Federal Agricultural Mortgage (AGM) 10-Q6 Nov 192019 Q3 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2019	Oct. 30, 2019
Entity Information [Line Items]
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Sep. 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, State or Province	DC
Entity Address, Postal Zip Code	20006
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	Q3
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		9,179,802
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	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 587,941	$ 425,256
Loans:
Loans held for investment, at amortized cost	4,998,526	4,004,968
Loans held for investment in consolidated trusts, at amortized cost	1,526,718	1,517,101
Allowance for loan losses	(8,024)	(7,017)
Total loans, net of allowance	6,517,220	5,515,052
Real estate owned, at lower of cost or fair value	1,770	128
Financial derivatives, at fair value	5,589	7,487
Interest receivable (includes $13,385 and $19,783, respectively, related to consolidated trusts)	158,720	180,080
Guarantee and commitment fees receivable	39,136	40,366
Deferred tax asset, net	23,803	6,369
Prepaid expenses and other assets	16,227	9,418
Total Assets	21,315,234	18,694,328
Notes payable:
Due within one year	9,885,633	7,757,050
Due after one year	8,940,989	8,486,647
Total notes payable	18,826,622	16,243,697
Debt securities of consolidated trusts held by third parties	1,532,401	1,528,957
Financial derivatives, at fair value	30,542	19,633
Accrued interest payable (includes $11,462 and $17,125, respectively, related to consolidated trusts)	104,340	96,743
Guarantee and commitment obligation	37,449	38,683
Accounts payable and accrued expenses	31,878	11,891
Reserve for losses	1,743	2,167
Total Liabilities	20,564,975	17,941,771
Commitments and Contingencies
Common stock:
Additional paid-in capital	118,720	118,822
Accumulated other comprehensive income, net of tax	(43,024)	24,956
Retained earnings	435,479	393,351
Total Equity	750,259	752,557
Total Liabilities and Equity	21,315,234	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	9,179	9,138
Investment Securities [Member]
Assets:
Available-for-sale, at fair value	3,111,632	2,217,852
Held-to-maturity, at amortized cost	45,032	45,032
Total Securities	3,156,664	2,262,884
Farmer Mac Guaranteed Securities [Member]
Assets:
Available-for-sale, at fair value	7,182,541	5,974,497
Held-to-maturity, at amortized cost	1,452,616	2,096,618
Total Securities	8,635,157	8,071,115
USDA Securities [Member]
Assets:
Held-to-maturity, at amortized cost	2,164,064	2,166,174
Trading, at fair value	8,943	9,999
Total Securities	$ 2,173,007	$ 2,176,173

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Interest receivable - Consolidated Trusts amount	$ 158,720	$ 180,080
Accrued interest payable - Consolidated Trusts amount	$ 104,340	$ 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)	9,179,053	9,137,550
Variable Interest Entity, Primary Beneficiary [Member]
Interest receivable - Consolidated Trusts amount	$ 13,385	$ 19,783
Accrued interest payable - Consolidated Trusts amount	$ 11,462	$ 17,125

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Investments and cash equivalents	$ 22,855	$ 15,123	$ 61,718	$ 38,681
Farmer Mac Guaranteed Securities and USDA Securities	81,649	76,870	252,629	213,479
Loans	56,992	50,622	167,792	145,671
Total interest income	161,496	142,615	482,139	397,831
Total interest expense	121,384	97,557	358,374	265,611
Net interest income	40,112	45,058	123,765	132,220
Provision for loan losses	(760)	(99)	(1,074)	(92)
Net interest income after provision for loan losses	39,352	44,959	122,691	132,128
Non-interest income:
Guarantee and commitment fees	3,349	3,490	10,265	10,470
(Losses)/gains on financial derivatives	(7,360)	628	1,193	(688)
Gains/(losses) on trading securities	49	(3)	154	24
Losses on sale of real estate owned	0	(41)	0	(7)
Other income	530	365	1,378	1,259
Non-interest (loss)/income	(3,432)	4,439	12,990	11,058
Non-interest expense:
Compensation and employee benefits	7,654	6,777	22,030	20,367
General and administrative	5,253	4,350	14,538	13,878
Regulatory fees	688	625	2,063	1,875
Real estate owned operating costs, net	0	0	64	16
(Release of)/provision for reserve for losses	(137)	(102)	(424)	77
Non-interest expense	13,458	11,650	38,271	36,213
Income before income taxes	22,462	37,748	97,410	106,973
Income tax expense	4,629	7,979	20,362	21,749
Net income attributable to Farmer Mac	17,833	29,769	77,048	85,224
Preferred stock dividends	(3,427)	(3,295)	(10,508)	(9,886)
Loss on retirement of preferred stock	0	0	(1,956)	0
Net income attributable to common stockholders	$ 14,406	$ 26,474	$ 64,584	$ 75,338
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 1.34	$ 2.48	$ 6.04	$ 7.07
Diluted earnings per common share (in dollars per share)	$ 1.33	$ 2.46	$ 5.99	$ 7.01

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 17,833	$ 29,769	$ 77,048	$ 85,224
Other comprehensive income before taxes:
Net unrealized (losses)/gains on available-for-sale securities	(24,925)	(13,546)	(50,272)	8,678
Net changes in held-to-maturity securities	(6,543)	(1,544)	(13,406)	(4,400)
Net unrealized (losses)/gains on cash flow hedges	(6,736)	3,181	(22,373)	12,038
Other comprehensive (loss)/income before tax	(38,204)	(11,909)	(86,051)	16,316
Income tax benefit/(expense) related to other comprehensive (loss)/income	8,023	2,500	18,071	(3,427)
Other comprehensive (loss)/income net of tax	(30,181)	(9,409)	(67,980)	12,889
Comprehensive (loss)/income attributable to Farmer Mac	$ (12,348)	$ 20,360	$ 9,068	$ 98,113

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Class C, Non-Voting [Member]	Series D Preferred Stock [Member]	Series B Preferred Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member]Series D Preferred Stock [Member]	Preferred Stock [Member]Series B 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	85,224
Other comprehensive loss, net of tax	12,889
Loss on retirement of preferred stock	0
Ending balance (in shares) at Sep. 30, 2018					8,400			10,669
Ending balance at Sep. 30, 2018	777,591				$ 204,759			$ 10,669		118,183		64,001	379,979
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
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
Net income:
Net income attributable to Farmer Mac	29,769												29,769
Other comprehensive loss, net of tax	(9,409)											(9,409)
Preferred stock	(3,295)												(3,295)
Common stock	(6,187)												(6,187)
Issuance of stock (in shares)									2
Issuance of stock		2							$ 2
Loss on retirement of preferred stock	0
Stock-based compensation cost	613									613
Other stock-based award activity	(114)									(114)
Ending balance (in shares) at Sep. 30, 2018					8,400			10,669
Ending balance at Sep. 30, 2018	777,591				$ 204,759			$ 10,669		118,183		64,001	379,979
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	77,048
Other comprehensive loss, net of tax	(67,980)
Loss on retirement of preferred stock	(1,956)
Ending balance (in shares) at Sep. 30, 2019					9,400			10,710
Ending balance at Sep. 30, 2019	750,259				$ 228,374			$ 10,710		118,720		(43,024)	435,479
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)												(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
Net income:
Net income attributable to Farmer Mac	17,833												17,833
Other comprehensive loss, net of tax	(30,181)											(30,181)
Preferred stock	(3,427)												(3,427)
Common stock	(7,496)												(7,496)
Issuance of stock (in shares)									10
Issuance of stock		$ 29							$ 10		$ 19
Loss on retirement of preferred stock	0
Stock-based compensation cost	407									407
Other stock-based award activity	(648)									(648)
Ending balance (in shares) at Sep. 30, 2019					9,400			10,710
Ending balance at Sep. 30, 2019	$ 750,259				$ 228,374			$ 10,710		$ 118,720		$ (43,024)	$ 435,479

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	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	$ 0.70	$ 0.58	$ 0.58	$ 0.58

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 77,048	$ 85,224
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	(8,032)	713
Amortization of debt premiums, discounts and issuance costs	37,794	21,744
Net change in fair value of trading securities, hedged assets, and financial derivatives	(326,537)	42,054
Loss on sale of real estate owned	0	7
Total provision for losses	650	169
Excess tax benefits related to stock-based awards	442	1,105
Deferred income taxes	637	1,750
Stock-based compensation expense	1,664	1,882
Proceeds from repayment of loans purchased as held for sale	44,857	76,259
Net change in:
Interest receivable	21,395	18,537
Guarantee and commitment fees receivable	(4)	(86)
Other assets	1,875	(7,268)
Accrued interest payable	7,597	12,033
Other liabilities	2,538	(1,898)
Net cash (used in)/provided by operating activities	(138,076)	252,225
Cash flows from investing activities:
Purchases of loans held for investment	(1,528,789)	(684,486)
Purchases of defaulted loans	(469)	(1,483)
Proceeds from repayment of loans purchased as held for investment	568,280	508,969
Proceeds from sale of Farmer Mac Guaranteed Securities	199,396	305,391
Proceeds from sale of real estate owned	0	116
Net cash used in investing activities	(2,062,969)	(233,520)
Cash flows from financing activities:
Payments to third parties on debt securities of consolidated trusts	(143,491)	(124,239)
Proceeds from common stock issuance	25	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	(1,750)	(2,635)
Dividends paid on common and preferred stock	(32,964)	(28,421)
Net cash provided by financing activities	2,363,730	115,425
Net change in cash and cash equivalents	162,685	134,130
Cash and cash equivalents at beginning of period	425,256	302,022
Cash and cash equivalents at end of period	587,941	436,152
Non-cash activity:
Real estate owned acquired through loan liquidation	0	128
Loans acquired and securitized as Farmer Mac Guaranteed Securities	199,396	305,391
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	141,543	199,764
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment	5,392	6,273
Purchases of securities - traded, not yet settled	8,680	248,600
Medium-term Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of discount notes and medium-term notes	7,632,425	6,109,613
Payments to redeem notes	(5,646,107)	(5,254,430)
Notes Payable to Banks [Member]
Cash flows from financing activities:
Proceeds from issuance of discount notes and medium-term notes	47,036,038	30,946,426
Payments to redeem notes	(46,502,105)	(31,530,896)
Investment Securities [Member]
Cash flows from investing activities:
Purchases of securities	(1,871,957)	(833,650)
Proceeds from repayment of securities	991,423	814,712
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Cash flows from investing activities:
Purchases of securities	(2,167,801)	(2,544,812)
Proceeds from repayment of securities	$ 1,746,948	$ 2,201,723

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 nine months ended September 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 September 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 $ 1,526,718 $ — $ — $ — $ — $ 1,526,718 Debt securities of consolidated trusts held by third parties (1) 1,532,401 — — — — 1,532,401 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,816 — — — 32,816 Maximum exposure to loss (3) — 32,645 — — — 32,645 Investment securities: Carrying value (4) — — — — 1,111,712 1,111,712 Maximum exposure to loss (3) (4) — — — — 1,114,220 1,114,220 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 115,306 404,052 — — — 519,358 (1) Includes borrower remittances of $5.7 million . The borrower remittances had not been passed through to third party investors as of September 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 nine months ended September 30, 2019 and 2018: Table 1.2 For the Three Months Ended September 30, 2019 September 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 $ 14,406 10,706 $ 1.34 $ 26,474 10,668 $ 2.48 Effect of dilutive securities (1) SARs and restricted stock — 70 (0.01 ) — 76 (0.02 ) Diluted EPS $ 14,406 10,776 $ 1.33 $ 26,474 10,744 $ 2.46 (1) For the three months ended September 30, 2019 and 2018, SARs and restricted stock of 26,768 and 10,122 , 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 September 30, 2019 and 2018, contingent shares of unvested restricted stock of 8,414 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 Nine Months Ended September 30, 2019 September 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 $ 64,584 10,691 $ 6.04 $ 75,338 10,650 $ 7.07 Effect of dilutive securities (1) SARs and restricted stock — 83 (0.05 ) — 93 (0.06 ) Diluted EPS $ 64,584 10,774 $ 5.99 $ 75,338 10,743 $ 7.01 (1) For the nine months ended September 30, 2019 and 2018, SARs and restricted stock of 48,801 and 15,437 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the nine months ended September 30, 2019 and 2018, contingent shares of unvested restricted stock of 10,994 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 nine months ended September 30, 2019 and 2018: Table 1.3 As of September 30, 2019 As of September 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 $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 Other comprehensive (loss)/income before reclassifications (18,915 ) — (5,071 ) (23,986 ) (9,947 ) — 2,662 (7,285 ) Amounts reclassified from AOCI (776 ) (5,169 ) (250 ) (6,195 ) (755 ) (1,220 ) (149 ) (2,124 ) Net comprehensive (loss)/income (19,691 ) (5,169 ) (5,321 ) (30,181 ) (10,702 ) (1,220 ) 2,513 (9,409 ) Ending Balance $ (65,075 ) $ 32,852 $ (10,801 ) $ (43,024 ) $ 5,180 $ 44,759 $ 14,062 $ 64,001 For the Nine 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 (37,308 ) — (16,679 ) (53,987 ) 10,450 — 9,493 19,943 Amounts reclassified from AOCI (2,407 ) (10,591 ) (995 ) (13,993 ) (3,594 ) (3,477 ) 17 (7,054 ) Net comprehensive (loss)/income (39,715 ) (10,591 ) (17,674 ) (67,980 ) 6,856 (3,477 ) 9,510 12,889 Ending Balance $ (65,075 ) $ 32,852 $ (10,801 ) $ (43,024 ) $ 5,180 $ 44,759 $ 14,062 $ 64,001 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 nine months ended September 30, 2019 and 2018: Table 1.4 For the Three Months Ended September 30, 2019 September 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 $ (23,943 ) $ (5,028 ) $ (18,915 ) $ (12,590 ) $ (2,643 ) $ (9,947 ) Less reclassification adjustments included in: Net interest income (1) (961 ) (202 ) (759 ) (946 ) (199 ) (747 ) Other income (2) (21 ) (4 ) (17 ) (10 ) (2 ) (8 ) Total $ (24,925 ) $ (5,234 ) $ (19,691 ) $ (13,546 ) $ (2,844 ) $ (10,702 ) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (6,543 ) (1,374 ) (5,169 ) (1,544 ) (324 ) (1,220 ) Total $ (6,543 ) $ (1,374 ) $ (5,169 ) $ (1,544 ) $ (324 ) $ (1,220 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (6,419 ) $ (1,348 ) $ (5,071 ) $ 3,370 $ 708 $ 2,662 Less reclassification adjustments included in: Net interest income (4) (317 ) (67 ) (250 ) (189 ) (40 ) (149 ) Total $ (6,736 ) $ (1,415 ) $ (5,321 ) $ 3,181 $ 668 $ 2,513 Other comprehensive (loss)/income $ (38,204 ) $ (8,023 ) $ (30,181 ) $ (11,909 ) $ (2,500 ) $ (9,409 ) (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 Nine Months Ended September 30, 2019 September 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 $ (47,225 ) $ (9,917 ) $ (37,308 ) $ 13,227 $ 2,777 $ 10,450 Less reclassification adjustments included in: Net interest income (1) (2,870 ) (603 ) (2,267 ) (4,523 ) (949 ) (3,574 ) Other income (2) (177 ) (37 ) (140 ) (26 ) (6 ) (20 ) Total $ (50,272 ) $ (10,557 ) $ (39,715 ) $ 8,678 $ 1,822 $ 6,856 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (13,406 ) (2,815 ) (10,591 ) (4,400 ) (923 ) (3,477 ) Total $ (13,406 ) $ (2,815 ) $ (10,591 ) $ (4,400 ) $ (923 ) $ (3,477 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (21,113 ) $ (4,434 ) $ (16,679 ) $ 12,017 $ 2,524 $ 9,493 Less reclassification adjustments included in: Net interest income (4) (1,260 ) (265 ) (995 ) 21 4 17 Total $ (22,373 ) $ (4,699 ) $ (17,674 ) $ 12,038 $ 2,528 $ 9,510 Other comprehensive (loss)/income $ (86,051 ) $ (18,071 ) $ (67,980 ) $ 16,316 $ 3,427 $ 12,889 (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. 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). July 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 has substantially completed its models to estimate lifetime expected credit losses on financial instruments measured at amortized cost and on available-for-sale debt securities. We are currently testing and validating the models and data inputs and developing the policies, procedures and internal controls for estimating the allowance for credit losses under the requirements of this new standard. Farmer Mac does not expect that the adoption of this new guidance will have a material effect on its financial condition, results of operations or cash flows. The actual effect at the adoption date will depend upon the nature and characteristics of the portfolio as well as macroeconomic conditions and forecasts at that time. 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 Update. January 1, 2020 Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's financial condition, 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. Reclassifications

Investment Securities

Investment Securities	9 Months Ended
Investment Securities	Sep. 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 September 30, 2019 and December 31, 2018: Table 2.1 As of September 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 24,860 (116 ) 24,744 — (175 ) 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities 1,621,660 1,271 1,622,931 2,807 (3,500 ) 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities 325 — 325 27 — 352 Fixed rate U.S. Treasuries 1,447,197 (3,551 ) 1,443,646 1,701 (82 ) 1,445,265 Total available-for-sale 3,113,742 (2,396 ) 3,111,346 4,535 (4,249 ) 3,111,632 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 499 — 45,531 Total investment securities $ 3,158,774 $ (2,396 ) $ 3,156,378 $ 5,034 $ (4,249 ) $ 3,157,163 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of September 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: Floating 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 nine months ended September 30, 2019 and 2018. As of September 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 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 8,755 (48 ) 15,814 (127 ) Floating rate Government/GSE guaranteed mortgage-backed securities 938,135 (1,461 ) 308,027 (2,039 ) Fixed rate U.S. Treasuries 91,411 (82 ) — — Total $ 1,038,301 $ (1,591 ) $ 343,049 $ (2,658 ) Number of securities in loss position 61 50 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 changes in the levels of interest rates from the dates of acquisition to September 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 September 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 $1.6 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 September 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 September 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,386,034 $ 1,387,726 1.37% Due after one year through five years 255,262 254,904 2.49% Due after five years through ten years 774,103 772,428 2.51% Due after ten years 695,947 696,574 2.75% Total $ 3,111,346 $ 3,111,632 2.06% 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 September 30, 2019 and December 31, 2018: Table 3.1 As of September 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,420,020 $ (220 ) $ 1,419,800 $ 16,019 $ (660 ) $ 1,435,159 Farmer Mac Guaranteed USDA Securities 32,645 171 32,816 626 (57 ) 33,385 Total Farmer Mac Guaranteed Securities 1,452,665 (49 ) 1,452,616 16,645 (717 ) 1,468,544 USDA Securities 2,122,505 41,559 2,164,064 20,283 (1,273 ) 2,183,074 Total held-to-maturity $ 3,575,170 $ 41,510 $ 3,616,680 $ 36,928 $ (1,990 ) $ 3,651,618 Available-for-sale: AgVantage $ 7,009,022 $ (137 ) $ 7,008,885 $ 211,878 $ (38,222 ) $ 7,182,541 Trading: USDA Securities (1) $ 8,561 $ 521 $ 9,082 $ 14 $ (153 ) $ 8,943 (1) The trading USDA securities had a weighted average yield of 5.21% as of September 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 September 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 September 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 $ — $ — $ 316,340 $ (660 ) Farmer Mac Guaranteed USDA Securities 17,081 (57 ) — — USDA Securities — — 280,206 (1,273 ) Total held-to-maturity $ 17,081 $ (57 ) $ 596,546 $ (1,933 ) Available-for-sale: AgVantage $ 507,482 $ (1,107 ) $ 1,623,361 $ (37,115 ) 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 changes in interest rates from the date of acquisition to September 30, 2019 and December 31, 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both September 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 24 and 38 available-for-sale securities as of September 30, 2019 and December 31, 2018, respectively. There were 5 and 43 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019 , 15 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 September 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 nine months ended September 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 560,697 $ 559,763 2.47 % Due after one year through five years 3,637,536 3,690,151 3.01 % Due after five years through ten years 1,262,707 1,308,724 3.10 % Due after ten years 1,547,945 1,623,903 3.40 % Total $ 7,008,885 $ 7,182,541 3.07 % As of September 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 461,295 $ 461,085 2.55 % Due after one year through five years 1,043,619 1,059,512 3.23 % Due after five years through ten years 201,354 202,753 3.44 % Due after ten years 1,910,412 1,928,268 3.61 % Total $ 3,616,680 $ 3,651,618 3.36 %

Farmer Mac Guaranteed Securitie

Farmer Mac Guaranteed Securities and USDA Securities	9 Months Ended
Farmer Mac Guaranteed Securities and USDA Securities	Sep. 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 September 30, 2019 and December 31, 2018: Table 2.1 As of September 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 24,860 (116 ) 24,744 — (175 ) 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities 1,621,660 1,271 1,622,931 2,807 (3,500 ) 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities 325 — 325 27 — 352 Fixed rate U.S. Treasuries 1,447,197 (3,551 ) 1,443,646 1,701 (82 ) 1,445,265 Total available-for-sale 3,113,742 (2,396 ) 3,111,346 4,535 (4,249 ) 3,111,632 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 499 — 45,531 Total investment securities $ 3,158,774 $ (2,396 ) $ 3,156,378 $ 5,034 $ (4,249 ) $ 3,157,163 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of September 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: Floating 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 nine months ended September 30, 2019 and 2018. As of September 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 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 8,755 (48 ) 15,814 (127 ) Floating rate Government/GSE guaranteed mortgage-backed securities 938,135 (1,461 ) 308,027 (2,039 ) Fixed rate U.S. Treasuries 91,411 (82 ) — — Total $ 1,038,301 $ (1,591 ) $ 343,049 $ (2,658 ) Number of securities in loss position 61 50 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 changes in the levels of interest rates from the dates of acquisition to September 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 September 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 $1.6 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 September 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 September 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,386,034 $ 1,387,726 1.37% Due after one year through five years 255,262 254,904 2.49% Due after five years through ten years 774,103 772,428 2.51% Due after ten years 695,947 696,574 2.75% Total $ 3,111,346 $ 3,111,632 2.06% 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 September 30, 2019 and December 31, 2018: Table 3.1 As of September 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,420,020 $ (220 ) $ 1,419,800 $ 16,019 $ (660 ) $ 1,435,159 Farmer Mac Guaranteed USDA Securities 32,645 171 32,816 626 (57 ) 33,385 Total Farmer Mac Guaranteed Securities 1,452,665 (49 ) 1,452,616 16,645 (717 ) 1,468,544 USDA Securities 2,122,505 41,559 2,164,064 20,283 (1,273 ) 2,183,074 Total held-to-maturity $ 3,575,170 $ 41,510 $ 3,616,680 $ 36,928 $ (1,990 ) $ 3,651,618 Available-for-sale: AgVantage $ 7,009,022 $ (137 ) $ 7,008,885 $ 211,878 $ (38,222 ) $ 7,182,541 Trading: USDA Securities (1) $ 8,561 $ 521 $ 9,082 $ 14 $ (153 ) $ 8,943 (1) The trading USDA securities had a weighted average yield of 5.21% as of September 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 September 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 September 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 $ — $ — $ 316,340 $ (660 ) Farmer Mac Guaranteed USDA Securities 17,081 (57 ) — — USDA Securities — — 280,206 (1,273 ) Total held-to-maturity $ 17,081 $ (57 ) $ 596,546 $ (1,933 ) Available-for-sale: AgVantage $ 507,482 $ (1,107 ) $ 1,623,361 $ (37,115 ) 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 changes in interest rates from the date of acquisition to September 30, 2019 and December 31, 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both September 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 24 and 38 available-for-sale securities as of September 30, 2019 and December 31, 2018, respectively. There were 5 and 43 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019 , 15 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 September 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 nine months ended September 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 560,697 $ 559,763 2.47 % Due after one year through five years 3,637,536 3,690,151 3.01 % Due after five years through ten years 1,262,707 1,308,724 3.10 % Due after ten years 1,547,945 1,623,903 3.40 % Total $ 7,008,885 $ 7,182,541 3.07 % As of September 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 461,295 $ 461,085 2.55 % Due after one year through five years 1,043,619 1,059,512 3.23 % Due after five years through ten years 201,354 202,753 3.44 % Due after ten years 1,910,412 1,928,268 3.61 % Total $ 3,616,680 $ 3,651,618 3.36 %

Financial Derivatives

Financial Derivatives	9 Months Ended
Financial Derivatives	Sep. 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 September 30, 2019 and December 31, 2018 : Table 4.1 As of September 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 $ 4,913,988 $ 2,448 $ (4,942 ) 2.47% 2.18% 11.30 Receive fixed non-callable 1,547,200 266 (5,004 ) 2.17% 2.08% 1.38 Receive fixed callable 340,000 891 (178 ) 2.09% 2.58% 2.33 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,338 (2,989 ) 2.36% 2.41% 5.68 No hedge designation: Interest rate swaps: Pay fixed non-callable 329,745 — (16,899 ) 3.59% 2.26% 5.65 Receive fixed non-callable 2,785,020 — — 2.10% 2.19% 1.40 Receive fixed callable 655,000 180 (17 ) 1.48% 1.64% 0.76 Basis swaps 2,770,500 466 (543 ) 2.07% 2.01% 0.95 Treasury futures 29,600 (25 ) 130.23 Credit valuation adjustment — 55 Total financial derivatives $ 13,799,053 $ 5,589 $ (30,542 ) Collateral (held)/pledged (2,655 ) 167,060 Net amount $ 2,934 $ 136,518 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 September 30, 2019 , Farmer Mac expects to reclassify $0.8 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 September 30, 2019 . During the three and nine months ended September 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 nine months ended September 30, 2019 and 2018 : Table 4.2 For the Three Months Ended September 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: $ 81,649 $ 56,992 $ (121,384 ) $ (7,360 ) $ 9,897 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,051 ) (584 ) (961 ) — (2,596 ) Recognized on hedged items 31,435 7,321 (10,778 ) — 27,978 Discount amortization recognized on hedged items — — (146 ) — (146 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 30,384 $ 6,737 $ (11,885 ) $ — $ 25,236 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (87,495 ) $ (35,597 ) $ 1,979 $ — $ (121,113 ) Recognized on hedged items 84,164 33,493 (1,034 ) — 116,623 (Losses)/gains on fair value hedging relationships $ (3,331 ) $ (2,104 ) $ 945 $ — $ (4,490 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 317 $ — $ 317 Recognized on hedged items — — (2,726 ) — (2,726 ) Discount amortization recognized on hedged items — — (1 ) — (1 ) Expense recognized on cash flow hedges $ — $ — $ (2,410 ) $ — $ (2,410 ) Losses on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ (7,402 ) $ (7,402 ) Interest income on interest rate swaps — — — 127 127 Treasury futures — — — (85 ) (85 ) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (7,360 ) $ (7,360 ) For the Three Months Ended September 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 $ 76,870 $ 50,622 $ (97,557 ) $ 628 $ 30,563 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,272 (98 ) (2,702 ) — (1,528 ) Recognized on hedged items 16,769 1,660 (9,821 ) — 8,608 Discount amortization recognized on hedged items — — (177 ) — (177 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,041 $ 1,562 $ (12,700 ) $ — $ 6,903 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 13,420 $ 3,909 $ (1,188 ) $ — $ 16,141 Recognized on hedged items (13,432 ) (4,062 ) 2,404 — (15,090 ) Gains/(losses) on fair value hedging relationships $ (12 ) $ (153 ) $ 1,216 $ — $ 1,051 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 189 $ — $ 189 Recognized on hedged items — — (2,501 ) — (2,501 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,314 ) $ — $ (2,314 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 3,267 $ 3,267 Interest expense on interest rate swaps — — — (3,048 ) (3,048 ) Treasury futures — — — 409 409 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 628 $ 628 For the Nine Months Ended September 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 $ 252,629 $ 167,792 $ (358,374 ) $ 1,193 $ 63,240 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,665 (808 ) (6,751 ) — (5,894 ) Recognized on hedged items 86,628 18,199 (32,594 ) — 72,233 Discount amortization recognized on hedged items — — (460 ) — (460 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 88,293 $ 17,391 $ (39,805 ) $ — $ 65,879 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (262,886 ) $ (89,631 ) $ 27,101 $ — $ (325,416 ) Recognized on hedged items 258,155 83,524 (24,880 ) — 316,799 Gains/(losses) on fair value hedging relationships $ (4,731 ) $ (6,107 ) $ 2,221 $ — $ (8,617 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 1,260 $ — $ 1,260 Recognized on hedged items — — (8,142 ) — (8,142 ) Discount amortization recognized on hedged items — — (3 ) — (3 ) Expense recognized on cash flow hedges $ — $ — $ (6,885 ) $ — $ (6,885 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 5,920 $ 5,920 Interest expense on interest rate swaps — — — (3,321 ) (3,321 ) Treasury futures — — — (1,406 ) (1,406 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 1,193 $ 1,193 For the Nine Months Ended September 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: $ 213,479 $ 145,671 $ (265,611 ) $ (688 ) $ 92,851 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 465 (560 ) (5,315 ) — (5,410 ) Recognized on hedged items 46,289 4,619 (28,633 ) — 22,275 Discount amortization recognized on hedged items — — (534 ) — (534 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 46,754 $ 4,059 $ (34,482 ) $ — $ 16,331 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 46,354 $ 12,564 $ (13,565 ) $ — $ 45,353 Recognized on hedged items (43,229 ) (13,106 ) 16,733 — (39,602 ) Gains/(losses) on fair value hedging relationships $ 3,125 $ (542 ) $ 3,168 $ — $ 5,751 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (21 ) $ — $ (21 ) Recognized on hedged items — — (6,611 ) — (6,611 ) Discount amortization recognized on hedged items — — (5 ) — (5 ) Expense recognized on cash flow hedges $ — $ — $ (6,637 ) $ — $ (6,637 ) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 7,443 $ 7,443 Interest expense on interest rate swaps — — — (8,903 ) (8,903 ) Treasury futures — — — 772 772 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (688 ) $ (688 ) 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 September 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) $ 4,167,059 $ 2,882,919 $ 257,231 $ (906 ) Loans held for investment, at amortized cost 1,006,952 194,617 78,091 (5,287 ) Other Assets 146 — 146 — Notes Payable, due after one year (2)(3) (1,902,570 ) (2,021,356 ) (16,238 ) 8,785 (1) Includes $0.1 million and none of hedging adjustments on a discontinued hedging relationship as of September 30, 2019 and December 31, 2018, respectively. (2) Carrying amount represents amortized cost. (3) Includes $0.1 million and $0.3 million of hedging adjustments on a discontinued hedging relationship as of September 30, 2019 and December 31, 2018, respectively. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of September 30, 2019 and December 31, 2018: Table 4.4 September 30, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 54,469 $ 52,071 $ 2,398 Liabilities: Derivatives Interest rate swap $ 421,166 $ 399,955 $ 21,211 (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 September 30, 2019 , Farmer Mac held $2.7 million of cash and no investment securities as collateral for its derivatives in net asset positions resulting in uncollateralized net liability positions of $0.3 million . 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 $0.6 million of cash and $166.5 million of investment securities as of September 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 September 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 September 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 $13.8 billion notional amount of interest rate swaps outstanding as of September 30, 2019 , $10.8 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	9 Months Ended
Loans and Allowance for Losses	Sep. 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 September 30, 2019 and December 31, 2018: Table 5.1 As of September 30, 2019 As of December 31, 2018 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 3,310,248 $ 1,526,718 $ 4,836,966 $ 3,071,222 $ 1,517,101 $ 4,588,323 Rural Utilities 1,612,773 — 1,612,773 938,843 — 938,843 Total unpaid principal balance (1) 4,923,021 1,526,718 6,449,739 4,010,065 1,517,101 5,527,166 Unamortized premiums, discounts, and other cost basis adjustments 75,505 — 75,505 (5,097 ) — (5,097 ) Total loans 4,998,526 1,526,718 6,525,244 4,004,968 1,517,101 5,522,069 Allowance for loan losses (6,549 ) (1,475 ) (8,024 ) (5,565 ) (1,452 ) (7,017 ) Total loans, net of allowance $ 4,991,977 $ 1,525,243 $ 6,517,220 $ 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 nine months ended September 30, 2019 and 2018: Table 5.2 September 30, 2019 September 30, 2018 Allowance Reserve Total Allowance Reserve Total (in thousands) For the Three Months Ended: Beginning Balance $ 7,264 $ 1,880 $ 9,144 $ 6,789 $ 2,249 $ 9,038 Provision for/(release of) losses 760 (137 ) 623 99 (102 ) (3 ) Charge-offs — — — (17 ) — (17 ) Ending Balance $ 8,024 $ 1,743 $ 9,767 $ 6,871 $ 2,147 $ 9,018 For the Nine Months Ended: Beginning Balance $ 7,017 $ 2,167 $ 9,184 $ 6,796 $ 2,070 $ 8,866 Provision for/(release of) losses 1,074 (424 ) 650 92 77 169 Charge-offs (67 ) — (67 ) (17 ) — (17 ) Ending Balance $ 8,024 $ 1,743 $ 9,767 $ 6,871 $ 2,147 $ 9,018 The provision for the allowance for loan losses recorded during third quarter 2019 was attributable to a decrease in the portfolio credit quality, primarily related to idiosyncratic factors of a few large loans and less related to systemic, macroeconomic factors. The release from the reserve for losses recorded during third 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 nine months ended September 30, 2019 related to the foreclosure of one part-time farm loan. During both the three and nine months ended September 30, 2018, Farmer Mac recorded a provision to its allowance for loan losses of $0.1 million . During those same periods, Farmer Mac also recorded a release of reserve for losses of $0.1 million and a provision to the reserve for losses of $0.1 million , respectively. The provisions for the allowance for loan losses recorded during the three and nine months ended September 30, 2018 were attributable to an increase in the balance of on-balance sheet Farm & Ranch loans, which was partially offset by a slight improvement in over portfolio credit quality. The release of the reserve for losses recorded during third quarter 2018 was attributable to a decrease in the balance of loans underlying LTSPCs since second quarter 2018. The provision for the reserve for losses recorded during the nine months ended September 30, 2018 was attributable to an increase in the balance of loans underlying LTSPCs since December 31, 2017. The charge-off that Farmer Mac recorded during the three and nine months ended September 30, 2018 related to one loan that was foreclosed and transitioned to REO during third quarter 2018. The following tables present the changes in the total allowance for losses for the three and nine months ended September 30, 2019 and 2018 by commodity type: Table 5.3 September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 Provision for/(release of) losses 88 179 404 (16 ) (18 ) (14 ) 623 Ending Balance $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 For the Nine Months Ended: Beginning Balance $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 Provision for/(release of) losses 467 (21 ) 367 (23 ) (135 ) (5 ) 650 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 September 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 Provision for/(release of) losses (99 ) 40 148 50 (97 ) (45 ) (3 ) Charge-offs — — — (17 ) — — (17 ) Ending Balance $ 4,026 $ 2,408 $ 1,470 $ 481 $ 623 $ 10 $ 9,018 For the Nine Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses (55 ) (61 ) 259 17 17 (8 ) 169 Charge-offs — — — (17 ) — — (17 ) Ending Balance $ 4,026 $ 2,408 $ 1,470 $ 481 $ 623 $ 10 $ 9,018 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 September 30, 2019 and December 31, 2018 : Table 5.4 As of September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,494,029 $ 1,043,626 $ 738,936 $ 338,798 $ 11,379 $ 1,425 $ 4,628,193 Off-balance sheet 1,187,972 519,924 605,422 161,045 67,562 2,855 2,544,780 Total $ 3,682,001 $ 1,563,550 $ 1,344,358 $ 499,843 $ 78,941 $ 4,280 $ 7,172,973 Individually evaluated for impairment: On-balance sheet $ 108,497 $ 49,225 $ 43,346 $ 7,705 $ — $ — $ 208,773 Off-balance sheet 5,116 2,122 3,975 712 — 57 11,982 Total $ 113,613 $ 51,347 $ 47,321 $ 8,417 $ — $ 57 $ 220,755 Total Farm & Ranch loans: On-balance sheet $ 2,602,526 $ 1,092,851 $ 782,282 $ 346,503 $ 11,379 $ 1,425 $ 4,836,966 Off-balance sheet 1,193,088 522,046 609,397 161,757 67,562 2,912 2,556,762 Total $ 3,795,614 $ 1,614,897 $ 1,391,679 $ 508,260 $ 78,941 $ 4,337 $ 7,393,728 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 1,729 $ 885 $ 550 $ 242 $ 28 $ 1 $ 3,435 Off-balance sheet 556 106 294 23 557 4 1,540 Total $ 2,285 $ 991 $ 844 $ 265 $ 585 $ 5 $ 4,975 Individually evaluated for impairment: On-balance sheet $ 2,495 $ 1,070 $ 920 $ 104 $ — $ — $ 4,589 Off-balance sheet 81 44 63 15 — — 203 Total $ 2,576 $ 1,114 $ 983 $ 119 $ — $ — $ 4,792 Total Farm & Ranch loans: On-balance sheet $ 4,224 $ 1,955 $ 1,470 $ 346 $ 28 $ 1 $ 8,024 Off-balance sheet 637 150 357 38 557 4 1,743 Total $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 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 September 30, 2019 and December 31, 2018 : Table 5.5 As of September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 29,146 $ 16,721 $ 4,771 $ 2,240 $ — $ 57 $ 52,935 Unpaid principal balance 29,055 16,669 4,758 2,233 — 57 52,772 With a specific allowance: Recorded investment (1) 84,808 34,781 42,686 6,202 — — 168,477 Unpaid principal balance 84,558 34,678 42,563 6,184 — — 167,983 Associated allowance 2,576 1,114 983 119 — — 4,792 Total: Recorded investment 113,954 51,502 47,457 8,442 — 57 221,412 Unpaid principal balance 113,613 51,347 47,321 8,417 — 57 220,755 Associated allowance 2,576 1,114 983 119 — — 4,792 Recorded investment of loans on nonaccrual status (2) $ 34,543 $ 24,425 $ 30,213 $ 3,106 $ — $ — $ 92,287 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $166.1 million ( 75% ) of impaired loans as of September 30, 2019 , which resulted in a specific allowance of $3.4 million . (2) Includes $36.3 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 nine months ended September 30, 2019 and 2018 : Table 5.6 September 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 $ 106,535 $ 45,197 $ 36,859 $ 8,265 $ — $ 58 $ 196,914 Income recognized on impaired loans 178 166 87 105 — — 536 For the Nine Months Ended: Average recorded investment in impaired loans $ 93,088 $ 41,524 $ 31,189 $ 8,079 $ — $ 63 $ 173,943 Income recognized on impaired loans 879 586 504 227 — — 2,196 September 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 $ 75,920 $ 44,818 $ 24,443 $ 8,898 $ — $ 72 $ 154,151 Income recognized on impaired loans 223 933 122 56 — — 1,334 For the Nine Months Ended: Average recorded investment in impaired loans $ 73,968 $ 44,122 $ 23,358 $ 8,874 $ — $ 394 $ 150,716 Income recognized on impaired loans 942 1,597 261 173 — — 2,973 For the nine months ended September 30, 2019 , the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $35.6 million both before and after restructuring. For the nine months ended September 30, 2018, the recorded investment of loans determined to be TDRs was immaterial. As of September 30, 2019 and 2018, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loans losses was immaterial for the nine months ended September 30, 2019 and 2018. 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 September 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 Nine Months Ended September 30, 2019 December 31, 2018 September 30, 2019 September 30, 2018 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 55,987 $ 19,577 $ 131 $ 40 Total on-balance sheet $ 55,987 $ 19,577 $ 131 $ 40 Off-balance sheet assets: Farm & Ranch: LTSPCs $ 3,704 $ 7,304 $ — $ — Total off-balance sheet $ 3,704 $ 7,304 $ — $ — Total $ 59,691 $ 26,881 $ 131 $ 40 (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 $56.0 million of on-balance sheet loans reported as 90 -day delinquencies as of September 30, 2019 , none were 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 September 30, 2019 and December 31, 2018 : Table 5.8 As of September 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 $ 2,401,258 $ 1,006,255 $ 715,900 $ 327,882 $ 11,379 $ 1,362 $ 4,464,036 Special mention (2) 92,771 37,371 23,036 10,916 — 63 164,157 Substandard (3) 108,497 49,225 43,346 7,705 — — 208,773 Total on-balance sheet $ 2,602,526 $ 1,092,851 $ 782,282 $ 346,503 $ 11,379 $ 1,425 $ 4,836,966 Off-Balance Sheet: Acceptable $ 1,067,311 $ 485,044 $ 537,370 $ 157,630 $ 67,562 $ 2,280 $ 2,317,197 Special mention (2) 80,746 30,935 45,302 845 — — 157,828 Substandard (3) 45,031 6,067 26,725 3,282 — 632 81,737 Total off-balance sheet $ 1,193,088 $ 522,046 $ 609,397 $ 161,757 $ 67,562 $ 2,912 $ 2,556,762 Total Ending Balance: Acceptable $ 3,468,569 $ 1,491,299 $ 1,253,270 $ 485,512 $ 78,941 $ 3,642 $ 6,781,233 Special mention (2) 173,517 68,306 68,338 11,761 — 63 321,985 Substandard (3) 153,528 55,292 70,071 10,987 — 632 290,510 Total $ 3,795,614 $ 1,614,897 $ 1,391,679 $ 508,260 $ 78,941 $ 4,337 $ 7,393,728 Commodity analysis of past due loans (1) On-balance sheet $ 24,112 $ 15,598 $ 15,139 $ 1,138 $ — $ — $ 55,987 Off-balance sheet 1,493 903 824 484 — — 3,704 90 days or more past due $ 25,605 $ 16,501 $ 15,963 $ 1,622 $ — $ — $ 59,691 (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 September 30, 2019 and December 31, 2018: Table 5.9 As of September 30, 2019 December 31, 2018 (in thousands) By commodity/collateral type: Crops $ 3,795,614 $ 3,771,627 Permanent plantings 1,614,897 1,509,821 Livestock 1,391,679 1,355,372 Part-time farm 508,260 504,138 Ag. Storage and Processing 78,941 85,181 Other 4,337 7,832 Total $ 7,393,728 $ 7,233,971 By geographic region (1) : Northwest $ 850,862 $ 855,596 Southwest 2,417,144 2,273,184 Mid-North 2,297,159 2,296,073 Mid-South 917,889 883,279 Northeast 325,674 332,370 Southeast 585,000 593,469 Total $ 7,393,728 $ 7,233,971 By original loan-to-value ratio: 0.00% to 40.00% $ 1,332,719 $ 1,333,790 40.01% to 50.00% 1,864,787 1,811,166 50.01% to 60.00% 2,557,798 2,530,484 60.01% to 70.00% 1,300,301 1,244,823 70.01% to 80.00% (2) 318,671 289,427 80.01% to 90.00% (2) 19,452 24,281 Total $ 7,393,728 $ 7,233,971 By size of borrower exposure (3) : Less than $1,000,000 $ 2,436,975 $ 2,431,296 $1,000,000 to $4,999,999 2,731,458 2,755,996 $5,000,000 to $9,999,999 957,901 916,422 $10,000,000 to $24,999,999 644,231 601,349 $25,000,000 and greater 623,163 528,908 Total $ 7,393,728 $ 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	9 Months Ended
Guarantees and Long-Term Standby Purchase Commitments	Sep. 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 September 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 September 30, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 115,306 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 404,052 367,684 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 $ 828,583 $ 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 Nine Months Ended September 30, 2019 September 30, 2018 (in thousands) Proceeds from new securitizations $ 199,396 $ 305,391 Guarantee fees received 1,122 1,481 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 $2.4 million and $2.8 million as of September 30, 2019 and December 31, 2018, respectively. As of September 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 9.9 years and 10.3 years , respectively. As of September 30, 2019 and December 31, 2018, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 2.4 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 $3.1 billion and $3.2 billion as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019 and December 31, 2018, the weighted-average remaining maturity of all loans underlying LTSPCs was 15.2 years and 15.3 years , respectively. For those LTSPCs issued or modified on or after January 1, 2003, Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $35.0 million and $35.9 million as of September 30, 2019 and December 31, 2018, respectively.

Equity

Equity	9 Months Ended
Equity	Sep. 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. Dividends 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, second, and third 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 nine months of 2019 under this program. As of September 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 September 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 September 30, 2019 , Farmer Mac's minimum capital requirement was $608.4 million and its core capital level was $793.3 million , which was $184.9 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	9 Months Ended
Fair Value Disclosures	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOUSRE	FAIR VALUE DISCLOSURES As of September 30, 2019 , Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $7.2 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 70% of financial instruments measured at fair value as of September 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 nine months 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 September 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 September 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 — 24,569 — 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,622,238 — 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities — 352 — 352 Fixed rate U.S. Treasuries 1,445,265 — — 1,445,265 Total Investment Securities 1,445,265 1,647,159 19,208 3,111,632 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,182,541 7,182,541 Total Farmer Mac Guaranteed Securities — — 7,182,541 7,182,541 USDA Securities: Trading — — 8,943 8,943 Total USDA Securities — — 8,943 8,943 Financial derivatives — 5,589 — 5,589 Total Assets at fair value $ 1,445,265 $ 1,652,748 $ 7,210,692 $ 10,308,705 Liabilities: Financial derivatives $ 25 $ 30,517 $ — $ 30,542 Total Liabilities at fair value $ 25 $ 30,517 $ — $ 30,542 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 September 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 nine months ended September 30, 2019 and 2018. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized 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 $ 19,208 $ — $ — $ — $ — $ — $ 19,208 Total available-for-sale 19,208 — — — — — 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,035,668 340,148 — (254,593 ) 84,164 (22,846 ) 7,182,541 Total available-for-sale 7,035,668 340,148 — (254,593 ) 84,164 (22,846 ) 7,182,541 USDA Securities: Available-for-sale — 9,506 (9,506 ) — — — — Trading 9,201 — — (307 ) 49 — 8,943 Total USDA Securities 9,201 9,506 (9,506 ) (307 ) 49 — 8,943 Total Assets at fair value $ 7,064,077 $ 349,654 $ (9,506 ) $ (254,900 ) $ 84,213 $ (22,846 ) $ 7,210,692 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2018 Beginning Purchases Sales Settlements Realized and Unrealized 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 $ 19,010 $ — $ — $ — $ — $ (49 ) $ 18,961 Total available-for-sale 19,010 — — — — (49 ) 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,985,806 687,381 — (689,213 ) (13,432 ) (13,238 ) 5,957,304 Total available-for-sale 5,985,806 687,381 — (689,213 ) (13,432 ) (13,238 ) 5,957,304 USDA Securities: Available-for-sale — 26,321 (26,321 ) — — — — Trading (1) 10,748 — — (508 ) (3 ) — 10,237 Total USDA Securities 10,748 26,321 (26,321 ) (508 ) (3 ) — 10,237 Total Assets at fair value $ 6,015,564 $ 713,702 $ (26,321 ) $ (689,721 ) $ (13,435 ) $ (13,287 ) $ 5,986,502 (1) Includes unrealized losses of $9,000 attributable to assets still held as of September 30, 2018 that are recorded in " Gains/(losses) on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 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 1,730,244 — (724,906 ) 258,155 (55,449 ) 7,182,541 Total available-for-sale 5,974,497 1,730,244 — (724,906 ) 258,155 (55,449 ) 7,182,541 USDA Securities: Available-for-sale — 57,853 (57,853 ) — — — — Trading 9,999 — — (1,210 ) 154 — 8,943 Total USDA Securities 9,999 57,853 (57,853 ) (1,210 ) 154 — 8,943 Total Assets at fair value $ 6,003,211 $ 1,788,097 $ (57,853 ) $ (726,116 ) $ 258,309 $ (54,956 ) $ 7,210,692 Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 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 $ — $ — $ — $ — $ — $ 147 $ 18,961 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137 ) (2,092 ) (104 ) — Total available-for-sale 23,147 — — — (2,137 ) (2,092 ) 43 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 1,646,345 — (1,128,674 ) (43,230 ) 10,462 5,957,304 Total available-for-sale 5,471,914 487 1,646,345 — (1,128,674 ) (43,230 ) 10,462 5,957,304 USDA Securities: Available-for-sale — — 105,628 (105,628 ) — — — — Trading (1) 13,515 — — — (3,302 ) 24 — 10,237 Total USDA Securities 13,515 — 105,628 (105,628 ) (3,302 ) 24 — 10,237 Total Assets at fair value $ 5,508,576 $ 487 $ 1,751,973 $ (105,628 ) $ (1,134,113 ) $ (45,298 ) $ 10,505 $ 5,986,502 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of September 30, 2018 that are recorded in " Gains/(losses) on trading securities ." The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of September 30, 2019 and December 31, 2018: Table 8.3 As of September 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 $ 7,182,541 Discounted cash flow Discount rate 2.2% - 3.8% (2.6%) USDA Securities $ 8,943 Discounted cash flow Discount rate 2.4% - 3.3% (3.3%) CPR 11% - 21% (20%) 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 September 30, 2019 and December 31, 2018: Table 8.4 As of September 30, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 587,941 $ 587,941 $ 425,256 $ 425,256 Investment securities 3,157,163 3,156,664 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,651,085 8,635,157 8,061,903 8,071,115 USDA Securities 2,192,017 2,173,007 2,113,946 2,176,173 Loans 6,593,256 6,517,220 5,512,781 5,515,052 Financial derivatives 5,589 5,589 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 32,424 36,173 37,461 36,870 Farmer Mac Guaranteed Securities 2,647 2,963 3,424 3,496 Financial liabilities: Notes payable: Due within one year 9,886,555 9,885,633 7,744,388 7,757,050 Due after one year 9,086,048 8,940,989 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,545,314 1,532,401 1,501,754 1,528,957 Financial derivatives 30,542 30,542 19,633 19,633 Guarantee and commitment obligations: LTSPCs 31,292 35,041 36,471 35,880 Farmer Mac Guaranteed Securities 2,091 2,408 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	9 Months Ended
Business Segment Reporting	Sep. 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 nine months ended September 30, 2019 and 2018 : Table 9.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 15,345 $ 4,491 $ 2,602 $ 14,853 $ 2,821 $ — $ 40,112 Less: reconciling adjustments (1)(2)(3) (2,164 ) (177 ) 1,900 2,954 (164 ) (2,349 ) — Net effective spread 13,181 4,314 4,502 17,807 2,657 (2,349 ) — Guarantee and commitment fees (2) 4,523 250 348 87 — (1,859 ) 3,349 Other income/(expense) (3) 390 92 17 — (110 ) (7,170 ) (6,781 ) Non-interest income/(loss) 4,913 342 365 87 (110 ) (9,029 ) (3,432 ) Provision for loan losses (760 ) — — — — — (760 ) Release of reserve for losses 137 — — — — — 137 Other non-interest expense (5,062 ) (1,506 ) (913 ) (2,277 ) (3,837 ) — (13,595 ) Non-interest expense (4) (4,925 ) (1,506 ) (913 ) (2,277 ) (3,837 ) — (13,458 ) Core earnings before income taxes 12,409 3,150 3,954 15,617 (1,290 ) (11,378 ) (5) 22,462 Income tax (expense)/benefit (2,606 ) (662 ) (830 ) (3,280 ) 360 2,389 (4,629 ) Core earnings before preferred stock dividends 9,803 2,488 3,124 12,337 (930 ) (8,989 ) (5) 17,833 Preferred stock dividends — — — — (3,427 ) — (3,427 ) Segment core earnings/(losses) $ 9,803 $ 2,488 $ 3,124 $ 12,337 $ (4,357 ) $ (8,989 ) (5) $ 14,406 Total assets at carrying value $ 4,934,887 $ 2,238,558 $ 1,692,835 $ 8,651,264 $ 3,797,690 $ — $ 21,315,234 Total on- and off-balance sheet program assets at principal balance $ 7,393,728 $ 2,567,763 $ 2,232,602 $ 8,738,266 $ — $ — $ 20,932,359 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 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 September 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 16,425 $ 5,304 $ 3,081 $ 17,600 $ 2,648 $ — $ 45,058 Less: reconciling adjustments (1)(2)(3) (2,538 ) (677 ) (204 ) (1,958 ) (604 ) 5,981 — Net effective spread 13,887 4,627 2,877 15,642 2,044 5,981 — Guarantee and commitment fees (2) 4,489 214 376 91 — (1,680 ) 3,490 Other income/(expense) (3) 294 5 15 — (245 ) 880 949 Non-interest income/(loss) 4,783 219 391 91 (245 ) (800 ) 4,439 Provision for loan losses (99 ) — — — — — (99 ) Release of reserve for losses 102 — — — — — 102 Other non-interest expense (4,456 ) (1,288 ) (732 ) (1,844 ) (3,432 ) — (11,752 ) Non-interest expense (4) (4,354 ) (1,288 ) (732 ) (1,844 ) (3,432 ) — (11,650 ) Core earnings before income taxes 14,217 3,558 2,536 13,889 (1,633 ) 5,181 (5) 37,748 Income tax (expense)/benefit (2,986 ) (747 ) (533 ) (2,917 ) 292 (1,088 ) (7,979 ) Core earnings before preferred stock dividends 11,231 2,811 2,003 10,972 (1,341 ) 4,093 (5) 29,769 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Segment core earnings/(losses) $ 11,231 $ 2,811 $ 2,003 $ 10,972 $ (4,636 ) $ 4,093 (5) $ 26,474 Total assets at carrying value $ 4,438,128 $ 2,212,515 $ 956,204 $ 8,103,181 $ 2,764,006 $ — $ 18,474,034 Total on- and off-balance sheet program assets at principal balance $ 7,072,018 $ 2,471,251 $ 1,632,037 $ 8,365,280 $ — $ — $ 19,540,586 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 46,424 $ 13,045 $ 6,264 $ 49,425 $ 8,607 $ — $ 123,765 Less: reconciling adjustments (1)(2)(3) (7,171 ) (670 ) 5,467 2,126 (900 ) 1,148 — Net effective spread 39,253 12,375 11,731 51,551 7,707 1,148 — Guarantee and commitment fees (2) 13,861 712 1,069 261 — (5,638 ) 10,265 Other income/(expense) (3) 1,058 92 31 — 494 1,050 2,725 Non-interest income/(loss) 14,919 804 1,100 261 494 (4,588 ) 12,990 Provision for loan losses (1,074 ) — — — — — (1,074 ) Release of reserve for losses 424 — — — — — 424 Other non-interest expense (14,448 ) (4,279 ) (2,595 ) (6,470 ) (10,903 ) — (38,695 ) Non-interest expense (4) (14,024 ) (4,279 ) (2,595 ) (6,470 ) (10,903 ) — (38,271 ) Core earnings before income taxes 39,074 8,900 10,236 45,342 (2,702 ) (3,440 ) (5) 97,410 Income tax (expense)/benefit (8,206 ) (1,870 ) (2,149 ) (9,522 ) 663 722 (20,362 ) Core earnings before preferred stock dividends 30,868 7,030 8,087 35,820 (2,039 ) (2,718 ) (5) 77,048 Preferred stock dividends — — — — (10,508 ) — (10,508 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 30,868 $ 7,030 $ 8,087 $ 35,820 $ (12,547 ) $ (4,674 ) (5) $ 64,584 Total assets at carrying value $ 4,934,887 $ 2,238,558 $ 1,692,835 $ 8,651,264 $ 3,797,690 $ — $ 21,315,234 Total on- and off-balance sheet program assets at principal balance $ 7,393,728 $ 2,567,763 $ 2,232,602 $ 8,738,266 $ — $ — $ 20,932,359 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 47,255 $ 15,446 $ 8,931 $ 54,237 $ 6,351 $ — $ 132,220 Less: reconciling adjustments (1)(2)(3) (7,481 ) (2,021 ) (181 ) (8,551 ) (1,646 ) 19,880 — Net effective spread 39,774 13,425 8,750 45,686 4,705 19,880 — Guarantee and commitment fees (2) 13,356 570 1,227 271 — (4,954 ) 10,470 Other income/(expense) (3) 1,193 18 25 — (594 ) (54 ) 588 Non-interest income/(loss) 14,549 588 1,252 271 (594 ) (5,008 ) 11,058 Provision for loan losses (92 ) — — — — — (92 ) Provision for reserve for losses (77 ) — — — — — (77 ) Other non-interest expense (13,930 ) (3,793 ) (2,144 ) (5,720 ) (10,549 ) — (36,136 ) Non-interest expense (4) (14,007 ) (3,793 ) (2,144 ) (5,720 ) (10,549 ) — (36,213 ) Core earnings before income taxes 40,224 10,220 7,858 40,237 (6,438 ) 14,872 (5) 106,973 Income tax (expense)/benefit (8,447 ) (2,146 ) (1,651 ) (8,450 ) 2,067 (3,122 ) (21,749 ) Core earnings before preferred stock dividends 31,777 8,074 6,207 31,787 (4,371 ) 11,750 (5) 85,224 Preferred stock dividends — — — — (9,886 ) — (9,886 ) Segment core earnings/(losses) $ 31,777 $ 8,074 $ 6,207 $ 31,787 $ (14,257 ) $ 11,750 (5) $ 75,338 Total assets at carrying value $ 4,438,128 $ 2,212,515 $ 956,204 $ 8,103,181 $ 2,764,006 $ — $ 18,474,034 Total on- and off-balance sheet program assets at principal balance $ 7,072,018 $ 2,471,251 $ 1,632,037 $ 8,365,280 $ — $ — $ 19,540,586 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 nine months ended September 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. 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). July 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 has substantially completed its models to estimate lifetime expected credit losses on financial instruments measured at amortized cost and on available-for-sale debt securities. We are currently testing and validating the models and data inputs and developing the policies, procedures and internal controls for estimating the allowance for credit losses under the requirements of this new standard. Farmer Mac does not expect that the adoption of this new guidance will have a material effect on its financial condition, results of operations or cash flows. The actual effect at the adoption date will depend upon the nature and characteristics of the portfolio as well as macroeconomic conditions and forecasts at that time. 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 Update. January 1, 2020 Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's financial condition, 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.
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)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 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 September 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 $ 1,526,718 $ — $ — $ — $ — $ 1,526,718 Debt securities of consolidated trusts held by third parties (1) 1,532,401 — — — — 1,532,401 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,816 — — — 32,816 Maximum exposure to loss (3) — 32,645 — — — 32,645 Investment securities: Carrying value (4) — — — — 1,111,712 1,111,712 Maximum exposure to loss (3) (4) — — — — 1,114,220 1,114,220 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 115,306 404,052 — — — 519,358 (1) Includes borrower remittances of $5.7 million . The borrower remittances had not been passed through to third party investors as of September 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 nine months ended September 30, 2019 and 2018: Table 1.2 For the Three Months Ended September 30, 2019 September 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 $ 14,406 10,706 $ 1.34 $ 26,474 10,668 $ 2.48 Effect of dilutive securities (1) SARs and restricted stock — 70 (0.01 ) — 76 (0.02 ) Diluted EPS $ 14,406 10,776 $ 1.33 $ 26,474 10,744 $ 2.46 (1) For the three months ended September 30, 2019 and 2018, SARs and restricted stock of 26,768 and 10,122 , 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 September 30, 2019 and 2018, contingent shares of unvested restricted stock of 8,414 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 Nine Months Ended September 30, 2019 September 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 $ 64,584 10,691 $ 6.04 $ 75,338 10,650 $ 7.07 Effect of dilutive securities (1) SARs and restricted stock — 83 (0.05 ) — 93 (0.06 ) Diluted EPS $ 64,584 10,774 $ 5.99 $ 75,338 10,743 $ 7.01 (1) For the nine months ended September 30, 2019 and 2018, SARs and restricted stock of 48,801 and 15,437 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the nine months ended September 30, 2019 and 2018, contingent shares of unvested restricted stock of 10,994 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 nine months ended September 30, 2019 and 2018: Table 1.3 As of September 30, 2019 As of September 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 $ (45,384 ) $ 38,021 $ (5,480 ) $ (12,843 ) $ 15,882 $ 45,979 $ 11,549 $ 73,410 Other comprehensive (loss)/income before reclassifications (18,915 ) — (5,071 ) (23,986 ) (9,947 ) — 2,662 (7,285 ) Amounts reclassified from AOCI (776 ) (5,169 ) (250 ) (6,195 ) (755 ) (1,220 ) (149 ) (2,124 ) Net comprehensive (loss)/income (19,691 ) (5,169 ) (5,321 ) (30,181 ) (10,702 ) (1,220 ) 2,513 (9,409 ) Ending Balance $ (65,075 ) $ 32,852 $ (10,801 ) $ (43,024 ) $ 5,180 $ 44,759 $ 14,062 $ 64,001 For the Nine 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 (37,308 ) — (16,679 ) (53,987 ) 10,450 — 9,493 19,943 Amounts reclassified from AOCI (2,407 ) (10,591 ) (995 ) (13,993 ) (3,594 ) (3,477 ) 17 (7,054 ) Net comprehensive (loss)/income (39,715 ) (10,591 ) (17,674 ) (67,980 ) 6,856 (3,477 ) 9,510 12,889 Ending Balance $ (65,075 ) $ 32,852 $ (10,801 ) $ (43,024 ) $ 5,180 $ 44,759 $ 14,062 $ 64,001
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 nine months ended September 30, 2019 and 2018: Table 1.4 For the Three Months Ended September 30, 2019 September 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 $ (23,943 ) $ (5,028 ) $ (18,915 ) $ (12,590 ) $ (2,643 ) $ (9,947 ) Less reclassification adjustments included in: Net interest income (1) (961 ) (202 ) (759 ) (946 ) (199 ) (747 ) Other income (2) (21 ) (4 ) (17 ) (10 ) (2 ) (8 ) Total $ (24,925 ) $ (5,234 ) $ (19,691 ) $ (13,546 ) $ (2,844 ) $ (10,702 ) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (6,543 ) (1,374 ) (5,169 ) (1,544 ) (324 ) (1,220 ) Total $ (6,543 ) $ (1,374 ) $ (5,169 ) $ (1,544 ) $ (324 ) $ (1,220 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (6,419 ) $ (1,348 ) $ (5,071 ) $ 3,370 $ 708 $ 2,662 Less reclassification adjustments included in: Net interest income (4) (317 ) (67 ) (250 ) (189 ) (40 ) (149 ) Total $ (6,736 ) $ (1,415 ) $ (5,321 ) $ 3,181 $ 668 $ 2,513 Other comprehensive (loss)/income $ (38,204 ) $ (8,023 ) $ (30,181 ) $ (11,909 ) $ (2,500 ) $ (9,409 ) (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 Nine Months Ended September 30, 2019 September 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 $ (47,225 ) $ (9,917 ) $ (37,308 ) $ 13,227 $ 2,777 $ 10,450 Less reclassification adjustments included in: Net interest income (1) (2,870 ) (603 ) (2,267 ) (4,523 ) (949 ) (3,574 ) Other income (2) (177 ) (37 ) (140 ) (26 ) (6 ) (20 ) Total $ (50,272 ) $ (10,557 ) $ (39,715 ) $ 8,678 $ 1,822 $ 6,856 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (13,406 ) (2,815 ) (10,591 ) (4,400 ) (923 ) (3,477 ) Total $ (13,406 ) $ (2,815 ) $ (10,591 ) $ (4,400 ) $ (923 ) $ (3,477 ) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (21,113 ) $ (4,434 ) $ (16,679 ) $ 12,017 $ 2,524 $ 9,493 Less reclassification adjustments included in: Net interest income (4) (1,260 ) (265 ) (995 ) 21 4 17 Total $ (22,373 ) $ (4,699 ) $ (17,674 ) $ 12,038 $ 2,528 $ 9,510 Other comprehensive (loss)/income $ (86,051 ) $ (18,071 ) $ (67,980 ) $ 16,316 $ 3,427 $ 12,889 (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. 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). July 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 has substantially completed its models to estimate lifetime expected credit losses on financial instruments measured at amortized cost and on available-for-sale debt securities. We are currently testing and validating the models and data inputs and developing the policies, procedures and internal controls for estimating the allowance for credit losses under the requirements of this new standard. Farmer Mac does not expect that the adoption of this new guidance will have a material effect on its financial condition, results of operations or cash flows. The actual effect at the adoption date will depend upon the nature and characteristics of the portfolio as well as macroeconomic conditions and forecasts at that time. 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 Update. January 1, 2020 Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's financial condition, 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.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
Investment Securities (Tables)	Sep. 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 September 30, 2019 and December 31, 2018: Table 2.1 As of September 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 24,860 (116 ) 24,744 — (175 ) 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities 1,621,660 1,271 1,622,931 2,807 (3,500 ) 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities 325 — 325 27 — 352 Fixed rate U.S. Treasuries 1,447,197 (3,551 ) 1,443,646 1,701 (82 ) 1,445,265 Total available-for-sale 3,113,742 (2,396 ) 3,111,346 4,535 (4,249 ) 3,111,632 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 499 — 45,531 Total investment securities $ 3,158,774 $ (2,396 ) $ 3,156,378 $ 5,034 $ (4,249 ) $ 3,157,163 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of September 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: Floating 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 September 30, 2019 and December 31, 2018: Table 3.1 As of September 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,420,020 $ (220 ) $ 1,419,800 $ 16,019 $ (660 ) $ 1,435,159 Farmer Mac Guaranteed USDA Securities 32,645 171 32,816 626 (57 ) 33,385 Total Farmer Mac Guaranteed Securities 1,452,665 (49 ) 1,452,616 16,645 (717 ) 1,468,544 USDA Securities 2,122,505 41,559 2,164,064 20,283 (1,273 ) 2,183,074 Total held-to-maturity $ 3,575,170 $ 41,510 $ 3,616,680 $ 36,928 $ (1,990 ) $ 3,651,618 Available-for-sale: AgVantage $ 7,009,022 $ (137 ) $ 7,008,885 $ 211,878 $ (38,222 ) $ 7,182,541 Trading: USDA Securities (1) $ 8,561 $ 521 $ 9,082 $ 14 $ (153 ) $ 8,943 (1) The trading USDA securities had a weighted average yield of 5.21% as of September 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 September 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 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 8,755 (48 ) 15,814 (127 ) Floating rate Government/GSE guaranteed mortgage-backed securities 938,135 (1,461 ) 308,027 (2,039 ) Fixed rate U.S. Treasuries 91,411 (82 ) — — Total $ 1,038,301 $ (1,591 ) $ 343,049 $ (2,658 ) Number of securities in loss position 61 50 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 September 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 September 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 $ — $ — $ 316,340 $ (660 ) Farmer Mac Guaranteed USDA Securities 17,081 (57 ) — — USDA Securities — — 280,206 (1,273 ) Total held-to-maturity $ 17,081 $ (57 ) $ 596,546 $ (1,933 ) Available-for-sale: AgVantage $ 507,482 $ (1,107 ) $ 1,623,361 $ (37,115 ) 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,386,034 $ 1,387,726 1.37% Due after one year through five years 255,262 254,904 2.49% Due after five years through ten years 774,103 772,428 2.51% Due after ten years 695,947 696,574 2.75% Total $ 3,111,346 $ 3,111,632 2.06% 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 560,697 $ 559,763 2.47 % Due after one year through five years 3,637,536 3,690,151 3.01 % Due after five years through ten years 1,262,707 1,308,724 3.10 % Due after ten years 1,547,945 1,623,903 3.40 % Total $ 7,008,885 $ 7,182,541 3.07 % As of September 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 461,295 $ 461,085 2.55 % Due after one year through five years 1,043,619 1,059,512 3.23 % Due after five years through ten years 201,354 202,753 3.44 % Due after ten years 1,910,412 1,928,268 3.61 % Total $ 3,616,680 $ 3,651,618 3.36 %

Farmer Mac Guaranteed Securit_2

Farmer Mac Guaranteed Securities and USDA Securities (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018: Table 2.1 As of September 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 24,860 (116 ) 24,744 — (175 ) 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities 1,621,660 1,271 1,622,931 2,807 (3,500 ) 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities 325 — 325 27 — 352 Fixed rate U.S. Treasuries 1,447,197 (3,551 ) 1,443,646 1,701 (82 ) 1,445,265 Total available-for-sale 3,113,742 (2,396 ) 3,111,346 4,535 (4,249 ) 3,111,632 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 499 — 45,531 Total investment securities $ 3,158,774 $ (2,396 ) $ 3,156,378 $ 5,034 $ (4,249 ) $ 3,157,163 (1) The held-to-maturity investment securities had a weighted average yield of 3.8% as of September 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: Floating 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 September 30, 2019 and December 31, 2018: Table 3.1 As of September 30, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,420,020 $ (220 ) $ 1,419,800 $ 16,019 $ (660 ) $ 1,435,159 Farmer Mac Guaranteed USDA Securities 32,645 171 32,816 626 (57 ) 33,385 Total Farmer Mac Guaranteed Securities 1,452,665 (49 ) 1,452,616 16,645 (717 ) 1,468,544 USDA Securities 2,122,505 41,559 2,164,064 20,283 (1,273 ) 2,183,074 Total held-to-maturity $ 3,575,170 $ 41,510 $ 3,616,680 $ 36,928 $ (1,990 ) $ 3,651,618 Available-for-sale: AgVantage $ 7,009,022 $ (137 ) $ 7,008,885 $ 211,878 $ (38,222 ) $ 7,182,541 Trading: USDA Securities (1) $ 8,561 $ 521 $ 9,082 $ 14 $ (153 ) $ 8,943 (1) The trading USDA securities had a weighted average yield of 5.21% as of September 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 September 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 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 8,755 (48 ) 15,814 (127 ) Floating rate Government/GSE guaranteed mortgage-backed securities 938,135 (1,461 ) 308,027 (2,039 ) Fixed rate U.S. Treasuries 91,411 (82 ) — — Total $ 1,038,301 $ (1,591 ) $ 343,049 $ (2,658 ) Number of securities in loss position 61 50 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 September 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 September 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 $ — $ — $ 316,340 $ (660 ) Farmer Mac Guaranteed USDA Securities 17,081 (57 ) — — USDA Securities — — 280,206 (1,273 ) Total held-to-maturity $ 17,081 $ (57 ) $ 596,546 $ (1,933 ) Available-for-sale: AgVantage $ 507,482 $ (1,107 ) $ 1,623,361 $ (37,115 ) 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,386,034 $ 1,387,726 1.37% Due after one year through five years 255,262 254,904 2.49% Due after five years through ten years 774,103 772,428 2.51% Due after ten years 695,947 696,574 2.75% Total $ 3,111,346 $ 3,111,632 2.06% 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 September 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 September 30, 2019 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 560,697 $ 559,763 2.47 % Due after one year through five years 3,637,536 3,690,151 3.01 % Due after five years through ten years 1,262,707 1,308,724 3.10 % Due after ten years 1,547,945 1,623,903 3.40 % Total $ 7,008,885 $ 7,182,541 3.07 % As of September 30, 2019 Held-to-Maturity Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 461,295 $ 461,085 2.55 % Due after one year through five years 1,043,619 1,059,512 3.23 % Due after five years through ten years 201,354 202,753 3.44 % Due after ten years 1,910,412 1,928,268 3.61 % Total $ 3,616,680 $ 3,651,618 3.36 %

Financial Derivatives (Tables)

Financial Derivatives (Tables)	9 Months Ended
Financial Derivatives (Tables)	Sep. 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 September 30, 2019 and December 31, 2018 : Table 4.1 As of September 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 $ 4,913,988 $ 2,448 $ (4,942 ) 2.47% 2.18% 11.30 Receive fixed non-callable 1,547,200 266 (5,004 ) 2.17% 2.08% 1.38 Receive fixed callable 340,000 891 (178 ) 2.09% 2.58% 2.33 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,338 (2,989 ) 2.36% 2.41% 5.68 No hedge designation: Interest rate swaps: Pay fixed non-callable 329,745 — (16,899 ) 3.59% 2.26% 5.65 Receive fixed non-callable 2,785,020 — — 2.10% 2.19% 1.40 Receive fixed callable 655,000 180 (17 ) 1.48% 1.64% 0.76 Basis swaps 2,770,500 466 (543 ) 2.07% 2.01% 0.95 Treasury futures 29,600 (25 ) 130.23 Credit valuation adjustment — 55 Total financial derivatives $ 13,799,053 $ 5,589 $ (30,542 ) Collateral (held)/pledged (2,655 ) 167,060 Net amount $ 2,934 $ 136,518 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 nine months ended September 30, 2019 and 2018 : Table 4.2 For the Three Months Ended September 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: $ 81,649 $ 56,992 $ (121,384 ) $ (7,360 ) $ 9,897 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,051 ) (584 ) (961 ) — (2,596 ) Recognized on hedged items 31,435 7,321 (10,778 ) — 27,978 Discount amortization recognized on hedged items — — (146 ) — (146 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 30,384 $ 6,737 $ (11,885 ) $ — $ 25,236 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (87,495 ) $ (35,597 ) $ 1,979 $ — $ (121,113 ) Recognized on hedged items 84,164 33,493 (1,034 ) — 116,623 (Losses)/gains on fair value hedging relationships $ (3,331 ) $ (2,104 ) $ 945 $ — $ (4,490 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 317 $ — $ 317 Recognized on hedged items — — (2,726 ) — (2,726 ) Discount amortization recognized on hedged items — — (1 ) — (1 ) Expense recognized on cash flow hedges $ — $ — $ (2,410 ) $ — $ (2,410 ) Losses on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ (7,402 ) $ (7,402 ) Interest income on interest rate swaps — — — 127 127 Treasury futures — — — (85 ) (85 ) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (7,360 ) $ (7,360 ) For the Three Months Ended September 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 $ 76,870 $ 50,622 $ (97,557 ) $ 628 $ 30,563 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,272 (98 ) (2,702 ) — (1,528 ) Recognized on hedged items 16,769 1,660 (9,821 ) — 8,608 Discount amortization recognized on hedged items — — (177 ) — (177 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,041 $ 1,562 $ (12,700 ) $ — $ 6,903 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 13,420 $ 3,909 $ (1,188 ) $ — $ 16,141 Recognized on hedged items (13,432 ) (4,062 ) 2,404 — (15,090 ) Gains/(losses) on fair value hedging relationships $ (12 ) $ (153 ) $ 1,216 $ — $ 1,051 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 189 $ — $ 189 Recognized on hedged items — — (2,501 ) — (2,501 ) Discount amortization recognized on hedged items — — (2 ) — (2 ) Expense recognized on cash flow hedges $ — $ — $ (2,314 ) $ — $ (2,314 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 3,267 $ 3,267 Interest expense on interest rate swaps — — — (3,048 ) (3,048 ) Treasury futures — — — 409 409 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 628 $ 628 For the Nine Months Ended September 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 $ 252,629 $ 167,792 $ (358,374 ) $ 1,193 $ 63,240 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 1,665 (808 ) (6,751 ) — (5,894 ) Recognized on hedged items 86,628 18,199 (32,594 ) — 72,233 Discount amortization recognized on hedged items — — (460 ) — (460 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 88,293 $ 17,391 $ (39,805 ) $ — $ 65,879 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (262,886 ) $ (89,631 ) $ 27,101 $ — $ (325,416 ) Recognized on hedged items 258,155 83,524 (24,880 ) — 316,799 Gains/(losses) on fair value hedging relationships $ (4,731 ) $ (6,107 ) $ 2,221 $ — $ (8,617 ) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ 1,260 $ — $ 1,260 Recognized on hedged items — — (8,142 ) — (8,142 ) Discount amortization recognized on hedged items — — (3 ) — (3 ) Expense recognized on cash flow hedges $ — $ — $ (6,885 ) $ — $ (6,885 ) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ 5,920 $ 5,920 Interest expense on interest rate swaps — — — (3,321 ) (3,321 ) Treasury futures — — — (1,406 ) (1,406 ) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 1,193 $ 1,193 For the Nine Months Ended September 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: $ 213,479 $ 145,671 $ (265,611 ) $ (688 ) $ 92,851 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 465 (560 ) (5,315 ) — (5,410 ) Recognized on hedged items 46,289 4,619 (28,633 ) — 22,275 Discount amortization recognized on hedged items — — (534 ) — (534 ) Income/(expense) related to interest settlements on fair value hedging relationships $ 46,754 $ 4,059 $ (34,482 ) $ — $ 16,331 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 46,354 $ 12,564 $ (13,565 ) $ — $ 45,353 Recognized on hedged items (43,229 ) (13,106 ) 16,733 — (39,602 ) Gains/(losses) on fair value hedging relationships $ 3,125 $ (542 ) $ 3,168 $ — $ 5,751 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (21 ) $ — $ (21 ) Recognized on hedged items — — (6,611 ) — (6,611 ) Discount amortization recognized on hedged items — — (5 ) — (5 ) Expense recognized on cash flow hedges $ — $ — $ (6,637 ) $ — $ (6,637 ) Losses on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ 7,443 $ 7,443 Interest expense on interest rate swaps — — — (8,903 ) (8,903 ) Treasury futures — — — 772 772 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (688 ) $ (688 )
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 September 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) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) $ 4,167,059 $ 2,882,919 $ 257,231 $ (906 ) Loans held for investment, at amortized cost 1,006,952 194,617 78,091 (5,287 ) Other Assets 146 — 146 — Notes Payable, due after one year (2)(3) (1,902,570 ) (2,021,356 ) (16,238 ) 8,785 (1) Includes $0.1 million and none of hedging adjustments on a discontinued hedging relationship as of September 30, 2019 and December 31, 2018, respectively. (2) Carrying amount represents amortized cost. (3) Includes $0.1 million and $0.3 million of hedging adjustments on a discontinued hedging relationship as of September 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 September 30, 2019 and December 31, 2018: Table 4.4 September 30, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 54,469 $ 52,071 $ 2,398 Liabilities: Derivatives Interest rate swap $ 421,166 $ 399,955 $ 21,211 (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)	9 Months Ended
Loans and Allowance for Losses (Tables)	Sep. 30, 2019
Receivables [Abstract]
Schedule of Composition of Loan Balances	The following table displays the composition of the loan balances as of September 30, 2019 and December 31, 2018: Table 5.1 As of September 30, 2019 As of December 31, 2018 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 3,310,248 $ 1,526,718 $ 4,836,966 $ 3,071,222 $ 1,517,101 $ 4,588,323 Rural Utilities 1,612,773 — 1,612,773 938,843 — 938,843 Total unpaid principal balance (1) 4,923,021 1,526,718 6,449,739 4,010,065 1,517,101 5,527,166 Unamortized premiums, discounts, and other cost basis adjustments 75,505 — 75,505 (5,097 ) — (5,097 ) Total loans 4,998,526 1,526,718 6,525,244 4,004,968 1,517,101 5,522,069 Allowance for loan losses (6,549 ) (1,475 ) (8,024 ) (5,565 ) (1,452 ) (7,017 ) Total loans, net of allowance $ 4,991,977 $ 1,525,243 $ 6,517,220 $ 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 nine months ended September 30, 2019 and 2018: Table 5.2 September 30, 2019 September 30, 2018 Allowance Reserve Total Allowance Reserve Total (in thousands) For the Three Months Ended: Beginning Balance $ 7,264 $ 1,880 $ 9,144 $ 6,789 $ 2,249 $ 9,038 Provision for/(release of) losses 760 (137 ) 623 99 (102 ) (3 ) Charge-offs — — — (17 ) — (17 ) Ending Balance $ 8,024 $ 1,743 $ 9,767 $ 6,871 $ 2,147 $ 9,018 For the Nine Months Ended: Beginning Balance $ 7,017 $ 2,167 $ 9,184 $ 6,796 $ 2,070 $ 8,866 Provision for/(release of) losses 1,074 (424 ) 650 92 77 169 Charge-offs (67 ) — (67 ) (17 ) — (17 ) Ending Balance $ 8,024 $ 1,743 $ 9,767 $ 6,871 $ 2,147 $ 9,018 The following tables present the changes in the total allowance for losses for the three and nine months ended September 30, 2019 and 2018 by commodity type: Table 5.3 September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,773 $ 1,926 $ 1,423 $ 400 $ 603 $ 19 $ 9,144 Provision for/(release of) losses 88 179 404 (16 ) (18 ) (14 ) 623 Ending Balance $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 For the Nine Months Ended: Beginning Balance $ 4,394 $ 2,126 $ 1,460 $ 474 $ 720 $ 10 $ 9,184 Provision for/(release of) losses 467 (21 ) 367 (23 ) (135 ) (5 ) 650 Charge-offs — — — (67 ) — — (67 ) Ending Balance $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 September 30, 2018 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) For the Three Months Ended: Beginning Balance $ 4,125 $ 2,368 $ 1,322 $ 448 $ 720 $ 55 $ 9,038 Provision for/(release of) losses (99 ) 40 148 50 (97 ) (45 ) (3 ) Charge-offs — — — (17 ) — — (17 ) Ending Balance $ 4,026 $ 2,408 $ 1,470 $ 481 $ 623 $ 10 $ 9,018 For the Nine Months Ended: Beginning Balance $ 4,081 $ 2,469 $ 1,211 $ 481 $ 606 $ 18 $ 8,866 Provision for/(release of) losses (55 ) (61 ) 259 17 17 (8 ) 169 Charge-offs — — — (17 ) — — (17 ) Ending Balance $ 4,026 $ 2,408 $ 1,470 $ 481 $ 623 $ 10 $ 9,018
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 September 30, 2019 and December 31, 2018 : Table 5.4 As of September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: On-balance sheet $ 2,494,029 $ 1,043,626 $ 738,936 $ 338,798 $ 11,379 $ 1,425 $ 4,628,193 Off-balance sheet 1,187,972 519,924 605,422 161,045 67,562 2,855 2,544,780 Total $ 3,682,001 $ 1,563,550 $ 1,344,358 $ 499,843 $ 78,941 $ 4,280 $ 7,172,973 Individually evaluated for impairment: On-balance sheet $ 108,497 $ 49,225 $ 43,346 $ 7,705 $ — $ — $ 208,773 Off-balance sheet 5,116 2,122 3,975 712 — 57 11,982 Total $ 113,613 $ 51,347 $ 47,321 $ 8,417 $ — $ 57 $ 220,755 Total Farm & Ranch loans: On-balance sheet $ 2,602,526 $ 1,092,851 $ 782,282 $ 346,503 $ 11,379 $ 1,425 $ 4,836,966 Off-balance sheet 1,193,088 522,046 609,397 161,757 67,562 2,912 2,556,762 Total $ 3,795,614 $ 1,614,897 $ 1,391,679 $ 508,260 $ 78,941 $ 4,337 $ 7,393,728 Allowance for Losses: Collectively evaluated for impairment: On-balance sheet $ 1,729 $ 885 $ 550 $ 242 $ 28 $ 1 $ 3,435 Off-balance sheet 556 106 294 23 557 4 1,540 Total $ 2,285 $ 991 $ 844 $ 265 $ 585 $ 5 $ 4,975 Individually evaluated for impairment: On-balance sheet $ 2,495 $ 1,070 $ 920 $ 104 $ — $ — $ 4,589 Off-balance sheet 81 44 63 15 — — 203 Total $ 2,576 $ 1,114 $ 983 $ 119 $ — $ — $ 4,792 Total Farm & Ranch loans: On-balance sheet $ 4,224 $ 1,955 $ 1,470 $ 346 $ 28 $ 1 $ 8,024 Off-balance sheet 637 150 357 38 557 4 1,743 Total $ 4,861 $ 2,105 $ 1,827 $ 384 $ 585 $ 5 $ 9,767 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 September 30, 2019 and December 31, 2018 : Table 5.5 As of September 30, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 29,146 $ 16,721 $ 4,771 $ 2,240 $ — $ 57 $ 52,935 Unpaid principal balance 29,055 16,669 4,758 2,233 — 57 52,772 With a specific allowance: Recorded investment (1) 84,808 34,781 42,686 6,202 — — 168,477 Unpaid principal balance 84,558 34,678 42,563 6,184 — — 167,983 Associated allowance 2,576 1,114 983 119 — — 4,792 Total: Recorded investment 113,954 51,502 47,457 8,442 — 57 221,412 Unpaid principal balance 113,613 51,347 47,321 8,417 — 57 220,755 Associated allowance 2,576 1,114 983 119 — — 4,792 Recorded investment of loans on nonaccrual status (2) $ 34,543 $ 24,425 $ 30,213 $ 3,106 $ — $ — $ 92,287 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $166.1 million ( 75% ) of impaired loans as of September 30, 2019 , which resulted in a specific allowance of $3.4 million . (2) Includes $36.3 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 nine months ended September 30, 2019 and 2018 : Table 5.6 September 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 $ 106,535 $ 45,197 $ 36,859 $ 8,265 $ — $ 58 $ 196,914 Income recognized on impaired loans 178 166 87 105 — — 536 For the Nine Months Ended: Average recorded investment in impaired loans $ 93,088 $ 41,524 $ 31,189 $ 8,079 $ — $ 63 $ 173,943 Income recognized on impaired loans 879 586 504 227 — — 2,196 September 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 $ 75,920 $ 44,818 $ 24,443 $ 8,898 $ — $ 72 $ 154,151 Income recognized on impaired loans 223 933 122 56 — — 1,334 For the Nine Months Ended: Average recorded investment in impaired loans $ 73,968 $ 44,122 $ 23,358 $ 8,874 $ — $ 394 $ 150,716 Income recognized on impaired loans 942 1,597 261 173 — — 2,973
Schedule of Past Due Financing Receivables	As of September 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 Nine Months Ended September 30, 2019 December 31, 2018 September 30, 2019 September 30, 2018 (in thousands) On-balance sheet assets: Farm & Ranch: Loans $ 55,987 $ 19,577 $ 131 $ 40 Total on-balance sheet $ 55,987 $ 19,577 $ 131 $ 40 Off-balance sheet assets: Farm & Ranch: LTSPCs $ 3,704 $ 7,304 $ — $ — Total off-balance sheet $ 3,704 $ 7,304 $ — $ — Total $ 59,691 $ 26,881 $ 131 $ 40 (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 September 30, 2019 and December 31, 2018 : Table 5.8 As of September 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 $ 2,401,258 $ 1,006,255 $ 715,900 $ 327,882 $ 11,379 $ 1,362 $ 4,464,036 Special mention (2) 92,771 37,371 23,036 10,916 — 63 164,157 Substandard (3) 108,497 49,225 43,346 7,705 — — 208,773 Total on-balance sheet $ 2,602,526 $ 1,092,851 $ 782,282 $ 346,503 $ 11,379 $ 1,425 $ 4,836,966 Off-Balance Sheet: Acceptable $ 1,067,311 $ 485,044 $ 537,370 $ 157,630 $ 67,562 $ 2,280 $ 2,317,197 Special mention (2) 80,746 30,935 45,302 845 — — 157,828 Substandard (3) 45,031 6,067 26,725 3,282 — 632 81,737 Total off-balance sheet $ 1,193,088 $ 522,046 $ 609,397 $ 161,757 $ 67,562 $ 2,912 $ 2,556,762 Total Ending Balance: Acceptable $ 3,468,569 $ 1,491,299 $ 1,253,270 $ 485,512 $ 78,941 $ 3,642 $ 6,781,233 Special mention (2) 173,517 68,306 68,338 11,761 — 63 321,985 Substandard (3) 153,528 55,292 70,071 10,987 — 632 290,510 Total $ 3,795,614 $ 1,614,897 $ 1,391,679 $ 508,260 $ 78,941 $ 4,337 $ 7,393,728 Commodity analysis of past due loans (1) On-balance sheet $ 24,112 $ 15,598 $ 15,139 $ 1,138 $ — $ — $ 55,987 Off-balance sheet 1,493 903 824 484 — — 3,704 90 days or more past due $ 25,605 $ 16,501 $ 15,963 $ 1,622 $ — $ — $ 59,691 (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 September 30, 2019 and December 31, 2018: Table 5.9 As of September 30, 2019 December 31, 2018 (in thousands) By commodity/collateral type: Crops $ 3,795,614 $ 3,771,627 Permanent plantings 1,614,897 1,509,821 Livestock 1,391,679 1,355,372 Part-time farm 508,260 504,138 Ag. Storage and Processing 78,941 85,181 Other 4,337 7,832 Total $ 7,393,728 $ 7,233,971 By geographic region (1) : Northwest $ 850,862 $ 855,596 Southwest 2,417,144 2,273,184 Mid-North 2,297,159 2,296,073 Mid-South 917,889 883,279 Northeast 325,674 332,370 Southeast 585,000 593,469 Total $ 7,393,728 $ 7,233,971 By original loan-to-value ratio: 0.00% to 40.00% $ 1,332,719 $ 1,333,790 40.01% to 50.00% 1,864,787 1,811,166 50.01% to 60.00% 2,557,798 2,530,484 60.01% to 70.00% 1,300,301 1,244,823 70.01% to 80.00% (2) 318,671 289,427 80.01% to 90.00% (2) 19,452 24,281 Total $ 7,393,728 $ 7,233,971 By size of borrower exposure (3) : Less than $1,000,000 $ 2,436,975 $ 2,431,296 $1,000,000 to $4,999,999 2,731,458 2,755,996 $5,000,000 to $9,999,999 957,901 916,422 $10,000,000 to $24,999,999 644,231 601,349 $25,000,000 and greater 623,163 528,908 Total $ 7,393,728 $ 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)	9 Months Ended
	Sep. 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 September 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 September 30, 2019 As of December 31, 2018 (in thousands) Farm & Ranch: Guaranteed Securities $ 115,306 $ 135,862 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 404,052 367,684 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 $ 828,583 $ 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 Nine Months Ended September 30, 2019 September 30, 2018 (in thousands) Proceeds from new securitizations $ 199,396 $ 305,391 Guarantee fees received 1,122 1,481

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures (Tables)	Sep. 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 September 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 September 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 — 24,569 — 24,569 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,622,238 — 1,622,238 Fixed rate GSE guaranteed mortgage-backed securities — 352 — 352 Fixed rate U.S. Treasuries 1,445,265 — — 1,445,265 Total Investment Securities 1,445,265 1,647,159 19,208 3,111,632 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,182,541 7,182,541 Total Farmer Mac Guaranteed Securities — — 7,182,541 7,182,541 USDA Securities: Trading — — 8,943 8,943 Total USDA Securities — — 8,943 8,943 Financial derivatives — 5,589 — 5,589 Total Assets at fair value $ 1,445,265 $ 1,652,748 $ 7,210,692 $ 10,308,705 Liabilities: Financial derivatives $ 25 $ 30,517 $ — $ 30,542 Total Liabilities at fair value $ 25 $ 30,517 $ — $ 30,542 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 nine months ended September 30, 2019 and 2018. Table 8.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2019 Beginning Purchases Sales Settlements Realized and Unrealized 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 $ 19,208 $ — $ — $ — $ — $ — $ 19,208 Total available-for-sale 19,208 — — — — — 19,208 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,035,668 340,148 — (254,593 ) 84,164 (22,846 ) 7,182,541 Total available-for-sale 7,035,668 340,148 — (254,593 ) 84,164 (22,846 ) 7,182,541 USDA Securities: Available-for-sale — 9,506 (9,506 ) — — — — Trading 9,201 — — (307 ) 49 — 8,943 Total USDA Securities 9,201 9,506 (9,506 ) (307 ) 49 — 8,943 Total Assets at fair value $ 7,064,077 $ 349,654 $ (9,506 ) $ (254,900 ) $ 84,213 $ (22,846 ) $ 7,210,692 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2018 Beginning Purchases Sales Settlements Realized and Unrealized 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 $ 19,010 $ — $ — $ — $ — $ (49 ) $ 18,961 Total available-for-sale 19,010 — — — — (49 ) 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,985,806 687,381 — (689,213 ) (13,432 ) (13,238 ) 5,957,304 Total available-for-sale 5,985,806 687,381 — (689,213 ) (13,432 ) (13,238 ) 5,957,304 USDA Securities: Available-for-sale — 26,321 (26,321 ) — — — — Trading (1) 10,748 — — (508 ) (3 ) — 10,237 Total USDA Securities 10,748 26,321 (26,321 ) (508 ) (3 ) — 10,237 Total Assets at fair value $ 6,015,564 $ 713,702 $ (26,321 ) $ (689,721 ) $ (13,435 ) $ (13,287 ) $ 5,986,502 (1) Includes unrealized losses of $9,000 attributable to assets still held as of September 30, 2018 that are recorded in " Gains/(losses) on trading securities ." Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 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 1,730,244 — (724,906 ) 258,155 (55,449 ) 7,182,541 Total available-for-sale 5,974,497 1,730,244 — (724,906 ) 258,155 (55,449 ) 7,182,541 USDA Securities: Available-for-sale — 57,853 (57,853 ) — — — — Trading 9,999 — — (1,210 ) 154 — 8,943 Total USDA Securities 9,999 57,853 (57,853 ) (1,210 ) 154 — 8,943 Total Assets at fair value $ 6,003,211 $ 1,788,097 $ (57,853 ) $ (726,116 ) $ 258,309 $ (54,956 ) $ 7,210,692 Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 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 $ — $ — $ — $ — $ — $ 147 $ 18,961 Fixed rate GSE guaranteed mortgage-backed securities 4,333 — — — (2,137 ) (2,092 ) (104 ) — Total available-for-sale 23,147 — — — (2,137 ) (2,092 ) 43 18,961 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,471,914 487 1,646,345 — (1,128,674 ) (43,230 ) 10,462 5,957,304 Total available-for-sale 5,471,914 487 1,646,345 — (1,128,674 ) (43,230 ) 10,462 5,957,304 USDA Securities: Available-for-sale — — 105,628 (105,628 ) — — — — Trading (1) 13,515 — — — (3,302 ) 24 — 10,237 Total USDA Securities 13,515 — 105,628 (105,628 ) (3,302 ) 24 — 10,237 Total Assets at fair value $ 5,508,576 $ 487 $ 1,751,973 $ (105,628 ) $ (1,134,113 ) $ (45,298 ) $ 10,505 $ 5,986,502 (1) Includes unrealized gains of $0.1 million attributable to assets still held as of September 30, 2018 that are recorded in " Gains/(losses) 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 September 30, 2019 and December 31, 2018: Table 8.3 As of September 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 $ 7,182,541 Discounted cash flow Discount rate 2.2% - 3.8% (2.6%) USDA Securities $ 8,943 Discounted cash flow Discount rate 2.4% - 3.3% (3.3%) CPR 11% - 21% (20%) 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 September 30, 2019 and December 31, 2018: Table 8.4 As of September 30, 2019 As of December 31, 2018 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 587,941 $ 587,941 $ 425,256 $ 425,256 Investment securities 3,157,163 3,156,664 2,263,446 2,262,884 Farmer Mac Guaranteed Securities 8,651,085 8,635,157 8,061,903 8,071,115 USDA Securities 2,192,017 2,173,007 2,113,946 2,176,173 Loans 6,593,256 6,517,220 5,512,781 5,515,052 Financial derivatives 5,589 5,589 7,487 7,487 Guarantee and commitment fees receivable: LTSPCs 32,424 36,173 37,461 36,870 Farmer Mac Guaranteed Securities 2,647 2,963 3,424 3,496 Financial liabilities: Notes payable: Due within one year 9,886,555 9,885,633 7,744,388 7,757,050 Due after one year 9,086,048 8,940,989 8,473,558 8,486,647 Debt securities of consolidated trusts held by third parties 1,545,314 1,532,401 1,501,754 1,528,957 Financial derivatives 30,542 30,542 19,633 19,633 Guarantee and commitment obligations: LTSPCs 31,292 35,041 36,471 35,880 Farmer Mac Guaranteed Securities 2,091 2,408 2,731 2,803

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	9 Months Ended
Business Segment Reporting (Tables)	Sep. 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 nine months ended September 30, 2019 and 2018 : Table 9.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 15,345 $ 4,491 $ 2,602 $ 14,853 $ 2,821 $ — $ 40,112 Less: reconciling adjustments (1)(2)(3) (2,164 ) (177 ) 1,900 2,954 (164 ) (2,349 ) — Net effective spread 13,181 4,314 4,502 17,807 2,657 (2,349 ) — Guarantee and commitment fees (2) 4,523 250 348 87 — (1,859 ) 3,349 Other income/(expense) (3) 390 92 17 — (110 ) (7,170 ) (6,781 ) Non-interest income/(loss) 4,913 342 365 87 (110 ) (9,029 ) (3,432 ) Provision for loan losses (760 ) — — — — — (760 ) Release of reserve for losses 137 — — — — — 137 Other non-interest expense (5,062 ) (1,506 ) (913 ) (2,277 ) (3,837 ) — (13,595 ) Non-interest expense (4) (4,925 ) (1,506 ) (913 ) (2,277 ) (3,837 ) — (13,458 ) Core earnings before income taxes 12,409 3,150 3,954 15,617 (1,290 ) (11,378 ) (5) 22,462 Income tax (expense)/benefit (2,606 ) (662 ) (830 ) (3,280 ) 360 2,389 (4,629 ) Core earnings before preferred stock dividends 9,803 2,488 3,124 12,337 (930 ) (8,989 ) (5) 17,833 Preferred stock dividends — — — — (3,427 ) — (3,427 ) Segment core earnings/(losses) $ 9,803 $ 2,488 $ 3,124 $ 12,337 $ (4,357 ) $ (8,989 ) (5) $ 14,406 Total assets at carrying value $ 4,934,887 $ 2,238,558 $ 1,692,835 $ 8,651,264 $ 3,797,690 $ — $ 21,315,234 Total on- and off-balance sheet program assets at principal balance $ 7,393,728 $ 2,567,763 $ 2,232,602 $ 8,738,266 $ — $ — $ 20,932,359 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 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 September 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 16,425 $ 5,304 $ 3,081 $ 17,600 $ 2,648 $ — $ 45,058 Less: reconciling adjustments (1)(2)(3) (2,538 ) (677 ) (204 ) (1,958 ) (604 ) 5,981 — Net effective spread 13,887 4,627 2,877 15,642 2,044 5,981 — Guarantee and commitment fees (2) 4,489 214 376 91 — (1,680 ) 3,490 Other income/(expense) (3) 294 5 15 — (245 ) 880 949 Non-interest income/(loss) 4,783 219 391 91 (245 ) (800 ) 4,439 Provision for loan losses (99 ) — — — — — (99 ) Release of reserve for losses 102 — — — — — 102 Other non-interest expense (4,456 ) (1,288 ) (732 ) (1,844 ) (3,432 ) — (11,752 ) Non-interest expense (4) (4,354 ) (1,288 ) (732 ) (1,844 ) (3,432 ) — (11,650 ) Core earnings before income taxes 14,217 3,558 2,536 13,889 (1,633 ) 5,181 (5) 37,748 Income tax (expense)/benefit (2,986 ) (747 ) (533 ) (2,917 ) 292 (1,088 ) (7,979 ) Core earnings before preferred stock dividends 11,231 2,811 2,003 10,972 (1,341 ) 4,093 (5) 29,769 Preferred stock dividends — — — — (3,295 ) — (3,295 ) Segment core earnings/(losses) $ 11,231 $ 2,811 $ 2,003 $ 10,972 $ (4,636 ) $ 4,093 (5) $ 26,474 Total assets at carrying value $ 4,438,128 $ 2,212,515 $ 956,204 $ 8,103,181 $ 2,764,006 $ — $ 18,474,034 Total on- and off-balance sheet program assets at principal balance $ 7,072,018 $ 2,471,251 $ 1,632,037 $ 8,365,280 $ — $ — $ 19,540,586 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2019 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 46,424 $ 13,045 $ 6,264 $ 49,425 $ 8,607 $ — $ 123,765 Less: reconciling adjustments (1)(2)(3) (7,171 ) (670 ) 5,467 2,126 (900 ) 1,148 — Net effective spread 39,253 12,375 11,731 51,551 7,707 1,148 — Guarantee and commitment fees (2) 13,861 712 1,069 261 — (5,638 ) 10,265 Other income/(expense) (3) 1,058 92 31 — 494 1,050 2,725 Non-interest income/(loss) 14,919 804 1,100 261 494 (4,588 ) 12,990 Provision for loan losses (1,074 ) — — — — — (1,074 ) Release of reserve for losses 424 — — — — — 424 Other non-interest expense (14,448 ) (4,279 ) (2,595 ) (6,470 ) (10,903 ) — (38,695 ) Non-interest expense (4) (14,024 ) (4,279 ) (2,595 ) (6,470 ) (10,903 ) — (38,271 ) Core earnings before income taxes 39,074 8,900 10,236 45,342 (2,702 ) (3,440 ) (5) 97,410 Income tax (expense)/benefit (8,206 ) (1,870 ) (2,149 ) (9,522 ) 663 722 (20,362 ) Core earnings before preferred stock dividends 30,868 7,030 8,087 35,820 (2,039 ) (2,718 ) (5) 77,048 Preferred stock dividends — — — — (10,508 ) — (10,508 ) Loss on retirement of preferred stock — — — — — (1,956 ) (1,956 ) Segment core earnings/(losses) $ 30,868 $ 7,030 $ 8,087 $ 35,820 $ (12,547 ) $ (4,674 ) (5) $ 64,584 Total assets at carrying value $ 4,934,887 $ 2,238,558 $ 1,692,835 $ 8,651,264 $ 3,797,690 $ — $ 21,315,234 Total on- and off-balance sheet program assets at principal balance $ 7,393,728 $ 2,567,763 $ 2,232,602 $ 8,738,266 $ — $ — $ 20,932,359 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2018 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments Consolidated Net Income (in thousands) Net interest income $ 47,255 $ 15,446 $ 8,931 $ 54,237 $ 6,351 $ — $ 132,220 Less: reconciling adjustments (1)(2)(3) (7,481 ) (2,021 ) (181 ) (8,551 ) (1,646 ) 19,880 — Net effective spread 39,774 13,425 8,750 45,686 4,705 19,880 — Guarantee and commitment fees (2) 13,356 570 1,227 271 — (4,954 ) 10,470 Other income/(expense) (3) 1,193 18 25 — (594 ) (54 ) 588 Non-interest income/(loss) 14,549 588 1,252 271 (594 ) (5,008 ) 11,058 Provision for loan losses (92 ) — — — — — (92 ) Provision for reserve for losses (77 ) — — — — — (77 ) Other non-interest expense (13,930 ) (3,793 ) (2,144 ) (5,720 ) (10,549 ) — (36,136 ) Non-interest expense (4) (14,007 ) (3,793 ) (2,144 ) (5,720 ) (10,549 ) — (36,213 ) Core earnings before income taxes 40,224 10,220 7,858 40,237 (6,438 ) 14,872 (5) 106,973 Income tax (expense)/benefit (8,447 ) (2,146 ) (1,651 ) (8,450 ) 2,067 (3,122 ) (21,749 ) Core earnings before preferred stock dividends 31,777 8,074 6,207 31,787 (4,371 ) 11,750 (5) 85,224 Preferred stock dividends — — — — (9,886 ) — (9,886 ) Segment core earnings/(losses) $ 31,777 $ 8,074 $ 6,207 $ 31,787 $ (14,257 ) $ 11,750 (5) $ 75,338 Total assets at carrying value $ 4,438,128 $ 2,212,515 $ 956,204 $ 8,103,181 $ 2,764,006 $ — $ 18,474,034 Total on- and off-balance sheet program assets at principal balance $ 7,072,018 $ 2,471,251 $ 1,632,037 $ 8,365,280 $ — $ — $ 19,540,586 (1) Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in " (Losses)/gains on financial derivatives " 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 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 - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	$ 1,526,718	$ 1,517,101
Debt securities of consolidated trusts held by third parties	1,532,401	1,528,957
Farm & Ranch [Member]
Variable Interest Entity [Line Items]
Borrower remittances	5,700	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	1,526,718	1,517,101
Debt securities of consolidated trusts held by third parties	1,532,401	1,528,957
Off-balance sheet [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	519,358	503,546
Farmer Mac Guaranteed Securities [Member] \| On-balance sheet [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Carrying value	32,816	27,627
Maximum exposure to loss	32,645	27,383
Investment Securities [Member]
Variable Interest Entity [Line Items]
Unamortized premiums and discounts	2,396	3,489
Investment Securities [Member] \| On-balance sheet [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Carrying value	1,111,712	1,000,942
Maximum exposure to loss	1,114,220	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	1,526,718	1,517,101
Debt securities of consolidated trusts held by third parties	1,532,401	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]
Maximum exposure to loss	115,306	135,862
Operating Segments [Member] \| Off-balance sheet [Member] \| USDA Guarantees [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	404,052	367,684
Operating Segments [Member] \| Off-balance sheet [Member] \| Rural Utilities [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	0	0
Operating Segments [Member] \| Off-balance sheet [Member] \| Institutional Credit [Member] \| Unconsolidated VIEs [Member]
Variable Interest Entity [Line Items]
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]
Carrying value	0	0
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]
Carrying value	32,816	27,627
Maximum exposure to loss	32,645	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]
Carrying value	0	0
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]
Carrying value	0	0
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]
Carrying value	0	0
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]
Carrying value	0	0
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]
Carrying value	0	0
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]
Carrying value	0	0
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]
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]
Carrying value	0	0
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]
Carrying value	1,111,712	1,000,942
Maximum exposure to loss	$ 1,114,220	$ 1,003,968

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic EPS
Net Income	$ 14,406	$ 26,474	$ 64,584	$ 75,338
Weighted-Average Shares (in shares)	10,706,000	10,668,000	10,691,000	10,650,000
Dollars per share (in dollars per share)	$ 1.34	$ 2.48	$ 6.04	$ 7.07
Effect of dilutive securities
SARs and restricted stock (in shares)	70,000	76,000	83,000	93,000
SARs and restricted stock (in dollars per share)	$ (0.01)	$ (0.02)	$ (0.05)	$ (0.06)
Net income, Diluted EPS	$ 14,406	$ 26,474	$ 64,584	$ 75,338
Weighted-Average Shares, Diluted EPS (in shares)	10,776,000	10,744,000	10,774,000	10,743,000
Diluted EPS (in dollars per share)	$ 1.33	$ 2.46	$ 5.99	$ 7.01
Stock Appreciation Rights [Member]
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	26,768		48,801
Restricted Stock [Member]
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)		10,122		15,437
Performance Shares [Member]
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	8,414	13,138	10,994	13,138

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 773,742	$ 763,298	$ 752,557	$ 766,212	$ 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	(23,986)			(7,285)			(53,987)	19,943
Amounts reclassified from AOCI	(6,195)			(2,124)			(13,993)	(7,054)
Other comprehensive (loss)/income net of tax	(30,181)	(34,097)	(3,702)	(9,409)	1,299	20,999	(67,980)	12,889
Ending balance	750,259	773,742	763,298	777,591	766,212	745,266	750,259	777,591
Total [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12,843)	21,254	24,956	73,410	72,111	51,085	24,956	51,085
Adjusted Beginning Balance									$ 24,956	51,112	$ 51,112
Other comprehensive (loss)/income net of tax	(30,181)	(34,097)	(3,702)	(9,409)	1,299	20,999
Ending balance	(43,024)	(12,843)	21,254	64,001	73,410	72,111	(43,024)	64,001
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	(45,384)		(25,360)	15,882		(1,676)	(25,360)	(1,676)
Adjusted Beginning Balance									(25,360)	(1,676)
Other comprehensive (loss)/income before reclassifications	(18,915)			(9,947)			(37,308)	10,450
Amounts reclassified from AOCI	(776)			(755)			(2,407)	(3,594)
Other comprehensive (loss)/income net of tax	(19,691)			(10,702)			(39,715)	6,856
Ending balance	(65,075)	(45,384)		5,180	15,882		(65,075)	5,180
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	38,021		43,443	45,979		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	(5,169)			(1,220)			(10,591)	(3,477)
Other comprehensive (loss)/income net of tax	(5,169)			(1,220)			(10,591)	(3,477)
Ending balance	32,852	38,021		44,759	45,979		32,852	44,759
Cash Flow Hedge [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,480)		$ 6,873	11,549		$ 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	(5,071)			2,662			(16,679)	9,493
Amounts reclassified from AOCI	(250)			(149)			(995)	17
Other comprehensive (loss)/income net of tax	(5,321)			2,513			(17,674)	9,510
Ending balance	$ (10,801)	$ (5,480)		$ 14,062	$ 11,549		$ (10,801)	$ 14,062

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Before Tax
Unrealized holding (losses)/gains on available-for-sale-securities	$ (23,943)			$ (12,590)			$ (47,225)	$ 13,227
Other comprehensive (loss)/income before tax	(38,204)			(11,909)			(86,051)	16,316
Provision (Benefit)
Unrealized holding (losses)/gains on available-for-sale-securities	(5,028)			(2,643)			(9,917)	2,777
Other comprehensive (loss)/income	(8,023)			(2,500)			(18,071)	3,427
After Tax
Unrealized holding (losses)/gains on available-for-sale-securities	(18,915)			(9,947)			(37,308)	10,450
Less reclassification adjustments included in	6,195			2,124			13,993	7,054
Other comprehensive (loss)/income net of tax	(30,181)	$ (34,097)	$ (3,702)	(9,409)	$ 1,299	$ 20,999	(67,980)	12,889
Unrealized (losses)/gains on cash flow hedges	(23,986)			(7,285)			(53,987)	19,943
Cash Flow Hedge [Member]
Before Tax
Other comprehensive (loss)/income before tax	(6,736)			3,181			(22,373)	12,038
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(6,419)			3,370			(21,113)	12,017
Provision (Benefit)
Other comprehensive (loss)/income	(1,415)			668			(4,699)	2,528
Unrealized (losses)/gains on cash flow hedges	(1,348)			708			(4,434)	2,524
After Tax
Less reclassification adjustments included in	250			149			995	(17)
Other comprehensive (loss)/income net of tax	(5,321)			2,513			(17,674)	9,510
Unrealized (losses)/gains on cash flow hedges	(5,071)			2,662			(16,679)	9,493
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	(24,925)			(13,546)			(50,272)	8,678
Provision (Benefit)
Other comprehensive (loss)/income	(5,234)			(2,844)			(10,557)	1,822
After Tax
Less reclassification adjustments included in	776			755			2,407	3,594
Other comprehensive (loss)/income net of tax	(19,691)			(10,702)			(39,715)	6,856
Unrealized (losses)/gains on cash flow hedges	(18,915)			(9,947)			(37,308)	10,450
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	(6,543)			(1,544)			(13,406)	(4,400)
Provision (Benefit)
Other comprehensive (loss)/income	(1,374)			(324)			(2,815)	(923)
After Tax
Less reclassification adjustments included in	5,169			1,220			10,591	3,477
Other comprehensive (loss)/income net of tax	(5,169)			(1,220)			(10,591)	(3,477)
Unrealized (losses)/gains on cash flow hedges	0			0			0	0
Net Interest Income [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash Flow Hedge [Member]
Before Tax
Less reclassification adjustments included in	(317)			(189)
Provision (Benefit)
Less reclassification adjustments included in	(67)			(40)
After Tax
Less reclassification adjustments included in	(250)			(149)
Net 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	(961)			(946)			(2,870)	(4,523)
Provision (Benefit)
Less reclassification adjustments included in	(202)			(199)			(603)	(949)
After Tax
Less reclassification adjustments included in	(759)			(747)			(2,267)	(3,574)
Net 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	(6,543)			(1,544)			(13,406)	(4,400)
Provision (Benefit)
Less reclassification adjustments included in	(1,374)			(324)			(2,815)	(923)
After Tax
Less reclassification adjustments included in	(5,169)			(1,220)			(10,591)	(3,477)
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	(21)			(10)			(177)	(26)
Provision (Benefit)
Less reclassification adjustments included in	(4)			(2)			(37)	(6)
After Tax
Less reclassification adjustments included in	$ (17)			$ (8)			(140)	(20)
Interest Expense [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cash Flow Hedge [Member]
Before Tax
Less reclassification adjustments included in							(1,260)	21
Provision (Benefit)
Less reclassification adjustments included in							(265)	4
After Tax
Less reclassification adjustments included in							$ (995)	$ 17

Investment Securities - Schedul

Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment Securities [Member]
Available-for-sale:
Amount Outstanding	$ 3,113,742	$ 2,226,409
Unamortized Premium/(Discount)	(2,396)	(3,489)
Amortized Cost	3,111,346	2,222,920
Unrealized Gains	4,535	860
Unrealized Losses	(4,249)	(5,928)
Fair Value	3,111,632	2,217,852
Total investment securities
Amount Outstanding	3,158,774	2,271,441
Amortized Cost	3,156,378	2,267,952
Unrealized Gains	5,034	1,422
Unrealized Losses	(4,249)	(5,928)
Fair Value	3,157,163	2,263,446
Available-for-sale Securities [Member] \| Investment Securities [Member]
Available-for-sale:
Unamortized Premium/(Discount)	(2,396)	(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	24,860	28,940
Amortized Cost	24,744	28,804
Unrealized Gains	0	2
Unrealized Losses	(175)	(128)
Fair Value	24,569	28,678
Floating Interest Rate [Member] \| Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale:
Amount Outstanding	1,621,660	1,379,472
Amortized Cost	1,622,931	1,381,000
Unrealized Gains	2,807	721
Unrealized Losses	(3,500)	(4,267)
Fair Value	1,622,238	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)	(116)	(136)
Floating Interest Rate [Member] \| Available-for-sale Securities [Member] \| Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale:
Unamortized Premium/(Discount)	1,271	1,528
Fixed Interest Rate [Member] \| Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale:
Amount Outstanding	325	384
Amortized Cost	325	385
Unrealized Gains	27	18
Unrealized Losses	0	0
Fair Value	352	403
Held-to-maturity:
Amount Outstanding	45,032	45,032
Amortized Cost	45,032	45,032
Unrealized Gains	499	562
Unrealized Losses	0	0
Fair Value	$ 45,531	$ 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	$ 1,447,197	$ 797,913
Amortized Cost	1,443,646	793,031
Unrealized Gains	1,701	119
Unrealized Losses	(82)	(548)
Fair Value	1,445,265	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)	(3,551)	(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	Sep. 30, 2019USD ($)position	Dec. 31, 2018USD ($)position
Unrealized loss position for less than 12 months
Fair Value	$ 1,038,301	$ 1,433,453
Unrealized Loss	(1,591)	(3,281)
Unrealized loss position for more than 12 months
Fair Value	343,049	315,786
Unrealized Loss	$ (2,658)	$ (2,647)
Investment Securities [Member]
Unrealized loss position for less than 12 months
Number of securities in loss position \| position	61	72
Unrealized loss position for more than 12 months
Number of securities in loss position \| position	50	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	8,755	6,456
Unrealized Loss	(48)	(38)
Unrealized loss position for more than 12 months
Fair Value	15,814	19,058
Unrealized Loss	(127)	(90)
Floating Interest Rate [Member] \| Government/GSE Guaranteed Mortgage Backed Securities [Member]
Unrealized loss position for less than 12 months
Fair Value	938,135	927,416
Unrealized Loss	(1,461)	(2,907)
Unrealized loss position for more than 12 months
Fair Value	308,027	196,416
Unrealized Loss	(2,039)	(1,360)
Fixed Interest Rate [Member] \| US Treasury Securities [Member]
Unrealized loss position for less than 12 months
Fair Value	91,411	499,581
Unrealized Loss	(82)	(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 ($)	9 Months Ended
Investment Securities - Narrative (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investment Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amount Outstanding	$ 3,113,742,000		$ 2,226,409,000
Fair Value	$ 3,111,632,000		$ 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	$ 1,600,000

Investment Securities - Debt Ma

Investment Securities - Debt Maturities (Details) - Investment Securities [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Due within one year	$ 1,386,034
Due after one year through five years	255,262
Due after five years through ten years	774,103
Due after ten years	695,947
Amortized Cost	3,111,346	$ 2,222,920
Fair Value
Due within one year	1,387,726
Due after one year through five years	254,904
Due after five years through ten years	772,428
Due after ten years	696,574
Total	$ 3,111,632	$ 2,217,852
Weighted- Average Yield
Due within one year	1.37%
Due after one year through five years	2.49%
Due after five years through ten years	2.51%
Due after ten years	2.75%
Total	2.06%

Farmer Mac Guaranteed Securit_3

Farmer Mac Guaranteed Securities and USDA Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Held-to-maturity:
Unpaid Principal Balance	$ 3,575,170	$ 4,207,531
Amortized Cost	3,616,680	4,262,792
Unrealized Gains	36,928	2,735
Unrealized Losses	(1,990)	(74,175)
Fair Value	3,651,618	4,191,352
Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unpaid Principal Balance	1,452,665	2,096,568
Amortized Cost	1,452,616	2,096,618
Unrealized Gains	16,645	2,735
Unrealized Losses	(717)	(11,948)
Fair Value	1,468,544	2,087,405
Available-for-sale:
Amortized Cost	7,008,885
Fair Value	7,182,541
USDA Securities [Member]
Trading:
Fair Value	8,943	9,999
Held-to-maturity Securities [Member] \| Farmer Mac Guaranteed Securities and USDA Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	41,510	55,261
Available-for-sale:
Unamortized Premium/(Discount)	41,510	55,261
Trading:
Unamortized Premium/(Discount)	41,510	55,261
Held-to-maturity Securities [Member] \| Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	(49)	50
Available-for-sale:
Unamortized Premium/(Discount)	(49)	50
Trading:
Unamortized Premium/(Discount)	(49)	50
Institutional Credit [Member] \| Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unpaid Principal Balance	1,420,020	2,069,185
Amortized Cost	1,419,800	2,068,991
Unrealized Gains	16,019	2,637
Unrealized Losses	(660)	(11,948)
Fair Value	1,435,159	2,059,680
Available-for-sale:
Unpaid Principal Balance	7,009,022	6,003,733
Amortized Cost	7,008,885	6,003,529
Unrealized Gains	211,878	22,335
Unrealized Losses	(38,222)	(51,367)
Fair Value	7,182,541	5,974,497
Institutional Credit [Member] \| Held-to-maturity Securities [Member] \| Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	(220)	(194)
Available-for-sale:
Unamortized Premium/(Discount)	(220)	(194)
Trading:
Unamortized Premium/(Discount)	(220)	(194)
Institutional Credit [Member] \| Available-for-sale Securities [Member] \| Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	(137)	(204)
Available-for-sale:
Unamortized Premium/(Discount)	(137)	(204)
Trading:
Unamortized Premium/(Discount)	(137)	(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	32,645	27,383
Amortized Cost	32,816	27,627
Unrealized Gains	626	98
Unrealized Losses	(57)	0
Fair Value	33,385	27,725
USDA Guarantees [Member] \| USDA Securities [Member]
Held-to-maturity:
Unpaid Principal Balance	2,122,505	2,110,963
Amortized Cost	2,164,064	2,166,174
Unrealized Gains	20,283	0
Unrealized Losses	(1,273)	(62,227)
Fair Value	2,183,074	2,103,947
Trading:
Unpaid Principal Balance	8,561	9,591
Amortized Cost	9,082	10,292
Unrealized Gains	14	20
Unrealized Losses	(153)	(313)
Fair Value	$ 8,943	$ 9,999
Trading securities, weighted-average yield	5.21%	5.21%
USDA Guarantees [Member] \| Held-to-maturity Securities [Member] \| Farmer Mac Guaranteed Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	$ 171	$ 244
Available-for-sale:
Unamortized Premium/(Discount)	171	244
Trading:
Unamortized Premium/(Discount)	171	244
USDA Guarantees [Member] \| Held-to-maturity Securities [Member] \| USDA Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	41,559	55,211
Available-for-sale:
Unamortized Premium/(Discount)	41,559	55,211
Trading:
Unamortized Premium/(Discount)	41,559	55,211
USDA Guarantees [Member] \| Trading Securities [Member] \| USDA Securities [Member]
Held-to-maturity:
Unamortized Premium/(Discount)	521	701
Available-for-sale:
Unamortized Premium/(Discount)	521	701
Trading:
Unamortized Premium/(Discount)	$ 521	$ 701

Farmer Mac Guaranteed Securit_4

Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Unrealized loss position for less than 12 months
Fair Value	$ 1,038,301	$ 1,433,453
Unrealized Loss	(1,591)	(3,281)
Unrealized loss position for more than 12 months
Fair Value	343,049	315,786
Unrealized Loss	(2,658)	(2,647)
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Unrealized loss position for less than 12 months
Fair Value	17,081	707,813
Unrealized Loss	(57)	(2,456)
Unrealized loss position for more than 12 months
Fair Value	596,546	3,042,061
Unrealized Loss	(1,933)	(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	316,340	976,318
Unrealized Loss	(660)	(10,188)
Unrealized loss position for less than 12 months
Fair Value	507,482	1,480,423
Unrealized Loss	(1,107)	(9,364)
Unrealized loss position for more than 12 months
Fair Value	1,623,361	1,599,679
Unrealized Loss	(37,115)	(42,003)
USDA Guarantees [Member] \| Farmer Mac Guaranteed Securities [Member]
Unrealized loss position for less than 12 months
Fair Value	17,081
Unrealized Loss	(57)
Unrealized loss position for more than 12 months
Fair Value	0
Unrealized Loss	0
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	280,206	2,065,743
Unrealized Loss	$ (1,273)	$ (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	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, securities in unrealized loss positions	24	38
Held-to-maturity, securities in unrealized loss positions	5	43
Debt securities, available-for-sale, continuous unrealized loss position 12 months or longer	15	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	Sep. 30, 2019USD ($)
Amortized Cost
Due within one year	$ 560,697
Due after one year through five years	3,637,536
Due after five years through ten years	1,262,707
Due after ten years	1,547,945
Amortized Cost	7,008,885
Fair Value
Due within one year	559,763
Due after one year through five years	3,690,151
Due after five years through ten years	1,308,724
Due after ten years	1,623,903
Total	$ 7,182,541
Weighted- Average Yield
Due within one year	2.47%
Due after one year through five years	3.01%
Due after five years through ten years	3.10%
Due after ten years	3.40%
Total	3.07%

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	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Due within one year	$ 461,295
Due after one year through five years	1,043,619
Due after five years through ten years	201,354
Due after ten years	1,910,412
Amortized Cost	3,616,680	$ 4,262,792
Fair Value
Due within one year	461,085
Due after one year through five years	1,059,512
Due after five years through ten years	202,753
Due after ten years	1,928,268
Total	$ 3,651,618	$ 4,191,352
Weighted- Average Yield
Due within one year	2.55%
Due after one year through five years	3.23%
Due after five years through ten years	3.44%
Due after ten years	3.61%
Total	3.36%

Financial Derivatives - Schedu

Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Notional Disclosures [Abstract]
Notional Amount	$ 13,799,053		$ 9,955,745
Fair Value
Asset	5,589		7,487
Collateral (held)/pledged	(2,655)		(1,778)
Net amount	2,934		5,709
(Liability)	(30,542)		(19,633)
Collateral (held)/pledged	167,060		47,018
Net amount	136,518		27,385
Designated as Hedging Instrument [Member] \| Fair Value Hedging [Member] \| Interest Rate Swap, Pay Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Notional Amount	4,913,988		3,097,084
Fair Value
Asset	2,448		3,004
(Liability)	$ (4,942)		$ (4,326)
Weighted- Average Pay Rate	2.47%		2.42%
Weighted- Average Receive Rate	2.18%		2.58%
Weighted- Average Remaining Term (in years)	11 years 3 months 18 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	$ 1,547,200		$ 1,871,200
Fair Value
Asset	266		547
(Liability)	$ (5,004)		$ (4,484)
Weighted- Average Pay Rate	2.17%		2.50%
Weighted- Average Receive Rate	2.08%		1.84%
Weighted- Average Remaining Term (in years)	1 year 4 months 17 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	$ 340,000		$ 160,000
Fair Value
Asset	891		338
(Liability)	$ (178)		$ (28)
Weighted- Average Pay Rate	2.09%		2.35%
Weighted- Average Receive Rate	2.58%		3.06%
Weighted- Average Remaining Term (in years)	2 years 3 months 29 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	$ 428,000		$ 373,000
Fair Value
Asset	1,338		2,441
(Liability)	$ (2,989)		$ (99)
Weighted- Average Pay Rate	2.36%		2.40%
Weighted- Average Receive Rate	2.41%		2.83%
Weighted- Average Remaining Term (in years)	5 years 8 months 4 days	6 years 1 month 13 days
Not Designated as Hedging Instrument [Member]
Fair Value
Credit valuation adjustment	$ 0		$ (60)
Credit valuation adjustment	55		21
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap, Pay Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Notional Amount	329,745		316,664
Fair Value
Asset	0		796
(Liability)	$ (16,899)		$ (10,399)
Weighted- Average Pay Rate	3.59%		3.69%
Weighted- Average Receive Rate	2.26%		2.52%
Weighted- Average Remaining Term (in years)	5 years 7 months 24 days	6 years 3 months
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap, Receive Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 2,785,020		$ 2,347,371
Fair Value
Asset	0		0
(Liability)	$ 0		$ 0
Weighted- Average Pay Rate	2.10%		2.37%
Weighted- Average Receive Rate	2.19%		2.10%
Weighted- Average Remaining Term (in years)	1 year 4 months 24 days	10 months 9 days
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap, Receive Fixed Callable [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 655,000
Fair Value
Asset	180
(Liability)	$ (17)
Weighted- Average Pay Rate	1.48%
Weighted- Average Receive Rate	1.64%
Weighted- Average Remaining Term (in years)	9 months 3 days
Not Designated as Hedging Instrument [Member] \| Basis Swap [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 2,770,500		$ 1,770,026
Fair Value
Asset	466		421
(Liability)	$ (543)		$ (130)
Weighted- Average Pay Rate	2.07%		2.45%
Weighted- Average Receive Rate	2.01%		2.49%
Weighted- Average Remaining Term (in years)	11 months 12 days	1 year 3 months 7 days
Not Designated as Hedging Instrument [Member] \| Future [Member]
Notional Disclosures [Abstract]
Notional Amount	$ 29,600		$ 20,400
Fair Value
Asset			0
(Liability)	$ (25)		$ (188)
Weighted- Average Forward Price (in dollars per share)	$ 130.23	$ 121.09

Financial Derivatives - Narrat

Financial Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Financial Derivatives - Narrative (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 800,000		$ 800,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0	0	$ 0
Investments held as collateral	0		0		$ (1,100,000)
Cash posted as collateral	167,060,000		167,060,000		47,018,000
Financial derivatives in net payable position	0		0		0
Notional amount	13,799,053,000		13,799,053,000		9,955,745,000
Uncollateralized [Member]
Derivative [Line Items]
Credit exposure to interest rate swap counterparties	(300,000)		(300,000)		1,400,000
Cash [Member]
Derivative [Line Items]
Cash held as collateral	(2,700,000)		(2,700,000)		(700,000)
Cash posted as collateral	600,000		600,000		0
Available-for-sale Securities [Member]
Derivative [Line Items]
Cash posted as collateral					47,000,000
Exchange Cleared [Member]
Derivative [Line Items]
Notional amount	10,800,000,000		10,800,000,000		8,500,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 13,800,000,000		$ 13,800,000,000		$ 9,900,000,000

Financial Derivatives - Sche_2

Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	$ 81,649	$ 76,870	$ 252,629	$ 213,479
Interest Income Loans	56,992	50,622	167,792	145,671
Total Interest Expense	(121,384)	(97,557)	(358,374)	(265,611)
Gains/(losses) on financial derivatives	(7,360)	628	1,193	(688)
Total	9,897	30,563	63,240	92,851
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	116,623	(15,090)	316,799	(39,602)
(Losses)/gains on fair value hedging relationships	(4,490)	1,051	(8,617)	5,751
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Discount amortization recognized on hedged items	(1)	(2)	(3)	(5)
Interest settlements reclassified from AOCI into net income on derivatives	317	189	1,260	(21)
Recognized on hedged items	(2,726)	(2,501)	(8,142)	(6,611)
Expense recognized on cash flow hedges	(2,410)	(2,314)	(6,885)	(6,637)
Designated as Hedging Instrument [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	27,978	8,608	72,233	22,275
Discount amortization recognized on hedged items	(146)	(177)	(460)	(534)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives	(7,360)	628	1,193	(688)
Interest Income [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	84,164	(13,432)	258,155	(43,229)
(Losses)/gains on fair value hedging relationships	(3,331)	(12)	(4,731)	3,125
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	31,435	16,769	86,628	46,289
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	33,493	(4,062)	83,524	(13,106)
(Losses)/gains on fair value hedging relationships	(2,104)	(153)	(6,107)	(542)
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	7,321	1,660	18,199	4,619
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	(1,034)	2,404	(24,880)	16,733
(Losses)/gains on fair value hedging relationships	945	1,216	2,221	3,168
Interest Expense [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Discount amortization recognized on hedged items	(1)	(2)	(3)	(5)
Interest settlements reclassified from AOCI into net income on derivatives	317	189	1,260	(21)
Recognized on hedged items	(2,726)	(2,501)	(8,142)	(6,611)
Expense recognized on cash flow hedges	(2,410)	(2,314)	(6,885)	(6,637)
Interest Expense [Member] \| Designated as Hedging Instrument [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(10,778)	(9,821)	(32,594)	(28,633)
Discount amortization recognized on hedged items	(146)	(177)	(460)	(534)
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
(Losses)/gains 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	(7,360)	628	1,193	(688)
Interest Rate Swap [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(2,596)	(1,528)	(5,894)	(5,410)
Income/(expense) related to interest settlements on fair value hedging relationships	25,236	6,903	65,879	16,331
Recognized on derivatives	(121,113)	16,141	(325,416)	45,353
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total Interest Expense	127	(3,048)	(3,321)	(8,903)
Gains/(losses) on financial derivatives	(7,402)	3,267	5,920	7,443
Interest Rate Swap [Member] \| Interest Income [Member] \| Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(1,051)	1,272	1,665	465
Income/(expense) related to interest settlements on fair value hedging relationships	30,384	18,041	88,293	46,754
Recognized on derivatives	(87,495)	13,420	(262,886)	46,354
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	(584)	(98)	(808)	(560)
Income/(expense) related to interest settlements on fair value hedging relationships	6,737	1,562	17,391	4,059
Recognized on derivatives	(35,597)	3,909	(89,631)	12,564
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	(961)	(2,702)	(6,751)	(5,315)
Income/(expense) related to interest settlements on fair value hedging relationships	(11,885)	(12,700)	(39,805)	(34,482)
Recognized on derivatives	1,979	(1,188)	27,101	(13,565)
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	127	(3,048)	(3,321)	(8,903)
Gains/(losses) on financial derivatives	(7,402)	3,267	5,920	7,443
Future [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives	(85)	409	(1,406)	772
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	$ (85)	$ 409	$ (1,406)	$ 772

Financial Derivatives - Hedged

Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
HedgedItemsinFairValueHedgingRelationship [Line Items]
Hedged adjustments on discontinued hedging relationships	$ 100	$ 0
Loans [Member]
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	1,006,952	194,617
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)	78,091
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)		(5,287)
Other Assets [Member]
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	146	0
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)	146	0
Long-term Debt [Member]
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(1,902,570)	(2,021,356)
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)		8,785
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)	(16,238)
Hedging adjustments on discontinued hedging relationships	100	300
Farmer Mac Guaranteed Securities [Member]
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	4,167,059	2,882,919
Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)	$ 257,231	$ (906)

Financial Derivatives - Schedul

Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Liabilities derivatives interest rate swaps	$ 30,542	$ 19,633
Excluding Netting [Member] \| Including Accrued Interest [Member]
Derivative [Line Items]
Assets derivatives interest rate swaps	54,469	51,267
Liabilities derivatives interest rate swaps	421,166	78,437
Counterparty Netting [Member] \| Including Accrued Interest [Member]
Derivative [Line Items]
Assets derivatives interest rate swaps	52,071	48,124
Liabilities derivatives interest rate swaps	399,955	64,568
Netting [Member] \| Including Accrued Interest [Member]
Derivative [Line Items]
Assets derivatives interest rate swaps	2,398	3,143
Liabilities derivatives interest rate swaps	$ 21,211	$ 13,869

Loans and Allowance for Losse_2

Loans and Allowance for Losses - Schedule of Compositon of Loan Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 4,998,526	$ 4,004,968
Allowance for loan losses	(8,024)	(7,017)
Total loans, net of allowance	6,517,220	5,515,052
Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	6,449,739	5,527,166
Unamortized premiums, discounts, and other cost basis adjustments	75,505	(5,097)
Total loans	6,525,244	5,522,069
Allowance for loan losses	(8,024)	(7,017)
Total loans, net of allowance	6,517,220	5,515,052
Farm & Ranch [Member] \| Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	4,836,966	4,588,323
Rural Utilities [Member] \| Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,612,773	938,843
Unsecuritized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	4,923,021	4,010,065
Unamortized premiums, discounts, and other cost basis adjustments	75,505	(5,097)
Total loans	4,998,526	4,004,968
Allowance for loan losses	(6,549)	(5,565)
Total loans, net of allowance	4,991,977	3,999,403
Unsecuritized [Member] \| Farm & Ranch [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	3,310,248	3,071,222
Unsecuritized [Member] \| Rural Utilities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,612,773	938,843
In Consolidated Trusts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,526,718	1,517,101
Unamortized premiums, discounts, and other cost basis adjustments	0	0
Total loans	1,526,718	1,517,101
Allowance for loan losses	(1,475)	(1,452)
Total loans, net of allowance	1,525,243	1,515,649
In Consolidated Trusts [Member] \| Farm & Ranch [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,526,718	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	$ 9,144	$ 9,038	9,184	$ 8,866
Provision for/(release of) losses	760	99	1,074	92
Provision for/(release of) losses	623	(3)	650	169
Charge-offs	0	(17)	(67)	(17)
Ending Balance - Allowance for Loan Losses	8,024		8,024
Ending Balance - Reserve for Losses	1,743		1,743
Ending Balance - Total Allowance for Losses	9,767	9,018	9,767	9,018
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Allowance for Loan Losses	7,264	6,789	7,017	6,796
Provision for/(release of) losses	760	99	1,074	92
Charge-offs	0	(17)	(67)	(17)
Ending Balance - Allowance for Loan Losses	8,024	6,871	8,024	6,871
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Reserve for Losses	1,880	2,249	2,167	2,070
Provision for/(release of) losses	(137)	(102)	(424)	77
Charge-offs	0	0	0	0
Ending Balance - Reserve for Losses	1,743	2,147	1,743	2,147
Crops [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	4,773	4,125	4,394	4,081
Provision for/(release of) losses	88	(99)	467	(55)
Charge-offs		0	0	0
Ending Balance - Total Allowance for Losses	4,861	4,026	4,861	4,026
Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	1,926	2,368	2,126	2,469
Provision for/(release of) losses	179	40	(21)	(61)
Charge-offs		0	0	0
Ending Balance - Total Allowance for Losses	2,105	2,408	2,105	2,408
Livestock [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	1,423	1,322	1,460	1,211
Provision for/(release of) losses	404	148	367	259
Charge-offs		0	0	0
Ending Balance - Total Allowance for Losses	1,827	1,470	1,827	1,470
Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	400	448	474	481
Provision for/(release of) losses	(16)	50	(23)	17
Charge-offs		(17)	(67)	(17)
Ending Balance - Total Allowance for Losses	384	481	384	481
Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	603	720	720	606
Provision for/(release of) losses	(18)	(97)	(135)	17
Charge-offs		0	0	0
Ending Balance - Total Allowance for Losses	585	623	585	623
Other Commodity [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	19	55	10	18
Provision for/(release of) losses	(14)	(45)	(5)	(8)
Charge-offs		0	0	0
Ending Balance - Total Allowance for Losses	$ 5	$ 10	$ 5	$ 10

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	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	$ 7,172,973		$ 7,079,331
Individually evaluated for impairment:	220,755		154,640
Total Farm & Ranch loans:	7,393,728		7,233,971
Allowance for Losses:
Collectively evaluated for impairment:	4,975		5,779
Individually evaluated for impairment:	4,792		3,405
Total Farm & Ranch loans:	9,767	$ 9,144	9,184	$ 9,018	$ 9,038	$ 8,866
Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	3,682,001		3,691,897
Individually evaluated for impairment:	113,613		79,730
Total Farm & Ranch loans:	3,795,614		3,771,627
Allowance for Losses:
Collectively evaluated for impairment:	2,285		2,788
Individually evaluated for impairment:	2,576		1,606
Total Farm & Ranch loans:	4,861	4,773	4,394	4,026	4,125	4,081
Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	1,563,550		1,468,239
Individually evaluated for impairment:	51,347		41,582
Total Farm & Ranch loans:	1,614,897		1,509,821
Allowance for Losses:
Collectively evaluated for impairment:	991		992
Individually evaluated for impairment:	1,114		1,134
Total Farm & Ranch loans:	2,105	1,926	2,126	2,408	2,368	2,469
Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	1,344,358		1,330,274
Individually evaluated for impairment:	47,321		25,098
Total Farm & Ranch loans:	1,391,679		1,355,372
Allowance for Losses:
Collectively evaluated for impairment:	844		938
Individually evaluated for impairment:	983		522
Total Farm & Ranch loans:	1,827	1,423	1,460	1,470	1,322	1,211
Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	499,843		495,977
Individually evaluated for impairment:	8,417		8,161
Total Farm & Ranch loans:	508,260		504,138
Allowance for Losses:
Collectively evaluated for impairment:	265		332
Individually evaluated for impairment:	119		142
Total Farm & Ranch loans:	384	400	474	481	448	481
Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	78,941		85,181
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	78,941		85,181
Allowance for Losses:
Collectively evaluated for impairment:	585		720
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	585	603	720	623	720	606
Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	4,280		7,763
Individually evaluated for impairment:	57		69
Total Farm & Ranch loans:	4,337		7,832
Allowance for Losses:
Collectively evaluated for impairment:	5		9
Individually evaluated for impairment:	0		1
Total Farm & Ranch loans:	5	$ 19	10	$ 10	$ 55	$ 18
On-balance sheet [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	4,628,193		4,456,918
Individually evaluated for impairment:	208,773		131,404
Total Farm & Ranch loans:	4,836,966		4,588,322
Allowance for Losses:
Collectively evaluated for impairment:	3,435		4,064
Individually evaluated for impairment:	4,589		2,953
Total Farm & Ranch loans:	8,024		7,017
On-balance sheet [Member] \| Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	2,494,029		2,452,803
Individually evaluated for impairment:	108,497		66,432
Total Farm & Ranch loans:	2,602,526		2,519,235
Allowance for Losses:
Collectively evaluated for impairment:	1,729		2,120
Individually evaluated for impairment:	2,495		1,329
Total Farm & Ranch loans:	4,224		3,449
On-balance sheet [Member] \| Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	1,043,626		952,719
Individually evaluated for impairment:	49,225		36,333
Total Farm & Ranch loans:	1,092,851		989,052
Allowance for Losses:
Collectively evaluated for impairment:	885		822
Individually evaluated for impairment:	1,070		1,065
Total Farm & Ranch loans:	1,955		1,887
On-balance sheet [Member] \| Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	738,936		705,752
Individually evaluated for impairment:	43,346		21,361
Total Farm & Ranch loans:	782,282		727,113
Allowance for Losses:
Collectively evaluated for impairment:	550		731
Individually evaluated for impairment:	920		437
Total Farm & Ranch loans:	1,470		1,168
On-balance sheet [Member] \| Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	338,798		329,070
Individually evaluated for impairment:	7,705		7,278
Total Farm & Ranch loans:	346,503		336,348
Allowance for Losses:
Collectively evaluated for impairment:	242		303
Individually evaluated for impairment:	104		122
Total Farm & Ranch loans:	346		425
On-balance sheet [Member] \| Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	11,379		12,097
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	11,379		12,097
Allowance for Losses:
Collectively evaluated for impairment:	28		84
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	28		84
On-balance sheet [Member] \| Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	1,425		4,477
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	1,425		4,477
Allowance for Losses:
Collectively evaluated for impairment:	1		4
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	1		4
Off-balance sheet [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	2,544,780		2,622,413
Individually evaluated for impairment:	11,982		23,236
Total Farm & Ranch loans:	2,556,762		2,645,649
Allowance for Losses:
Collectively evaluated for impairment:	1,540		1,715
Individually evaluated for impairment:	203		452
Total Farm & Ranch loans:	1,743		2,167
Off-balance sheet [Member] \| Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	1,187,972		1,239,094
Individually evaluated for impairment:	5,116		13,298
Total Farm & Ranch loans:	1,193,088		1,252,392
Allowance for Losses:
Collectively evaluated for impairment:	556		668
Individually evaluated for impairment:	81		277
Total Farm & Ranch loans:	637		945
Off-balance sheet [Member] \| Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	519,924		515,520
Individually evaluated for impairment:	2,122		5,249
Total Farm & Ranch loans:	522,046		520,769
Allowance for Losses:
Collectively evaluated for impairment:	106		170
Individually evaluated for impairment:	44		69
Total Farm & Ranch loans:	150		239
Off-balance sheet [Member] \| Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	605,422		624,522
Individually evaluated for impairment:	3,975		3,737
Total Farm & Ranch loans:	609,397		628,259
Allowance for Losses:
Collectively evaluated for impairment:	294		207
Individually evaluated for impairment:	63		85
Total Farm & Ranch loans:	357		292
Off-balance sheet [Member] \| Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	161,045		166,907
Individually evaluated for impairment:	712		883
Total Farm & Ranch loans:	161,757		167,790
Allowance for Losses:
Collectively evaluated for impairment:	23		29
Individually evaluated for impairment:	15		20
Total Farm & Ranch loans:	38		49
Off-balance sheet [Member] \| Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	67,562		73,084
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	67,562		73,084
Allowance for Losses:
Collectively evaluated for impairment:	557		636
Individually evaluated for impairment:	0		0
Total Farm & Ranch loans:	557		636
Off-balance sheet [Member] \| Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Collectively evaluated for impairment:	2,855		3,286
Individually evaluated for impairment:	57		69
Total Farm & Ranch loans:	2,912		3,355
Allowance for Losses:
Collectively evaluated for impairment:	4		5
Individually evaluated for impairment:	0		1
Total Farm & Ranch loans:	$ 4		$ 6

Loans and Allowance for Losse_5

Loans and Allowance for Losses - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Impaired Loans, With so specific allowance, Recorded investment	$ 52,935		$ 52,935		$ 32,012
Impaired Loans, With so specific allowance, Unpaid principal balance	52,772		52,772		31,854
Impaired Loan, With a specific allowance, Recorded investment	168,477		168,477		123,300
Impaired Loans, With a specific allowance, Unpaid principal balance	167,983		167,983		122,786
Impaired Loans, Associated allowance	4,792		4,792		3,405
Recorded investment	221,412		221,412		155,312
Unpaid principal balance	220,755		220,755		154,640
Recorded investment of loans on nonaccrual status	92,287		92,287		61,408
Average recorded investment in impaired loans	196,914	$ 154,151	173,943	$ 150,716
Income recognized on impaired loans	536	1,334	2,196	2,973
Less than 90 days past due [Member]
Financing Receivable, Impaired [Line Items]
Recorded investment of loans on nonaccrual status	36,300		36,300		41,800
Crops [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, With so specific allowance, Recorded investment	29,146		29,146		20,734
Impaired Loans, With so specific allowance, Unpaid principal balance	29,055		29,055		20,632
Impaired Loan, With a specific allowance, Recorded investment	84,808		84,808		59,335
Impaired Loans, With a specific allowance, Unpaid principal balance	84,558		84,558		59,098
Impaired Loans, Associated allowance	2,576		2,576		1,606
Recorded investment	113,954		113,954		80,069
Unpaid principal balance	113,613		113,613		79,730
Recorded investment of loans on nonaccrual status	34,543		34,543		26,611
Average recorded investment in impaired loans	106,535	75,920	93,088	73,968
Income recognized on impaired loans	178	223	879	942
Permanent Plantings [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, With so specific allowance, Recorded investment	16,721		16,721		3,592
Impaired Loans, With so specific allowance, Unpaid principal balance	16,669		16,669		3,573
Impaired Loan, With a specific allowance, Recorded investment	34,781		34,781		38,176
Impaired Loans, With a specific allowance, Unpaid principal balance	34,678		34,678		38,009
Impaired Loans, Associated allowance	1,114		1,114		1,134
Recorded investment	51,502		51,502		41,768
Unpaid principal balance	51,347		51,347		41,582
Recorded investment of loans on nonaccrual status	24,425		24,425		21,349
Average recorded investment in impaired loans	45,197	44,818	41,524	44,122
Income recognized on impaired loans	166	933	586	1,597
Livestock [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, With so specific allowance, Recorded investment	4,771		4,771		5,764
Impaired Loans, With so specific allowance, Unpaid principal balance	4,758		4,758		5,737
Impaired Loan, With a specific allowance, Recorded investment	42,686		42,686		19,443
Impaired Loans, With a specific allowance, Unpaid principal balance	42,563		42,563		19,361
Impaired Loans, Associated allowance	983		983		522
Recorded investment	47,457		47,457		25,207
Unpaid principal balance	47,321		47,321		25,098
Recorded investment of loans on nonaccrual status	30,213		30,213		8,803
Average recorded investment in impaired loans	36,859	24,443	31,189	23,358
Income recognized on impaired loans	87	122	504	261
Part-Time Farm [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, With so specific allowance, Recorded investment	2,240		2,240		1,922
Impaired Loans, With so specific allowance, Unpaid principal balance	2,233		2,233		1,912
Impaired Loan, With a specific allowance, Recorded investment	6,202		6,202		6,276
Impaired Loans, With a specific allowance, Unpaid principal balance	6,184		6,184		6,249
Impaired Loans, Associated allowance	119		119		142
Recorded investment	8,442		8,442		8,198
Unpaid principal balance	8,417		8,417		8,161
Recorded investment of loans on nonaccrual status	3,106		3,106		4,645
Average recorded investment in impaired loans	8,265	8,898	8,079	8,874
Income recognized on impaired loans	105	56	227	173
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	57		57		0
Impaired Loans, With so specific allowance, Unpaid principal balance	57		57		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	57		57		70
Unpaid principal balance	57		57		69
Recorded investment of loans on nonaccrual status	0		0		0
Average recorded investment in impaired loans	58	72	63	394
Income recognized on impaired loans	0	$ 0	0	$ 0
Collateral Dependent Not Individually Analyzed [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Associated allowance	3,400		3,400		2,700
Recorded investment	$ 166,100		$ 166,100		$ 120,900
Impaired loans, impairment analysis performed percent	75.00%		75.00%		78.00%

Loans and Allowance for Losse_6

Loans and Allowance for Losses - Schedule of Past Due Financing Receivables (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies	$ 59,691,000		$ 26,881,000
Net Credit Losses/(Recoveries)	131,000	$ 40,000
Loans subject to removal-of-account provisions	0		100,000
On-balance sheet [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies	55,987,000		19,577,000
Net Credit Losses/(Recoveries)	131,000	40,000
Off-balance sheet [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies	3,704,000		$ 7,304,000
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	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	$ 7,393,728	$ 7,233,971
Past due financing receivables	59,691	26,881
Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	6,781,233	6,748,644
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	321,985	252,673
Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	290,510	232,654
Crops [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	3,795,614	3,771,627
Past due financing receivables	25,605	14,821
Crops [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	3,468,569	3,510,640
Crops [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	173,517	133,526
Crops [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	153,528	127,461
Permanent Plantings [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,614,897	1,509,821
Past due financing receivables	16,501	3,194
Permanent Plantings [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,491,299	1,407,272
Permanent Plantings [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	68,306	51,704
Permanent Plantings [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	55,292	50,845
Livestock [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,391,679	1,355,372
Past due financing receivables	15,963	4,059
Livestock [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,253,270	1,256,961
Livestock [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	68,338	57,202
Livestock [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	70,071	41,209
Part-Time Farm [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	508,260	504,138
Past due financing receivables	1,622	4,807
Part-Time Farm [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	485,512	484,075
Part-Time Farm [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	11,761	8,748
Part-Time Farm [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	10,987	11,315
Agriculture Storage and Processing [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	78,941	85,181
Past due financing receivables	0	0
Agriculture Storage and Processing [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	78,941	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	4,337	7,832
Past due financing receivables	0	0
Other Commodity [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	3,642	7,133
Other Commodity [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	63	0
Other Commodity [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	632	699
On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	4,836,966	4,588,322
Past due financing receivables	55,987	19,577
On-balance sheet [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	4,464,036	4,335,325
On-balance sheet [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	164,157	121,739
On-balance sheet [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	208,773	131,258
On-balance sheet [Member] \| Crops [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	2,602,526	2,519,235
Past due financing receivables	24,112	8,345
On-balance sheet [Member] \| Crops [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	2,401,258	2,381,853
On-balance sheet [Member] \| Crops [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	92,771	71,096
On-balance sheet [Member] \| Crops [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	108,497	66,286
On-balance sheet [Member] \| Permanent Plantings [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,092,851	989,052
Past due financing receivables	15,598	2,997
On-balance sheet [Member] \| Permanent Plantings [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,006,255	937,793
On-balance sheet [Member] \| Permanent Plantings [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	37,371	14,926
On-balance sheet [Member] \| Permanent Plantings [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	49,225	36,333
On-balance sheet [Member] \| Livestock [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	782,282	727,113
Past due financing receivables	15,139	4,059
On-balance sheet [Member] \| Livestock [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	715,900	679,253
On-balance sheet [Member] \| Livestock [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	23,036	26,499
On-balance sheet [Member] \| Livestock [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	43,346	21,361
On-balance sheet [Member] \| Part-Time Farm [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	346,503	336,348
Past due financing receivables	1,138	4,176
On-balance sheet [Member] \| Part-Time Farm [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	327,882	321,345
On-balance sheet [Member] \| Part-Time Farm [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	10,916	7,725
On-balance sheet [Member] \| Part-Time Farm [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	7,705	7,278
On-balance sheet [Member] \| Agriculture Storage and Processing [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	11,379	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	11,379	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	1,425	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	1,362	4,477
On-balance sheet [Member] \| Other Commodity [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	63	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	2,556,762	2,645,649
Past due financing receivables	3,704	7,304
Off-balance sheet [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	2,317,197	2,413,319
Off-balance sheet [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	157,828	130,934
Off-balance sheet [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	81,737	101,396
Off-balance sheet [Member] \| Crops [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,193,088	1,252,392
Past due financing receivables	1,493	6,476
Off-balance sheet [Member] \| Crops [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	1,067,311	1,128,787
Off-balance sheet [Member] \| Crops [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	80,746	62,430
Off-balance sheet [Member] \| Crops [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	45,031	61,175
Off-balance sheet [Member] \| Permanent Plantings [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	522,046	520,769
Past due financing receivables	903	197
Off-balance sheet [Member] \| Permanent Plantings [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	485,044	469,479
Off-balance sheet [Member] \| Permanent Plantings [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	30,935	36,778
Off-balance sheet [Member] \| Permanent Plantings [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	6,067	14,512
Off-balance sheet [Member] \| Livestock [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	609,397	628,259
Past due financing receivables	824	0
Off-balance sheet [Member] \| Livestock [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	537,370	577,708
Off-balance sheet [Member] \| Livestock [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	45,302	30,703
Off-balance sheet [Member] \| Livestock [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	26,725	19,848
Off-balance sheet [Member] \| Part-Time Farm [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	161,757	167,790
Past due financing receivables	484	631
Off-balance sheet [Member] \| Part-Time Farm [Member] \| Acceptable [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	157,630	162,730
Off-balance sheet [Member] \| Part-Time Farm [Member] \| Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	845	1,023
Off-balance sheet [Member] \| Part-Time Farm [Member] \| Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	3,282	4,037
Off-balance sheet [Member] \| Agriculture Storage and Processing [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross financing receivables	67,562	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	67,562	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	2,912	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	2,280	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	$ 632	$ 699

Loans and Allowance for Losse_8

Loans and Allowance for Losses - Schedule of Concentrations of Risk by Risk Factor (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	$ 7,393,728	$ 7,233,971
Less than $1,000,000 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	2,436,975	2,431,296
$1,000,000 to $4,999,999 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	2,731,458	2,755,996
$5,000,000 to $9,999,999 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	957,901	916,422
$10,000,000 to $24,999,999 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	644,231	601,349
$25,000,000 and greater [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	623,163	528,908
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	$ 1,332,719	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	$ 1,864,787	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	$ 2,557,798	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	$ 1,300,301	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	$ 318,671	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	$ 19,452	24,281
Loan-to-value ratio range, lower range limit	80.01%
Loan-to-value ratio range, upper range limit	90.00%
Crops [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	$ 3,795,614	3,771,627
Permanent Plantings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	1,614,897	1,509,821
Livestock [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	1,391,679	1,355,372
Part-Time Farm [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	508,260	504,138
Agriculture Storage and Processing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	78,941	85,181
Other Commodity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	4,337	7,832
Northwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	850,862	855,596
Southwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	2,417,144	2,273,184
Mid-North [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	2,297,159	2,296,073
Mid-South [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	917,889	883,279
Northeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	325,674	332,370
Southeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross financing receivables	$ 585,000	$ 593,469

Loans and Allowance for Losse_9

Loans and Allowance for Losses - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	$ 0	$ 17,000	$ 67,000	$ 17,000
Provision for/(release of) losses	760,000	99,000	1,074,000	92,000
Past due financing receivables	59,691,000		59,691,000		$ 26,881,000
Loans subject to removal-of-account provisions	0		0		100,000
Troubled debt restructurings, recorded investment	35,600,000		35,600,000
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	0	17,000	67,000	17,000
Provision for/(release of) losses	760,000	99,000	1,074,000	92,000
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	0	0	0	0
Provision for/(release of) losses	(137,000)	$ (102,000)	(424,000)	$ 77,000
On-balance sheet [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due financing receivables	$ 55,987,000		$ 55,987,000		$ 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	Sep. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 828,583	$ 813,444
Farm & Ranch [Member]
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	115,306	135,862
USDA Guarantees [Member]
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	404,052	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	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Guarantor Obligations [Line Items]
Proceeds from new securitizations	$ 199,396	$ 305,391
Guarantee fees received	$ 1,122	$ 1,481
Farmer Mac Guaranteed Securities [Member]
Guarantor Obligations [Line Items]
Weighted average remaining maturity, loans underlying guarantees not held by transferor	9 years 10 months 24 days		10 years 3 months 18 days
Farmer Mac Guaranteed Securities [Member] \| Unconsolidated VIEs [Member]
Guarantor Obligations [Line Items]
Guarantor obligation, liability	$ 2,400		$ 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 4 months 24 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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Maximum principal amount of potential undiscounted future payments	$ 3,100	$ 3,200
Weighted average remaining maturity, loans underlying guarantees not held by transferor	15 years 2 months 12 days	15 years 3 months 18 days
Guarantee obligations issued after January 1, 2003 [Member]
Guarantor Obligations [Line Items]
Guarantor obligation, liability	$ 35	$ 35.9

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 12, 2019	May 13, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Mar. 14, 2019	Aug. 31, 2017	Sep. 30, 2015
Class of Stock [Line Items]
Retirement of Series B preferred stock										$ 75,000	$ 0
Loss on retirement of preferred stock			$ 0	$ 1,956			$ 0			$ 1,956	$ 0
Quarterly dividend on all classes of common stock (in dollars per share)			$ 0.70	$ 0.70	$ 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		$ 25
Aggregate outstanding		$ 100,000
Issuance costs		$ 3,300
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		$ 25
Retirement of Series B preferred stock	$ 75,000
Loss on retirement of preferred stock	$ 2,000
Common Class C, Non-Voting [Member]
Class of Stock [Line Items]
Stock authorized for repurchase													$ 10,000	$ 5,400	$ 25,000
Shares repurchased (in shares)										0		668,000
Shares repurchased												$ 19,600

Equity - Capital Requirements (

Equity - Capital Requirements (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Capital required for capital adequacy	$ 608,400,000	$ 545,000,000
Capital	793,300,000	727,600,000
Excess capital	$ 184,900,000	$ 182,600,000

Fair Value Disclosures - Narra

Fair Value Disclosures - Narrative (Details) - Level 3 [Member] - USD ($) $ in Billions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset and liability fair value	$ 7.2	$ 6
Percent of level three fair value assets and liabilities	34.00%	32.00%
Financial instruments level three percent	70.00%	73.00%

Fair Value Disclosures - Fair

Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial derivatives	$ 2,934	$ 5,709
Financial derivatives	136,518	27,385
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading	8,943	9,999
Financial derivatives	5,589	7,487
Total Assets at fair value	10,308,705	8,209,835
Financial derivatives	30,542	19,633
Total Liabilities at fair value	30,542	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	1,445,265	792,602
Financial derivatives	25	188
Total Liabilities at fair value	25	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	5,589	7,487
Total Assets at fair value	1,652,748	1,414,022
Financial derivatives	30,517	19,445
Total Liabilities at fair value	30,517	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	8,943	9,999
Financial derivatives	0	0
Total Assets at fair value	7,210,692	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	3,111,632	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	1,445,265	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	1,647,159	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	7,182,541	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	7,182,541	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	7,182,541	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	7,182,541	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	8,943	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	8,943	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	24,569	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	24,569	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	1,622,238	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	1,622,238	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	352	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	352	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	1,445,265	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	1,445,265	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7,064,077	$ 6,015,564	$ 6,003,211	$ 5,508,576
Cumulative Effect from Change in Hedge Accounting				487
Purchases	349,654	713,702	1,788,097	1,751,973
Sales	(9,506)	(26,321)	(57,853)	(105,628)
Settlements	(254,900)	(689,721)	(726,116)	(1,134,113)
Realized and Unrealized Gains included in Income	84,213	(13,435)	258,309	(45,298)
Unrealized Losses included in Other Comprehensive Income	(22,846)	(13,287)	(54,956)	10,505
Ending Balance	7,210,692	5,986,502	7,210,692	5,986,502
USDA Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	9,201	10,748	9,999	13,515
Cumulative Effect from Change in Hedge Accounting				0
Purchases	9,506	26,321	57,853	105,628
Sales	(9,506)	(26,321)	(57,853)	(105,628)
Settlements	(307)	(508)	(1,210)	(3,302)
Realized and Unrealized Gains included in Income	49	(3)	154	24
Unrealized Losses included in Other Comprehensive Income	0	0	0	0
Ending Balance	8,943	10,237	8,943	10,237
Debt Securities, Trading, Unrealized Loss		9		100
Available-for-sale Securities [Member] \| Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,208	19,010	18,715	23,147
Cumulative Effect from Change in Hedge Accounting				0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	(2,137)
Realized and Unrealized Gains included in Income	0	0	0	(2,092)
Unrealized Losses included in Other Comprehensive Income	0	(49)	493	43
Ending Balance	19,208	18,961	19,208	18,961
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	7,035,668	5,985,806	5,974,497	5,471,914
Cumulative Effect from Change in Hedge Accounting				487
Purchases	340,148	687,381	1,730,244	1,646,345
Sales	0	0	0	0
Settlements	(254,593)	(689,213)	(724,906)	(1,128,674)
Realized and Unrealized Gains included in Income	84,164	(13,432)	258,155	(43,230)
Unrealized Losses included in Other Comprehensive Income	(22,846)	(13,238)	(55,449)	10,462
Ending Balance	7,182,541	5,957,304	7,182,541	5,957,304
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	9,506	26,321	57,853	105,628
Sales	(9,506)	(26,321)	(57,853)	(105,628)
Settlements	0	0	0	0
Realized and Unrealized Gains included in Income	0	0	0	0
Unrealized 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	9,201	10,748	9,999	13,515
Cumulative Effect from Change in Hedge Accounting				0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(307)	(508)	(1,210)	(3,302)
Realized and Unrealized Gains included in Income	49	(3)	154	24
Unrealized Losses included in Other Comprehensive Income	0	0	0	0
Ending Balance	8,943	10,237	8,943	10,237
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	7,035,668	5,985,806	5,974,497	5,471,914
Cumulative Effect from Change in Hedge Accounting				487
Purchases	340,148	687,381	1,730,244	1,646,345
Sales	0	0	0	0
Settlements	(254,593)	(689,213)	(724,906)	(1,128,674)
Realized and Unrealized Gains included in Income	84,164	(13,432)	258,155	(43,230)
Unrealized Losses included in Other Comprehensive Income	(22,846)	(13,238)	(55,449)	10,462
Ending Balance	7,182,541	5,957,304	7,182,541	5,957,304
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	19,208	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 Losses included in Other Comprehensive Income	0	(49)	493	147
Ending Balance	$ 19,208	18,961	$ 19,208	18,961
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				4,333
Cumulative Effect from Change in Hedge Accounting				0
Purchases				0
Sales				0
Settlements				(2,137)
Realized and Unrealized Gains included in Income				(2,092)
Unrealized Losses included in Other Comprehensive Income				(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	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 7,210,692	$ 7,064,077	$ 6,003,211	$ 5,986,502	$ 6,015,564	$ 5,508,576
USDA Securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	8,943	9,201	9,999	10,237	10,748	13,515
Available-for-sale Securities [Member] \| Farmer Mac Guaranteed Securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	7,182,541	7,035,668	5,974,497	5,957,304	5,985,806	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	7,182,541	7,035,668	5,974,497	5,957,304	5,985,806	5,471,914
Trading Securities [Member] \| USDA Securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,943	$ 9,201	$ 9,999	$ 10,237	$ 10,748	$ 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	0.022		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	0.024		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	0.038		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	0.033		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	0.026		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	0.033		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	0.11		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	0.21		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	0.20		0.16

Fair Value Disclosures - Summa

Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial derivatives	$ 2,934	$ 5,709
Guarantee and commitment fees receivable:	39,136	40,366
Financial derivatives	136,518	27,385
Guarantee and commitment obligation	37,449	38,683
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	587,941	425,256
Loans	6,593,256	5,512,781
Financial derivatives	5,589	7,487
Debt securities of consolidated trusts held by third parties	1,545,314	1,501,754
Financial derivatives	30,542	19,633
Fair Value [Member] \| Investment Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	3,157,163	2,263,446
Fair Value [Member] \| Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	8,651,085	8,061,903
Fair Value [Member] \| USDA Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	2,192,017	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:	32,424	37,461
Guarantee and commitment obligation	31,292	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:	2,647	3,424
Guarantee and commitment obligation	2,091	2,731
Fair Value [Member] \| Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	9,086,048	8,473,558
Fair Value [Member] \| Due within one year [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	9,886,555	7,744,388
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	587,941	425,256
Loans	6,517,220	5,515,052
Financial derivatives	5,589	7,487
Debt securities of consolidated trusts held by third parties	1,532,401	1,528,957
Financial derivatives	30,542	19,633
Carrying Amount [Member] \| Investment Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	3,156,664	2,262,884
Carrying Amount [Member] \| Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	8,635,157	8,071,115
Carrying Amount [Member] \| USDA Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	2,173,007	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:	36,173	36,870
Guarantee and commitment obligation	35,041	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:	2,963	3,496
Guarantee and commitment obligation	2,408	2,803
Carrying Amount [Member] \| Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	8,940,989	8,486,647
Carrying Amount [Member] \| Due within one year [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	$ 9,885,633	$ 7,757,050

Business Segment Reporting - C

Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	$ 40,112		$ 45,058	$ 123,765	$ 132,220
Less: reconciling adjustments			0		0
Guarantee and commitment fees	3,349		3,490	10,265	10,470
Other income/(expense)	(6,781)		949	2,725	588
Non-interest (loss)/income	(3,432)		4,439	12,990	11,058
Provision for loan losses	(760)		(99)	(1,074)	(92)
Release of reserve for losses	137		102	424	(77)
Other non-interest expense	(13,595)		(11,752)	(38,695)	(36,136)
Non-interest expense	(13,458)		(11,650)	(38,271)	(36,213)
Core earnings before income taxes	22,462		37,748	97,410	106,973
Income tax (expense)/benefit	(4,629)		(7,979)	(20,362)	(21,749)
Core earnings before preferred stock dividends	17,833		29,769	77,048	85,224
Preferred stock dividends	(3,427)		(3,295)	(10,508)	(9,886)
Loss on retirement of preferred stock	0	$ (1,956)	0	(1,956)	0
Segment core earnings/(losses)	14,406		26,474	64,584	75,338
Total assets at carrying value	21,315,234		18,474,034	21,315,234	18,474,034	$ 18,694,328
Total on- and off-balance sheet program assets at principal balance	20,932,359		19,540,586	20,932,359	19,540,586
Farm & Ranch [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	15,345		16,425	46,424	47,255
Less: reconciling adjustments	(2,164)		(2,538)	(7,171)	(7,481)
Net effective spread	13,181		13,887	39,253	39,774
Guarantee and commitment fees	4,523		4,489	13,861	13,356
Other income/(expense)	390		294	1,058	1,193
Non-interest (loss)/income	4,913		4,783	14,919	14,549
Provision for loan losses	(760)		(99)	(1,074)	(92)
Release of reserve for losses	137		102	424	(77)
Other non-interest expense	(5,062)		(4,456)	(14,448)	(13,930)
Non-interest expense	(4,925)		(4,354)	(14,024)	(14,007)
Core earnings before income taxes	12,409		14,217	39,074	40,224
Income tax (expense)/benefit	(2,606)		(2,986)	(8,206)	(8,447)
Core earnings before preferred stock dividends	9,803		11,231	30,868	31,777
Preferred stock dividends	0		0	0	0
Loss on retirement of preferred stock				0
Segment core earnings/(losses)	9,803		11,231	30,868	31,777
Total assets at carrying value	4,934,887		4,438,128	4,934,887	4,438,128
Total on- and off-balance sheet program assets at principal balance	7,393,728		7,072,018	7,393,728	7,072,018
USDA Guarantees [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	4,491		5,304	13,045	15,446
Less: reconciling adjustments	(177)		(677)	(670)	(2,021)
Net effective spread	4,314		4,627	12,375	13,425
Guarantee and commitment fees	250		214	712	570
Other income/(expense)	92		5	92	18
Non-interest (loss)/income	342		219	804	588
Provision for loan losses	0		0	0	0
Release of reserve for losses	0		0	0	0
Other non-interest expense	(1,506)		(1,288)	(4,279)	(3,793)
Non-interest expense	(1,506)		(1,288)	(4,279)	(3,793)
Core earnings before income taxes	3,150		3,558	8,900	10,220
Income tax (expense)/benefit	(662)		(747)	(1,870)	(2,146)
Core earnings before preferred stock dividends	2,488		2,811	7,030	8,074
Preferred stock dividends	0		0	0	0
Loss on retirement of preferred stock				0
Segment core earnings/(losses)	2,488		2,811	7,030	8,074
Total assets at carrying value	2,238,558		2,212,515	2,238,558	2,212,515
Total on- and off-balance sheet program assets at principal balance	2,567,763		2,471,251	2,567,763	2,471,251
Rural Utilities [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	2,602		3,081	6,264	8,931
Less: reconciling adjustments	1,900		(204)	5,467	(181)
Net effective spread	4,502		2,877	11,731	8,750
Guarantee and commitment fees	348		376	1,069	1,227
Other income/(expense)	17		15	31	25
Non-interest (loss)/income	365		391	1,100	1,252
Provision for loan losses	0		0	0	0
Release of reserve for losses	0		0	0	0
Other non-interest expense	(913)		(732)	(2,595)	(2,144)
Non-interest expense	(913)		(732)	(2,595)	(2,144)
Core earnings before income taxes	3,954		2,536	10,236	7,858
Income tax (expense)/benefit	(830)		(533)	(2,149)	(1,651)
Core earnings before preferred stock dividends	3,124		2,003	8,087	6,207
Preferred stock dividends	0		0	0	0
Loss on retirement of preferred stock				0
Segment core earnings/(losses)	3,124		2,003	8,087	6,207
Total assets at carrying value	1,692,835		956,204	1,692,835	956,204
Total on- and off-balance sheet program assets at principal balance	2,232,602		1,632,037	2,232,602	1,632,037
Institutional Credit [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	14,853		17,600	49,425	54,237
Less: reconciling adjustments	2,954		(1,958)	2,126	(8,551)
Net effective spread	17,807		15,642	51,551	45,686
Guarantee and commitment fees	87		91	261	271
Other income/(expense)	0		0	0	0
Non-interest (loss)/income	87		91	261	271
Provision for loan losses	0		0	0	0
Release of reserve for losses	0		0	0	0
Other non-interest expense	(2,277)		(1,844)	(6,470)	(5,720)
Non-interest expense	(2,277)		(1,844)	(6,470)	(5,720)
Core earnings before income taxes	15,617		13,889	45,342	40,237
Income tax (expense)/benefit	(3,280)		(2,917)	(9,522)	(8,450)
Core earnings before preferred stock dividends	12,337		10,972	35,820	31,787
Preferred stock dividends	0		0	0	0
Loss on retirement of preferred stock				0
Segment core earnings/(losses)	12,337		10,972	35,820	31,787
Total assets at carrying value	8,651,264		8,103,181	8,651,264	8,103,181
Total on- and off-balance sheet program assets at principal balance	8,738,266		8,365,280	8,738,266	8,365,280
Corporate Segment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	2,821		2,648	8,607	6,351
Less: reconciling adjustments	(164)		(604)	(900)	(1,646)
Net effective spread	2,657		2,044	7,707	4,705
Guarantee and commitment fees	0		0	0	0
Other income/(expense)	(110)		(245)	494	(594)
Non-interest (loss)/income	(110)		(245)	494	(594)
Provision for loan losses	0		0	0	0
Release of reserve for losses	0		0	0	0
Other non-interest expense	(3,837)		(3,432)	(10,903)	(10,549)
Non-interest expense	(3,837)		(3,432)	(10,903)	(10,549)
Core earnings before income taxes	(1,290)		(1,633)	(2,702)	(6,438)
Income tax (expense)/benefit	360		292	663	2,067
Core earnings before preferred stock dividends	(930)		(1,341)	(2,039)	(4,371)
Preferred stock dividends	(3,427)		(3,295)	(10,508)	(9,886)
Loss on retirement of preferred stock				0
Segment core earnings/(losses)	(4,357)		(4,636)	(12,547)	(14,257)
Total assets at carrying value	3,797,690		2,764,006	3,797,690	2,764,006
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	(2,349)		5,981	1,148	19,880
Net effective spread	(2,349)		5,981	1,148	19,880
Guarantee and commitment fees	(1,859)		(1,680)	(5,638)	(4,954)
Other income/(expense)	(7,170)		880	1,050	(54)
Non-interest (loss)/income	(9,029)		(800)	(4,588)	(5,008)
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	(11,378)		5,181	(3,440)	14,872
Income tax (expense)/benefit	2,389		(1,088)	722	(3,122)
Core earnings before preferred stock dividends	(8,989)		4,093	(2,718)	11,750
Preferred stock dividends	0		0	0	0
Loss on retirement of preferred stock				(1,956)
Segment core earnings/(losses)	(8,989)		4,093	(4,674)	11,750
Total assets at carrying value	0		0	0	0
Total on- and off-balance sheet program assets at principal balance	$ 0		$ 0	$ 0	$ 0