Federal Agricultural Mortgage (AGM) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
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
Title of 12(g) Security	Class B voting common stock
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
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0000845877
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A voting common stock
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
Class C non-voting common stock
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		9,204,911
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
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
5.700% Non-Cumulative Preferred Stock, Series D
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
5.750% Non-Cumulative Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol	AGM.PRE
Security Exchange Name	NYSE
5.250% Non-Cumulative Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol	AGM.PRF
Security Exchange Name	NYSE
Common Class B, Voting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		500,301

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 910,592,000	$ 604,381,000
Loans:
Loans held for sale, at lower of cost or fair value	20,000,000	0
Loans held for investment, at amortized cost	6,825,061,000	5,390,977,000
Loans held for investment in consolidated trusts, at amortized cost	1,276,407,000	1,600,917,000
Allowance for losses	(15,821,000)	(10,454,000)
Total loans, net of allowance	8,105,647,000	6,981,440,000
Financial derivatives, at fair value	12,837,000	10,519,000
Interest receivable (includes $11,525 and $20,568, respectively, related to consolidated trusts)	153,170,000	199,195,000
Guarantee and commitment fees receivable	36,664,000	38,442,000
Deferred tax asset, net	29,288,000	16,510,000
Prepaid expenses and other assets	43,531,000	22,463,000
Total Assets	23,998,837,000	21,709,374,000
Liabilities:
Notes payable	21,589,285,000	19,098,648,000
Debt securities of consolidated trusts held by third parties	1,292,416,000	1,616,504,000
Financial derivatives, at fair value	37,357,000	27,042,000
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts)	92,648,000	106,959,000
Guarantee and commitment obligation	35,140,000	36,700,000
Accounts payable and accrued expenses	18,078,000	22,081,000
Reserve for losses	3,568,000	2,164,000
Total Liabilities	23,068,492,000	20,910,098,000
Commitments and Contingencies
Common stock:
Additional paid-in capital	121,525,000	119,304,000
Accumulated other comprehensive loss, net of tax	(53,837,000)	(16,161,000)
Retained earnings	488,717,000	457,047,000
Total Equity	930,345,000	799,276,000
Total Liabilities and Equity	23,998,837,000	21,709,374,000
Series A Preferred Stock
Preferred stock:
Preferred stock	0	58,333,000
Series C Preferred Stock
Preferred stock:
Preferred stock	73,382,000	73,382,000
Series D Preferred Stock
Preferred stock:
Preferred stock	96,659,000	96,659,000
Series E Preferred Stock
Preferred stock:
Preferred stock	77,003,000	0
Series F Preferred Stock
Preferred stock:
Preferred stock	116,160,000	0
Class A voting common stock
Common stock:
Common Stock	1,031,000	1,031,000
Common Class B, Voting
Common stock:
Common Stock	500,000	500,000
Class C non-voting common stock
Common stock:
Common Stock	9,205,000	9,181,000
Investment securities
Assets:
Available-for-sale, at fair value	3,532,190,000	2,959,843,000
Held-to-maturity, at amortized cost	45,032,000	45,032,000
Total Securities	3,577,222,000	3,004,875,000
Farmer Mac Guaranteed Securities:
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
Held-to-maturity, at amortized cost	1,200,570,000	1,447,451,000
Total Securities	8,712,208,000	8,590,476,000
USDA Securities:
Assets:
Held-to-maturity, at amortized cost	2,410,848,000	2,232,160,000
Trading, at fair value	6,830,000	8,913,000
Total Securities	$ 2,417,678,000	$ 2,241,073,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Interest receivable - consolidated trusts amount	$ 153,170,000	$ 199,195,000
Accrued interest payable - consolidated trusts amount	92,648,000	106,959,000
Available-for-Sale Securities
Amortized cost of available-for-sale investment securities	3,522,674,000	2,961,430,000
Farmer Mac Guaranteed Securities:
Amortized cost of available-for-sale investment securities	7,150,606,000	7,016,971,000
Variable Interest Entity, Primary Beneficiary
Interest receivable - consolidated trusts amount	11,525,000	20,568,000
Accrued interest payable - consolidated trusts amount	$ 9,353,000	$ 18,018,000
Series A Preferred Stock
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
Preferred stock, redemption amount	$ 60,000,000
Series C Preferred Stock
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
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
Series E Preferred Stock
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	3,180,000	3,180,000
Preferred stock, shares issued (in shares)	3,180,000	3,180,000
Preferred stock, shares outstanding (in shares)	3,180,000	3,180,000
Series F Preferred Stock
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,800,000	4,800,000
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Class A voting common stock
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
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	500,301	500,301
Class C non-voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	9,204,724	9,180,744

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Investments and cash equivalents	$ 7,096	$ 22,855	$ 35,236	$ 61,718
Farmer Mac Guaranteed Securities and USDA Securities	45,335	81,649	178,644	252,629
Loans	56,204	56,992	172,230	167,792
Total interest income	108,635	161,496	386,110	482,139
Total interest expense	63,974	121,384	251,789	358,374
Net interest income	44,661	40,112	134,321	123,765
Provision for losses	(653)	(760)	(4,542)	(1,074)
Net interest income after provision for losses	44,008	39,352	129,779	122,691
Non-interest income/(expense):
Guarantee and commitment fees	3,159	3,349	9,495	10,265
(Losses)/gains on financial derivatives	(564)	(7,360)	(3,339)	1,193
(Losses)/gains on trading securities	(258)	49	(173)	154
Gains on sale of real estate owned	0	0	485	0
(Provision)/release of reserve for losses	(547)	137	(540)	424
Other income	594	530	2,639	1,378
Non-interest income/(expense)	2,384	(3,295)	8,567	13,414
Operating expenses:
Compensation and employee benefits	8,791	7,654	27,005	22,030
General and administrative	5,044	5,253	15,702	14,538
Regulatory fees	725	688	2,175	2,063
Real estate owned operating costs, net	0	0	0	64
Operating expenses	14,560	13,595	44,882	38,695
Income before income taxes	31,832	22,462	93,464	97,410
Income tax expense	6,340	4,629	19,516	20,362
Net income	25,492	17,833	73,948	77,048
Preferred stock dividends	(5,166)	(3,427)	(12,536)	(10,508)
Loss on retirement of preferred stock	(1,667)	0	(1,667)	(1,956)
Net income attributable to common stockholders	$ 18,659	$ 14,406	$ 59,745	$ 64,584
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 1.74	$ 1.34	$ 5.57	$ 6.04
Diluted earnings per common share (in dollars per share)	$ 1.73	$ 1.33	$ 5.54	$ 5.99

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 25,492	$ 17,833	$ 73,948	$ 77,048
Other comprehensive income/(loss) before taxes:
Net unrealized gains/(losses) on available-for-sale securities	47,235	(24,925)	(9,554)	(50,272)
Net changes in held-to-maturity securities	(2,523)	(6,543)	(10,707)	(13,406)
Net unrealized gains/(losses) on cash flow hedges	2,959	(6,736)	(27,429)	(22,373)
Other comprehensive income/(loss) before tax	47,671	(38,204)	(47,690)	(86,051)
Income tax (expense)/benefit related to other comprehensive income/(loss)	(10,011)	8,023	10,014	18,071
Other comprehensive income/(loss) net of tax	37,660	(30,181)	(37,676)	(67,980)
Comprehensive income/(loss)	$ 63,152	$ (12,348)	$ 36,272	$ 9,068

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Series F Preferred Stock	Series A Preferred Stock	Class C non-voting common stock	Series D Preferred Stock	Series B Preferred Stock	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Preferred StockSeries E Preferred Stock	Preferred StockSeries F Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries D Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Common StockClass C non-voting common stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in CapitalClass C non-voting common stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Retained EarningsClass C non-voting common stock
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,170																							25,170
Other comprehensive income, net of tax	(3,702)																					(3,702)
Cash dividends, preferred stock	(3,296)																							(3,296)
Cash dividends, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,048
Other comprehensive income, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,045																							34,045
Other comprehensive income, net of tax	(34,097)																					(34,097)
Cash dividends, preferred stock	(3,785)																							(3,785)
Cash dividends, 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 preferred stock (in shares)															(3,000)
Redemption of 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,833																							17,833
Other comprehensive income, net of tax	(30,181)																					(30,181)
Cash dividends, preferred stock	(3,427)																							(3,427)
Cash dividends, 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
Beginning balance ( in shares) at Dec. 31, 2019									9,400	9,400						10,712	10,712
Beginning Balance at Dec. 31, 2019	799,276	$ (2,099)	$ 797,177						$ 228,374	$ 228,374						$ 10,712	$ 10,712		119,304	$ 119,304		(16,161)	$ (16,161)	457,047	$ (2,099)	$ 454,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,830																							12,830
Other comprehensive income, net of tax	(105,276)																					(105,276)
Cash dividends, preferred stock	(3,431)																							(3,431)
Cash dividends, common stock	(8,571)																							(8,571)
Issuance of stock (in shares)																		15
Issuance of stock						34												$ 15			19
Repurchase of Class C Common Stock (in shares)																		(4)
Repurchase of Class C Common Stock						(235)												$ (4)									$ (231)
Stock-based compensation cost	1,293																		1,293
Other stock-based award activity	(204)																		(204)
Ending balance (in shares) at Mar. 31, 2020									9,400							10,723
Ending balance at Mar. 31, 2020	693,617								$ 228,374							$ 10,723			120,412			(121,437)		455,545
Beginning balance ( in shares) at Dec. 31, 2019									9,400	9,400						10,712	10,712
Beginning Balance at Dec. 31, 2019	799,276	$ (2,099)	$ 797,177						$ 228,374	$ 228,374						$ 10,712	$ 10,712		119,304	$ 119,304		(16,161)	$ (16,161)	457,047	$ (2,099)	$ 454,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,948
Other comprehensive income, net of tax	(37,676)
Loss on retirement of preferred stock	(1,667)
Ending balance (in shares) at Sep. 30, 2020									14,980							10,736
Ending balance at Sep. 30, 2020	930,345								$ 363,204							$ 10,736			121,525			(53,837)		488,717
Beginning balance ( in shares) at Mar. 31, 2020									9,400							10,723
Beginning Balance at Mar. 31, 2020	693,617								$ 228,374							$ 10,723			120,412			(121,437)		455,545
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	35,626																							35,626
Other comprehensive income, net of tax	29,940																					29,940
Cash dividends, preferred stock	(3,939)																							(3,939)
Cash dividends, common stock	(8,585)																							(8,585)
Issuance of stock (in shares)											3,180							10
Issuance of stock	77,003					27					$ 77,003							$ 10			17
Stock-based compensation cost	719																		719
Other stock-based award activity	(292)																		(292)
Ending balance (in shares) at Jun. 30, 2020									12,580							10,733
Ending balance at Jun. 30, 2020	824,116								$ 305,377							$ 10,733			120,856			(91,497)		478,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,492																							25,492
Other comprehensive income, net of tax	37,660																					37,660
Cash dividends, preferred stock	(5,166)																							(5,166)
Cash dividends, common stock	(8,589)																							(8,589)
Issuance of stock (in shares)												4,800						3
Issuance of stock				$ 116,160		$ 11						$ 116,160						$ 3			$ 8
Redemption of preferred stock (in shares)													(2,400)
Redemption of preferred stock					$ (58,333)								$ (58,333)
Loss on retirement of preferred stock	(1,667)																							(1,667)
Stock-based compensation cost	753																		753
Other stock-based award activity	(92)																		(92)
Ending balance (in shares) at Sep. 30, 2020									14,980							10,736
Ending balance at Sep. 30, 2020	$ 930,345								$ 363,204							$ 10,736			$ 121,525			$ (53,837)		$ 488,717

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock dividends per common share (in dollars per share)	$ 0.80	$ 0.80	$ 0.80	$ 0.70	$ 0.70	$ 0.70

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 73,948	$ 77,048
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	3,800	(8,032)
Amortization of debt premiums, discounts, and issuance costs	18,502	37,794
Net change in fair value of trading securities, hedged assets, and financial derivatives	(342,380)	(326,537)
Gain on sale of real estate owned	(485)	0
Total provision for allowance for losses	5,083	650
Excess tax benefits related to stock-based awards	(421)	442
Deferred income taxes	(2,763)	637
Stock-based compensation expense	2,765	1,664
Purchases of loans held for sale	(59,150)	0
Proceeds from the sale of loans held for sale	15,000	0
Proceeds from repayment of loans purchased as held for sale	54,661	44,857
Net change in:
Interest receivable	44,706	21,395
Guarantee and commitment fees receivable	218	(4)
Other assets	(20,169)	1,875
Accrued interest payable	(14,311)	7,597
Other liabilities	(4,412)	2,538
Net cash used in operating activities	(225,408)	(138,076)
Cash flows from investing activities:
Purchases of loans held for investment	(2,245,958)	(1,528,789)
Purchases of defaulted loans	(6,272)	(469)
Proceeds from repayment of loans purchased as held for investment	1,272,603	568,280
Proceeds from sale of Farmer Mac Guaranteed Securities	64,612	199,396
Proceeds from sale of real estate owned	2,191	0
Net cash used in investing activities	(1,550,837)	(2,062,969)
Cash flows from financing activities:
Payments to third parties on debt securities of consolidated trusts	(431,093)	(143,491)
Proceeds from common stock issuance	44	25
Retirement of preferred stock	(60,000)	(75,000)
Proceeds from preferred stock issuance, net of stock issuance costs	193,163	96,659
Tax payments related to share-based awards	(560)	(1,750)
Purchases of common stock	(235)	0
Dividends paid on common and preferred stock	(37,369)	(32,964)
Net cash provided by financing activities	2,082,456	2,363,730
Net change in cash and cash equivalents	306,211	162,685
Cash and cash equivalents at beginning of period	604,381	425,256
Cash and cash equivalents at end of period	910,592	587,941
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities	64,612	199,396
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	64,612	141,543
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment	42,393	5,392
Reclassification of loans held for sale to loans held for investment	24,150	0
Capitalized interest	937	0
Purchases of securities - traded, not yet settled	0	8,680
Medium-term Notes
Cash flows from financing activities:
Proceeds from issuance of debt	10,561,149	7,632,425
Payments to redeem notes	(8,293,765)	(5,646,107)
Notes Payable to Banks
Cash flows from financing activities:
Proceeds from issuance of debt	51,936,788	47,036,038
Payments to redeem notes	(51,785,666)	(46,502,105)
Available-for-sale securities
Cash flows from investing activities:
Purchases of securities	(2,177,560)	(1,871,957)
Proceeds from repayment of securities	1,612,075	991,423
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of securities	(1,798,028)	(2,167,801)
Proceeds from repayment of securities	$ 1,725,500	$ 1,746,948

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2019 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2019 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 2019 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, 2019, as filed with the SEC on February 25, 2020. 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, 2020. 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, 2020 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,276,407 $ — $ — $ 1,276,407 Debt securities of consolidated trusts held by third parties (1) 1,292,416 — — 1,292,416 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 36,505 — 36,505 Maximum exposure to loss (3) — 36,414 — 36,414 Investment securities: Carrying value (4) — — 1,835,688 1,835,688 Maximum exposure to loss (3) (4) — — 1,829,604 1,829,604 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 85,767 310,682 — 396,449 (1) Includes borrower remittances of $16.0 million. The borrower remittances had not been passed through to third party investors as of September 30, 2020. (2) Includes $0.1 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, 2019 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,600,917 $ — $ — $ 1,600,917 Debt securities of consolidated trusts held by third parties (1) 1,616,504 — — 1,616,504 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,041 — 32,041 Maximum exposure to loss (3) — 31,887 — 31,887 Investment securities: Carrying value (4) — — 1,117,203 1,117,203 Maximum exposure to loss (3) (4) — — 1,120,765 1,120,765 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 107,322 389,216 — 496,538 (1) Includes borrower remittances of $15.6 million. The borrower remittances had not been passed through to third party investors as of December 31, 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. 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, 2020 and 2019: Table 1.2 For the Three Months Ended September 30, 2020 September 30, 2019 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 18,659 10,734 $ 1.74 $ 14,406 10,706 $ 1.34 Effect of dilutive securities (1) SARs and restricted stock — 51 (0.01) — 70 (0.01) Diluted EPS $ 18,659 10,785 $ 1.73 $ 14,406 10,776 $ 1.33 (1) For the three months ended September 30, 2020 and 2019, SARs and restricted stock of 66,445 and 26,768, 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, 2020 and 2019, contingent shares of unvested restricted stock of 12,680 and 8,414, 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, 2020 September 30, 2019 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 59,745 10,725 $ 5.57 $ 64,584 10,691 $ 6.04 Effect of dilutive securities (1) SARs and restricted stock — 56 (0.03) — 83 (0.05) Diluted EPS $ 59,745 10,781 $ 5.54 $ 64,584 10,774 $ 5.99 (1) For the nine months ended September 30, 2020 and 2019, SARs and restricted stock of 78,963 and 48,801, 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, 2020 and 2019, contingent shares of unvested restricted stock of 12,680 and 10,994, 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. 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, 2020 and 2019: Table 1.3 As of September 30, 2020 As of September 30, 2019 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 $ (88,261) $ 26,379 $ (29,615) $ (91,497) $ (45,384) $ 38,021 $ (5,480) $ (12,843) Other comprehensive income/(loss) before reclassifications 38,099 — 904 39,003 (18,915) — (5,071) (23,986) Amounts reclassified from AOCI (783) (1,993) 1,433 (1,343) (776) (5,169) (250) (6,195) Net comprehensive income/(loss) 37,316 (1,993) 2,337 37,660 (19,691) (5,169) (5,321) (30,181) Ending Balance $ (50,945) $ 24,386 $ (27,278) $ (53,837) $ (65,075) $ 32,852 $ (10,801) $ (43,024) For the Nine Months Ended: Beginning Balance $ (43,397) $ 32,845 $ (5,609) $ (16,161) $ (25,360) $ 43,443 $ 6,873 $ 24,956 Other comprehensive loss before reclassifications (5,210) — (24,684) (29,894) (37,308) — (16,679) (53,987) Amounts reclassified from AOCI (2,338) (8,459) 3,015 (7,782) (2,407) (10,591) (995) (13,993) Net comprehensive loss (7,548) (8,459) (21,669) (37,676) (39,715) (10,591) (17,674) (67,980) Ending Balance $ (50,945) $ 24,386 $ (27,278) $ (53,837) $ (65,075) $ 32,852 $ (10,801) $ (43,024) 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, 2020 and 2019: Table 1.4 For the Three Months Ended September 30, 2020 September 30, 2019 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 48,226 $ 10,127 $ 38,099 $ (23,943) $ (5,028) $ (18,915) Less reclassification adjustments included in: Net interest income (1) (976) (205) (771) (961) (202) (759) Other income (2) (15) (3) (12) (21) (4) (17) Total $ 47,235 $ 9,919 $ 37,316 $ (24,925) $ (5,234) $ (19,691) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (2,523) (530) (1,993) (6,543) (1,374) (5,169) Total $ (2,523) $ (530) $ (1,993) $ (6,543) $ (1,374) $ (5,169) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 1,145 $ 241 $ 904 $ (6,419) $ (1,348) $ (5,071) Less reclassification adjustments included in: Net interest income (4) 1,814 381 1,433 (317) (67) (250) Total $ 2,959 $ 622 $ 2,337 $ (6,736) $ (1,415) $ (5,321) Other comprehensive income/(loss) $ 47,671 $ 10,011 $ 37,660 $ (38,204) $ (8,023) $ (30,181) (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, 2020 September 30, 2019 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding losses on available-for-sale securities $ (6,596) $ (1,386) $ (5,210) $ (47,225) $ (9,917) $ (37,308) Less reclassification adjustments included in: Net interest income (1) (2,916) (612) (2,304) (2,870) (603) (2,267) Other income (2) (42) (8) (34) (177) (37) (140) Total $ (9,554) $ (2,006) $ (7,548) $ (50,272) $ (10,557) $ (39,715) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (10,707) (2,248) (8,459) (13,406) (2,815) (10,591) Total $ (10,707) $ (2,248) $ (8,459) $ (13,406) $ (2,815) $ (10,591) Cash flow hedges Unrealized losses on cash flow hedges $ (31,246) $ (6,562) $ (24,684) $ (21,113) $ (4,434) $ (16,679) Less reclassification adjustments included in: Net interest income (4) 3,817 802 3,015 (1,260) (265) (995) Total $ (27,429) $ (5,760) $ (21,669) $ (22,373) $ (4,699) $ (17,674) Other comprehensive loss $ (47,690) $ (10,014) $ (37,676) $ (86,051) $ (18,071) $ (67,980) (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. On January 1, 2020, Farmer Mac adopted Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, ("CECL"). Under CECL, Farmer Mac's allowance for credit losses represents the difference between the carrying amount of the related financial instruments and the present value of their expected cash flows discounted at their effective interest rates, as of the respective balance sheet date. Under CECL, Farmer Mac's reserve for credit losses represents the difference between the outstanding amount of off-balance sheet credit exposures and the present value of their expected cash flows discounted at their effective interest rates. Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Additionally, Farmer Mac maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Rural Utilities line of business. Upon the adoption of CECL, Farmer Mac is now required to measure its expected credit losses for the expected life of all financial instruments, including its Rural Utilities loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities industry. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology is comprised of the following key components: • An economic model for each portfolio, including Farm & Ranch, Rural Utilities, and Institutional Credit; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life. The migration matrix forms the basis for our estimate of the probability of default of each financial asset; • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets; including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices; and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs") CDAs are loans, loans underlying LTSPCs, or off-balance sheet credit exposures in which the borrower is either in foreclosure or is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral by Farmer Mac. Farmer Mac estimates the current expected credit loss on CDAs based upon the appraised value of the collateral, the costs to sell it, and any applicable credit protection such as a guarantee. COVID-19 Payment Deferments The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law on March 27, 2020. Section 4013 of the CARES Act titled “Temporary Relief from Troubled Debt Restructurings” provides financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (“TDRs”) for a limited period of time to account for the effects of the novel coronavirus disease 2019 ("COVID-19"). On April 10, 2020, Farmer Mac’s prudential regulator, the Office of Secondary Market Oversight (OSMO) within the Farm Credit Administration (FCA), issued guidance to Farmer Mac on loan servicing and reporting TDRs for lines of business affected by the COVID-19 outbreak. This guidance was consistent with the guidance provided by other financial regulatory agencies and the Financial Accounting Standards Board that short-term modifications made on a good faith basis in response to the COVID-19 national emergency are not TDRs when the borrower was not past due on loan payments before the March 13, 2020 presidential proclamation declaring the COVID-19 outbreak a national emergency. During second quarter 2020, Farmer Mac implemented the guidance from FCA by granting up to 6-month payment deferments to borrowers who have been economically impacted by COVID-19. Farmer Mac deems loans under a COVID-19 payment deferment not to be past due and continues to accrue interest on those loans. Furthermore, Farmer Mac does not consider a payment deferment on any such loan to be a troubled debt restructuring. For the purpose of estimating expected credit losses on Farm & Ranch loans held for investment, Farmer Mac does consider payment deferments along with other available credit and economic information that pertains to that portfolio. Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update required entities to measure all expected credit losses for financial assets held at amortized cost at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts, as well as requiring entities to use forward-looking information to form their credit loss estimates. January 1, 2020 In first quarter 2020 Farmer Mac adopted the new guidance. The cumulative-effect adjustment to retained earnings as of January 1, 2020 reflected application of the new guidance and did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. For more information on the transition adjustment see Table 1.5 below. 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-13 , 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. The following table presents the impact of adopting CECL Table 1.5 December 31, 2019 Transition Adjustment January 1, 2020 (in thousands) Allowance: Farm & Ranch: Loans $ 10,454 $ (3,909) $ 6,545 Long-term standby purchase commitments and guarantees 2,164 (148) 2,016 Rural Utilities: Loans — 5,378 5,378 Long-term standby purchase commitments — 1,011 1,011 Farmer Mac Guaranteed Securities: AgVantage — 315 315 Investment Securities — 9 9 Total Allowance $ 12,618 $ 2,656 $ 15,274 Retained Earnings $ 457,047 $ (2,099) $ 454,948 Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. Farmer Mac is currently evaluating the impact of the discontinuation of LIBOR on the consolidated financial statements and the applicability of the optional guidance provided by this Update.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Table 2.1 As of September 30, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (37) $ — $ (591) $ 19,072 Floating rate asset-backed securities 9,205 — 9,205 — — (4) 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities 2,279,737 33 2,279,770 — 9,415 (3,152) 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities 285 — 285 — 33 — 318 Fixed rate U.S. Treasuries 1,204,308 9,406 1,213,714 — 3,861 (9) 1,217,566 Total available-for-sale 3,513,235 9,439 3,522,674 (37) 13,309 (3,756) 3,532,190 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,153 — 46,185 Total investment securities $ 3,558,267 $ 9,439 $ 3,567,706 $ (37) $ 14,462 $ (3,756) $ 3,578,375 (1) Amounts presented exclude $5.7 million of accrued interest receivable on investment securities as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of September 30, 2020. As of December 31, 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 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and nine months ended September 30, 2020 and 2019. As of September 30, 2020 and December 31, 2019, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2020 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 $ — $ — $ 19,072 $ (591) Floating rate asset-backed securities — — 6,873 (4) Floating rate Government/GSE guaranteed mortgage-backed securities 154,452 (464) 403,469 (2,688) Fixed rate U.S. Treasuries 50,861 (9) — — Total $ 205,313 $ (473) $ 429,414 $ (3,283) Number of securities in loss position 27 63 As of December 31, 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 $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 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, 2020 and December 31, 2019, 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 both September 30, 2020 and December 31, 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+." Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2020 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2020 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, 2020 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,142,369 $ 1,146,222 2.01% Due after one year through five years 361,971 362,065 0.76% Due after five years through ten years 1,129,147 1,134,255 0.67% Due after ten years 889,187 889,648 0.69% Total $ 3,522,674 $ 3,532,190 1.12% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2020 and December 31, 2019: Table 3.1 As of September 30, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,164,353 $ (73) $ 1,164,280 $ (216) $ 25,969 $ (99) $ 1,189,934 Farmer Mac Guaranteed USDA Securities 36,414 92 36,506 — 1,026 (1) 37,531 Total Farmer Mac Guaranteed Securities 1,200,767 19 1,200,786 (216) 26,995 (100) 1,227,465 USDA Securities 2,381,416 29,432 2,410,848 — 105,721 (1,398) 2,515,171 Total held-to-maturity $ 3,582,183 $ 29,451 $ 3,611,634 $ (216) $ 132,716 $ (1,498) $ 3,742,636 Available-for-sale: AgVantage $ 7,149,082 $ 1,524 $ 7,150,606 $ (330) $ 394,280 $ (32,918) $ 7,511,638 Trading: USDA Securities (3) $ 6,617 $ 352 $ 6,969 $ — $ 10 $ (149) $ 6,830 (1) Amounts presented exclude $32.7 million, $41.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.09% as of September 30, 2020. As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of September 30, 2020 and December 31, 2019, 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, 2020 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 $ 49,901 $ (99) $ — $ — Farmer Mac Guaranteed USDA Securities 45 (1) — — USDA Securities $ — $ — $ 21,521 $ (1,398) Total held-to-maturity $ 49,946 $ (100) $ 21,521 $ (1,398) Available-for-sale: AgVantage $ 333,544 $ (445) $ 972,161 $ (32,473) As of December 31, 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 $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to September 30, 2020 and December 31, 2019, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both September 30, 2020 and December 31, 2019 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 of America. As of September 30, 2020, Farmer Mac had executed COVID-19 payment deferments on loans with unpaid principal balances of $83.8 million underlying USDA Securities. The unrealized losses from AgVantage securities were on 12 and 17 available-for-sale securities as of September 30, 2020 and December 31, 2019, respectively. There were 2 and 4 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, 7 and 13 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. During the three and nine months ended September 30, 2020 and 2019, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities and, therefore, Farmer Mac realized no gains or losses. 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, 2020 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, 2020 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,461,551 $ 1,468,084 1.48 % Due after one year through five years 3,102,003 3,214,595 2.24 % Due after five years through ten years 1,073,248 1,157,450 2.42 % Due after ten years 1,513,804 1,671,509 2.57 % Total $ 7,150,606 $ 7,511,638 2.18 % (1) Amounts presented exclude $32.7 million of accrued interest receivable. As of September 30, 2020 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 482,593 $ 486,460 2.75 % Due after one year through five years 765,529 790,138 3.15 % Due after five years through ten years 226,396 234,799 2.96 % Due after ten years 2,137,116 2,231,239 3.25 % Total $ 3,611,634 $ 3,742,636 3.11 % (1) Amounts presented exclude $41.1 million of accrued interest receivable.

Farmer Mac Guaranteed Securitie

Farmer Mac Guaranteed Securities and USDA Securities	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Table 2.1 As of September 30, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (37) $ — $ (591) $ 19,072 Floating rate asset-backed securities 9,205 — 9,205 — — (4) 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities 2,279,737 33 2,279,770 — 9,415 (3,152) 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities 285 — 285 — 33 — 318 Fixed rate U.S. Treasuries 1,204,308 9,406 1,213,714 — 3,861 (9) 1,217,566 Total available-for-sale 3,513,235 9,439 3,522,674 (37) 13,309 (3,756) 3,532,190 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,153 — 46,185 Total investment securities $ 3,558,267 $ 9,439 $ 3,567,706 $ (37) $ 14,462 $ (3,756) $ 3,578,375 (1) Amounts presented exclude $5.7 million of accrued interest receivable on investment securities as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of September 30, 2020. As of December 31, 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 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three and nine months ended September 30, 2020 and 2019. As of September 30, 2020 and December 31, 2019, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2020 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 $ — $ — $ 19,072 $ (591) Floating rate asset-backed securities — — 6,873 (4) Floating rate Government/GSE guaranteed mortgage-backed securities 154,452 (464) 403,469 (2,688) Fixed rate U.S. Treasuries 50,861 (9) — — Total $ 205,313 $ (473) $ 429,414 $ (3,283) Number of securities in loss position 27 63 As of December 31, 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 $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 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, 2020 and December 31, 2019, 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 both September 30, 2020 and December 31, 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+." Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2020 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. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2020 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, 2020 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,142,369 $ 1,146,222 2.01% Due after one year through five years 361,971 362,065 0.76% Due after five years through ten years 1,129,147 1,134,255 0.67% Due after ten years 889,187 889,648 0.69% Total $ 3,522,674 $ 3,532,190 1.12% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2020 and December 31, 2019: Table 3.1 As of September 30, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,164,353 $ (73) $ 1,164,280 $ (216) $ 25,969 $ (99) $ 1,189,934 Farmer Mac Guaranteed USDA Securities 36,414 92 36,506 — 1,026 (1) 37,531 Total Farmer Mac Guaranteed Securities 1,200,767 19 1,200,786 (216) 26,995 (100) 1,227,465 USDA Securities 2,381,416 29,432 2,410,848 — 105,721 (1,398) 2,515,171 Total held-to-maturity $ 3,582,183 $ 29,451 $ 3,611,634 $ (216) $ 132,716 $ (1,498) $ 3,742,636 Available-for-sale: AgVantage $ 7,149,082 $ 1,524 $ 7,150,606 $ (330) $ 394,280 $ (32,918) $ 7,511,638 Trading: USDA Securities (3) $ 6,617 $ 352 $ 6,969 $ — $ 10 $ (149) $ 6,830 (1) Amounts presented exclude $32.7 million, $41.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.09% as of September 30, 2020. As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019. As of September 30, 2020 and December 31, 2019, 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, 2020 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 $ 49,901 $ (99) $ — $ — Farmer Mac Guaranteed USDA Securities 45 (1) — — USDA Securities $ — $ — $ 21,521 $ (1,398) Total held-to-maturity $ 49,946 $ (100) $ 21,521 $ (1,398) Available-for-sale: AgVantage $ 333,544 $ (445) $ 972,161 $ (32,473) As of December 31, 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 $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to September 30, 2020 and December 31, 2019, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both September 30, 2020 and December 31, 2019 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 of America. As of September 30, 2020, Farmer Mac had executed COVID-19 payment deferments on loans with unpaid principal balances of $83.8 million underlying USDA Securities. The unrealized losses from AgVantage securities were on 12 and 17 available-for-sale securities as of September 30, 2020 and December 31, 2019, respectively. There were 2 and 4 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, 7 and 13 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. During the three and nine months ended September 30, 2020 and 2019, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities and, therefore, Farmer Mac realized no gains or losses. 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, 2020 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, 2020 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,461,551 $ 1,468,084 1.48 % Due after one year through five years 3,102,003 3,214,595 2.24 % Due after five years through ten years 1,073,248 1,157,450 2.42 % Due after ten years 1,513,804 1,671,509 2.57 % Total $ 7,150,606 $ 7,511,638 2.18 % (1) Amounts presented exclude $32.7 million of accrued interest receivable. As of September 30, 2020 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 482,593 $ 486,460 2.75 % Due after one year through five years 765,529 790,138 3.15 % Due after five years through ten years 226,396 234,799 2.96 % Due after ten years 2,137,116 2,231,239 3.25 % Total $ 3,611,634 $ 3,742,636 3.11 % (1) Amounts presented exclude $41.1 million of accrued interest receivable.

Financial Derivatives

Financial Derivatives	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL DERIVATIVES	FINANCIAL DERIVATIVESFarmer Mac enters into financial derivative transactions 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, 2019 filed with the SEC on February 25, 2020. 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, 2020 and December 31, 2019: Table 4.1 As of September 30, 2020 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,410,407 $ 5,530 $ (4,106) 2.26% 0.24% 12.02 Receive fixed non-callable 2,435,729 — (11,532) 0.35% 1.75% 2.26 Receive fixed callable 343,500 4,460 — 0.18% 1.78% 3.41 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 482,000 1,597 (10,739) 2.02% 0.56% 6.17 No hedge designation: Interest rate swaps: Pay fixed non-callable 356,864 — (10,879) 2.38% 0.24% 4.26 Receive fixed non-callable 2,622,182 — — 0.16% 0.98% 0.73 Receive fixed callable 200,000 1 (5) 0.07% 0.08% 0.97 Basis swaps 3,268,500 1,242 (188) 0.22% 0.25% 1.29 Treasury futures 4,400 9 — 139.73 Credit valuation adjustment (2) 92 Total financial derivatives $ 15,123,582 $ 12,837 $ (37,357) Collateral (held)/pledged (600) 225,646 Net amount $ 12,237 $ 188,289 As of December 31, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,955,686 $ 7,163 $ (3,281) 2.47% 1.93% 11.26 Receive fixed non-callable 1,413,200 76 (5,329) 1.88% 2.13% 1.25 Receive fixed callable 524,000 476 (772) 1.52% 1.91% 2.83 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,882 (1,514) 2.36% 2.12% 5.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 342,745 7 (14,046) 3.55% 2.00% 5.51 Receive fixed non-callable 3,124,148 49 (1,637) 1.88% 2.06% 1.66 Receive fixed callable 525,000 79 (80) 1.64% 1.68% 0.83 Basis swaps 2,670,000 787 (395) 1.86% 1.76% 0.90 Treasury futures 39,400 — (51) 128.29 Credit valuation adjustment — 63 Total financial derivatives $ 14,022,179 $ 10,519 $ (27,042) Collateral (held)/pledged (2,685) 132,129 Net amount $ 7,834 $ 105,087 As of September 30, 2020, Farmer Mac expects to reclassify $5.3 million after tax from accumulated other comprehensive income to earnings over the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after September 30, 2020. During the three and nine months ended September 30, 2020 and 2019, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would 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, 2020 and 2019: Table 4.2 For the Three Months Ended September 30, 2020 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 45,335 $ 56,204 $ (63,974) $ (564) $ 37,001 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (20,373) (6,194) 9,605 — (16,962) Recognized on hedged items 31,439 10,965 (12,328) — 30,076 Discount amortization recognized on hedged items — — (191) — (191) Income/(expense) related to interest settlements on fair value hedging relationships $ 11,066 $ 4,771 $ (2,914) $ — $ 12,923 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 38,363 $ 28,198 $ (9,665) $ — $ 56,896 Recognized on hedged items (41,855) (29,372) 9,284 — (61,943) (Losses)/gains on fair value hedging relationships $ (3,492) $ (1,174) $ (381) $ — $ (5,047) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,814) $ — $ (1,814) Recognized on hedged items — — (711) — (711) Discount amortization recognized on hedged items — — (4) — (4) Expense recognized on cash flow hedges $ — $ — $ (2,529) $ — $ (2,529) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ (4,292) $ (4,292) Interest expense on interest rate swaps — — — 3,800 3,800 Treasury futures — — — (72) (72) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (564) $ (564) For The 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 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 expense 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 Nine Months Ended September 30, 2020 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 178,644 $ 172,230 $ (251,789) $ (3,339) $ 95,746 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (38,781) (12,607) 16,671 — (34,717) Recognized on hedged items 95,366 29,454 (39,325) — 85,495 Discount amortization recognized on hedged items — — (552) — (552) Income/(expense) related to interest settlements on fair value hedging relationships $ 56,585 $ 16,847 $ (23,206) $ — $ 50,226 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (264,797) $ (124,322) $ 52,991 $ — $ (336,128) Recognized on hedged items 257,575 119,072 (53,628) — 323,019 (Losses)/gains on fair value hedging relationships $ (7,222) $ (5,250) $ (637) $ — $ (13,109) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (3,817) $ — $ (3,817) Recognized on hedged items — — (3,863) — (3,863) Discount amortization recognized on hedged items — — (6) — (6) Expense recognized on cash flow hedges $ — $ — $ (7,686) $ — $ (7,686) (Losses)/gains on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ (2,415) $ (2,415) Interest expense on interest rate swaps — — — 1,143 1,143 Treasury futures — — — (2,067) (2,067) (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,339) $ (3,339) 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 Interest Income Loans Total Interest Expense Gains 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 hedge 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 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, 2020 and December 31, 2019: 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, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) $ 4,277,240 $ 4,092,611 $ 437,777 $ 180,215 Loans held for investment, at amortized cost (2)(3) 1,628,241 1,050,335 156,979 37,907 Notes Payable (4) (2,838,690) (2,761,052) (61,149) (7,433) (1) Includes $1.6 million of hedging adjustments on discontinued hedging relationships as of September 30, 2020. (2) Includes $1.4 million of hedging adjustments on a discontinued hedging relationship as of September 30, 2020. (3) Includes $0.2 million as of September 30, 2020 in fair value adjustment, currently included in "Prepaid expenses and other assets" related to hedge accounting designations of purchase commitments (4) Carrying amount represents amortized cost. The following table shows Farmer Mac's credit exposure to interest rate swap counterparties as of September 30, 2020 and December 31, 2019: Table 4.4 September 30, 2020 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 114,788 $ 114,165 $ 623 Liabilities: Derivatives Interest rate swap $ 718,812 $ 714,470 $ 4,342 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 56,139 $ 53,771 $ 2,368 Liabilities: Derivatives Interest rate swaps $ 305,584 $ 291,326 $ 14,258 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. As of September 30, 2020, Farmer Mac held $0.6 million of cash and no investment securities as collateral for its derivatives in net asset positions, compared to $2.7 million of cash and no investment securities as collateral for its derivatives in net asset positions as of December 31, 2019. Farmer Mac posted $13.6 million cash and $212.1 million of investment securities as of September 30, 2020 and posted $0.5 million cash and $131.7 million investment securities as of December 31, 2019. 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, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, 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 $15.1 billion notional amount of interest rate swaps outstanding as of September 30, 2020, $12.4 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $14.0 billion notional amount of interest rate swaps outstanding as of December 31, 2019, $11.0 billion were cleared through the CME. During the first half of 2020 and throughout 2019, Farmer Mac increased its use of non-cleared basis swaps as it began to prepare for the transition away from the use of LIBOR as a reference rate. 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, 2019 filed with the SEC on February 25, 2020.

Loans

Loans	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
LOANS	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 basis adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. During the three months ended September 30, 2020, Farmer Mac acquired $59.2 million in loans held for sale, of which it sold $15.0 million during the quarter, and reclassified $24.2 million as loans held for investment. As of September 30, 2020 and December 31, 2019, Farmer Mac had $20.0 million and no loans held for sale, respectively. The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of September 30, 2020 and December 31, 2019: Table 5.1 As of September 30, 2020 (1) As of December 31, 2019 (2) Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 4,580,917 $ 1,276,407 $ 5,857,324 $ 3,675,640 $ 1,600,917 $ 5,276,557 Rural Utilities 2,109,355 — 2,109,355 1,671,293 — 1,671,293 Total unpaid principal balance (3) 6,690,272 1,276,407 7,966,679 5,346,933 1,600,917 6,947,850 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments 154,789 — 154,789 44,044 — 44,044 Total loans 6,845,061 1,276,407 8,121,468 5,390,977 1,600,917 6,991,894 Allowance for losses (14,878) (943) (15,821) (8,853) (1,601) (10,454) Total loans, net of allowance $ 6,830,183 $ 1,275,464 $ 8,105,647 $ 5,382,124 $ 1,599,316 $ 6,981,440 (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for losses to cover estimated probable incurred losses on loans held. (3) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses The following table is a summary, by asset type, of the allowance for losses as of September 30, 2020 and December 31, 2019: Table 5.2 September 30, 2020 (1) December 31, 2019 (2) Allowance for Losses Allowance for Losses (in thousands) Loans: Farm & Ranch $ 5,739 $ 10,454 Rural Utilities 10,082 — Total $ 15,821 $ 10,454 (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. The following is a summary of the changes in the allowance for losses for the three and nine month period ended September 30, 2020 and 2019: Table 5.3 For the Three Months Ended For the Nine Months Ended September 30, 2020 (1) September 30, 2019 (2) September 30, 2020 (1) September 30, 2019 (2) Allowance for Losses Allowance for Losses Allowance for Losses Allowance for Losses (in thousands) Farm & Ranch: Beginning Balance $ 6,039 $ 7,264 $ 10,454 $ 7,017 Cumulative effect adjustment from adoption of current expected credit loss standard — — (3,909) — Adjusted Beginning Balance 6,039 7,264 6,545 7,017 (Release of)/provision for losses (300) 760 (412) 1,074 Charge-offs — — (394) (67) Ending Balance (3) $ 5,739 $ 8,024 $ 5,739 $ 8,024 Rural Utilities: Beginning Balance $ 8,900 $ — $ — $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — 5,378 — Adjusted Beginning Balance 8,900 — 5,378 — Provision for losses 1,182 — 4,704 — Charge-offs — — — — Ending Balance (4) $ 10,082 $ — $ 10,082 $ — (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. (3) Allowance for losses includes $1.8 million for collateral dependent assets secured by agricultural real estate. (4) Allowance for losses includes no allowance for collateral dependent assets. The cumulative transition adjustment decrease of $3.9 million in the Farm & Ranch portfolio was primarily driven by differences in the way that the two loss models measure the impact of low loan-to-value ratios in that portfolio. Under the previous accounting standard, Farmer Mac's estimated incurred loss model was based on historical weighted-average loss rates from realized losses within commodities and risk ratings. The historical weighted average loss rates were then applied to sub-portfolios, as disaggregated by commodity and risk rating, to calculate the general allowance. Under the CECL accounting standard, Farmer Mac's current expected credit losses are calculated individually based on the expected probability of default and the expected loss-given-default for each loan. The low loan-to-value ratios in the Farm & Ranch portfolio result in low individual losses-given-default. Thus, our expected credit losses as of January 1, 2020 were less than our estimate of incurred losses as of December 31, 2019. The cumulative transition adjustment increase of $5.4 million in the Rural Utilities portfolio was primarily driven by the change from measuring incurred probable credit losses to measuring expected credit losses over the expected lives of these loans. Farmer Mac has never experienced a credit loss in its Rural Utilities portfolio. Additionally, these loans have strong credit ratings and performance, which supported Farmer Mac's estimate of no incurred credit losses under the previous accounting standard. Upon the adoption of CECL, Farmer Mac is now required to measure its expected credit losses for the entire expected life of all financial instruments, including its Rural Utilities loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities industry. Under the CECL accounting standard, Farmer Mac's loss allowance model for these loans is primarily impacted by the long-term maturities of the loans and their low probability of prepayment. In addition, the highly-specialized nature of power generation and transmission and other rural infrastructure facilities results in significant expected losses given default even though the probability of default is low. Thus, the long-term expected lives of these loans combined with high losses given default result in an estimate of expected losses although we have never incurred a credit loss in this portfolio. The provision to the allowance for loan losses of $0.9 million recorded during third quarter 2020 was primarily due to the impact of net new loan volume in the Rural Utilities portfolio and credit downgrades on existing volume during the quarter. The impact of the Rural Utilities portfolio on the net increase to the provision was partially offset by improving economic factors that uniquely impacted the Farm & Ranch portfolio, specifically continued improvements in commodity prices and continued expectations for stable farm land values. The provision to the allowance for loan losses of $4.3 million recorded during the nine months ended September 30, 2020 was primarily due to the impact of net new loan volume in the Rural Utilities portfolio and the impact of economic factor forecasts on the Rural Utilities portfolio, especially continued expected higher unemployment, as a result of the COVID-19 pandemic and the resulting economic volatility. The provision for the allowance for loan losses recorded during three and nine months ended September 30, 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 $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. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2020: Table 5.4 As of September 30, 2020 Accruing Current (5) 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 5,716,834 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 5,857,324 Rural Utilities 2,109,355 — — — — — 2,109,355 Total $ 7,826,189 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 7,966,679 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $24.8 million of nonaccrual loans for which there was no associated allowance. During the three and nine months ended September 30, 2020, Farmer Mac received $1.2 million and $3.5 million, respectively, in interest on nonaccrual loans. (5) Includes $105.3 million of unpaid principal balance related to Farm & Ranch loans that Farmer Mac has executed a COVID-19 payment deferment. The following tables present the unpaid principal balances of loans held and the related total allowance for losses by impairment method and commodity type as of December 31, 2019: Table 5.5 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment $ 2,664,362 $ 1,161,900 $ 871,341 $ 356,920 $ 10,360 $ 4,597 $ 5,069,480 Individually evaluated for impairment 108,815 51,256 39,962 7,044 — — 207,077 Total Farm & Ranch loans $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Allowance for Losses: Collectively evaluated for impairment $ 1,880 $ 1,362 $ 714 $ 249 $ 47 $ 4 $ 4,256 Individually evaluated for impairment 2,628 1,008 2,447 115 — — 6,198 Total Farm & Ranch loans $ 4,508 $ 2,370 $ 3,161 $ 364 $ 47 $ 4 $ 10,454 The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of December 31, 2019: Table 5.6 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 30,846 $ 16,696 $ 3,195 $ 1,398 $ — $ 56 $ 52,191 Unpaid principal balance 30,741 16,638 3,185 1,394 — 56 52,014 With a specific allowance: Recorded investment (1) 84,044 36,852 47,113 6,376 — — 174,385 Unpaid principal balance 83,772 36,732 46,984 6,356 — — 173,844 Associated allowance 2,725 1,051 2,636 129 — — 6,541 Total: Recorded investment 114,890 53,548 50,308 7,774 — 56 226,576 Unpaid principal balance 114,513 53,370 50,169 7,750 — 56 225,858 Associated allowance 2,725 1,051 2,636 129 — — 6,541 Recorded investment of loans on nonaccrual status (2) $ 34,037 $ 22,849 $ 28,441 $ 2,454 $ — $ — $ 87,781 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $159.1 million (70%) of impaired loans as of December 31, 2019, which resulted in a specific allowance of $3.0 million. (2) Includes $30.1 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: Table 5.7 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 Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held are presented in the table below. As of December 31, 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 5.8 90-Day Delinquencies (1) Net Credit Losses As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch loans $ 57,719 $ 131 (1) Includes loans 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 $57.7 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2019, no loans were subject to "removal-of-account" provisions. Rural Utilities As of December 31, 2019, no allowance for losses had been provided for Farmer Mac's Rural Utilities line of business based on the performance of the loans in this line of business and the credit quality of the collateral supporting these loans, as well as Farmer Mac's counterparty risk analysis. As of December 31, 2019, there were no delinquencies or probable losses inherent in Farmer Mac's Rural Utilities loans held or underlying LTSPCs. Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of September 30, 2020, by year of origination: Table 5.9 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,423,112 $ 765,367 $ 507,218 $ 557,095 $ 499,642 $ 1,157,633 $ 472,209 $ 5,382,276 Special mention (2) 39,607 124,068 27,757 4,633 10,897 22,236 50,395 279,593 Substandard (3) 7,556 5,926 19,682 57,541 36,490 59,330 8,930 195,455 Total $ 1,470,275 $ 895,361 $ 554,657 $ 619,269 $ 547,029 $ 1,239,199 $ 531,534 $ 5,857,324 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 638,281 $ 12,870 $ 2,104,881 Special mention (2) — — — — — — — — Substandard (3) — — — — — 4,474 — 4,474 Total $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 642,755 $ 12,870 $ 2,109,355 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. The following table presents credit quality indicators related to Farm & Ranch loans held as of December 31, 2019: Table 5.10 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 2,556,956 $ 1,050,160 $ 825,234 $ 343,329 $ 10,360 $ 4,597 $ 4,790,636 Special mention (2) 107,406 111,739 46,107 13,591 — — 278,843 Substandard (3) 108,815 51,257 39,962 7,044 — — 207,078 Total $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Commodity analysis of past due loans (1) $ 21,167 $ 15,828 $ 19,354 $ 1,370 $ — $ — $ 57,719 (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.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
GUARANTEES	GUARANTEES 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, 2020 and December 31, 2019, 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, 2020 As of December 31, 2019 (in thousands) Farm & Ranch: Farmer Mac Guaranteed Securities $ 85,767 $ 107,322 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 310,682 389,216 Institutional Credit: AgVantage Securities 6,068 7,567 Total off-balance sheet Farmer Mac Guaranteed Securities $ 402,517 $ 504,105 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, 2020 September 30, 2019 (in thousands) Proceeds from new securitizations $ 64,612 $ 199,396 Guarantee fees received 1,136 1,122 Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the consolidated balance sheets. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 6.3 As of September 30, 2020 As of December 31, 2019 (dollars in thousands) Guarantee and commitment obligation $ 1,780 $ 2,230 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.5 years 9.8 years AgVantage Securities 4.2 years 5.0 years Long-Term Standby Purchase Commitments 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. The following table presents the liability, 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, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 6.4 As of September 30, 2020 As of December 31, 2019 (dollars in thousands) Guarantee and commitment obligation (1) $ 33,360 $ 34,470 Maximum principal amount 2,882,212 3,002,349 Weighted-average remaining maturity 15.1 years 15.2 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Reserve for Losses The following table is a summary, by asset type, of the reserve for losses as of September 30, 2020 and December 31, 2019: Table 6.5 September 30, 2020 (1) December 31, 2019 (2) Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,278 $ 2,164 Rural Utilities LTSPCs 1,290 — Total $ 3,568 $ 2,164 (1) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained a reserve for losses to cover estimated probable incurred losses on loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities. The following is a summary of the changes in the reserve for losses for the three and nine month period ended September 30, 2020 and 2019: Table 6.6 For the Three Months Ended For the Nine Months Ended September 30, 2020 (1) September 30, 2019 (2) September 30, 2020 (1) September 30, 2019 (2) Reserve for Losses Reserve for Losses Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: Beginning Balance $ 1,650 $ 1,880 $ 2,164 $ 2,167 Cumulative effect adjustment from adoption of current expected credit loss standard — — (148) — Adjusted Beginning Balance 1,650 1,880 2,016 2,167 Provision for/(release of) losses $ 628 $ (137) $ 262 $ (424) Ending Balance $ 2,278 $ 1,743 $ 2,278 $ 1,743 Rural Utilities: Beginning Balance $ 1,370 $ — $ — $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — 1,011 — Adjusted Beginning Balance 1,370 — 1,011 — (Release of)/provision for losses $ (80) $ — $ 279 $ — Ending Balance $ 1,290 $ — $ 1,290 $ — (1) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained a reserve for losses to cover estimated probable incurred losses on loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities. The provision to the reserve for losses recorded during the three and nine months ended September 30, 2020 was primarily due to credit downgrades in the LTSPC portfolio. 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 slight improvements in off-balance sheet portfolio credit quality. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of September 30, 2020: Table 6.7 As of September 30, 2020 Current (2) 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,352,454 $ 2,934 $ 22,690 $ 13,947 $ 39,571 $ 2,392,025 Rural Utilities: LTSPCs $ 575,954 $ — $ — $ — $ — $ 575,954 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of 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. (2) Includes $185.4 million of unpaid principal balance related to Farm & Ranch LTSPCs for which the lender has notified Farmer Mac of an executed COVID-19 payment deferment. The following tables present the unpaid principal balances of Farm & Ranch loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related reserve for losses by impairment method and commodity type as of December 31, 2019: Table 6.8 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: $ 1,151,983 $ 511,991 $ 581,377 $ 167,395 $ 66,106 $ 2,760 $ 2,481,612 Individually evaluated for impairment: 5,698 2,114 10,207 706 — 56 18,781 Total Farm & Ranch $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Allowance for Losses: Collectively evaluated for impairment: $ 599 $ 96 $ 308 $ 50 $ 767 $ 1 $ 1,821 Individually evaluated for impairment: 97 43 189 14 — — 343 Total Farm & Ranch $ 696 $ 139 $ 497 $ 64 $ 767 $ 1 $ 2,164 Net credit losses and 90-day delinquencies as of and for the periods indicated for loans underlying off-balance sheet securities representing interests in pools of eligible Farm & Ranch LTSPCs are presented in the table below. As of December 31, 2019, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities LTSPCs portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities LTSPCs. Table 6.9 90-Day Delinquencies (1) Net Credit Losses/(Recoveries) As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities $ 3,235 $ — (1) Includes 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. Credit Quality Indicators The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of September 30, 2020, by year of origination: Table 6.10 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 118,116 $ 207,202 $ 184,421 $ 245,490 $ 216,983 $ 1,021,400 $ 173,617 $ 2,167,229 Special mention (1) — 1,742 1,509 23,200 14,628 47,948 10,040 99,067 Substandard (2) 264 10,821 12,676 15,614 14,401 67,338 4,615 125,729 Total $ 118,380 $ 219,765 $ 198,606 $ 284,304 $ 246,012 $ 1,136,686 $ 188,272 $ 2,392,025 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 For the Three Months Ended Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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. The following table presents credit quality indicators related to Farm & Ranch loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities as of December 31, 2019: Table 6.11 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 1,033,002 $ 484,601 $ 521,341 $ 161,361 $ 66,106 $ 2,594 $ 2,269,005 Special mention (2) 68,372 22,909 35,618 1,612 — — 128,511 Substandard (3) 56,307 6,595 34,625 5,128 — 222 102,877 Total $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Commodity analysis of past due loans (1) $ 1,493 $ 196 $ 1,066 $ 480 $ — $ — $ 3,235 (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.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1.0 year or less, whereas medium-term notes generally have maturities of 0.5 years to 15.0 years. The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2020 and December 31, 2019: Table 7.1 September 30, 2020 Outstanding as of September 30 Average Outstanding During the First Nine Months Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,358,943 0.21 % $ 2,313,477 0.79 % Medium-term notes 2,065,148 0.27 % 1,312,909 0.81 % Current portion of medium-term notes 6,510,992 0.90 % Total due within one year $ 10,935,083 0.63 % Due after one year: Medium-term notes due in: Two years $ 3,277,494 0.96 % Three years 2,326,812 1.44 % Four years 1,056,062 1.73 % Five years 1,242,150 1.35 % Thereafter 2,751,684 2.07 % Total due after one year 10,654,202 1.47 % Total $ 21,589,285 1.05 % December 31, 2019 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,194,177 1.72 % $ 1,977,214 2.25 % Medium-term notes 1,152,770 1.98 % 1,780,517 2.33 % Current portion of medium-term notes 6,672,135 1.85 % Total due within one year $ 10,019,082 1.84 % Due after one year: Medium-term notes due in: Two years $ 3,700,835 2.04 % Three years 1,594,709 2.15 % Four years 1,205,276 2.27 % Five years 760,887 2.25 % Thereafter 1,817,859 2.89 % Total due after one year 9,079,566 2.28 % Total $ 19,098,648 2.05 % During the nine months ended September 30, 2020, Farmer Mac increased its use of short-term funding in order to fund the growth of short-term assets in its liquidity portfolio. The maximum amount of Farmer Mac's discount notes outstanding at any month end during the nine months ended September 30, 2020 and 2019 was $2.6 billion and $2.2 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2020 as of September 30, 2020: Table 7.2 Debt Callable in 2020 as of September 30, 2020, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2021 $ 215,949 0.17 % 2022 122,918 0.59 % 2023 127,863 0.47 % 2024 59,941 1.33 % Thereafter 374,144 1.84 % Total $ 900,815 1.04 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of September 30, 2020, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2020 $ 10,523,446 0.31 % 2021 3,219,231 1.55 % 2022 1,787,566 1.59 % 2023 2,026,445 1.62 % 2024 919,753 1.77 % Thereafter 3,112,844 2.09 % Total $ 21,589,285 1.05 % During the nine months ended September 30, 2020 and 2019, Farmer Mac called $2.7 billion and $0.7 billion of callable medium-term notes, respectively. The decrease in market interest rates throughout 2019 and continuing into the first half of 2020 led to an increase in called medium-term notes compared to the prior year. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of September 30, 2020, Farmer Mac had not used this borrowing authority. Gains on Repurchase of Outstanding Debt No outstanding debt repurchases were made in the nine months ended September 30, 2020 or 2019.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
EQUITY	EQUITY Preferred Stock On August 20, 2020, Farmer Mac issued 4.8 million shares of 5.250% Non-Cumulative Preferred Stock, Series F ("Series F Preferred Stock"), which has a par value and liquidation preference of $25.00 per share, or $120.0 million aggregate outstanding. Farmer Mac incurred direct costs of $3.8 million related to the issuance of the Series F Preferred Stock. The dividend rate on the Series F Preferred Stock will remain at a non-cumulative, fixed rate of 5.250% per year, when, as, and if a dividend is declared by the Board of Directors of Farmer Mac, for so long as the Series F Preferred Stock remains outstanding. The Series F Preferred Stock has no maturity date, but Farmer Mac has the option to redeem the Series F Preferred Stock at any time on any dividend payment date on and after October 17, 2025. On September 19, 2020, Farmer Mac used part of the net proceeds from the sale of the Series F Preferred Stock to redeem and repurchase all $60.0 million aggregate outstanding of Farmer Mac's 5.875% Non-Cumulative Preferred Stock, Series A ("Series A Preferred Stock"), plus any declared and unpaid dividends through and including the redemption date. As a result of the retirement of the Series A Preferred Stock, Farmer Mac recognized $1.7 million of deferred issuance costs, which is presented as "Loss on retirement of preferred stock" on the consolidated statements of operations. In May 2020, Farmer Mac issued 3.18 million shares of 5.750% Non-Cumulative Preferred Stock, Series E ("Series E Preferred Stock"), which has a par value and liquidation preference of $25.00 per share, or $79.5 million aggregate outstanding. Farmer Mac incurred direct costs of $2.5 million related to the issuance of the Series E Preferred Stock. The dividend rate on the Series E Preferred Stock will remain at a non-cumulative, fixed rate of 5.750% per year, when, as, and if a dividend is declared by the Board of Directors of Farmer Mac, for so long as the Series E Preferred Stock remains outstanding. The Series E Preferred Stock has no maturity date, but Farmer Mac has the option to redeem the preferred stock at any time on any dividend payment date on and after July 17, 2025. Common Stock During each of the first, second, and third quarters in 2020, Farmer Mac paid a quarterly dividend of $0.80 per share on all classes of its common stock. For each quarter in 2019, Farmer Mac paid a quarterly dividend of $0.70 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. The share repurchase program, last modified on March 14, 2019, authorized Farmer Mac to repurchase up to $10.0 million of Farmer Mac's outstanding Class C non-voting common stock. During first quarter 2020, Farmer Mac repurchased approximately 4,000 shares of Class C non-voting common stock at a cost of approximately $0.2 million. Shortly after these repurchases were completed, Farmer Mac indefinitely suspended its share repurchase program in an effort to preserve capital and liquidity in view of market volatility and uncertainty caused by the COVID-19 pandemic. As of September 30, 2020, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $19.8 million under the share repurchase program since 2015. The program expires at the end of March 2021. 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, 2020 and December 31, 2019, 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, 2020, Farmer Mac's minimum capital requirement was $670.0 million and its core capital level was $984.2 million, which was $314.2 million above the minimum capital requirement as of that date. As of December 31, 2019, Farmer Mac's minimum capital requirement was $618.8 million and its core capital level was $815.4 million, which was $196.6 million above the minimum capital requirement as of that date.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Fair Value Classification and Transfers The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of September 30, 2020 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,072 $ 19,072 Floating rate asset-backed securities — 9,201 — 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,286,033 — 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities — 318 — 318 Fixed rate U.S. Treasuries 1,217,566 — — 1,217,566 Total Investment Securities 1,217,566 2,295,552 19,072 3,532,190 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,511,638 7,511,638 Total Farmer Mac Guaranteed Securities — — 7,511,638 7,511,638 USDA Securities: Trading — — 6,830 6,830 Total USDA Securities — — 6,830 6,830 Financial derivatives 9 12,828 — 12,837 Total Assets at fair value $ 1,217,575 $ 2,308,380 $ 7,537,540 $ 11,063,495 Liabilities: Financial derivatives $ — $ 37,357 $ — $ 37,357 Total Liabilities at fair value $ — $ 37,357 $ — $ 37,357 Non-recurring: Assets Loans held for sale $ — $ — $ 22,086 $ 22,086 Total non-recurring assets at fair value $ — $ — $ 22,086 $ 22,086 (1) Level 3 assets represent 32% of total assets and 68% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ 18,912 Floating rate asset-backed securities — 11,085 — 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,632,583 — 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities — 340 — 340 Fixed rate U.S. Treasuries 1,296,923 — — 1,296,923 Total available-for-sale 1,296,923 1,644,008 18,912 2,959,843 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,143,025 7,143,025 Total Farmer Mac Guaranteed Securities — — 7,143,025 7,143,025 USDA Securities: Trading — — 8,913 8,913 Total USDA Securities — — 8,913 8,913 Financial derivatives — 10,519 — 10,519 Total Assets at fair value $ 1,296,923 $ 1,654,527 $ 7,170,850 $ 10,122,300 Liabilities: Financial derivatives $ 51 $ 26,991 $ — $ 27,042 Total Liabilities at fair value $ 51 $ 26,991 $ — $ 27,042 (1) Level 3 assets represent 33% of total assets and 71% of financial instruments measured at fair value. There were no significant assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2020 or December 31, 2019. 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 2020 and 2019, 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 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, 2020 and 2019. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2020 Beginning Purchases Sales Settlements Allowance for losses 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 $ 18,283 $ — $ — $ — $ 1 $ — $ 788 $ 19,072 Total available-for-sale 18,283 — — — 1 — 788 19,072 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,898,387 122,892 — (513,864) (96) (41,832) 46,151 7,511,638 Total available-for-sale 7,898,387 122,892 — (513,864) (96) (41,832) 46,151 7,511,638 USDA Securities: Trading 7,786 — — (697) — (259) — 6,830 Total USDA Securities 7,786 — — (697) (259) — 6,830 Total Assets at fair value $ 7,924,456 $ 122,892 $ — $ (514,561) $ (95) $ (42,091) $ 46,939 $ 7,537,540 Level 3 Assets and Liabilities Measured at Fair Value for the Three 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 $ 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 Nine Months Ended September 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ (37) $ — $ 197 $ 19,072 Total available-for-sale 18,912 — — — (37) — 197 19,072 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 958,368 — (826,380) (330) 257,597 (20,642) 7,511,638 Total available-for-sale 7,143,025 958,368 — (826,380) (330) 257,597 (20,642) 7,511,638 USDA Securities: Trading 8,913 — — (1,910) — (173) — 6,830 Total USDA Securities 8,913 — — (1,910) (173) — 6,830 Total Assets at fair value $ 7,170,850 $ 958,368 $ — $ (828,290) $ (367) $ 257,424 $ (20,445) $ 7,537,540 Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 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 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, 2020 and December 31, 2019: Table 9.3 As of September 30, 2020 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,072 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,511,638 Discounted cash flow Discount rate 0.8% - 2.3% (1.2%) USDA Securities $ 6,830 Discounted cash flow Discount rate 1.3% - 3.3% (2.6%) CPR 23% - 49% (43%) As of December 31, 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 $ 18,912 Indicative bids Range of broker quotes 96.0% - 96.0% (96.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,143,025 Discounted cash flow Discount rate 2.3% - 5.5% (2.6%) USDA Securities $ 8,913 Discounted cash flow Discount rate 2.3% - 2.6% (2.1%) CPR 10% - 21% (19%) 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, 2020 and December 31, 2019: Table 9.4 As of September 30, 2020 As of December 31, 2019 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 910,592 $ 910,592 $ 604,381 $ 604,381 Investment securities 3,578,375 3,577,222 3,005,828 3,004,875 Farmer Mac Guaranteed Securities 8,739,103 8,712,208 8,606,451 8,590,476 USDA Securities 2,522,001 2,417,678 2,294,671 2,241,073 Loans 8,450,522 8,105,647 7,317,091 6,981,440 Financial derivatives 12,837 12,837 10,519 10,519 Guarantee and commitment fees receivable 34,801 36,664 36,732 38,442 Financial liabilities: Notes payable 21,893,043 21,589,285 19,234,079 19,098,648 Debt securities of consolidated trusts held by third parties 1,337,741 1,292,416 1,663,177 1,616,504 Financial derivatives 37,357 37,357 27,042 27,042 Guarantee and commitment obligations 33,278 35,140 34,990 36,700 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
	Sep. 30, 2020
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, 2020 and 2019: Table 10.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2020 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 18,093 $ 4,747 $ 5,709 $ 14,171 $ 1,941 $ — $ 44,661 Less: reconciling adjustments (1)(2)(3) (68) 1,118 1,230 4,430 431 (7,141) — Net effective spread 18,025 5,865 6,939 18,601 2,372 (7,141) — Guarantee and commitment fees (2) 4,111 213 328 7 — (1,500) 3,159 Other income/(expense) (3) 443 135 — — (125) (681) (228) Non-interest income/(loss) 4,554 348 328 7 (125) (2,181) 2,931 Release of/(provision for) losses 300 — (1,182) 228 1 — (653) (Provision for)/release of reserve for losses (628) — 81 — — — (547) Other non-interest expense (5,381) (1,643) (1,438) (2,160) (3,938) — (14,560) Non-interest expense (4) (6,009) (1,643) (1,357) (2,160) (3,938) — (15,107) Core earnings before income taxes 16,870 4,570 4,728 16,676 (1,690) (9,322) (5) 31,832 Income tax (expense)/benefit (3,543) (960) (993) (3,502) 701 1,957 (6,340) Core earnings before preferred stock dividends 13,327 3,610 3,735 13,174 (989) (7,365) (5) 25,492 Preferred stock dividends — — — — (5,166) — (5,166) Loss on retirement of preferred stock — — — — — (1,667) (1,667) Segment core earnings/(losses) $ 13,327 $ 3,610 $ 3,735 $ 13,174 $ (6,155) $ (9,032) (5) $ 18,659 Total assets at carrying value $ 5,961,307 $ 2,487,687 $ 2,256,011 $ 8,716,923 $ 4,576,909 $ — $ 23,998,837 Total on- and off-balance sheet program assets at principal balance $ 8,249,349 $ 2,735,128 $ 2,685,309 $ 8,319,502 $ — $ — $ 21,989,288 (1) Includes 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, 2019 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments 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) Includes 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, 2020 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 53,768 $ 14,691 $ 12,778 $ 48,059 $ 5,025 $ — $ 134,321 Less: reconciling adjustments (1)(2)(3) (4,072) 488 4,597 7,026 74 (8,113) — Net effective spread 49,696 15,179 17,375 55,085 5,099 (8,113) — Guarantee and commitment fees (2) 12,822 658 995 23 — (5,003) 9,495 Other income/(expense) (3) 2,197 864 12 — (413) (3,048) (388) Non-interest income/(loss) 15,019 1,522 1,007 23 (413) (8,051) 9,107 (Release of)/provision for losses 412 — (4,704) (222) (28) — (4,542) Provision for reserve for losses (262) — (278) — — — (540) Other non-interest expense (16,632) (5,045) (4,428) (6,606) (12,171) — (44,882) Non-interest expense (4) (16,894) (5,045) (4,706) (6,606) (12,171) — (45,422) Core earnings before income taxes 48,233 11,656 8,972 48,280 (7,513) (16,164) (5) 93,464 Income tax (expense)/benefit (10,129) (2,448) (1,884) (10,139) 1,689 3,395 (19,516) Core earnings before preferred stock dividends 38,104 9,208 7,088 38,141 (5,824) (12,769) (5) 73,948 Preferred stock dividends — — — — (12,536) — (12,536) Loss on retirement of preferred stock — — — — — (1,667) (1,667) Segment core earnings/(losses) $ 38,104 $ 9,208 $ 7,088 $ 38,141 $ (18,360) $ (14,436) (5) $ 59,745 Total assets at carrying value $ 5,961,307 $ 2,487,687 $ 2,256,011 $ 8,716,923 $ 4,576,909 $ — $ 23,998,837 Total on- and off-balance sheet program assets at principal balance $ 8,249,349 $ 2,735,128 $ 2,685,309 $ 8,319,502 $ — $ — $ 21,989,288 (1) Includes 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 Institutional Credit Corporate Reconciling Adjustments 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) Includes 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
	Sep. 30, 2020
Accounting Policies [Abstract]
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 Common Share	Earnings Per Common ShareBasic 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.
Comprehensive Income	Comprehensive IncomeComprehensive 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.
Allowance for Losses and Reserve for Losses	Allowance for Losses and Reserve for Losses On January 1, 2020, Farmer Mac adopted Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, ("CECL"). Under CECL, Farmer Mac's allowance for credit losses represents the difference between the carrying amount of the related financial instruments and the present value of their expected cash flows discounted at their effective interest rates, as of the respective balance sheet date. Under CECL, Farmer Mac's reserve for credit losses represents the difference between the outstanding amount of off-balance sheet credit exposures and the present value of their expected cash flows discounted at their effective interest rates. Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Additionally, Farmer Mac maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Rural Utilities line of business. Upon the adoption of CECL, Farmer Mac is now required to measure its expected credit losses for the expected life of all financial instruments, including its Rural Utilities loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities industry. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology is comprised of the following key components: • An economic model for each portfolio, including Farm & Ranch, Rural Utilities, and Institutional Credit; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life. The migration matrix forms the basis for our estimate of the probability of default of each financial asset; • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets; including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices; and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs") CDAs are loans, loans underlying LTSPCs, or off-balance sheet credit exposures in which the borrower is either in foreclosure or is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral by Farmer Mac. Farmer Mac estimates the current expected credit loss on CDAs based upon the appraised value of the collateral, the costs to sell it, and any applicable credit protection such as a guarantee. COVID-19 Payment Deferments The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law on March 27, 2020. Section 4013 of the CARES Act titled “Temporary Relief from Troubled Debt Restructurings” provides financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (“TDRs”) for a limited period of time to account for the effects of the novel coronavirus disease 2019 ("COVID-19"). On April 10, 2020, Farmer Mac’s prudential regulator, the Office of Secondary Market Oversight (OSMO) within the Farm Credit Administration (FCA), issued guidance to Farmer Mac on loan servicing and reporting TDRs for lines of business affected by the COVID-19 outbreak. This guidance was consistent with the guidance provided by other financial regulatory agencies and the Financial Accounting Standards Board that short-term modifications made on a good faith basis in response to the COVID-19 national emergency are not TDRs when the borrower was not past due on loan payments before the March 13, 2020 presidential proclamation declaring the COVID-19 outbreak a national emergency.
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update required entities to measure all expected credit losses for financial assets held at amortized cost at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts, as well as requiring entities to use forward-looking information to form their credit loss estimates. January 1, 2020 In first quarter 2020 Farmer Mac adopted the new guidance. The cumulative-effect adjustment to retained earnings as of January 1, 2020 reflected application of the new guidance and did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. For more information on the transition adjustment see Table 1.5 below. 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-13 , 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. The following table presents the impact of adopting CECL Table 1.5 December 31, 2019 Transition Adjustment January 1, 2020 (in thousands) Allowance: Farm & Ranch: Loans $ 10,454 $ (3,909) $ 6,545 Long-term standby purchase commitments and guarantees 2,164 (148) 2,016 Rural Utilities: Loans — 5,378 5,378 Long-term standby purchase commitments — 1,011 1,011 Farmer Mac Guaranteed Securities: AgVantage — 315 315 Investment Securities — 9 9 Total Allowance $ 12,618 $ 2,656 $ 15,274 Retained Earnings $ 457,047 $ (2,099) $ 454,948 Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. Farmer Mac is currently evaluating the impact of the discontinuation of LIBOR on the consolidated financial statements and the applicability of the optional guidance provided by this Update.
Reclassifications	ReclassificationsCertain 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
	Sep. 30, 2020
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, 2020 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,276,407 $ — $ — $ 1,276,407 Debt securities of consolidated trusts held by third parties (1) 1,292,416 — — 1,292,416 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 36,505 — 36,505 Maximum exposure to loss (3) — 36,414 — 36,414 Investment securities: Carrying value (4) — — 1,835,688 1,835,688 Maximum exposure to loss (3) (4) — — 1,829,604 1,829,604 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 85,767 310,682 — 396,449 (1) Includes borrower remittances of $16.0 million. The borrower remittances had not been passed through to third party investors as of September 30, 2020. (2) Includes $0.1 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, 2019 Farm & Ranch USDA Guarantees Corporate Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,600,917 $ — $ — $ 1,600,917 Debt securities of consolidated trusts held by third parties (1) 1,616,504 — — 1,616,504 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value (2) — 32,041 — 32,041 Maximum exposure to loss (3) — 31,887 — 31,887 Investment securities: Carrying value (4) — — 1,117,203 1,117,203 Maximum exposure to loss (3) (4) — — 1,120,765 1,120,765 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 107,322 389,216 — 496,538 (1) Includes borrower remittances of $15.6 million. The borrower remittances had not been passed through to third party investors as of December 31, 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.
Basic and Diluted EPS	The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2020 and 2019: Table 1.2 For the Three Months Ended September 30, 2020 September 30, 2019 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 18,659 10,734 $ 1.74 $ 14,406 10,706 $ 1.34 Effect of dilutive securities (1) SARs and restricted stock — 51 (0.01) — 70 (0.01) Diluted EPS $ 18,659 10,785 $ 1.73 $ 14,406 10,776 $ 1.33 (1) For the three months ended September 30, 2020 and 2019, SARs and restricted stock of 66,445 and 26,768, 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, 2020 and 2019, contingent shares of unvested restricted stock of 12,680 and 8,414, 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, 2020 September 30, 2019 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 59,745 10,725 $ 5.57 $ 64,584 10,691 $ 6.04 Effect of dilutive securities (1) SARs and restricted stock — 56 (0.03) — 83 (0.05) Diluted EPS $ 59,745 10,781 $ 5.54 $ 64,584 10,774 $ 5.99 (1) For the nine months ended September 30, 2020 and 2019, SARs and restricted stock of 78,963 and 48,801, 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, 2020 and 2019, contingent shares of unvested restricted stock of 12,680 and 10,994, 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, 2020 and 2019: Table 1.3 As of September 30, 2020 As of September 30, 2019 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 $ (88,261) $ 26,379 $ (29,615) $ (91,497) $ (45,384) $ 38,021 $ (5,480) $ (12,843) Other comprehensive income/(loss) before reclassifications 38,099 — 904 39,003 (18,915) — (5,071) (23,986) Amounts reclassified from AOCI (783) (1,993) 1,433 (1,343) (776) (5,169) (250) (6,195) Net comprehensive income/(loss) 37,316 (1,993) 2,337 37,660 (19,691) (5,169) (5,321) (30,181) Ending Balance $ (50,945) $ 24,386 $ (27,278) $ (53,837) $ (65,075) $ 32,852 $ (10,801) $ (43,024) For the Nine Months Ended: Beginning Balance $ (43,397) $ 32,845 $ (5,609) $ (16,161) $ (25,360) $ 43,443 $ 6,873 $ 24,956 Other comprehensive loss before reclassifications (5,210) — (24,684) (29,894) (37,308) — (16,679) (53,987) Amounts reclassified from AOCI (2,338) (8,459) 3,015 (7,782) (2,407) (10,591) (995) (13,993) Net comprehensive loss (7,548) (8,459) (21,669) (37,676) (39,715) (10,591) (17,674) (67,980) Ending Balance $ (50,945) $ 24,386 $ (27,278) $ (53,837) $ (65,075) $ 32,852 $ (10,801) $ (43,024)
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, 2020 and 2019: Table 1.4 For the Three Months Ended September 30, 2020 September 30, 2019 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 48,226 $ 10,127 $ 38,099 $ (23,943) $ (5,028) $ (18,915) Less reclassification adjustments included in: Net interest income (1) (976) (205) (771) (961) (202) (759) Other income (2) (15) (3) (12) (21) (4) (17) Total $ 47,235 $ 9,919 $ 37,316 $ (24,925) $ (5,234) $ (19,691) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (2,523) (530) (1,993) (6,543) (1,374) (5,169) Total $ (2,523) $ (530) $ (1,993) $ (6,543) $ (1,374) $ (5,169) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 1,145 $ 241 $ 904 $ (6,419) $ (1,348) $ (5,071) Less reclassification adjustments included in: Net interest income (4) 1,814 381 1,433 (317) (67) (250) Total $ 2,959 $ 622 $ 2,337 $ (6,736) $ (1,415) $ (5,321) Other comprehensive income/(loss) $ 47,671 $ 10,011 $ 37,660 $ (38,204) $ (8,023) $ (30,181) (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, 2020 September 30, 2019 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding losses on available-for-sale securities $ (6,596) $ (1,386) $ (5,210) $ (47,225) $ (9,917) $ (37,308) Less reclassification adjustments included in: Net interest income (1) (2,916) (612) (2,304) (2,870) (603) (2,267) Other income (2) (42) (8) (34) (177) (37) (140) Total $ (9,554) $ (2,006) $ (7,548) $ (50,272) $ (10,557) $ (39,715) Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (3) (10,707) (2,248) (8,459) (13,406) (2,815) (10,591) Total $ (10,707) $ (2,248) $ (8,459) $ (13,406) $ (2,815) $ (10,591) Cash flow hedges Unrealized losses on cash flow hedges $ (31,246) $ (6,562) $ (24,684) $ (21,113) $ (4,434) $ (16,679) Less reclassification adjustments included in: Net interest income (4) 3,817 802 3,015 (1,260) (265) (995) Total $ (27,429) $ (5,760) $ (21,669) $ (22,373) $ (4,699) $ (17,674) Other comprehensive loss $ (47,690) $ (10,014) $ (37,676) $ (86,051) $ (18,071) $ (67,980) (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 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This Update required entities to measure all expected credit losses for financial assets held at amortized cost at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts, as well as requiring entities to use forward-looking information to form their credit loss estimates. January 1, 2020 In first quarter 2020 Farmer Mac adopted the new guidance. The cumulative-effect adjustment to retained earnings as of January 1, 2020 reflected application of the new guidance and did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. For more information on the transition adjustment see Table 1.5 below. 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2018-13 , 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 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. The following table presents the impact of adopting CECL Table 1.5 December 31, 2019 Transition Adjustment January 1, 2020 (in thousands) Allowance: Farm & Ranch: Loans $ 10,454 $ (3,909) $ 6,545 Long-term standby purchase commitments and guarantees 2,164 (148) 2,016 Rural Utilities: Loans — 5,378 5,378 Long-term standby purchase commitments — 1,011 1,011 Farmer Mac Guaranteed Securities: AgVantage — 315 315 Investment Securities — 9 9 Total Allowance $ 12,618 $ 2,656 $ 15,274 Retained Earnings $ 457,047 $ (2,099) $ 454,948 Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. Farmer Mac is currently evaluating the impact of the discontinuation of LIBOR on the consolidated financial statements and the applicability of the optional guidance provided by this Update.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Table 2.1 As of September 30, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (37) $ — $ (591) $ 19,072 Floating rate asset-backed securities 9,205 — 9,205 — — (4) 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities 2,279,737 33 2,279,770 — 9,415 (3,152) 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities 285 — 285 — 33 — 318 Fixed rate U.S. Treasuries 1,204,308 9,406 1,213,714 — 3,861 (9) 1,217,566 Total available-for-sale 3,513,235 9,439 3,522,674 (37) 13,309 (3,756) 3,532,190 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,153 — 46,185 Total investment securities $ 3,558,267 $ 9,439 $ 3,567,706 $ (37) $ 14,462 $ (3,756) $ 3,578,375 (1) Amounts presented exclude $5.7 million of accrued interest receivable on investment securities as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of September 30, 2020. As of December 31, 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 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2020 and December 31, 2019: Table 3.1 As of September 30, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,164,353 $ (73) $ 1,164,280 $ (216) $ 25,969 $ (99) $ 1,189,934 Farmer Mac Guaranteed USDA Securities 36,414 92 36,506 — 1,026 (1) 37,531 Total Farmer Mac Guaranteed Securities 1,200,767 19 1,200,786 (216) 26,995 (100) 1,227,465 USDA Securities 2,381,416 29,432 2,410,848 — 105,721 (1,398) 2,515,171 Total held-to-maturity $ 3,582,183 $ 29,451 $ 3,611,634 $ (216) $ 132,716 $ (1,498) $ 3,742,636 Available-for-sale: AgVantage $ 7,149,082 $ 1,524 $ 7,150,606 $ (330) $ 394,280 $ (32,918) $ 7,511,638 Trading: USDA Securities (3) $ 6,617 $ 352 $ 6,969 $ — $ 10 $ (149) $ 6,830 (1) Amounts presented exclude $32.7 million, $41.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.09% as of September 30, 2020. As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of September 30, 2020 and December 31, 2019, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2020 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 $ — $ — $ 19,072 $ (591) Floating rate asset-backed securities — — 6,873 (4) Floating rate Government/GSE guaranteed mortgage-backed securities 154,452 (464) 403,469 (2,688) Fixed rate U.S. Treasuries 50,861 (9) — — Total $ 205,313 $ (473) $ 429,414 $ (3,283) Number of securities in loss position 27 63 As of December 31, 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 $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of September 30, 2020 and December 31, 2019, 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, 2020 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 $ 49,901 $ (99) $ — $ — Farmer Mac Guaranteed USDA Securities 45 (1) — — USDA Securities $ — $ — $ 21,521 $ (1,398) Total held-to-maturity $ 49,946 $ (100) $ 21,521 $ (1,398) Available-for-sale: AgVantage $ 333,544 $ (445) $ 972,161 $ (32,473) As of December 31, 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 $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059)
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, 2020 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, 2020 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,142,369 $ 1,146,222 2.01% Due after one year through five years 361,971 362,065 0.76% Due after five years through ten years 1,129,147 1,134,255 0.67% Due after ten years 889,187 889,648 0.69% Total $ 3,522,674 $ 3,532,190 1.12% 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, 2020 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, 2020 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,461,551 $ 1,468,084 1.48 % Due after one year through five years 3,102,003 3,214,595 2.24 % Due after five years through ten years 1,073,248 1,157,450 2.42 % Due after ten years 1,513,804 1,671,509 2.57 % Total $ 7,150,606 $ 7,511,638 2.18 % (1) Amounts presented exclude $32.7 million of accrued interest receivable. As of September 30, 2020 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 482,593 $ 486,460 2.75 % Due after one year through five years 765,529 790,138 3.15 % Due after five years through ten years 226,396 234,799 2.96 % Due after ten years 2,137,116 2,231,239 3.25 % Total $ 3,611,634 $ 3,742,636 3.11 % (1) Amounts presented exclude $41.1 million of accrued interest receivable.

Farmer Mac Guaranteed Securit_2

Farmer Mac Guaranteed Securities and USDA Securities (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Table 2.1 As of September 30, 2020 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (37) $ — $ (591) $ 19,072 Floating rate asset-backed securities 9,205 — 9,205 — — (4) 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities 2,279,737 33 2,279,770 — 9,415 (3,152) 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities 285 — 285 — 33 — 318 Fixed rate U.S. Treasuries 1,204,308 9,406 1,213,714 — 3,861 (9) 1,217,566 Total available-for-sale 3,513,235 9,439 3,522,674 (37) 13,309 (3,756) 3,532,190 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 1,153 — 46,185 Total investment securities $ 3,558,267 $ 9,439 $ 3,567,706 $ (37) $ 14,462 $ (3,756) $ 3,578,375 (1) Amounts presented exclude $5.7 million of accrued interest receivable on investment securities as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 1.5% as of September 30, 2020. As of December 31, 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 $ — $ (788) $ 18,912 Floating rate asset-backed securities 11,092 — 11,092 — (7) 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities 1,633,731 1,174 1,634,905 2,414 (4,736) 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities 315 — 315 25 — 340 Fixed rate U.S. Treasuries 1,295,210 208 1,295,418 1,520 (15) 1,296,923 Total available-for-sale 2,960,048 1,382 2,961,430 3,959 (5,546) 2,959,843 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (1) 45,032 — 45,032 953 — 45,985 Total investment securities $ 3,005,080 $ 1,382 $ 3,006,462 $ 4,912 $ (5,546) $ 3,005,828 (1) The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2020 and December 31, 2019: Table 3.1 As of September 30, 2020 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,164,353 $ (73) $ 1,164,280 $ (216) $ 25,969 $ (99) $ 1,189,934 Farmer Mac Guaranteed USDA Securities 36,414 92 36,506 — 1,026 (1) 37,531 Total Farmer Mac Guaranteed Securities 1,200,767 19 1,200,786 (216) 26,995 (100) 1,227,465 USDA Securities 2,381,416 29,432 2,410,848 — 105,721 (1,398) 2,515,171 Total held-to-maturity $ 3,582,183 $ 29,451 $ 3,611,634 $ (216) $ 132,716 $ (1,498) $ 3,742,636 Available-for-sale: AgVantage $ 7,149,082 $ 1,524 $ 7,150,606 $ (330) $ 394,280 $ (32,918) $ 7,511,638 Trading: USDA Securities (3) $ 6,617 $ 352 $ 6,969 $ — $ 10 $ (149) $ 6,830 (1) Amounts presented exclude $32.7 million, $41.1 million, and $0.1 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of September 30, 2020. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The trading USDA securities had a weighted average yield of 5.09% as of September 30, 2020. As of December 31, 2019 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,415,584 $ (174) $ 1,415,410 $ 15,300 $ (164) $ 1,430,546 Farmer Mac Guaranteed USDA Securities 31,887 154 32,041 839 — 32,880 Total Farmer Mac Guaranteed Securities 1,447,471 (20) 1,447,451 16,139 (164) 1,463,426 USDA Securities 2,190,671 41,489 2,232,160 54,356 (758) 2,285,758 Total held-to-maturity $ 3,638,142 $ 41,469 $ 3,679,611 $ 70,495 $ (922) $ 3,749,184 Available-for-sale: AgVantage $ 7,017,095 $ (124) $ 7,016,971 $ 161,316 $ (35,262) $ 7,143,025 Trading: USDA Securities (1) $ 8,400 $ 479 $ 8,879 $ 61 $ (27) $ 8,913 (1) The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of September 30, 2020 and December 31, 2019, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2020 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 $ — $ — $ 19,072 $ (591) Floating rate asset-backed securities — — 6,873 (4) Floating rate Government/GSE guaranteed mortgage-backed securities 154,452 (464) 403,469 (2,688) Fixed rate U.S. Treasuries 50,861 (9) — — Total $ 205,313 $ (473) $ 429,414 $ (3,283) Number of securities in loss position 27 63 As of December 31, 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 $ — $ — $ 18,912 $ (788) Floating rate asset-backed securities 2,583 (1) 8,502 (6) Floating rate Government/GSE guaranteed mortgage-backed securities 841,993 (2,244) 436,621 (2,492) Fixed rate U.S. Treasuries 35,107 (15) — — Total $ 879,683 $ (2,260) $ 464,035 $ (3,286) Number of securities in loss position 57 62 As of September 30, 2020 and December 31, 2019, 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, 2020 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 $ 49,901 $ (99) $ — $ — Farmer Mac Guaranteed USDA Securities 45 (1) — — USDA Securities $ — $ — $ 21,521 $ (1,398) Total held-to-maturity $ 49,946 $ (100) $ 21,521 $ (1,398) Available-for-sale: AgVantage $ 333,544 $ (445) $ 972,161 $ (32,473) As of December 31, 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 $ — $ — $ 301,836 $ (164) USDA Securities — — 27,089 (758) Total held-to-maturity $ — $ — $ 328,925 $ (922) Available-for-sale: AgVantage $ 225,239 $ (2,203) $ 1,394,802 $ (33,059)
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, 2020 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, 2020 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 1,142,369 $ 1,146,222 2.01% Due after one year through five years 361,971 362,065 0.76% Due after five years through ten years 1,129,147 1,134,255 0.67% Due after ten years 889,187 889,648 0.69% Total $ 3,522,674 $ 3,532,190 1.12% 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, 2020 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, 2020 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,461,551 $ 1,468,084 1.48 % Due after one year through five years 3,102,003 3,214,595 2.24 % Due after five years through ten years 1,073,248 1,157,450 2.42 % Due after ten years 1,513,804 1,671,509 2.57 % Total $ 7,150,606 $ 7,511,638 2.18 % (1) Amounts presented exclude $32.7 million of accrued interest receivable. As of September 30, 2020 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 482,593 $ 486,460 2.75 % Due after one year through five years 765,529 790,138 3.15 % Due after five years through ten years 226,396 234,799 2.96 % Due after ten years 2,137,116 2,231,239 3.25 % Total $ 3,611,634 $ 3,742,636 3.11 % (1) Amounts presented exclude $41.1 million of accrued interest receivable.

Financial Derivatives (Tables)

Financial Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: Table 4.1 As of September 30, 2020 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 5,410,407 $ 5,530 $ (4,106) 2.26% 0.24% 12.02 Receive fixed non-callable 2,435,729 — (11,532) 0.35% 1.75% 2.26 Receive fixed callable 343,500 4,460 — 0.18% 1.78% 3.41 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 482,000 1,597 (10,739) 2.02% 0.56% 6.17 No hedge designation: Interest rate swaps: Pay fixed non-callable 356,864 — (10,879) 2.38% 0.24% 4.26 Receive fixed non-callable 2,622,182 — — 0.16% 0.98% 0.73 Receive fixed callable 200,000 1 (5) 0.07% 0.08% 0.97 Basis swaps 3,268,500 1,242 (188) 0.22% 0.25% 1.29 Treasury futures 4,400 9 — 139.73 Credit valuation adjustment (2) 92 Total financial derivatives $ 15,123,582 $ 12,837 $ (37,357) Collateral (held)/pledged (600) 225,646 Net amount $ 12,237 $ 188,289 As of December 31, 2019 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 4,955,686 $ 7,163 $ (3,281) 2.47% 1.93% 11.26 Receive fixed non-callable 1,413,200 76 (5,329) 1.88% 2.13% 1.25 Receive fixed callable 524,000 476 (772) 1.52% 1.91% 2.83 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 428,000 1,882 (1,514) 2.36% 2.12% 5.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 342,745 7 (14,046) 3.55% 2.00% 5.51 Receive fixed non-callable 3,124,148 49 (1,637) 1.88% 2.06% 1.66 Receive fixed callable 525,000 79 (80) 1.64% 1.68% 0.83 Basis swaps 2,670,000 787 (395) 1.86% 1.76% 0.90 Treasury futures 39,400 — (51) 128.29 Credit valuation adjustment — 63 Total financial derivatives $ 14,022,179 $ 10,519 $ (27,042) Collateral (held)/pledged (2,685) 132,129 Net amount $ 7,834 $ 105,087
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, 2020 and 2019: Table 4.2 For the Three Months Ended September 30, 2020 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 45,335 $ 56,204 $ (63,974) $ (564) $ 37,001 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (20,373) (6,194) 9,605 — (16,962) Recognized on hedged items 31,439 10,965 (12,328) — 30,076 Discount amortization recognized on hedged items — — (191) — (191) Income/(expense) related to interest settlements on fair value hedging relationships $ 11,066 $ 4,771 $ (2,914) $ — $ 12,923 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 38,363 $ 28,198 $ (9,665) $ — $ 56,896 Recognized on hedged items (41,855) (29,372) 9,284 — (61,943) (Losses)/gains on fair value hedging relationships $ (3,492) $ (1,174) $ (381) $ — $ (5,047) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (1,814) $ — $ (1,814) Recognized on hedged items — — (711) — (711) Discount amortization recognized on hedged items — — (4) — (4) Expense recognized on cash flow hedges $ — $ — $ (2,529) $ — $ (2,529) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ (4,292) $ (4,292) Interest expense on interest rate swaps — — — 3,800 3,800 Treasury futures — — — (72) (72) Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ (564) $ (564) For The 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 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 expense 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 Nine Months Ended September 30, 2020 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 178,644 $ 172,230 $ (251,789) $ (3,339) $ 95,746 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (38,781) (12,607) 16,671 — (34,717) Recognized on hedged items 95,366 29,454 (39,325) — 85,495 Discount amortization recognized on hedged items — — (552) — (552) Income/(expense) related to interest settlements on fair value hedging relationships $ 56,585 $ 16,847 $ (23,206) $ — $ 50,226 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (264,797) $ (124,322) $ 52,991 $ — $ (336,128) Recognized on hedged items 257,575 119,072 (53,628) — 323,019 (Losses)/gains on fair value hedging relationships $ (7,222) $ (5,250) $ (637) $ — $ (13,109) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (3,817) $ — $ (3,817) Recognized on hedged items — — (3,863) — (3,863) Discount amortization recognized on hedged items — — (6) — (6) Expense recognized on cash flow hedges $ — $ — $ (7,686) $ — $ (7,686) (Losses)/gains on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ (2,415) $ (2,415) Interest expense on interest rate swaps — — — 1,143 1,143 Treasury futures — — — (2,067) (2,067) (Losses)/gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ (3,339) $ (3,339) 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 Interest Income Loans Total Interest Expense Gains 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 hedge 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
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, 2020 and December 31, 2019: 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, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (in thousands) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (1) $ 4,277,240 $ 4,092,611 $ 437,777 $ 180,215 Loans held for investment, at amortized cost (2)(3) 1,628,241 1,050,335 156,979 37,907 Notes Payable (4) (2,838,690) (2,761,052) (61,149) (7,433) (1) Includes $1.6 million of hedging adjustments on discontinued hedging relationships as of September 30, 2020. (2) Includes $1.4 million of hedging adjustments on a discontinued hedging relationship as of September 30, 2020. (3) Includes $0.2 million as of September 30, 2020 in fair value adjustment, currently included in "Prepaid expenses and other assets" related to hedge accounting designations of purchase commitments (4) Carrying amount represents amortized cost.
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, 2020 and December 31, 2019: Table 4.4 September 30, 2020 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swap $ 114,788 $ 114,165 $ 623 Liabilities: Derivatives Interest rate swap $ 718,812 $ 714,470 $ 4,342 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest. December 31, 2019 Gross Amount Recognized (1) Counterparty Netting Net Amount Presented in the Consolidated Balance Sheet (in thousands) Assets: Derivatives Interest rate swaps $ 56,139 $ 53,771 $ 2,368 Liabilities: Derivatives Interest rate swaps $ 305,584 $ 291,326 $ 14,258 (1) Gross amount excludes netting arrangements and any adjustment for nonperformance risk, but includes accrued interest.

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Composition of Loan Balances	The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of September 30, 2020 and December 31, 2019: Table 5.1 As of September 30, 2020 (1) As of December 31, 2019 (2) Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Farm & Ranch $ 4,580,917 $ 1,276,407 $ 5,857,324 $ 3,675,640 $ 1,600,917 $ 5,276,557 Rural Utilities 2,109,355 — 2,109,355 1,671,293 — 1,671,293 Total unpaid principal balance (3) 6,690,272 1,276,407 7,966,679 5,346,933 1,600,917 6,947,850 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments 154,789 — 154,789 44,044 — 44,044 Total loans 6,845,061 1,276,407 8,121,468 5,390,977 1,600,917 6,991,894 Allowance for losses (14,878) (943) (15,821) (8,853) (1,601) (10,454) Total loans, net of allowance $ 6,830,183 $ 1,275,464 $ 8,105,647 $ 5,382,124 $ 1,599,316 $ 6,981,440 (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for losses to cover estimated probable incurred losses on loans held.
Schedule Allowance for Losses	The following table is a summary, by asset type, of the allowance for losses as of September 30, 2020 and December 31, 2019: Table 5.2 September 30, 2020 (1) December 31, 2019 (2) Allowance for Losses Allowance for Losses (in thousands) Loans: Farm & Ranch $ 5,739 $ 10,454 Rural Utilities 10,082 — Total $ 15,821 $ 10,454 (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. The following is a summary of the changes in the allowance for losses for the three and nine month period ended September 30, 2020 and 2019: Table 5.3 For the Three Months Ended For the Nine Months Ended September 30, 2020 (1) September 30, 2019 (2) September 30, 2020 (1) September 30, 2019 (2) Allowance for Losses Allowance for Losses Allowance for Losses Allowance for Losses (in thousands) Farm & Ranch: Beginning Balance $ 6,039 $ 7,264 $ 10,454 $ 7,017 Cumulative effect adjustment from adoption of current expected credit loss standard — — (3,909) — Adjusted Beginning Balance 6,039 7,264 6,545 7,017 (Release of)/provision for losses (300) 760 (412) 1,074 Charge-offs — — (394) (67) Ending Balance (3) $ 5,739 $ 8,024 $ 5,739 $ 8,024 Rural Utilities: Beginning Balance $ 8,900 $ — $ — $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — 5,378 — Adjusted Beginning Balance 8,900 — 5,378 — Provision for losses 1,182 — 4,704 — Charge-offs — — — — Ending Balance (4) $ 10,082 $ — $ 10,082 $ — (1) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020, Farmer Mac maintained an allowance for loan losses to cover estimated probable incurred losses on loans held. (3) Allowance for losses includes $1.8 million for collateral dependent assets secured by agricultural real estate.
Schedule of Past Due Financing Receivables	The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2020: Table 5.4 As of September 30, 2020 Accruing Current (5) 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 5,716,834 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 5,857,324 Rural Utilities 2,109,355 — — — — — 2,109,355 Total $ 7,826,189 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 7,966,679 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $24.8 million of nonaccrual loans for which there was no associated allowance. During the three and nine months ended September 30, 2020, Farmer Mac received $1.2 million and $3.5 million, respectively, in interest on nonaccrual loans. (5) Includes $105.3 million of unpaid principal balance related to Farm & Ranch loans that Farmer Mac has executed a COVID-19 payment deferment. Table 5.8 90-Day Delinquencies (1) Net Credit Losses As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch loans $ 57,719 $ 131 (1) Includes loans 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. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of September 30, 2020: Table 6.7 As of September 30, 2020 Current (2) 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,352,454 $ 2,934 $ 22,690 $ 13,947 $ 39,571 $ 2,392,025 Rural Utilities: LTSPCs $ 575,954 $ — $ — $ — $ — $ 575,954 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of 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. (2) Includes $185.4 million of unpaid principal balance related to Farm & Ranch LTSPCs for which the lender has notified Farmer Mac of an executed COVID-19 payment deferment. Table 6.9 90-Day Delinquencies (1) Net Credit Losses/(Recoveries) As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities $ 3,235 $ — (1) Includes 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 Allowance for Losses by Impairment Method and Commodity	The following tables present the unpaid principal balances of loans held and the related total allowance for losses by impairment method and commodity type as of December 31, 2019: Table 5.5 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment $ 2,664,362 $ 1,161,900 $ 871,341 $ 356,920 $ 10,360 $ 4,597 $ 5,069,480 Individually evaluated for impairment 108,815 51,256 39,962 7,044 — — 207,077 Total Farm & Ranch loans $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Allowance for Losses: Collectively evaluated for impairment $ 1,880 $ 1,362 $ 714 $ 249 $ 47 $ 4 $ 4,256 Individually evaluated for impairment 2,628 1,008 2,447 115 — — 6,198 Total Farm & Ranch loans $ 4,508 $ 2,370 $ 3,161 $ 364 $ 47 $ 4 $ 10,454 The following tables present the unpaid principal balances of Farm & Ranch loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related reserve for losses by impairment method and commodity type as of December 31, 2019: Table 6.8 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: $ 1,151,983 $ 511,991 $ 581,377 $ 167,395 $ 66,106 $ 2,760 $ 2,481,612 Individually evaluated for impairment: 5,698 2,114 10,207 706 — 56 18,781 Total Farm & Ranch $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Allowance for Losses: Collectively evaluated for impairment: $ 599 $ 96 $ 308 $ 50 $ 767 $ 1 $ 1,821 Individually evaluated for impairment: 97 43 189 14 — — 343 Total Farm & Ranch $ 696 $ 139 $ 497 $ 64 $ 767 $ 1 $ 2,164
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 December 31, 2019: Table 5.6 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Impaired Loans: With no specific allowance: Recorded investment $ 30,846 $ 16,696 $ 3,195 $ 1,398 $ — $ 56 $ 52,191 Unpaid principal balance 30,741 16,638 3,185 1,394 — 56 52,014 With a specific allowance: Recorded investment (1) 84,044 36,852 47,113 6,376 — — 174,385 Unpaid principal balance 83,772 36,732 46,984 6,356 — — 173,844 Associated allowance 2,725 1,051 2,636 129 — — 6,541 Total: Recorded investment 114,890 53,548 50,308 7,774 — 56 226,576 Unpaid principal balance 114,513 53,370 50,169 7,750 — 56 225,858 Associated allowance 2,725 1,051 2,636 129 — — 6,541 Recorded investment of loans on nonaccrual status (2) $ 34,037 $ 22,849 $ 28,441 $ 2,454 $ — $ — $ 87,781 (1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $159.1 million (70%) of impaired loans as of December 31, 2019, which resulted in a specific allowance of $3.0 million. (2) Includes $30.1 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: Table 5.7 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
Schedule of Financing Receivable Credit Quality Indicators	The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of September 30, 2020, by year of origination: Table 5.9 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,423,112 $ 765,367 $ 507,218 $ 557,095 $ 499,642 $ 1,157,633 $ 472,209 $ 5,382,276 Special mention (2) 39,607 124,068 27,757 4,633 10,897 22,236 50,395 279,593 Substandard (3) 7,556 5,926 19,682 57,541 36,490 59,330 8,930 195,455 Total $ 1,470,275 $ 895,361 $ 554,657 $ 619,269 $ 547,029 $ 1,239,199 $ 531,534 $ 5,857,324 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 638,281 $ 12,870 $ 2,104,881 Special mention (2) — — — — — — — — Substandard (3) — — — — — 4,474 — 4,474 Total $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 642,755 $ 12,870 $ 2,109,355 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. The following table presents credit quality indicators related to Farm & Ranch loans held as of December 31, 2019: Table 5.10 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 2,556,956 $ 1,050,160 $ 825,234 $ 343,329 $ 10,360 $ 4,597 $ 4,790,636 Special mention (2) 107,406 111,739 46,107 13,591 — — 278,843 Substandard (3) 108,815 51,257 39,962 7,044 — — 207,078 Total $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Commodity analysis of past due loans (1) $ 21,167 $ 15,828 $ 19,354 $ 1,370 $ — $ — $ 57,719 (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. The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of September 30, 2020, by year of origination: Table 6.10 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 118,116 $ 207,202 $ 184,421 $ 245,490 $ 216,983 $ 1,021,400 $ 173,617 $ 2,167,229 Special mention (1) — 1,742 1,509 23,200 14,628 47,948 10,040 99,067 Substandard (2) 264 10,821 12,676 15,614 14,401 67,338 4,615 125,729 Total $ 118,380 $ 219,765 $ 198,606 $ 284,304 $ 246,012 $ 1,136,686 $ 188,272 $ 2,392,025 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 For the Three Months Ended Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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. The following table presents credit quality indicators related to Farm & Ranch loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities as of December 31, 2019: Table 6.11 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 1,033,002 $ 484,601 $ 521,341 $ 161,361 $ 66,106 $ 2,594 $ 2,269,005 Special mention (2) 68,372 22,909 35,618 1,612 — — 128,511 Substandard (3) 56,307 6,595 34,625 5,128 — 222 102,877 Total $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Commodity analysis of past due loans (1) $ 1,493 $ 196 $ 1,066 $ 480 $ — $ — $ 3,235 (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.

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019, 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, 2020 As of December 31, 2019 (in thousands) Farm & Ranch: Farmer Mac Guaranteed Securities $ 85,767 $ 107,322 USDA Guarantees: Farmer Mac Guaranteed USDA Securities 310,682 389,216 Institutional Credit: AgVantage Securities 6,068 7,567 Total off-balance sheet Farmer Mac Guaranteed Securities $ 402,517 $ 504,105 Table 6.3 As of September 30, 2020 As of December 31, 2019 (dollars in thousands) Guarantee and commitment obligation $ 1,780 $ 2,230 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 9.5 years 9.8 years AgVantage Securities 4.2 years 5.0 years
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, 2020 September 30, 2019 (in thousands) Proceeds from new securitizations $ 64,612 $ 199,396 Guarantee fees received 1,136 1,122
Schedule of Long-Term Standby Purchase Commitments	The following table presents the liability, 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, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 6.4 As of September 30, 2020 As of December 31, 2019 (dollars in thousands) Guarantee and commitment obligation (1) $ 33,360 $ 34,470 Maximum principal amount 2,882,212 3,002,349 Weighted-average remaining maturity 15.1 years 15.2 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003.
Schedule of Reserve for Losses	The following table is a summary, by asset type, of the reserve for losses as of September 30, 2020 and December 31, 2019: Table 6.5 September 30, 2020 (1) December 31, 2019 (2) Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,278 $ 2,164 Rural Utilities LTSPCs 1,290 — Total $ 3,568 $ 2,164 (1) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained a reserve for losses to cover estimated probable incurred losses on loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities. The following is a summary of the changes in the reserve for losses for the three and nine month period ended September 30, 2020 and 2019: Table 6.6 For the Three Months Ended For the Nine Months Ended September 30, 2020 (1) September 30, 2019 (2) September 30, 2020 (1) September 30, 2019 (2) Reserve for Losses Reserve for Losses Reserve for Losses Reserve for Losses (in thousands) Farm & Ranch: Beginning Balance $ 1,650 $ 1,880 $ 2,164 $ 2,167 Cumulative effect adjustment from adoption of current expected credit loss standard — — (148) — Adjusted Beginning Balance 1,650 1,880 2,016 2,167 Provision for/(release of) losses $ 628 $ (137) $ 262 $ (424) Ending Balance $ 2,278 $ 1,743 $ 2,278 $ 1,743 Rural Utilities: Beginning Balance $ 1,370 $ — $ — $ — Cumulative effect adjustment from adoption of current expected credit loss standard — — 1,011 — Adjusted Beginning Balance 1,370 — 1,011 — (Release of)/provision for losses $ (80) $ — $ 279 $ — Ending Balance $ 1,290 $ — $ 1,290 $ — (1) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. (2) Prior to the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020, Farmer Mac maintained a reserve for losses to cover estimated probable incurred losses on loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities.
Schedule of Past Due Financing Receivables	The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2020: Table 5.4 As of September 30, 2020 Accruing Current (5) 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Farm & Ranch $ 5,716,834 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 5,857,324 Rural Utilities 2,109,355 — — — — — 2,109,355 Total $ 7,826,189 $ 3,513 $ 637 $ 6,901 $ 11,051 $ 129,439 $ 7,966,679 (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) Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $24.8 million of nonaccrual loans for which there was no associated allowance. During the three and nine months ended September 30, 2020, Farmer Mac received $1.2 million and $3.5 million, respectively, in interest on nonaccrual loans. (5) Includes $105.3 million of unpaid principal balance related to Farm & Ranch loans that Farmer Mac has executed a COVID-19 payment deferment. Table 5.8 90-Day Delinquencies (1) Net Credit Losses As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch loans $ 57,719 $ 131 (1) Includes loans 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. The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of September 30, 2020: Table 6.7 As of September 30, 2020 Current (2) 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Farm and Ranch: LTSPCs and Farmer Mac Guaranteed Securities $ 2,352,454 $ 2,934 $ 22,690 $ 13,947 $ 39,571 $ 2,392,025 Rural Utilities: LTSPCs $ 575,954 $ — $ — $ — $ — $ 575,954 (1) Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of 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. (2) Includes $185.4 million of unpaid principal balance related to Farm & Ranch LTSPCs for which the lender has notified Farmer Mac of an executed COVID-19 payment deferment. Table 6.9 90-Day Delinquencies (1) Net Credit Losses/(Recoveries) As of For the Nine Months Ended December 31, 2019 September 30, 2019 (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities $ 3,235 $ — (1) Includes 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 Allowance for Losses by Impairment Method and Commodity	The following tables present the unpaid principal balances of loans held and the related total allowance for losses by impairment method and commodity type as of December 31, 2019: Table 5.5 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment $ 2,664,362 $ 1,161,900 $ 871,341 $ 356,920 $ 10,360 $ 4,597 $ 5,069,480 Individually evaluated for impairment 108,815 51,256 39,962 7,044 — — 207,077 Total Farm & Ranch loans $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Allowance for Losses: Collectively evaluated for impairment $ 1,880 $ 1,362 $ 714 $ 249 $ 47 $ 4 $ 4,256 Individually evaluated for impairment 2,628 1,008 2,447 115 — — 6,198 Total Farm & Ranch loans $ 4,508 $ 2,370 $ 3,161 $ 364 $ 47 $ 4 $ 10,454 The following tables present the unpaid principal balances of Farm & Ranch loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related reserve for losses by impairment method and commodity type as of December 31, 2019: Table 6.8 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Ending Balance: Collectively evaluated for impairment: $ 1,151,983 $ 511,991 $ 581,377 $ 167,395 $ 66,106 $ 2,760 $ 2,481,612 Individually evaluated for impairment: 5,698 2,114 10,207 706 — 56 18,781 Total Farm & Ranch $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Allowance for Losses: Collectively evaluated for impairment: $ 599 $ 96 $ 308 $ 50 $ 767 $ 1 $ 1,821 Individually evaluated for impairment: 97 43 189 14 — — 343 Total Farm & Ranch $ 696 $ 139 $ 497 $ 64 $ 767 $ 1 $ 2,164
Schedule of Financing Receivable Credit Quality Indicators	The following tables present credit quality indicators related to Farm & Ranch loans and Rural Utilities loans held as of September 30, 2020, by year of origination: Table 5.9 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch (1) : Internally Assigned Risk Rating: Acceptable $ 1,423,112 $ 765,367 $ 507,218 $ 557,095 $ 499,642 $ 1,157,633 $ 472,209 $ 5,382,276 Special mention (2) 39,607 124,068 27,757 4,633 10,897 22,236 50,395 279,593 Substandard (3) 7,556 5,926 19,682 57,541 36,490 59,330 8,930 195,455 Total $ 1,470,275 $ 895,361 $ 554,657 $ 619,269 $ 547,029 $ 1,239,199 $ 531,534 $ 5,857,324 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ 394 $ — $ 394 (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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities (1) : Internally Assigned Risk Rating: Acceptable $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 638,281 $ 12,870 $ 2,104,881 Special mention (2) — — — — — — — — Substandard (3) — — — — — 4,474 — 4,474 Total $ 502,873 $ 819,099 $ 8,260 $ 92,223 $ 31,275 $ 642,755 $ 12,870 $ 2,109,355 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (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. The following table presents credit quality indicators related to Farm & Ranch loans held as of December 31, 2019: Table 5.10 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 2,556,956 $ 1,050,160 $ 825,234 $ 343,329 $ 10,360 $ 4,597 $ 4,790,636 Special mention (2) 107,406 111,739 46,107 13,591 — — 278,843 Substandard (3) 108,815 51,257 39,962 7,044 — — 207,078 Total $ 2,773,177 $ 1,213,156 $ 911,303 $ 363,964 $ 10,360 $ 4,597 $ 5,276,557 Commodity analysis of past due loans (1) $ 21,167 $ 15,828 $ 19,354 $ 1,370 $ — $ — $ 57,719 (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. The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of September 30, 2020, by year of origination: Table 6.10 As of September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities: Internally Assigned Risk Rating: Acceptable $ 118,116 $ 207,202 $ 184,421 $ 245,490 $ 216,983 $ 1,021,400 $ 173,617 $ 2,167,229 Special mention (1) — 1,742 1,509 23,200 14,628 47,948 10,040 99,067 Substandard (2) 264 10,821 12,676 15,614 14,401 67,338 4,615 125,729 Total $ 118,380 $ 219,765 $ 198,606 $ 284,304 $ 246,012 $ 1,136,686 $ 188,272 $ 2,392,025 For the Three Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Farm & Ranch net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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 September 30, 2020 Year of Origination: 2020 2019 2018 2017 2016 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Utilities LTSPCs: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 569,324 $ 6,630 $ 575,954 For the Three Months Ended Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Utilities net charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) 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. The following table presents credit quality indicators related to Farm & Ranch loans underlying LTSPCs and off-balance sheet Farm & Ranch Farmer Mac Guaranteed Securities as of December 31, 2019: Table 6.11 As of December 31, 2019 Crops Permanent Livestock Part-time Ag. Storage and Other Total (in thousands) Internally Assigned Risk Rating (1) Acceptable $ 1,033,002 $ 484,601 $ 521,341 $ 161,361 $ 66,106 $ 2,594 $ 2,269,005 Special mention (2) 68,372 22,909 35,618 1,612 — — 128,511 Substandard (3) 56,307 6,595 34,625 5,128 — 222 102,877 Total $ 1,157,681 $ 514,105 $ 591,584 $ 168,101 $ 66,106 $ 2,816 $ 2,500,393 Commodity analysis of past due loans (1) $ 1,493 $ 196 $ 1,066 $ 480 $ — $ — $ 3,235 (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.

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2020 and December 31, 2019: Table 7.1 September 30, 2020 Outstanding as of September 30 Average Outstanding During the First Nine Months Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,358,943 0.21 % $ 2,313,477 0.79 % Medium-term notes 2,065,148 0.27 % 1,312,909 0.81 % Current portion of medium-term notes 6,510,992 0.90 % Total due within one year $ 10,935,083 0.63 % Due after one year: Medium-term notes due in: Two years $ 3,277,494 0.96 % Three years 2,326,812 1.44 % Four years 1,056,062 1.73 % Five years 1,242,150 1.35 % Thereafter 2,751,684 2.07 % Total due after one year 10,654,202 1.47 % Total $ 21,589,285 1.05 % December 31, 2019 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,194,177 1.72 % $ 1,977,214 2.25 % Medium-term notes 1,152,770 1.98 % 1,780,517 2.33 % Current portion of medium-term notes 6,672,135 1.85 % Total due within one year $ 10,019,082 1.84 % Due after one year: Medium-term notes due in: Two years $ 3,700,835 2.04 % Three years 1,594,709 2.15 % Four years 1,205,276 2.27 % Five years 760,887 2.25 % Thereafter 1,817,859 2.89 % Total due after one year 9,079,566 2.28 % Total $ 19,098,648 2.05 % Table 7.2 Debt Callable in 2020 as of September 30, 2020, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2021 $ 215,949 0.17 % 2022 122,918 0.59 % 2023 127,863 0.47 % 2024 59,941 1.33 % Thereafter 374,144 1.84 % Total $ 900,815 1.04 %
Schedule of Long-Term Debt Instruments	The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of September 30, 2020, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2020 $ 10,523,446 0.31 % 2021 3,219,231 1.55 % 2022 1,787,566 1.59 % 2023 2,026,445 1.62 % 2024 919,753 1.77 % Thereafter 3,112,844 2.09 % Total $ 21,589,285 1.05 %

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of September 30, 2020 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,072 $ 19,072 Floating rate asset-backed securities — 9,201 — 9,201 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,286,033 — 2,286,033 Fixed rate GSE guaranteed mortgage-backed securities — 318 — 318 Fixed rate U.S. Treasuries 1,217,566 — — 1,217,566 Total Investment Securities 1,217,566 2,295,552 19,072 3,532,190 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,511,638 7,511,638 Total Farmer Mac Guaranteed Securities — — 7,511,638 7,511,638 USDA Securities: Trading — — 6,830 6,830 Total USDA Securities — — 6,830 6,830 Financial derivatives 9 12,828 — 12,837 Total Assets at fair value $ 1,217,575 $ 2,308,380 $ 7,537,540 $ 11,063,495 Liabilities: Financial derivatives $ — $ 37,357 $ — $ 37,357 Total Liabilities at fair value $ — $ 37,357 $ — $ 37,357 Non-recurring: Assets Loans held for sale $ — $ — $ 22,086 $ 22,086 Total non-recurring assets at fair value $ — $ — $ 22,086 $ 22,086 (1) Level 3 assets represent 32% of total assets and 68% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 18,912 $ 18,912 Floating rate asset-backed securities — 11,085 — 11,085 Floating rate Government/GSE guaranteed mortgage-backed securities — 1,632,583 — 1,632,583 Fixed rate GSE guaranteed mortgage-backed securities — 340 — 340 Fixed rate U.S. Treasuries 1,296,923 — — 1,296,923 Total available-for-sale 1,296,923 1,644,008 18,912 2,959,843 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,143,025 7,143,025 Total Farmer Mac Guaranteed Securities — — 7,143,025 7,143,025 USDA Securities: Trading — — 8,913 8,913 Total USDA Securities — — 8,913 8,913 Financial derivatives — 10,519 — 10,519 Total Assets at fair value $ 1,296,923 $ 1,654,527 $ 7,170,850 $ 10,122,300 Liabilities: Financial derivatives $ 51 $ 26,991 $ — $ 27,042 Total Liabilities at fair value $ 51 $ 26,991 $ — $ 27,042 (1) Level 3 assets represent 33% of total assets and 71% of financial instruments measured at fair value.
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, 2020 and 2019. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2020 Beginning Purchases Sales Settlements Allowance for losses 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 $ 18,283 $ — $ — $ — $ 1 $ — $ 788 $ 19,072 Total available-for-sale 18,283 — — — 1 — 788 19,072 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,898,387 122,892 — (513,864) (96) (41,832) 46,151 7,511,638 Total available-for-sale 7,898,387 122,892 — (513,864) (96) (41,832) 46,151 7,511,638 USDA Securities: Trading 7,786 — — (697) — (259) — 6,830 Total USDA Securities 7,786 — — (697) (259) — 6,830 Total Assets at fair value $ 7,924,456 $ 122,892 $ — $ (514,561) $ (95) $ (42,091) $ 46,939 $ 7,537,540 Level 3 Assets and Liabilities Measured at Fair Value for the Three 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 $ 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 Nine Months Ended September 30, 2020 Beginning Balance Purchases Sales Settlements Allowance for Losses Realized and Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ — $ (37) $ — $ 197 $ 19,072 Total available-for-sale 18,912 — — — (37) — 197 19,072 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 958,368 — (826,380) (330) 257,597 (20,642) 7,511,638 Total available-for-sale 7,143,025 958,368 — (826,380) (330) 257,597 (20,642) 7,511,638 USDA Securities: Trading 8,913 — — (1,910) — (173) — 6,830 Total USDA Securities 8,913 — — (1,910) (173) — 6,830 Total Assets at fair value $ 7,170,850 $ 958,368 $ — $ (828,290) $ (367) $ 257,424 $ (20,445) $ 7,537,540 Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 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
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, 2020 and December 31, 2019: Table 9.3 As of September 30, 2020 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,072 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,511,638 Discounted cash flow Discount rate 0.8% - 2.3% (1.2%) USDA Securities $ 6,830 Discounted cash flow Discount rate 1.3% - 3.3% (2.6%) CPR 23% - 49% (43%) As of December 31, 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 $ 18,912 Indicative bids Range of broker quotes 96.0% - 96.0% (96.0%) Farmer Mac Guaranteed Securities: AgVantage $ 7,143,025 Discounted cash flow Discount rate 2.3% - 5.5% (2.6%) USDA Securities $ 8,913 Discounted cash flow Discount rate 2.3% - 2.6% (2.1%) CPR 10% - 21% (19%)
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, 2020 and December 31, 2019: Table 9.4 As of September 30, 2020 As of December 31, 2019 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 910,592 $ 910,592 $ 604,381 $ 604,381 Investment securities 3,578,375 3,577,222 3,005,828 3,004,875 Farmer Mac Guaranteed Securities 8,739,103 8,712,208 8,606,451 8,590,476 USDA Securities 2,522,001 2,417,678 2,294,671 2,241,073 Loans 8,450,522 8,105,647 7,317,091 6,981,440 Financial derivatives 12,837 12,837 10,519 10,519 Guarantee and commitment fees receivable 34,801 36,664 36,732 38,442 Financial liabilities: Notes payable 21,893,043 21,589,285 19,234,079 19,098,648 Debt securities of consolidated trusts held by third parties 1,337,741 1,292,416 1,663,177 1,616,504 Financial derivatives 37,357 37,357 27,042 27,042 Guarantee and commitment obligations 33,278 35,140 34,990 36,700

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019: Table 10.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2020 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 18,093 $ 4,747 $ 5,709 $ 14,171 $ 1,941 $ — $ 44,661 Less: reconciling adjustments (1)(2)(3) (68) 1,118 1,230 4,430 431 (7,141) — Net effective spread 18,025 5,865 6,939 18,601 2,372 (7,141) — Guarantee and commitment fees (2) 4,111 213 328 7 — (1,500) 3,159 Other income/(expense) (3) 443 135 — — (125) (681) (228) Non-interest income/(loss) 4,554 348 328 7 (125) (2,181) 2,931 Release of/(provision for) losses 300 — (1,182) 228 1 — (653) (Provision for)/release of reserve for losses (628) — 81 — — — (547) Other non-interest expense (5,381) (1,643) (1,438) (2,160) (3,938) — (14,560) Non-interest expense (4) (6,009) (1,643) (1,357) (2,160) (3,938) — (15,107) Core earnings before income taxes 16,870 4,570 4,728 16,676 (1,690) (9,322) (5) 31,832 Income tax (expense)/benefit (3,543) (960) (993) (3,502) 701 1,957 (6,340) Core earnings before preferred stock dividends 13,327 3,610 3,735 13,174 (989) (7,365) (5) 25,492 Preferred stock dividends — — — — (5,166) — (5,166) Loss on retirement of preferred stock — — — — — (1,667) (1,667) Segment core earnings/(losses) $ 13,327 $ 3,610 $ 3,735 $ 13,174 $ (6,155) $ (9,032) (5) $ 18,659 Total assets at carrying value $ 5,961,307 $ 2,487,687 $ 2,256,011 $ 8,716,923 $ 4,576,909 $ — $ 23,998,837 Total on- and off-balance sheet program assets at principal balance $ 8,249,349 $ 2,735,128 $ 2,685,309 $ 8,319,502 $ — $ — $ 21,989,288 (1) Includes 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, 2019 Farm & Ranch USDA Guarantees Rural Institutional Credit Corporate Reconciling Adjustments 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) Includes 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, 2020 Farm & Ranch USDA Guarantees Rural Utilities Institutional Credit Corporate Reconciling Consolidated Net Income (in thousands) Net interest income $ 53,768 $ 14,691 $ 12,778 $ 48,059 $ 5,025 $ — $ 134,321 Less: reconciling adjustments (1)(2)(3) (4,072) 488 4,597 7,026 74 (8,113) — Net effective spread 49,696 15,179 17,375 55,085 5,099 (8,113) — Guarantee and commitment fees (2) 12,822 658 995 23 — (5,003) 9,495 Other income/(expense) (3) 2,197 864 12 — (413) (3,048) (388) Non-interest income/(loss) 15,019 1,522 1,007 23 (413) (8,051) 9,107 (Release of)/provision for losses 412 — (4,704) (222) (28) — (4,542) Provision for reserve for losses (262) — (278) — — — (540) Other non-interest expense (16,632) (5,045) (4,428) (6,606) (12,171) — (44,882) Non-interest expense (4) (16,894) (5,045) (4,706) (6,606) (12,171) — (45,422) Core earnings before income taxes 48,233 11,656 8,972 48,280 (7,513) (16,164) (5) 93,464 Income tax (expense)/benefit (10,129) (2,448) (1,884) (10,139) 1,689 3,395 (19,516) Core earnings before preferred stock dividends 38,104 9,208 7,088 38,141 (5,824) (12,769) (5) 73,948 Preferred stock dividends — — — — (12,536) — (12,536) Loss on retirement of preferred stock — — — — — (1,667) (1,667) Segment core earnings/(losses) $ 38,104 $ 9,208 $ 7,088 $ 38,141 $ (18,360) $ (14,436) (5) $ 59,745 Total assets at carrying value $ 5,961,307 $ 2,487,687 $ 2,256,011 $ 8,716,923 $ 4,576,909 $ — $ 23,998,837 Total on- and off-balance sheet program assets at principal balance $ 8,249,349 $ 2,735,128 $ 2,685,309 $ 8,319,502 $ — $ — $ 21,989,288 (1) Includes 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 Institutional Credit Corporate Reconciling Adjustments 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) Includes 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 - Narrative (Details)	Sep. 30, 2020subsidiary
Accounting Policies [Abstract]
Number of subsidiaries	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	$ 6,825,061	$ 5,390,977
Debt securities of consolidated trusts held by third parties	21,589,285	19,098,648
Farm & Ranch
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	5,857,324
Borrower remittances	16,000	15,600
USDA Guarantees
Variable Interest Entity [Line Items]
Unamortized Premium/(Discount)	(100)	(200)
On-Balance Sheet:
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost		5,276,557
On-Balance Sheet: | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	1,276,407	1,600,917
Debt securities of consolidated trusts held by third parties	1,292,416	1,616,504
On-Balance Sheet: | Farm & Ranch
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost		5,276,557
Off-Balance Sheet:
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost		2,500,393
Off-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	396,449	496,538
Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	7,511,638	7,143,025
Farmer Mac Guaranteed Securities | On-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	36,505	32,041
Maximum exposure to loss	36,414	31,887
Investment securities
Variable Interest Entity [Line Items]
Carrying value	3,532,190	2,959,843
Unamortized Premium/(Discount)	9,439	1,382
Investment securities | On-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	1,835,688	1,117,203
Maximum exposure to loss	1,829,604	1,120,765
Operating Segments | On-Balance Sheet: | Farm & Ranch | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	1,276,407	1,600,917
Debt securities of consolidated trusts held by third parties	1,292,416	1,616,504
Operating Segments | On-Balance Sheet: | USDA Guarantees | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	0	0
Debt securities of consolidated trusts held by third parties	0	0
Operating Segments | Off-Balance Sheet: | Farm & Ranch | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	85,767	107,322
Operating Segments | Off-Balance Sheet: | USDA Guarantees | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	310,682	389,216
Operating Segments | Farmer Mac Guaranteed Securities | On-Balance Sheet: | Farm & Ranch | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	0	0
Maximum exposure to loss	0	0
Operating Segments | Farmer Mac Guaranteed Securities | On-Balance Sheet: | USDA Guarantees | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	36,505	32,041
Maximum exposure to loss	36,414	31,887
Operating Segments | Investment securities | On-Balance Sheet: | Farm & Ranch | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	0	0
Maximum exposure to loss	0	0
Operating Segments | Investment securities | On-Balance Sheet: | USDA Guarantees | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	0	0
Maximum exposure to loss	0	0
Corporate | On-Balance Sheet: | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for investment, at amortized cost	0	0
Debt securities of consolidated trusts held by third parties	0	0
Corporate | Off-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	0	0
Corporate | Farmer Mac Guaranteed Securities | On-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	0	0
Maximum exposure to loss	0	0
Corporate | Investment securities | On-Balance Sheet: | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value	1,835,688	1,117,203
Maximum exposure to loss	$ 1,829,604	$ 1,120,765

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic EPS
Net income attributable to common stockholders	$ 18,659	$ 14,406	$ 59,745	$ 64,584
Weighted-Average Shares (in shares)	10,734,000	10,706,000	10,725,000	10,691,000
Dollars per share (in dollars per share)	$ 1.74	$ 1.34	$ 5.57	$ 6.04
Effect of dilutive securities
SARs and restricted stock (in shares)	51,000	70,000	56,000	83,000
SARs and restricted stock (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.05)
Net income, Diluted EPS	$ 18,659	$ 14,406	$ 59,745	$ 64,584
Weighted-Average Shares, Diluted EPS (in shares)	10,785,000	10,776,000	10,781,000	10,774,000
Diluted EPS (in dollars per share)	$ 1.73	$ 1.33	$ 5.54	$ 5.99
Stock Appreciation Rights and Restricted Stock
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	66,445	26,768	78,963	48,801
Performance Shares
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	12,680	8,414	12,680	10,994

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 824,116	$ 693,617	$ 799,276	$ 773,742	$ 763,298	$ 752,557	$ 799,276	$ 752,557
Other comprehensive income/(loss) before reclassifications	39,003			(23,986)			(29,894)	(53,987)
Amounts reclassified from AOCI	(1,343)			(6,195)			(7,782)	(13,993)
Other comprehensive income/(loss) net of tax	37,660	29,940	(105,276)	(30,181)	(34,097)	(3,702)	(37,676)	(67,980)
Ending balance	930,345	824,116	693,617	750,259	773,742	763,298	930,345	750,259
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(88,261)		(43,397)	(45,384)		(25,360)	(43,397)	(25,360)
Other comprehensive income/(loss) before reclassifications	38,099			(18,915)			(5,210)	(37,308)
Amounts reclassified from AOCI	(783)			(776)			(2,338)	(2,407)
Other comprehensive income/(loss) net of tax	37,316			(19,691)			(7,548)	(39,715)
Ending balance	(50,945)	(88,261)		(65,075)	(45,384)		(50,945)	(65,075)
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Held-to-Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	26,379		32,845	38,021		43,443	32,845	43,443
Other comprehensive income/(loss) before reclassifications	0			0			0	0
Amounts reclassified from AOCI	(1,993)			(5,169)			(8,459)	(10,591)
Other comprehensive income/(loss) net of tax	(1,993)			(5,169)			(8,459)	(10,591)
Ending balance	24,386	26,379		32,852	38,021		24,386	32,852
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(29,615)		(5,609)	(5,480)		6,873	(5,609)	6,873
Other comprehensive income/(loss) before reclassifications	904			(5,071)			(24,684)	(16,679)
Amounts reclassified from AOCI	1,433			(250)			3,015	(995)
Other comprehensive income/(loss) net of tax	2,337			(5,321)			(21,669)	(17,674)
Ending balance	(27,278)	(29,615)		(10,801)	(5,480)		(27,278)	(10,801)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(91,497)	(121,437)	(16,161)	(12,843)	21,254	24,956	(16,161)	24,956
Other comprehensive income/(loss) net of tax	37,660	29,940	(105,276)	(30,181)	(34,097)	(3,702)
Ending balance	$ (53,837)	$ (91,497)	$ (121,437)	$ (43,024)	$ (12,843)	$ 21,254	$ (53,837)	$ (43,024)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Before Tax
Unrealized holding (losses)/gains on available-for-sale-securities, before tax	$ 48,226			$ (23,943)			$ (6,596)	$ (47,225)
Other comprehensive income/(loss) before tax	47,671			(38,204)			(47,690)	(86,051)
Provision (Benefit)
Unrealized holding gains/(losses) on available-for-sale securities, provision (benefit)	10,127			(5,028)			(1,386)	(9,917)
Other comprehensive income/(loss), provision (benefit)	10,011			(8,023)			(10,014)	(18,071)
After Tax
Unrealized holding gains/(losses) on available-for-sale securities, after tax	38,099			(18,915)			(5,210)	(37,308)
Reclassification adjustments, after tax	(1,343)			(6,195)			(7,782)	(13,993)
Unrealized gains/(losses) on cash flow hedges	39,003			(23,986)			(29,894)	(53,987)
Other comprehensive income/(loss) net of tax	37,660	$ 29,940	$ (105,276)	(30,181)	$ (34,097)	$ (3,702)	(37,676)	(67,980)
Cash Flow Hedges
Before Tax
Unrealized gain/(losses) on cash flow hedges, before taxes	1,145			(6,419)			(31,246)	(21,113)
Other comprehensive income/(loss) before tax	2,959			(6,736)			(27,429)	(22,373)
Provision (Benefit)
Unrealized gains/(losses) on cash flow hedges, provision (benefit)	241			(1,348)			(6,562)	(4,434)
Other comprehensive income/(loss), provision (benefit)	622			(1,415)			(5,760)	(4,699)
After Tax
Reclassification adjustments, after tax	1,433			(250)			3,015	(995)
Unrealized gains/(losses) on cash flow hedges	904			(5,071)			(24,684)	(16,679)
Other comprehensive income/(loss) net of tax	2,337			(5,321)			(21,669)	(17,674)
Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Before Tax
Other comprehensive income/(loss) before tax	47,235			(24,925)			(9,554)	(50,272)
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	9,919			(5,234)			(2,006)	(10,557)
After Tax
Reclassification adjustments, after tax	(783)			(776)			(2,338)	(2,407)
Unrealized gains/(losses) on cash flow hedges	38,099			(18,915)			(5,210)	(37,308)
Other comprehensive income/(loss) net of tax	37,316			(19,691)			(7,548)	(39,715)
Held-to-Maturity Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Before Tax
Other comprehensive income/(loss) before tax	(2,523)			(6,543)			(10,707)	(13,406)
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	(530)			(1,374)			(2,248)	(2,815)
After Tax
Reclassification adjustments, after tax	(1,993)			(5,169)			(8,459)	(10,591)
Unrealized gains/(losses) on cash flow hedges	0			0			0	0
Other comprehensive income/(loss) net of tax	(1,993)			(5,169)			(8,459)	(10,591)
Net Interest Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Reclassification adjustments
Before Tax
Reclassification adjustments, before tax	(976)			(961)			(2,916)	(2,870)
Provision (Benefit)
Reclassification adjustments, provision (benefit)	(205)			(202)			(612)	(603)
After Tax
Reclassification adjustments, after tax	(771)			(759)			(2,304)	(2,267)
Net Interest Income | Held-to-Maturity Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Reclassification adjustments
Before Tax
Reclassification adjustments, before tax	(2,523)			(6,543)			(10,707)	(13,406)
Provision (Benefit)
Reclassification adjustments, provision (benefit)	(530)			(1,374)			(2,248)	(2,815)
After Tax
Reclassification adjustments, after tax	(1,993)			(5,169)			(8,459)	(10,591)
Other Income | Available-for-Sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Reclassification adjustments
Before Tax
Reclassification adjustments, before tax	(15)			(21)			(42)	(177)
Provision (Benefit)
Reclassification adjustments, provision (benefit)	(3)			(4)			(8)	(37)
After Tax
Reclassification adjustments, after tax	(12)			(17)			(34)	(140)
Interest Expense | Cash Flow Hedges | Reclassification adjustments
Before Tax
Reclassification adjustments, before tax	1,814			(317)			3,817	(1,260)
Provision (Benefit)
Reclassification adjustments, provision (benefit)	381			(67)			802	(265)
After Tax
Reclassification adjustments, after tax	$ 1,433			$ (250)			$ 3,015	$ (995)

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - CECL Adoption (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Allowance for loans receivable		$ 12,618
Long-term standby purchase commitments and guarantees	$ 3,568	2,164
Transition Adjustment	15,821	10,454
Investment Securities		0
Retained earnings	930,345	799,276	$ 824,116	$ 693,617		$ 750,259	$ 773,742	$ 763,298		$ 752,557
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transition Adjustment					$ 2,656
Investment Securities					9
Retained earnings		(2,099)
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transition Adjustment					15,274
Investment Securities					9
Retained earnings		797,177
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 488,717	457,047	478,647	$ 455,545		435,479	428,569	$ 407,755		393,351
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(2,099)			(2,099)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		454,948			454,948
Farm & Ranch
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Allowance for loans receivable		10,454
Long-term standby purchase commitments and guarantees	$ 2,278	2,164	1,650		2,016	1,743	1,880		$ 2,167	2,167
Transition Adjustment	$ 5,739	10,454	6,039			8,024	7,264			7,017
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term standby purchase commitments and guarantees			0		(148)		0		0
Transition Adjustment		(3,909)	0		(3,909)		0			0
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term standby purchase commitments and guarantees					2,016
Transition Adjustment		6,545	6,039		6,545		7,264			7,017
Rural  Utilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Allowance for loans receivable		0
Long-term standby purchase commitments and guarantees	$ 1,290	0	1,370		1,011	0	0		0	0
Transition Adjustment	$ 10,082	0	8,900			$ 0	0			0
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term standby purchase commitments and guarantees			0		1,011		0		$ 0
Transition Adjustment		5,378	0		5,378		0			0
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term standby purchase commitments and guarantees					1,011
Transition Adjustment		5,378	$ 8,900		5,378		$ 0			$ 0
AgVantage Securities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for loans receivable		$ 0
AgVantage Securities | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transition Adjustment					315
AgVantage Securities | Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transition Adjustment					$ 315

Investment Securities - Schedul

Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Held-to-maturity:
Allowance for losses	$ (216)
Investment securities
Available-for-sale:
Amount Outstanding	3,513,235	$ 2,960,048
Unamortized Premium/(Discount)	9,439	1,382
Amortized cost of available-for-sale investment securities	3,522,674	2,961,430
Allowance for losses	(37)
Unrealized Gains	13,309	3,959
Unrealized Losses	(3,756)	(5,546)
Available-for-sale, at fair value	3,532,190	2,959,843
Held-to-maturity:
Unamortized Premium/(Discount)	9,439	1,382
Total investment securities
Amount Outstanding	3,558,267	3,005,080
Unamortized Premium/(Discount)	9,439	1,382
Amortized Cost	3,567,706	3,006,462
Allowance for losses	(37)
Unrealized Gains	14,462	4,912
Unrealized Losses	(3,756)	(5,546)
Fair Value	3,578,375	3,005,828
Accrued interest excluded	5,700
Available-for-Sale Securities | Investment securities
Available-for-sale:
Unamortized Premium/(Discount)	9,439	1,382
Held-to-maturity:
Unamortized Premium/(Discount)	9,439	1,382
Total investment securities
Unamortized Premium/(Discount)	9,439	1,382
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Amount Outstanding	19,700	19,700
Amortized cost of available-for-sale investment securities	19,700	19,700
Allowance for losses	(37)
Unrealized Gains	0	0
Unrealized Losses	(591)	(788)
Available-for-sale, at fair value	19,072	18,912
Floating Interest Rate | Floating rate asset-backed securities
Available-for-sale:
Amount Outstanding	9,205	11,092
Amortized cost of available-for-sale investment securities	9,205	11,092
Allowance for losses	0
Unrealized Gains	0	0
Unrealized Losses	(4)	(7)
Available-for-sale, at fair value	9,201	11,085
Floating Interest Rate | Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,279,737	1,633,731
Amortized cost of available-for-sale investment securities	2,279,770	1,634,905
Allowance for losses	0
Unrealized Gains	9,415	2,414
Unrealized Losses	(3,152)	(4,736)
Available-for-sale, at fair value	2,286,033	1,632,583
Floating Interest Rate | Available-for-Sale Securities | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Total investment securities
Unamortized Premium/(Discount)	0	0
Floating Interest Rate | Available-for-Sale Securities | Floating rate asset-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Total investment securities
Unamortized Premium/(Discount)	0	0
Floating Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	33	1,174
Held-to-maturity:
Unamortized Premium/(Discount)	33	1,174
Total investment securities
Unamortized Premium/(Discount)	33	1,174
Fixed Interest Rate | Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	285	315
Amortized cost of available-for-sale investment securities	285	315
Allowance for losses	0
Unrealized Gains	33	25
Unrealized Losses	0	0
Available-for-sale, at fair value	318	340
Held-to-maturity:
Amount Outstanding	45,032	45,032
Amortized Cost	45,032	45,032
Allowance for losses	0
Unrealized Gains	1,153	953
Unrealized Losses	0	0
Fair Value	$ 46,185	$ 45,985
Total investment securities
Held-to-maturity investment securities weighted average yield	1.50%	3.30%
Fixed Interest Rate | Fixed rate U.S. Treasuries
Available-for-sale:
Amount Outstanding	$ 1,204,308	$ 1,295,210
Amortized cost of available-for-sale investment securities	1,213,714	1,295,418
Allowance for losses	0
Unrealized Gains	3,861	1,520
Unrealized Losses	(9)	(15)
Available-for-sale, at fair value	1,217,566	1,296,923
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Total investment securities
Unamortized Premium/(Discount)	0	0
Fixed Interest Rate | Available-for-Sale Securities | Fixed rate U.S. Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	9,406	208
Held-to-maturity:
Unamortized Premium/(Discount)	9,406	208
Total investment securities
Unamortized Premium/(Discount)	9,406	208
Fixed Interest Rate | Held-to-Maturity Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Total investment securities
Unamortized Premium/(Discount)	$ 0	$ 0

Investment Securities - Unreali

Investment Securities - Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2020USD ($)security	Dec. 31, 2019USD ($)security
Unrealized loss position for less than 12 months
Fair Value	$ 205,313	$ 879,683
Unrealized Loss	(473)	(2,260)
Unrealized loss position for more than 12 months
Fair Value	429,414	464,035
Unrealized Loss	$ (3,283)	$ (3,286)
Investment securities
Unrealized loss position for less than 12 months
Number of securities in loss position | security	27	57
Unrealized loss position for more than 12 months
Number of securities in loss position | security	63	62
Floating Interest Rate | 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	19,072	18,912
Unrealized Loss	(591)	(788)
Floating Interest Rate | Floating rate asset-backed securities
Unrealized loss position for less than 12 months
Fair Value	0	2,583
Unrealized Loss	0	(1)
Unrealized loss position for more than 12 months
Fair Value	6,873	8,502
Unrealized Loss	(4)	(6)
Floating Interest Rate | Guaranteed mortgage-backed securities
Unrealized loss position for less than 12 months
Fair Value	154,452	841,993
Unrealized Loss	(464)	(2,244)
Unrealized loss position for more than 12 months
Fair Value	403,469	436,621
Unrealized Loss	(2,688)	(2,492)
Fixed Interest Rate | Fixed rate U.S. Treasuries
Unrealized loss position for less than 12 months
Fair Value	50,861	35,107
Unrealized Loss	(9)	(15)
Unrealized loss position for more than 12 months
Fair Value	0	0
Unrealized Loss	$ 0	$ 0

Investment Securities - Narrati

Investment Securities - Narrative (Details)	Sep. 30, 2020
Investment securities
Debt Securities, Available-for-sale [Line Items]
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months	99.20%

Investment Securities - Debt Ma

Investment Securities - Debt Maturities (Details) - Investment securities - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Due within one year	$ 1,142,369
Due after one year through five years	361,971
Due after five years through ten years	1,129,147
Due after ten years	889,187
Amortized Cost	3,522,674	$ 2,961,430
Fair Value
Due within one year	1,146,222
Due after one year through five years	362,065
Due after five years through ten years	1,134,255
Due after ten years	889,648
Total	$ 3,532,190	$ 2,959,843
Weighted- Average Yield
Due within one year	2.01%
Due after one year through five years	0.76%
Due after five years through ten years	0.67%
Due after ten years	0.69%
Total	1.12%

Farmer Mac Guaranteed Securit_3

Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2020
Held-to-maturity:
Allowance for losses			$ (216)
Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unpaid Principal Balance		$ 3,638,142	3,582,183
Amortized Cost		3,679,611	3,611,634
Unrealized Gains		70,495	132,716
Unrealized Losses		(922)	(1,498)
Fair Value			3,742,636
Fair Value		3,749,184	3,742,636
Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance		1,447,471	1,200,767
Amortized Cost		1,447,451	1,200,786
Allowance for losses			(216)
Unrealized Gains		16,139	26,995
Unrealized Losses		(164)	(100)
Fair Value			1,227,465
Fair Value		1,463,426
Available-for-sale:
Amortized Cost			7,150,606
Carrying value			7,511,638
USDA Securities:
Trading:
Fair Value		8,913	6,830
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)		41,469	29,451
Available-for-sale:
Unamortized Premium/(Discount)		41,469	29,451
Trading:
Unamortized Premium/(Discount)		41,469	29,451
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)		(20)	19
Available-for-sale:
Unamortized Premium/(Discount)		(20)	19
Trading:
Unamortized Premium/(Discount)		(20)	19
AgVantage Securities
Trading:
Available-for-sale, accrued interest excluded			32,700
Held-to-maturity, accrued interest excluded			41,100
Trading securities, accrued interest excluded			100
AgVantage Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance		1,415,584	1,164,353
Amortized Cost		1,415,410	1,164,280
Allowance for losses			(216)
Unrealized Gains		15,300	25,969
Unrealized Losses		(164)	(99)
Fair Value			1,189,934
Fair Value		1,430,546
Available-for-sale:
Unpaid Principal Balance		7,017,095	7,149,082
Amortized Cost		7,016,971	7,150,606
Allowance for losses			(330)
Unrealized Gains		161,316	394,280
Unrealized Losses		(35,262)	(32,918)
Carrying value		7,143,025	7,511,638
AgVantage Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)		(174)	(73)
Available-for-sale:
Unamortized Premium/(Discount)		(174)	(73)
Trading:
Unamortized Premium/(Discount)		(174)	(73)
AgVantage Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)		(124)	1,524
Available-for-sale:
Unamortized Premium/(Discount)		(124)	1,524
Trading:
Unamortized Premium/(Discount)		(124)	1,524
USDA Guarantees
Held-to-maturity:
Unamortized Premium/(Discount)		(200)	(100)
Available-for-sale:
Unamortized Premium/(Discount)		(200)	(100)
Trading:
Unamortized Premium/(Discount)		(200)	(100)
USDA Guarantees | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance		31,887	36,414
Amortized Cost		32,041	36,506
Allowance for losses			0
Unrealized Gains		839	1,026
Unrealized Losses		0	(1)
Fair Value			37,531
Fair Value		32,880
USDA Guarantees | USDA Securities:
Held-to-maturity:
Unpaid Principal Balance		2,190,671	2,381,416
Amortized Cost		2,232,160	2,410,848
Allowance for losses			0
Unrealized Gains		54,356	105,721
Unrealized Losses		(758)	(1,398)
Fair Value			2,515,171
Fair Value		2,285,758
Trading:
Unpaid Principal Balance		8,400	6,617
Amortized Cost		8,879	6,969
Allowance for losses			0
Unrealized Gains	$ 10	61
Unrealized Losses	$ (149)	(27)
Fair Value		$ 8,913	$ 6,830
Trading securities, weighted-average yield		5.20%	5.09%
USDA Guarantees | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)		$ 154	$ 92
Available-for-sale:
Unamortized Premium/(Discount)		154	92
Trading:
Unamortized Premium/(Discount)		154	92
USDA Guarantees | Held-to-Maturity Securities | USDA Securities:
Held-to-maturity:
Unamortized Premium/(Discount)		41,489	29,432
Available-for-sale:
Unamortized Premium/(Discount)		41,489	29,432
Trading:
Unamortized Premium/(Discount)		41,489	29,432
USDA Guarantees | Trading Securities | USDA Securities:
Held-to-maturity:
Unamortized Premium/(Discount)		479	352
Available-for-sale:
Unamortized Premium/(Discount)		479	352
Trading:
Unamortized Premium/(Discount)		$ 479	$ 352

Farmer Mac Guaranteed Securit_4

Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Unrealized loss position for less than 12 months
Fair Value	$ 205,313	$ 879,683
Unrealized Loss	(473)	(2,260)
Unrealized loss position for more than 12 months
Fair Value	429,414	464,035
Unrealized Loss	(3,283)	(3,286)
Farmer Mac Guaranteed Securities and USDA Securities
Unrealized loss position for less than 12 months
Fair Value	49,946	0
Unrealized Loss	(100)	0
Unrealized loss position for more than 12 months
Fair Value	21,521	328,925
Unrealized Loss	(1,398)	(922)
AgVantage Securities | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	49,901	0
Unrealized Loss	(99)	0
Unrealized loss position for more than 12 months
Fair Value	0	301,836
Unrealized Loss	0	(164)
Unrealized loss position for less than 12 months
Fair Value	333,544	225,239
Unrealized Loss	(445)	(2,203)
Unrealized loss position for more than 12 months
Fair Value	972,161	1,394,802
Unrealized Loss	(32,473)	(33,059)
USDA Securities | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	45
Unrealized Loss	(1)
Unrealized loss position for more than 12 months
Fair Value	0
Unrealized Loss	0
USDA Securities | USDA Securities:
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	21,521	27,089
Unrealized Loss	$ (1,398)	$ (758)

Farmer Mac Guaranteed Securit_5

Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) $ in Millions	Sep. 30, 2020USD ($)security	Dec. 31, 2019security
USDA Securities | USDA Securities: | Payment Deferral, CARES Act | Loans Insured or Guaranteed by US Government Authorities, CARES Act
Debt Securities, Available-for-sale [Line Items]
Unpaid principal balances | $	$ 83.8
AgVantage Securities | Farmer Mac Guaranteed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, securities in unrealized loss positions	12	17
Held-to-maturity, securities in unrealized loss positions	2	4
Number of securities in loss position	7	13

Farmer Mac Guaranteed Securit_6

Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-sale Securities (Details) - Farmer Mac Guaranteed Securities $ in Thousands	Sep. 30, 2020USD ($)
Amortized Cost
Due within one year	$ 1,461,551
Due after one year through five years	3,102,003
Due after five years through ten years	1,073,248
Due after ten years	1,513,804
Amortized Cost	7,150,606
Fair Value
Due within one year	1,468,084
Due after one year through five years	3,214,595
Due after five years through ten years	1,157,450
Due after ten years	1,671,509
Total	$ 7,511,638
Weighted- Average Yield
Due within one year	1.48%
Due after one year through five years	2.24%
Due after five years through ten years	2.42%
Due after ten years	2.57%
Total	2.18%

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 - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Due within one year	$ 482,593
Due after one year through five years	765,529
Due after five years through ten years	226,396
Due after ten years	2,137,116
Amortized Cost	3,611,634	$ 3,679,611
Fair Value
Due within one year	486,460
Due after one year through five years	790,138
Due after five years through ten years	234,799
Due after ten years	2,231,239
Total	$ 3,742,636	$ 3,749,184
Weighted- Average Yield
Due within one year	2.75%
Due after one year through five years	3.15%
Due after five years through ten years	2.96%
Due after ten years	3.25%
Total	3.11%

Financial Derivatives - Schedul

Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Notional Disclosures [Abstract]
Notional Amount		$ 15,123,582	$ 14,022,179
Asset
Asset		12,837	10,519
Collateral (held)/pledged		(600)	(2,685)
Net amount		12,237	7,834
(Liability)
(Liability)		(37,357)	(27,042)
Collateral (held)/pledged		225,646
Financial derivatives		188,289	105,087
Designated as hedge | Fair value hedges: | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount		5,410,407	4,955,686
Asset
Asset		5,530	7,163
(Liability)
(Liability)		$ (4,106)	$ (3,281)
Weighted- Average Pay Rate		2.26%	2.47%
Weighted- Average Receive Rate		0.24%	1.93%
Weighted- Average Remaining Term (in years)	11 years 3 months 3 days	12 years 7 days
Designated as hedge | Fair value hedges: | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount		$ 2,435,729	$ 1,413,200
Asset
Asset		0	76
(Liability)
(Liability)		$ (11,532)	$ (5,329)
Weighted- Average Pay Rate		0.35%	1.88%
Weighted- Average Receive Rate		1.75%	2.13%
Weighted- Average Remaining Term (in years)	1 year 3 months	2 years 3 months 3 days
Designated as hedge | Fair value hedges: | Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount		$ 343,500	$ 524,000
Asset
Asset		4,460	476
(Liability)
(Liability)		$ 0	$ (772)
Weighted- Average Pay Rate		0.18%	1.52%
Weighted- Average Receive Rate		1.78%	1.91%
Weighted- Average Remaining Term (in years)	2 years 9 months 29 days	3 years 4 months 28 days
Designated as hedge | Cash flow hedges: | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount		$ 482,000	$ 428,000
Asset
Asset		1,597	1,882
(Liability)
(Liability)		$ (10,739)	$ (1,514)
Weighted- Average Pay Rate		2.02%	2.36%
Weighted- Average Receive Rate		0.56%	2.12%
Weighted- Average Remaining Term (in years)	5 years 5 months 4 days	6 years 2 months 1 day
No hedge designation
Asset
Credit valuation adjustment		$ (2)	$ 0
(Liability)
Credit valuation adjustment		92	63
No hedge designation | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount		356,864	342,745
Asset
Asset		0	7
(Liability)
(Liability)		$ (10,879)	$ (14,046)
Weighted- Average Pay Rate		2.38%	3.55%
Weighted- Average Receive Rate		0.24%	2.00%
Weighted- Average Remaining Term (in years)	5 years 6 months 3 days	4 years 3 months 3 days
No hedge designation | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount		$ 2,622,182	$ 3,124,148
Asset
Asset		0	49
(Liability)
(Liability)		$ 0	$ (1,637)
Weighted- Average Pay Rate		0.16%	1.88%
Weighted- Average Receive Rate		0.98%	2.06%
Weighted- Average Remaining Term (in years)	1 year 7 months 28 days	8 months 23 days
No hedge designation | Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount		$ 200,000	$ 525,000
Asset
Asset		1	79
(Liability)
(Liability)		$ (5)	$ (80)
Weighted- Average Pay Rate		0.07%	1.64%
Weighted- Average Receive Rate		0.08%	1.68%
Weighted- Average Remaining Term (in years)	9 months 29 days	11 months 19 days
No hedge designation | Basis swaps
Notional Disclosures [Abstract]
Notional Amount		$ 3,268,500	$ 2,670,000
Asset
Asset		1,242	787
(Liability)
(Liability)		$ (188)	$ (395)
Weighted- Average Pay Rate		0.22%	1.86%
Weighted- Average Receive Rate		0.25%	1.76%
Weighted- Average Remaining Term (in years)	10 months 24 days	1 year 3 months 14 days
No hedge designation | Treasury futures
Notional Disclosures [Abstract]
Notional Amount		$ 4,400	$ 39,400
Asset
Asset		9	0
(Liability)
(Liability)		$ 0	$ (51)
Weighted- Average Forward Price (in dollars per share)	$ 128.29	$ 139.73

Financial Derivatives - Narrati

Financial Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 5,300,000		$ 5,300,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0	0	$ 0
Investments held as collateral	0		0		$ 0
Cash posted as collateral					132,129,000
Financial derivatives in net payable position	0		0		0
Notional amount	15,123,582,000		15,123,582,000		14,022,179,000
Exchange Cleared
Derivative [Line Items]
Notional amount	12,400,000,000		12,400,000,000		11,000,000,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	15,100,000,000		15,100,000,000		14,000,000,000
Cash
Derivative [Line Items]
Cash held as collateral	600,000		600,000		2,700,000
Cash posted as collateral	13,600,000		13,600,000		500,000
Available-for-Sale Securities
Derivative [Line Items]
Cash posted as collateral	$ 212,100,000		$ 212,100,000		$ 131,700,000

Financial Derivatives - Sched_2

Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	$ 45,335	$ 81,649	$ 178,644	$ 252,629
Interest Income Loans	56,204	56,992	172,230	167,792
Total interest expense	(63,974)	(121,384)	(251,789)	(358,374)
(Losses)/gains on financial derivatives	(564)	(7,360)	(3,339)	1,193
Total	37,001	9,897	95,746	63,240
Noninterest Income	2,384	(3,295)	8,567	13,414
Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(61,943)	116,623	323,019	316,799
(Losses)/gains on fair value hedging relationships	(5,047)	(4,490)	(13,109)	(8,617)
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Discount amortization recognized on hedged items	(4)	(1)	(6)	(3)
Interest settlements reclassified from AOCI into net income on derivatives	(1,814)	317	(3,817)	1,260
Recognized on hedged items	(711)	(2,726)	(3,863)	(8,142)
Expense recognized on cash flow hedges	(2,529)	(2,410)	(7,686)	(6,885)
Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	30,076	27,978	85,495	72,233
Discount amortization recognized on hedged items	191	146	552	460
No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(564)	(7,360)	(3,339)	1,193
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(41,855)	84,164	257,575	258,155
(Losses)/gains on fair value hedging relationships	(3,492)	(3,331)	(7,222)	(4,731)
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Cash flow hedges:
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 Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	31,439	31,435	95,366	86,628
Discount amortization recognized on hedged items	0	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest Income Loans | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(29,372)	33,493	119,072	83,524
(Losses)/gains on fair value hedging relationships	(1,174)	(2,104)	(5,250)	(6,107)
Interest Income Loans | Cash flow hedges:
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 Loans | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	10,965	7,321	29,454	18,199
Discount amortization recognized on hedged items	0	0	0	0
Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Total Interest Expense | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	9,284	(1,034)	(53,628)	(24,880)
(Losses)/gains on fair value hedging relationships	(381)	945	(637)	2,221
Total Interest Expense | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Discount amortization recognized on hedged items	(4)	(1)	(6)	(3)
Interest settlements reclassified from AOCI into net income on derivatives	(1,814)	317	(3,817)	1,260
Recognized on hedged items	(711)	(2,726)	(3,863)	(8,142)
Expense recognized on cash flow hedges	(2,529)	(2,410)	(7,686)	(6,885)
Total Interest Expense | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(12,328)	(10,778)	(39,325)	(32,594)
Discount amortization recognized on hedged items	191	146	552	460
Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Losses on financial derivatives | Fair value hedges:
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
Losses on financial derivatives | Cash flow hedges:
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
Losses on financial derivatives | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0	0	0
Discount amortization recognized on hedged items	0	0	0	0
Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(564)	(7,360)	(3,339)	1,193
Interest Rate Swap | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(16,962)	(2,596)	(34,717)	(5,894)
Income/(expense) related to interest settlements on fair value hedging relationships	12,923	25,236	50,226	65,879
Recognized on derivatives	56,896	(121,113)	(336,128)	(325,416)
Interest Rate Swap | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense				(3,321)
(Losses)/gains on financial derivatives	(4,292)	(7,402)	(2,415)	5,920
Noninterest Income	3,800	127	1,143
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(20,373)	(1,051)	(38,781)	1,665
Income/(expense) related to interest settlements on fair value hedging relationships	11,066	30,384	56,585	88,293
Recognized on derivatives	38,363	(87,495)	(264,797)	(262,886)
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense				0
(Losses)/gains on financial derivatives	0	0	0	0
Noninterest Income	0	0	0
Interest Rate Swap | Interest Income Loans | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(6,194)	(584)	(12,607)	(808)
Income/(expense) related to interest settlements on fair value hedging relationships	4,771	6,737	16,847	17,391
Recognized on derivatives	28,198	(35,597)	(124,322)	(89,631)
Interest Rate Swap | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense				0
(Losses)/gains on financial derivatives	0	0	0	0
Noninterest Income	0	0	0
Interest Rate Swap | Total Interest Expense | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	9,605	(961)	16,671	(6,751)
Income/(expense) related to interest settlements on fair value hedging relationships	(2,914)	(11,885)	(23,206)	(39,805)
Recognized on derivatives	(9,665)	1,979	52,991	27,101
Interest Rate Swap | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense				0
(Losses)/gains on financial derivatives	0	0	0	0
Noninterest Income	0	0	0
Interest Rate Swap | Losses on financial derivatives | Fair value hedges:
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 | Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense				(3,321)
(Losses)/gains on financial derivatives	(4,292)	(7,402)	(2,415)	5,920
Noninterest Income	3,800	127	1,143
Treasury futures | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(72)	(85)	(2,067)	(1,406)
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	$ (72)	$ (85)	$ (2,067)	$ (1,406)

Financial Derivatives - Hedged

Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Loans
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	$ 1,628,241	$ 1,050,335
Hedged Asset	156,979	37,907
Loans | No hedge designation
HedgedItemsinFairValueHedgingRelationship [Line Items]
Hedged Asset	1,400
Long-term Debt
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(2,838,690)	(2,761,052)
Hedged Liability	(61,149)	(7,433)
Prepaid Expenses and Other Assets | Designated as hedge
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	200
Farmer Mac Guaranteed Securities
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	4,277,240	4,092,611
Hedged Asset	437,777	$ 180,215
Farmer Mac Guaranteed Securities | No hedge designation
HedgedItemsinFairValueHedgingRelationship [Line Items]
Hedged Asset	$ 1,600

Financial Derivatives - Sched_3

Financial Derivatives - Schedule of Credit Exposure to Interest Rate Swap Counterparties (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Liabilities derivatives interest rate swaps	$ 37,357	$ 27,042
Gross Amount Recognized | Interest Rate Swap
Derivative [Line Items]
Assets derivatives interest rate swaps	114,788	56,139
Liabilities derivatives interest rate swaps	718,812	305,584
Counterparty Netting | Interest Rate Swap
Derivative [Line Items]
Assets derivatives interest rate swaps	114,165	53,771
Liabilities derivatives interest rate swaps	714,470	291,326
Net Amount Presented in the Consolidated Balance Sheet | Interest Rate Swap
Derivative [Line Items]
Assets derivatives interest rate swaps	623	2,368
Liabilities derivatives interest rate swaps	$ 4,342	$ 14,258

Loans - Additional Information

Loans - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Receivables [Abstract]
Purchases of loans held for sale	$ 59,200,000	$ 59,150,000	$ 0
Proceeds from the sale of loans held for sale	15,000,000	15,000,000	0
Held for sale loans reclassified to loans held for investment	24,200,000	24,150,000	$ 0
Loans held for sale, at lower of cost or fair value	$ 20,000,000	$ 20,000,000		$ 0

Loans - Schedule of Composition

Loans - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 7,966,679
Total	6,825,061		$ 5,390,977
Allowance for losses	(15,821)		(10,454)
Total loans, net of allowance	8,105,647		6,981,440
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	7,966,679		6,947,850
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	154,789		44,044
Total	8,121,468		6,991,894
Allowance for losses	(15,821)		(10,454)
Total loans, net of allowance	8,105,647		6,981,440
Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	5,857,324
Total	5,857,324
Allowance for losses	(5,739)	$ (6,039)	(10,454)	$ (8,024)	$ (7,264)	$ (7,017)
Farm & Ranch | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	5,857,324		5,276,557
Rural  Utilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	2,109,355
Total	2,109,355
Allowance for losses	(10,082)	$ (8,900)	0	$ 0	$ 0	$ 0
Rural  Utilities | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	2,109,355		1,671,293
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	6,690,272		5,346,933
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	154,789		44,044
Total	6,845,061		5,390,977
Allowance for losses	(14,878)		(8,853)
Total loans, net of allowance	6,830,183		5,382,124
Unsecuritized | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	4,580,917		3,675,640
Unsecuritized | Rural  Utilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	2,109,355		1,671,293
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,276,407		1,600,917
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	0		0
Total	1,276,407		1,600,917
Allowance for losses	(943)		(1,601)
Total loans, net of allowance	1,275,464		1,599,316
In Consolidated Trusts | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,276,407		1,600,917
In Consolidated Trusts | Rural  Utilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 0		$ 0

Loans - Changes in the Allowanc

Loans - Changes in the Allowance for Losses (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance			$ 10,454,000
(Release of)/provision for losses	$ 653,000	$ 760,000	4,542,000	$ 1,074,000
Ending balance	15,821,000		$ 15,821,000		$ 10,454,000
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member		us-gaap:AccountingStandardsUpdate201613Member
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,039,000	7,264,000	$ 10,454,000	7,017,000	$ 7,017,000
(Release of)/provision for losses	(300,000)	760,000	(412,000)	1,074,000
Charge-offs	0	0	(394,000)	(67,000)
Ending balance	5,739,000	8,024,000	$ 5,739,000	8,024,000	10,454,000
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Farm & Ranch | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses			$ 1,800,000
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	0	0	(3,909,000)	0	0
Ending balance					(3,909,000)
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,039,000	7,264,000	6,545,000	7,017,000	7,017,000
Ending balance					6,545,000
Rural  Utilities
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	8,900,000	0	0	0	0
(Release of)/provision for losses	1,182,000	0	4,704,000	0
Charge-offs	0	0	0	0
Ending balance	10,082,000	0	$ 10,082,000	0	0
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Rural  Utilities | Collateral Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses			$ 0
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	0	0	5,378,000	0	0
Ending balance					5,378,000
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 8,900,000	$ 0	$ 5,378,000	$ 0	0
Ending balance					$ 5,378,000

Loans - Allowance for Losses Na

Loans - Allowance for Losses Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	$ 15,821		$ 15,821				$ 10,454
(Release of)/provision for losses	653	$ 760	4,542	$ 1,074
Current period charge-offs			100
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans						$ 2,656
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	5,739	8,024	5,739	8,024	$ 6,039		10,454	$ 7,264	$ 7,017
(Release of)/provision for losses	(300)	760	(412)	1,074
Current period charge-offs	0		394
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans					0	(3,909)	(3,909)	0	0
Rural  Utilities
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans	10,082	0	10,082	0	8,900		0	0	0
(Release of)/provision for losses	1,182	$ 0	4,704	$ 0
Current period charge-offs	0		0
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans					$ 0	$ 5,378	$ 5,378	$ 0	$ 0
Farm & Ranch and Rural Utilities
Financing Receivable, Allowance for Credit Losses [Line Items]
(Release of)/provision for losses	$ 900		$ 4,300

Loans - Unpaid Principal Balanc

Loans - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, not past due	$ 7,826,189	$ 7,826,189
Financing receivables, past due	11,051	11,051	$ 57,700
Nonaccrual loans	129,439	129,439	87,781
Total Loans	7,966,679	7,966,679
Nonaccrual loans with no associated allowance	24,800	24,800
Interest received on nonaccrual loans	1,200	3,500
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, not past due	5,716,834	5,716,834
Financing receivables, past due	11,051	11,051
Nonaccrual loans	129,439	129,439
Total Loans	5,857,324	5,857,324
Rural  Utilities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, not past due	2,109,355	2,109,355
Financing receivables, past due	0	0
Nonaccrual loans	0	0
Total Loans	2,109,355	2,109,355
30-59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	3,513	3,513
30-59 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	3,513	3,513
30-59 Days | Rural  Utilities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	0	0
60-89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	637	637
60-89 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	637	637
60-89 Days | Rural  Utilities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	0	0
90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	6,901	6,901
90 Days and Greater | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	6,901	6,901	$ 57,719
90 Days and Greater | Farm & Ranch | Payment Deferral, CARES Act
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	105,300	105,300
90 Days and Greater | Rural  Utilities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivables, past due	$ 0	$ 0

Loans - Schedule of Allowance f

Loans - Schedule of Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Ending Balance:
Total	$ 6,825,061	$ 5,390,977
Allowance for Losses:
Total	$ 15,821	10,454
On-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		5,069,480
Individually evaluated for impairment:		207,077
Total		5,276,557
Allowance for Losses:
Collectively evaluated for impairment:		4,256
Individually evaluated for impairment:		6,198
Total		10,454
On-Balance Sheet: | Crops
Ending Balance:
Collectively evaluated for impairment:		2,664,362
Individually evaluated for impairment:		108,815
Total		2,773,177
Allowance for Losses:
Collectively evaluated for impairment:		1,880
Individually evaluated for impairment:		2,628
Total		4,508
On-Balance Sheet: | Permanent Plantings
Ending Balance:
Collectively evaluated for impairment:		1,161,900
Individually evaluated for impairment:		51,256
Total		1,213,156
Allowance for Losses:
Collectively evaluated for impairment:		1,362
Individually evaluated for impairment:		1,008
Total		2,370
On-Balance Sheet: | Livestock
Ending Balance:
Collectively evaluated for impairment:		871,341
Individually evaluated for impairment:		39,962
Total		911,303
Allowance for Losses:
Collectively evaluated for impairment:		714
Individually evaluated for impairment:		2,447
Total		3,161
On-Balance Sheet: | Part-time Farm
Ending Balance:
Collectively evaluated for impairment:		356,920
Individually evaluated for impairment:		7,044
Total		363,964
Allowance for Losses:
Collectively evaluated for impairment:		249
Individually evaluated for impairment:		115
Total		364
On-Balance Sheet: | Ag. Storage and Processing
Ending Balance:
Collectively evaluated for impairment:		10,360
Individually evaluated for impairment:		0
Total		10,360
Allowance for Losses:
Collectively evaluated for impairment:		47
Individually evaluated for impairment:		0
Total		47
On-Balance Sheet: | Other
Ending Balance:
Collectively evaluated for impairment:		4,597
Individually evaluated for impairment:		0
Total		4,597
Allowance for Losses:
Collectively evaluated for impairment:		4
Individually evaluated for impairment:		0
Total		$ 4

Loans - Schedule of Impaired Fi

Loans - Schedule of Impaired Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				$ 52,191
Impaired loans, with no specific allowance, unpaid principal balance				52,014
Impaired loan, with a specific allowance, recorded investment				174,385
Impaired loans, with a specific allowance, unpaid principal balance				173,844
Impaired loans, associated allowance				6,541
Recorded investment				226,576
Unpaid principal balance				225,858
Recorded investment of loans on nonaccrual status			$ 129,439	87,781
Average recorded investment in impaired loans	$ 196,914	$ 173,943
Income recognized on impaired loans	536	2,196
Less than 90 days past due
Financing Receivable, Impaired [Line Items]
Recorded investment of loans on nonaccrual status				30,100
Crops
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				30,846
Impaired loans, with no specific allowance, unpaid principal balance				30,741
Impaired loan, with a specific allowance, recorded investment				84,044
Impaired loans, with a specific allowance, unpaid principal balance				83,772
Impaired loans, associated allowance				2,725
Recorded investment				114,890
Unpaid principal balance				114,513
Recorded investment of loans on nonaccrual status				34,037
Average recorded investment in impaired loans	106,535	93,088
Income recognized on impaired loans	178	879
Permanent Plantings
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				16,696
Impaired loans, with no specific allowance, unpaid principal balance				16,638
Impaired loan, with a specific allowance, recorded investment				36,852
Impaired loans, with a specific allowance, unpaid principal balance				36,732
Impaired loans, associated allowance				1,051
Recorded investment				53,548
Unpaid principal balance				53,370
Recorded investment of loans on nonaccrual status				22,849
Average recorded investment in impaired loans	45,197	41,524
Income recognized on impaired loans	166	586
Livestock
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				3,195
Impaired loans, with no specific allowance, unpaid principal balance				3,185
Impaired loan, with a specific allowance, recorded investment				47,113
Impaired loans, with a specific allowance, unpaid principal balance				46,984
Impaired loans, associated allowance				2,636
Recorded investment				50,308
Unpaid principal balance				50,169
Recorded investment of loans on nonaccrual status				28,441
Average recorded investment in impaired loans	36,859	31,189
Income recognized on impaired loans	87	504
Part-time Farm
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				1,398
Impaired loans, with no specific allowance, unpaid principal balance				1,394
Impaired loan, with a specific allowance, recorded investment				6,376
Impaired loans, with a specific allowance, unpaid principal balance				6,356
Impaired loans, associated allowance				129
Recorded investment				7,774
Unpaid principal balance				7,750
Recorded investment of loans on nonaccrual status				2,454
Average recorded investment in impaired loans	8,265	8,079
Income recognized on impaired loans	105	227
Ag. Storage and Processing
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				0
Impaired loans, with no specific allowance, unpaid principal balance				0
Impaired loan, with a specific allowance, recorded investment				0
Impaired loans, with a specific allowance, unpaid principal balance				0
Impaired loans, associated allowance				0
Recorded investment				0
Unpaid principal balance				0
Recorded investment of loans on nonaccrual status				0
Average recorded investment in impaired loans	0	0
Income recognized on impaired loans	0	0
Other
Financing Receivable, Impaired [Line Items]
Impaired loans, with no specific allowance, recorded investment				56
Impaired loans, with no specific allowance, unpaid principal balance				56
Impaired loan, with a specific allowance, recorded investment				0
Impaired loans, with a specific allowance, unpaid principal balance				0
Impaired loans, associated allowance				0
Recorded investment				56
Unpaid principal balance				56
Recorded investment of loans on nonaccrual status				0
Average recorded investment in impaired loans	58	63
Income recognized on impaired loans	$ 0	$ 0
Collateral Dependent Not Individually Analyzed
Financing Receivable, Impaired [Line Items]
Impaired loans, associated allowance				3,000
Recorded investment				$ 159,100
Impaired loans, impairment analysis performed percent				70.00%

Loans - Schedule of Past Due Fi

Loans - Schedule of Past Due Financing Receivables (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies		$ 11,051,000	$ 57,700,000
Loans subject to removal-of-account provisions			0
90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies		6,901,000
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies		11,051,000
Farm & Ranch | 90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies		$ 6,901,000	57,719,000
Net Credit Losses	$ 131,000
On-Balance Sheet: | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-Days Delinquencies			$ 57,719,000

Loans - Schedule of Financing R

Loans - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
2020
Current period recoveries	$ 0		$ 0
2019
Current period recoveries	0		0
2017
Current period recoveries	0		0
2016
Current period recoveries	0		0
Prior
Current period recoveries	0		0
Revolving Loans - Amortized Cost Basis
Current period recoveries	0		0
Total
Total	6,825,061		6,825,061		$ 5,390,977
Current period charge-offs			100
90-Days Delinquencies	11,051		11,051		57,700
On-Balance Sheet:
Total
Total					5,276,557
On-Balance Sheet: | Crops
Total
Total					2,773,177
On-Balance Sheet: | Permanent Plantings
Total
Total					1,213,156
On-Balance Sheet: | Livestock
Total
Total					911,303
On-Balance Sheet: | Part-time Farm
Total
Total					363,964
On-Balance Sheet: | Ag. Storage and Processing
Total
Total					10,360
On-Balance Sheet: | Other
Total
Total					4,597
Farm & Ranch
2020
Total	1,470,275		1,470,275
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2019
Total	895,361		895,361
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2018
Total	554,657		554,657
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2017
Total	619,269		619,269
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2016
Total	547,029		547,029
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Prior
Total	1,239,199		1,239,199
Current period charge-offs	0		394
Current period recoveries	0		0
Current period net charge-offs	0		394
Revolving Loans - Amortized Cost Basis
Total	531,534		531,534
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Total
Total	5,857,324		5,857,324
Current period charge-offs	0		394
Current period recoveries	0		0
Current period net charge-offs	0	$ 0	394	$ 67
90-Days Delinquencies	11,051		11,051
Farm & Ranch | On-Balance Sheet:
Total
Total					5,276,557
90-Days Delinquencies					57,719
Farm & Ranch | On-Balance Sheet: | Crops
Total
Total					2,773,177
90-Days Delinquencies					21,167
Farm & Ranch | On-Balance Sheet: | Permanent Plantings
Total
Total					1,213,156
90-Days Delinquencies					15,828
Farm & Ranch | On-Balance Sheet: | Livestock
Total
Total					911,303
90-Days Delinquencies					19,354
Farm & Ranch | On-Balance Sheet: | Part-time Farm
Total
Total					363,964
90-Days Delinquencies					1,370
Farm & Ranch | On-Balance Sheet: | Ag. Storage and Processing
Total
Total					10,360
90-Days Delinquencies					0
Farm & Ranch | On-Balance Sheet: | Other
Total
Total					4,597
90-Days Delinquencies					0
Rural  Utilities
2020
Total	502,873		502,873
Current period charge-offs	0		0
Current period net charge-offs	0		0
2019
Total	819,099		819,099
Current period charge-offs	0		0
Current period net charge-offs	0		0
2018
Total	8,260		8,260
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2017
Total	92,223		92,223
Current period charge-offs	0		0
Current period net charge-offs	0		0
2016
Total	31,275		31,275
Current period charge-offs	0		0
Current period net charge-offs	0		0
Prior
Total	642,755		642,755
Current period charge-offs	0		0
Current period net charge-offs	0		0
Revolving Loans - Amortized Cost Basis
Total	12,870		12,870
Current period charge-offs	0		0
Current period net charge-offs	0		0
Total
Total	2,109,355		2,109,355
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0	$ 0	0	$ 0
90-Days Delinquencies	0		0
Acceptable | Farm & Ranch
2020
Total	1,423,112		1,423,112
2019
Total	765,367		765,367
2018
Total	507,218		507,218
2017
Total	557,095		557,095
2016
Total	499,642		499,642
Prior
Total	1,157,633		1,157,633
Revolving Loans - Amortized Cost Basis
Total	472,209		472,209
Total
Total	5,382,276		5,382,276
Acceptable | Farm & Ranch | On-Balance Sheet:
Total
Total					4,790,636
Acceptable | Farm & Ranch | On-Balance Sheet: | Crops
Total
Total					2,556,956
Acceptable | Farm & Ranch | On-Balance Sheet: | Permanent Plantings
Total
Total					1,050,160
Acceptable | Farm & Ranch | On-Balance Sheet: | Livestock
Total
Total					825,234
Acceptable | Farm & Ranch | On-Balance Sheet: | Part-time Farm
Total
Total					343,329
Acceptable | Farm & Ranch | On-Balance Sheet: | Ag. Storage and Processing
Total
Total					10,360
Acceptable | Farm & Ranch | On-Balance Sheet: | Other
Total
Total					4,597
Acceptable | Rural  Utilities
2020
Total	502,873		502,873
2019
Total	819,099		819,099
2018
Total	8,260		8,260
2017
Total	92,223		92,223
2016
Total	31,275		31,275
Prior
Total	638,281		638,281
Revolving Loans - Amortized Cost Basis
Total	12,870		12,870
Total
Total	2,104,881		2,104,881
Special mention | Farm & Ranch
2020
Total	39,607		39,607
2019
Total	124,068		124,068
2018
Total	27,757		27,757
2017
Total	4,633		4,633
2016
Total	10,897		10,897
Prior
Total	22,236		22,236
Revolving Loans - Amortized Cost Basis
Total	50,395		50,395
Total
Total	279,593		279,593
Special mention | Farm & Ranch | On-Balance Sheet:
Total
Total					278,843
Special mention | Farm & Ranch | On-Balance Sheet: | Crops
Total
Total					107,406
Special mention | Farm & Ranch | On-Balance Sheet: | Permanent Plantings
Total
Total					111,739
Special mention | Farm & Ranch | On-Balance Sheet: | Livestock
Total
Total					46,107
Special mention | Farm & Ranch | On-Balance Sheet: | Part-time Farm
Total
Total					13,591
Special mention | Farm & Ranch | On-Balance Sheet: | Ag. Storage and Processing
Total
Total					0
Special mention | Farm & Ranch | On-Balance Sheet: | Other
Total
Total					0
Special mention | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	0		0
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Total	0		0
Substandard | Farm & Ranch
2020
Total	7,556		7,556
2019
Total	5,926		5,926
2018
Total	19,682		19,682
2017
Total	57,541		57,541
2016
Total	36,490		36,490
Prior
Total	59,330		59,330
Revolving Loans - Amortized Cost Basis
Total	8,930		8,930
Total
Total	195,455		195,455
Substandard | Farm & Ranch | On-Balance Sheet:
Total
Total					207,078
Substandard | Farm & Ranch | On-Balance Sheet: | Crops
Total
Total					108,815
Substandard | Farm & Ranch | On-Balance Sheet: | Permanent Plantings
Total
Total					51,257
Substandard | Farm & Ranch | On-Balance Sheet: | Livestock
Total
Total					39,962
Substandard | Farm & Ranch | On-Balance Sheet: | Part-time Farm
Total
Total					7,044
Substandard | Farm & Ranch | On-Balance Sheet: | Ag. Storage and Processing
Total
Total					0
Substandard | Farm & Ranch | On-Balance Sheet: | Other
Total
Total					$ 0
Substandard | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	4,474		4,474
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Total	$ 4,474		$ 4,474

Guarantees - Off-Balance Sheet

Guarantees - Off-Balance Sheet Guaranteed Securities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 402,517	$ 504,105
Farm & Ranch
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	85,767	107,322
USDA Guarantees
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	310,682	389,216
AgVantage Securities
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 6,068	$ 7,567

Guarantees - Significant Cash F

Guarantees - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Proceeds from sale of Farmer Mac Guaranteed Securities	$ 64,612	$ 199,396
Guarantee fees received	$ 1,136	$ 1,122

Guarantees - Schedule of Underl

Guarantees - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed Securities - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Guarantee and commitment obligation		$ 1,780	$ 2,230
Weighted-average remaining maturity	9 years 9 months 18 days	9 years 6 months
AgVantage Securities
Guarantor Obligations [Line Items]
Weighted-average remaining maturity	5 years	4 years 2 months 12 days

Guarantees - Schedule of Long-T

Guarantees - Schedule of Long-Term Standby Purchase Commitments (Details) - LTSPCs - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Maximum principal amount		$ 2,882,212	$ 3,002,349
Weighted-average remaining maturity	15 years 2 months 12 days	15 years 1 month 6 days
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Guarantee and commitment obligation		$ 33,360	$ 34,470

Guarantees - Reserve For Losses

Guarantees - Reserve For Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Jan. 01, 2020	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Reserve for losses	$ 3,568		$ 3,568		$ 2,164
Provision for/(release of) losses	547	$ (137)	$ 540	$ (424)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member		us-gaap:AccountingStandardsUpdate201613Member
Farm & Ranch
Guarantor Obligations [Line Items]
Reserve for losses	2,278	1,743	$ 2,278	1,743	$ 2,164	$ 1,650	$ 2,016	$ 1,880	$ 2,167	$ 2,167
Provision for/(release of) losses	628	(137)	$ 262	(424)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Rural  Utilities
Guarantor Obligations [Line Items]
Reserve for losses	1,290	0	$ 1,290	0	0	$ 1,370	$ 1,011	$ 0	$ 0	$ 0
Provision for/(release of) losses	(80)	$ 0	$ 279	$ 0
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch
Guarantor Obligations [Line Items]
Reserve for losses	2,278		$ 2,278		2,164
LTSPCs | Rural  Utilities
Guarantor Obligations [Line Items]
Reserve for losses	$ 1,290		$ 1,290		$ 0

Guarantees - Changes in Reserve

Guarantees - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance			$ 2,164
Provision for/(release of) losses	$ 547	$ (137)	540	$ (424)
Ending balance	3,568		3,568
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,650	1,880	2,164	2,167
Provision for/(release of) losses	628	(137)	262	(424)
Ending balance	2,278	1,743	2,278	1,743
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	0	0
Rural  Utilities
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,370	0	0	0
Provision for/(release of) losses	(80)	0	279	0
Ending balance	1,290	0	$ 1,290	$ 0
Rural  Utilities | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 0	$ 0

Guarantees - Unpaid Principal B

Guarantees - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Financing receivable, not past due	$ 7,826,189
Financing receivables, past due	11,051	$ 57,700
Loans held for investment, at amortized cost	6,825,061	5,390,977
30-59 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	3,513
60-89 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	637
90 Days and Greater
Guarantor Obligations [Line Items]
Financing receivables, past due	6,901
Farm & Ranch
Guarantor Obligations [Line Items]
Financing receivable, not past due	5,716,834
Financing receivables, past due	11,051
Loans held for investment, at amortized cost	5,857,324
Farm & Ranch | 30-59 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	3,513
Farm & Ranch | 60-89 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	637
Farm & Ranch | 90 Days and Greater
Guarantor Obligations [Line Items]
Financing receivables, past due	6,901	$ 57,719
Farm & Ranch | 90 Days and Greater | Payment Deferral, CARES Act
Guarantor Obligations [Line Items]
Financing receivables, past due	105,300
Rural  Utilities
Guarantor Obligations [Line Items]
Financing receivable, not past due	2,109,355
Financing receivables, past due	0
Loans held for investment, at amortized cost	2,109,355
Rural  Utilities | 30-59 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	0
Rural  Utilities | 60-89 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	0
Rural  Utilities | 90 Days and Greater
Guarantor Obligations [Line Items]
Financing receivables, past due	0
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch
Guarantor Obligations [Line Items]
Financing receivable, not past due	2,352,454
Financing receivables, past due	39,571
Loans held for investment, at amortized cost	2,392,025
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | Payment Deferral, CARES Act
Guarantor Obligations [Line Items]
Financing receivable, not past due	185,400
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 30-59 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	2,934
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 60-89 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	22,690
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch | 90 Days and Greater
Guarantor Obligations [Line Items]
Financing receivables, past due	13,947
LTSPCs | Rural  Utilities
Guarantor Obligations [Line Items]
Financing receivable, not past due	575,954
Financing receivables, past due	0
Loans held for investment, at amortized cost	575,954
LTSPCs | Rural  Utilities | 30-59 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	0
LTSPCs | Rural  Utilities | 60-89 Days
Guarantor Obligations [Line Items]
Financing receivables, past due	0
LTSPCs | Rural  Utilities | 90 Days and Greater
Guarantor Obligations [Line Items]
Financing receivables, past due	$ 0

Guarantees - Schedule of Allowa

Guarantees - Schedule of Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Ending Balance:
Total	$ 6,825,061	$ 5,390,977
Allowance for Losses:
Total	$ 15,821	10,454
Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		2,481,612
Individually evaluated for impairment:		18,781
Total		2,500,393
Allowance for Losses:
Collectively evaluated for impairment:		1,821
Individually evaluated for impairment:		343
Total		2,164
Crops | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		1,151,983
Individually evaluated for impairment:		5,698
Total		1,157,681
Allowance for Losses:
Collectively evaluated for impairment:		599
Individually evaluated for impairment:		97
Total		696
Permanent Plantings | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		511,991
Individually evaluated for impairment:		2,114
Total		514,105
Allowance for Losses:
Collectively evaluated for impairment:		96
Individually evaluated for impairment:		43
Total		139
Livestock | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		581,377
Individually evaluated for impairment:		10,207
Total		591,584
Allowance for Losses:
Collectively evaluated for impairment:		308
Individually evaluated for impairment:		189
Total		497
Part-time Farm | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		167,395
Individually evaluated for impairment:		706
Total		168,101
Allowance for Losses:
Collectively evaluated for impairment:		50
Individually evaluated for impairment:		14
Total		64
Ag. Storage and Processing | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		66,106
Individually evaluated for impairment:		0
Total		66,106
Allowance for Losses:
Collectively evaluated for impairment:		767
Individually evaluated for impairment:		0
Total		767
Other | Off-Balance Sheet:
Ending Balance:
Collectively evaluated for impairment:		2,760
Individually evaluated for impairment:		56
Total		2,816
Allowance for Losses:
Collectively evaluated for impairment:		1
Individually evaluated for impairment:		0
Total		$ 1

Guarantees - Schedule of Past D

Guarantees - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
90-Days Delinquencies		$ 11,051	$ 57,700
Off-Balance Sheet:
Guarantor Obligations [Line Items]
90-Days Delinquencies			$ 3,235
Net credit losses (recoveries)	$ 0

Guarantees - Credit Quality Ind

Guarantees - Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
2020
Current period recoveries	$ 0		$ 0
2019
Current period recoveries	0		0
2017
Current period recoveries	0		0
2016
Current period recoveries	0		0
Prior
Current period recoveries	0		0
Revolving Loans - Amortized Cost Basis
Current period recoveries	0		0
Total
Loans held for investment, at amortized cost	6,825,061		6,825,061		$ 5,390,977
Current period charge-offs			100
Loans held for investment, at amortized cost	6,825,061		6,825,061		5,390,977
Financing receivables, past due	11,051		11,051		57,700
Off-Balance Sheet:
Total
Loans held for investment, at amortized cost					2,500,393
Loans held for investment, at amortized cost					2,500,393
Financing receivables, past due					3,235
Off-Balance Sheet: | Crops
Total
Loans held for investment, at amortized cost					1,157,681
Loans held for investment, at amortized cost					1,157,681
Financing receivables, past due					1,493
Off-Balance Sheet: | Permanent Plantings
Total
Loans held for investment, at amortized cost					514,105
Loans held for investment, at amortized cost					514,105
Financing receivables, past due					196
Off-Balance Sheet: | Livestock
Total
Loans held for investment, at amortized cost					591,584
Loans held for investment, at amortized cost					591,584
Financing receivables, past due					1,066
Off-Balance Sheet: | Part-time Farm
Total
Loans held for investment, at amortized cost					168,101
Loans held for investment, at amortized cost					168,101
Financing receivables, past due					480
Off-Balance Sheet: | Ag. Storage and Processing
Total
Loans held for investment, at amortized cost					66,106
Loans held for investment, at amortized cost					66,106
Financing receivables, past due					0
Off-Balance Sheet: | Other
Total
Loans held for investment, at amortized cost					2,816
Loans held for investment, at amortized cost					2,816
Financing receivables, past due					0
Rural  Utilities
2020
Total	502,873		502,873
Current period charge-offs	0		0
Current period net charge-offs	0		0
2019
Total	819,099		819,099
Current period charge-offs	0		0
Current period net charge-offs	0		0
2018
Total	8,260		8,260
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2017
Total	92,223		92,223
Current period charge-offs	0		0
Current period net charge-offs	0		0
2016
Total	31,275		31,275
Current period charge-offs	0		0
Current period net charge-offs	0		0
Prior
Total	642,755		642,755
Current period charge-offs	0		0
Current period net charge-offs	0		0
Revolving Loans - Amortized Cost Basis
Total	12,870		12,870
Current period charge-offs	0		0
Current period net charge-offs	0		0
Total
Loans held for investment, at amortized cost	2,109,355		2,109,355
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0	$ 0	0	$ 0
Loans held for investment, at amortized cost	2,109,355		2,109,355
Financing receivables, past due	0		0
Farm & Ranch
2020
Total	1,470,275		1,470,275
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2019
Total	895,361		895,361
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2018
Total	554,657		554,657
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2017
Total	619,269		619,269
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2016
Total	547,029		547,029
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Prior
Total	1,239,199		1,239,199
Current period charge-offs	0		394
Current period recoveries	0		0
Current period net charge-offs	0		394
Revolving Loans - Amortized Cost Basis
Total	531,534		531,534
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Total
Loans held for investment, at amortized cost	5,857,324		5,857,324
Current period charge-offs	0		394
Current period recoveries	0		0
Current period net charge-offs	0	$ 0	394	$ 67
Loans held for investment, at amortized cost	5,857,324		5,857,324
Financing receivables, past due	11,051		11,051
Acceptable | Off-Balance Sheet:
Total
Loans held for investment, at amortized cost					2,269,005
Loans held for investment, at amortized cost					2,269,005
Acceptable | Off-Balance Sheet: | Crops
Total
Loans held for investment, at amortized cost					1,033,002
Loans held for investment, at amortized cost					1,033,002
Acceptable | Off-Balance Sheet: | Permanent Plantings
Total
Loans held for investment, at amortized cost					484,601
Loans held for investment, at amortized cost					484,601
Acceptable | Off-Balance Sheet: | Livestock
Total
Loans held for investment, at amortized cost					521,341
Loans held for investment, at amortized cost					521,341
Acceptable | Off-Balance Sheet: | Part-time Farm
Total
Loans held for investment, at amortized cost					161,361
Loans held for investment, at amortized cost					161,361
Acceptable | Off-Balance Sheet: | Ag. Storage and Processing
Total
Loans held for investment, at amortized cost					66,106
Loans held for investment, at amortized cost					66,106
Acceptable | Off-Balance Sheet: | Other
Total
Loans held for investment, at amortized cost					2,594
Loans held for investment, at amortized cost					2,594
Acceptable | Rural  Utilities
2020
Total	502,873		502,873
2019
Total	819,099		819,099
2018
Total	8,260		8,260
2017
Total	92,223		92,223
2016
Total	31,275		31,275
Prior
Total	638,281		638,281
Revolving Loans - Amortized Cost Basis
Total	12,870		12,870
Total
Loans held for investment, at amortized cost	2,104,881		2,104,881
Loans held for investment, at amortized cost	2,104,881		2,104,881
Acceptable | Farm & Ranch
2020
Total	1,423,112		1,423,112
2019
Total	765,367		765,367
2018
Total	507,218		507,218
2017
Total	557,095		557,095
2016
Total	499,642		499,642
Prior
Total	1,157,633		1,157,633
Revolving Loans - Amortized Cost Basis
Total	472,209		472,209
Total
Loans held for investment, at amortized cost	5,382,276		5,382,276
Loans held for investment, at amortized cost	5,382,276		5,382,276
Special mention | Off-Balance Sheet:
Total
Loans held for investment, at amortized cost					128,511
Loans held for investment, at amortized cost					128,511
Special mention | Off-Balance Sheet: | Crops
Total
Loans held for investment, at amortized cost					68,372
Loans held for investment, at amortized cost					68,372
Special mention | Off-Balance Sheet: | Permanent Plantings
Total
Loans held for investment, at amortized cost					22,909
Loans held for investment, at amortized cost					22,909
Special mention | Off-Balance Sheet: | Livestock
Total
Loans held for investment, at amortized cost					35,618
Loans held for investment, at amortized cost					35,618
Special mention | Off-Balance Sheet: | Part-time Farm
Total
Loans held for investment, at amortized cost					1,612
Loans held for investment, at amortized cost					1,612
Special mention | Off-Balance Sheet: | Ag. Storage and Processing
Total
Loans held for investment, at amortized cost					0
Loans held for investment, at amortized cost					0
Special mention | Off-Balance Sheet: | Other
Total
Loans held for investment, at amortized cost					0
Loans held for investment, at amortized cost					0
Special mention | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	0		0
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Loans held for investment, at amortized cost	0		0
Loans held for investment, at amortized cost	0		0
Special mention | Farm & Ranch
2020
Total	39,607		39,607
2019
Total	124,068		124,068
2018
Total	27,757		27,757
2017
Total	4,633		4,633
2016
Total	10,897		10,897
Prior
Total	22,236		22,236
Revolving Loans - Amortized Cost Basis
Total	50,395		50,395
Total
Loans held for investment, at amortized cost	279,593		279,593
Loans held for investment, at amortized cost	279,593		279,593
Substandard | Off-Balance Sheet:
Total
Loans held for investment, at amortized cost					102,877
Loans held for investment, at amortized cost					102,877
Substandard | Off-Balance Sheet: | Crops
Total
Loans held for investment, at amortized cost					56,307
Loans held for investment, at amortized cost					56,307
Substandard | Off-Balance Sheet: | Permanent Plantings
Total
Loans held for investment, at amortized cost					6,595
Loans held for investment, at amortized cost					6,595
Substandard | Off-Balance Sheet: | Livestock
Total
Loans held for investment, at amortized cost					34,625
Loans held for investment, at amortized cost					34,625
Substandard | Off-Balance Sheet: | Part-time Farm
Total
Loans held for investment, at amortized cost					5,128
Loans held for investment, at amortized cost					5,128
Substandard | Off-Balance Sheet: | Ag. Storage and Processing
Total
Loans held for investment, at amortized cost					0
Loans held for investment, at amortized cost					0
Substandard | Off-Balance Sheet: | Other
Total
Loans held for investment, at amortized cost					222
Loans held for investment, at amortized cost					$ 222
Substandard | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	4,474		4,474
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Loans held for investment, at amortized cost	4,474		4,474
Loans held for investment, at amortized cost	4,474		4,474
Substandard | Farm & Ranch
2020
Total	7,556		7,556
2019
Total	5,926		5,926
2018
Total	19,682		19,682
2017
Total	57,541		57,541
2016
Total	36,490		36,490
Prior
Total	59,330		59,330
Revolving Loans - Amortized Cost Basis
Total	8,930		8,930
Total
Loans held for investment, at amortized cost	195,455		195,455
Loans held for investment, at amortized cost	195,455		195,455
LTSPCs | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	569,324		569,324
Revolving Loans - Amortized Cost Basis
Total	6,630		6,630
Total
Loans held for investment, at amortized cost	575,954		575,954
Loans held for investment, at amortized cost	575,954		575,954
Financing receivables, past due	0		0
LTSPCs | Acceptable | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	569,324		569,324
Revolving Loans - Amortized Cost Basis
Total	6,630		6,630
Total
Loans held for investment, at amortized cost	575,954		575,954
Loans held for investment, at amortized cost	575,954		575,954
LTSPCs | Special mention | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	0		0
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Loans held for investment, at amortized cost	0		0
Loans held for investment, at amortized cost	0		0
LTSPCs | Substandard | Rural  Utilities
2020
Total	0		0
2019
Total	0		0
2018
Total	0		0
2017
Total	0		0
2016
Total	0		0
Prior
Total	0		0
Revolving Loans - Amortized Cost Basis
Total	0		0
Total
Loans held for investment, at amortized cost	0		0
Loans held for investment, at amortized cost	0		0
LTSPCs and Farmer Mac Guaranteed Securities | Farm & Ranch
2020
Total	118,380		118,380
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2019
Total	219,765		219,765
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2018
Total	198,606		198,606
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2017
Total	284,304		284,304
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
2016
Total	246,012		246,012
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Prior
Total	1,136,686		1,136,686
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Revolving Loans - Amortized Cost Basis
Total	188,272		188,272
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Total
Loans held for investment, at amortized cost	2,392,025		2,392,025
Current period charge-offs	0		0
Current period recoveries	0		0
Current period net charge-offs	0		0
Loans held for investment, at amortized cost	2,392,025		2,392,025
Financing receivables, past due	39,571		39,571
LTSPCs and Farmer Mac Guaranteed Securities | Acceptable | Farm & Ranch
2020
Total	118,116		118,116
2019
Total	207,202		207,202
2018
Total	184,421		184,421
2017
Total	245,490		245,490
2016
Total	216,983		216,983
Prior
Total	1,021,400		1,021,400
Revolving Loans - Amortized Cost Basis
Total	173,617		173,617
Total
Loans held for investment, at amortized cost	2,167,229		2,167,229
Loans held for investment, at amortized cost	2,167,229		2,167,229
LTSPCs and Farmer Mac Guaranteed Securities | Special mention | Farm & Ranch
2020
Total	0		0
2019
Total	1,742		1,742
2018
Total	1,509		1,509
2017
Total	23,200		23,200
2016
Total	14,628		14,628
Prior
Total	47,948		47,948
Revolving Loans - Amortized Cost Basis
Total	10,040		10,040
Total
Loans held for investment, at amortized cost	99,067		99,067
Loans held for investment, at amortized cost	99,067		99,067
LTSPCs and Farmer Mac Guaranteed Securities | Substandard | Farm & Ranch
2020
Total	264		264
2019
Total	10,821		10,821
2018
Total	12,676		12,676
2017
Total	15,614		15,614
2016
Total	14,401		14,401
Prior
Total	67,338		67,338
Revolving Loans - Amortized Cost Basis
Total	4,615		4,615
Total
Loans held for investment, at amortized cost	125,729		125,729
Loans held for investment, at amortized cost	$ 125,729		$ 125,729

Notes Payable (Details)

Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Medium term notes called during the period	$ 2,700,000,000	$ 700,000,000
Maximum borrowing capacity from U.S. Treasury	1,500,000,000
Outstanding debt repurchases	$ 0	0
Discount Notes
Debt Instrument [Line Items]
Maturities of notes	1 year
Medium-term notes | Minimum
Debt Instrument [Line Items]
Maturities of notes	6 months
Medium-term notes | Maximum
Debt Instrument [Line Items]
Maturities of notes	15 years
Discount notes
Debt Instrument [Line Items]
Maximum amount of discount notes outstanding at any month end	$ 2,600,000,000	$ 2,200,000,000

Notes Payable - Borrowings (Det

Notes Payable - Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Due within one year:
Current portion of medium-term notes	$ 10,935,083	$ 10,019,082
Weighted - average rate (as a percent)	0.63%	1.84%
Medium-term notes due in:
Two years	$ 3,277,494	$ 3,700,835
Three years	2,326,812	1,594,709
Four years	1,056,062	1,205,276
Five years	1,242,150	760,887
Thereafter	2,751,684	1,817,859
Total due after one year	10,654,202	9,079,566
Total	$ 21,589,285	$ 19,098,648
Weighted - average rate (as a percent)	1.47%	2.28%
Total weighted - average rate (as a percent)	1.05%	2.05%
Two years
Medium-term notes due in:
Weighted - average rate (as a percent)	0.96%	2.04%
Three years
Medium-term notes due in:
Weighted - average rate (as a percent)	1.44%	2.15%
Four years
Medium-term notes due in:
Weighted - average rate (as a percent)	1.73%	2.27%
Five years
Medium-term notes due in:
Weighted - average rate (as a percent)	1.35%	2.25%
Thereafter
Medium-term notes due in:
Weighted - average rate (as a percent)	2.07%	2.89%
Discount notes
Due within one year:
Current portion of medium-term notes	$ 2,358,943	$ 2,194,177
Weighted - average rate (as a percent)	0.21%	1.72%
Short-term debt, average outstanding during the quarter	$ 2,313,477	$ 1,977,214
Weighted - average rate, average outstanding during the quarter (as a percent)	0.79%	2.25%
Medium-term notes
Due within one year:
Current portion of medium-term notes	$ 2,065,148	$ 1,152,770
Weighted - average rate (as a percent)	0.27%	1.98%
Short-term debt, average outstanding during the quarter	$ 1,312,909	$ 1,780,517
Weighted - average rate, average outstanding during the quarter (as a percent)	0.81%	2.33%
Current portion of medium-term notes
Due within one year:
Current portion of medium-term notes	$ 6,510,992	$ 6,672,135
Weighted - average rate (as a percent)	0.90%	1.85%

Notes Payable - Callable Medium

Notes Payable - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2022	$ 3,277,494	$ 3,700,835
2023	2,326,812	1,594,709
2024	1,056,062	1,205,276
Total	$ 21,589,285	$ 19,098,648
Weighted - average rate (as a percent)	1.47%	2.28%
Call Option
Debt Instrument [Line Items]
2021	$ 215,949
2022	122,918
2023	127,863
2024	59,941
Thereafter	374,144
Total	$ 900,815
Weighted - average rate (as a percent)	1.04%
Call Option | 2021
Debt Instrument [Line Items]
Weighted - average rate (as a percent)	0.17%
Call Option | 2022
Debt Instrument [Line Items]
Weighted - average rate (as a percent)	0.59%
Call Option | 2023
Debt Instrument [Line Items]
Weighted - average rate (as a percent)	0.47%
Call Option | 2024
Debt Instrument [Line Items]
Weighted - average rate (as a percent)	1.33%
Call Option | Thereafter
Debt Instrument [Line Items]
Weighted - average rate (as a percent)	1.84%

Notes Payable - Earliest Intere

Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2022	$ 3,277,494	$ 3,700,835
2023	2,326,812	1,594,709
2024	1,056,062	1,205,276
Total	$ 21,589,285	$ 19,098,648
Short-term debt, weighted average rate (as a percent)	0.63%	1.84%
Weighted - average rate (as a percent)	1.47%	2.28%
Total weighted - average rate (as a percent)	1.05%	2.05%
2020
Debt Instrument [Line Items]
2020	$ 10,523,446
Short-term debt, weighted average rate (as a percent)	0.31%
2021
Debt Instrument [Line Items]
2021	$ 3,219,231
Weighted - average rate (as a percent)	1.55%
2022
Debt Instrument [Line Items]
2022	$ 1,787,566
Weighted - average rate (as a percent)	1.59%
2023
Debt Instrument [Line Items]
2023	$ 2,026,445
Weighted - average rate (as a percent)	1.62%
2024
Debt Instrument [Line Items]
2024	$ 919,753
Weighted - average rate (as a percent)	1.77%
Thereafter
Debt Instrument [Line Items]
Thereafter	$ 3,112,844
Weighted - average rate (as a percent)	2.09%

Equity (Details)

Equity (Details) - USD ($)	Sep. 19, 2020	May 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Mar. 14, 2019	Mar. 31, 2016
Class of Stock [Line Items]
Loss on retirement of preferred stock			$ 1,667,000				$ 0	$ 1,956,000		$ 1,667,000	$ 1,956,000
Quarterly dividend on all classes of common stock (in dollars per share)			$ 0.80	$ 0.80	$ 0.80	$ 0.70	$ 0.70	$ 0.70	$ 0.70
Capital required for capital adequacy			$ 670,000,000			$ 618,800,000				670,000,000
Capital			984,200,000			815,400,000				984,200,000
Excess capital			$ 314,200,000			$ 196,600,000				$ 314,200,000
5.250% Non-Cumulative Preferred Stock, Series F
Class of Stock [Line Items]
Number of shares issued (in shares)		4,800,000
Preferred stock, dividend rate (as a percent)		5.25%
Preferred stock, par value (in dollars per share)		$ 25	$ 25			$ 25				$ 25
Payments of stock issuance costs		$ 3,800,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (as a percent)	5.875%
Preferred stock, par value (in dollars per share)			25			25				25
Stock authorized for repurchase	$ 60,000,000
Loss on retirement of preferred stock	$ 1,700,000
Series E Preferred Stock
Class of Stock [Line Items]
Number of shares issued (in shares)		3,180,000
Preferred stock, dividend rate (as a percent)		5.75%
Preferred stock, par value (in dollars per share)		$ 25	$ 25			$ 25				$ 25
Payments of stock issuance costs		$ 2,500,000
Class C non-voting common stock
Class of Stock [Line Items]
Stock authorized for repurchase													$ 10,000,000	$ 25,000,000
Shares repurchased (in shares)				4,000								673,000
Shares repurchased				$ 200,000								$ 19,800,000

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Financial derivatives	$ 12,237,000	$ 7,834,000
Loans held for sale	20,000,000	0
Liabilities:
Financial derivatives	188,289,000	105,087,000
Investment securities
Assets:
Available-for-sale, at fair value	3,532,190,000	2,959,843,000
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000
Fair Value, Measurements, Recurring
Assets:
Trading	6,830,000	8,913,000
Financial derivatives	12,837,000	10,519,000
Total Assets at fair value	11,063,495,000	10,122,300,000
Liabilities:
Financial derivatives	37,357,000	27,042,000
Total Liabilities at fair value	37,357,000	27,042,000
Fair Value, Measurements, Recurring | USDA Securities:
Assets:
Trading	6,830,000	8,913,000
Fair Value, Measurements, Recurring | Investment securities
Assets:
Available-for-sale, at fair value	3,532,190,000	2,959,843,000
Fair Value, Measurements, Recurring | Level 1
Assets:
Trading	0	0
Financial derivatives	9,000	0
Total Assets at fair value	1,217,575,000	1,296,923,000
Liabilities:
Financial derivatives	0	51,000
Total Liabilities at fair value	0	51,000
Fair Value, Measurements, Recurring | Level 1 | USDA Securities:
Assets:
Trading	0	0
Fair Value, Measurements, Recurring | Level 1 | Investment securities
Assets:
Available-for-sale, at fair value	1,217,566,000	1,296,923,000
Fair Value, Measurements, Recurring | Level 2
Assets:
Trading	0	0
Financial derivatives	12,828,000	10,519,000
Total Assets at fair value	2,308,380,000	1,654,527,000
Liabilities:
Financial derivatives	37,357,000	26,991,000
Total Liabilities at fair value	37,357,000	26,991,000
Fair Value, Measurements, Recurring | Level 2 | USDA Securities:
Assets:
Trading	0	0
Fair Value, Measurements, Recurring | Level 2 | Investment securities
Assets:
Available-for-sale, at fair value	2,295,552,000	1,644,008,000
Fair Value, Measurements, Recurring | Level 3
Assets:
Trading	6,830,000	8,913,000
Financial derivatives	0	0
Total Assets at fair value	7,537,540,000	7,170,850,000
Liabilities:
Financial derivatives	0	0
Total Liabilities at fair value	0	0
Fair Value, Measurements, Recurring | Level 3 | USDA Securities:
Assets:
Trading	6,830,000	8,913,000
Fair Value, Measurements, Recurring | Level 3 | Investment securities
Assets:
Available-for-sale, at fair value	19,072,000	18,912,000
Fair Value, Nonrecurring
Assets:
Loans held for sale	22,086,000
Total Assets at fair value	22,086,000
Fair Value, Nonrecurring | Level 1
Assets:
Loans held for sale	0
Total Assets at fair value	0
Fair Value, Nonrecurring | Level 2
Assets:
Loans held for sale	0
Total Assets at fair value	0
Fair Value, Nonrecurring | Level 3
Assets:
Loans held for sale	22,086,000
Total Assets at fair value	22,086,000
AgVantage Securities | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
AgVantage Securities | Fair Value, Measurements, Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
AgVantage Securities | Fair Value, Measurements, Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage Securities | Fair Value, Measurements, Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage Securities | Fair Value, Measurements, Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
USDA Guarantees | Fair Value, Measurements, Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
USDA Guarantees | Fair Value, Measurements, Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
USDA Guarantees | Fair Value, Measurements, Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
USDA Guarantees | Fair Value, Measurements, Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	7,511,638,000	7,143,025,000
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,072,000	18,912,000
Floating Interest Rate | Floating rate asset-backed securities
Assets:
Available-for-sale, at fair value	9,201,000	11,085,000
Floating Interest Rate | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,286,033,000	1,632,583,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,072,000	18,912,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Floating rate asset-backed securities
Assets:
Available-for-sale, at fair value	9,201,000	11,085,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,286,033,000	1,632,583,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 1 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 1 | Floating rate asset-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 1 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 2 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 2 | Floating rate asset-backed securities
Assets:
Available-for-sale, at fair value	9,201,000	11,085,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 2 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,286,033,000	1,632,583,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 3 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,072,000	18,912,000
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 3 | Floating rate asset-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating Interest Rate | Fair Value, Measurements, Recurring | Level 3 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	318,000	340,000
Fixed Interest Rate | Fixed rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	1,217,566,000	1,296,923,000
Fixed Interest Rate | Fair Value, Measurements, Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	318,000	340,000
Fixed Interest Rate | Fair Value, Measurements, Recurring | Fixed rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	1,217,566,000	1,296,923,000
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 1 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 1 | Fixed rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	1,217,566,000	1,296,923,000
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 2 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	318,000	340,000
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 2 | Fixed rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 3 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Fair Value, Measurements, Recurring | Level 3 | Fixed rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	$ 0	$ 0

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - Level 3	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of level three fair value assets and liabilities	32.00%	33.00%
Financial instruments level three percent	68.00%	71.00%

Fair Value Disclosures - Unobse

Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Level 3 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7,924,456	$ 7,064,077	$ 7,170,850	$ 6,003,211
Purchases	122,892	349,654	958,368	1,788,097
Sales	0	(9,506)	0	(57,853)
Settlements	(514,561)	(254,900)	(828,290)	(726,116)
Allowance for losses	(95)		(367)
Realized and unrealized gains/(losses) included in Income	(42,091)	84,213	257,424	258,309
Unrealized gains/(losses) included in Other Comprehensive Income	46,939	(22,846)	(20,445)	(54,956)
Ending Balance	7,537,540	7,210,692	7,537,540	7,210,692
Available-for-Sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	18,283	19,208	18,912	18,715
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Allowance for losses	1		(37)
Realized and unrealized gains/(losses) included in Income	0	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	788	0	197	493
Ending Balance	19,072	19,208	19,072	19,208
Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,898,387	7,035,668	7,143,025	5,974,497
Purchases	122,892	340,148	958,368	1,730,244
Sales	0	0	0	0
Settlements	(513,864)	(254,593)	(826,380)	(724,906)
Allowance for losses	(96)		(330)
Realized and unrealized gains/(losses) included in Income	(41,832)	84,164	257,597	258,155
Unrealized gains/(losses) included in Other Comprehensive Income	46,151	(22,846)	(20,642)	(55,449)
Ending Balance	7,511,638	7,182,541	7,511,638	7,182,541
USDA Securities:
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			8,913
Ending Balance	6,830		6,830
AgVantage Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,898,387	7,035,668	7,143,025	5,974,497
Purchases	122,892	340,148	958,368	1,730,244
Sales	0	0	0	0
Settlements	(513,864)	(254,593)	(826,380)	(724,906)
Allowance for losses	(96)		(330)
Realized and unrealized gains/(losses) included in Income	(41,832)	84,164	257,597	258,155
Unrealized gains/(losses) included in Other Comprehensive Income	46,151	(22,846)	(20,642)	(55,449)
Ending Balance	7,511,638	7,182,541	7,511,638	7,182,541
USDA Guarantees | Available-for-Sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0		0
Purchases		9,506		57,853
Sales		(9,506)		(57,853)
Settlements		0		0
Realized and unrealized gains/(losses) included in Income		0		0
Unrealized gains/(losses) included in Other Comprehensive Income		0		0
Ending Balance		0		0
USDA Guarantees | Trading
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,786	9,201	8,913	9,999
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(697)	(307)	(1,910)	(1,210)
Allowance for losses	0		0
Realized and unrealized gains/(losses) included in Income	(259)	49	(173)	154
Unrealized gains/(losses) included in Other Comprehensive Income	0	0	0	0
Ending Balance	6,830	8,943	6,830	8,943
USDA Guarantees | USDA Securities:
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,786	9,201	8,913	9,999
Purchases	0	9,506	0	57,853
Sales	0	(9,506)	0	(57,853)
Settlements	(697)	(307)	(1,910)	(1,210)
Allowance for losses
Realized and unrealized gains/(losses) included in Income	(259)	49	(173)	154
Unrealized gains/(losses) included in Other Comprehensive Income	0	0	0	0
Ending Balance	6,830	8,943	6,830	8,943
Floating Interest Rate | Available-for-Sale Securities | Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	18,283	19,208	18,912	18,715
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Allowance for losses	1		(37)
Realized and unrealized gains/(losses) included in Income	0	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	788	0	197	493
Ending Balance	$ 19,072	$ 19,208	$ 19,072	$ 19,208

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information (Details) - Fair Value, Measurements, Recurring - Level 3 $ in Thousands	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 7,537,540	$ 7,924,456	$ 7,170,850	$ 7,210,692	$ 7,064,077	$ 6,003,211
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	19,072		18,912
USDA Securities:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	6,830		8,913
AgVantage Securities | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	7,511,638		7,143,025
USDA Guarantees | USDA Securities:
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,830	$ 7,786	$ 8,913	$ 8,943	$ 9,201	$ 9,999
Measurement Input, Range of Broker Quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970		0.960
Measurement Input, Range of Broker Quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970		0.960
Measurement Input, Range of Broker Quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970		0.960
Measurement Input, Discount Rate | Minimum | AgVantage Securities | Farmer Mac Guaranteed Securities | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.008		0.023
Measurement Input, Discount Rate | Minimum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.013		0.023
Measurement Input, Discount Rate | Maximum | AgVantage Securities | Farmer Mac Guaranteed Securities | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.023		0.055
Measurement Input, Discount Rate | Maximum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.033		0.026
Measurement Input, Discount Rate | Weighted Average | AgVantage Securities | Farmer Mac Guaranteed Securities | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.012		0.026
Measurement Input, Discount Rate | Weighted Average | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.026		0.021
Measurement Input, Constant Prepayment Rate | Minimum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.23		0.10
Measurement Input, Constant Prepayment Rate | Maximum | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.49		0.21
Measurement Input, Constant Prepayment Rate | Weighted Average | USDA Guarantees | USDA Securities: | Valuation, Cost Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.43		0.19

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial derivatives	$ 12,237	$ 7,834
Guarantee and commitment fees receivable	36,664	38,442
Financial derivatives	188,289	105,087
Guarantee and commitment obligation	35,140	36,700
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	910,592	604,381
Loans	8,450,522	7,317,091
Financial derivatives	12,837	10,519
Guarantee and commitment fees receivable	34,801	36,732
Notes payable	21,893,043	19,234,079
Debt securities of consolidated trusts held by third parties	1,337,741	1,663,177
Financial derivatives	37,357	27,042
Guarantee and commitment obligation	33,278	34,990
Fair Value | Investment securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	3,578,375	3,005,828
Fair Value | Farmer Mac Guaranteed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	8,739,103	8,606,451
Fair Value | USDA Securities:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	2,522,001	2,294,671
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	910,592	604,381
Loans	8,105,647	6,981,440
Financial derivatives	12,837	10,519
Guarantee and commitment fees receivable	36,664	38,442
Notes payable	21,589,285	19,098,648
Debt securities of consolidated trusts held by third parties	1,292,416	1,616,504
Financial derivatives	37,357	27,042
Guarantee and commitment obligation	35,140	36,700
Carrying Amount | Investment securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	3,577,222	3,004,875
Carrying Amount | Farmer Mac Guaranteed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	8,712,208	8,590,476
Carrying Amount | USDA Securities:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	$ 2,417,678	$ 2,241,073

Business Segment Reporting - Co

Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	$ 44,661	$ 40,112		$ 134,321	$ 123,765
Less: reconciling adjustments	0	0		0	0
Net effective spread	0	0		0	0
Guarantee and commitment fees	3,159	3,349		9,495	10,265
Other income/(expense)	(228)	(6,781)		(388)	2,725
Non-interest income/(loss)	2,931	(3,432)		9,107	12,990
Release of/(provision for) losses	(653)	(760)		(4,542)	(1,074)
(Provision for)/release of reserve for losses	(547)	137		(540)	424
Other non-interest expense	(14,560)	(13,595)		(44,882)	(38,695)
Non-interest expense	(15,107)	(13,458)		(45,422)	(38,271)
Core earnings before income taxes	31,832	22,462		93,464	97,410
Income tax (expense)/benefit	(6,340)	(4,629)		(19,516)	(20,362)
Core earnings before preferred stock dividends	25,492	17,833		73,948	77,048
Preferred stock dividends	(5,166)	(3,427)		(12,536)	(10,508)
Loss on retirement of preferred stock	(1,667)	0	$ (1,956)	(1,667)	(1,956)
Segment core earnings/(losses)	18,659	14,406		59,745	64,584
Total assets at carrying value	23,998,837	21,315,234		23,998,837	21,315,234	$ 21,709,374
Total on- and off-balance sheet program assets at principal balance	21,989,288	20,932,359		21,989,288	20,932,359
Corporate
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	1,941	2,821		5,025	8,607
Less: reconciling adjustments	431	(164)		74	(900)
Net effective spread	2,372	2,657		5,099	7,707
Guarantee and commitment fees	0	0		0	0
Other income/(expense)	(125)	(110)		(413)	494
Non-interest income/(loss)	(125)	(110)		(413)	494
Release of/(provision for) losses	1	0		(28)	0
(Provision for)/release of reserve for losses	0	0		0	0
Other non-interest expense	(3,938)	(3,837)		(12,171)	(10,903)
Non-interest expense	(3,938)	(3,837)		(12,171)	(10,903)
Core earnings before income taxes	(1,690)	(1,290)		(7,513)	(2,702)
Income tax (expense)/benefit	701	360		1,689	663
Core earnings before preferred stock dividends	(989)	(930)		(5,824)	(2,039)
Preferred stock dividends	(5,166)	(3,427)		(12,536)	(10,508)
Loss on retirement of preferred stock	0				0
Segment core earnings/(losses)	(6,155)	(4,357)		(18,360)	(12,547)
Total assets at carrying value	4,576,909	3,797,690		4,576,909	3,797,690
Total on- and off-balance sheet program assets at principal balance	0	0		0	0
Reconciling Adjustments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0		0	0
Less: reconciling adjustments	(7,141)	(2,349)		(8,113)	1,148
Net effective spread	(7,141)	(2,349)		(8,113)	1,148
Guarantee and commitment fees	(1,500)	(1,859)		(5,003)	(5,638)
Other income/(expense)	(681)	(7,170)		(3,048)	1,050
Non-interest income/(loss)	(2,181)	(9,029)		(8,051)	(4,588)
Release of/(provision for) losses	0	0		0	0
(Provision for)/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	(9,322)	(11,378)		(16,164)	(3,440)
Income tax (expense)/benefit	1,957	2,389		3,395	722
Core earnings before preferred stock dividends	(7,365)	(8,989)		(12,769)	(2,718)
Preferred stock dividends	0	0		0	0
Loss on retirement of preferred stock	(1,667)				(1,956)
Segment core earnings/(losses)	(9,032)	(8,989)		(14,436)	(4,674)
Total assets at carrying value	0	0		0	0
Total on- and off-balance sheet program assets at principal balance	0	0		0	0
Farm & Ranch
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) losses	300	(760)		412	(1,074)
(Provision for)/release of reserve for losses	(628)	137		(262)	424
Farm & Ranch | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	18,093	15,345		53,768	46,424
Less: reconciling adjustments	(68)	(2,164)		(4,072)	(7,171)
Net effective spread	18,025	13,181		49,696	39,253
Guarantee and commitment fees	4,111	4,523		12,822	13,861
Other income/(expense)	443	390		2,197	1,058
Non-interest income/(loss)	4,554	4,913		15,019	14,919
Release of/(provision for) losses	300	(760)		412	(1,074)
(Provision for)/release of reserve for losses	(628)	137		(262)	424
Other non-interest expense	(5,381)	(5,062)		(16,632)	(14,448)
Non-interest expense	(6,009)	(4,925)		(16,894)	(14,024)
Core earnings before income taxes	16,870	12,409		48,233	39,074
Income tax (expense)/benefit	(3,543)	(2,606)		(10,129)	(8,206)
Core earnings before preferred stock dividends	13,327	9,803		38,104	30,868
Preferred stock dividends	0	0		0	0
Loss on retirement of preferred stock	0				0
Segment core earnings/(losses)	13,327	9,803		38,104	30,868
Total assets at carrying value	5,961,307	4,934,887		5,961,307	4,934,887
Total on- and off-balance sheet program assets at principal balance	8,249,349	7,393,728		8,249,349	7,393,728
USDA Guarantees | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	4,747	4,491		14,691	13,045
Less: reconciling adjustments	1,118	(177)		488	(670)
Net effective spread	5,865	4,314		15,179	12,375
Guarantee and commitment fees	213	250		658	712
Other income/(expense)	135	92		864	92
Non-interest income/(loss)	348	342		1,522	804
Release of/(provision for) losses	0	0		0	0
(Provision for)/release of reserve for losses	0	0		0	0
Other non-interest expense	(1,643)	(1,506)		(5,045)	(4,279)
Non-interest expense	(1,643)	(1,506)		(5,045)	(4,279)
Core earnings before income taxes	4,570	3,150		11,656	8,900
Income tax (expense)/benefit	(960)	(662)		(2,448)	(1,870)
Core earnings before preferred stock dividends	3,610	2,488		9,208	7,030
Preferred stock dividends	0	0		0	0
Loss on retirement of preferred stock	0				0
Segment core earnings/(losses)	3,610	2,488		9,208	7,030
Total assets at carrying value	2,487,687	2,238,558		2,487,687	2,238,558
Total on- and off-balance sheet program assets at principal balance	2,735,128	2,567,763		2,735,128	2,567,763
Rural  Utilities
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) losses	(1,182)	0		(4,704)	0
(Provision for)/release of reserve for losses	80	0		(279)	0
Rural  Utilities | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	5,709	2,602		12,778	6,264
Less: reconciling adjustments	1,230	1,900		4,597	5,467
Net effective spread	6,939	4,502		17,375	11,731
Guarantee and commitment fees	328	348		995	1,069
Other income/(expense)	0	17		12	31
Non-interest income/(loss)	328	365		1,007	1,100
Release of/(provision for) losses	(1,182)	0		(4,704)	0
(Provision for)/release of reserve for losses	81	0		(278)	0
Other non-interest expense	(1,438)	(913)		(4,428)	(2,595)
Non-interest expense	(1,357)	(913)		(4,706)	(2,595)
Core earnings before income taxes	4,728	3,954		8,972	10,236
Income tax (expense)/benefit	(993)	(830)		(1,884)	(2,149)
Core earnings before preferred stock dividends	3,735	3,124		7,088	8,087
Preferred stock dividends	0	0		0	0
Loss on retirement of preferred stock	0				0
Segment core earnings/(losses)	3,735	3,124		7,088	8,087
Total assets at carrying value	2,256,011	1,692,835		2,256,011	1,692,835
Total on- and off-balance sheet program assets at principal balance	2,685,309	2,232,602		2,685,309	2,232,602
Institutional Credit | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	14,171	14,853		48,059	49,425
Less: reconciling adjustments	4,430	2,954		7,026	2,126
Net effective spread	18,601	17,807		55,085	51,551
Guarantee and commitment fees	7	87		23	261
Other income/(expense)	0	0		0	0
Non-interest income/(loss)	7	87		23	261
Release of/(provision for) losses	228	0		(222)	0
(Provision for)/release of reserve for losses	0	0		0	0
Other non-interest expense	(2,160)	(2,277)		(6,606)	(6,470)
Non-interest expense	(2,160)	(2,277)		(6,606)	(6,470)
Core earnings before income taxes	16,676	15,617		48,280	45,342
Income tax (expense)/benefit	(3,502)	(3,280)		(10,139)	(9,522)
Core earnings before preferred stock dividends	13,174	12,337		38,141	35,820
Preferred stock dividends	0	0		0	0
Loss on retirement of preferred stock	0				0
Segment core earnings/(losses)	13,174	12,337		38,141	35,820
Total assets at carrying value	8,716,923	8,651,264		8,716,923	8,651,264
Total on- and off-balance sheet program assets at principal balance	$ 8,319,502	$ 8,738,266		$ 8,319,502	$ 8,738,266