 6 years 1 month 13 days | |
Not Designated as Hedging Instrument [Member] | |||
Fair Value | |||
Credit valuation adjustment | $ (2) | $ (60) | |
Credit valuation adjustment | 38 | 21 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | 319,252 | 316,664 | |
Fair Value | |||
Asset | 0 | 796 | |
(Liability) | $ (15,469) | $ (10,399) | |
Weighted- Average Pay Rate | 3.69% | 3.69% | |
Weighted- Average Receive Rate | 2.57% | 2.52% | |
Weighted- Average Remaining Term (in years) | 5 years 9 months 29 days | 6 years 3 months | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 2,758,595 | $ 2,347,371 | |
Fair Value | |||
Asset | 0 | 0 | |
(Liability) | $ 0 | $ 0 | |
Weighted- Average Pay Rate | 2.43% | 2.37% | |
Weighted- Average Receive Rate | 2.38% | 2.10% | |
Weighted- Average Remaining Term (in years) | 1 year 21 days | 10 months 9 days | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Callable [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 330,000 | ||
Fair Value | |||
Asset | 294 | ||
(Liability) | $ 0 | ||
Weighted- Average Pay Rate | 2.39% | ||
Weighted- Average Receive Rate | 2.48% | ||
Weighted- Average Remaining Term (in years) | 9 months 29 days | ||
Not Designated as Hedging Instrument [Member] | Basis Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 2,545,500 | $ 1,770,026 | |
Fair Value | |||
Asset | 1,132 | 421 | |
(Liability) | $ (162) | $ (130) | |
Weighted- Average Pay Rate | 2.27% | 2.45% | |
Weighted- Average Receive Rate | 2.35% | 2.49% | |
Weighted- Average Remaining Term (in years) | 1 year 25 days | 1 year 3 months 7 days | |
Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Notional Disclosures [Abstract] | |||
Notional Amount | $ 29,100 | $ 20,400 | |
Fair Value | |||
Asset | 0 | ||
(Liability) | $ (188) | $ (188) | |
Weighted- Average Forward Price (in dollars per share) | $ 127.32 | $ 121.09 |
Financial Derivatives - Narrat
Financial Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Gain expected to be reclassified from AOCI to earnings over next 12 months | $ 300,000 | $ 300,000 | ||
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings | 0 | 0 | $ 0 | |
Investments held as collateral | 0 | 0 | $ (1,100,000) | |
Cash posted as collateral | 100,830,000 | 100,830,000 | 47,018,000 | |
Financial derivatives in net payable position | 0 | 0 | 0 | |
Notional amount | 13,186,456,000 | 13,186,456,000 | 9,955,745,000 | |
Uncollateralized [Member] | ||||
Derivative [Line Items] | ||||
Credit exposure to interest rate swap counterparties | 44,000 | 44,000 | 1,400,000 | |
Cash [Member] | ||||
Derivative [Line Items] | ||||
Cash held as collateral | (4,400,000) | (4,400,000) | (700,000) | |
Cash posted as collateral | 100,000 | 100,000 | 0 | |
Available-for-sale Securities [Member] | ||||
Derivative [Line Items] | ||||
Cash posted as collateral | 100,700,000 | 100,700,000 | 47,000,000 | |
Exchange Cleared [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 10,700,000,000 | 10,700,000,000 | 8,500,000,000 | |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 13,200,000,000 | $ 13,200,000,000 | $ 9,900,000,000 |
Financial Derivatives - Sche_2
Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | $ 85,569 | $ 74,179 | $ 170,980 | $ 136,609 |
Interest Income Loans | 59,403 | 49,396 | 110,800 | 95,049 |
Total Interest Expense | (122,074) | (91,737) | (236,990) | (168,054) |
Gains/(losses) on financial derivatives | 8,913 | 2,534 | 8,553 | (1,316) |
Total | 31,811 | 34,372 | 53,343 | 62,288 |
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 132,784 | (10,127) | 200,175 | (24,511) |
Gains/(losses) on fair value hedging relationships | (1,428) | 1,862 | (4,128) | 4,701 |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | (1) | (2) | (2) | (4) |
Interest settlements reclassified from AOCI into net income on derivatives | 462 | 57 | 942 | (210) |
Recognized on hedged items | (2,697) | (2,330) | (5,417) | (4,110) |
Expense recognized on cash flow hedges | (2,236) | (2,275) | (4,477) | (4,324) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 24,924 | 7,394 | 44,265 | 13,740 |
Discount amortization recognized on hedged items | (164) | (188) | (314) | (353) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 8,913 | 2,534 | 8,553 | (1,316) |
Interest Income [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 114,638 | (10,849) | 173,990 | (29,797) |
Gains/(losses) on fair value hedging relationships | (1,767) | 1,636 | (1,402) | 3,137 |
Interest Income [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Interest Income [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 30,380 | 15,923 | 55,198 | 29,409 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 33,795 | (2,472) | 50,031 | (9,045) |
Gains/(losses) on fair value hedging relationships | (158) | (237) | (4,003) | (390) |
Loans and Finance Receivables [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Loans and Finance Receivables [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 6,323 | 1,545 | 10,878 | 2,959 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | (15,649) | 3,194 | (23,846) | 14,331 |
Gains/(losses) on fair value hedging relationships | 497 | 463 | 1,277 | 1,954 |
Interest Expense [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | (1) | (2) | (2) | (4) |
Interest settlements reclassified from AOCI into net income on derivatives | 462 | 57 | 942 | (210) |
Recognized on hedged items | (2,697) | (2,330) | (5,417) | (4,110) |
Expense recognized on cash flow hedges | (2,236) | (2,275) | (4,477) | (4,324) |
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | (11,779) | (10,074) | (21,811) | (18,628) |
Discount amortization recognized on hedged items | (164) | (188) | (314) | (353) |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Gain (Loss) on Derivative Instruments [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 0 | 0 | 0 | 0 |
Gains/(losses) on fair value hedging relationships | 0 | 0 | 0 | 0 |
Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on hedged items | 0 | 0 | 0 | 0 |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0 |
Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 8,913 | 2,534 | 8,553 | (1,316) |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (1,607) | (1,804) | (3,297) | (3,884) |
Income/(expense) related to interest settlements on fair value hedging relationships | 23,153 | 5,402 | 40,654 | 9,503 |
Recognized on derivatives | (134,212) | 11,989 | (204,303) | 29,212 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Interest Expense | (1,146) | (3,869) | (3,446) | (5,855) |
Gains/(losses) on financial derivatives | 11,152 | 6,265 | 13,320 | 4,176 |
Interest Rate Swap [Member] | Interest Income [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 1,167 | 681 | 2,717 | (807) |
Income/(expense) related to interest settlements on fair value hedging relationships | 31,547 | 16,604 | 57,915 | 28,602 |
Recognized on derivatives | (116,405) | 12,485 | (175,392) | 32,934 |
Interest Rate Swap [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Interest Expense | 0 | 0 | 0 | 0 |
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Loans and Finance Receivables [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (202) | (165) | (224) | (463) |
Income/(expense) related to interest settlements on fair value hedging relationships | 6,121 | 1,380 | 10,654 | 2,496 |
Recognized on derivatives | (33,953) | 2,235 | (54,034) | 8,655 |
Interest Rate Swap [Member] | Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Interest Expense | 0 | 0 | 0 | 0 |
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | (2,572) | (2,320) | (5,790) | (2,614) |
Income/(expense) related to interest settlements on fair value hedging relationships | (14,515) | (12,582) | (27,915) | (21,595) |
Recognized on derivatives | 16,146 | (2,731) | 25,123 | (12,377) |
Interest Rate Swap [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Interest Expense | 0 | 0 | 0 | 0 |
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 0 | 0 | 0 | 0 |
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 | 0 | 0 |
Recognized on derivatives | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Interest Expense | (1,146) | (3,869) | (3,446) | (5,855) |
Gains/(losses) on financial derivatives | 11,152 | 6,265 | 13,320 | 4,176 |
Future [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | (1,093) | 138 | (1,321) | 363 |
Future [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Future [Member] | Loans and Finance Receivables [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Future [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | 0 | 0 | 0 | 0 |
Future [Member] | Gain (Loss) on Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains/(losses) on financial derivatives | $ (1,093) | $ 138 | $ (1,321) | $ 363 |
Financial Derivatives - Hedged
Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Hedging adjustments on discontinued hedging relationships | $ 200 | $ 300 |
Loans [Member] | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 870,758 | 194,617 |
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) | 44,744 | (5,287) |
Long-term Debt [Member] | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | (2,136,383) | (2,021,356) |
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) | (15,156) | 8,785 |
Farmer Mac Guaranteed Securities [Member] | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 4,018,655 | 2,882,919 |
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) | $ 173,083 | $ (906) |
Financial Derivatives - Schedul
Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Liabilities derivatives interest rate swaps | $ 27,429 | $ 19,633 |
Excluding Netting [Member] | Including Accrued Interest [Member] | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 51,760 | 51,267 |
Liabilities derivatives interest rate swaps | 284,549 | 78,437 |
Counterparty Netting [Member] | Including Accrued Interest [Member] | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 47,291 | 48,124 |
Liabilities derivatives interest rate swaps | 268,132 | 64,568 |
Netting [Member] | Including Accrued Interest [Member] | ||
Derivative [Line Items] | ||
Assets derivatives interest rate swaps | 4,469 | 3,143 |
Liabilities derivatives interest rate swaps | $ 16,417 | $ 13,869 |
Loans and Allowance for Losse_2
Loans and Allowance for Losses - Schedule of Compositon of Loan Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,760,046 | $ 4,004,968 |
Allowance for loan losses | (7,264) | (7,017) |
Total loans, net of allowance | 6,316,005 | 5,515,052 |
Real Estate Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 6,281,408 | 5,527,166 |
Unamortized premiums, discounts, and other cost basis adjustments | 41,861 | (5,097) |
Total loans | 6,323,269 | 5,522,069 |
Allowance for loan losses | (7,264) | (7,017) |
Total loans, net of allowance | 6,316,005 | 5,515,052 |
Real Estate Loan [Member] | Farm & Ranch [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 4,754,258 | 4,588,323 |
Real Estate Loan [Member] | Rural Utilities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,527,150 | 938,843 |
Unsecuritized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 4,718,185 | 4,010,065 |
Unamortized premiums, discounts, and other cost basis adjustments | 41,861 | (5,097) |
Total loans | 4,760,046 | 4,004,968 |
Allowance for loan losses | (5,822) | (5,565) |
Total loans, net of allowance | 4,754,224 | 3,999,403 |
Unsecuritized [Member] | Farm & Ranch [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 3,191,035 | 3,071,222 |
Unsecuritized [Member] | Rural Utilities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,527,150 | 938,843 |
In Consolidated Trusts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,563,223 | 1,517,101 |
Unamortized premiums, discounts, and other cost basis adjustments | 0 | 0 |
Total loans | 1,563,223 | 1,517,101 |
Allowance for loan losses | (1,442) | (1,452) |
Total loans, net of allowance | 1,561,781 | 1,515,649 |
In Consolidated Trusts [Member] | Farm & Ranch [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 1,563,223 | 1,517,101 |
In Consolidated Trusts [Member] | Rural Utilities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 0 | $ 0 |
Loans and Allowance for Losse_3
Loans and Allowance for Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Allowance for Loan Losses | $ 7,017 | |||
Beginning Balance - Reserve for Losses | 2,167 | |||
Beginning Balance - Total Allowance for Losses | $ 8,791 | $ 8,456 | 9,184 | $ 8,866 |
Provision for/(release of) losses | 578 | 424 | 314 | (7) |
Provision for/(release of) losses | 420 | 582 | 27 | 172 |
Charge-offs | (67) | 0 | (67) | 0 |
Ending Balance - Allowance for Loan Losses | 7,264 | 7,264 | ||
Ending Balance - Reserve for Losses | 1,880 | 1,880 | ||
Ending Balance - Total Allowance for Losses | 9,144 | 9,038 | 9,144 | 9,038 |
Crops [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 4,233 | 3,793 | 4,394 | 4,081 |
Provision for/(release of) losses | 540 | 332 | 379 | 44 |
Charge-offs | 0 | 0 | ||
Ending Balance - Total Allowance for Losses | 4,773 | 4,125 | 4,773 | 4,125 |
Permanent Plantings [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 1,934 | 2,479 | 2,126 | 2,469 |
Provision for/(release of) losses | (8) | (111) | (200) | (101) |
Charge-offs | 0 | 0 | ||
Ending Balance - Total Allowance for Losses | 1,926 | 2,368 | 1,926 | 2,368 |
Livestock [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 1,452 | 1,236 | 1,460 | 1,211 |
Provision for/(release of) losses | (29) | 86 | (37) | 111 |
Charge-offs | 0 | 0 | ||
Ending Balance - Total Allowance for Losses | 1,423 | 1,322 | 1,423 | 1,322 |
Part-Time Farm [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 413 | 413 | 474 | 481 |
Provision for/(release of) losses | 54 | 35 | (7) | (33) |
Charge-offs | (67) | (67) | ||
Ending Balance - Total Allowance for Losses | 400 | 448 | 400 | 448 |
Agriculture Storage and Processing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 737 | 522 | 720 | 606 |
Provision for/(release of) losses | (134) | 198 | (117) | 114 |
Charge-offs | 0 | 0 | ||
Ending Balance - Total Allowance for Losses | 603 | 720 | 603 | 720 |
Other Commodity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Total Allowance for Losses | 22 | 13 | 10 | 18 |
Provision for/(release of) losses | (3) | 42 | 9 | 37 |
Charge-offs | 0 | 0 | ||
Ending Balance - Total Allowance for Losses | 19 | 55 | 19 | 55 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Allowance for Loan Losses | 6,753 | 6,365 | 7,017 | 6,796 |
Provision for/(release of) losses | 578 | 424 | 314 | (7) |
Charge-offs | (67) | 0 | (67) | 0 |
Ending Balance - Allowance for Loan Losses | 7,264 | 6,789 | 7,264 | 6,789 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance - Reserve for Losses | 2,038 | 2,091 | 2,167 | 2,070 |
Provision for/(release of) losses | (158) | 158 | (287) | 179 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending Balance - Reserve for Losses | $ 1,880 | $ 2,249 | $ 1,880 | $ 2,249 |
Loans and Allowance for Losse_4
Loans and Allowance for Losses - Schedule of Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | $ 7,119,554 | $ 7,079,331 | ||||
Individually evaluated for impairment: | 171,798 | 154,640 | ||||
Total Farm & Ranch loans: | 7,291,352 | 7,233,971 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 5,299 | 5,779 | ||||
Individually evaluated for impairment: | 3,845 | 3,405 | ||||
Total Farm & Ranch loans: | 9,144 | $ 8,791 | 9,184 | $ 9,038 | $ 8,456 | $ 8,866 |
Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 3,686,986 | 3,691,897 | ||||
Individually evaluated for impairment: | 98,760 | 79,730 | ||||
Total Farm & Ranch loans: | 3,785,746 | 3,771,627 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 2,429 | 2,788 | ||||
Individually evaluated for impairment: | 2,344 | 1,606 | ||||
Total Farm & Ranch loans: | 4,773 | 4,233 | 4,394 | 4,125 | 3,793 | 4,081 |
Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 1,513,825 | 1,468,239 | ||||
Individually evaluated for impairment: | 38,747 | 41,582 | ||||
Total Farm & Ranch loans: | 1,552,572 | 1,509,821 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 1,044 | 992 | ||||
Individually evaluated for impairment: | 882 | 1,134 | ||||
Total Farm & Ranch loans: | 1,926 | 1,934 | 2,126 | 2,368 | 2,479 | 2,469 |
Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 1,334,106 | 1,330,274 | ||||
Individually evaluated for impairment: | 26,175 | 25,098 | ||||
Total Farm & Ranch loans: | 1,360,281 | 1,355,372 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 928 | 938 | ||||
Individually evaluated for impairment: | 495 | 522 | ||||
Total Farm & Ranch loans: | 1,423 | 1,452 | 1,460 | 1,322 | 1,236 | 1,211 |
Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 496,495 | 495,977 | ||||
Individually evaluated for impairment: | 8,058 | 8,161 | ||||
Total Farm & Ranch loans: | 504,553 | 504,138 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 276 | 332 | ||||
Individually evaluated for impairment: | 124 | 142 | ||||
Total Farm & Ranch loans: | 400 | 413 | 474 | 448 | 413 | 481 |
Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 80,560 | 85,181 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 80,560 | 85,181 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 603 | 720 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 603 | 737 | 720 | 720 | 522 | 606 |
Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 7,582 | 7,763 | ||||
Individually evaluated for impairment: | 58 | 69 | ||||
Total Farm & Ranch loans: | 7,640 | 7,832 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 19 | 9 | ||||
Individually evaluated for impairment: | 0 | 1 | ||||
Total Farm & Ranch loans: | 19 | $ 22 | 10 | $ 55 | $ 13 | $ 18 |
On-balance sheet [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 4,597,618 | 4,456,918 | ||||
Individually evaluated for impairment: | 156,640 | 131,404 | ||||
Total Farm & Ranch loans: | 4,754,258 | 4,588,322 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 3,714 | 4,064 | ||||
Individually evaluated for impairment: | 3,550 | 2,953 | ||||
Total Farm & Ranch loans: | 7,264 | 7,017 | ||||
On-balance sheet [Member] | Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 2,501,439 | 2,452,803 | ||||
Individually evaluated for impairment: | 90,891 | 66,432 | ||||
Total Farm & Ranch loans: | 2,592,330 | 2,519,235 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 1,817 | 2,120 | ||||
Individually evaluated for impairment: | 2,194 | 1,329 | ||||
Total Farm & Ranch loans: | 4,011 | 3,449 | ||||
On-balance sheet [Member] | Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 1,021,253 | 952,719 | ||||
Individually evaluated for impairment: | 36,619 | 36,333 | ||||
Total Farm & Ranch loans: | 1,057,872 | 989,052 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 932 | 822 | ||||
Individually evaluated for impairment: | 832 | 1,065 | ||||
Total Farm & Ranch loans: | 1,764 | 1,887 | ||||
On-balance sheet [Member] | Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 725,595 | 705,752 | ||||
Individually evaluated for impairment: | 21,932 | 21,361 | ||||
Total Farm & Ranch loans: | 747,527 | 727,113 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 651 | 731 | ||||
Individually evaluated for impairment: | 418 | 437 | ||||
Total Farm & Ranch loans: | 1,069 | 1,168 | ||||
On-balance sheet [Member] | Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 333,130 | 329,070 | ||||
Individually evaluated for impairment: | 7,198 | 7,278 | ||||
Total Farm & Ranch loans: | 340,328 | 336,348 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 251 | 303 | ||||
Individually evaluated for impairment: | 106 | 122 | ||||
Total Farm & Ranch loans: | 357 | 425 | ||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 11,581 | 12,097 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 11,581 | 12,097 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 49 | 84 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 49 | 84 | ||||
On-balance sheet [Member] | Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 4,620 | 4,477 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 4,620 | 4,477 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 14 | 4 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 14 | 4 | ||||
Off-balance sheet [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 2,521,936 | 2,622,413 | ||||
Individually evaluated for impairment: | 15,158 | 23,236 | ||||
Total Farm & Ranch loans: | 2,537,094 | 2,645,649 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 1,585 | 1,715 | ||||
Individually evaluated for impairment: | 295 | 452 | ||||
Total Farm & Ranch loans: | 1,880 | 2,167 | ||||
Off-balance sheet [Member] | Crops [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 1,185,547 | 1,239,094 | ||||
Individually evaluated for impairment: | 7,869 | 13,298 | ||||
Total Farm & Ranch loans: | 1,193,416 | 1,252,392 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 612 | 668 | ||||
Individually evaluated for impairment: | 150 | 277 | ||||
Total Farm & Ranch loans: | 762 | 945 | ||||
Off-balance sheet [Member] | Permanent Plantings [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 492,572 | 515,520 | ||||
Individually evaluated for impairment: | 2,128 | 5,249 | ||||
Total Farm & Ranch loans: | 494,700 | 520,769 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 112 | 170 | ||||
Individually evaluated for impairment: | 50 | 69 | ||||
Total Farm & Ranch loans: | 162 | 239 | ||||
Off-balance sheet [Member] | Livestock [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 608,511 | 624,522 | ||||
Individually evaluated for impairment: | 4,243 | 3,737 | ||||
Total Farm & Ranch loans: | 612,754 | 628,259 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 277 | 207 | ||||
Individually evaluated for impairment: | 77 | 85 | ||||
Total Farm & Ranch loans: | 354 | 292 | ||||
Off-balance sheet [Member] | Part-Time Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 163,365 | 166,907 | ||||
Individually evaluated for impairment: | 860 | 883 | ||||
Total Farm & Ranch loans: | 164,225 | 167,790 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 25 | 29 | ||||
Individually evaluated for impairment: | 18 | 20 | ||||
Total Farm & Ranch loans: | 43 | 49 | ||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 68,979 | 73,084 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 68,979 | 73,084 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 554 | 636 | ||||
Individually evaluated for impairment: | 0 | 0 | ||||
Total Farm & Ranch loans: | 554 | 636 | ||||
Off-balance sheet [Member] | Other Commodity [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively evaluated for impairment: | 2,962 | 3,286 | ||||
Individually evaluated for impairment: | 58 | 69 | ||||
Total Farm & Ranch loans: | 3,020 | 3,355 | ||||
Allowance for Losses: | ||||||
Collectively evaluated for impairment: | 5 | 5 | ||||
Individually evaluated for impairment: | 0 | 1 | ||||
Total Farm & Ranch loans: | $ 5 | $ 6 |
Loans and Allowance for Losse_5
Loans and Allowance for Losses - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | $ 49,001 | $ 49,001 | $ 32,012 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 48,813 | 48,813 | 31,854 | ||
Impaired Loan, With a specific allowance, Recorded investment | 123,412 | 123,412 | 123,300 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 122,985 | 122,985 | 122,786 | ||
Impaired Loans, Associated allowance | 3,845 | 3,845 | 3,405 | ||
Recorded investment | 172,413 | 172,413 | 155,312 | ||
Unpaid principal balance | 171,798 | 171,798 | 154,640 | ||
Recorded investment of loans on nonaccrual status | 61,855 | 61,855 | 61,408 | ||
Average recorded investment in impaired loans | 173,616 | $ 155,019 | 162,168 | $ 151,170 | |
Income recognized on impaired loans | 859 | 941 | 1,660 | 1,639 | |
Crops [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 25,163 | 25,163 | 20,734 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 25,067 | 25,067 | 20,632 | ||
Impaired Loan, With a specific allowance, Recorded investment | 73,953 | 73,953 | 59,335 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 73,693 | 73,693 | 59,098 | ||
Impaired Loans, Associated allowance | 2,344 | 2,344 | 1,606 | ||
Recorded investment | 99,116 | 99,116 | 80,069 | ||
Unpaid principal balance | 98,760 | 98,760 | 79,730 | ||
Recorded investment of loans on nonaccrual status | 35,437 | 35,437 | 26,611 | ||
Average recorded investment in impaired loans | 98,176 | 72,041 | 85,652 | 74,527 | |
Income recognized on impaired loans | 379 | 327 | 701 | 719 | |
Permanent Plantings [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 14,402 | 14,402 | 3,592 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 14,346 | 14,346 | 3,573 | ||
Impaired Loan, With a specific allowance, Recorded investment | 24,489 | 24,489 | 38,176 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 24,401 | 24,401 | 38,009 | ||
Impaired Loans, Associated allowance | 882 | 882 | 1,134 | ||
Recorded investment | 38,891 | 38,891 | 41,768 | ||
Unpaid principal balance | 38,747 | 38,747 | 41,582 | ||
Recorded investment of loans on nonaccrual status | 12,778 | 12,778 | 21,349 | ||
Average recorded investment in impaired loans | 39,056 | 49,919 | 41,903 | 45,945 | |
Income recognized on impaired loans | 121 | 492 | 420 | 664 | |
Livestock [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 7,475 | 7,475 | 5,764 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 7,447 | 7,447 | 5,737 | ||
Impaired Loan, With a specific allowance, Recorded investment | 18,786 | 18,786 | 19,443 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 18,728 | 18,728 | 19,361 | ||
Impaired Loans, Associated allowance | 495 | 495 | 522 | ||
Recorded investment | 26,261 | 26,261 | 25,207 | ||
Unpaid principal balance | 26,175 | 26,175 | 25,098 | ||
Recorded investment of loans on nonaccrual status | 10,289 | 10,289 | 8,803 | ||
Average recorded investment in impaired loans | 28,650 | 23,453 | 26,279 | 21,361 | |
Income recognized on impaired loans | 304 | 60 | 417 | 139 | |
Part-Time Farm [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 1,903 | 1,903 | 1,922 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 1,895 | 1,895 | 1,912 | ||
Impaired Loan, With a specific allowance, Recorded investment | 6,184 | 6,184 | 6,276 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 6,163 | 6,163 | 6,249 | ||
Impaired Loans, Associated allowance | 124 | 124 | 142 | ||
Recorded investment | 8,087 | 8,087 | 8,198 | ||
Unpaid principal balance | 8,058 | 8,058 | 8,161 | ||
Recorded investment of loans on nonaccrual status | 3,351 | 3,351 | 4,645 | ||
Average recorded investment in impaired loans | 7,675 | 9,214 | 8,268 | 8,780 | |
Income recognized on impaired loans | 55 | 62 | 122 | 117 | |
Agriculture Storage and Processing [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 0 | 0 | 0 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 0 | 0 | 0 | ||
Impaired Loan, With a specific allowance, Recorded investment | 0 | 0 | 0 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 0 | 0 | 0 | ||
Impaired Loans, Associated allowance | 0 | 0 | 0 | ||
Recorded investment | 0 | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | 0 | ||
Recorded investment of loans on nonaccrual status | 0 | 0 | 0 | ||
Average recorded investment in impaired loans | 0 | 0 | 0 | 0 | |
Income recognized on impaired loans | 0 | 0 | 0 | 0 | |
Other Commodity [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, With so specific allowance, Recorded investment | 58 | 58 | 0 | ||
Impaired Loans, With so specific allowance, Unpaid principal balance | 58 | 58 | 0 | ||
Impaired Loan, With a specific allowance, Recorded investment | 0 | 0 | 70 | ||
Impaired Loans, With a specific allowance, Unpaid principal balance | 0 | 0 | 69 | ||
Impaired Loans, Associated allowance | 0 | 0 | 1 | ||
Recorded investment | 58 | 58 | 70 | ||
Unpaid principal balance | 58 | 58 | 69 | ||
Recorded investment of loans on nonaccrual status | 0 | 0 | 0 | ||
Average recorded investment in impaired loans | 59 | 392 | 66 | 557 | |
Income recognized on impaired loans | 0 | $ 0 | 0 | $ 0 | |
Less than 90 days past due [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment of loans on nonaccrual status | 41,000 | 41,000 | 41,800 | ||
Collateral Dependent Not Individually Analyzed [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Associated allowance | 2,600 | 2,600 | 2,700 | ||
Recorded investment | $ 121,000 | $ 121,000 | $ 120,900 | ||
Impaired loans, impairment analysis performed percent | 70.00% | 70.00% | 78.00% |
Loans and Allowance for Losse_6
Loans and Allowance for Losses - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | $ 28,045 | $ 26,881 | |
Net Credit Losses/(Recoveries) | 131 | $ (18) | |
Loans subject to removal-of-account provisions | 100 | 100 | |
On-balance sheet [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | 20,812 | 19,577 | |
Net Credit Losses/(Recoveries) | 131 | (18) | |
Off-balance sheet [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90-Days Delinquencies | 7,233 | $ 7,304 | |
Net Credit Losses/(Recoveries) | $ 0 | $ 0 |
Loans and Allowance for Losse_7
Loans and Allowance for Losses - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | $ 7,291,352 | $ 7,233,971 |
Past due financing receivables | 28,045 | 26,881 |
Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 6,737,569 | 6,748,644 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 311,080 | 252,673 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 242,703 | 232,654 |
Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,785,746 | 3,771,627 |
Past due financing receivables | 15,383 | 14,821 |
Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,491,461 | 3,510,640 |
Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 157,169 | 133,526 |
Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 137,116 | 127,461 |
Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,552,572 | 1,509,821 |
Past due financing receivables | 4,286 | 3,194 |
Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,434,810 | 1,407,272 |
Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 73,071 | 51,704 |
Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 44,691 | 50,845 |
Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,360,281 | 1,355,372 |
Past due financing receivables | 5,982 | 4,059 |
Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,243,567 | 1,256,961 |
Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 67,302 | 57,202 |
Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 49,412 | 41,209 |
Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 504,553 | 504,138 |
Past due financing receivables | 2,394 | 4,807 |
Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 480,187 | 484,075 |
Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 13,538 | 8,748 |
Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 10,828 | 11,315 |
Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 80,560 | 85,181 |
Past due financing receivables | 0 | 0 |
Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 80,560 | 82,563 |
Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,493 |
Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,125 |
Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,640 | 7,832 |
Past due financing receivables | 0 | 0 |
Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 6,984 | 7,133 |
Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 656 | 699 |
On-balance sheet [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,754,258 | 4,588,322 |
Past due financing receivables | 20,812 | 19,577 |
On-balance sheet [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,421,918 | 4,335,325 |
On-balance sheet [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 175,843 | 121,739 |
On-balance sheet [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 156,497 | 131,258 |
On-balance sheet [Member] | Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,592,330 | 2,519,235 |
Past due financing receivables | 10,677 | 8,345 |
On-balance sheet [Member] | Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,421,677 | 2,381,853 |
On-balance sheet [Member] | Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 79,905 | 71,096 |
On-balance sheet [Member] | Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 90,748 | 66,286 |
On-balance sheet [Member] | Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,057,872 | 989,052 |
Past due financing receivables | 3,375 | 2,997 |
On-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 972,075 | 937,793 |
On-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 49,178 | 14,926 |
On-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 36,619 | 36,333 |
On-balance sheet [Member] | Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 747,527 | 727,113 |
Past due financing receivables | 4,854 | 4,059 |
On-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 691,516 | 679,253 |
On-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 34,079 | 26,499 |
On-balance sheet [Member] | Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 21,932 | 21,361 |
On-balance sheet [Member] | Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 340,328 | 336,348 |
Past due financing receivables | 1,906 | 4,176 |
On-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 320,449 | 321,345 |
On-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 12,681 | 7,725 |
On-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 7,198 | 7,278 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 11,581 | 12,097 |
Past due financing receivables | 0 | 0 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 11,581 | 10,604 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,493 |
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,620 | 4,477 |
Past due financing receivables | 0 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 4,620 | 4,477 |
On-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
On-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-balance sheet [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,537,094 | 2,645,649 |
Past due financing receivables | 7,233 | 7,304 |
Off-balance sheet [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,315,651 | 2,413,319 |
Off-balance sheet [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 135,237 | 130,934 |
Off-balance sheet [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 86,206 | 101,396 |
Off-balance sheet [Member] | Crops [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,193,416 | 1,252,392 |
Past due financing receivables | 4,706 | 6,476 |
Off-balance sheet [Member] | Crops [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 1,069,784 | 1,128,787 |
Off-balance sheet [Member] | Crops [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 77,264 | 62,430 |
Off-balance sheet [Member] | Crops [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 46,368 | 61,175 |
Off-balance sheet [Member] | Permanent Plantings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 494,700 | 520,769 |
Past due financing receivables | 911 | 197 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 462,735 | 469,479 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 23,893 | 36,778 |
Off-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 8,072 | 14,512 |
Off-balance sheet [Member] | Livestock [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 612,754 | 628,259 |
Past due financing receivables | 1,128 | 0 |
Off-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 552,051 | 577,708 |
Off-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 33,223 | 30,703 |
Off-balance sheet [Member] | Livestock [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 27,480 | 19,848 |
Off-balance sheet [Member] | Part-Time Farm [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 164,225 | 167,790 |
Past due financing receivables | 488 | 631 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 159,738 | 162,730 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 857 | 1,023 |
Off-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,630 | 4,037 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 68,979 | 73,084 |
Past due financing receivables | 0 | 0 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 68,979 | 71,959 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 1,125 |
Off-balance sheet [Member] | Other Commodity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 3,020 | 3,355 |
Past due financing receivables | 0 | 0 |
Off-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 2,364 | 2,656 |
Off-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | 0 | 0 |
Off-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross financing receivables | $ 656 | $ 699 |
Loans and Allowance for Losse_8
Loans and Allowance for Losses - Schedule of Concentrations of Risk by Risk Factor (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 7,291,352 | $ 7,233,971 |
Less than $1,000,000 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,438,984 | 2,431,296 |
$1,000,000 to $4,999,999 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,766,582 | 2,755,996 |
$5,000,000 to $9,999,999 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 927,153 | 916,422 |
$10,000,000 to $24,999,999 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 612,040 | 601,349 |
$25,000,000 and greater [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 546,593 | 528,908 |
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 1,298,487 | 1,333,790 |
Loan-to-value ratio range, lower range limit | 0.00% | |
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] | ||
Gross financing receivables | $ 1,856,262 | 1,811,166 |
Loan-to-value ratio range, lower range limit | 40.01% | |
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] | ||
Gross financing receivables | $ 2,556,271 | 2,530,484 |
Loan-to-value ratio range, lower range limit | 50.01% | |
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] | ||
Gross financing receivables | $ 1,268,048 | 1,244,823 |
Loan-to-value ratio range, lower range limit | 60.01% | |
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] | ||
Gross financing receivables | $ 292,080 | 289,427 |
Loan-to-value ratio range, lower range limit | 70.01% | |
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] | ||
Gross financing receivables | $ 20,204 | 24,281 |
Loan-to-value ratio range, lower range limit | 80.01% | |
Loan-to-value ratio range, upper range limit | 90.00% | |
Northwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 847,475 | 855,596 |
Southwest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,337,303 | 2,273,184 |
Mid-North [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 2,304,637 | 2,296,073 |
Mid-South [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 891,870 | 883,279 |
Northeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 340,290 | 332,370 |
Southeast [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 569,777 | 593,469 |
Crops [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 3,785,746 | 3,771,627 |
Permanent Plantings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 1,552,572 | 1,509,821 |
Livestock [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 1,360,281 | 1,355,372 |
Part-Time Farm [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 504,553 | 504,138 |
Agriculture Storage and Processing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | 80,560 | 85,181 |
Other Commodity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross financing receivables | $ 7,640 | $ 7,832 |
Loans and Allowance for Losse_9
Loans and Allowance for Losses - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for/(release of) losses | $ 578,000 | $ 424,000 | $ 314,000 | $ (7,000) | |
Troubled debt restructurings, pre-modification | 0 | 0 | |||
Troubled debt restructurings, post-modification | 8,300,000 | 10,600,000 | 0 | ||
Past due financing receivables | 28,045,000 | 28,045,000 | $ 26,881,000 | ||
Loans subject to removal-of-account provisions | 100,000 | 100,000 | 100,000 | ||
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for/(release of) losses | 578,000 | 424,000 | 314,000 | (7,000) | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for/(release of) losses | (158,000) | $ 158,000 | (287,000) | $ 179,000 | |
On-balance sheet [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due financing receivables | $ 20,812,000 | $ 20,812,000 | $ 19,577,000 |
Guarantees and Long-Term Stan_3
Guarantees and Long-Term Standby Purchase Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Unconsolidated VIEs [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 828,999 | $ 813,444 |
Farm & Ranch [Member] | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 121,064 | 135,862 |
USDA Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 398,710 | 367,684 |
Institutional Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 9,225 | 9,898 |
Revolving Credit Facility [Member] | Institutional Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 300,000 | $ 300,000 |
Guarantees and Long-Term Stan_4
Guarantees and Long-Term Standby Purchase Commitments - Cash Flows from Off-balance sheet Guaranteed Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | |||
Proceeds from new securitizations | $ 166,351 | $ 196,290 | |
Guarantee fees received | $ 861 | $ 1,063 | |
Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, loans underlying guarantees not held by transferor | 10 years 1 month 6 days | 10 years 3 months 18 days | |
Farmer Mac Guaranteed Securities [Member] | Unconsolidated VIEs [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligation, liability | $ 2,500 | $ 2,800 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, loans underlying guarantees not held by transferor | 2 years 7 months 6 days | 5 years |
Guarantees and Long-Term Stan_5
Guarantees and Long-Term Standby Purchase Commitments - Long-Term Standby Purchase Commitments (Details) - Long-Term Standby Purchase Commitments [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Maximum principal amount of potential undiscounted future payments | $ 3,000 | $ 3,200 |
Weighted average remaining maturity, loans underlying guarantees not held by transferor | 15 years 3 months 18 days | |
Guarantee obligations issued after January 1, 2003 [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligation, liability | $ 34.7 | $ 35.9 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | Jun. 12, 2019 | May 13, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 14, 2019 | Aug. 31, 2017 | Sep. 30, 2015 |
Class of Stock [Line Items] | ||||||||||||||
Retirement of Series B preferred stock | $ 75,000,000 | $ 0 | ||||||||||||
Loss on retirement of preferred stock | $ 1,956,000 | $ 0 | $ 1,956,000 | $ 0 | ||||||||||
Quarterly dividend on all classes of common stock (in dollars per share) | $ 700 | $ 0.70 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | ||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Issuance of stock (in shares) | 4,000,000 | |||||||||||||
Dividend rate | 5.70% | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 25 | 25 | $ 25 | |||||||||||
Aggregate outstanding | $ 100,000,000 | $ 100,000,000 | ||||||||||||
Issuance costs | $ 3,300,000 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividend rate | 6.875% | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||
Retirement of Series B preferred stock | $ 75,000,000 | |||||||||||||
Loss on retirement of preferred stock | $ 2,000,000 | |||||||||||||
Common Class C, Non-Voting [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock authorized for repurchase | $ 10,000,000 | $ 5,400,000 | $ 25,000,000 | |||||||||||
Shares repurchased (in shares) | 0 | 668,000 | ||||||||||||
Shares repurchased | $ 19,600,000 |
Equity - Capital Requirements (
Equity - Capital Requirements (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Capital required for capital adequacy | $ 595,000,000 | $ 545,000,000 |
Capital | 786,600,000 | 727,600,000 |
Excess capital | $ 191,600,000 | $ 182,600,000 |
Fair Value Disclosures - Narra
Fair Value Disclosures - Narrative (Details) - Level 3 [Member] - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset and liability fair value | $ 7.1 | $ 6 |
Percent of level three fair value assets and liabilities | 34.00% | 32.00% |
Financial instruments level three percent | 71.00% | 73.00% |
Fair Value Disclosures - Fair
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial derivatives | $ 3,135 | $ 5,709 |
Financial derivatives | 73,401 | 27,385 |
Loans held for investment | 6,316,005 | 5,515,052 |
REO | 1,770 | 128 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 9,201 | 9,999 |
Financial derivatives | 7,560 | 7,487 |
Total Assets at fair value | 9,974,933 | 8,209,835 |
Financial derivatives | 27,429 | 19,633 |
Total Liabilities at fair value | 27,429 | 19,633 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
Financial derivatives | 0 | 0 |
Total Assets at fair value | 1,273,766 | 792,602 |
Financial derivatives | 188 | 188 |
Total Liabilities at fair value | 188 | 188 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 0 | 0 |
Financial derivatives | 7,560 | 7,487 |
Total Assets at fair value | 1,637,090 | 1,414,022 |
Financial derivatives | 27,241 | 19,445 |
Total Liabilities at fair value | 27,241 | 19,445 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 9,201 | 9,999 |
Financial derivatives | 0 | 0 |
Total Assets at fair value | 7,064,077 | 6,003,211 |
Financial derivatives | 0 | 0 |
Total Liabilities at fair value | 0 | 0 |
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] | ||
Investment securities fair value | 2,922,504 | 2,217,852 |
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] | ||
Investment securities fair value | 1,273,766 | 792,602 |
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] | ||
Investment securities fair value | 1,629,530 | 1,406,535 |
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] | ||
Investment securities fair value | 19,208 | 18,715 |
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] | ||
Investment securities fair value | 7,035,668 | 5,974,497 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 7,035,668 | 5,974,497 |
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] | ||
Investment securities fair value | 7,035,668 | 5,974,497 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 7,035,668 | 5,974,497 |
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 9,201 | 9,999 |
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] | ||
Trading | 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] | ||
Trading | 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] | ||
Trading | 9,201 | 9,999 |
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] | ||
Investment securities fair value | 19,208 | 18,715 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 19,208 | 18,715 |
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] | ||
Investment securities fair value | 25,802 | 28,678 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 25,802 | 28,678 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 1,603,370 | 1,377,454 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 1,603,370 | 1,377,454 |
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] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 358 | 403 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | 358 | 403 |
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] | ||
Investment securities fair value | 0 | 0 |
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities fair value | 1,273,766 | 792,602 |
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] | ||
Investment securities fair value | 1,273,766 | 792,602 |
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] | ||
Investment securities fair value | 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] | ||
Investment securities fair value | $ 0 | $ 0 |
Fair Value Disclosures - Unobs
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 6,470,023 | $ 5,874,075 | $ 6,003,211 | $ 5,508,576 |
Cumulative Effect from Change in Hedge Accounting | 487 | |||
Purchases | 643,183 | 348,531 | 1,438,443 | 1,038,271 |
Sales | (29,419) | (45,014) | (48,347) | (79,307) |
Settlements | (98,926) | (152,042) | (471,215) | (444,392) |
Realized and Unrealized Gains included in Income | 114,699 | (12,931) | 174,095 | (31,863) |
Unrealized Gains/(Losses) included in Other Comprehensive Income | (35,483) | 2,945 | (32,110) | 23,792 |
Ending Balance | 7,064,077 | 6,015,564 | 7,064,077 | 6,015,564 |
USDA Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 9,487 | 11,558 | 9,999 | 13,515 |
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 29,419 | 45,014 | 48,347 | 79,307 |
Sales | (29,419) | (45,014) | (48,347) | (79,307) |
Settlements | (347) | (821) | (903) | (2,794) |
Realized and Unrealized Gains included in Income | 61 | 11 | 105 | 27 |
Unrealized Gains/(Losses) included in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Ending Balance | 9,201 | 10,748 | 9,201 | 10,748 |
Unrealized Gains | 100 | |||
Available-for-sale Securities [Member] | Investment Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 18,912 | 23,130 | 18,715 | 23,147 |
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (2,028) | 0 | (2,137) |
Realized and Unrealized Gains included in Income | 0 | (2,092) | 0 | (2,092) |
Unrealized Gains/(Losses) included in Other Comprehensive Income | 296 | 0 | 493 | 92 |
Ending Balance | 19,208 | 19,010 | 19,208 | 19,010 |
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 6,441,624 | 5,839,387 | 5,974,497 | 5,471,914 |
Cumulative Effect from Change in Hedge Accounting | 487 | |||
Purchases | 613,764 | 303,517 | 1,390,096 | 958,964 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (98,579) | (149,193) | (470,312) | (439,461) |
Realized and Unrealized Gains included in Income | 114,638 | (10,850) | 173,990 | (29,798) |
Unrealized Gains/(Losses) included in Other Comprehensive Income | (35,779) | 2,945 | (32,603) | 23,700 |
Ending Balance | 7,035,668 | 5,985,806 | 7,035,668 | 5,985,806 |
Available-for-sale Securities [Member] | USDA Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 0 | 0 |
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 29,419 | 45,014 | 48,347 | 79,307 |
Sales | (29,419) | (45,014) | (48,347) | (79,307) |
Settlements | 0 | 0 | 0 | 0 |
Realized and Unrealized Gains included in Income | 0 | 0 | 0 | 0 |
Unrealized Gains/(Losses) included in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | 0 |
Trading Securities [Member] | USDA Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 9,487 | 11,558 | 9,999 | 13,515 |
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (347) | (821) | (903) | (2,794) |
Realized and Unrealized Gains included in Income | 61 | 11 | 105 | 27 |
Unrealized Gains/(Losses) included in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Ending Balance | 9,201 | 10,748 | 9,201 | 10,748 |
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 6,441,624 | 5,839,387 | 5,974,497 | 5,471,914 |
Cumulative Effect from Change in Hedge Accounting | 487 | |||
Purchases | 613,764 | 303,517 | 1,390,096 | 958,964 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (98,579) | (149,193) | (470,312) | (439,461) |
Realized and Unrealized Gains included in Income | 114,638 | (10,850) | 173,990 | (29,798) |
Unrealized Gains/(Losses) included in Other Comprehensive Income | (35,779) | 2,945 | (32,603) | 23,700 |
Ending Balance | 7,035,668 | 5,985,806 | 7,035,668 | 5,985,806 |
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 18,912 | 19,010 | 18,715 | 18,814 |
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Realized and Unrealized Gains included in Income | 0 | 0 | 0 | 0 |
Unrealized Gains/(Losses) included in Other Comprehensive Income | 296 | 0 | 493 | 196 |
Ending Balance | $ 19,208 | 19,010 | $ 19,208 | 19,010 |
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 4,120 | 4,333 | ||
Cumulative Effect from Change in Hedge Accounting | 0 | |||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (2,028) | (2,137) | ||
Realized and Unrealized Gains included in Income | (2,092) | (2,092) | ||
Unrealized Gains/(Losses) included in Other Comprehensive Income | 0 | (104) | ||
Ending Balance | $ 0 | $ 0 |
Fair Value Disclosures - Quant
Fair Value Disclosures - Quantitative Information (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | $ 7,064,077 | $ 6,470,023 | $ 6,003,211 | $ 6,015,564 | $ 5,874,075 | $ 5,508,576 |
USDA Securities [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 9,201 | 9,487 | 9,999 | 10,748 | 11,558 | 13,515 |
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 7,035,668 | 6,441,624 | 5,974,497 | 5,985,806 | 5,839,387 | 5,471,914 |
Available-for-sale Securities [Member] | USDA Securities [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | 0 | 0 | 0 |
Available-for-sale Securities [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | 7,035,668 | 6,441,624 | 5,974,497 | 5,985,806 | 5,839,387 | 5,471,914 |
Trading Securities [Member] | USDA Securities [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Fair Value | $ 9,201 | $ 9,487 | $ 9,999 | $ 10,748 | $ 11,558 | $ 13,515 |
Measurement Input, Range of Broker Quotes [Member] | Minimum [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.975 | 0.950 | ||||
Measurement Input, Range of Broker Quotes [Member] | Maximum [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.975 | 0.950 | ||||
Measurement Input, Range of Broker Quotes [Member] | Weighted Average [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.975 | 0.950 | ||||
Measurement Input, Discount Rate [Member] | Minimum [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.027 | 0.030 | ||||
Measurement Input, Discount Rate [Member] | Minimum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.030 | 0.032 | ||||
Measurement Input, Discount Rate [Member] | Maximum [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.040 | 0.044 | ||||
Measurement Input, Discount Rate [Member] | Maximum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.052 | 0.052 | ||||
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Investment securities, measurement input | 0.030 | 0.033 | ||||
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.049 | 0.049 | ||||
Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.08 | 0.07 | ||||
Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.20 | 0.17 | ||||
Measurement Input, Constant Prepayment Rate [Member] | Weighted Average [Member] | USDA Guarantees [Member] | USDA Securities [Member] | Valuation, Cost Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
USDA securities, measurement input | 0.19 | 0.16 |
Fair Value Disclosures - Summa
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial derivatives | $ 3,135 | $ 5,709 |
Guarantee and commitment fees receivable: | 38,809 | 40,366 |
Financial derivatives | 73,401 | 27,385 |
Guarantee and commitment obligation | 37,246 | 38,683 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 396,602 | 425,256 |
Loans | 6,403,950 | 5,512,781 |
Financial derivatives | 7,560 | 7,487 |
Debt securities of consolidated trusts held by third parties | 1,583,839 | 1,501,754 |
Financial derivatives | 27,429 | 19,633 |
Fair Value [Member] | Investment Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,968,265 | 2,263,446 |
Fair Value [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8,627,877 | 8,061,903 |
Fair Value [Member] | USDA Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,141,866 | 2,113,946 |
Fair Value [Member] | Long-Term Standby Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable: | 33,678 | 37,461 |
Guarantee and commitment obligation | 32,549 | 36,471 |
Fair Value [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable: | 2,721 | 3,424 |
Guarantee and commitment obligation | 2,287 | 2,731 |
Fair Value [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 8,360,759 | 8,473,558 |
Fair Value [Member] | Due within one year [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 9,937,380 | 7,744,388 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 396,602 | 425,256 |
Loans | 6,316,005 | 5,515,052 |
Financial derivatives | 7,560 | 7,487 |
Debt securities of consolidated trusts held by third parties | 1,570,862 | 1,528,957 |
Financial derivatives | 27,429 | 19,633 |
Carrying Amount [Member] | Investment Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,967,536 | 2,262,884 |
Carrying Amount [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8,614,843 | 8,071,115 |
Carrying Amount [Member] | USDA Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,137,579 | 2,176,173 |
Carrying Amount [Member] | Long-Term Standby Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable: | 35,835 | 36,870 |
Guarantee and commitment obligation | 34,706 | 35,880 |
Carrying Amount [Member] | Farmer Mac Guaranteed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable: | 2,974 | 3,496 |
Guarantee and commitment obligation | 2,540 | 2,803 |
Carrying Amount [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | 8,247,829 | 8,486,647 |
Carrying Amount [Member] | Due within one year [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable: | $ 9,939,589 | $ 7,757,050 |
Business Segment Reporting - C
Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | $ 43,054 | $ 43,933 | $ 83,653 | $ 87,162 | |
Guarantee and commitment fees | 3,403 | 3,481 | 6,916 | 6,980 | |
Other income/(expense) | 9,329 | 2,899 | 9,506 | (361) | |
Non-interest income | 12,732 | 6,380 | 16,422 | 6,619 | |
Provision for loan losses | (578) | (424) | (314) | 7 | |
Release of reserve for losses | 158 | (158) | 287 | (179) | |
Other non-interest expense | (12,210) | (12,763) | (25,100) | (24,384) | |
Non-interest expense | (12,052) | (12,921) | (24,813) | (24,563) | |
Core earnings before income taxes | 43,156 | 36,968 | 74,948 | 69,225 | |
Income tax (expense)/benefit | (9,111) | (7,332) | (15,733) | (13,770) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 34,045 | 29,636 | 59,215 | 55,455 | |
Preferred stock dividends | (3,785) | (3,296) | (7,081) | (6,591) | |
Loss on retirement of preferred stock | (1,956) | 0 | (1,956) | 0 | |
Segment core earnings/(losses) | 28,304 | 26,340 | 50,178 | 48,864 | |
Total assets at carrying value | 20,738,160 | 18,626,771 | 20,738,160 | 18,626,771 | $ 18,694,328 |
Total on- and off-balance sheet program assets at principal balance | 20,746,735 | 19,524,837 | 20,746,735 | 19,524,837 | |
Farm & Ranch [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 15,797 | 15,889 | 31,079 | 30,830 | |
Less: reconciling adjustments | (2,462) | (2,542) | (5,007) | (4,943) | |
Net effective spread | 13,335 | 13,347 | 26,072 | 25,887 | |
Guarantee and commitment fees | 4,594 | 4,488 | 9,338 | 8,867 | |
Other income/(expense) | 188 | 341 | 668 | 899 | |
Non-interest income | 4,782 | 4,829 | 10,006 | 9,766 | |
Provision for loan losses | (578) | (424) | (314) | 7 | |
Release of reserve for losses | 158 | (158) | 287 | (179) | |
Other non-interest expense | (4,587) | (4,954) | (9,386) | (9,474) | |
Non-interest expense | (4,429) | (5,112) | (9,099) | (9,653) | |
Core earnings before income taxes | 13,110 | 12,640 | 26,665 | 26,007 | |
Income tax (expense)/benefit | (2,753) | (2,654) | (5,600) | (5,461) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 10,357 | 9,986 | 21,065 | 20,546 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | 0 | |||
Segment core earnings/(losses) | 10,357 | 9,986 | 21,065 | 20,546 | |
Total assets at carrying value | 4,872,766 | 4,428,172 | 4,872,766 | 4,428,172 | |
Total on- and off-balance sheet program assets at principal balance | 7,291,352 | 7,045,397 | 7,291,352 | 7,045,397 | |
USDA Guarantees [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 4,112 | 5,072 | 8,554 | 10,142 | |
Less: reconciling adjustments | (15) | (674) | (493) | (1,344) | |
Net effective spread | 4,097 | 4,398 | 8,061 | 8,798 | |
Guarantee and commitment fees | 238 | 190 | 462 | 356 | |
Other income/(expense) | 0 | 8 | 0 | 13 | |
Non-interest income | 238 | 198 | 462 | 369 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (1,345) | (1,312) | (2,773) | (2,505) | |
Non-interest expense | (1,345) | (1,312) | (2,773) | (2,505) | |
Core earnings before income taxes | 2,990 | 3,284 | 5,750 | 6,662 | |
Income tax (expense)/benefit | (628) | (690) | (1,208) | (1,399) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 2,362 | 2,594 | 4,542 | 5,263 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | 0 | |||
Segment core earnings/(losses) | 2,362 | 2,594 | 4,542 | 5,263 | |
Total assets at carrying value | 2,198,514 | 2,177,345 | 2,198,514 | 2,177,345 | |
Total on- and off-balance sheet program assets at principal balance | 2,521,394 | 2,418,115 | 2,521,394 | 2,418,115 | |
Rural Utilities [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 3,936 | 3,313 | 3,662 | 5,850 | |
Less: reconciling adjustments | 60 | (390) | 3,567 | 23 | |
Net effective spread | 3,996 | 2,923 | 7,229 | 5,873 | |
Guarantee and commitment fees | 358 | 402 | 721 | 851 | |
Other income/(expense) | 7 | 5 | 14 | 10 | |
Non-interest income | 365 | 407 | 735 | 861 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (816) | (739) | (1,682) | (1,412) | |
Non-interest expense | (816) | (739) | (1,682) | (1,412) | |
Core earnings before income taxes | 3,545 | 2,591 | 6,282 | 5,322 | |
Income tax (expense)/benefit | (744) | (544) | (1,319) | (1,118) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 2,801 | 2,047 | 4,963 | 4,204 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | 0 | |||
Segment core earnings/(losses) | 2,801 | 2,047 | 4,963 | 4,204 | |
Total assets at carrying value | 1,580,979 | 995,068 | 1,580,979 | 995,068 | |
Total on- and off-balance sheet program assets at principal balance | 2,155,671 | 1,669,440 | 2,155,671 | 1,669,440 | |
Institutional Credit [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 16,385 | 18,805 | 34,572 | 36,637 | |
Less: reconciling adjustments | 986 | (3,585) | (828) | (6,593) | |
Net effective spread | 17,371 | 15,220 | 33,744 | 30,044 | |
Guarantee and commitment fees | 86 | 91 | 174 | 180 | |
Other income/(expense) | 0 | 0 | 0 | 0 | |
Non-interest income | 86 | 91 | 174 | 180 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (2,034) | (2,030) | (4,193) | (3,876) | |
Non-interest expense | (2,034) | (2,030) | (4,193) | (3,876) | |
Core earnings before income taxes | 15,423 | 13,281 | 29,725 | 26,348 | |
Income tax (expense)/benefit | (3,239) | (2,789) | (6,242) | (5,533) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 12,184 | 10,492 | 23,483 | 20,815 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | 0 | 0 | |||
Segment core earnings/(losses) | 12,184 | 10,492 | 23,483 | 20,815 | |
Total assets at carrying value | 8,633,059 | 8,144,763 | 8,633,059 | 8,144,763 | |
Total on- and off-balance sheet program assets at principal balance | 8,778,318 | 8,391,885 | 8,778,318 | 8,391,885 | |
Corporate Segment [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 2,824 | 854 | 5,786 | 3,703 | |
Less: reconciling adjustments | (268) | (580) | (736) | (1,042) | |
Net effective spread | 2,556 | 274 | 5,050 | 2,661 | |
Guarantee and commitment fees | 0 | 0 | 0 | 0 | |
Other income/(expense) | 582 | (209) | 604 | (349) | |
Non-interest income | 582 | (209) | 604 | (349) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | (3,428) | (3,728) | (7,066) | (7,117) | |
Non-interest expense | (3,428) | (3,728) | (7,066) | (7,117) | |
Core earnings before income taxes | (290) | (3,663) | (1,412) | (4,805) | |
Income tax (expense)/benefit | 13 | 1,200 | 303 | 1,775 | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | (277) | (2,463) | (1,109) | (3,030) | |
Preferred stock dividends | (3,785) | (3,296) | (7,081) | (6,591) | |
Loss on retirement of preferred stock | 0 | 0 | |||
Segment core earnings/(losses) | (4,062) | (5,759) | (8,190) | (9,621) | |
Total assets at carrying value | 3,452,842 | 2,881,423 | 3,452,842 | 2,881,423 | |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||
Net interest income | 0 | 0 | 0 | 0 | |
Less: reconciling adjustments | 1,699 | 7,771 | 3,497 | 13,899 | |
Net effective spread | 1,699 | 7,771 | 3,497 | 13,899 | |
Guarantee and commitment fees | (1,873) | (1,690) | (3,779) | (3,274) | |
Other income/(expense) | 8,552 | 2,754 | 8,220 | (934) | |
Non-interest income | 6,679 | 1,064 | 4,441 | (4,208) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Release of reserve for losses | 0 | 0 | 0 | 0 | |
Other non-interest expense | 0 | 0 | 0 | 0 | |
Non-interest expense | 0 | 0 | 0 | 0 | |
Core earnings before income taxes | 8,378 | 8,835 | 7,938 | 9,691 | |
Income tax (expense)/benefit | (1,760) | (1,855) | (1,667) | (2,034) | |
Core earnings before preferred stock dividends and attribution of income to non-controlling interest | 6,618 | 6,980 | 6,271 | 7,657 | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Loss on retirement of preferred stock | (1,956) | (1,956) | |||
Segment core earnings/(losses) | 4,662 | 6,980 | 4,315 | 7,657 | |
Total assets at carrying value | 0 | 0 | 0 | 0 | |
Total on- and off-balance sheet program assets at principal balance | $ 0 | $ 0 | $ 0 | $ 0 |