COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
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. | ||
Entity Address, Address Line Two | 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 958,733,197 | ||
Entity Central Index Key | 0000845877 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | 9,270,717 | ||
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 | ||
4.875% Non-Cumulative Preferred Stock, Series G | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 4.875% Non-Cumulative Preferred Stock, Series G | ||
Trading Symbol | AGM.PRG | ||
Security Exchange Name | NYSE | ||
Class B voting common stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 500,301 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington DC, USA |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 861,002 | $ 908,785 |
Loans: | ||
Loans held for investment, at amortized cost | 9,011,820 | 8,314,096 |
Loans held for investment in consolidated trusts, at amortized cost | 1,211,576 | 948,623 |
Allowance for losses | (15,089) | (14,041) |
Total loans, net of allowance | 10,208,307 | 9,248,678 |
Financial derivatives | 37,409 | 6,081 |
Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) | 229,061 | 165,604 |
Guarantee and commitment fees receivable | 47,151 | 45,538 |
Deferred tax asset, net | 18,004 | 15,869 |
Prepaid expenses and other assets | 263,927 | 45,334 |
Total Assets | 27,333,110 | 25,121,009 |
Liabilities: | ||
Notes payable | 24,469,113 | 22,713,771 |
Debt securities of consolidated trusts held by third parties | 1,181,948 | 981,379 |
Financial derivatives | 175,326 | 35,554 |
Accrued interest payable (includes $9,353 and $18,018, respectively, related to consolidated trusts) | 117,887 | 59,003 |
Guarantee and commitment obligation | 46,582 | 43,926 |
Accounts payable and accrued expenses | 68,863 | 71,726 |
Reserve for losses | 1,433 | 1,950 |
Total Liabilities | 26,061,152 | 23,907,309 |
Commitments and Contingencies (Note 12) | ||
Common stock: | ||
Additional paid-in capital | 128,939 | 125,993 |
Accumulated other comprehensive (loss)/income, net of tax | (50,843) | 3,853 |
Retained earnings | 698,530 | 588,557 |
Total Equity | 1,271,958 | 1,213,700 |
Total Liabilities and Equity | 27,333,110 | 25,121,009 |
Series C | ||
Preferred stock: | ||
Preferred stock | 73,382 | 73,382 |
Series D | ||
Preferred stock: | ||
Preferred stock | 96,659 | 96,659 |
Series E | ||
Preferred stock: | ||
Preferred stock | 77,003 | 77,003 |
Series F | ||
Preferred stock: | ||
Preferred stock | 116,160 | 116,160 |
Series G | ||
Preferred stock: | ||
Preferred stock | 121,327 | 121,327 |
Class A voting common stock | ||
Common stock: | ||
Common Stock | 1,031 | 1,031 |
Class B voting common stock | ||
Common stock: | ||
Common Stock | 500 | 500 |
Class C non-voting common stock | ||
Common stock: | ||
Common Stock | 9,270 | 9,235 |
Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 4,579,564 | 3,836,391 |
Amortized Cost | 45,032 | 44,970 |
Other investments | 3,672 | 1,229 |
Total Securities | 4,628,268 | 3,882,590 |
Farmer Mac Guaranteed Securities: | ||
Assets: | ||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 |
Amortized Cost | 1,021,154 | 2,033,239 |
Total Securities | 8,628,380 | 8,361,798 |
USDA Securities: | ||
Assets: | ||
Amortized Cost | 2,409,834 | 2,436,331 |
Trading, at fair value | 1,767 | 4,401 |
Total Securities | $ 2,411,601 | $ 2,440,732 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest receivable - consolidated trusts amount | $ 229,061 | $ 165,604 |
Accrued interest payable - consolidated trusts amount | $ 117,887 | $ 59,003 |
Series C | ||
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, 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, 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, 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 |
Series G | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 5,000,000 | 5,000,000 |
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 |
Class B voting common stock | ||
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) | 9,270,265 | 9,235,205 |
Consolidated VIE | ||
Interest receivable - consolidated trusts amount | $ 12,514 | $ 10,418 |
Accrued interest payable - consolidated trusts amount | 8,081 | 9,619 |
Available-for-Sale Securities | ||
Amortized cost of available-for-sale investment securities | 4,769,426 | 3,834,714 |
Farmer Mac Guaranteed Securities: | ||
Amortized Cost | 1,021,154 | 2,033,239 |
Amortized cost of available-for-sale investment securities | $ 8,019,495 | $ 6,135,807 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Investments and cash equivalents | $ 82,659 | $ 18,660 | $ 42,144 |
Farmer Mac Guaranteed Securities and USDA Securities | 283,769 | 164,723 | 232,951 |
Loans | 350,420 | 242,582 | 233,699 |
Total interest income | 716,848 | 425,965 | 508,794 |
Total interest expense | 445,908 | 204,014 | 312,946 |
Net interest income | 270,940 | 221,951 | 195,848 |
(Provision for)/release of losses | (1,323) | 860 | (7,805) |
Net interest income after (provision for)/release of losses | 269,617 | 222,811 | 188,043 |
Non-interest income/(expense): | |||
Guarantee and commitment fees | 13,040 | 12,669 | 12,549 |
Gains on financial derivatives | 22,631 | 324 | 1,744 |
Gain on the sale of mortgage loans | 0 | 6,539 | 0 |
(Losses)/gains on trading securities | (51) | (115) | 50 |
Gains on sale of available-for-sale investment securities | 0 | 253 | 0 |
Gain on sale of real estate owned | 0 | 0 | 463 |
Release of/(provision for) reserve for losses | 517 | 1,327 | (250) |
Other income | 2,551 | 2,069 | 3,487 |
Non-interest income | 38,688 | 23,066 | 18,043 |
Operating expenses: | |||
Compensation and employee benefits | 48,766 | 42,847 | 36,502 |
General and administrative | 29,772 | 27,507 | 21,976 |
Regulatory fees | 3,269 | 3,062 | 2,925 |
Real estate owned operating costs, net | 819 | 0 | 0 |
Operating expenses | 82,626 | 73,416 | 61,403 |
Income before income taxes | 225,679 | 172,461 | 144,683 |
Income tax expense | 47,535 | 36,372 | 30,307 |
Net income | 178,144 | 136,089 | 114,376 |
Preferred stock dividends | (27,165) | (24,677) | (17,805) |
Loss on retirement of preferred stock | 0 | 0 | (1,667) |
Net income attributable to common stockholders | $ 150,979 | $ 111,412 | $ 94,904 |
Earnings per common share: | |||
Basic earnings per common share (in dollars per share) | $ 14 | $ 10.36 | $ 8.85 |
Diluted earnings per common share (in dollars per share) | $ 13.87 | $ 10.27 | $ 8.80 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 178,144 | $ 136,089 | $ 114,376 |
Other comprehensive (loss)/income: | |||
Net unrealized (losses)/gains on available-for-sale securities | (137,506) | 8,867 | 37,291 |
Net changes in held-to-maturity securities | 259 | (8,451) | (12,677) |
Net unrealized gains/(losses) on cash flow hedges | 68,012 | 22,084 | (21,780) |
Other comprehensive (loss)/income before tax | (69,235) | 22,500 | 2,834 |
Income tax benefit/(expense) related to other comprehensive (loss)/income | 14,539 | (4,724) | (596) |
Other comprehensive (loss)/income net of tax | (54,696) | 17,776 | 2,238 |
Comprehensive income | $ 123,448 | $ 153,865 | $ 116,614 |
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 E | Series F | Series A | Class C non-voting common stock | Series G | Preferred Stock | Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Stock Series E | Preferred Stock Series F | Preferred Stock Series A | Preferred Stock Series G | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock Class C non-voting common stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital Class 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 Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings Class C non-voting common stock |
Beginning balance ( in shares) at Dec. 31, 2019 | 9,400 | 9,400 | 10,712 | 10,712 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 799,006 | $ (2,099) | $ 796,907 | $ 228,374 | $ 228,374 | $ 10,712 | $ 10,712 | $ 119,304 | $ 119,304 | $ (16,161) | $ (16,161) | $ 456,777 | $ 454,678 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net Income | 114,376 | 114,376 | |||||||||||||||||||||||
Other comprehensive income, net of tax | 2,238 | 2,238 | |||||||||||||||||||||||
Cash dividends, preferred stock | (17,805) | ||||||||||||||||||||||||
Cash dividends, common stock | (34,333) | ||||||||||||||||||||||||
Issuance of common stock (in shares) | 3,180 | 4,800 | 29 | ||||||||||||||||||||||
Issuance of common stock | $ 77,003 | $ 116,160 | $ 85 | $ 77,003 | $ 116,160 | $ 29 | $ 56 | ||||||||||||||||||
Redemption of Series A preferred stock (in shares) | (2,400) | ||||||||||||||||||||||||
Redemption of Series A preferred stock | $ (58,333) | $ (58,333) | |||||||||||||||||||||||
Loss on retirement of preferred stock | (1,667) | (1,667) | |||||||||||||||||||||||
Repurchase of Class C Common Stock (in shares) | (4) | ||||||||||||||||||||||||
Repurchase of Class C Common Stock | (235) | $ (4) | $ (231) | ||||||||||||||||||||||
Stock-based compensation cost | 4,128 | 4,128 | |||||||||||||||||||||||
Other stock-based award activity | (589) | (589) | |||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 14,980 | 10,737 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 997,935 | $ 363,204 | $ 10,737 | 122,899 | (13,923) | 515,018 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net Income | 136,089 | 136,089 | |||||||||||||||||||||||
Other comprehensive income, net of tax | 17,776 | 17,776 | |||||||||||||||||||||||
Cash dividends, preferred stock | (24,677) | ||||||||||||||||||||||||
Cash dividends, common stock | (37,873) | ||||||||||||||||||||||||
Issuance of common stock (in shares) | 5,000 | 29 | |||||||||||||||||||||||
Issuance of common stock | 145 | $ 121,327 | $ 121,327 | $ 29 | 116 | ||||||||||||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||||||||||||||||
Stock-based compensation cost | 4,310 | 4,310 | |||||||||||||||||||||||
Other stock-based award activity | (1,332) | (1,332) | |||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 19,980 | 10,766 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 1,213,700 | $ 484,531 | $ 10,766 | 125,993 | 3,853 | 588,557 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Net Income | 178,144 | 178,144 | |||||||||||||||||||||||
Other comprehensive income, net of tax | (54,696) | (54,696) | |||||||||||||||||||||||
Cash dividends, preferred stock | (27,165) | ||||||||||||||||||||||||
Cash dividends, common stock | (41,006) | ||||||||||||||||||||||||
Issuance of common stock (in shares) | 35 | ||||||||||||||||||||||||
Issuance of common stock | 225 | $ 35 | $ 190 | ||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | ||||||||||||||||||||||||
Stock-based compensation cost | 4,625 | 4,625 | |||||||||||||||||||||||
Other stock-based award activity | (1,869) | (1,869) | |||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 19,980 | 10,801 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 1,271,958 | $ 484,531 | $ 10,801 | $ 128,939 | $ (50,843) | $ 698,530 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends per common share (in dollars per share) | $ 0.95 | $ 0.88 | $ 0.80 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 178,144 | $ 136,089 | $ 114,376 |
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 | 720 | 17,314 | 8,343 |
Amortization of debt premiums, discounts, and issuance costs | 19,656 | 6,780 | 21,319 |
Net change in fair value of trading securities, hedged assets, and financial derivatives | 689,998 | 205,701 | (240,545) |
Gain on sale of real estate owned | 0 | 0 | (463) |
Gain on the sale of available-for-sale investment securities | 0 | (253) | 0 |
Gain on the sale of mortgage loans | 0 | (6,539) | 0 |
Total (provision for)/release of allowance for losses | 806 | (2,187) | 8,055 |
Excess tax benefits related to stock-based awards | 101 | 292 | (440) |
Deferred income taxes | 12,406 | (1,630) | (2,826) |
Stock-based compensation expense | 4,624 | 4,311 | 4,128 |
Purchases of loans held for sale | 0 | 0 | (59,150) |
Proceeds from the sale of loans held for sale | 0 | 0 | 15,000 |
Proceeds from repayment of loans purchased as held for sale | 33,311 | 46,968 | 59,370 |
Net change in: | |||
Interest receivable | (63,777) | 4,446 | 10,319 |
Guarantee and commitment fees receivable | 1,043 | (34) | 164 |
Other assets | (126,054) | (9,830) | (10,304) |
Accrued interest payable | 58,884 | (9,526) | (22,732) |
Custodial deposit liability | (7,666) | 44,955 | 0 |
Other liabilities | 7,075 | (445) | 839 |
Net cash provided by/(used in) operating activities | 809,271 | 436,412 | (94,547) |
Cash flows from investing activities: | |||
Purchases of other investment securities | (2,443) | (1,229) | 0 |
Purchases of loans held for investment | (2,592,924) | (2,916,493) | (3,043,392) |
Purchases of defaulted loans | 0 | (8,713) | (6,272) |
Proceeds from repayment of loans purchased as held for investment | 1,321,989 | 1,889,408 | 1,715,663 |
Proceeds from sale of loans previously classified as held for investment | 9,000 | 301,393 | 0 |
Proceeds from sale of available-for-sale investment securities | 0 | 257,524 | 0 |
Proceeds from sale of Farmer Mac Guaranteed Securities | 99,643 | 0 | 41,248 |
Proceeds from sale of real estate owned | 0 | 0 | 4,169 |
Net cash used in investing activities | (3,042,959) | (1,096,196) | (1,736,091) |
Cash flows from financing activities: | |||
Proceeds from issuance of discount notes | 52,470,273 | 61,112,365 | 68,548,733 |
Proceeds from issuance of medium-term notes | 9,031,116 | 11,173,147 | 13,509,754 |
Proceeds from third parties from issuance of debt securities of consolidated trusts | 258,198 | 0 | 0 |
Payments to redeem discount notes | (54,085,418) | (60,743,066) | (68,960,492) |
Payments to redeem medium-term notes | (5,192,159) | (10,586,370) | (10,414,765) |
Payments to third parties on debt securities of consolidated trusts | (226,291) | (480,272) | (504,807) |
Proceeds from common stock issuance | 192 | 117 | 56 |
Retirement of preferred stock | 0 | 0 | (60,000) |
Proceeds from preferred stock issuance, net of stock issuance costs | 0 | 121,327 | 193,163 |
Tax payments related to share-based awards | (1,835) | (1,305) | (560) |
Purchases of common stock | 0 | 0 | 235 |
Dividends paid on common and preferred stock | (68,171) | (61,315) | (50,649) |
Net cash provided by financing activities | 2,185,905 | 534,628 | 2,260,198 |
Net change in cash and cash equivalents | (47,783) | (125,156) | 429,560 |
Cash and cash equivalents at beginning of period | 908,785 | 1,033,941 | 604,381 |
Cash and cash equivalents at end of period | 861,002 | 908,785 | 1,033,941 |
Cash paid during the period for: | |||
Interest | 269,327 | 198,593 | 283,335 |
Income taxes | 33,800 | 36,300 | 30,000 |
Non-cash activity: | |||
Loans securitized as Farmer Mac Guaranteed Securities | 162,875 | 113,175 | 165,054 |
Loans held for investment transferred to consolidated trusts | 297,713 | 0 | |
Reclassification of defaulted loans from loans held for investment in consolidated trusts to loans held for investment | 3,977 | 24,690 | 47,036 |
Reclassification of loans held for sale to loans held for investment | 0 | 0 | 44,150 |
Reclassification of loans held for investment to loans held for sale | 0 | 301,551 | 0 |
Net assets obtained in securitization | 0 | 15,369 | 0 |
Matured securities receivable | 97,500 | 0 | |
(Recovery)/charge-off from the allowance for losses | 84 | (1,054) | 5,759 |
Available-for-sale securities | |||
Cash flows from investing activities: | |||
Purchases of securities | (2,472,056) | (2,004,911) | (2,852,658) |
Proceeds from repayment of securities | 1,440,201 | 1,740,000 | 1,961,895 |
Farmer Mac Guaranteed Securities and USDA Securities | |||
Cash flows from investing activities: | |||
Purchases of securities | (5,275,733) | (4,380,901) | (2,074,701) |
Proceeds from repayment of securities | $ 4,429,364 | $ 4,027,726 | $ 2,517,957 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the availability of long-term credit at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Farmer Mac's secondary market activities include: • purchasing eligible loans directly from lenders (including participation interests, syndicated notes, revolving and non-revolving credit facilities, and unfunded commitments to make advances on loans); • purchasing securities that are issued by lenders and guaranteed by Farmer Mac and that are secured by eligible loans (Farmer Mac refers to these securities as "AgVantage," a registered trademark of Farmer Mac); • issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of eligible loans (together with AgVantage, Farmer Mac refers to these securities as "Farmer Mac Guaranteed Securities"); • servicing (including as master servicer) eligible loans purchased or securitized by Farmer Mac; and • providing long-term standby purchase commitments ("LTSPCs") for eligible loans. Farmer Mac conducts its secondary market activities through two lines of business — Agricultural Finance and Rural Infrastructure Finance. For more information about those lines of business and the segments within them, see Note 14 - Business Segments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: Farmer Mac has revised its prior period financial information to correct an error that was not material to those previous consolidated financial statements, taken as a whole. For more information on the revision, refer to Note 15, Revision of Prior Period Financial Statements. (a) 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, 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 Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Interest Income Recognition on Interest-Only Farmer Mac Guaranteed Securities ("IO-FMGS") Farmer Mac recognizes interest income for its IO-FMGS by applying the effective yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that Farmer Mac would not recover substantially all of its recorded investment. The amount of periodic interest income recognized is determined by applying the IO-FMGS effective interest rate to its amortized cost basis (or “reference amount”). At the time of acquisition, the effective interest rate is calculated by solving for the single discount rate that equates the present value of Farmer Mac's best estimate of the amount and timing of the Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Troubled Debt Restructuring ("TDR") A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits pursuant to 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Gain on sale of mortgage loans” in the accompanying consolidated statements of operations. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value. In the fourth quarter of 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. The securitization consisted of two classes of securities, Class A and Class B. The Class A securities are backed by 92.5% of the pool and is guaranteed by Farmer Mac. The Class B Tranche is backed by the remaining 7.5% of the pool. Credit losses on the entire pool are first allocated to the Class B securities. As a result of the transaction, Farmer Mac recognized the following: 1. A guarantee asset and liability related to the guarantee fees and the obligation to stand ready to perform on the guarantee to the Class A security holders. 2. A servicing asset related to Farmer Mac’s role as Master and Central Servicer. Farmer Mac will earn a related servicing fee. 3. A retained interest-only strip of a Farmer Mac Guaranteed Security (IO-FMGS) security. The above assets and liabilities were initially recorded on the consolidated balance sheets at fair value. For more information on fair value measurement see Footnote 13. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac does not consolidate. See Table 2.4 below for more information about these trusts. Gains or losses arising from securitization are recorded as the difference between the transferred loans’ carrying values and the sum of (a) the initial fair value of the assets or liabilities received and (b) net cash proceeds. For the year ended December 31, 2021, Farmer Mac recorded $6.5 million in gains attributable to securitization activity. These gains were reported in “Gains on sale of mortgage loans” in the consolidated statements of operations. Farmer Mac recorded no gains attributable to securitization activity for both the years ended December 31, 2022 and 2020. Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with most of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives The majority of Farmer Mac's interest-rate swaps are subject to the central clearing requirement. Changes in the value of cleared derivatives are settled daily via payments made through the clearinghouse. Farmer Mac nets the exposure by clearinghouse and clearing member. See Notes 6 and 13 for more information on financial derivatives. 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 Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Rural Infrastructure Finance 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. In 2020, Farmer Mac adopted the Current Expected Credit Loss standard. The cumulative effect adjustment from adoption of the standard is included in the Consolidated Statements of Equity. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off 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 includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Rural Infrastructure Finance loans (Rural Utilities and Renewable Energy), and AgVantage Securities; • 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. 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 years ended December 31, 2022, 2021 and 2020: Table 2.1 For the Years Ended December 31, 2022 2021 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 150,979 10,791 $ 14.00 $ 111,412 10,758 $ 10.36 $ 94,904 10,728 $ 8.85 Effect of dilutive securities (1) SARs and restricted stock — 92 (0.13) — 88 (0.09) — 58 (0.05) Diluted EPS $ 150,979 10,883 $ 13.87 $ 111,412 10,846 $ 10.27 $ 94,904 10,786 $ 8.80 (1) For the years ended December 31, 2022, 2021 and 2020, SARs and restricted stock of 32,448, 39,326, and 74,336, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2022, 2021 and 2020, contingent shares of unvested restricted stock of 18,535, 18,183, and 12,680 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. Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $4.6 million, $4.3 million, and $4.1 million of compensation expense related to SARs and non-vested restricted stock awards for 2022, 2021, and 2020, respectively. Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2022, 2021, and 2020. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2020 $ (43,397) $ 32,845 $ (5,609) $ (16,161) Other comprehensive income/(loss) before reclassifications 32,739 — (21,606) 11,133 Amounts reclassified from AOCI (3,279) (10,016) 4,400 (8,895) Net comprehensive income/(loss) 29,460 (10,016) (17,206) 2,238 Balance as of December 31, 2020 $ (13,937) $ 22,829 $ (22,815) $ (13,923) Other comprehensive income before reclassifications 9,114 — 11,602 20,716 Amounts reclassified from AOCI (2,109) (6,676) 5,845 (2,940) Net comprehensive income/(loss) 7,005 (6,676) 17,447 17,776 Balance as of December 31, 2021 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) 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 years ended December 31, 2022, 2021, and 2020: Table 2.3 For the Years Ended December 31, 2022 2021 2020 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale securities $ (137,500) $ (28,876) $ (108,624) $ 11,537 $ 2,423 $ 9,114 $ 41,442 $ 8,703 $ 32,739 Less reclassification adjustments included in: Net interest income (1) — — — (2,333) (490) (1,843) (3,895) (818) (3,077) Gains on sale of available-for-sale investment securities (2) — — — (253) (53) (200) — — — Other income (3) (6) (1) (5) (84) (18) (66) (256) (54) (202) Total $ (137,506) $ (28,877) $ (108,629) $ 8,867 $ 1,862 $ 7,005 $ 37,291 $ 7,831 $ 29,460 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (4) 259 55 204 (8,451) (1,775) (6,676) (12,677) (2,661) (10,016) Total $ 259 $ 55 $ 204 $ (8,451) $ (1,775) $ (6,676) $ (12,677) $ (2,661) $ (10,016) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 69,225 $ 14,537 $ 54,688 $ 14,685 $ 3,083 $ 11,602 $ (27,350) $ (5,744) $ (21,606) Less reclassification adjustments included in: Net interest income (5) (1,213) (254) (959) 7,399 1,554 5,845 5,570 1,170 4,400 Total $ 68,012 $ 14,283 $ 53,729 $ 22,084 $ 4,637 $ 17,447 $ (21,780) $ (4,574) $ (17,206) Other comprehensive (loss)/income $ (69,235) $ (14,539) $ (54,696) $ 22,500 $ 4,724 $ 17,776 $ 2,834 $ 596 $ 2,238 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents unrealized gains and losses on sales of available-for-sale securities. (3) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (4) 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. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. obligation and asset at inception are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying Agricultural Finance real estate mortgage loans and Rural Infrastructure Finance loans. See Note 2(h) for Farmer Mac's policy for estimating probable losses for LTSPCs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. Wh |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Farmer Mac considers an entity to be a related party if (1) the entity holds at least 5% of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect 5 members of Farmer Mac's 15-member board of directors and that Class B stockholders elect 5 members of the board of directors. Farmer Mac generally requires financial institutions to own a requisite amount of common stock, based on the size and type of institution, to participate in the Agricultural Finance line of business. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. Zions Bancorporation, National Association : Farmer Mac considers Zions Bancorporation, National Association and its affiliates ("Zions") a related party because Zions owns approximately 31.2% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2022, 2021, and 2020: Table 3.1 For the Years Ended December 31, 2022 2021 2020 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 274,517 $ 214,319 $ 177,143 USDA Securities 4,171 9,565 10,764 Sales of Farmer Mac Guaranteed Securities 99,643 — 41,247 The purchases of loans from Zions under the Agricultural Finance line of business represented approximately 12.9%, 8.0%, and 7.1% of Agricultural Finance mortgage loan purchases for the years ended December 31, 2022, 2021, and 2020, respectively, and 9.6%, 5.6% and 6.2%, respectively, of total Agricultural Finance mortgage loan business volume (excluding AgVantage and USDA Securities). The purchases of USDA Securities from Zions represented approximately 1.5%, 2.1%, and 1.4% of total purchases of USDA Securities for the years ended December 31, 2022, 2021, and 2020, respectively. Outstanding Agricultural Finance mortgage loans purchased and USDA Securities purchased from Zions represented 3.5% and 3.4%, respectively, of Farmer Mac's outstanding business volume as of December 31, 2022 and 2021. Zions retained servicing fees of $10.4 million, $11.0 million, and $11.8 million in 2022, 2021, and 2020, respectively, for its work as a Farmer Mac servicer. National Rural Utilities Cooperative Financial Corporation : Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party because CFC owns approximately 7.91% of Farmer Mac's Class A voting common stock and because a member of Farmer Mac's board of directors had an affiliation with CFC through June 2021. The following transactions occurred between Farmer Mac and CFC during 2022, 2021, and 2020: Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2022 2021 2020 (in thousands) Unpaid Principal Balance: Loans $ 386,998 $ 127,117 $ 272,943 LTSPCs 30,421 — — On-balance sheet AgVantage Securities 670,000 1,450,000 250,000 Total purchases and guarantees $ 1,087,419 $ 1,577,117 $ 522,943 The transactions with CFC represented 46.7% of Farmer Mac's loan purchase volume under the Rural Infrastructure Finance line of business for 2022, compared to 36.9% of Rural Infrastructure Finance loan purchase volume for 2021 and 36.7% for 2020. These transactions represented 13.4%, 37.0%, and 19.2% of AgVantage securities volume for 2022, 2021, and 2020, respectively, and represented 12.0%, 18.4%, and 9.1% of new business volume for 2022, 2021, and 2020, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2022 and 2021, Rural Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 18.7% and 19.5%, respectively. Farmer Mac had interest receivable of $18.2 million and $7.8 million as of December 31, 2022 and 2021, respectively, and earned interest income of $79.4 million, $50.0 million, and $63.1 million during 2022, 2021, and 2020, respectively, related to its AgVantage transactions with CFC. As of both December 31, 2022 and 2021, Farmer Mac had $0.1 million of commitment fees receivable from CFC and earned commitment fees of $1.1 million , $1.2 million, and $1.3 million, respectively for 2022, 2021, and 2020. CFC retained servicing fees of $3.4 million, $3.3 million, and $3.3 million in 2022, 2021, and 2020, respectively, for its work as a Farmer Mac central servicer. CoBank : Farmer Mac considers CoBank a related party because CoBank owns approximately 32.6% of Farmer Mac's Class B voting common stock. Farmer Mac purchased $376.0 million, $207.5 million, and $416.8 million of loans and participations from CoBank, under the Rural Infrastructure Finance line of business in 2022, 2021, and 2020, respectively. The transactions with CoBank represented 45.4%, 60.2%, and 56.0% of Farmer Mac's loan purchase transactions under the Rural Infrastructure Finance line of business for 2022, 2021, and 2020, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2022 and 2021, CoBank's Rural Infrastructure Finance loans and unfunded commitments represented 6.3% and 5.6%, respectively, of total outstanding volume. CoBank retained servicing fees of $3.5 million, $3.2 million, and $2.3 million in 2022, 2021, and 2020, respectively, for its work as a Farmer Mac central servicer. AgFirst Farm Credit Bank : Farmer Mac considers AgFirst Farm Credit Bank ("AgFirst") a related party because AgFirst owns approximately 16.8% of Farmer Mac's Class B voting common stock. AgFirst entered into $0.0 million, $11.0 million, and $32.5 million of Agricultural Finance LTSPC transactions in 2022, 2021, and 2020, respectively, and the aggregate balance of Agricultural Finance LTSPCs outstanding as of December 31, 2022 and 2021 was $387.1 million and $363.9 million, respectively. In each of 2022, 2021, and 2020, Farmer Mac received $1.2 million in commitment fees from AgFirst, and had $0.1 million of commitment fees receivable as of both December 31, 2022 and 2021. AgFirst owns certain securities backed by rural housing loans. Farmer Mac guarantees the last ten percent of losses (based on the original principal balance at the time of pooling) from each loan in the pool backing those securities. As of December 31, 2022 and 2021, the outstanding balance of those securities owned by AgFirst was $2.2 million and $4.0 million, respectively. Farmer Mac received guarantee fees of $15,000, $19,000, and $25,000 in 2022, 2021, and 2020, respectively, on those securities. Farm Credit Bank of Texas : Farmer Mac considers Farm Credit Bank of Texas a related party because the bank owns approximately 7.7% of Farmer Mac's Class B voting common stock. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $2.9 million, $1.9 million, and $1.2 million in 2022, 2021, and 2020, respectively. The aggregate amount of Agricultural Finance LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2022 and 2021 was $881.6 million and $625.6 million, respectively. In each of 2022, 2021, and 2020, Farm Credit Bank of Texas retained $0.1 million in servicing fees for its work as a Farmer Mac central servicer. Other Related Party Transactions : Farmer Mac considers Bath State Bank and Farm Credit of Florida related parties because a member of Farmer Mac's board of directors is affiliated with those entities. Farmer Mac purchased $0.0 million, $2.3 million, and $9.2 million in USDA Securities from Bath State Bank in 2022, 2021, and 2020, respectively. Farmer Mac purchased $2.1 million and $5.0 million in Agricultural Finance mortgage loans from Bath State Bank in 2022 and 2021, respectively. Farmer Mac did not purchase any Agricultural Finance mortgage loans from Bath State Bank in 2020. Farmer Mac purchased $0.0 million, $1.1 million, and $0.2 million of Agricultural Finance mortgage loans from Farm Credit of Florida in 2022, 2021, and 2020. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2022 and 2021: Table 4.1 As of December 31, 2022 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 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (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 4.5% as of December 31, 2022. As of December 31, 2021 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 2021. (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 December 31, 2021. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, Farmer Mac received proceeds of $257.5 million, from the sale of securities from its available-for-sale investment portfolio, resulting in gains of $0.3 million. As of December 31, 2022 and 2021, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2022 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 $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2021 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 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 December 31, 2022 and December 31, 2021, 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 December 31, 2022 and December 31, 2021, 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 December 31, 2022 that is, on average, approximately 92.7% 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 December 31, 2022 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 780,641 $ 769,179 0.52% Due after one year through five years 658,748 648,594 3.09% Due after five years through ten years 2,577,103 2,420,688 3.49% Due after ten years 752,934 741,103 4.17% Total $ 4,769,426 $ 4,579,564 3.06% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2022 and 2021: Table 5.1 As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (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) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable (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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. As of December 31, 2022 and 2021, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2022 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 $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) As of December 31, 2021 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2022 and 2021, as applicable. The credit exposure related to Farmer Mac's USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America. The unrealized losses from AgVantage securities were on 95 and 13 available-for-sale securities as of December 31, 2022 and 2021, respectively. There were 37 and 10 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, 13 and 2 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of December 31, 2022, there were 4 held-to-maturity AgVantage securities in a loss position for more than 12 months. As of December 31, 2021, there were no held-to-maturity AgVantage securities in a loss position for more than 12 months. During the three years ended December 31, 2022, 2021, and 2020, Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading 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 December 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,675,756 $ 1,670,398 4.27 % Due after one year through five years 3,295,169 3,149,966 3.49 % Due after five years through ten years 1,331,931 1,230,818 3.50 % Due after ten years 1,716,639 1,556,044 4.12 % Total $ 8,019,495 $ 7,607,226 3.78 % (1) Amounts presented exclude $51.5 million of accrued interest receivable. As of December 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 375,930 $ 369,834 2.86 % Due after one year through five years 660,556 605,494 2.15 % Due after five years through ten years 276,635 243,939 3.15 % Due after ten years 2,117,926 1,844,966 3.29 % Total $ 3,431,047 $ 3,064,233 2.99 % (1) Amounts presented exclude $44.4 million of accrued interest receivable. |
Farmer Mac Guaranteed Securitie
Farmer Mac Guaranteed Securities and USDA Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Farmer Mac Guaranteed Securities and USDA Securities | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2022 and 2021: Table 4.1 As of December 31, 2022 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 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (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 4.5% as of December 31, 2022. As of December 31, 2021 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 2021. (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 December 31, 2021. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, Farmer Mac received proceeds of $257.5 million, from the sale of securities from its available-for-sale investment portfolio, resulting in gains of $0.3 million. As of December 31, 2022 and 2021, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2022 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 $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2021 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 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 December 31, 2022 and December 31, 2021, 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 December 31, 2022 and December 31, 2021, 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 December 31, 2022 that is, on average, approximately 92.7% 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 December 31, 2022 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 780,641 $ 769,179 0.52% Due after one year through five years 658,748 648,594 3.09% Due after five years through ten years 2,577,103 2,420,688 3.49% Due after ten years 752,934 741,103 4.17% Total $ 4,769,426 $ 4,579,564 3.06% The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2022 and 2021: Table 5.1 As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (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) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable (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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. As of December 31, 2022 and 2021, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2022 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 $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) As of December 31, 2021 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2022 and 2021, as applicable. The credit exposure related to Farmer Mac's USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America. The unrealized losses from AgVantage securities were on 95 and 13 available-for-sale securities as of December 31, 2022 and 2021, respectively. There were 37 and 10 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, 13 and 2 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of December 31, 2022, there were 4 held-to-maturity AgVantage securities in a loss position for more than 12 months. As of December 31, 2021, there were no held-to-maturity AgVantage securities in a loss position for more than 12 months. During the three years ended December 31, 2022, 2021, and 2020, Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading 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 December 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,675,756 $ 1,670,398 4.27 % Due after one year through five years 3,295,169 3,149,966 3.49 % Due after five years through ten years 1,331,931 1,230,818 3.50 % Due after ten years 1,716,639 1,556,044 4.12 % Total $ 8,019,495 $ 7,607,226 3.78 % (1) Amounts presented exclude $51.5 million of accrued interest receivable. As of December 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 375,930 $ 369,834 2.86 % Due after one year through five years 660,556 605,494 2.15 % Due after five years through ten years 276,635 243,939 3.15 % Due after ten years 2,117,926 1,844,966 3.29 % Total $ 3,431,047 $ 3,064,233 2.99 % (1) Amounts presented exclude $44.4 million of accrued interest receivable. |
Financial Derivatives
Financial Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | FINANCIAL DERIVATIVES Farmer 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. Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., LIBOR or SOFR). Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. Certain financial derivatives are not designated in hedge accounting relationships. Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of forward sale contracts on the debt of other GSEs and futures contracts involving U.S. Treasury securities. Farmer Mac uses forward sale contracts on GSE securities to reduce its interest rate exposure to changes in both U.S. Treasury rates and spreads on Farmer Mac debt. Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements. The table below includes accrued interest on cleared swaps, but excludes $6.1 million and $3.0 million of accrued interest receivable and $3.6 million and $1.9 million of accrued interest payable on uncleared swaps as of December 31, 2022 and 2021, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 10,033,750 $ 19 $ (4,686) 4.31% 2.03% 1.64 Pay fixed non-callable 8,149,871 13,689 (366) 2.23% 4.33% 10.76 Receive fixed callable 2,764,577 461 (174,757) 4.21% 1.98% 3.18 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 588,000 27,275 — 1.93% 4.72% 5.05 No hedge designation: Interest rate swaps: Pay fixed non-callable 187,479 1,065 (1) 3.05% 4.09% 4.52 Receive fixed non-callable 287,750 — (130) 4.31% 1.16% 1.76 Basis swaps 1,860,384 112 (456) 4.40% 4.42% 2.46 Treasury futures 6,800 — (142) 114.38 Netting adjustments (1) (5,212) 5,212 Total financial derivatives $ 23,878,611 $ 37,409 $ (175,326) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 6,238,438 $ 205 $ (9,525) 2.06% 0.13% 11.64 Receive fixed non-callable 5,884,529 974 (1,475) 0.17% 0.88% 2.27 Receive fixed callable 1,571,577 103 (17,612) 0.01% 0.80% 4.17 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 570,000 5,426 (3,095) 1.93% 0.49% 5.72 No hedge designation: Interest rate swaps: Pay fixed non-callable 229,062 52 (4,807) 3.22% 0.16% 4.95 Receive fixed non-callable 1,377,250 115 (132) 0.13% 0.43% 0.97 Basis swaps 1,608,911 507 (296) 0.17% 0.20% 3.31 Treasury futures 67,600 73 — 130.58 Credit valuation adjustment — 14 Netting adjustments (1) (1,374) 1,374 Total financial derivatives $ 17,547,367 $ 6,081 $ (35,554) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2022, Farmer Mac expects to reclassify $14.8 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after December 31, 2022. During the years ended December 31, 2022, 2021, and 2020, 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 tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2022, 2021, and 2020: Table 6.2 For the Year Ended December 31, 2022 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Premium/discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) Gains/(losses) on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631 For the Year Ended December 31, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 18,660 $ 164,723 $ 242,582 $ (204,014) $ 324 $ 222,275 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,002) (85,302) (27,167) 42,591 — (70,880) Recognized on hedged items 1,792 119,896 46,842 (51,484) — 117,046 Discount amortization recognized on hedged items — — — (1,118) — (1,118) Income/(expense) related to interest settlements on fair value hedging relationships $ 790 $ 34,594 $ 19,675 $ (10,011) $ — $ 45,048 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 1,688 $ 178,252 $ 97,459 $ (98,332) $ — $ 179,067 Recognized on hedged items (1,218) (176,304) (97,502) 95,617 — (179,407) Gains/(losses) on fair value hedging relationships $ 470 $ 1,948 $ (43) $ (2,715) $ — $ (340) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (7,399) $ — $ (7,399) Recognized on hedged items — — — (2,657) — (2,657) Discount amortization recognized on hedged items — — — (37) — (37) Expense recognized on cash flow hedges $ — $ — $ — $ (10,093) $ — $ (10,093) Gains on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (2,144) $ (2,144) Interest expense on interest rate swaps — — — — 3,259 3,259 Treasury futures — — — — (791) (791) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 324 $ 324 For the Year Ended December 31, 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 Gains on financial derivatives Total amounts presented in the consolidated statement of operations: $ 232,951 $ 233,699 $ (312,946) $ 1,744 $ 155,448 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (60,056) (19,135) 26,386 — (52,805) Recognized on hedged items 126,170 40,793 (51,230) — 115,733 Discount amortization recognized on hedged items — — (745) — (745) Income/(expense) related to interest settlements on fair value hedging relationships $ 66,114 $ 21,658 $ (25,589) $ — $ 62,183 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (201,021) $ (76,565) $ 43,332 $ — $ (234,254) Recognized on hedged items 202,624 73,426 (45,720) — 230,330 Gains/(losses) on fair value hedging relationships $ 1,603 $ (3,139) $ (2,388) $ — $ (3,924) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ (5,570) $ — $ (5,570) Recognized on hedged items — — (4,553) — (4,553) Discount amortization recognized on hedged items — — (13) — (13) Expense recognized on cash flow hedges $ — $ — $ (10,136) $ — $ (10,136) Gains on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ (2,214) $ (2,214) Interest expense on interest rate swaps — — — 5,808 5,808 Treasury futures — — — (1,850) (1,850) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ 1,744 $ 1,744 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 December 31, 2022 and 2021: Table 6.3 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) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (in thousands) Investment securities, Available-for-Sale, at fair value $ 876,063 $ 458,653 $ (107,107) $ (1,218) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 4,814,784 4,276,002 (346,873) 206,520 Loans held for investment, at amortized cost 1,623,301 1,668,142 (327,278) 13,832 Notes Payable (1) (12,151,382) (7,081,150) 531,086 39,992 (1) Carrying amount represents amortized cost. The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2022 and 2021: Table 6.4 December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — 203,993 — 213,231 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ 203,993 $ — $ 213,231 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. December 31, 2021 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 6,081 $ — $ 6,081 $ (6,008) $ — $ — $ 73 Cleared derivatives 1,374 (1,374) — — — — — Total $ 7,455 $ (1,374) $ 6,081 $ (6,008) $ — $ — $ 73 Liabilities: Uncleared derivatives $ (23,368) $ — $ (23,368) $ 6,008 $ — $ 14,339 $ (3,021) Cleared derivatives (10,993) 1,374 (9,619) — 177,878 — 168,259 Total $ (34,361) $ 1,374 $ (32,987) $ 6,008 $ 177,878 $ 14,339 $ 165,238 (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $2.3 million of collateral posted related to counterparties not subject to master netting agreements. 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 December 31, 2022 or 2021, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of December 31, 2022 and 2021, 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 $23.9 billion notional amount of interest rate swaps outstanding as of December 31, 2022, $19.5 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $17.5 billion notional amount of interest rate swaps outstanding as of December 31, 2021, $14.9 billion were cleared through the CME. During 2022 and throughout 2021, Farmer Mac continued the use of non-cleared basis swaps to prepare for the transition away from the use of LIBOR as a reference rate. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
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 25.0 years. The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2022 and 2021: Table 7.1 December 31, 2022 Outstanding as of December 31, 2022 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 565,578 3.91 % $ 1,325,026 0.96 % Medium-term notes 2,547,733 3.54 % 1,442,932 2.11 % Current portion of medium-term notes 4,920,864 1.49 % Total due within one year $ 8,034,175 2.31 % Due after one year: Medium-term notes due in: Two years $ 4,072,740 1.71 % Three years 3,506,480 2.10 % Four years 2,967,625 1.44 % Five years 2,361,197 3.12 % Thereafter 4,057,982 2.60 % Total due after one year $ 16,966,024 2.15 % Total principal net of discounts $ 25,000,199 2.20 % Hedging adjustments (531,086) Total $ 24,469,113 December 31, 2021 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 $ 2,167,979 0.05 % $ 1,822,714 0.08 % Medium-term notes 837,580 0.09 % 1,956,870 0.12 % Current portion of medium-term notes 3,981,240 0.75 % Total due within one year $ 6,986,799 0.45 % Due after one year: Medium-term notes due in: Two years $ 4,179,985 0.81 % Three years 2,554,906 0.87 % Four years 2,119,805 0.85 % Five years 2,810,894 1.07 % Thereafter 4,106,144 1.69 % Total due after one year $ 15,771,734 1.10 % Total principal net of discounts $ 22,758,533 0.90 % Hedging adjustments (44,762) Total $ 22,713,771 The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2022 and 2021 was $2.2 billion and $2.4 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 2023 as of December 31, 2022: Table 7.2 Debt Callable in 2023 as of December 31, 2022, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2024 $ 587,271 1.74 % 2025 816,087 1.91 % 2026 1,109,736 1.21 % 2027 650,013 2.30 % Thereafter 1,712,917 2.19 % Total $ 4,876,024 1.88 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of December 31, 2022, 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: 2023 $ 9,512,484 2.67 % 2024 3,957,769 1.63 % 2025 3,181,100 1.84 % 2026 2,809,720 1.25 % 2027 2,070,417 2.90 % Thereafter 3,468,709 2.26 % Total principal net of discounts $ 25,000,199 2.20 % During the years ended December 31, 2022 and 2021, Farmer Mac called $26.0 million and $2.0 billion of callable medium-term notes, respectively. 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 to fulfill Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2022, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt During the years ended December 31, 2022 and 2021, Farmer Mac repurchased $27.0 million and $23.0 million of outstanding debt at a gain of $0.2 million and $0.0 million, respectively. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
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. As of both December 31, 2022 and 2021, Farmer Mac had no loans held for sale, respectively. Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance. The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk. The following table includes loans held for investment and displays the composition of the loan balances as of December 31, 2022 and 2021: Table 8.1 As of December 31, 2022 As of December 31, 2021 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,150,750 $ 1,211,576 $ 6,362,326 $ 4,775,070 $ 948,623 $ 5,723,693 Corporate AgFinance 1,166,253 — 1,166,253 1,123,300 — 1,123,300 Total Agricultural Finance loans 6,317,003 1,211,576 7,528,579 5,898,370 948,623 6,846,993 Rural Infrastructure Finance loans 3,021,266 — 3,021,266 2,389,136 — 2,389,136 Total unpaid principal balance (1) 9,338,269 1,211,576 10,549,845 8,287,506 948,623 9,236,129 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (326,449) — (326,449) 26,590 — 26,590 Total loans 9,011,820 1,211,576 10,223,396 8,314,096 948,623 9,262,719 Allowance for losses (14,629) (460) (15,089) (13,477) (564) (14,041) Total loans, net of allowance $ 8,997,191 $ 1,211,116 $ 10,208,307 $ 8,300,619 $ 948,059 $ 9,248,678 (1) 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 December 31, 2022 and 2021: Table 8.2 December 31, 2022 December 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,044 $ 2,882 Corporate AgFinance 2,731 560 Total Agricultural Finance Loans 6,775 3,442 Rural Infrastructure Finance loans 8,314 10,599 Total $ 15,089 $ 14,041 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2022: Table 8.3 Agricultural Finance Rural Infrastructure Farm & Ranch Corporate AgFinance Total (in thousands) Balance as of December 31, 2019 (1) $ 8,830 $ 1,624 $ 10,454 $ — Cumulative effect adjustment from adoption of current expected credit loss standard (2,735) (1,174) (3,909) 5,378 Adjusted Beginning Balance $ 6,095 $ 450 $ 6,545 $ 5,378 Provision for losses 3,068 (109) 2,959 4,709 Charge-offs (5,759) — (5,759) — Balance as of December 31, 2020 (2) $ 3,404 $ 341 $ 3,745 $ 10,087 (Release of)/provision for losses (1,576) 219 (1,357) 512 Recovery 1,054 — 1,054 — Balance as of December 31, 2021 (3)(4)(5) $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 (3)(4)(5) $ 4,044 $ 2,731 $ 6,775 $ 8,314 (1) 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. (2) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020 (3) As of December 31, 2022 and 2021, allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.9 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (4) As of December 31, 2022 and 2021, allowance for losses for Agricultural Finance Corporate AgFinance loans includes $2.4 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (5) As of both December 31, 2022 and 2021, allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets. The $2.3 million net release from the allowance for the Rural Infrastructure Finance portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating upgrade on a single loan and improvements in forecasts of future economic conditions. The risk rating upgrade on that loan reflected that borrower's successful securitization of its large payable that arose during the arctic freeze that struck Texas in February 2021. The $3.4 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating downgrade on a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings. The provision to the allowance for Rural Infrastructure Finance loan losses of $0.5 million recorded during the year ended 2021 was primarily attributable to the impact of the Texas Arctic Freeze, partially offset by the impact of improving economic factor forecasts. The $1.4 million release from the allowance for the Agricultural Finance mortgage loan portfolio during the year ended 2021 was primarily attributable to a recovery on the payoff of the agricultural storage and processing loan secured by a specialized poultry facility that had been partially charged off in 2020 and improving economic factor forecasts. The provision to the allowance for Rural Infrastructure Finance loan losses of $4.7 million recorded during the year ended December 31, 2020 was primarily attributable to the impact of net new loan volume in the portfolio and the impact of economic factor forecasts, especially continued expected higher unemployment, as a result of the COVID-19 pandemic and the resulting economic volatility. The provision to the allowance for Agricultural Finance mortgage loans of $3.0 million recorded during the year ended December 31, 2020 was primarily related to an agricultural storage and processing loan secured by a specialized poultry facility that Farmer Mac has deemed to be a CDA. The provision was more than offset by charge-offs from the allowance of $5.8 million, primarily related to the specialized poultry loan because a portion of the loan was deemed to be uncollectible. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2022 and 2021: Table 8.4 As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (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 $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans, respectively. As of December 31, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 5,591,770 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 5,723,693 Corporate AgFinance 1,123,300 — — — — — 1,123,300 Total Agricultural Finance loans 6,715,070 4,548 568 — 5,116 126,807 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2022 and 2021, by year of origination: Table 8.5 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,786,446 $ 1,300,798 $ 399,394 $ 277,061 $ 271,234 $ 957,357 $ 349,949 $ 5,342,239 Special mention (2) 84,795 50,057 30,168 3,670 9,133 14,646 3,227 195,696 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 1,872,895 $ 1,355,852 $ 455,799 $ 307,840 $ 319,070 $ 1,047,783 $ 364,454 $ 5,723,693 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — (1,054) — — (1,054) Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ (1,054) $ — $ — $ (1,054) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 351,614 $ 240,712 $ 140,742 $ 47,856 $ 32,618 $ 47,360 $ 195,415 $ 1,056,317 Special mention (2) — — 21,031 44,407 — — 1,545 66,983 Substandard (3) — — — — — — — — Total $ 351,614 $ 240,712 $ 161,773 $ 92,263 $ 32,618 $ 47,360 $ 196,960 $ 1,123,300 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Farmer Mac has three classes of common stock outstanding: • Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33% of the outstanding shares of Class A voting common stock. • Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. • Class C non-voting common stock, which has no ownership restrictions. During 2022, 2021, and 2020, Farmer Mac paid a quarterly dividend of $0.95, $0.88, and $0.80 per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on its common stock could be restricted if it fails to comply with applicable capital requirements. 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. In March 2021, Farmer Mac's board of directors reinstated the share repurchase program on its previous terms (with a remaining authorization of up to $9.8 million in stock repurchases) and extended the expiration date of the program to March 2023. Farmer Mac did not repurchase any shares of its Class C non-voting common stock during 2022. As of December 31, 2022, 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. Preferred Stock The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2022: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (3) Liquidation Value Redemption Date (4) Series C (1) June 20, 2014 $ 1,618,583 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D (2) May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%. (2) Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. (3) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (4) Farmer Mac has the right but not the obligation to redeem. The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2022, 2021, and 2020: Table 9.2 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2021 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G — 0.1693 0.3047 0.3047 (1) For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021. 2020 1st Quarter 2nd Quarter (1) 3rd Quarter (2)(3) 4th Quarter 5.875% Non-Cumulative Preferred Stock, Series A $ 0.3672 $ 0.3672 $ 0.2530 $ — 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C 0.3750 0.3750 0.3750 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E — 0.2276 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F — — 0.2078 0.3281 (1) For second quarter 2020, dividend payment includes $0.2276 per share on the Series E Preferred Stock for the period from but not including May 20, 2020 (issuance date) to and including July 17, 2020. (2) For third quarter 2020 dividend payment includes $0.2530 per share on the Series A Preferred Stock for the period from but not including July 17, 2020 to and including the September 19, 2020 redemption date. (3) For third quarter 2020, dividend payment includes $0.2078 per share on the Series F Preferred Stock for the period from but not including August 20, 2020 (issuance date) to and including October 17, 2020. Equity-Based Incentive Compensation Plans Farmer Mac's Amended and Restated 2008 Omnibus Incentive Compensation Plan authorizes the grant of restricted stock and SARs, among other alternative forms of equity-based compensation, to Farmer Mac's directors, officers, and employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or cancelled earlier due to the termination of employment, SARs granted to officers or employees expire after 10 years from the grant date. For all SARs granted, the exercise price is equal to the closing price of Farmer Mac's Class C non-voting common stock on the date of grant. SARs granted during 2022 have an exercise price of $120.38 per share, SARs granted during 2021 have an exercise price of $88.68 per share, and SARs granted during 2020 have an exercise price ranging from $72.26 to $75.16 per share. During 2022, 2021, and 2020, restricted stock awards were granted to employees, officers, and directors with vesting periods of one The following tables summarize SARs and non-vested restricted stock activity for the years ended December 31, 2022, 2021, and 2020: Table 9.3 For the Years Ended December 31, 2022 2021 2020 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 130,409 $ 66.10 116,417 $ 57.16 98,836 $ 46.47 Granted 18,432 120.38 28,575 88.68 34,881 74.80 Exercised (16,678) 49.04 (14,583) 38.99 (15,912) 26.93 Canceled — — — — (1,388) 86.15 Outstanding, end of year 132,163 75.82 130,409 66.10 116,417 57.16 Exercisable at end of year 83,054 63.12 72,106 52.85 66,602 42.08 For the Years Ended December 31, 2022 2021 2020 Non-vested Weighted- Non-vested Weighted- Non-vested Weighted- Outstanding, beginning of year 103,891 $ 78.55 83,956 $ 71.76 62,597 $ 75.81 Granted 38,668 120.14 53,358 88.92 53,471 66.02 Canceled (2,711) 97.44 (1,184) 79.82 (4,042) 69.66 Vested and issued (39,823) 84.25 (32,239) 77.98 (28,070) 70.13 Outstanding, end of year 100,025 91.84 103,891 78.55 83,956 71.76 The cancellations of SARs and non-vested restricted stock during 2022, 2021, and 2020 were due to unvested awards terminating in accordance with the provisions of the applicable equity compensation plans or award agreements upon directors' or employees' departures from Farmer Mac. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock. During 2022, 2021, and 2020, the reduction of income taxes payable as a result of the deduction for the exercise of SARs and the vesting or accelerated tax elections of restricted stock was $1.2 million, $0.9 million, and $0.5 million, respectively. During 2022, 2021, and 2020 , Farmer Mac recorded a net decrease to additional paid-in capital of $1.9 million, $1.3 million, and $0.6 million, respectively, related to stock-based compensation awards. As of December 31, 2022, Farmer Mac had no stock options outstanding. The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2022: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - 39.99 30,492 2.0 years 30,492 2.0 years 30,492 2.0 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 4.3 years 3,381 4.3 years 3,381 4.3 years 70.00 - 84.99 46,739 6.8 years 35,112 6.7 years 46,739 6.8 years 85.00 - 99.99 33,119 7.6 years 14,069 6.9 years 33,119 7.6 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 18,432 9.2 years — 0.0 years 18,432 9.2 years 132,163 83,054 132,163 Non-vested Restricted Stock: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Weighted-Average Remaining Contractual Non-vested Restricted Stock Weighted-Average Remaining Contractual $50.00 - $64.99 18,100 0.3 years 18,100 0.3 years 65.00 - 79.99 10,744 0.2 years 10,744 0.2 years 80.00 - 94.99 35,101 1.3 years 35,101 1.3 years 95.00 - 109.99 915 0.8 years 915 0.8 years 110.00 - 124.99 35,165 1.9 years 35,165 1.9 years 100,025 100,025 As of December 31, 2022 and 2021, the intrinsic value of SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $16.3 million and $20.4 million, respectively. During 2022, 2021, and 2020, the total intrinsic value of SARs exercised was $1.1 million, $0.9 million, and $0.7 million, respectively. As of December 31, 2022, there was $3.7 million of total unrecognized compensation cost related to non-vested SARs and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. The weighted-average grant date fair values of SARs and restricted stock awards granted in 2022, 2021, and 2020 were $91.94, $65.48, and $45.91 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $4.6 million, $4.3 million, and $4.1 million during 2022, 2021, and 2020, respectively. The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Year Ended December 31, 2022 2021 2020 Risk-free interest rate 1.9% 0.9% 0.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 37.4% 39.1% 34.3% Dividend yield 3.2% 4.0% 4.2% The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2022, 2021, and 2020 was $120.14, $88.92, and $66.02 per share, respectively, which is based on the closing price of the stock on the date granted. 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 December 31, 2022 and 2021, 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 December 31, 2022, Farmer Mac's minimum capital requirement was $805.9 million and its core capital level was $1.3 billion, which was $516.9 million above the minimum capital requirement as of that date. As of December 31, 2021, Farmer Mac's minimum capital requirement was $713.1 million and its core capital level was $1.2 billion, which was $496.8 million above the minimum capital requirement as of that date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Farmer Mac is subject to federal corporate income taxes but is exempt from state and local corporate income taxes. The components of the federal corporate income tax expense for the years ended December 31, 2022, 2021, and 2020 were as follows: Table 10.1 For the Year Ended December 31, 2022 2021 2020 (in thousands) Current income tax expense $ 35,609 $ 38,645 $ 32,796 Deferred income tax expense 11,926 (2,273) (2,489) Income tax expense $ 47,535 $ 36,372 $ 30,307 A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2022, 2021, and 2020 is as follows: Table 10.2 For the Year Ended December 31, 2022 2021 2020 (dollars in thousands) Tax expense at statutory rate $ 47,393 $ 36,217 $ 30,383 Excess tax benefits related to stock-based awards (401) (300) (9) Other 543 455 (67) Income tax expense $ 47,535 $ 36,372 $ 30,307 Statutory tax rate 21.0 % 21.0 % 21.0 % The components of the deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: Table 10.3 As of December 31, 2022 2021 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 53,360 $ — Unrealized losses on available-for-sale securities 26,371 — Allowance for losses 3,603 3,452 Compensation and Benefits 1,639 1,281 Stock-based compensation 1,755 1,462 Basis differences related to financial derivatives — 64,795 Unrealized losses on cash flow hedges — 1,427 Basis difference related to structured securitizations — 35 Capital loss carryforwards 32 32 Valuation allowance (32) (32) Other 1,444 358 Total deferred tax assets $ 88,172 $ 72,810 Deferred tax liability: Basis differences related to financial derivatives $ 49,526 $ — Unrealized gains on cash flow hedges 12,855 — Basis difference related to structured securitizations 7,782 — Basis differences related to hedged items — 54,446 Unrealized gains on available-for-sale securities — 2,451 Other 5 44 Total deferred tax liability $ 70,168 $ 56,941 Net deferred tax asset $ 18,004 $ 15,869 After the evaluation of both positive and negative objective evidence regarding the likelihood that its deferred tax assets will be realized, Farmer Mac established a valuation allowance of $32,000, as of both December 31, 2022 and 2021, which was attributable to capital loss carryforwards on investment securities. Farmer Mac did not establish a valuation allowance for the remainder of its deferred tax assets because it believes it is more likely than not that those deferred tax assets will be realized. As of December 31, 2022, no capital loss carryforwards expired. As of December 31, 2022, the amount of capital loss carryforwards was $0.2 million. These capital loss carryforwards will expire beginning in 2024 . As of December 31, 2022 and 2021, Farmer Mac did not identify any uncertain tax positions. Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2022, 2021, and 2020. Tax years 2019 through 2022 remain subject to examination. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | EMPLOYEE BENEFITSFarmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2% of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($305,000 for 2022, $290,000 for 2021, and $285,000 for 2020), plus 5.7% of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years. Expenses for this plan for the years ended December 31, 2022, 2021, and 2020 were $3.1 million, $2.7 million, and $2.2 million, respectively.Farmer Mac established a Nonqualified Deferred Compensation Plan ("NQDC Plan") for its executive officers effective May 1, 2017. Under the NQDC Plan, Farmer Mac credits the account of each participant each calendar year with an amount equal to 18.9% of the difference between: (1) the amount established under EGTRRA and (2) a participant’s gross annual base salary, which for purposes of calculating employer credits under the NQDC Plan is capped at $700,000 for Farmer Mac’s Chief Executive Officer and $500,000 for all other participants. This fixed contribution percentage is the same formula used for determining employer contributions to Farmer Mac’s defined contribution retirement plan based on an employee’s gross annual base salary that is above the amount established under EGTRRA for that year. Expenses for the NQDC Plan were $0.2 million for the years ended December 31, 2022, 2021, and 2020. |
Guarantees and Commitments
Guarantees and Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Commitments | GUARANTEES AND COMMITMENTS Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities and (2) LTSPCs, both of which are available through each of the Agricultural Finance and Rural Infrastructure Finance lines of business. The contractual terms of Farmer Mac's off-balance sheet guarantees and LTSPCs range from less than 1 year to 30 years. However, the actual term of each guarantee or LTSPC may be significantly less than the contractual term based on the prepayment characteristics of the related loans. Farmer Mac's maximum potential exposure under these off-balance sheet guarantees and LTSPCs is the unpaid principal balance of the underlying loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $3.9 billion and $3.8 billion as of December 31, 2022 and 2021, respectively. Farmer Mac's maximum potential exposure for guarantees issued before January 1, 2003, which are not recorded on the consolidated balance sheets, was $6.1 million and $7.8 million as of December 31, 2022 and 2021, respectively. The maximum exposure from these guarantees and LTSPCs is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees or LTSPCs, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(h). The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2022, 2021, and 2020: Table 12.1 For the Years Ended December 31, 2022 2021 2020 (in thousands) Beginning balance, January 1 $ 43,926 $ 35,535 $ 36,700 Additions to the guarantee and commitment obligation (1) 8,569 15,648 5,210 Amortization of the guarantee and commitment obligation (5,913) (7,257) (6,375) Ending balance, December 31 $ 46,582 $ 43,926 $ 35,535 (1) Represents the fair value of the guarantee and commitment obligation at inception. Off-Balance Sheet Farmer Mac Guaranteed Securities The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2022 As of December 31, 2021 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 500,953 $ 578,358 Rural Infrastructure Finance Farmer Mac Guaranteed Securities 1,169 2,755 Total off-balance sheet Farmer Mac Guaranteed Securities $ 502,122 $ 581,113 Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3 For the Year Ended 2022 2021 2020 (in thousands) Proceeds from new securitizations $ 357,841 $ 291,393 $ 41,248 Guarantee fees received 1,852 1,029 1,365 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 12.4 As of December 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation $ 6,461 $ 7,355 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.4 years 21.7 years AgVantage Securities 2.0 years 3.0 years Long-Term Standby Purchase Commitments Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets. 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 12.5 As of December 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation (1) $ 40,121 $ 36,571 Maximum principal amount 3,423,155 3,191,061 Weighted-average remaining maturity 15.3 years 15.5 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Commitments Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2022 and 2021, commitments to purchase Agricultural Finance loans and USDA Guarantees totaled $9.9 million and $75.6 million, respectively, all of which were mandatory commitments. As of December 31, 2022, there were no commitments to purchase Rural Infrastructure loans. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. Reserve for Losses The following table is a summary, by asset type, of the reserve for losses as of December 31, 2022 and 2021: Table 12.6 December 31, 2022 December 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 819 $ 1,068 Rural Infrastructure Finance 614 882 Total $ 1,433 $ 1,950 The following is a summary of the changes in the reserve for losses for the three-year period ended December 31, 2022: Table 12.7 Agricultural Finance loans Rural Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2019 (1) $ 2,164 $ — Cumulative effect adjustment from adoption of current expected credit loss standard (148) 1,011 Adjusted Beginning Balance $ 2,016 $ 1,011 Provision for losses 81 169 Balance as of December 31, 2020 (2) $ 2,097 $ 1,180 Release of losses (1,029) (298) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 (1) 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 Agricultural Finance Farmer Mac Guaranteed Securities. (2) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during the year ended December 31, 2022 was primarily due to decreased volume and ratings upgrades. The release from the reserve for losses in the Agricultural Finance LTSPC portfolio was primarily due to ratings upgrades. The release from the reserve for losses in both the Agricultural Finance and Rural Infrastructure Finance LTSPC and Farmer Mac Guaranteed portfolios recorded during the year ended December 31, 2021 was primarily due to improving economic factor forecasts and ratings upgrades. The provision to the reserve for losses recorded during the year ended December 31, 2020 was primarily due to credit downgrades in the LTSPC portfolio. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021: Table 12.8 As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac 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. As of December 31, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: 556,837 — — — — 556,837 Total $ 3,509,928 $ 8,068 $ — $ 3,597 $ 11,665 $ 3,521,593 (1) Includes loans underlying off-balance sheet Farmer Mac 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. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021, by year of origination: Table 12.9 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 and 2021, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2022 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 $ — $ — $ 19,027 $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,392,540 — 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities — 1,048,386 — 1,048,386 Fixed rate U.S. Treasuries 1,119,611 — — 1,119,611 Total Available-for-sale Investment Securities 1,119,611 3,440,926 19,027 4,579,564 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,599,379 7,599,379 Farmer Mac Guaranteed Securities — — 7,847 7,847 Total Farmer Mac Guaranteed Securities — — 7,607,226 7,607,226 USDA Securities: Trading — — 1,767 1,767 Total USDA Securities — — 1,767 1,767 Financial derivatives — 37,409 — 37,409 Guarantee Asset — — 4,467 4,467 Total Assets at fair value $ 1,119,611 $ 3,478,335 $ 7,632,487 $ 12,230,433 Liabilities: Financial derivatives $ 142 $ 175,184 $ — $ 175,326 Total Liabilities at fair value $ 142 $ 175,184 $ — $ 175,326 (1) Level 3 assets represent 28% of total assets and 62% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2021 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 $ — $ — $ 19,254 $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,178,831 — 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities — 458,837 — 458,837 Fixed rate U.S. Treasuries 1,179,469 — — 1,179,469 Total Available-for-sale Investment Securities 1,179,469 2,637,668 19,254 3,836,391 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,316,145 6,316,145 Farmer Mac Guaranteed Securities — — 12,414 12,414 Total Farmer Mac Guaranteed Securities — — 6,328,559 6,328,559 USDA Securities: Trading — — 4,401 4,401 Total USDA Securities — — 4,401 4,401 Financial derivatives 73 6,008 — 6,081 Guarantee Asset — — 6,237 6,237 Total Assets at fair value $ 1,179,542 $ 2,643,676 $ 6,358,451 $ 10,181,669 Liabilities: Financial derivatives $ — $ 35,554 $ — $ 35,554 Total Liabilities at fair value $ — $ 35,554 $ — $ 35,554 Non-recurring: Assets Mortgage Servicing Rights $ — $ — $ 2,681 $ 2,681 Total non-recurring assets at fair value $ — $ — $ 2,681 $ 2,681 (1) Level 3 assets represent 25% of total assets and 62% of financial instruments measured at fair value. There were no material assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2022 or 2021. 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 years ended December 31, 2022 and 2021, there were no transfers within the fair value hierarchy. 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 years ended December 31, 2022 and 2021. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed Securities 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ (16) $ — $ 99 $ 19,254 Total available-for-sale 19,171 — — (16) — 99 19,254 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 1,143,115 (1,614,598) 47 (176,064) 15,944 6,316,145 Farmer Mac Guaranteed — 12,560 (263) — — 117 12,414 Total available-for-sale 6,947,701 1,155,675 (1,614,861) 47 (176,064) 16,061 6,328,559 USDA Securities: Trading 6,695 — (2,178) — (116) — 4,401 Total USDA Securities 6,695 — (2,178) — (116) — 4,401 Guarantee and commitment obligations: Guarantee Asset — 6,237 — — — — 6,237 Total Guarantee and commitment obligations — 6,237 — — — — 6,237 Total Assets at fair value $ 6,973,567 $ 1,161,912 $ (1,617,039) $ 31 $ (176,180) $ 16,160 $ 6,358,451 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2020 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ (36) $ — $ 295 $ 19,171 Total available-for-sale 18,912 — — (36) — 295 19,171 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 974,237 (1,397,861) (309) 202,706 25,903 6,947,701 Total available-for-sale 7,143,025 974,237 (1,397,861) (309) 202,706 25,903 6,947,701 USDA Securities: Trading 8,913 — (2,269) — 51 — 6,695 Total USDA Securities 8,913 — (2,269) — 51 — 6,695 Total Assets at fair value $ 7,170,850 $ 974,237 $ (1,400,130) $ (345) $ 202,757 $ 26,198 $ 6,973,567 The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2022 and 2021: Table 13.3 As of December 31, 2022 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 $ 19,027 Indicative bids Range of broker quotes 96.8% - 96.8% (96.8%) Farmer Mac Guaranteed Securities: AgVantage $ 7,599,379 Discounted cash flow Discount rate 4.7% - 6.1% (5.1%) Farmer Mac Guaranteed Securities $ 7,847 Discounted cash flow Discount rate 4.8% - 5.3% (5.1%) CPR 8% USDA Securities $ 1,767 Discounted cash flow Discount rate 5.1% - 5.7% (5.3%) CPR 19% - 27% (25%) Guarantee Asset $ 4,467 Discounted cash flow Discount rate 5.4% - 5.9% (5.7%) CPR 8% As of December 31, 2021 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 $ 19,254 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,316,145 Discounted cash flow Discount rate 0.9% - 2.1% (1.7%) Farmer Mac Guaranteed Securities $ 12,414 Discounted cash flow Discount rate 2.3% - 2.8% (2.6%) CPR 8% USDA Securities $ 4,401 Discounted cash flow Discount rate 1.4% - 3.1% (2.8%) CPR 25% - 42% (39%) Guarantee Asset $ 6,237 Discounted cash flow Discount rate 5.4% - 5.8% (5.6%) CPR 7% - 12% (8%) 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 do not 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 December 31, 2022 and 2021: Table 13.4 As of December 31, 2022 As of December 31, 2021 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 861,002 $ 861,002 $ 908,785 $ 908,785 Investment securities 4,630,701 4,628,268 3,884,202 3,882,590 Farmer Mac Guaranteed Securities 8,573,781 8,628,380 8,360,293 8,361,798 USDA Securities 2,099,445 2,411,601 2,536,473 2,440,732 Loans 9,666,710 10,208,307 9,814,642 9,248,678 Financial derivatives 37,409 37,409 6,081 6,081 Guarantee and commitment fees receivable 50,653 47,151 42,533 45,538 Financial liabilities: Notes payable 23,591,330 24,469,113 22,716,791 22,713,771 Debt securities of consolidated trusts held by third parties 1,106,837 1,181,948 1,005,306 981,379 Financial derivatives 175,326 175,326 35,554 35,554 Guarantee and commitment obligations 50,083 46,582 40,920 43,926 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 the market standard methodology of netting the discounted future fixed cash payments (or |
Business Segment Reporting
Business Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | BUSINESS SEGMENT REPORTING The following table presents the alignment of the Farmer Mac's seven segments: Agricultural Finance Rural Infrastructure Finance Treasury Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Corporate The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level. The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2022, 2021, and 2020. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 133,218 $ 29,209 $ 16,175 $ 2,483 $ 96,613 $ (6,758) $ — $ — $ 270,940 Less: reconciling adjustments (1)(2)(3) (4,161) — (103) — (11,147) — — 15,411 — Net effective spread 129,057 29,209 16,072 2,483 85,466 (6,758) — 15,411 — Guarantee and commitment fees 16,718 139 1,238 49 — — — (5,104) 13,040 Other income/(expense) (3) 1,420 261 — — — — 3 23,447 25,131 Total revenues 147,195 29,609 17,310 2,532 85,466 (6,758) 3 33,754 309,111 (Provision for)/release of losses (1,463) (2,136) 2,751 (494) — 19 — — (1,323) Release of reserve for losses 247 — 270 — — — — — 517 Operating expenses (819) — — — — — (81,807) — (82,626) Total non-interest expense (572) — 270 — — — (81,807) — (82,109) Core earnings before income taxes 145,160 27,473 20,331 2,038 85,466 (6,739) (81,804) 33,754 (4) 225,679 Income tax (expense)/benefit (30,482) (5,768) (4,268) (428) (17,949) 1,416 17,033 (7,089) (47,535) Core earnings before preferred stock dividends 114,678 21,705 16,063 1,610 67,517 (5,323) (64,771) 26,665 (4) 178,144 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 114,678 $ 21,705 $ 16,063 $ 1,610 $ 67,517 $ (5,323) $ (91,936) $ 26,665 (4) $ 150,979 Total Assets $ 14,623,596 $ 1,541,151 $ 5,867,517 $ 219,609 $ — $ 4,806,010 $ 275,227 $ — 27,333,110 Total on- and off-balance sheet program assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,359,613 $ 230,170 $ — $ — $ — $ — 25,922,082 (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 "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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 Year Ended December 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 118,289 $ 27,081 $ 8,224 $ 1,219 $ 66,581 $ 557 $ — $ — $ 221,951 Less: reconciling adjustments (1)(2)(3) (4,753) — (157) — 3,627 — — 1,283 — Net effective spread 113,536 27,081 8,067 1,219 70,208 557 — 1,283 — Guarantee and commitment fees 16,178 48 1,287 20 — — — (4,864) 12,669 Gain on sale of 6,539 — — — — — — — 6,539 Other income/(expense) (3) 1,966 — 5 — — — (291) 851 2,531 Total revenues 138,219 27,129 9,359 1,239 70,208 557 (291) (2,730) 243,690 Release of/(provision for) losses 1,574 (210) (291) (198) — (15) — — 860 Provision for reserve for losses 1,034 — 293 — — — — — 1,327 Operating expenses — — — — — — (73,416) — (73,416) Total non-interest expense 1,034 — 293 — — — (73,416) — (72,089) Core earnings before income taxes 140,827 26,919 9,361 1,041 70,208 542 (73,707) (2,730) (4) 172,461 Income tax (expense)/benefit (29,574) (5,653) (1,965) (219) (14,744) (114) 15,325 572 (36,372) Core earnings before preferred stock dividends 111,253 21,266 7,396 822 55,464 428 (58,382) (2,158) (4) 136,089 Preferred stock dividends — — — — — — (24,677) — (24,677) Segment core earnings/(losses) $ 111,253 $ 21,266 $ 7,396 $ 822 $ 55,464 $ 428 $ (83,059) $ (2,158) (4) $ 111,412 Total Assets $ 13,112,193 $ 1,507,848 $ 5,344,707 $ 87,553 $ — $ 5,012,827 $ 55,881 $ — $ 25,121,009 Total on- and off-balance sheet program assets at principal balance $ 16,094,640 $ 1,537,834 $ 5,895,226 $ 86,763 $ — $ — $ — $ — $ 23,614,463 (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 "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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. |
Revision of Prior Period Financ
Revision of Prior Period Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision of Prior Period Financial Statements | REVISION OF PRIOR PERIOD FINANCIAL STATEMENTSFarmer Mac revised certain prior period financial statements to correct an error related to the recognition of accrual of interest for derivative contracts cleared through the swap clearinghouse, the CME. Farmer Mac determined that the error was immaterial to these previous consolidated financial statements, taken as a whole. Although Farmer Mac has concluded these errors are immaterial to the previously issued consolidated financial statements, Farmer Mac has corrected this error by revising the accompanying consolidated financial statements. Farmer Mac will also correct previously reported financial information for such immaterial errors in future filings, as applicable. The following tables summarize the effect of the revision on each financial statement line item: Revised Consolidated Balance Sheet As of December 31, 2021 As previously Reported Adjustments As Revised (in thousands) Assets Financial Derivatives, at fair value $ 19,139 $ (13,058) $ 6,081 Interest Receivable 177,355 (11,751) 165,604 Deferred Tax Asset, net 15,558 311 15,869 Prepaid Expenses and Other Assets 45,318 16 45,334 Total Assets $ 25,145,491 $ (24,482) $ 25,121,009 Liabilities Notes Payable $ 22,716,156 $ (2,385) $ 22,713,771 Financial Derivatives, at fair value 34,248 1,306 35,554 Accrued Interest Payable 83,992 (24,989) 59,003 Accounts Payable and Accrued Expenses 79,427 (7,701) 71,726 Total Liabilities $ 23,941,078 $ (33,769) $ 23,907,309 Equity Retained Earnings $ 579,270 $ 9,287 $ 588,557 Total Equity 1,204,413 9,287 1,213,700 Total Liabilities and Equity $ 25,145,491 $ (24,482) $ 25,121,009 Revised Consolidated Statements of Operations For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Interest Income: Farmer Mac Guaranteed Securities and USDA Securities $ 163,547 $ 1,176 $ 164,723 $ 227,691 $ 5,260 $ 232,951 Total interest income 424,789 1,176 425,965 503,534 5,260 508,794 Net interest income 220,775 1,176 221,951 190,588 5,260 195,848 Non-interest income/(expense): (Losses)/gains on financial derivatives (3,348) 3,672 324 (246) 1,990 1,744 Non-Interest Income 19,394 3,672 23,066 16,053 1,990 18,043 Income before income taxes 167,613 4,848 172,461 137,433 7,250 144,683 Income tax expense 35,353 1,019 36,372 28,785 1,522 30,307 Net Income 132,260 3,829 136,089 108,648 5,728 114,376 Net Income attributable to common stockholders 107,583 3,829 111,412 89,176 5,728 94,904 Revised Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Net Income $ 132,260 $ 3,829 $ 136,089 $ 108,648 $ 5,728 $ 114,376 Comprehensive Income 150,036 3,829 153,865 110,886 5,728 116,614 Revised Consolidated Statements of Equity Retained Earnings Total Equity As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Balance as of December 31, 2019 $ 457,047 $ (270) $ 456,777 $ 799,276 $ (270) $ 799,006 Net Income 108,648 5,728 114,376 108,648 5,728 114,376 Balance as of December 31, 2020 $ 509,560 $ 5,458 $ 515,018 $ 992,477 $ 5,458 $ 997,935 Net Income 132,260 3,829 136,089 132,260 3,829 136,089 Balance as of December 31, 2021 $ 579,270 $ 9,287 $ 588,557 $ 1,204,413 $ 9,287 $ 1,213,700 Revised Consolidated Statements of Cash Flows For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Cash flows from operating activities: Net income/(loss) $ 132,260 $ 3,829 $ 136,089 $ 108,648 $ 5,728 $ 114,376 Adjustments to reconcile net income to net cash provided by operating activities: Net change in fair value of trading securities, hedged assets, and financial derivatives 203,758 1,943 205,701 (256,466) 15,921 (240,545) Deferred income taxes (1,960) 330 (1,630) (2,406) (420) (2,826) Net change in: Interest receivable 6,945 (2,499) 4,446 11,054 (735) 10,319 Other assets (9,830) — (9,830) (3,348) (6,956) (10,304) Accrued interest payable (8,746) (780) (9,526) (14,221) (8,511) (22,732) Other liabilities 2,378 (2,823) (445) 5,866 (5,027) 839 Net cash provided by operating activities 436,412 — 436,412 (94,547) — (94,547) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) 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, 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 Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. |
Cash and Cash Equivalents | Cash and Cash EquivalentsFarmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. |
Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities | Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Interest Income Recognition on Interest-Only Farmer Mac Guaranteed Securities ("IO-FMGS") Farmer Mac recognizes interest income for its IO-FMGS by applying the effective yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that Farmer Mac would not recover substantially all of its recorded investment. The amount of periodic interest income recognized is determined by applying the IO-FMGS effective interest rate to its amortized cost basis (or “reference amount”). At the time of acquisition, the effective interest rate is calculated by solving for the single discount rate that equates the present value of Farmer Mac's best estimate of the amount and timing of the |
Loans | Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Troubled Debt Restructuring ("TDR") A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. |
Securitization | SecuritizationSecuritization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural mortgage loans, Rural Infrastructure loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits pursuant to 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Gain on sale of mortgage loans” in the accompanying consolidated statements of operations. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value. In the fourth quarter of 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. The securitization consisted of two classes of securities, Class A and Class B. The Class A securities are backed by 92.5% of the pool and is guaranteed by Farmer Mac. The Class B Tranche is backed by the remaining 7.5% of the pool. Credit losses on the entire pool are first allocated to the Class B securities. As a result of the transaction, Farmer Mac recognized the following: 1. A guarantee asset and liability related to the guarantee fees and the obligation to stand ready to perform on the guarantee to the Class A security holders. 2. A servicing asset related to Farmer Mac’s role as Master and Central Servicer. Farmer Mac will earn a related servicing fee. 3. A retained interest-only strip of a Farmer Mac Guaranteed Security (IO-FMGS) security. The above assets and liabilities were initially recorded on the consolidated balance sheets at fair value. For more information on fair value measurement see Footnote 13. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac does not consolidate. See Table 2.4 below for more information about these trusts. Gains or losses arising from securitization are recorded as the difference between the transferred loans’ carrying values and the sum of (a) the initial fair value of the assets or liabilities received and (b) net cash proceeds. For the year ended December 31, 2021, Farmer Mac recorded $6.5 million in gains attributable to securitization activity. These gains were reported in “Gains on sale of mortgage loans” in the consolidated statements of operations. Farmer Mac recorded no gains attributable to securitization activity for both the years ended December 31, 2022 and 2020. |
Financial Derivatives | Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with most of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives The majority of Farmer Mac's interest-rate swaps are subject to the central clearing requirement. Changes in the value of cleared derivatives are settled daily via payments made through the clearinghouse. Farmer Mac nets the exposure by clearinghouse and clearing member. See Notes 6 and 13 for more information on financial derivatives. |
Notes Payable | Notes PayableDebt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. |
Allowance for Losses and Reserve for Losses | Allowance for Losses and Reserve for LossesFarmer 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. 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 Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Rural Infrastructure Finance 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. In 2020, Farmer Mac adopted the Current Expected Credit Loss standard. The cumulative effect adjustment from adoption of the standard is included in the Consolidated Statements of Equity. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off 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 includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Rural Infrastructure Finance loans (Rural Utilities and Renewable Energy), and AgVantage Securities; • 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") |
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. |
Income Taxes | Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. |
Stock-based Compensation | Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $4.6 million, $4.3 million, and $4.1 million of compensation expense related to SARs and non-vested restricted stock awards for 2022, 2021, and 2020, respectively. |
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. |
Guarantees | GuaranteesFarmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of guarantee obligations for Farmer Mac. Farmer Mac records, at the inception of a guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset at inception are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying Agricultural Finance real estate mortgage loans and Rural Infrastructure Finance loans.See Note 2(h) for Farmer Mac's policy for estimating probable losses for LTSPCs. |
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices in active markets. Farmer Mac classifies these fair value measurements as "Level 1." For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, senior agency debt securities, and Government/GSE guaranteed mortgage-backed securities, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades on similar securities. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as "Level 2." For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility, and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as "Level 3." Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at discount rates commensurate with the risks involved. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Farmer Mac classifies these fair value measurements as Level 3 because there is limited market activity and therefore require the use of significant unobservable inputs in estimating the fair value. Financial Derivatives The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as Level 1. Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon a third-party accounting and valuation system. The third-party accounting and valuation system determines the fair value of the interest rate swaps using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. As of December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of these interest rate contracts and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. Additionally, Farmer Mac internally values its derivative portfolio using a discounted cash flow valuation technique and obtains counterparty valuations to corroborate the third-party accounting and valuation system. See Note 13 for more information regarding fair value measurement. |
Consolidation of Variable Interest Entities | Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both: (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Agricultural Finance securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farmer Mac Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts in which Farmer Mac has a variable interest but is not the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the Agricultural Finance line of business. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. In 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. For more information about this securitization, see Note 2(e) - Securitization. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac has not consolidated. Farmer Mac determined that it was not the primary beneficiary of the securitization trust because the subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer with or without cause. The following tables present, by segment, details about the consolidation of VIEs: Table 2.4 Consolidation of Variable Interest Entities As of December 31, 2022 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,211,576 $ — $ 1,211,576 Debt securities of consolidated trusts held by third parties (1)(2) 1,181,948 — 1,181,948 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 28,466 — 28,466 Maximum exposure to loss (3) 31,208 — 31,208 Investment securities: Carrying value (4) — 3,138,619 3,138,619 Maximum exposure to loss (3) (4) — 3,341,427 3,341,427 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 500,953 — 500,953 (1) Includes borrower remittances of $8.1 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2022. (2) Includes $37.7 million in unamortized discount related to a structured securitization transaction. (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, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Consolidation of Variable Interest Entities As of December 31, 2021 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 948,623 $ — $ 948,623 Debt securities of consolidated trusts held by third parties (1) 981,379 — 981,379 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 42,298 — 42,298 Maximum exposure to loss (2) 42,155 — 42,155 Investment securities: Carrying value (3) — 2,258,219 2,258,219 Maximum exposure to loss (2) (3) — 2,246,272 2,246,272 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (2) (4) 578,358 — 578,358 (1) Includes borrower remittances of $32.8 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2021. (2) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (3) Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (4) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. |
Custodial Deposit Liability | Custodial Deposit Liability During 2021 , |
Business Segments | Business Segments During fourth quarter 2021, Farmer Mac's Chief Operating Decision Maker ("CODM") – its President and Chief Executive Officer – began reviewing financial information of seven operating segments, which are reportable segments. The CODM reviews the financial information of the seven segments to make decisions about allocating resources and to assess the financial performance of those segments. The seven reportable segments are: Farm & Ranch, Corporate AgFinance, Rural Utilities, Renewable Energy, Funding, Investments, and Corporate. The purpose of the new alignment of the company's segments is for the CODM to review and analyze financial performance according to the type of customer and market rather than according to the type of product offerings. Additionally, the financial information for the Funding and Investments segments allow the CODM to review the results of the company's Treasury activities. All operating expenses are managed at the enterprise level and are reported within the Corporate segment rather than allocated to any of the other segments. The operations and financial results of the Farm & Ranch and Corporate AgFinance segments are within our Agricultural Finance line of business. The Farm & Ranch segment includes the financial results of the USDA Securities portfolio and Farm & Ranch loans. The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production. The Rural Utilities and Renewable Energy segments are within our Rural Infrastructure Finance line of business. The Rural Utilities segment includes loans to rural electric generation and transmission cooperatives, distribution cooperatives, and telecommunications providers, as well as AgVantage securities secured by those types of loans. The Renewable Energy segment includes loans to rural electric solar and wind energy projects. The Funding segment includes the financial results of the company's debt issuance, hedging, asset/liability management, and capital allocation strategies. The company allocates interest expense to each of the other segments (except Corporate) using a funds transfer pricing process. That process also allocates the benefits and costs from the company's funding and hedging strategies to the Funding segment. The Investments segment includes the financial results of the company's investment portfolio, which is held for liquidity purposes. Interest expense is allocated to the Investments segment using the same funds transfer pricing process that is used to allocate interest expense to the other segments. The Corporate segment includes all of the company's operating expenses, including compensation, general and administrative expenses, and regulatory fees. The Corporate segment also includes items of other income and preferred stock dividend expense. Farmer Mac uses the non-GAAP financial measure "core earnings" to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. The main difference between core earnings and net income attributable to common stockholders is that core earnings excludes the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with generally accepted accounting principles if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This corporate economic performance measure may not be comparable to similarly labeled measures disclosed by other companies. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship. |
New Accounting Standards | New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , 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. January 1, 2020 Farmer Mac adopted optional expedients specific to discounting transition on a retrospective basis, and as a result of this election, the discounting transition did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Farmer Mac is exploring the adoption of additional optional expedients, including contract modification relief, and does not expect this to have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 The amendments in this Update deferred the sunset date in Topic 848 from December 31, 2022 to December 31, 2024. December 21, 2022 Farmer Mac continues to evaluate the impact of ASC 848. Recently Issued Accounting Guidance Standard Description Effect on Consolidated Financial Statements ASU 2022-01 , Fair Value Hedging - Portfolio Layer Method The Update introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio under the method (previously named, last-of-layer method). Additionally, it expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio, and provides that an entity may reclassify HTM debt securities identified within 30 days of the date of adoption to AFS if the entity applies portfolio layer method hedging to those debt securities. Farmer Mac is continuing to evaluate the use of the portfolio layer method in its hedging programs, although future use of the standard is dependent on its asset-liability management strategies in the context of the then current interest rate outlook. Farmer Mac does not believe adoption of the standard will have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-02 , Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The Update addresses and amends areas identified by the Financial Accounting Standards Board ("FASB") as part of its post-implementation review of the accounting standard that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross writeoffs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for entities that have adopted the CECL accounting standard. Early adoption, however, is permitted if an entity has adopted the CECL accounting standard. We adopted this guidance effective January 1, 2023 on a prospective basis and will provide additional disclosures as required. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Basic and Diluted EPS | The following schedule reconciles basic and diluted EPS for the years ended December 31, 2022, 2021 and 2020: Table 2.1 For the Years Ended December 31, 2022 2021 2020 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 150,979 10,791 $ 14.00 $ 111,412 10,758 $ 10.36 $ 94,904 10,728 $ 8.85 Effect of dilutive securities (1) SARs and restricted stock — 92 (0.13) — 88 (0.09) — 58 (0.05) Diluted EPS $ 150,979 10,883 $ 13.87 $ 111,412 10,846 $ 10.27 $ 94,904 10,786 $ 8.80 (1) For the years ended December 31, 2022, 2021 and 2020, SARs and restricted stock of 32,448, 39,326, and 74,336, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2022, 2021 and 2020, contingent shares of unvested restricted stock of 18,535, 18,183, and 12,680 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 years ended December 31, 2022, 2021, and 2020. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2020 $ (43,397) $ 32,845 $ (5,609) $ (16,161) Other comprehensive income/(loss) before reclassifications 32,739 — (21,606) 11,133 Amounts reclassified from AOCI (3,279) (10,016) 4,400 (8,895) Net comprehensive income/(loss) 29,460 (10,016) (17,206) 2,238 Balance as of December 31, 2020 $ (13,937) $ 22,829 $ (22,815) $ (13,923) Other comprehensive income before reclassifications 9,114 — 11,602 20,716 Amounts reclassified from AOCI (2,109) (6,676) 5,845 (2,940) Net comprehensive income/(loss) 7,005 (6,676) 17,447 17,776 Balance as of December 31, 2021 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) |
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 years ended December 31, 2022, 2021, and 2020: Table 2.3 For the Years Ended December 31, 2022 2021 2020 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding (losses)/gains on available-for-sale securities $ (137,500) $ (28,876) $ (108,624) $ 11,537 $ 2,423 $ 9,114 $ 41,442 $ 8,703 $ 32,739 Less reclassification adjustments included in: Net interest income (1) — — — (2,333) (490) (1,843) (3,895) (818) (3,077) Gains on sale of available-for-sale investment securities (2) — — — (253) (53) (200) — — — Other income (3) (6) (1) (5) (84) (18) (66) (256) (54) (202) Total $ (137,506) $ (28,877) $ (108,629) $ 8,867 $ 1,862 $ 7,005 $ 37,291 $ 7,831 $ 29,460 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (4) 259 55 204 (8,451) (1,775) (6,676) (12,677) (2,661) (10,016) Total $ 259 $ 55 $ 204 $ (8,451) $ (1,775) $ (6,676) $ (12,677) $ (2,661) $ (10,016) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 69,225 $ 14,537 $ 54,688 $ 14,685 $ 3,083 $ 11,602 $ (27,350) $ (5,744) $ (21,606) Less reclassification adjustments included in: Net interest income (5) (1,213) (254) (959) 7,399 1,554 5,845 5,570 1,170 4,400 Total $ 68,012 $ 14,283 $ 53,729 $ 22,084 $ 4,637 $ 17,447 $ (21,780) $ (4,574) $ (17,206) Other comprehensive (loss)/income $ (69,235) $ (14,539) $ (54,696) $ 22,500 $ 4,724 $ 17,776 $ 2,834 $ 596 $ 2,238 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents unrealized gains and losses on sales of available-for-sale securities. (3) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (4) 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. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
Schedule of Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , 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. January 1, 2020 Farmer Mac adopted optional expedients specific to discounting transition on a retrospective basis, and as a result of this election, the discounting transition did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Farmer Mac is exploring the adoption of additional optional expedients, including contract modification relief, and does not expect this to have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 The amendments in this Update deferred the sunset date in Topic 848 from December 31, 2022 to December 31, 2024. December 21, 2022 Farmer Mac continues to evaluate the impact of ASC 848. Recently Issued Accounting Guidance Standard Description Effect on Consolidated Financial Statements ASU 2022-01 , Fair Value Hedging - Portfolio Layer Method The Update introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio under the method (previously named, last-of-layer method). Additionally, it expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio, and provides that an entity may reclassify HTM debt securities identified within 30 days of the date of adoption to AFS if the entity applies portfolio layer method hedging to those debt securities. Farmer Mac is continuing to evaluate the use of the portfolio layer method in its hedging programs, although future use of the standard is dependent on its asset-liability management strategies in the context of the then current interest rate outlook. Farmer Mac does not believe adoption of the standard will have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-02 , Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The Update addresses and amends areas identified by the Financial Accounting Standards Board ("FASB") as part of its post-implementation review of the accounting standard that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross writeoffs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for entities that have adopted the CECL accounting standard. Early adoption, however, is permitted if an entity has adopted the CECL accounting standard. We adopted this guidance effective January 1, 2023 on a prospective basis and will provide additional disclosures as required. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following transactions occurred between Farmer Mac and Zions during 2022, 2021, and 2020: Table 3.1 For the Years Ended December 31, 2022 2021 2020 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 274,517 $ 214,319 $ 177,143 USDA Securities 4,171 9,565 10,764 Sales of Farmer Mac Guaranteed Securities 99,643 — 41,247 Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2022 2021 2020 (in thousands) Unpaid Principal Balance: Loans $ 386,998 $ 127,117 $ 272,943 LTSPCs 30,421 — — On-balance sheet AgVantage Securities 670,000 1,450,000 250,000 Total purchases and guarantees $ 1,087,419 $ 1,577,117 $ 522,943 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Farmer Mac Investment Securities | The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2022 and 2021: Table 4.1 As of December 31, 2022 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 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (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 4.5% as of December 31, 2022. As of December 31, 2021 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 2021. (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 December 31, 2021. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2022 and 2021: Table 5.1 As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (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) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable (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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of December 31, 2022 and 2021, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2022 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 $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2021 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 As of December 31, 2022 and 2021, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2022 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 $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) As of December 31, 2021 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) |
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 December 31, 2022 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 780,641 $ 769,179 0.52% Due after one year through five years 658,748 648,594 3.09% Due after five years through ten years 2,577,103 2,420,688 3.49% Due after ten years 752,934 741,103 4.17% Total $ 4,769,426 $ 4,579,564 3.06% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,675,756 $ 1,670,398 4.27 % Due after one year through five years 3,295,169 3,149,966 3.49 % Due after five years through ten years 1,331,931 1,230,818 3.50 % Due after ten years 1,716,639 1,556,044 4.12 % Total $ 8,019,495 $ 7,607,226 3.78 % (1) Amounts presented exclude $51.5 million of accrued interest receivable. As of December 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 375,930 $ 369,834 2.86 % Due after one year through five years 660,556 605,494 2.15 % Due after five years through ten years 276,635 243,939 3.15 % Due after ten years 2,117,926 1,844,966 3.29 % Total $ 3,431,047 $ 3,064,233 2.99 % (1) Amounts presented exclude $44.4 million of accrued interest receivable. |
Farmer Mac Guaranteed Securit_2
Farmer Mac Guaranteed Securities and USDA Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 available-for-sale and held-to-maturity investment securities as of December 31, 2022 and 2021: Table 4.1 As of December 31, 2022 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 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (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 4.5% as of December 31, 2022. As of December 31, 2021 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 $ (52) $ — $ (394) $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities 2,168,016 90 2,168,106 — 11,821 (1,096) 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities 451,660 12,525 464,185 — 382 (5,730) 458,837 Fixed rate U.S. Treasuries 1,180,000 2,723 1,182,723 — — (3,254) 1,179,469 Total available-for-sale 3,819,376 15,338 3,834,714 (52) 12,203 (10,474) 3,836,391 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 44,970 — 44,970 — 1,612 — 46,582 Total held-to-maturity $ 44,970 $ — $ 44,970 $ — $ 1,612 $ — $ 46,582 (1) Amounts presented exclude $4.3 million of accrued interest receivable on investment securities as of December 31, 2021. (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 December 31, 2021. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2022 and 2021: Table 5.1 As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (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) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. As of December 31, 2021 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,003,486 $ — $ 2,003,486 $ (132) $ 10,097 $ (12,764) $ 2,000,687 Farmer Mac Guaranteed USDA Securities 29,859 26 29,885 — 1,162 — 31,047 Total Farmer Mac Guaranteed Securities 2,033,345 26 2,033,371 (132) 11,259 (12,764) 2,031,734 USDA Securities 2,411,649 24,682 2,436,331 — 95,741 — 2,532,072 Total held-to-maturity $ 4,444,994 $ 24,708 $ 4,469,702 $ (132) $ 107,000 $ (12,764) $ 4,563,806 Available-for-sale: AgVantage $ 6,122,240 $ 1,270 $ 6,123,510 $ (263) $ 212,908 $ (20,010) $ 6,316,145 Farmer Mac Guaranteed Securities (3) — 12,297 12,297 — 117 — $ 12,414 Total available-for-sale $ 6,122,240 $ 13,567 $ 6,135,807 $ (263) $ 213,025 $ (20,010) $ 6,328,559 Trading: USDA Securities (4) $ 4,299 $ 134 $ 4,433 $ — $ 1 $ (33) $ 4,401 (1) Amounts presented exclude $29.8 million, $42.1 million, and $0.1 million of accrued interest receivable (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) Fair value includes $12.4 million of an interest-only security with a notional amount of $275.4 million. (4) The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2021. |
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of December 31, 2022 and 2021, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2022 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 $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2021 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 $ — $ — $ 19,254 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 459,195 (619) 37,307 (477) Fixed rate Government/GSE guaranteed mortgage-backed securities 406,805 (5,730) — — Fixed rate U.S. Treasuries 1,123,439 (3,070) 51,031 (184) Total $ 1,989,439 $ (9,419) $ 107,592 $ (1,055) Number of securities in loss position 69 24 As of December 31, 2022 and 2021, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2022 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 $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) As of December 31, 2021 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,387,236 $ (12,764) $ — $ — Available-for-sale: AgVantage $ 1,867,364 $ (17,263) $ 90,971 $ (2,747) |
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 December 31, 2022 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2022 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 780,641 $ 769,179 0.52% Due after one year through five years 658,748 648,594 3.09% Due after five years through ten years 2,577,103 2,420,688 3.49% Due after ten years 752,934 741,103 4.17% Total $ 4,769,426 $ 4,579,564 3.06% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2022 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2022 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,675,756 $ 1,670,398 4.27 % Due after one year through five years 3,295,169 3,149,966 3.49 % Due after five years through ten years 1,331,931 1,230,818 3.50 % Due after ten years 1,716,639 1,556,044 4.12 % Total $ 8,019,495 $ 7,607,226 3.78 % (1) Amounts presented exclude $51.5 million of accrued interest receivable. As of December 31, 2022 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 375,930 $ 369,834 2.86 % Due after one year through five years 660,556 605,494 2.15 % Due after five years through ten years 276,635 243,939 3.15 % Due after ten years 2,117,926 1,844,966 3.29 % Total $ 3,431,047 $ 3,064,233 2.99 % (1) Amounts presented exclude $44.4 million of accrued interest receivable. |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. The table below includes accrued interest on cleared swaps, but excludes $6.1 million and $3.0 million of accrued interest receivable and $3.6 million and $1.9 million of accrued interest payable on uncleared swaps as of December 31, 2022 and 2021, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 10,033,750 $ 19 $ (4,686) 4.31% 2.03% 1.64 Pay fixed non-callable 8,149,871 13,689 (366) 2.23% 4.33% 10.76 Receive fixed callable 2,764,577 461 (174,757) 4.21% 1.98% 3.18 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 588,000 27,275 — 1.93% 4.72% 5.05 No hedge designation: Interest rate swaps: Pay fixed non-callable 187,479 1,065 (1) 3.05% 4.09% 4.52 Receive fixed non-callable 287,750 — (130) 4.31% 1.16% 1.76 Basis swaps 1,860,384 112 (456) 4.40% 4.42% 2.46 Treasury futures 6,800 — (142) 114.38 Netting adjustments (1) (5,212) 5,212 Total financial derivatives $ 23,878,611 $ 37,409 $ (175,326) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2021 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Pay fixed non-callable $ 6,238,438 $ 205 $ (9,525) 2.06% 0.13% 11.64 Receive fixed non-callable 5,884,529 974 (1,475) 0.17% 0.88% 2.27 Receive fixed callable 1,571,577 103 (17,612) 0.01% 0.80% 4.17 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 570,000 5,426 (3,095) 1.93% 0.49% 5.72 No hedge designation: Interest rate swaps: Pay fixed non-callable 229,062 52 (4,807) 3.22% 0.16% 4.95 Receive fixed non-callable 1,377,250 115 (132) 0.13% 0.43% 0.97 Basis swaps 1,608,911 507 (296) 0.17% 0.20% 3.31 Treasury futures 67,600 73 — 130.58 Credit valuation adjustment — 14 Netting adjustments (1) (1,374) 1,374 Total financial derivatives $ 17,547,367 $ 6,081 $ (35,554) |
Schedule of Net Income/(Expense) Recognized | The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2022, 2021, and 2020: Table 6.2 For the Year Ended December 31, 2022 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Premium/discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) Gains/(losses) on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631 For the Year Ended December 31, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 18,660 $ 164,723 $ 242,582 $ (204,014) $ 324 $ 222,275 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,002) (85,302) (27,167) 42,591 — (70,880) Recognized on hedged items 1,792 119,896 46,842 (51,484) — 117,046 Discount amortization recognized on hedged items — — — (1,118) — (1,118) Income/(expense) related to interest settlements on fair value hedging relationships $ 790 $ 34,594 $ 19,675 $ (10,011) $ — $ 45,048 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 1,688 $ 178,252 $ 97,459 $ (98,332) $ — $ 179,067 Recognized on hedged items (1,218) (176,304) (97,502) 95,617 — (179,407) Gains/(losses) on fair value hedging relationships $ 470 $ 1,948 $ (43) $ (2,715) $ — $ (340) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (7,399) $ — $ (7,399) Recognized on hedged items — — — (2,657) — (2,657) Discount amortization recognized on hedged items — — — (37) — (37) Expense recognized on cash flow hedges $ — $ — $ — $ (10,093) $ — $ (10,093) Gains on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (2,144) $ (2,144) Interest expense on interest rate swaps — — — — 3,259 3,259 Treasury futures — — — — (791) (791) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 324 $ 324 |
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 December 31, 2022 and 2021: Table 6.3 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) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (in thousands) Investment securities, Available-for-Sale, at fair value $ 876,063 $ 458,653 $ (107,107) $ (1,218) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 4,814,784 4,276,002 (346,873) 206,520 Loans held for investment, at amortized cost 1,623,301 1,668,142 (327,278) 13,832 Notes Payable (1) (12,151,382) (7,081,150) 531,086 39,992 (1) Carrying amount represents amortized cost. |
Offsetting Assets | The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2022 and 2021: Table 6.4 December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — 203,993 — 213,231 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ 203,993 $ — $ 213,231 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. December 31, 2021 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 6,081 $ — $ 6,081 $ (6,008) $ — $ — $ 73 Cleared derivatives 1,374 (1,374) — — — — — Total $ 7,455 $ (1,374) $ 6,081 $ (6,008) $ — $ — $ 73 Liabilities: Uncleared derivatives $ (23,368) $ — $ (23,368) $ 6,008 $ — $ 14,339 $ (3,021) Cleared derivatives (10,993) 1,374 (9,619) — 177,878 — 168,259 Total $ (34,361) $ 1,374 $ (32,987) $ 6,008 $ 177,878 $ 14,339 $ 165,238 (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. |
Offsetting Liabilities | The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2022 and 2021: Table 6.4 December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — 203,993 — 213,231 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ 203,993 $ — $ 213,231 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. December 31, 2021 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (in thousands) Assets: Uncleared derivatives $ 6,081 $ — $ 6,081 $ (6,008) $ — $ — $ 73 Cleared derivatives 1,374 (1,374) — — — — — Total $ 7,455 $ (1,374) $ 6,081 $ (6,008) $ — $ — $ 73 Liabilities: Uncleared derivatives $ (23,368) $ — $ (23,368) $ 6,008 $ — $ 14,339 $ (3,021) Cleared derivatives (10,993) 1,374 (9,619) — 177,878 — 168,259 Total $ (34,361) $ 1,374 $ (32,987) $ 6,008 $ 177,878 $ 14,339 $ 165,238 (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2022 and 2021: Table 7.1 December 31, 2022 Outstanding as of December 31, 2022 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 565,578 3.91 % $ 1,325,026 0.96 % Medium-term notes 2,547,733 3.54 % 1,442,932 2.11 % Current portion of medium-term notes 4,920,864 1.49 % Total due within one year $ 8,034,175 2.31 % Due after one year: Medium-term notes due in: Two years $ 4,072,740 1.71 % Three years 3,506,480 2.10 % Four years 2,967,625 1.44 % Five years 2,361,197 3.12 % Thereafter 4,057,982 2.60 % Total due after one year $ 16,966,024 2.15 % Total principal net of discounts $ 25,000,199 2.20 % Hedging adjustments (531,086) Total $ 24,469,113 December 31, 2021 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 $ 2,167,979 0.05 % $ 1,822,714 0.08 % Medium-term notes 837,580 0.09 % 1,956,870 0.12 % Current portion of medium-term notes 3,981,240 0.75 % Total due within one year $ 6,986,799 0.45 % Due after one year: Medium-term notes due in: Two years $ 4,179,985 0.81 % Three years 2,554,906 0.87 % Four years 2,119,805 0.85 % Five years 2,810,894 1.07 % Thereafter 4,106,144 1.69 % Total due after one year $ 15,771,734 1.10 % Total principal net of discounts $ 22,758,533 0.90 % Hedging adjustments (44,762) Total $ 22,713,771 Table 7.2 Debt Callable in 2023 as of December 31, 2022, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2024 $ 587,271 1.74 % 2025 816,087 1.91 % 2026 1,109,736 1.21 % 2027 650,013 2.30 % Thereafter 1,712,917 2.19 % Total $ 4,876,024 1.88 % |
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 December 31, 2022, 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: 2023 $ 9,512,484 2.67 % 2024 3,957,769 1.63 % 2025 3,181,100 1.84 % 2026 2,809,720 1.25 % 2027 2,070,417 2.90 % Thereafter 3,468,709 2.26 % Total principal net of discounts $ 25,000,199 2.20 % |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Composition of Loan Balances | The following table includes loans held for investment and displays the composition of the loan balances as of December 31, 2022 and 2021: Table 8.1 As of December 31, 2022 As of December 31, 2021 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,150,750 $ 1,211,576 $ 6,362,326 $ 4,775,070 $ 948,623 $ 5,723,693 Corporate AgFinance 1,166,253 — 1,166,253 1,123,300 — 1,123,300 Total Agricultural Finance loans 6,317,003 1,211,576 7,528,579 5,898,370 948,623 6,846,993 Rural Infrastructure Finance loans 3,021,266 — 3,021,266 2,389,136 — 2,389,136 Total unpaid principal balance (1) 9,338,269 1,211,576 10,549,845 8,287,506 948,623 9,236,129 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (326,449) — (326,449) 26,590 — 26,590 Total loans 9,011,820 1,211,576 10,223,396 8,314,096 948,623 9,262,719 Allowance for losses (14,629) (460) (15,089) (13,477) (564) (14,041) Total loans, net of allowance $ 8,997,191 $ 1,211,116 $ 10,208,307 $ 8,300,619 $ 948,059 $ 9,248,678 |
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of December 31, 2022 and 2021: Table 8.2 December 31, 2022 December 31, 2021 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,044 $ 2,882 Corporate AgFinance 2,731 560 Total Agricultural Finance Loans 6,775 3,442 Rural Infrastructure Finance loans 8,314 10,599 Total $ 15,089 $ 14,041 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2022: Table 8.3 Agricultural Finance Rural Infrastructure Farm & Ranch Corporate AgFinance Total (in thousands) Balance as of December 31, 2019 (1) $ 8,830 $ 1,624 $ 10,454 $ — Cumulative effect adjustment from adoption of current expected credit loss standard (2,735) (1,174) (3,909) 5,378 Adjusted Beginning Balance $ 6,095 $ 450 $ 6,545 $ 5,378 Provision for losses 3,068 (109) 2,959 4,709 Charge-offs (5,759) — (5,759) — Balance as of December 31, 2020 (2) $ 3,404 $ 341 $ 3,745 $ 10,087 (Release of)/provision for losses (1,576) 219 (1,357) 512 Recovery 1,054 — 1,054 — Balance as of December 31, 2021 (3)(4)(5) $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 (3)(4)(5) $ 4,044 $ 2,731 $ 6,775 $ 8,314 (1) 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. (2) Allowance for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," effective January 1, 2020 (3) As of December 31, 2022 and 2021, allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.9 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (4) As of December 31, 2022 and 2021, allowance for losses for Agricultural Finance Corporate AgFinance loans includes $2.4 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively. |
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 December 31, 2022 and 2021: Table 8.4 As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (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 $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans, respectively. As of December 31, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 5,591,770 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 5,723,693 Corporate AgFinance 1,123,300 — — — — — 1,123,300 Total Agricultural Finance loans 6,715,070 4,548 568 — 5,116 126,807 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021: Table 12.8 As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac 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. As of December 31, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: 556,837 — — — — 556,837 Total $ 3,509,928 $ 8,068 $ — $ 3,597 $ 11,665 $ 3,521,593 (1) Includes loans underlying off-balance sheet Farmer Mac 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. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2022 and 2021, by year of origination: Table 8.5 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,786,446 $ 1,300,798 $ 399,394 $ 277,061 $ 271,234 $ 957,357 $ 349,949 $ 5,342,239 Special mention (2) 84,795 50,057 30,168 3,670 9,133 14,646 3,227 195,696 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 1,872,895 $ 1,355,852 $ 455,799 $ 307,840 $ 319,070 $ 1,047,783 $ 364,454 $ 5,723,693 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — (1,054) — — (1,054) Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ (1,054) $ — $ — $ (1,054) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 351,614 $ 240,712 $ 140,742 $ 47,856 $ 32,618 $ 47,360 $ 195,415 $ 1,056,317 Special mention (2) — — 21,031 44,407 — — 1,545 66,983 Substandard (3) — — — — — — — — Total $ 351,614 $ 240,712 $ 161,773 $ 92,263 $ 32,618 $ 47,360 $ 196,960 $ 1,123,300 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. Table 12.9 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2022: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (3) Liquidation Value Redemption Date (4) Series C (1) June 20, 2014 $ 1,618,583 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D (2) May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%. (2) Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. (3) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. |
Quarterly Dividends Paid by Farmers MAC | The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2022, 2021, and 2020: Table 9.2 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2021 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G — 0.1693 0.3047 0.3047 (1) For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021. 2020 1st Quarter 2nd Quarter (1) 3rd Quarter (2)(3) 4th Quarter 5.875% Non-Cumulative Preferred Stock, Series A $ 0.3672 $ 0.3672 $ 0.2530 $ — 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C 0.3750 0.3750 0.3750 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E — 0.2276 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F — — 0.2078 0.3281 (1) For second quarter 2020, dividend payment includes $0.2276 per share on the Series E Preferred Stock for the period from but not including May 20, 2020 (issuance date) to and including July 17, 2020. (2) For third quarter 2020 dividend payment includes $0.2530 per share on the Series A Preferred Stock for the period from but not including July 17, 2020 to and including the September 19, 2020 redemption date. (3) For third quarter 2020, dividend payment includes $0.2078 per share on the Series F Preferred Stock for the period from but not including August 20, 2020 (issuance date) to and including October 17, 2020. |
Share-based Payment Arrangement, Option, Activity | The following tables summarize SARs and non-vested restricted stock activity for the years ended December 31, 2022, 2021, and 2020: Table 9.3 For the Years Ended December 31, 2022 2021 2020 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 130,409 $ 66.10 116,417 $ 57.16 98,836 $ 46.47 Granted 18,432 120.38 28,575 88.68 34,881 74.80 Exercised (16,678) 49.04 (14,583) 38.99 (15,912) 26.93 Canceled — — — — (1,388) 86.15 Outstanding, end of year 132,163 75.82 130,409 66.10 116,417 57.16 Exercisable at end of year 83,054 63.12 72,106 52.85 66,602 42.08 For the Years Ended December 31, 2022 2021 2020 Non-vested Weighted- Non-vested Weighted- Non-vested Weighted- Outstanding, beginning of year 103,891 $ 78.55 83,956 $ 71.76 62,597 $ 75.81 Granted 38,668 120.14 53,358 88.92 53,471 66.02 Canceled (2,711) 97.44 (1,184) 79.82 (4,042) 69.66 Vested and issued (39,823) 84.25 (32,239) 77.98 (28,070) 70.13 Outstanding, end of year 100,025 91.84 103,891 78.55 83,956 71.76 |
Share-based Payment Arrangement, Option, Exercise Price Range | The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2022: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - 39.99 30,492 2.0 years 30,492 2.0 years 30,492 2.0 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 4.3 years 3,381 4.3 years 3,381 4.3 years 70.00 - 84.99 46,739 6.8 years 35,112 6.7 years 46,739 6.8 years 85.00 - 99.99 33,119 7.6 years 14,069 6.9 years 33,119 7.6 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 18,432 9.2 years — 0.0 years 18,432 9.2 years 132,163 83,054 132,163 Non-vested Restricted Stock: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Weighted-Average Remaining Contractual Non-vested Restricted Stock Weighted-Average Remaining Contractual $50.00 - $64.99 18,100 0.3 years 18,100 0.3 years 65.00 - 79.99 10,744 0.2 years 10,744 0.2 years 80.00 - 94.99 35,101 1.3 years 35,101 1.3 years 95.00 - 109.99 915 0.8 years 915 0.8 years 110.00 - 124.99 35,165 1.9 years 35,165 1.9 years 100,025 100,025 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Year Ended December 31, 2022 2021 2020 Risk-free interest rate 1.9% 0.9% 0.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 37.4% 39.1% 34.3% Dividend yield 3.2% 4.0% 4.2% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Federal Corporate Income Tax Expense | The components of the federal corporate income tax expense for the years ended December 31, 2022, 2021, and 2020 were as follows: Table 10.1 For the Year Ended December 31, 2022 2021 2020 (in thousands) Current income tax expense $ 35,609 $ 38,645 $ 32,796 Deferred income tax expense 11,926 (2,273) (2,489) Income tax expense $ 47,535 $ 36,372 $ 30,307 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2022, 2021, and 2020 is as follows: Table 10.2 For the Year Ended December 31, 2022 2021 2020 (dollars in thousands) Tax expense at statutory rate $ 47,393 $ 36,217 $ 30,383 Excess tax benefits related to stock-based awards (401) (300) (9) Other 543 455 (67) Income tax expense $ 47,535 $ 36,372 $ 30,307 Statutory tax rate 21.0 % 21.0 % 21.0 % |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: Table 10.3 As of December 31, 2022 2021 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 53,360 $ — Unrealized losses on available-for-sale securities 26,371 — Allowance for losses 3,603 3,452 Compensation and Benefits 1,639 1,281 Stock-based compensation 1,755 1,462 Basis differences related to financial derivatives — 64,795 Unrealized losses on cash flow hedges — 1,427 Basis difference related to structured securitizations — 35 Capital loss carryforwards 32 32 Valuation allowance (32) (32) Other 1,444 358 Total deferred tax assets $ 88,172 $ 72,810 Deferred tax liability: Basis differences related to financial derivatives $ 49,526 $ — Unrealized gains on cash flow hedges 12,855 — Basis difference related to structured securitizations 7,782 — Basis differences related to hedged items — 54,446 Unrealized gains on available-for-sale securities — 2,451 Other 5 44 Total deferred tax liability $ 70,168 $ 56,941 Net deferred tax asset $ 18,004 $ 15,869 |
Guarantees and Commitments (Tab
Guarantees and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2022, 2021, and 2020: Table 12.1 For the Years Ended December 31, 2022 2021 2020 (in thousands) Beginning balance, January 1 $ 43,926 $ 35,535 $ 36,700 Additions to the guarantee and commitment obligation (1) 8,569 15,648 5,210 Amortization of the guarantee and commitment obligation (5,913) (7,257) (6,375) Ending balance, December 31 $ 46,582 $ 43,926 $ 35,535 (1) Represents the fair value of the guarantee and commitment obligation at inception. The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2022 As of December 31, 2021 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 500,953 $ 578,358 Rural Infrastructure Finance Farmer Mac Guaranteed Securities 1,169 2,755 Total off-balance sheet Farmer Mac Guaranteed Securities $ 502,122 $ 581,113 Table 12.4 As of December 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation $ 6,461 $ 7,355 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.4 years 21.7 years AgVantage Securities 2.0 years 3.0 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 12.3 For the Year Ended 2022 2021 2020 (in thousands) Proceeds from new securitizations $ 357,841 $ 291,393 $ 41,248 Guarantee fees received 1,852 1,029 1,365 |
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 12.5 As of December 31, 2022 As of December 31, 2021 (dollars in thousands) Guarantee and commitment obligation (1) $ 40,121 $ 36,571 Maximum principal amount 3,423,155 3,191,061 Weighted-average remaining maturity 15.3 years 15.5 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 December 31, 2022 and 2021: Table 12.6 December 31, 2022 December 31, 2021 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 819 $ 1,068 Rural Infrastructure Finance 614 882 Total $ 1,433 $ 1,950 The following is a summary of the changes in the reserve for losses for the three-year period ended December 31, 2022: Table 12.7 Agricultural Finance loans Rural Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2019 (1) $ 2,164 $ — Cumulative effect adjustment from adoption of current expected credit loss standard (148) 1,011 Adjusted Beginning Balance $ 2,016 $ 1,011 Provision for losses 81 169 Balance as of December 31, 2020 (2) $ 2,097 $ 1,180 Release of losses (1,029) (298) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 (1) 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 Agricultural Finance 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 December 31, 2022 and 2021: Table 8.4 As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (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 $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans, respectively. As of December 31, 2021 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 5,591,770 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 5,723,693 Corporate AgFinance 1,123,300 — — — — — 1,123,300 Total Agricultural Finance loans 6,715,070 4,548 568 — 5,116 126,807 6,846,993 Rural Infrastructure Finance loans 2,389,136 — — — — — 2,389,136 Total $ 9,104,206 $ 4,548 $ 568 $ — $ 5,116 $ 126,807 $ 9,236,129 (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 $31.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2021, Farmer Mac received $5.0 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2022 and 2021: Table 12.8 As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac 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. As of December 31, 2021 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 2,953,091 $ 8,068 $ — $ 3,597 $ 11,665 $ 2,964,756 Rural Infrastructure: 556,837 — — — — 556,837 Total $ 3,509,928 $ 8,068 $ — $ 3,597 $ 11,665 $ 3,521,593 (1) Includes loans underlying off-balance sheet Farmer Mac 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. |
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2022 and 2021, by year of origination: Table 8.5 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) Current period recoveries — — — — — — — — Current period Agricultural Finance net charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,786,446 $ 1,300,798 $ 399,394 $ 277,061 $ 271,234 $ 957,357 $ 349,949 $ 5,342,239 Special mention (2) 84,795 50,057 30,168 3,670 9,133 14,646 3,227 195,696 Substandard (3) 1,654 4,997 26,237 27,109 38,703 75,780 11,278 185,758 Total $ 1,872,895 $ 1,355,852 $ 455,799 $ 307,840 $ 319,070 $ 1,047,783 $ 364,454 $ 5,723,693 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — (1,054) — — (1,054) Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ (1,054) $ — $ — $ (1,054) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 351,614 $ 240,712 $ 140,742 $ 47,856 $ 32,618 $ 47,360 $ 195,415 $ 1,056,317 Special mention (2) — — 21,031 44,407 — — 1,545 66,983 Substandard (3) — — — — — — — — Total $ 351,614 $ 240,712 $ 161,773 $ 92,263 $ 32,618 $ 47,360 $ 196,960 $ 1,123,300 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance net recoveries $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 242,570 $ 612,366 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,366,336 Special mention (2) — — — — — — — — Substandard (3) — 22,800 — — — — — 22,800 Total $ 242,570 $ 635,166 $ 774,941 $ 8,100 $ 86,878 $ 628,903 $ 12,578 $ 2,389,136 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. Table 12.9 As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 376,027 $ 537,521 $ 244,365 $ 188,452 $ 235,865 $ 1,013,937 $ 252,039 $ 2,848,206 Special mention (1) — 5,270 — 6,808 3,154 38,042 2,354 55,628 Substandard (2) — 1,307 724 5,038 12,793 37,326 3,734 60,922 Total $ 376,027 $ 544,098 $ 245,089 $ 200,298 $ 251,812 $ 1,089,305 $ 258,127 $ 2,964,756 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Agricultural Finance 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 December 31, 2021 Year of Origination: 2021 2020 2019 2018 2017 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 499,594 $ 57,243 $ 556,837 For the Year Ended: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — — — — Current period Rural Infrastructure 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. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 December 31, 2022 and 2021, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2022 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 $ — $ — $ 19,027 $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,392,540 — 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities — 1,048,386 — 1,048,386 Fixed rate U.S. Treasuries 1,119,611 — — 1,119,611 Total Available-for-sale Investment Securities 1,119,611 3,440,926 19,027 4,579,564 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,599,379 7,599,379 Farmer Mac Guaranteed Securities — — 7,847 7,847 Total Farmer Mac Guaranteed Securities — — 7,607,226 7,607,226 USDA Securities: Trading — — 1,767 1,767 Total USDA Securities — — 1,767 1,767 Financial derivatives — 37,409 — 37,409 Guarantee Asset — — 4,467 4,467 Total Assets at fair value $ 1,119,611 $ 3,478,335 $ 7,632,487 $ 12,230,433 Liabilities: Financial derivatives $ 142 $ 175,184 $ — $ 175,326 Total Liabilities at fair value $ 142 $ 175,184 $ — $ 175,326 (1) Level 3 assets represent 28% of total assets and 62% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2021 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 $ — $ — $ 19,254 $ 19,254 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,178,831 — 2,178,831 Fixed rate GSE guaranteed mortgage-backed securities — 458,837 — 458,837 Fixed rate U.S. Treasuries 1,179,469 — — 1,179,469 Total Available-for-sale Investment Securities 1,179,469 2,637,668 19,254 3,836,391 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 6,316,145 6,316,145 Farmer Mac Guaranteed Securities — — 12,414 12,414 Total Farmer Mac Guaranteed Securities — — 6,328,559 6,328,559 USDA Securities: Trading — — 4,401 4,401 Total USDA Securities — — 4,401 4,401 Financial derivatives 73 6,008 — 6,081 Guarantee Asset — — 6,237 6,237 Total Assets at fair value $ 1,179,542 $ 2,643,676 $ 6,358,451 $ 10,181,669 Liabilities: Financial derivatives $ — $ 35,554 $ — $ 35,554 Total Liabilities at fair value $ — $ 35,554 $ — $ 35,554 Non-recurring: Assets Mortgage Servicing Rights $ — $ — $ 2,681 $ 2,681 Total non-recurring assets at fair value $ — $ — $ 2,681 $ 2,681 (1) Level 3 assets represent 25% of total assets and 62% of financial instruments measured at fair value. |
Schedule of 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 years ended December 31, 2022 and 2021. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed Securities 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ (16) $ — $ 99 $ 19,254 Total available-for-sale 19,171 — — (16) — 99 19,254 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 1,143,115 (1,614,598) 47 (176,064) 15,944 6,316,145 Farmer Mac Guaranteed — 12,560 (263) — — 117 12,414 Total available-for-sale 6,947,701 1,155,675 (1,614,861) 47 (176,064) 16,061 6,328,559 USDA Securities: Trading 6,695 — (2,178) — (116) — 4,401 Total USDA Securities 6,695 — (2,178) — (116) — 4,401 Guarantee and commitment obligations: Guarantee Asset — 6,237 — — — — 6,237 Total Guarantee and commitment obligations — 6,237 — — — — 6,237 Total Assets at fair value $ 6,973,567 $ 1,161,912 $ (1,617,039) $ 31 $ (176,180) $ 16,160 $ 6,358,451 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2020 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 18,912 $ — $ — $ (36) $ — $ 295 $ 19,171 Total available-for-sale 18,912 — — (36) — 295 19,171 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,143,025 974,237 (1,397,861) (309) 202,706 25,903 6,947,701 Total available-for-sale 7,143,025 974,237 (1,397,861) (309) 202,706 25,903 6,947,701 USDA Securities: Trading 8,913 — (2,269) — 51 — 6,695 Total USDA Securities 8,913 — (2,269) — 51 — 6,695 Total Assets at fair value $ 7,170,850 $ 974,237 $ (1,400,130) $ (345) $ 202,757 $ 26,198 $ 6,973,567 |
Schedule of 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 December 31, 2022 and 2021: Table 13.3 As of December 31, 2022 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 $ 19,027 Indicative bids Range of broker quotes 96.8% - 96.8% (96.8%) Farmer Mac Guaranteed Securities: AgVantage $ 7,599,379 Discounted cash flow Discount rate 4.7% - 6.1% (5.1%) Farmer Mac Guaranteed Securities $ 7,847 Discounted cash flow Discount rate 4.8% - 5.3% (5.1%) CPR 8% USDA Securities $ 1,767 Discounted cash flow Discount rate 5.1% - 5.7% (5.3%) CPR 19% - 27% (25%) Guarantee Asset $ 4,467 Discounted cash flow Discount rate 5.4% - 5.9% (5.7%) CPR 8% As of December 31, 2021 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 $ 19,254 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 6,316,145 Discounted cash flow Discount rate 0.9% - 2.1% (1.7%) Farmer Mac Guaranteed Securities $ 12,414 Discounted cash flow Discount rate 2.3% - 2.8% (2.6%) CPR 8% USDA Securities $ 4,401 Discounted cash flow Discount rate 1.4% - 3.1% (2.8%) CPR 25% - 42% (39%) Guarantee Asset $ 6,237 Discounted cash flow Discount rate 5.4% - 5.8% (5.6%) CPR 7% - 12% (8%) |
Schedule of 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 December 31, 2022 and 2021: Table 13.4 As of December 31, 2022 As of December 31, 2021 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 861,002 $ 861,002 $ 908,785 $ 908,785 Investment securities 4,630,701 4,628,268 3,884,202 3,882,590 Farmer Mac Guaranteed Securities 8,573,781 8,628,380 8,360,293 8,361,798 USDA Securities 2,099,445 2,411,601 2,536,473 2,440,732 Loans 9,666,710 10,208,307 9,814,642 9,248,678 Financial derivatives 37,409 37,409 6,081 6,081 Guarantee and commitment fees receivable 50,653 47,151 42,533 45,538 Financial liabilities: Notes payable 23,591,330 24,469,113 22,716,791 22,713,771 Debt securities of consolidated trusts held by third parties 1,106,837 1,181,948 1,005,306 981,379 Financial derivatives 175,326 175,326 35,554 35,554 Guarantee and commitment obligations 50,083 46,582 40,920 43,926 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2022, 2021, and 2020. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 133,218 $ 29,209 $ 16,175 $ 2,483 $ 96,613 $ (6,758) $ — $ — $ 270,940 Less: reconciling adjustments (1)(2)(3) (4,161) — (103) — (11,147) — — 15,411 — Net effective spread 129,057 29,209 16,072 2,483 85,466 (6,758) — 15,411 — Guarantee and commitment fees 16,718 139 1,238 49 — — — (5,104) 13,040 Other income/(expense) (3) 1,420 261 — — — — 3 23,447 25,131 Total revenues 147,195 29,609 17,310 2,532 85,466 (6,758) 3 33,754 309,111 (Provision for)/release of losses (1,463) (2,136) 2,751 (494) — 19 — — (1,323) Release of reserve for losses 247 — 270 — — — — — 517 Operating expenses (819) — — — — — (81,807) — (82,626) Total non-interest expense (572) — 270 — — — (81,807) — (82,109) Core earnings before income taxes 145,160 27,473 20,331 2,038 85,466 (6,739) (81,804) 33,754 (4) 225,679 Income tax (expense)/benefit (30,482) (5,768) (4,268) (428) (17,949) 1,416 17,033 (7,089) (47,535) Core earnings before preferred stock dividends 114,678 21,705 16,063 1,610 67,517 (5,323) (64,771) 26,665 (4) 178,144 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 114,678 $ 21,705 $ 16,063 $ 1,610 $ 67,517 $ (5,323) $ (91,936) $ 26,665 (4) $ 150,979 Total Assets $ 14,623,596 $ 1,541,151 $ 5,867,517 $ 219,609 $ — $ 4,806,010 $ 275,227 $ — 27,333,110 Total on- and off-balance sheet program assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,359,613 $ 230,170 $ — $ — $ — $ — 25,922,082 (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 "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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 Year Ended December 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 118,289 $ 27,081 $ 8,224 $ 1,219 $ 66,581 $ 557 $ — $ — $ 221,951 Less: reconciling adjustments (1)(2)(3) (4,753) — (157) — 3,627 — — 1,283 — Net effective spread 113,536 27,081 8,067 1,219 70,208 557 — 1,283 — Guarantee and commitment fees 16,178 48 1,287 20 — — — (4,864) 12,669 Gain on sale of 6,539 — — — — — — — 6,539 Other income/(expense) (3) 1,966 — 5 — — — (291) 851 2,531 Total revenues 138,219 27,129 9,359 1,239 70,208 557 (291) (2,730) 243,690 Release of/(provision for) losses 1,574 (210) (291) (198) — (15) — — 860 Provision for reserve for losses 1,034 — 293 — — — — — 1,327 Operating expenses — — — — — — (73,416) — (73,416) Total non-interest expense 1,034 — 293 — — — (73,416) — (72,089) Core earnings before income taxes 140,827 26,919 9,361 1,041 70,208 542 (73,707) (2,730) (4) 172,461 Income tax (expense)/benefit (29,574) (5,653) (1,965) (219) (14,744) (114) 15,325 572 (36,372) Core earnings before preferred stock dividends 111,253 21,266 7,396 822 55,464 428 (58,382) (2,158) (4) 136,089 Preferred stock dividends — — — — — — (24,677) — (24,677) Segment core earnings/(losses) $ 111,253 $ 21,266 $ 7,396 $ 822 $ 55,464 $ 428 $ (83,059) $ (2,158) (4) $ 111,412 Total Assets $ 13,112,193 $ 1,507,848 $ 5,344,707 $ 87,553 $ — $ 5,012,827 $ 55,881 $ — $ 25,121,009 Total on- and off-balance sheet program assets at principal balance $ 16,094,640 $ 1,537,834 $ 5,895,226 $ 86,763 $ — $ — $ — $ — $ 23,614,463 (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 "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) 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. |
Revision of Prior Period Fina_2
Revision of Prior Period Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Revised Consolidated Balance Sheet | Revised Consolidated Balance Sheet As of December 31, 2021 As previously Reported Adjustments As Revised (in thousands) Assets Financial Derivatives, at fair value $ 19,139 $ (13,058) $ 6,081 Interest Receivable 177,355 (11,751) 165,604 Deferred Tax Asset, net 15,558 311 15,869 Prepaid Expenses and Other Assets 45,318 16 45,334 Total Assets $ 25,145,491 $ (24,482) $ 25,121,009 Liabilities Notes Payable $ 22,716,156 $ (2,385) $ 22,713,771 Financial Derivatives, at fair value 34,248 1,306 35,554 Accrued Interest Payable 83,992 (24,989) 59,003 Accounts Payable and Accrued Expenses 79,427 (7,701) 71,726 Total Liabilities $ 23,941,078 $ (33,769) $ 23,907,309 Equity Retained Earnings $ 579,270 $ 9,287 $ 588,557 Total Equity 1,204,413 9,287 1,213,700 Total Liabilities and Equity $ 25,145,491 $ (24,482) $ 25,121,009 |
Schedule of Revised Consolidated Statements of Operations | Revised Consolidated Statements of Operations For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Interest Income: Farmer Mac Guaranteed Securities and USDA Securities $ 163,547 $ 1,176 $ 164,723 $ 227,691 $ 5,260 $ 232,951 Total interest income 424,789 1,176 425,965 503,534 5,260 508,794 Net interest income 220,775 1,176 221,951 190,588 5,260 195,848 Non-interest income/(expense): (Losses)/gains on financial derivatives (3,348) 3,672 324 (246) 1,990 1,744 Non-Interest Income 19,394 3,672 23,066 16,053 1,990 18,043 Income before income taxes 167,613 4,848 172,461 137,433 7,250 144,683 Income tax expense 35,353 1,019 36,372 28,785 1,522 30,307 Net Income 132,260 3,829 136,089 108,648 5,728 114,376 Net Income attributable to common stockholders 107,583 3,829 111,412 89,176 5,728 94,904 |
Schedule of Revised Consolidated Statements of Comprehensive Income | Revised Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Net Income $ 132,260 $ 3,829 $ 136,089 $ 108,648 $ 5,728 $ 114,376 Comprehensive Income 150,036 3,829 153,865 110,886 5,728 116,614 |
Schedule of Revised Consolidated Statements of Equity | Revised Consolidated Statements of Equity Retained Earnings Total Equity As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Balance as of December 31, 2019 $ 457,047 $ (270) $ 456,777 $ 799,276 $ (270) $ 799,006 Net Income 108,648 5,728 114,376 108,648 5,728 114,376 Balance as of December 31, 2020 $ 509,560 $ 5,458 $ 515,018 $ 992,477 $ 5,458 $ 997,935 Net Income 132,260 3,829 136,089 132,260 3,829 136,089 Balance as of December 31, 2021 $ 579,270 $ 9,287 $ 588,557 $ 1,204,413 $ 9,287 $ 1,213,700 |
Schedule of Revised Consolidated Statements of Cash Flows | Revised Consolidated Statements of Cash Flows For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 As previously Reported Adjustments As Revised As previously Reported Adjustments As Revised (in thousands) Cash flows from operating activities: Net income/(loss) $ 132,260 $ 3,829 $ 136,089 $ 108,648 $ 5,728 $ 114,376 Adjustments to reconcile net income to net cash provided by operating activities: Net change in fair value of trading securities, hedged assets, and financial derivatives 203,758 1,943 205,701 (256,466) 15,921 (240,545) Deferred income taxes (1,960) 330 (1,630) (2,406) (420) (2,826) Net change in: Interest receivable 6,945 (2,499) 4,446 11,054 (735) 10,319 Other assets (9,830) — (9,830) (3,348) (6,956) (10,304) Accrued interest payable (8,746) (780) (9,526) (14,221) (8,511) (22,732) Other liabilities 2,378 (2,823) (445) 5,866 (5,027) 839 Net cash provided by operating activities 436,412 — 436,412 (94,547) — (94,547) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) subsidiary segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounting Policies [Abstract] | |||
Number of subsidiaries | subsidiary | 2 | ||
Mortgage loans with an aggregate outstanding principal balance | $ 299.4 | $ 299.4 | |
Number of operating segments | segment | 7 | ||
Percentage of class A securities back by pool in structured securitization | 92.50% | ||
Percentage of class B securities back by pool in structured securitization | 7.50% | ||
Gain on securitization of financial assets | 6.5 | ||
Compensation expense | $ 4.6 | $ 4.3 | $ 4.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | $ 9,011,820 | $ 8,314,096 |
Debt securities of consolidated trusts held by third parties | 25,000,199 | 22,758,533 |
Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 |
Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 4,579,564 | 3,836,391 |
Agricultural Finance | ||
Variable Interest Entity [Line Items] | ||
Borrower remittances | 8,100 | 32,800 |
Unamortized discount | (37,700) | |
Consolidated VIE | On-balance sheet [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 1,211,576 | 948,623 |
Debt securities of consolidated trusts held by third parties | 1,181,948 | 981,379 |
Consolidated VIE | Operating Segments | On-balance sheet [Member] | Agricultural Finance | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment, at amortized cost | 1,211,576 | 948,623 |
Debt securities of consolidated trusts held by third parties | 1,181,948 | 981,379 |
Consolidated VIE | Corporate, Non-Segment | On-balance sheet [Member] | ||
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 |
Unconsolidated VIE | On-balance sheet [Member] | Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 28,466 | 42,298 |
Maximum exposure to loss | 31,208 | 42,155 |
Unconsolidated VIE | On-balance sheet [Member] | Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 3,138,619 | 2,258,219 |
Maximum exposure to loss | 3,341,427 | 2,246,272 |
Unconsolidated VIE | Off-balance sheet | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 500,953 | 578,358 |
Unconsolidated VIE | Operating Segments | On-balance sheet [Member] | Agricultural Finance | Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 28,466 | 42,298 |
Maximum exposure to loss | 31,208 | 42,155 |
Unconsolidated VIE | Operating Segments | On-balance sheet [Member] | Agricultural Finance | Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Unconsolidated VIE | Operating Segments | Off-balance sheet | Agricultural Finance | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 500,953 | 578,358 |
Unconsolidated VIE | Corporate, Non-Segment | On-balance sheet [Member] | Farmer Mac Guaranteed Securities | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Unconsolidated VIE | Corporate, Non-Segment | On-balance sheet [Member] | Investment securities: | ||
Variable Interest Entity [Line Items] | ||
Available-for-sale, at fair value | 3,138,619 | 2,258,219 |
Maximum exposure to loss | 3,341,427 | 2,246,272 |
Unconsolidated VIE | Corporate, Non-Segment | Off-balance sheet | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic EPS | |||
Net income attributable to common stockholders | $ 150,979 | $ 111,412 | $ 94,904 |
Weighted-Average Shares (in shares) | 10,791,000 | 10,758,000 | 10,728,000 |
Dollars per share (in dollars per share) | $ 14 | $ 10.36 | $ 8.85 |
Effect of dilutive securities | |||
SARs and restricted stock (in shares) | 92,000 | 88,000 | 58,000 |
SARs and restricted stock (in dollars per share) | $ (0.13) | $ (0.09) | $ (0.05) |
Net income, Diluted EPS | $ 150,979 | $ 111,412 | $ 94,904 |
Weighted-Average Shares, Diluted EPS (in shares) | 10,883,000 | 10,846,000 | 10,786,000 |
Diluted EPS (in dollars per share) | $ 13.87 | $ 10.27 | $ 8.80 |
Stock Appreciation Rights and Restricted Stock | |||
Effect of dilutive securities | |||
Antidilutive securities excluded from earnings per share (in shares) | 32,448 | 39,326 | 74,336 |
Performance Shares | |||
Effect of dilutive securities | |||
Antidilutive securities excluded from earnings per share (in shares) | 18,535 | 18,183 | 12,680 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,213,700 | $ 997,935 | $ 799,006 |
Other comprehensive income/(loss) before reclassifications | (53,936) | 20,716 | 11,133 |
Amounts reclassified from AOCI | (760) | (2,940) | (8,895) |
Other comprehensive (loss)/income net of tax | (54,696) | 17,776 | 2,238 |
Ending balance | 1,271,958 | 1,213,700 | 997,935 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Held-to-Maturity Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 16,153 | 22,829 | 32,845 |
Other comprehensive income/(loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCI | 204 | (6,676) | (10,016) |
Other comprehensive (loss)/income net of tax | 204 | (6,676) | (10,016) |
Ending balance | 16,357 | 16,153 | 22,829 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Available-for-Sale Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (6,932) | (13,937) | (43,397) |
Other comprehensive income/(loss) before reclassifications | (108,624) | 9,114 | 32,739 |
Amounts reclassified from AOCI | (5) | (2,109) | (3,279) |
Other comprehensive (loss)/income net of tax | (108,629) | 7,005 | 29,460 |
Ending balance | (115,561) | (6,932) | (13,937) |
Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (5,368) | (22,815) | (5,609) |
Other comprehensive income/(loss) before reclassifications | 54,688 | 11,602 | (21,606) |
Amounts reclassified from AOCI | (959) | 5,845 | 4,400 |
Other comprehensive (loss)/income net of tax | 53,729 | 17,447 | (17,206) |
Ending balance | 48,361 | (5,368) | (22,815) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 3,853 | (13,923) | (16,161) |
Other comprehensive (loss)/income net of tax | (54,696) | 17,776 | 2,238 |
Ending balance | $ (50,843) | $ 3,853 | $ (13,923) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive (loss)/income: | |||
Other comprehensive (loss)/income before tax | $ (69,235) | $ 22,500 | $ 2,834 |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Other comprehensive income/(loss), Provision (Benefit) | (14,539) | 4,724 | 596 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains/(losses), After Tax | (53,936) | 20,716 | 11,133 |
Less reclassification adjustments, Provision (Benefit) | (760) | (2,940) | (8,895) |
Other comprehensive (loss)/income net of tax | (54,696) | 17,776 | 2,238 |
Securities | Available-for-Sale Securities | |||
Other comprehensive (loss)/income: | |||
Unrealized gain/(losses), Before Tax | (137,500) | 11,537 | 41,442 |
Other comprehensive (loss)/income before tax | (137,506) | 8,867 | 37,291 |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Unrealized gains/(losses), Provision (Benefit) | (28,876) | 2,423 | 8,703 |
Other comprehensive income/(loss), Provision (Benefit) | (28,877) | 1,862 | 7,831 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains/(losses), After Tax | (108,624) | 9,114 | 32,739 |
Other comprehensive (loss)/income net of tax | (108,629) | 7,005 | 29,460 |
Securities | Held-to-Maturity Securities | |||
Other comprehensive (loss)/income: | |||
Less reclassification adjustments, Before Tax | 259 | (8,451) | (12,677) |
Other comprehensive (loss)/income before tax | 259 | (8,451) | (12,677) |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 55 | (1,775) | (2,661) |
Other comprehensive income/(loss), Provision (Benefit) | 55 | (1,775) | (2,661) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 204 | (6,676) | (10,016) |
Other comprehensive (loss)/income net of tax | 204 | (6,676) | (10,016) |
Securities | Net interest income | Available-for-Sale Securities | |||
Other comprehensive (loss)/income: | |||
Less reclassification adjustments, Before Tax | 0 | (2,333) | (3,895) |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 0 | (490) | (818) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 0 | (1,843) | (3,077) |
Securities | Other income | Available-for-Sale Securities | |||
Other comprehensive (loss)/income: | |||
Less reclassification adjustments, Before Tax | (6) | (84) | (256) |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | (1) | (18) | (54) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | (5) | (66) | (202) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Available-for-Sale Securities | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains/(losses), After Tax | (108,624) | 9,114 | 32,739 |
Less reclassification adjustments, Provision (Benefit) | (5) | (2,109) | (3,279) |
Other comprehensive (loss)/income net of tax | (108,629) | 7,005 | 29,460 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Held-to-Maturity Securities | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains/(losses), After Tax | 0 | 0 | 0 |
Less reclassification adjustments, Provision (Benefit) | 204 | (6,676) | (10,016) |
Other comprehensive (loss)/income net of tax | 204 | (6,676) | (10,016) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | Gain on sale of available-for sale investment securities | Available-for-Sale Securities | Reclassification adjustments | |||
Other comprehensive (loss)/income: | |||
Less reclassification adjustments, Before Tax | 0 | (253) | 0 |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 0 | (53) | 0 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Less reclassification adjustments, Provision (Benefit) | 0 | (200) | 0 |
Cash Flow Hedges | |||
Other comprehensive (loss)/income: | |||
Unrealized gain/(losses), Before Tax | 69,225 | 14,685 | (27,350) |
Less reclassification adjustments, Before Tax | (1,213) | 7,399 | 5,570 |
Other comprehensive (loss)/income before tax | 68,012 | 22,084 | (21,780) |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Unrealized gains/(losses), Provision (Benefit) | 14,537 | 3,083 | (5,744) |
Less reclassification adjustments, Provision (Benefit) | (254) | 1,554 | 1,170 |
Other comprehensive income/(loss), Provision (Benefit) | 14,283 | 4,637 | (4,574) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains/(losses), After Tax | 54,688 | 11,602 | (21,606) |
Less reclassification adjustments, Provision (Benefit) | (959) | 5,845 | 4,400 |
Other comprehensive (loss)/income net of tax | 53,729 | 17,447 | (17,206) |
AOCI Attributable to Parent | |||
Other comprehensive (loss)/income: | |||
Other comprehensive (loss)/income before tax | (69,235) | 22,500 | 2,834 |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Other comprehensive income/(loss), Provision (Benefit) | (14,539) | 4,724 | 596 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other comprehensive (loss)/income net of tax | $ (54,696) | $ 17,776 | $ 2,238 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Commitment fees receivable | $ 100 | $ 100 | |
Guarantees of losses, percentage | 10% | ||
Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Related party percent of Farmer Mac's outstanding business volume | 3.50% | 3.40% | |
Servicing fees | $ 10,400 | $ 11,000 | $ 11,800 |
CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume | 12% | 18.40% | 9.10% |
Related party percent of Farmer Mac's outstanding business volume | 18.70% | 19.50% | |
Servicing fees | $ 3,400 | $ 3,300 | $ 3,300 |
Interest receivables | 18,200 | 7,800 | |
Interest income | 79,400 | 50,000 | 63,100 |
Commitment fees earned | 1,100 | 1,200 | 1,300 |
CoBank | |||
Related Party Transaction [Line Items] | |||
Servicing fees | 3,500 | 3,200 | 2,300 |
AgFirst Farm Credit Bank | |||
Related Party Transaction [Line Items] | |||
Commitment fees receivable | 100 | 100 | |
Commitment fees earned | 1,200 | 1,200 | 1,200 |
Guarantee fees | 15 | 19 | 25 |
AgFirst Farm Credit Bank | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 0 | 11,000 | 32,500 |
Outstanding balance | 387,100 | 363,900 | |
AgFirst Farm Credit Bank | Performance Guarantee | |||
Related Party Transaction [Line Items] | |||
Outstanding balance | 2,200 | 4,000 | |
Farm Credit Bank of Texas | |||
Related Party Transaction [Line Items] | |||
Servicing fees | 100 | 100 | 100 |
Commitment fees earned | 2,900 | 1,900 | $ 1,200 |
Farm Credit Bank of Texas | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Outstanding balance | $ 881,600 | $ 625,600 | |
Class A voting common stock | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party | 31.20% | ||
Class A voting common stock | CFC | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party | 7.91% | ||
Common Class B | CoBank | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party | 32.60% | ||
Common Class B | AgFirst Farm Credit Bank | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party | 16.80% | ||
Common Class B | Farm Credit Bank of Texas | |||
Related Party Transaction [Line Items] | |||
Ownership by a related party | 7.70% | ||
Agricultural Finance | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases | 12.90% | 8% | 7.10% |
Transaction with related party, percent of volume | 9.60% | 5.60% | 6.20% |
USDA Guarantee | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume | 1.50% | 2.10% | 1.40% |
Rural Utilities | CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases | 46.70% | 36.90% | 36.70% |
Rural Utilities | CoBank | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases | 45.40% | 60.20% | 56% |
AgVantage Securities | CFC | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume | 13.40% | 37% | 19.20% |
AgVantage Securities | CFC | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | $ 670,000 | $ 1,450,000 | $ 250,000 |
Mortgages | Agricultural Finance | Bath State Bank | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 2,100 | 5,000 | |
Mortgages | Agricultural Finance | Farm Credit of Florida [Member] | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 0 | 1,100 | 200 |
Mortgages | Rural Utilities | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | $ 376,000 | $ 207,500 | 416,800 |
Unfunded Loan Commitment | CoBank | |||
Related Party Transaction [Line Items] | |||
Transaction with related party, percent of volume of loan purchases | 6.30% | 5.60% | |
USDA Securities: | USDA Guarantee | Zions Bancorporation, National Association | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | $ 4,171 | $ 9,565 | 10,764 |
USDA Securities: | USDA Guarantee | Bath State Bank | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | $ 0 | $ 2,300 | $ 9,200 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Zions Bancorporation, National Association | Sales of Farmer Mac Guaranteed Securities | |||
Related Party Transaction [Line Items] | |||
Sales of Farmer Mac Guaranteed Securities | $ 99,643 | $ 0 | $ 41,247 |
Zions Bancorporation, National Association | USDA Guarantee | USDA Securities: | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 4,171 | 9,565 | 10,764 |
Zions Bancorporation, National Association | Mortgages | Farm & Ranch | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 274,517 | 214,319 | 177,143 |
CFC | AgVantage Securities | Guarantee Obligations | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 670,000 | 1,450,000 | 250,000 |
CFC | AgVantage Securities | Revolving Credit Facility | Off-balance sheet | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 30,421 | 0 | 0 |
CFC | AgVantage Securities | US Government-sponsored Enterprises Debt Securities | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | 1,087,419 | 1,577,117 | 522,943 |
CFC | Real Estate Loan | |||
Related Party Transaction [Line Items] | |||
Unpaid principal balance | $ 386,998 | $ 127,117 | $ 272,943 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities: | ||
Available-for-sale: | ||
Amount Outstanding | $ 4,806,727 | $ 3,819,376 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized cost | 4,769,426 | 3,834,714 |
Allowance for losses | (33) | (52) |
Unrealized Gains | 4,703 | 12,203 |
Unrealized Losses | (194,532) | (10,474) |
Fair Value | 4,579,564 | 3,836,391 |
Held-to-maturity: | ||
Amount Outstanding | 45,032 | 44,970 |
Unamortized Premium/(Discount) | 0 | 0 |
Amortized Cost | 45,032 | 44,970 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 2,433 | 1,612 |
Unrealized Losses | 0 | 0 |
Fair Value | 47,465 | 46,582 |
Available-for-sale, accrued interest excluded | 10,600 | 4,300 |
Available-for-Sale Securities | Investment securities: | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (37,301) | 15,338 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (37,301) | 15,338 |
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 | 19,700 | 19,700 |
Allowance for losses | (33) | (52) |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (640) | (394) |
Fair Value | 19,027 | 19,254 |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 2,433,696 | 2,168,016 |
Amortized cost | 2,433,496 | 2,168,106 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 1,954 | 11,821 |
Unrealized Losses | (42,910) | (1,096) |
Fair Value | 2,392,540 | 2,178,831 |
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 |
Floating Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (200) | 90 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (200) | 90 |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Amount Outstanding | 1,207,416 | 451,660 |
Amortized cost | 1,177,095 | 464,185 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 2,128 | 382 |
Unrealized Losses | (130,837) | (5,730) |
Fair Value | 1,048,386 | 458,837 |
Held-to-maturity: | ||
Amount Outstanding | 45,032 | 44,970 |
Amortized Cost | 45,032 | 44,970 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 2,433 | 1,612 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 47,465 | $ 46,582 |
Held-to-maturity investment securities weighted average yield | 4.50% | 1.50% |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Amount Outstanding | $ 1,145,915 | $ 1,180,000 |
Amortized cost | 1,139,135 | 1,182,723 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 621 | 0 |
Unrealized Losses | (20,145) | (3,254) |
Fair Value | 1,119,611 | 1,179,469 |
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (30,321) | 12,525 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (30,321) | 12,525 |
Fixed Interest Rate | Available-for-Sale Securities | Fixed rate U.S. Treasuries | ||
Available-for-sale: | ||
Unamortized Premium/(Discount) | (6,780) | 2,723 |
Held-to-maturity: | ||
Unamortized Premium/(Discount) | (6,780) | 2,723 |
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 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sale of available-for-sale investment securities | $ 0 | $ 257,524 | $ 0 | |
Loss on sale of securities from available-for-sale investment portfolio | $ 300 | $ 0 | $ 253 | $ 0 |
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 | 92.70% |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | $ 2,819,885 | $ 1,989,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (96,252) | (9,419) |
Unrealized loss position for more than 12 months, Fair Value | 1,254,553 | 107,592 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (98,280) | $ (1,055) |
Investment securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Number of securities in loss position | security | 174 | 69 |
Unrealized loss position for more than 12 months, Number of securities in loss position | security | 51 | 24 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | $ 0 | $ 0 |
Unrealized loss position for less than 12 months, Unrealized Loss | 0 | 0 |
Unrealized loss position for more than 12 months, Fair Value | 19,027 | 19,254 |
Unrealized loss position for more than 12 months, Unrealized Loss | (640) | (394) |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 1,884,146 | 459,195 |
Unrealized loss position for less than 12 months, Unrealized Loss | (36,976) | (619) |
Unrealized loss position for more than 12 months, Fair Value | 193,964 | 37,307 |
Unrealized loss position for more than 12 months, Unrealized Loss | (5,934) | (477) |
Fixed Interest Rate | Guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 621,215 | 406,805 |
Unrealized loss position for less than 12 months, Unrealized Loss | (56,434) | (5,730) |
Unrealized loss position for more than 12 months, Fair Value | 336,782 | 0 |
Unrealized loss position for more than 12 months, Unrealized Loss | (74,403) | 0 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized loss position for less than 12 months, Fair Value | 314,524 | 1,123,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (2,842) | (3,070) |
Unrealized loss position for more than 12 months, Fair Value | 704,780 | 51,031 |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (17,303) | $ (184) |
Investment Securities - Debt Ma
Investment Securities - Debt Maturities (Details) - Investment securities: - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due within one year | $ 780,641 | |
Due after one year through five years | 658,748 | |
Due after five years through ten years | 2,577,103 | |
Due after ten years | 752,934 | |
Debt securities, available-for-sale, amortized cost | 4,769,426 | $ 3,834,714 |
Fair Value | ||
Due within one year | 769,179 | |
Due after one year through five years | 648,594 | |
Due after five years through ten years | 2,420,688 | |
Due after ten years | 741,103 | |
Total, Fair Value | $ 4,579,564 | $ 3,836,391 |
Weighted- Average Yield | ||
Due within one year | 0.52% | |
Due after one year through five years | 3.09% | |
Due after five years through ten years | 3.49% | |
Due after ten years | 4.17% | |
Total, Weighted-Average Yield | 3.06% |
Farmer Mac Guaranteed Securit_3
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of On-Balance Sheet Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Trading: | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) | Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) |
Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 2,033,345,000 | $ 1,021,275,000 |
Amortized Cost | 2,033,371,000 | 1,021,213,000 |
Allowance for losses | (132,000) | (59,000) |
Unrealized Gains | 11,259,000 | 355,000 |
Unrealized Losses | (12,764,000) | (54,954,000) |
Fair Value | 2,031,734,000 | 966,555,000 |
Available-for-sale: | ||
Amortized cost | 8,019,495,000 | |
Fair Value | 7,607,226,000 | |
USDA Securities: | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,411,649,000 | 2,384,946,000 |
Amortized Cost | 2,436,331,000 | 2,409,834,000 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 95,741,000 | 668,000 |
Unrealized Losses | 0 | (312,824,000) |
Fair Value | 2,532,072,000 | 2,097,678,000 |
Trading: | ||
Unpaid Principal Balance | 4,299,000 | 1,770,000 |
Amortized Cost | 4,433,000 | 1,850,000 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 1,000 | 0 |
Unrealized Losses | (33,000) | (83,000) |
Fair Value | $ 4,401,000 | 1,767,000 |
Trading securities, weighted-average yield | 5.05% | |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | $ 4,444,994,000 | 3,406,221,000 |
Amortized Cost | 4,469,702,000 | 3,431,047,000 |
Allowance for losses | (132,000) | (59,000) |
Unrealized Gains | 107,000,000 | 1,023,000 |
Unrealized Losses | (12,764,000) | (367,778,000) |
Fair Value | 4,563,806,000 | 3,064,233,000 |
Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Amortized Cost | 2,033,239,000 | 1,021,154,000 |
Available-for-sale: | ||
Unpaid Principal Balance | 6,122,240,000 | 8,008,067,000 |
Amortized cost | 6,135,807,000 | 8,019,495,000 |
Allowance for losses | (263,000) | (546,000) |
Unrealized Gains | 213,025,000 | 2,061,000 |
Unrealized Losses | (20,010,000) | (413,784,000) |
Fair Value | 6,328,559,000 | 7,607,226,000 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 26,000 | (62,000) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 26,000 | (62,000) |
Trading: | ||
Unamortized Premium/(Discount) | 26,000 | (62,000) |
Held-to-Maturity Securities | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 24,682,000 | 24,888,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 24,682,000 | 24,888,000 |
Trading: | ||
Unamortized Premium/(Discount) | 24,682,000 | 24,888,000 |
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 24,708,000 | 24,826,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 24,708,000 | 24,826,000 |
Trading: | ||
Unamortized Premium/(Discount) | 24,708,000 | 24,826,000 |
Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 13,567,000 | 11,428,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 13,567,000 | 11,428,000 |
Trading: | ||
Unamortized Premium/(Discount) | 13,567,000 | 11,428,000 |
Debt Securities, Trading | USDA Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 134,000 | 80,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 134,000 | 80,000 |
Trading: | ||
Unamortized Premium/(Discount) | 134,000 | 80,000 |
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities | ||
Available-for-sale: | ||
Fair Value | 12,400,000 | 7,800,000 |
Trading: | ||
Derivative, notional amount | 275,400,000 | 250,100,000 |
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities: | ||
Available-for-sale: | ||
Unpaid Principal Balance | 0 | 0 |
Amortized cost | 12,297,000 | 10,622,000 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 117,000 | 0 |
Unrealized Losses | 0 | (2,775,000) |
Fair Value | 12,414,000 | 7,847,000 |
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 12,297,000 | 10,622,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 12,297,000 | 10,622,000 |
Trading: | ||
Unamortized Premium/(Discount) | 12,297,000 | 10,622,000 |
AgVantage | ||
Trading: | ||
Available-for-sale, accrued interest excluded | 29,800,000 | 51,500,000 |
Held-to-maturity, accrued interest excluded | 42,100,000 | 44,400,000 |
Trading securities, accrued interest excluded | 100,000 | 47,000 |
AgVantage | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 2,003,486,000 | 1,000,689,000 |
Amortized Cost | 2,003,486,000 | 1,000,594,000 |
Allowance for losses | (132,000) | (59,000) |
Unrealized Gains | 10,097,000 | 353,000 |
Unrealized Losses | (12,764,000) | (54,098,000) |
Fair Value | 2,000,687,000 | 946,790,000 |
AgVantage | Farmer Mac Guaranteed Securities: | ||
Available-for-sale: | ||
Unpaid Principal Balance | 6,122,240,000 | 8,008,067,000 |
Amortized cost | 6,123,510,000 | 8,008,873,000 |
Allowance for losses | (263,000) | (546,000) |
Unrealized Gains | 212,908,000 | 2,061,000 |
Unrealized Losses | (20,010,000) | (411,009,000) |
Fair Value | 6,316,145,000 | 7,599,379,000 |
AgVantage | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 0 | (95,000) |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 0 | (95,000) |
Trading: | ||
Unamortized Premium/(Discount) | 0 | (95,000) |
AgVantage | Available-for-Sale Securities | Farmer Mac Guaranteed Securities: | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 1,270,000 | 806,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 1,270,000 | 806,000 |
Trading: | ||
Unamortized Premium/(Discount) | 1,270,000 | 806,000 |
Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unpaid Principal Balance | 29,859,000 | 20,586,000 |
Amortized Cost | 29,885,000 | 20,619,000 |
Allowance for losses | 0 | 0 |
Unrealized Gains | 1,162,000 | 2,000 |
Unrealized Losses | 0 | (856,000) |
Fair Value | 31,047,000 | $ 19,765,000 |
Farmer Mac Guaranteed USDA Securities | USDA Securities: | ||
Trading: | ||
Trading securities, weighted-average yield | 4.84% | |
Farmer Mac Guaranteed USDA Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities | ||
Held-to-maturity: | ||
Unamortized Premium/(Discount) | 26,000 | $ 33,000 |
Available-for-sale: | ||
Unamortized Premium/(Discount) | 26,000 | 33,000 |
Trading: | ||
Unamortized Premium/(Discount) | $ 26,000 | $ 33,000 |
Farmer Mac Guaranteed Securit_4
Farmer Mac Guaranteed Securities and USDA Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | $ 2,819,885 | $ 1,989,439 |
Unrealized loss position for less than 12 months, Unrealized Loss | (96,252) | (9,419) |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 1,254,553 | 107,592 |
Unrealized loss position for more than 12 months, Unrealized Loss | (98,280) | (1,055) |
Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 4,649,943 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (270,661) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 1,548,551 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (143,123) | |
USDA Securities: | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 2,086,108 | |
Unrealized Loss | (312,824) | |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | |
Unrealized Loss | 0 | |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 2,654,532 | |
Unrealized Loss | (325,135) | |
Unrealized loss position for more than 12 months | ||
Fair Value | 382,358 | |
Unrealized Loss | (42,643) | |
AgVantage | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 548,634 | 1,387,236 |
Unrealized Loss | (11,455) | (12,764) |
Unrealized loss position for more than 12 months | ||
Fair Value | 382,358 | 0 |
Unrealized Loss | (42,643) | 0 |
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 1,867,364 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (17,263) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 90,971 | |
Unrealized loss position for more than 12 months, Unrealized Loss | $ (2,747) | |
AgVantage | Farmer Mac Guaranteed Securities | Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 4,642,096 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (267,886) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 1,548,551 | |
Unrealized loss position for more than 12 months, Unrealized Loss | (143,123) | |
USDA Securities | Farmer Mac Guaranteed Securities | ||
Unrealized loss position for less than 12 months | ||
Fair Value | 19,790 | |
Unrealized Loss | (856) | |
Unrealized loss position for more than 12 months | ||
Fair Value | 0 | |
Unrealized Loss | 0 | |
USDA Securities | Farmer Mac Guaranteed Securities | Operating Segments | ||
Unrealized loss position for less than 12 months | ||
Unrealized loss position for less than 12 months, Fair Value | 7,847 | |
Unrealized loss position for less than 12 months, Unrealized Loss | (2,775) | |
Unrealized loss position for more than 12 months | ||
Unrealized loss position for more than 12 months, Fair Value | 0 | |
Unrealized loss position for more than 12 months, Unrealized Loss | $ 0 |
Farmer Mac Guaranteed Securit_5
Farmer Mac Guaranteed Securities and USDA Securities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
(Provision for)/release of losses | $ | $ (1,323) | $ 860 | $ (7,805) |
Rural Infrastructure Finance | |||
Debt Securities, Available-for-sale [Line Items] | |||
(Provision for)/release of losses | $ | $ 2,285 | $ (512) | $ (4,709) |
Farmer Mac Guaranteed Securities | AgVantage | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, securities in unrealized loss positions | 95 | 13 | |
Held-to-maturity, securities in unrealized loss positions | 37 | 10 | |
Unrealized loss position for more than 12 months, Number of securities in loss position | 13 | 2 | |
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, Number of securities in loss position | 4,000 | 0 |
Farmer Mac Guaranteed Securit_6
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AgVantage | ||
Weighted- Average Yield | ||
Available-for-sale, accrued interest excluded | $ 51,500 | $ 29,800 |
Farmer Mac Guaranteed Securities | ||
Amortized Cost | ||
Due within one year | 1,675,756 | |
Due after one year through five years | 3,295,169 | |
Due after five years through ten years | 1,331,931 | |
Due after ten years | 1,716,639 | |
Debt securities, available-for-sale, amortized cost | 8,019,495 | |
Fair Value | ||
Due within one year | 1,670,398 | |
Due after one year through five years | 3,149,966 | |
Due after five years through ten years | 1,230,818 | |
Due after ten years | 1,556,044 | |
Total, Fair Value | $ 7,607,226 | |
Weighted- Average Yield | ||
Due within one year | 4.27% | |
Due after one year through five years | 3.49% | |
Due after five years through ten years | 3.50% | |
Due after ten years | 4.12% | |
Total, Weighted-Average Yield | 3.78% |
Farmer Mac Guaranteed Securit_7
Farmer Mac Guaranteed Securities and USDA Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AgVantage | ||
Weighted- Average Yield | ||
Held-to-maturity, accrued interest excluded | $ 44,400 | $ 42,100 |
Farmer Mac Guaranteed Securities and USDA Securities | ||
Amortized Cost | ||
Due within one year | 375,930 | |
Due after one year through five years | 660,556 | |
Due after five years through ten years | 276,635 | |
Due after ten years | 2,117,926 | |
Total | 3,431,047 | |
Fair Value | ||
Due within one year | 369,834 | |
Due after one year through five years | 605,494 | |
Due after five years through ten years | 243,939 | |
Due after ten years | 1,844,966 | |
Total | $ 3,064,233 | |
Weighted- Average Yield | ||
Due within one year | 2.86% | |
Due after one year through five years | 2.15% | |
Due after five years through ten years | 3.15% | |
Due after ten years | 3.29% | |
Total | 2.99% |
Financial Derivatives - Narrati
Financial Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) | Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) |
Gain expected to be reclassified from AOCI to earnings over next 12 months | $ 14,800,000 | |
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings | 0 | $ 0 |
Financial derivatives in net payable position | 0 | 0 |
Notional amount | 23,878,611,000 | 17,547,367,000 |
Exchange Cleared | ||
Derivative [Line Items] | ||
Notional amount | 19,500,000,000 | 14,900,000,000 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amount | 23,900,000,000 | 17,500,000,000 |
Cleared Swaps | ||
Derivative [Line Items] | ||
Accrued interest on cleared swaps | 6,100,000 | 3,000,000 |
Uncleared Swaps | ||
Derivative [Line Items] | ||
Accrued interest payable | $ 3,600,000 | $ 1,900,000 |
Financial Derivatives - Schedul
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Notional Disclosures [Abstract] | ||
Notional Amount | $ 23,878,611 | $ 17,547,367 |
Asset | ||
Financial derivatives | 37,409 | 6,081 |
Gross Amounts offset in the Consolidated Balance Sheet | (5,212) | (1,374) |
(Liability) | ||
Derivative liability | (175,326) | (35,554) |
Gross Amounts offset in the Consolidated Balance Sheet | 5,212 | 1,374 |
Designated as hedge | Fair value hedges: | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | 10,033,750 | 5,884,529 |
Asset | ||
Financial derivatives | 19 | 974 |
(Liability) | ||
Derivative liability | $ (4,686) | $ (1,475) |
Weighted- Average Pay Rate | 4.31% | 0.17% |
Weighted- Average Receive Rate | 2.03% | 0.88% |
Weighted- Average Remaining Term (in years) | 1 year 7 months 20 days | 2 years 3 months 7 days |
Designated as hedge | Fair value hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 8,149,871 | $ 6,238,438 |
Asset | ||
Financial derivatives | 13,689 | 205 |
(Liability) | ||
Derivative liability | $ (366) | $ (9,525) |
Weighted- Average Pay Rate | 2.23% | 2.06% |
Weighted- Average Receive Rate | 4.33% | 0.13% |
Weighted- Average Remaining Term (in years) | 10 years 9 months 3 days | 11 years 7 months 20 days |
Designated as hedge | Fair value hedges: | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 2,764,577 | $ 1,571,577 |
Asset | ||
Financial derivatives | 461 | 103 |
(Liability) | ||
Derivative liability | $ (174,757) | $ (17,612) |
Weighted- Average Pay Rate | 4.21% | 0.01% |
Weighted- Average Receive Rate | 1.98% | 0.80% |
Weighted- Average Remaining Term (in years) | 3 years 2 months 4 days | 4 years 2 months 1 day |
Designated as hedge | Cash flow hedges: | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 588,000 | $ 570,000 |
Asset | ||
Financial derivatives | 27,275 | 5,426 |
(Liability) | ||
Derivative liability | $ 0 | $ (3,095) |
Weighted- Average Pay Rate | 1.93% | 1.93% |
Weighted- Average Receive Rate | 4.72% | 0.49% |
Weighted- Average Remaining Term (in years) | 5 years 18 days | 5 years 8 months 19 days |
No hedge designation | ||
Asset | ||
Credit valuation adjustment | $ 0 | |
(Liability) | ||
Credit valuation adjustment | 14 | |
No hedge designation | Receive fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 287,750 | 1,377,250 |
Asset | ||
Financial derivatives | 0 | 115 |
(Liability) | ||
Derivative liability | $ (130) | $ (132) |
Weighted- Average Pay Rate | 4.31% | 0.13% |
Weighted- Average Receive Rate | 1.16% | 0.43% |
Weighted- Average Remaining Term (in years) | 1 year 9 months 3 days | 11 months 19 days |
No hedge designation | Pay fixed non-callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 187,479 | $ 229,062 |
Asset | ||
Financial derivatives | 1,065 | 52 |
(Liability) | ||
Derivative liability | $ (1) | $ (4,807) |
Weighted- Average Pay Rate | 3.05% | 3.22% |
Weighted- Average Receive Rate | 4.09% | 0.16% |
Weighted- Average Remaining Term (in years) | 4 years 6 months 7 days | 4 years 11 months 12 days |
No hedge designation | Receive fixed callable | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 1,860,384 | |
Asset | ||
Financial derivatives | 112 | |
(Liability) | ||
Derivative liability | $ (456) | |
Weighted- Average Pay Rate | 4.40% | |
Weighted- Average Receive Rate | 4.42% | |
Weighted- Average Remaining Term (in years) | 2 years 5 months 15 days | |
No hedge designation | Basis swaps | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 6,800 | $ 1,608,911 |
Asset | ||
Financial derivatives | 0 | 507 |
(Liability) | ||
Derivative liability | (142) | $ (296) |
Weighted- Average Pay Rate | 0.17% | |
Weighted- Average Receive Rate | 0.20% | |
Weighted- Average Remaining Term (in years) | 3 years 3 months 21 days | |
No hedge designation | Treasury futures | ||
Notional Disclosures [Abstract] | ||
Notional Amount | $ 67,600 | |
Asset | ||
Financial derivatives | 73 | |
Gross Amounts offset in the Consolidated Balance Sheet | (5,212) | (1,374) |
(Liability) | ||
Derivative liability | 0 | |
Gross Amounts offset in the Consolidated Balance Sheet | $ 5,212 | $ 1,374 |
Weighted- Average Forward Price (in dollars per share) | $ 114.38 | $ 130.58 |
Financial Derivatives - Sched_2
Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Investments and cash equivalents | $ 82,659 | $ 18,660 | $ 42,144 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 283,769 | 164,723 | 232,951 |
Interest Income Loans | 350,420 | 242,582 | 233,699 |
Total interest expense | (445,908) | (204,014) | (312,946) |
Gains on financial derivatives | 22,631 | 324 | 1,744 |
Total | 293,571 | 222,275 | 155,448 |
Noninterest Income | 38,688 | 23,066 | 18,043 |
Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | (514,121) | (179,407) | 230,330 |
Gains/(losses) on fair value hedging relationships | 5,802 | (340) | (3,924) |
Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | (57) | (37) | (13) |
Interest settlements reclassified from AOCI into net income on derivatives | 1,213 | (7,399) | (5,570) |
Recognized on hedged items | (12,847) | (2,657) | (4,553) |
Expense recognized on cash flow hedges | (11,691) | (10,093) | (10,136) |
Designated as hedge | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 82,743 | 117,046 | 115,733 |
Premium/discount amortization recognized on hedged items | (2,870) | (1,118) | (745) |
No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 22,631 | 324 | 1,744 |
Interest Income Investments and Cash Equivalents | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | (105,889) | (1,218) | 202,624 |
Gains/(losses) on fair value hedging relationships | (1,167) | 470 | |
Interest Income Investments and Cash Equivalents | Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | |
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 16,199 | 1,792 | 126,170 |
Premium/discount amortization recognized on hedged items | (754) | 0 | 0 |
Interest Income Investments and Cash Equivalents | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | (553,393) | (176,304) | |
Gains/(losses) on fair value hedging relationships | 137 | 1,948 | 1,603 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | 0 | 0 | |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | |
Recognized on hedged items | 0 | 0 | |
Expense recognized on cash flow hedges | 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 | 142,809 | 119,896 | |
Premium/discount amortization recognized on hedged items | 0 | 0 | |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Interest Income Loans | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | (341,162) | (97,502) | 73,426 |
Gains/(losses) on fair value hedging relationships | 9,954 | (43) | (3,139) |
Interest Income Loans | Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 |
Interest Income Loans | Designated as hedge | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 56,141 | 46,842 | 40,793 |
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 |
Interest Income Loans | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Total Interest Expense | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 486,323 | 95,617 | (45,720) |
Gains/(losses) on fair value hedging relationships | (3,122) | (2,715) | (2,388) |
Total Interest Expense | Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | (57) | (37) | (13) |
Interest settlements reclassified from AOCI into net income on derivatives | 1,213 | (7,399) | (5,570) |
Recognized on hedged items | (12,847) | (2,657) | (4,553) |
Expense recognized on cash flow hedges | (11,691) | (10,093) | (10,136) |
Total Interest Expense | Designated as hedge | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | (132,406) | (51,484) | (51,230) |
Premium/discount amortization recognized on hedged items | (2,116) | (1,118) | (745) |
Total Interest Expense | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Gains on financial derivatives | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 0 | 0 | 0 |
Gains/(losses) on fair value hedging relationships | 0 | 0 | 0 |
Gains on financial derivatives | Cash flow hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 |
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 |
Recognized on hedged items | 0 | 0 | 0 |
Expense recognized on cash flow hedges | 0 | 0 | 0 |
Gains on financial derivatives | Designated as hedge | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on hedged items | 0 | 0 | 0 |
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 |
Gains on financial derivatives | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 22,631 | 324 | 1,744 |
Interest Rate Swap | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on derivatives | (79,201) | (70,880) | (52,805) |
Income/(expense) related to interest settlements on fair value hedging relationships | 672 | 45,048 | 62,183 |
Recognized on derivatives | 519,923 | 179,067 | (234,254) |
Interest Rate Swap | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 13,012 | (2,144) | (2,214) |
Noninterest Income | (7,619) | 3,259 | 5,808 |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on derivatives | 2,727 | (1,002) | (60,056) |
Income/(expense) related to interest settlements on fair value hedging relationships | 18,172 | 790 | |
Recognized on derivatives | 104,722 | 1,688 | (201,021) |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Noninterest Income | 0 | 0 | 0 |
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on derivatives | (19,486) | (85,302) | |
Income/(expense) related to interest settlements on fair value hedging relationships | 123,323 | 34,594 | 66,114 |
Recognized on derivatives | 553,530 | 178,252 | |
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | |
Noninterest Income | 0 | 0 | |
Interest Rate Swap | Interest Income Loans | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on derivatives | (501) | (27,167) | (19,135) |
Income/(expense) related to interest settlements on fair value hedging relationships | 55,640 | 19,675 | 21,658 |
Recognized on derivatives | 351,116 | 97,459 | (76,565) |
Interest Rate Swap | Interest Income Loans | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 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 | (61,941) | 42,591 | 26,386 |
Income/(expense) related to interest settlements on fair value hedging relationships | (196,463) | (10,011) | (25,589) |
Recognized on derivatives | (489,445) | (98,332) | 43,332 |
Interest Rate Swap | Total Interest Expense | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Noninterest Income | 0 | 0 | 0 |
Interest Rate Swap | Gains on financial derivatives | Fair value hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized on derivatives | 0 | 0 | 0 |
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 | 0 |
Recognized on derivatives | 0 | 0 | 0 |
Interest Rate Swap | Gains on financial derivatives | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 13,012 | (2,144) | (2,214) |
Noninterest Income | (7,619) | 3,259 | 5,808 |
Treasury futures | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 17,238 | (791) | (1,850) |
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | |
Treasury futures | Interest Income Loans | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Treasury futures | Total Interest Expense | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | 0 | 0 | 0 |
Treasury futures | Gains on financial derivatives | No hedge designation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on financial derivatives | $ 17,238 | $ (791) | $ (1,850) |
Financial Derivatives - Hedged
Financial Derivatives - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-Sale Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | $ 876,063 | $ 458,653 |
Hedged Asset | (107,107) | (1,218) |
Loans | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 1,623,301 | 1,668,142 |
Hedged Asset | (327,278) | 13,832 |
Long-term Debt | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | (12,151,382) | (7,081,150) |
Hedged Liability | 531,086 | 39,992 |
Farmer Mac Guaranteed Securities | ||
HedgedItemsinFairValueHedgingRelationship [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | 4,814,784 | 4,276,002 |
Hedged Asset | $ (346,873) | $ 206,520 |
Financial Derivatives - Sched_3
Financial Derivatives - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Financial derivatives, at fair value | $ 41,582 | $ 7,455 |
Gross Amounts offset in the Consolidated Balance Sheet | (5,212) | (1,374) |
Net Amount Presented in the Consolidated Balance Sheet | 36,370 | 6,081 |
Netting Adjustments | (27,132) | (6,008) |
Financial instruments pledged | 203,993 | 0 |
Cash collateral | 0 | 0 |
Net Amount | 213,231 | 73 |
Liabilities: | ||
Gross Amount Recognized | (155,076) | (34,361) |
Gross Amounts offset in the Consolidated Balance Sheet | 5,212 | 1,374 |
Net Amount Presented in the Consolidated Balance Sheet | (149,864) | (32,987) |
Netting Adjustments | 27,132 | 6,008 |
Financial instruments pledged | 0 | 177,878 |
Cash collateral | 121,065 | 14,339 |
Net Amount | (1,667) | 165,238 |
Derivative liability, not subject to master netting arrangement | 23,700 | 2,300 |
Uncleared derivatives | ||
Assets: | ||
Financial derivatives, at fair value | 27,132 | 6,081 |
Gross Amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amount Presented in the Consolidated Balance Sheet | 27,132 | 6,081 |
Netting Adjustments | (27,132) | (6,008) |
Financial instruments pledged | 0 | 0 |
Cash collateral | 0 | 0 |
Net Amount | 0 | 73 |
Liabilities: | ||
Gross Amount Recognized | (149,864) | (23,368) |
Gross Amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amount Presented in the Consolidated Balance Sheet | (149,864) | (23,368) |
Netting Adjustments | 27,132 | 6,008 |
Financial instruments pledged | 0 | 0 |
Cash collateral | 121,065 | 14,339 |
Net Amount | (1,667) | (3,021) |
Cleared derivatives | ||
Assets: | ||
Financial derivatives, at fair value | 14,450 | 1,374 |
Gross Amounts offset in the Consolidated Balance Sheet | (5,212) | (1,374) |
Net Amount Presented in the Consolidated Balance Sheet | 9,238 | 0 |
Netting Adjustments | 0 | 0 |
Financial instruments pledged | 203,993 | 0 |
Cash collateral | 0 | 0 |
Net Amount | 213,231 | 0 |
Liabilities: | ||
Gross Amount Recognized | (5,212) | (10,993) |
Gross Amounts offset in the Consolidated Balance Sheet | 5,212 | 1,374 |
Net Amount Presented in the Consolidated Balance Sheet | 0 | (9,619) |
Netting Adjustments | 0 | 0 |
Financial instruments pledged | 0 | 177,878 |
Cash collateral | 0 | 0 |
Net Amount | $ 0 | $ 168,259 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Medium term notes called during the period | $ 26,000,000 | $ 2,000,000,000 |
Maximum borrowing capacity from U.S. Treasury | 1,500,000,000 | |
Outstanding debt repurchases | 27,000,000 | 23,000,000 |
Gain on extinguishment of debt | $ 200,000 | 0 |
Discount Notes | ||
Debt Instrument [Line Items] | ||
Maturities of notes (in years) | 1 year | |
Medium-term notes | Minimum | ||
Debt Instrument [Line Items] | ||
Maturities of notes (in years) | 6 months | |
Medium-term notes | Maximum | ||
Debt Instrument [Line Items] | ||
Maturities of notes (in years) | 25 years | |
Discount notes | ||
Debt Instrument [Line Items] | ||
Maximum amount of discount notes outstanding at any month end | $ 2,200,000,000 | $ 2,400,000,000 |
Notes Payable - Borrowings (Det
Notes Payable - Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Due within one year: | ||
Current portion of medium-term notes | $ 8,034,175 | $ 6,986,799 |
Weighted - average rate (as a percent) | 2.31% | 0.45% |
Medium-term notes due in: | ||
Two years | $ 4,072,740 | |
Three years | 3,506,480 | |
Four years | 2,967,625 | |
Five years | 2,361,197 | |
Thereafter | 4,057,982 | |
Total due after one year | 16,966,024 | |
Total principal net of discounts | 25,000,199 | $ 22,758,533 |
Hedging adjustments | (531,086) | (44,762) |
Total | $ 24,469,113 | 22,713,771 |
Weighted - average rate (as a percent) | 2.15% | |
Total weighted - average rate (as a percent) | 2.20% | |
Two years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.71% | |
Three years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 2.10% | |
Four years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.44% | |
Five years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 3.12% | |
Thereafter | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 2.60% | |
Discount notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 565,578 | $ 2,167,979 |
Weighted - average rate (as a percent) | 3.91% | 0.05% |
Short-term debt, average outstanding during the quarter | $ 1,325,026 | $ 1,822,714 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 0.96% | 0.08% |
Medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 2,547,733 | $ 837,580 |
Weighted - average rate (as a percent) | 3.54% | 0.09% |
Short-term debt, average outstanding during the quarter | $ 1,442,932 | $ 1,956,870 |
Weighted - average rate, average outstanding during the quarter (as a percent) | 2.11% | 0.12% |
Medium-term notes due in: | ||
Two years | $ 4,179,985 | |
Three years | 2,554,906 | |
Four years | 2,119,805 | |
Five years | 2,810,894 | |
Thereafter | 4,106,144 | |
Total due after one year | $ 15,771,734 | |
Weighted - average rate (as a percent) | 1.10% | |
Total weighted - average rate (as a percent) | 0.90% | |
Medium-term notes | Two years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.81% | |
Medium-term notes | Three years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.87% | |
Medium-term notes | Four years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 0.85% | |
Medium-term notes | Five years | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.07% | |
Medium-term notes | Thereafter | ||
Medium-term notes due in: | ||
Weighted - average rate (as a percent) | 1.69% | |
Current portion of medium-term notes | ||
Due within one year: | ||
Current portion of medium-term notes | $ 4,920,864 | $ 3,981,240 |
Weighted - average rate (as a percent) | 1.49% | 0.75% |
Notes Payable - Callable Medium
Notes Payable - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Year two | $ 4,072,740 | |
Year three | 3,506,480 | |
Year four | 2,967,625 | |
Total principal net of discounts | $ 25,000,199 | $ 22,758,533 |
Weighted - average rate (as a percent) | 2.15% | |
Year one | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.63% | |
Year two | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.84% | |
Year three | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.25% | |
Year four | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 2.90% | |
Call Option | ||
Debt Instrument [Line Items] | ||
Year one | $ 587,271 | |
Year two | 816,087 | |
Year three | 1,109,736 | |
Year four | 650,013 | |
Thereafter | 1,712,917 | |
Total principal net of discounts | $ 4,876,024 | |
Weighted - average rate (as a percent) | 1.88% | |
Call Option | Year one | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.74% | |
Call Option | Year two | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.91% | |
Call Option | Year three | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.21% | |
Call Option | Year four | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 2.30% | |
Call Option | Thereafter | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 2.19% |
Notes Payable - Earliest Intere
Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2022 | $ 9,512,484 | |
2023 | 3,957,769 | |
2024 | 3,181,100 | |
2025 | 2,809,720 | |
2026 | 2,070,417 | |
Thereafter | 3,468,709 | |
Total principal net of discounts | $ 25,000,199 | |
Short-term debt, weighted average rate (as a percent) | 2.31% | 0.45% |
Weighted - average rate (as a percent) | 2.15% | |
Total weighted - average rate (as a percent) | 2.20% | |
Due within one year | ||
Debt Instrument [Line Items] | ||
Short-term debt, weighted average rate (as a percent) | 2.67% | |
Year one | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.63% | |
Year two | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.84% | |
Year three | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 1.25% | |
Year four | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 2.90% | |
Thereafter | ||
Debt Instrument [Line Items] | ||
Weighted - average rate (as a percent) | 2.26% |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at lower of cost or fair value | $ 0 | $ 0 | |
Number of operating segments | segment | 7 | ||
(Provision for)/release of losses | $ (1,323) | 860 | $ (7,805) |
Current period charge-offs | 5,800 | ||
Rural Infrastructure Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
(Provision for)/release of losses | 2,285 | (512) | (4,709) |
Current period charge-offs | $ 0 | 0 | 0 |
Agricultural Finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of operating segments | segment | 2 | ||
(Provision for)/release of losses | $ (3,417) | 1,357 | (2,959) |
Current period charge-offs | (84) | 5,759 | |
Farm & Ranch | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
(Provision for)/release of losses | (1,246) | 1,576 | (3,068) |
Current period charge-offs | $ (84) | $ 0 | $ 5,759 |
Loans - Schedule of Composition
Loans - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 10,549,845 | $ 9,236,129 | ||
Allowance for losses | (15,089) | (14,041) | ||
Total loans, net of allowance | 10,208,307 | 9,248,678 | ||
Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 10,549,845 | 9,236,129 | ||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (326,449) | 26,590 | ||
Total | 10,223,396 | 9,262,719 | ||
Allowance for losses | (15,089) | (14,041) | ||
Total loans, net of allowance | 10,208,307 | 9,248,678 | ||
Agricultural Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 7,528,579 | 6,846,993 | ||
Allowance for losses | (6,775) | (3,442) | $ (3,745) | $ (10,454) |
Agricultural Finance | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 7,528,579 | 6,846,993 | ||
Farm & Ranch | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,362,326 | 5,723,693 | ||
Allowance for losses | (4,044) | (2,882) | (3,404) | (8,830) |
Farm & Ranch | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,362,326 | 5,723,693 | ||
Corporate AgFinance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,166,253 | 1,123,300 | ||
Allowance for losses | (2,731) | (560) | (341) | (1,624) |
Corporate AgFinance | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,166,253 | 1,123,300 | ||
Rural Infrastructure Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,021,266 | 2,389,136 | ||
Allowance for losses | (8,314) | (10,599) | $ (10,087) | $ 0 |
Rural Infrastructure Finance | Real Estate Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,021,266 | 2,389,136 | ||
Unsecuritized | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 9,338,269 | 8,287,506 | ||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (326,449) | 26,590 | ||
Total | 9,011,820 | 8,314,096 | ||
Allowance for losses | (14,629) | (13,477) | ||
Total loans, net of allowance | 8,997,191 | 8,300,619 | ||
Unsecuritized | Agricultural Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,317,003 | 5,898,370 | ||
Unsecuritized | Farm & Ranch | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 5,150,750 | 4,775,070 | ||
Unsecuritized | Corporate AgFinance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,166,253 | 1,123,300 | ||
Unsecuritized | Rural Infrastructure Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,021,266 | 2,389,136 | ||
In Consolidated Trusts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,211,576 | 948,623 | ||
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | 0 | 0 | ||
Total | 1,211,576 | 948,623 | ||
Allowance for losses | (460) | (564) | ||
Total loans, net of allowance | 1,211,116 | 948,059 | ||
In Consolidated Trusts | Agricultural Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,211,576 | 948,623 | ||
In Consolidated Trusts | Farm & Ranch | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,211,576 | 948,623 | ||
In Consolidated Trusts | Corporate AgFinance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 0 | 0 | ||
In Consolidated Trusts | Rural Infrastructure Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 0 | $ 0 |
Loans - Changes in the Allowanc
Loans - Changes in the Allowance for Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 14,041,000 | ||
Provision for/(release of) losses | 1,323,000 | $ (860,000) | $ 7,805,000 |
Charge-offs | (5,800,000) | ||
Ending balance | 15,089,000 | 14,041,000 | |
Agricultural Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 3,442,000 | 3,745,000 | 10,454,000 |
Provision for/(release of) losses | 3,417,000 | (1,357,000) | 2,959,000 |
Charge-offs | 84,000 | (5,759,000) | |
Recovery | 1,054,000 | ||
Ending balance | 6,775,000 | 3,442,000 | 3,745,000 |
Agricultural Finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | (3,909,000) | ||
Agricultural Finance | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 6,545,000 | ||
Farm & Ranch | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,882,000 | 3,404,000 | 8,830,000 |
Provision for/(release of) losses | 1,246,000 | (1,576,000) | 3,068,000 |
Charge-offs | 84,000 | 0 | (5,759,000) |
Recovery | 0 | 1,054,000 | |
Ending balance | 4,044,000 | 2,882,000 | 3,404,000 |
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | (2,735,000) | ||
Farm & Ranch | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 6,095,000 | ||
Farm & Ranch | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | 1,900,000 | 0 | |
Corporate AgFinance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 560,000 | 341,000 | 1,624,000 |
Provision for/(release of) losses | 2,171,000 | 219,000 | (109,000) |
Charge-offs | 0 | 0 | 0 |
Recovery | 0 | 0 | |
Ending balance | 2,731,000 | 560,000 | 341,000 |
Corporate AgFinance | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | (1,174,000) | ||
Corporate AgFinance | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 450,000 | ||
Corporate AgFinance | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | 2,400,000 | 0 | |
Rural Infrastructure Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 10,599,000 | 10,087,000 | 0 |
Provision for/(release of) losses | (2,285,000) | 512,000 | 4,709,000 |
Charge-offs | 0 | 0 | 0 |
Recovery | 0 | 0 | |
Ending balance | 8,314,000 | 10,599,000 | 10,087,000 |
Rural Infrastructure Finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 5,378,000 | ||
Rural Infrastructure Finance | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 5,378,000 | ||
Rural Infrastructure Finance | Collateral Pledged | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision for/(release of) losses | $ 0 | $ 0 |
Loans - Unpaid Principal Balanc
Loans - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 9,011,820 | $ 8,314,096 | |
Nonaccrual loans | 78,965 | 126,807 | |
Total loans | 10,549,845 | 9,236,129 | |
Nonaccrual loans with no associated allowance | 22,000 | 31,000 | |
Interest received on nonaccrual loans | 5,600 | 5,000 | |
Current period charge-offs | $ 5,800 | ||
Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,362,326 | 5,723,693 | |
Nonaccrual loans | 63,402 | 126,807 | |
Total loans | 6,362,326 | 5,723,693 | |
Total | 1,252,022 | 1,872,895 | |
Total | 1,781,621 | 1,355,852 | |
Total | 1,236,079 | 455,799 | |
Total | 395,895 | 307,840 | |
Total | 265,661 | 319,070 | |
Total | 1,032,986 | 1,047,783 | |
Total | 398,062 | 364,454 | |
Current period charge-offs | (84) | 0 | 5,759 |
Financing Receivable, Originated in Current Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | (1,054) | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Revolving, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Current period recoveries | 0 | (1,054) | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | (84) | 0 | |
Current period charge-offs | 0 | 0 | |
Farm & Ranch | Acceptable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,986,083 | 5,342,239 | |
Total | 1,157,829 | 1,786,446 | |
Total | 1,704,547 | 1,300,798 | |
Total | 1,187,474 | 399,394 | |
Total | 360,704 | 277,061 | |
Total | 242,491 | 271,234 | |
Total | 947,535 | 957,357 | |
Total | 385,503 | 349,949 | |
Farm & Ranch | Special mention | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 221,816 | 195,696 | |
Total | 91,099 | 84,795 | |
Total | 68,260 | 50,057 | |
Total | 25,629 | 30,168 | |
Total | 11,254 | 3,670 | |
Total | 5,325 | 9,133 | |
Total | 17,797 | 14,646 | |
Total | 2,452 | 3,227 | |
Farm & Ranch | Substandard | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 154,427 | 185,758 | |
Total | 3,094 | 1,654 | |
Total | 8,814 | 4,997 | |
Total | 22,976 | 26,237 | |
Total | 23,937 | 27,109 | |
Total | 17,845 | 38,703 | |
Total | 67,654 | 75,780 | |
Total | 10,107 | 11,278 | |
Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,166,253 | 1,123,300 | |
Nonaccrual loans | 15,563 | 0 | |
Total loans | 1,166,253 | 1,123,300 | |
Total | 145,263 | 351,614 | |
Total | 299,729 | 240,712 | |
Total | 226,158 | 161,773 | |
Total | 128,928 | 92,263 | |
Total | 76,454 | 32,618 | |
Total | 44,827 | 47,360 | |
Total | 244,894 | 196,960 | |
Current period charge-offs | 0 | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Revolving, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Corporate AgFinance | Acceptable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,128,170 | 1,056,317 | |
Total | 145,263 | 351,614 | |
Total | 299,729 | 240,712 | |
Total | 221,560 | 140,742 | |
Total | 108,230 | 47,856 | |
Total | 76,454 | 32,618 | |
Total | 44,827 | 47,360 | |
Total | 232,107 | 195,415 | |
Corporate AgFinance | Special mention | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 22,843 | 66,983 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 21,031 | |
Total | 20,698 | 44,407 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 2,145 | 1,545 | |
Corporate AgFinance | Substandard | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 15,240 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 4,598 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 10,642 | 0 | |
Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans | 78,965 | 126,807 | |
Total loans | 7,528,579 | 6,846,993 | |
Current period charge-offs | (84) | 5,759 | |
Current period recoveries | (1,054) | ||
Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,021,266 | 2,389,136 | |
Nonaccrual loans | 0 | 0 | |
Total loans | 3,021,266 | 2,389,136 | |
Total | 741,021 | 242,570 | |
Total | 220,420 | 635,166 | |
Total | 629,223 | 774,941 | |
Total | 739,270 | 8,100 | |
Total | 7,932 | 86,878 | |
Total | 649,830 | 628,903 | |
Total | 33,570 | 12,578 | |
Current period charge-offs | 0 | 0 | $ 0 |
Financing Receivable, Originated in Current Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Financing Receivable, Revolving, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Rural Infrastructure Finance | Acceptable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,021,266 | 2,366,336 | |
Total | 741,021 | 242,570 | |
Total | 220,420 | 612,366 | |
Total | 629,223 | 774,941 | |
Total | 739,270 | 8,100 | |
Total | 7,932 | 86,878 | |
Total | 649,830 | 628,903 | |
Total | 33,570 | 12,578 | |
Rural Infrastructure Finance | Special mention | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Rural Infrastructure Finance | Substandard | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 22,800 | |
Total | 0 | 0 | |
Total | 0 | 22,800 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | 0 | |
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,459,282 | 9,104,206 | |
Current | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,287,326 | 5,591,770 | |
Current | Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,150,690 | 1,123,300 | |
Current | Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 7,438,016 | 6,715,070 | |
Current | Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,021,266 | 2,389,136 | |
Total Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 11,598 | 5,116 | |
Total Past Due | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 11,598 | 5,116 | |
Total Past Due | Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
Total Past Due | Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 11,598 | 5,116 | |
Total Past Due | Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
30-59 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,066 | 4,548 | |
30-59 Days | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,066 | 4,548 | |
30-59 Days | Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
30-59 Days | Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,066 | 4,548 | |
30-59 Days | Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
60-89 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 392 | 568 | |
60-89 Days | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 392 | 568 | |
60-89 Days | Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
60-89 Days | Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 392 | 568 | |
60-89 Days | Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
90 Days and Greater | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,140 | 0 | |
90 Days and Greater | Farm & Ranch | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,140 | 0 | |
90 Days and Greater | Corporate AgFinance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | 0 | |
90 Days and Greater | Agricultural Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,140 | 0 | |
90 Days and Greater | Rural Infrastructure Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 0 | $ 0 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total | |||
Total | $ 9,011,820 | $ 8,314,096 | |
Current period charge-offs | $ 5,800 | ||
Agricultural Finance | |||
Total | |||
Current period charge-offs | (84) | 5,759 | |
Current period recoveries | (1,054) | ||
Farm & Ranch | |||
Year One | |||
Total | 1,252,022 | 1,872,895 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Two | |||
Total | 1,781,621 | 1,355,852 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Three | |||
Total | 1,236,079 | 455,799 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Four | |||
Total | 395,895 | 307,840 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Five | |||
Total | 265,661 | 319,070 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | (1,054) | |
Current period Agricultural Finance net charge-offs | 0 | (1,054) | |
Prior | |||
Total | 1,032,986 | 1,047,783 | |
Current period charge-offs | (84) | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | (84) | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 398,062 | 364,454 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Total | |||
Total | 6,362,326 | 5,723,693 | |
Current period charge-offs | (84) | 0 | 5,759 |
Current period recoveries | 0 | (1,054) | |
Current period Agricultural Finance net charge-offs | (84) | (1,054) | |
Corporate AgFinance | |||
Year One | |||
Total | 145,263 | 351,614 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Year Two | |||
Total | 299,729 | 240,712 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Year Three | |||
Total | 226,158 | 161,773 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Year Four | |||
Total | 128,928 | 92,263 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Year Five | |||
Total | 76,454 | 32,618 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Prior | |||
Total | 44,827 | 47,360 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Revolving Loans - Amortized Cost Basis | |||
Total | 244,894 | 196,960 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Total | |||
Total | 1,166,253 | 1,123,300 | |
Current period charge-offs | 0 | 0 | 0 |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | ||
Rural Infrastructure Finance | |||
Year One | |||
Total | 741,021 | 242,570 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Two | |||
Total | 220,420 | 635,166 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Three | |||
Total | 629,223 | 774,941 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Four | |||
Total | 739,270 | 8,100 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Year Five | |||
Total | 7,932 | 86,878 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Prior | |||
Total | 649,830 | 628,903 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 33,570 | 12,578 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Total | |||
Total | 3,021,266 | 2,389,136 | |
Current period charge-offs | 0 | 0 | $ 0 |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Acceptable | Farm & Ranch | |||
Year One | |||
Total | 1,157,829 | 1,786,446 | |
Year Two | |||
Total | 1,704,547 | 1,300,798 | |
Year Three | |||
Total | 1,187,474 | 399,394 | |
Year Four | |||
Total | 360,704 | 277,061 | |
Year Five | |||
Total | 242,491 | 271,234 | |
Prior | |||
Total | 947,535 | 957,357 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 385,503 | 349,949 | |
Total | |||
Total | 5,986,083 | 5,342,239 | |
Acceptable | Corporate AgFinance | |||
Year One | |||
Total | 145,263 | 351,614 | |
Year Two | |||
Total | 299,729 | 240,712 | |
Year Three | |||
Total | 221,560 | 140,742 | |
Year Four | |||
Total | 108,230 | 47,856 | |
Year Five | |||
Total | 76,454 | 32,618 | |
Prior | |||
Total | 44,827 | 47,360 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 232,107 | 195,415 | |
Total | |||
Total | 1,128,170 | 1,056,317 | |
Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 741,021 | 242,570 | |
Year Two | |||
Total | 220,420 | 612,366 | |
Year Three | |||
Total | 629,223 | 774,941 | |
Year Four | |||
Total | 739,270 | 8,100 | |
Year Five | |||
Total | 7,932 | 86,878 | |
Prior | |||
Total | 649,830 | 628,903 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 33,570 | 12,578 | |
Total | |||
Total | 3,021,266 | 2,366,336 | |
Special mention | Farm & Ranch | |||
Year One | |||
Total | 91,099 | 84,795 | |
Year Two | |||
Total | 68,260 | 50,057 | |
Year Three | |||
Total | 25,629 | 30,168 | |
Year Four | |||
Total | 11,254 | 3,670 | |
Year Five | |||
Total | 5,325 | 9,133 | |
Prior | |||
Total | 17,797 | 14,646 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 2,452 | 3,227 | |
Total | |||
Total | 221,816 | 195,696 | |
Special mention | Corporate AgFinance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 21,031 | |
Year Four | |||
Total | 20,698 | 44,407 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 2,145 | 1,545 | |
Total | |||
Total | 22,843 | 66,983 | |
Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
Substandard | Farm & Ranch | |||
Year One | |||
Total | 3,094 | 1,654 | |
Year Two | |||
Total | 8,814 | 4,997 | |
Year Three | |||
Total | 22,976 | 26,237 | |
Year Four | |||
Total | 23,937 | 27,109 | |
Year Five | |||
Total | 17,845 | 38,703 | |
Prior | |||
Total | 67,654 | 75,780 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 10,107 | 11,278 | |
Total | |||
Total | 154,427 | 185,758 | |
Substandard | Corporate AgFinance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 4,598 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 10,642 | 0 | |
Total | |||
Total | 15,240 | 0 | |
Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 22,800 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | $ 0 | $ 22,800 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) $ / shares shares | May 27, 2021 USD ($) | Jun. 30, 2020 USD ($) shares | Dec. 31, 2022 USD ($) classOfCommonStockOutstanding $ / shares shares | Dec. 30, 2022 shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) | Dec. 31, 2019 shares | Mar. 14, 2019 USD ($) | Sep. 30, 2015 USD ($) | |
Class of Stock [Line Items] | |||||||||||
Number of classes of common stock outstanding | classOfCommonStockOutstanding | 3 | ||||||||||
Quarterly dividend on all classes of common stock (in dollars per share) | $ / shares | $ 0.95 | $ 0.88 | $ 0.80 | ||||||||
Share expiration period | 10 years | ||||||||||
SARs exercise price (in dollars per share) | $ / shares | $ 120.38 | $ 88.68 | |||||||||
Excess tax benefits related to stock-based awards | $ 101,000 | $ 292,000 | $ (440,000) | ||||||||
Decrease in additional paid-in capital | (1,900,000) | (1,300,000) | (600,000) | ||||||||
Intrinsic value of outstanding, exercisable and vested or excepted to vest restricted stock | $ 16,300,000 | 16,300,000 | 20,400,000 | ||||||||
Intrinsic value of shares exercised | 1,100,000 | $ 900,000 | $ 700,000 | ||||||||
Unrecognized compensation cost | 3,700,000 | $ 3,700,000 | |||||||||
Weighted-average period of recognition | 1 year 8 months 12 days | ||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 91.94 | $ 65.48 | $ 45.91 | ||||||||
Compensation expense | $ 4,600,000 | $ 4,300,000 | $ 4,100,000 | ||||||||
Granted (in dollars per share) | $ / shares | $ 120.14 | $ 88.92 | $ 66.02 | ||||||||
Capital required for capital adequacy | 805,900,000 | $ 805,900,000 | $ 713,100,000 | ||||||||
Capital | 1,300,000,000 | 1,300,000,000 | 1,200,000,000 | ||||||||
Excess capital | $ 516,900,000 | $ 516,900,000 | 496,800,000 | ||||||||
Outstanding, SARs (in shares) | shares | 132,163 | 132,163 | |||||||||
Stock Appreciation Rights (SARs) | |||||||||||
Class of Stock [Line Items] | |||||||||||
Tax benefit from exercise of SARs | $ 1,200,000 | $ 900,000 | $ 500,000 | ||||||||
Outstanding, SARs (in shares) | shares | 132,163 | 132,163 | 130,409 | 116,417 | 98,836 | ||||||
Minimum | |||||||||||
Class of Stock [Line Items] | |||||||||||
SARs exercise price (in dollars per share) | $ / shares | $ 72.26 | ||||||||||
Minimum | Restricted Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Vesting period | 1 year | 1 year | 1 year | ||||||||
Maximum | |||||||||||
Class of Stock [Line Items] | |||||||||||
SARs exercise price (in dollars per share) | $ / shares | $ 75.16 | ||||||||||
Maximum | Restricted Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Vesting period | 3 years | 3 years | 3 years | ||||||||
Series G | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, dividend rate | 4.875% | 4.875% | 4.875% | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||||||||
Payments of stock issuance costs | $ 3,661,677 | ||||||||||
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) | shares | 673,000 | 4,000 | 0 | ||||||||
Shares repurchased | $ 19,800,000 | $ 200,000 | |||||||||
Remaining authorized amount for repurchase | $ 9,800,000 |
Equity - Schedule of Stock by C
Equity - Schedule of Stock by Class (Details) - USD ($) | 12 Months Ended | |||||||
May 27, 2021 | Aug. 20, 2020 | May 20, 2020 | May 13, 2019 | Jun. 20, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Series C | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 1,618,583 | |||||||
Shares Issued (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | |||||
Annual Dividend Rate | 6% | 6% | 6% | 6% | ||||
Liquidation Value (in dollars per share) | $ 25 | |||||||
Series C | July 17, 2024, thereafter | ||||||||
Class of Stock [Line Items] | ||||||||
Dividend variable rate | 3.26% | |||||||
Series D | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 3,340,456 | |||||||
Shares Issued (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | |||||
Annual Dividend Rate | 5.70% | 5.70% | 5.70% | 5.70% | ||||
Liquidation Value (in dollars per share) | $ 25 | |||||||
Series E | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 2,496,750 | |||||||
Shares Issued (in shares) | 3,180,000 | 3,180,000 | 3,180,000 | |||||
Annual Dividend Rate | 5.75% | 5.75% | 5.75% | 5.75% | ||||
Liquidation Value (in dollars per share) | $ 25 | |||||||
Series F | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 3,839,902 | |||||||
Shares Issued (in shares) | 4,800,000 | 4,800,000 | 4,800,000 | |||||
Annual Dividend Rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||
Liquidation Value (in dollars per share) | $ 25 | |||||||
Series G | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 3,661,677 | |||||||
Shares Issued (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | |||||
Annual Dividend Rate | 4.875% | 4.875% | 4.875% | |||||
Liquidation Value (in dollars per share) | $ 25 |
Equity - Quarterly Dividends Pa
Equity - Quarterly Dividends Paid by Farmer Mac (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
May 27, 2021 | Aug. 20, 2020 | May 20, 2020 | May 13, 2019 | Jun. 20, 2014 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Series A | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 5.875% | |||||||||||||||||||
Preferred stock dividends (in dollars per share) | $ 0 | $ 0.2530 | $ 0.3672 | $ 0.3672 | ||||||||||||||||
Series C | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 6% | 6% | 6% | 6% | ||||||||||||||||
Preferred stock dividends (in dollars per share) | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | 0.3750 | 0.3750 | 0.3750 | 0.3750 | ||||||||
Series D | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 5.70% | 5.70% | 5.70% | 5.70% | ||||||||||||||||
Preferred stock dividends (in dollars per share) | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | 0.3563 | ||||||||
Series E | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||||||
Preferred stock dividends (in dollars per share) | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.3594 | 0.2276 | 0 | ||||||||
Series E | May 20, 2020 to July 17, 2020 | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock dividends (in dollars per share) | 0.2276 | |||||||||||||||||||
Series E | July 17, 2020 to September 19, 2020 | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock dividends (in dollars per share) | 0.2530 | |||||||||||||||||||
Series F | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||||||||||||||
Preferred stock dividends (in dollars per share) | 0.3281 | 0.3281 | 0.3281 | 0.3281 | 0.3281 | 0.3281 | 0.3281 | 0.3281 | $ 0.3281 | 0.2078 | $ 0 | $ 0 | ||||||||
Series F | August 20, 2020 to October 17, 2020 | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock dividends (in dollars per share) | $ 0.2078 | |||||||||||||||||||
Series G | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, dividend rate | 4.875% | 4.875% | 4.875% | |||||||||||||||||
Preferred stock dividends (in dollars per share) | $ 0.3047 | $ 0.3047 | $ 0.3047 | $ 0.3047 | $ 0.3047 | $ 0.3047 | $ 0.1693 | $ 0 |
Equity - Schedule of Stock Opti
Equity - Schedule of Stock Options, SARS, and Non-vested Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options and SARs | |||
Outstanding, end of year (in shares) | 132,163 | ||
Exercisable at end of year (in shares) | 83,054 | ||
Non-vested Restricted Stock | |||
Outstanding, beginning of year (in shares) | 103,891 | 83,956 | 62,597 |
Granted (in shares) | 38,668 | 53,358 | 53,471 |
Canceled (in shares) | (2,711) | (1,184) | (4,042) |
Vested and issued (in shares) | (39,823) | (32,239) | (28,070) |
Outstanding, end of year (in shares) | 100,025 | 103,891 | 83,956 |
Weighted- Average Grant Date Fair Value | |||
Outstanding, beginning of year (in dollars per share) | $ 78.55 | $ 71.76 | $ 75.81 |
Granted (in dollars per share) | 120.14 | 88.92 | 66.02 |
Canceled (in dollars per share) | 97.44 | 79.82 | 69.66 |
Vested and issued (in dollars per share) | 84.25 | 77.98 | 70.13 |
Outstanding, end of year (in dollars per share) | $ 91.84 | $ 78.55 | $ 71.76 |
Stock Appreciation Rights (SARs) | |||
Stock Options and SARs | |||
Outstanding, beginning of year (in shares) | 130,409 | 116,417 | 98,836 |
Granted (in shares) | 18,432 | 28,575 | 34,881 |
Exercised (in shares) | (16,678) | (14,583) | (15,912) |
Canceled (in shares) | 0 | 0 | (1,388) |
Outstanding, end of year (in shares) | 132,163 | 130,409 | 116,417 |
Exercisable at end of year (in shares) | 83,054 | 72,106 | 66,602 |
Weighted- Average Exercise Price | |||
Outstanding, beginning of year (in dollars per share) | $ 66.10 | $ 57.16 | $ 46.47 |
Granted (in dollars per share) | 120.38 | 88.68 | 74.80 |
Exercised (in dollars per share) | 49.04 | 38.99 | 26.93 |
Canceled (in dollars per share) | 0 | 0 | 86.15 |
Outstanding, end of year (in dollars per share) | 75.82 | 66.10 | 57.16 |
Exercisable at end of year (in dollars per share) | $ 63.12 | $ 52.85 | $ 42.08 |
Equity - Schedule of SARs and N
Equity - Schedule of SARs and Non-Vested Restricted Stock Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 120.38 | $ 88.68 | ||
Outstanding, SARs (in shares) | 132,163 | |||
Exercisable, SARs (in shares) | 83,054 | |||
Vested or Expected to Vest, SARs (in shares) | 132,163 | |||
Weighted-average grant-date fair value (in dollars per share) | $ 91.84 | $ 78.55 | $ 71.76 | $ 75.81 |
Outstanding, Non-vested Restricted Stock (in shares) | 100,025 | 103,891 | 83,956 | 62,597 |
Expected to Vest, Non-vested Restricted Stock (in shares) | 100,025 | |||
Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 72.26 | |||
Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 75.16 | |||
$25.00 - 39.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 25 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 39.99 | |||
Outstanding, SARs (in shares) | 30,492 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 2 years | |||
Exercisable, SARs (in shares) | 30,492 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 2 years | |||
Vested or Expected to Vest, SARs (in shares) | 30,492 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 2 years | |||
40.00 - 54.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 40 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 54.99 | |||
Outstanding, SARs (in shares) | 0 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 0 years | |||
Exercisable, SARs (in shares) | 0 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 0 years | |||
Vested or Expected to Vest, SARs (in shares) | 0 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 0 years | |||
55.00 - 69.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 55 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 69.99 | |||
Outstanding, SARs (in shares) | 3,381 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 4 years 3 months 18 days | |||
Exercisable, SARs (in shares) | 3,381 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 4 years 3 months 18 days | |||
Vested or Expected to Vest, SARs (in shares) | 3,381 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 4 years 3 months 18 days | |||
70.00 - 84.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 70 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 84.99 | |||
Outstanding, SARs (in shares) | 46,739 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 6 years 9 months 18 days | |||
Exercisable, SARs (in shares) | 35,112 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 6 years 8 months 12 days | |||
Vested or Expected to Vest, SARs (in shares) | 46,739 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 6 years 9 months 18 days | |||
85.00 - 99.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 85 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 99.99 | |||
Outstanding, SARs (in shares) | 33,119 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 7 years 7 months 6 days | |||
Exercisable, SARs (in shares) | 14,069 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 6 years 10 months 24 days | |||
Vested or Expected to Vest, SARs (in shares) | 33,119 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 7 years 7 months 6 days | |||
85.00 - 99.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Non-vested Restricted Stock (in shares) | 18,100 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 3 months 18 days | |||
Expected to Vest, Non-vested Restricted Stock (in shares) | 18,100 | |||
Expected to Vest, Weighted-Average Remaining Contractual Life | 3 months 18 days | |||
85.00 - 99.99 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 50 | |||
85.00 - 99.99 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 64.99 | |||
65.00 - 79.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Non-vested Restricted Stock (in shares) | 10,744 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 2 months 12 days | |||
Expected to Vest, Non-vested Restricted Stock (in shares) | 10,744 | |||
Expected to Vest, Weighted-Average Remaining Contractual Life | 2 months 12 days | |||
65.00 - 79.99 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 65 | |||
65.00 - 79.99 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 79.99 | |||
80.00 - 94.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Non-vested Restricted Stock (in shares) | 35,101 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 1 year 3 months 18 days | |||
Expected to Vest, Non-vested Restricted Stock (in shares) | 35,101 | |||
Expected to Vest, Weighted-Average Remaining Contractual Life | 1 year 3 months 18 days | |||
80.00 - 94.99 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 80 | |||
80.00 - 94.99 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 94.99 | |||
95.00 - 109.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Non-vested Restricted Stock (in shares) | 915 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 9 months 18 days | |||
Expected to Vest, Non-vested Restricted Stock (in shares) | 915 | |||
Expected to Vest, Weighted-Average Remaining Contractual Life | 9 months 18 days | |||
95.00 - 109.99 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 95 | |||
95.00 - 109.99 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | 109.99 | |||
100.00 - 114.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | 100 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 114.99 | |||
Outstanding, SARs (in shares) | 0 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 0 years | |||
Exercisable, SARs (in shares) | 0 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 0 years | |||
Vested or Expected to Vest, SARs (in shares) | 0 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 0 years | |||
115.00 - 129.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
SARs exercise price, lower range limit (in dollars per share) | $ 115 | |||
SARs exercise price, upper range limit (in dollars per share) | $ 129.99 | |||
Outstanding, SARs (in shares) | 18,432 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 9 years 2 months 12 days | |||
Exercisable, SARs (in shares) | 0 | |||
Exercisable, Weighted-Average Remaining Contractual Life | 0 years | |||
Vested or Expected to Vest, SARs (in shares) | 18,432 | |||
Vested or Expected to Vest, Weighted-Average Remaining Contractual Life | 9 years 2 months 12 days | |||
110.00 - 124.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding, Non-vested Restricted Stock (in shares) | 35,165 | |||
Outstanding, Weighted-Average Remaining Contractual Life | 1 year 10 months 24 days | |||
Expected to Vest, Non-vested Restricted Stock (in shares) | 35,165 | |||
Expected to Vest, Weighted-Average Remaining Contractual Life | 1 year 10 months 24 days | |||
110.00 - 124.99 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 110 | |||
110.00 - 124.99 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Weighted-average grant-date fair value (in dollars per share) | $ 124.99 |
Equity - Assumptions for Estima
Equity - Assumptions for Estimating Fair Value of Stock Options and SARs (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Risk-free interest rate | 1.90% | 0.90% | 0.90% |
Expected years until exercise | 6 years | 6 years | 6 years |
Expected stock volatility | 37.40% | 39.10% | 34.30% |
Dividend yield | 3.20% | 4% | 4.20% |
Income Taxes - Components of Fe
Income Taxes - Components of Federal Corporate Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ 35,609 | $ 38,645 | $ 32,796 |
Deferred income tax expense | 11,926 | (2,273) | (2,489) |
Income tax expense | $ 47,535 | $ 36,372 | $ 30,307 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at statutory rate | $ 47,393 | $ 36,217 | $ 30,383 |
Excess tax benefits related to stock-based awards | (401) | (300) | (9) |
Other | 543 | 455 | (67) |
Income tax expense | $ 47,535 | $ 36,372 | $ 30,307 |
Statutory tax rate | 21% | 21% | 21% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Components of Deferred Tax Assets [Abstract] | ||
Basis difference related to hedge items | $ 53,360 | $ 0 |
Unrealized losses on available-for-sale securities | 26,371 | 0 |
Allowance for losses | 3,603 | 3,452 |
Stock-based compensation | 1,755 | 1,462 |
Basis differences related to financial derivatives | 0 | 64,795 |
Unrealized losses on cash flow hedges | 0 | 1,427 |
Basis difference related to structured securitizations | 0 | 35 |
Capital loss carryforwards | 32 | 32 |
Valuation allowance | (32) | (32) |
Other | 1,444 | 358 |
Total deferred tax assets | 88,172 | 72,810 |
Deferred tax liability: | ||
Basis differences related to financial derivatives | 49,526 | 0 |
Unrealized gains on cash flow hedges | 12,855 | 0 |
Basis difference related to structured securitizations | 7,782 | 0 |
Basis differences related to hedged items | 0 | 54,446 |
Unrealized gains on available-for-sale securities | 0 | 2,451 |
Other | 5 | 44 |
Total deferred tax liability | 70,168 | 56,941 |
Net deferred tax asset | 18,004 | 15,869 |
Capital Loss Carryforward | ||
Components of Deferred Tax Assets [Abstract] | ||
Compensation and Benefits | $ 1,639 | $ 1,281 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 32,000 | $ 32,000 | |
Expirations of capital loss carryforwards | 200,000 | ||
Unrecognized tax benefits | 0 | $ 0 | $ 0 |
Expired Capital Loss Carryforward | |||
Valuation Allowance [Line Items] | |||
Expirations of capital loss carryforwards | $ 0 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan wage base | $ 305,000 | $ 290,000 | $ 285,000 |
Requisite service period (in years) | 3 years | ||
Expenses under defined contribution plan | $ 3,100,000 | $ 2,700,000 | $ 2,200,000 |
Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 18.90% | ||
Maximum gross annual base salary under plan | $ 500,000 | ||
Expenses for NQDC plan | 200,000 | ||
Nonqualified Plan | Chief Executive Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum gross annual base salary under plan | $ 700,000 | ||
Base Percentage | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 13.20% | ||
Excess Percentage for amounts above Social Security taxable wage base | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 5.70% |
Guarantees and Commitments - Na
Guarantees and Commitments - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) creditEnhancementAlternative | Dec. 31, 2021 USD ($) | |
Guarantor Obligations [Line Items] | ||
Number of credit enhancement alternatives | creditEnhancementAlternative | 2 | |
Minimum term of guarantees | 1 year | |
Maximum term of gurantees | 30 years | |
Rural Utilities Loans | ||
Guarantor Obligations [Line Items] | ||
Commitments to purchase | $ 0 | |
Farm & Ranch Loans and USDA Guarantees | ||
Guarantor Obligations [Line Items] | ||
Commitments to purchase | 9,900,000 | $ 75,600,000 |
Guarantee and commitment obligation | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 3,900,000,000 | 3,800,000,000 |
Guarantee obligations issued prior to January 1, 2003 | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 6,100,000 | 7,800,000 |
Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 3,423,155,000 | $ 3,191,061,000 |
Guarantees and Commitments - Gu
Guarantees and Commitments - Guarantee and Commitment Obligations in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Beginning balance | $ 43,926 | $ 35,535 | $ 36,700 |
Additions to the guarantee and commitment obligation | 8,569 | 15,648 | 5,210 |
Amortization of the guarantee and commitment obligation | (5,913) | (7,257) | (6,375) |
Ending balance | $ 46,582 | $ 43,926 | $ 35,535 |
Guarantees and Commitments - Of
Guarantees and Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - Unconsolidated VIE - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 502,122 | $ 581,113 |
Agricultural Finance | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | 500,953 | 578,358 |
Rural Infrastructure Finance | ||
Guarantor Obligations [Line Items] | ||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ 1,169 | $ 2,755 |
Guarantees and Commitments - Si
Guarantees and Commitments - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 357,841 | $ 291,393 | $ 41,248 |
Guarantee fees received | $ 1,852 | $ 1,029 | $ 1,365 |
Guarantees and Commitments - Sc
Guarantees and Commitments - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Guarantor Obligations [Line Items] | |||
Guarantee and commitment obligation | $ 6,461 | $ 7,355 | |
Weighted-average remaining maturity | 21 years 8 months 12 days | 21 years 4 months 24 days | |
AgVantage Securities | |||
Guarantor Obligations [Line Items] | |||
Weighted-average remaining maturity | 3 years | 2 years |
Guarantees and Commitments - _2
Guarantees and Commitments - Schedule of Long-Term Standby Purchase Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Standby Purchase Commitments | |||
Guarantor Obligations [Line Items] | |||
Maximum principal amount | $ 3,423,155 | $ 3,191,061 | |
Weighted-average remaining maturity | 15 years 6 months | 15 years 3 months 18 days | |
Guarantee and commitment obligation | |||
Guarantor Obligations [Line Items] | |||
Maximum principal amount | $ 3,900,000 | 3,800,000 | |
Guarantee and commitment obligation | Long-Term Standby Purchase Commitments | |||
Guarantor Obligations [Line Items] | |||
Guarantee and commitment obligation | $ 40,121 | $ 36,571 |
Guarantees and Commitments - Re
Guarantees and Commitments - Reserve For Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | ||||
Reserve for losses | $ 1,433 | $ 1,950 | ||
Agricultural Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | 819 | 1,068 | $ 2,097 | $ 2,164 |
Rural Infrastructure Finance | ||||
Guarantor Obligations [Line Items] | ||||
Reserve for losses | $ 614 | $ 882 | $ 1,180 | $ 0 |
Guarantees and Commitments - Ch
Guarantees and Commitments - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 1,950 | ||
Provision for losses | (517) | $ (1,327) | $ 250 |
Ending balance | 1,433 | 1,950 | |
Agricultural Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,068 | 2,097 | 2,164 |
Provision for losses | (249) | (1,029) | 81 |
Ending balance | 819 | 1,068 | 2,097 |
Agricultural Finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | (148) | ||
Agricultural Finance | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 2,016 | ||
Rural Infrastructure Finance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 882 | 1,180 | 0 |
Provision for losses | (268) | (298) | 169 |
Ending balance | $ 614 | $ 882 | 1,180 |
Rural Infrastructure Finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 1,011 | ||
Rural Infrastructure Finance | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 1,011 |
Guarantees and Commitments - Un
Guarantees and Commitments - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total | $ 9,011,820 | $ 8,314,096 |
Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,714,184 | 3,521,593 |
Current | ||
Guarantor Obligations [Line Items] | ||
Total | 10,459,282 | 9,104,206 |
Current | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,698,131 | 3,509,928 |
Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 11,598 | 5,116 |
Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 16,053 | 11,665 |
30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 10,066 | 4,548 |
30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 11,614 | 8,068 |
60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 392 | 568 |
60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 622 | 0 |
90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 1,140 | 0 |
90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,817 | 3,597 |
Agricultural Finance | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,190,992 | 2,964,756 |
Agricultural Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 7,438,016 | 6,715,070 |
Agricultural Finance | Current | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,174,939 | 2,953,091 |
Agricultural Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 11,598 | 5,116 |
Agricultural Finance | Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 16,053 | 11,665 |
Agricultural Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 10,066 | 4,548 |
Agricultural Finance | 30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 11,614 | 8,068 |
Agricultural Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 392 | 568 |
Agricultural Finance | 60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 622 | 0 |
Agricultural Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 1,140 | 0 |
Agricultural Finance | 90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities | ||
Guarantor Obligations [Line Items] | ||
Total | 3,817 | 3,597 |
Rural Infrastructure Finance | ||
Guarantor Obligations [Line Items] | ||
Total | 3,021,266 | 2,389,136 |
Rural Infrastructure Finance | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | 523,192 | 556,837 |
Rural Infrastructure Finance | Current | ||
Guarantor Obligations [Line Items] | ||
Total | 3,021,266 | 2,389,136 |
Rural Infrastructure Finance | Current | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | 523,192 | 556,837 |
Rural Infrastructure Finance | Total Past Due | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | Total Past Due | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 30-59 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 30-59 Days | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 60-89 Days | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 60-89 Days | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 90 Days and Greater | ||
Guarantor Obligations [Line Items] | ||
Total | 0 | 0 |
Rural Infrastructure Finance | 90 Days and Greater | Long-Term Standby Purchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Total | $ 0 | $ 0 |
Guarantees and Commitments - Cr
Guarantees and Commitments - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total | |||
Total | $ 9,011,820 | $ 8,314,096 | |
Current period charge-offs | $ 5,800 | ||
Agricultural Finance | |||
Total | |||
Current period charge-offs | (84) | 5,759 | |
Current period recoveries | (1,054) | ||
Rural Infrastructure Finance | |||
Year One | |||
Total | 741,021 | 242,570 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 220,420 | 635,166 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 629,223 | 774,941 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 739,270 | 8,100 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 7,932 | 86,878 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 649,830 | 628,903 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 33,570 | 12,578 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 3,021,266 | 2,389,136 | |
Current period charge-offs | 0 | 0 | $ 0 |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 741,021 | 242,570 | |
Year Two | |||
Total | 220,420 | 612,366 | |
Year Three | |||
Total | 629,223 | 774,941 | |
Year Four | |||
Total | 739,270 | 8,100 | |
Year Five | |||
Total | 7,932 | 86,878 | |
Prior | |||
Total | 649,830 | 628,903 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 33,570 | 12,578 | |
Total | |||
Total | 3,021,266 | 2,366,336 | |
Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 22,800 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 22,800 | |
Long-Term Standby Purchase Commitments and Guaranteed Securities | |||
Total | |||
Total | 3,714,184 | 3,521,593 | |
Long-Term Standby Purchase Commitments and Guaranteed Securities | Agricultural Finance | |||
Year One | |||
Total | 202,998 | 376,027 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 497,588 | 544,098 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 537,752 | 245,089 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 254,293 | 200,298 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 212,165 | 251,812 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 1,183,111 | 1,089,305 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 303,085 | 258,127 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 3,190,992 | 2,964,756 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Long-Term Standby Purchase Commitments and Guaranteed Securities | Acceptable | Agricultural Finance | |||
Year One | |||
Total | 202,998 | 376,027 | |
Year Two | |||
Total | 496,269 | 537,521 | |
Year Three | |||
Total | 535,798 | 244,365 | |
Year Four | |||
Total | 254,293 | 188,452 | |
Year Five | |||
Total | 207,379 | 235,865 | |
Prior | |||
Total | 1,107,834 | 1,013,937 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 296,508 | 252,039 | |
Total | |||
Total | 3,101,079 | 2,848,206 | |
Long-Term Standby Purchase Commitments and Guaranteed Securities | Special mention | Agricultural Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 1,319 | 5,270 | |
Year Three | |||
Total | 1,778 | 0 | |
Year Four | |||
Total | 0 | 6,808 | |
Year Five | |||
Total | 1,198 | 3,154 | |
Prior | |||
Total | 42,680 | 38,042 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 3,205 | 2,354 | |
Total | |||
Total | 50,180 | 55,628 | |
Long-Term Standby Purchase Commitments and Guaranteed Securities | Substandard | Agricultural Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 1,307 | |
Year Three | |||
Total | 176 | 724 | |
Year Four | |||
Total | 0 | 5,038 | |
Year Five | |||
Total | 3,588 | 12,793 | |
Prior | |||
Total | 32,597 | 37,326 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 3,372 | 3,734 | |
Total | |||
Total | 39,733 | 60,922 | |
Long-Term Standby Purchase Commitments | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Prior | |||
Total | 470,659 | 499,594 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 52,533 | 57,243 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period, net charge offs | 0 | 0 | |
Total | |||
Total | 523,192 | 556,837 | |
Current period charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Current period Agricultural Finance net charge-offs | 0 | 0 | |
Long-Term Standby Purchase Commitments | Acceptable | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 470,659 | 499,594 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 52,533 | 57,243 | |
Total | |||
Total | 523,192 | 556,837 | |
Long-Term Standby Purchase Commitments | Special mention | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 0 | 0 | |
Long-Term Standby Purchase Commitments | Substandard | Rural Infrastructure Finance | |||
Year One | |||
Total | 0 | 0 | |
Year Two | |||
Total | 0 | 0 | |
Year Three | |||
Total | 0 | 0 | |
Year Four | |||
Total | 0 | 0 | |
Year Five | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans - Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | $ 0 | $ 0 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Financial derivatives | $ 37,409 | $ 6,081 |
Liabilities: | ||
Financial derivatives | 175,326 | 35,554 |
Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 4,579,564 | $ 3,836,391 |
Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | $ 7,607,226 | |
Level 3 | ||
Liabilities: | ||
Percent of level three fair value assets and liabilities | 28% | 25% |
Financial instruments level three percent | 62% | 62% |
Recurring | ||
Assets: | ||
Financial derivatives | $ 37,409 | $ 6,081 |
Guarantee Asset | 4,467 | 6,237 |
Total Assets at fair value | 12,230,433 | 10,181,669 |
Liabilities: | ||
Financial derivatives | 175,326 | 35,554 |
Total Liabilities at fair value | 175,326 | 35,554 |
Recurring | USDA Securities: | ||
Assets: | ||
Trading | 1,767 | 4,401 |
Recurring | Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 4,579,564 | 3,836,391 |
Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 |
Recurring | Level 1 | ||
Assets: | ||
Financial derivatives | 0 | 73 |
Guarantee Asset | 0 | 0 |
Total Assets at fair value | 1,119,611 | 1,179,542 |
Liabilities: | ||
Financial derivatives | 142 | 0 |
Total Liabilities at fair value | 142 | 0 |
Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 1 | Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 1,119,611 | 1,179,469 |
Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Financial derivatives | 37,409 | 6,008 |
Guarantee Asset | 0 | 0 |
Total Assets at fair value | 3,478,335 | 2,643,676 |
Liabilities: | ||
Financial derivatives | 175,184 | 35,554 |
Total Liabilities at fair value | 175,184 | 35,554 |
Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
Recurring | Level 2 | Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 3,440,926 | 2,637,668 |
Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Recurring | Level 3 | ||
Assets: | ||
Financial derivatives | 0 | 0 |
Guarantee Asset | 4,467 | 6,237 |
Total Assets at fair value | 7,632,487 | 6,358,451 |
Liabilities: | ||
Financial derivatives | 0 | 0 |
Total Liabilities at fair value | 0 | 0 |
Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 1,767 | 4,401 |
Recurring | Level 3 | Investment securities: | ||
Assets: | ||
Available-for-sale, at fair value | 19,027 | 19,254 |
Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 |
Fair Value, Nonrecurring | ||
Assets: | ||
Mortgage Servicing Rights | 2,681 | |
Total Assets at fair value | 2,681 | |
Fair Value, Nonrecurring | Level 1 | ||
Assets: | ||
Mortgage Servicing Rights | 0 | |
Total Assets at fair value | 0 | |
Fair Value, Nonrecurring | Level 2 | ||
Assets: | ||
Mortgage Servicing Rights | 0 | |
Total Assets at fair value | 0 | |
Fair Value, Nonrecurring | Level 3 | ||
Assets: | ||
Mortgage Servicing Rights | 2,681 | |
Total Assets at fair value | 2,681 | |
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,599,379 | 6,316,145 |
AgVantage Securities | Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
AgVantage Securities | Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
AgVantage Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,599,379 | 6,316,145 |
Farmer Mac Guaranteed USDA Securities | Recurring | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,847 | 12,414 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 1 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 2 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||
Assets: | ||
Available-for-sale, at fair value | 7,847 | 12,414 |
USDA Securities | Recurring | USDA Securities: | ||
Assets: | ||
Trading | 1,767 | 4,401 |
USDA Securities | Recurring | Level 1 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Securities | Recurring | Level 2 | USDA Securities: | ||
Assets: | ||
Trading | 0 | 0 |
USDA Securities | Recurring | Level 3 | USDA Securities: | ||
Assets: | ||
Trading | 1,767 | 4,401 |
Floating Interest Rate | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Available-for-sale, at fair value | 19,027 | 19,254 |
Floating Interest Rate | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 2,392,540 | 2,178,831 |
Floating Interest Rate | Recurring | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Available-for-sale, at fair value | 19,027 | 19,254 |
Floating Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 2,392,540 | 2,178,831 |
Floating Interest Rate | 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 | Recurring | Level 1 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Floating Interest Rate | 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 | Recurring | Level 2 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 2,392,540 | 2,178,831 |
Floating Interest Rate | Recurring | Level 3 | Floating rate auction-rate certificates backed by Government guaranteed student loans | ||
Assets: | ||
Available-for-sale, at fair value | 19,027 | 19,254 |
Floating Interest Rate | 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 | 1,048,386 | 458,837 |
Fixed Interest Rate | Fixed rate U.S. Treasuries | ||
Assets: | ||
Available-for-sale, at fair value | 1,119,611 | 1,179,469 |
Fixed Interest Rate | Recurring | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 1,048,386 | 458,837 |
Fixed Interest Rate | Recurring | Fixed rate U.S. Treasuries | ||
Assets: | ||
Available-for-sale, at fair value | 1,119,611 | 1,179,469 |
Fixed Interest Rate | Recurring | Level 1 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 1 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Available-for-sale, at fair value | 1,119,611 | 1,179,469 |
Fixed Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 1,048,386 | 458,837 |
Fixed Interest Rate | Recurring | Level 2 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 3 | Guaranteed mortgage-backed securities | ||
Assets: | ||
Available-for-sale, at fair value | 0 | 0 |
Fixed Interest Rate | Recurring | Level 3 | Fixed rate U.S. Treasuries | ||
Assets: | ||
Available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value Disclosures - Unobse
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income | Net Income | Net Income |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 6,358,451 | $ 6,973,567 | $ 7,170,850 |
Purchases | 3,411,665 | 1,161,912 | 974,237 |
Settlements | (1,531,464) | (1,617,039) | (1,400,130) |
Allowance for Losses | (264) | 31 | (345) |
Realized and unrealized losses included in Income | (553,825) | (176,180) | 202,757 |
Unrealized losses included in Other Comprehensive Income | (52,076) | 16,160 | 26,198 |
Ending Balance | 7,632,487 | 6,358,451 | 6,973,567 |
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating Interest Rate | Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 19,254 | 19,171 | 18,912 |
Purchases | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Allowance for Losses | 19 | (16) | (36) |
Realized and unrealized losses included in Income | 0 | 0 | 0 |
Unrealized losses included in Other Comprehensive Income | (246) | 99 | 295 |
Ending Balance | 19,027 | 19,254 | 19,171 |
Available-for-sale securities | Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 19,254 | 19,171 | 18,912 |
Purchases | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Allowance for Losses | 19 | (16) | (36) |
Realized and unrealized losses included in Income | 0 | 0 | 0 |
Unrealized losses included in Other Comprehensive Income | (246) | 99 | 295 |
Ending Balance | 19,027 | 19,254 | 19,171 |
Farmer Mac Guaranteed Securities | Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 6,328,559 | 6,947,701 | 7,143,025 |
Purchases | 3,411,665 | 1,155,675 | 974,237 |
Settlements | (1,527,978) | (1,614,861) | (1,397,861) |
Allowance for Losses | (283) | 47 | (309) |
Realized and unrealized losses included in Income | (552,907) | (176,064) | 202,706 |
Unrealized losses included in Other Comprehensive Income | (51,830) | 16,061 | 25,903 |
Ending Balance | 7,607,226 | 6,328,559 | 6,947,701 |
Farmer Mac Guaranteed Securities | Level 3 | Recurring | AgVantage Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 6,316,145 | 6,947,701 | 7,143,025 |
Purchases | 3,411,665 | 1,143,115 | 974,237 |
Settlements | (1,526,303) | (1,614,598) | (1,397,861) |
Allowance for Losses | (283) | 47 | (309) |
Realized and unrealized losses included in Income | (552,907) | (176,064) | 202,706 |
Unrealized losses included in Other Comprehensive Income | (48,938) | 15,944 | 25,903 |
Ending Balance | 7,599,379 | 6,316,145 | 6,947,701 |
Farmer Mac Guaranteed Securities | Level 3 | Recurring | Farmer Mac Guaranteed USDA Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 12,414 | 0 | |
Purchases | 0 | 12,560 | |
Settlements | (1,675) | (263) | |
Allowance for Losses | 0 | 0 | |
Realized and unrealized losses included in Income | 0 | 0 | |
Unrealized losses included in Other Comprehensive Income | (2,892) | 117 | |
Ending Balance | 7,847 | 12,414 | 0 |
USDA Securities: | Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 4,401 | 6,695 | 8,913 |
Purchases | 0 | 0 | 0 |
Settlements | (2,583) | (2,178) | (2,269) |
Allowance for Losses | 0 | 0 | 0 |
Realized and unrealized losses included in Income | (51) | (116) | 51 |
Unrealized losses included in Other Comprehensive Income | 0 | 0 | 0 |
Ending Balance | 1,767 | 4,401 | 6,695 |
Guarantee and commitment obligations: | Level 3 | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 6,237 | 0 | |
Purchases | 0 | 6,237 | |
Settlements | (903) | 0 | |
Allowance for Losses | 0 | 0 | |
Realized and unrealized losses included in Income | (867) | 0 | |
Unrealized losses included in Other Comprehensive Income | 0 | 0 | |
Ending Balance | 4,467 | 6,237 | 0 |
Guarantee and commitment obligations: | Level 3 | Recurring | Guarantee Asset | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 6,237 | 0 | |
Purchases | 0 | 6,237 | |
Settlements | (903) | 0 | |
Allowance for Losses | 0 | 0 | |
Realized and unrealized losses included in Income | (867) | 0 | |
Unrealized losses included in Other Comprehensive Income | 0 | 0 | |
Ending Balance | $ 4,467 | $ 6,237 | $ 0 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | $ 7,607,226 | |||
Recurring | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee Asset | 4,467 | $ 6,237 | ||
Recurring | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 | ||
Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 7,632,487 | 6,358,451 | $ 6,973,567 | $ 7,170,850 |
Guarantee Asset | 4,467 | 6,237 | ||
Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,607,226 | 6,328,559 | ||
Floating rate auction-rate certificates backed by Government guaranteed student loans | Recurring | Level 3 | Floating Interest Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 19,027 | 19,254 | 19,171 | 18,912 |
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,800 | 12,400 | ||
Farmer Mac Guaranteed Securities | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 7,607,226 | 6,328,559 | 6,947,701 | 7,143,025 |
USDA Securities: | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,767 | 4,401 | 6,695 | 8,913 |
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,599,379 | 6,316,145 | ||
AgVantage Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,599,379 | 6,316,145 | ||
AgVantage Securities | Farmer Mac Guaranteed Securities | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 7,599,379 | 6,316,145 | 6,947,701 | $ 7,143,025 |
Farmer Mac Guaranteed USDA Securities | Recurring | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,847 | 12,414 | ||
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale, at fair value | 7,847 | 12,414 | ||
Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 7,847 | $ 12,414 | $ 0 | |
Range of broker quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.968 | 0.980 | ||
Range of broker quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.968 | 0.980 | ||
Range of broker quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.968 | 0.980 | ||
Discount rate | Minimum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.054 | 0.054 | ||
Discount rate | Minimum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.047 | 0.009 | ||
Discount rate | Minimum | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.048 | 0.023 | ||
Discount rate | Minimum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.051 | 0.014 | ||
Discount rate | Maximum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.059 | 0.058 | ||
Discount rate | Maximum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.061 | 0.021 | ||
Discount rate | Maximum | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.053 | 0.028 | ||
Discount rate | Maximum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.057 | 0.031 | ||
Discount rate | Weighted Average | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.057 | 0.056 | ||
Discount rate | Weighted Average | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.051 | 0.017 | ||
Discount rate | Weighted Average | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.051 | 0.026 | ||
Discount rate | Weighted Average | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.053 | 0.028 | ||
CPR | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities, measurement input | 0.08 | 0.08 | ||
CPR | Minimum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.08 | 0.07 | ||
CPR | Minimum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.19 | 0.25 | ||
CPR | Maximum | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.12 | |||
CPR | Maximum | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.27 | 0.42 | ||
CPR | Weighted Average | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Guarantee asset, measurement input | 0.08 | |||
CPR | Weighted Average | USDA Securities | USDA Securities: | Discounted cash flow | Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
USDA securities, measurement input | 0.25 | 0.39 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||||
Financial derivatives | $ 37,409 | $ 6,081 | ||
Guarantee and commitment fees receivable | 47,151 | 45,538 | ||
Financial liabilities: | ||||
Financial derivatives | 175,326 | 35,554 | ||
Guarantee and commitment obligation | 46,582 | 43,926 | $ 35,535 | $ 36,700 |
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 861,002 | 908,785 | ||
Loans | 9,666,710 | 9,814,642 | ||
Financial derivatives | 37,409 | 6,081 | ||
Guarantee and commitment fees receivable | 50,653 | 42,533 | ||
Financial liabilities: | ||||
Notes payable | 23,591,330 | 22,716,791 | ||
Debt securities of consolidated trusts held by third parties | 1,106,837 | 1,005,306 | ||
Financial derivatives | 175,326 | 35,554 | ||
Guarantee and commitment obligation | 50,083 | 40,920 | ||
Fair Value | Investment securities: | ||||
Financial assets: | ||||
Marketable securities | 4,630,701 | 3,884,202 | ||
Fair Value | Farmer Mac Guaranteed Securities | ||||
Financial assets: | ||||
Marketable securities | 8,573,781 | 8,360,293 | ||
Fair Value | USDA Securities: | ||||
Financial assets: | ||||
Marketable securities | 2,099,445 | 2,536,473 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 861,002 | 908,785 | ||
Loans | 10,208,307 | 9,248,678 | ||
Financial derivatives | 37,409 | 6,081 | ||
Guarantee and commitment fees receivable | 47,151 | 45,538 | ||
Financial liabilities: | ||||
Notes payable | 24,469,113 | 22,713,771 | ||
Debt securities of consolidated trusts held by third parties | 1,181,948 | 981,379 | ||
Financial derivatives | 175,326 | 35,554 | ||
Guarantee and commitment obligation | 46,582 | 43,926 | ||
Carrying Amount | Investment securities: | ||||
Financial assets: | ||||
Marketable securities | 4,628,268 | 3,882,590 | ||
Carrying Amount | Farmer Mac Guaranteed Securities | ||||
Financial assets: | ||||
Marketable securities | 8,628,380 | 8,361,798 | ||
Carrying Amount | USDA Securities: | ||||
Financial assets: | ||||
Marketable securities | $ 2,411,601 | $ 2,440,732 |
Business Segment Reporting - Co
Business Segment Reporting - Core Earnings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 7 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | $ 270,940 | $ 221,951 | $ 195,848 |
Guarantee and commitment fees | 13,040 | 12,669 | 12,549 |
Gain on the sale of mortgage loans | 0 | 6,539 | 0 |
Other income/(expense) | 25,131 | 2,531 | 5,744 |
Total revenues | 309,111 | 243,690 | 214,141 |
(Provision for)/release of losses | (1,323) | 860 | (7,805) |
Release of/(provision for) reserve for losses | 517 | 1,327 | (250) |
Operating expenses | (82,626) | (73,416) | (61,403) |
Total non-interest expense | (82,109) | (72,089) | (61,653) |
Core earnings before income taxes | 225,679 | 172,461 | 144,683 |
Income tax (expense)/benefit | (47,535) | (36,372) | (30,307) |
Core earnings before preferred stock dividends | 178,144 | 136,089 | 114,376 |
Preferred stock dividends | (27,165) | (24,677) | (17,805) |
Loss on retirement of preferred stock | (1,667) | ||
Segment core earnings/(losses) | 150,979 | 111,412 | 94,904 |
Total Assets | 27,333,110 | 25,121,009 | 24,330,328 |
Total on- and off-balance sheet program assets at principal balance | 25,922,082 | 23,614,463 | 21,924,095 |
Reconciling Adjustments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 0 | 0 | 0 |
Less: reconciling adjustments | 15,411 | 1,283 | (1,108) |
Net Effective Spread | 15,411 | 1,283 | (1,108) |
Guarantee and commitment fees | (5,104) | (4,864) | (6,601) |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 23,447 | 851 | 2,594 |
Total revenues | 33,754 | (2,730) | (5,115) |
(Provision for)/release of losses | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 |
Core earnings before income taxes | 33,754 | (2,730) | (5,115) |
Income tax (expense)/benefit | (7,089) | 572 | 1,074 |
Core earnings before preferred stock dividends | 26,665 | (2,158) | (4,041) |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | (1,667) | ||
Segment core earnings/(losses) | 26,665 | (2,158) | (5,708) |
Total Assets | 0 | 0 | 0 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 |
Farm & Ranch | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
(Provision for)/release of losses | (1,246) | 1,576 | (3,068) |
Farm & Ranch | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 133,218 | 118,289 | 96,355 |
Less: reconciling adjustments | (4,161) | (4,753) | (6,197) |
Net Effective Spread | 129,057 | 113,536 | 90,158 |
Guarantee and commitment fees | 16,718 | 16,178 | 17,800 |
Gain on the sale of mortgage loans | 6,539 | ||
Other income/(expense) | 1,420 | 1,966 | 3,652 |
Total revenues | 147,195 | 138,219 | 111,610 |
(Provision for)/release of losses | (1,463) | 1,574 | (2,941) |
Release of/(provision for) reserve for losses | 247 | 1,034 | (80) |
Operating expenses | (819) | 0 | 0 |
Total non-interest expense | (572) | 1,034 | (80) |
Core earnings before income taxes | 145,160 | 140,827 | 108,589 |
Income tax (expense)/benefit | (30,482) | (29,574) | (22,802) |
Core earnings before preferred stock dividends | 114,678 | 111,253 | 85,787 |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | 114,678 | 111,253 | 85,787 |
Total Assets | 14,623,596 | 13,112,193 | 12,373,781 |
Total on- and off-balance sheet program assets at principal balance | 17,728,792 | 16,094,640 | 14,872,894 |
Corporate AgFinance | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
(Provision for)/release of losses | (2,171) | (219) | 109 |
Corporate AgFinance | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 29,209 | 27,081 | 21,441 |
Less: reconciling adjustments | 0 | 0 | 0 |
Net Effective Spread | 29,209 | 27,081 | 21,441 |
Guarantee and commitment fees | 139 | 48 | 5 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 261 | 0 | 0 |
Total revenues | 29,609 | 27,129 | 21,446 |
(Provision for)/release of losses | (2,136) | (210) | 36 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 |
Core earnings before income taxes | 27,473 | 26,919 | 21,482 |
Income tax (expense)/benefit | (5,768) | (5,653) | (4,511) |
Core earnings before preferred stock dividends | 21,705 | 21,266 | 16,971 |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | 21,705 | 21,266 | 16,971 |
Total Assets | 1,541,151 | 1,507,848 | 1,663,581 |
Total on- and off-balance sheet program assets at principal balance | 1,603,507 | 1,537,834 | 1,664,115 |
Rural Utilities | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 16,175 | 8,224 | 7,083 |
Less: reconciling adjustments | (103) | (157) | (207) |
Net Effective Spread | 16,072 | 8,067 | 6,876 |
Guarantee and commitment fees | 1,238 | 1,287 | 1,345 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 0 | 5 | 32 |
Total revenues | 17,310 | 9,359 | 8,253 |
(Provision for)/release of losses | 2,751 | (291) | (4,763) |
Release of/(provision for) reserve for losses | 270 | 293 | (170) |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 270 | 293 | (170) |
Core earnings before income taxes | 20,331 | 9,361 | 3,320 |
Income tax (expense)/benefit | (4,268) | (1,965) | (697) |
Core earnings before preferred stock dividends | 16,063 | 7,396 | 2,623 |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | 16,063 | 7,396 | 2,623 |
Total Assets | 5,867,517 | 5,344,707 | 4,760,585 |
Total on- and off-balance sheet program assets at principal balance | 6,359,613 | 5,895,226 | 5,314,051 |
Renewable Energy | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 2,483 | 1,219 | 303 |
Less: reconciling adjustments | 0 | 0 | 0 |
Net Effective Spread | 2,483 | 1,219 | 303 |
Guarantee and commitment fees | 49 | 20 | 0 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 0 | 0 | 0 |
Total revenues | 2,532 | 1,239 | 303 |
(Provision for)/release of losses | (494) | (198) | (110) |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 |
Core earnings before income taxes | 2,038 | 1,041 | 193 |
Income tax (expense)/benefit | (428) | (219) | (41) |
Core earnings before preferred stock dividends | 1,610 | 822 | 152 |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | 1,610 | 822 | 152 |
Total Assets | 219,609 | 87,553 | 73,493 |
Total on- and off-balance sheet program assets at principal balance | 230,170 | 86,763 | 73,035 |
Funding | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 96,613 | 66,581 | 71,706 |
Less: reconciling adjustments | (11,147) | 3,627 | 7,512 |
Net Effective Spread | 85,466 | 70,208 | 79,218 |
Guarantee and commitment fees | 0 | 0 | 0 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 0 | 0 | 0 |
Total revenues | 85,466 | 70,208 | 79,218 |
(Provision for)/release of losses | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 |
Core earnings before income taxes | 85,466 | 70,208 | 79,218 |
Income tax (expense)/benefit | (17,949) | (14,744) | (16,636) |
Core earnings before preferred stock dividends | 67,517 | 55,464 | 62,582 |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | 67,517 | 55,464 | 62,582 |
Total Assets | 0 | 0 | 0 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 |
Investments | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | (6,758) | 557 | (1,040) |
Less: reconciling adjustments | 0 | 0 | 0 |
Net Effective Spread | (6,758) | 557 | (1,040) |
Guarantee and commitment fees | 0 | 0 | 0 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 0 | 0 | 0 |
Total revenues | (6,758) | 557 | (1,040) |
(Provision for)/release of losses | 19 | (15) | (27) |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
Total non-interest expense | 0 | 0 | 0 |
Core earnings before income taxes | (6,739) | 542 | (1,067) |
Income tax (expense)/benefit | 1,416 | (114) | 224 |
Core earnings before preferred stock dividends | (5,323) | 428 | (843) |
Preferred stock dividends | 0 | 0 | 0 |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | (5,323) | 428 | (843) |
Total Assets | 4,806,010 | 5,012,827 | 5,415,596 |
Total on- and off-balance sheet program assets at principal balance | 0 | 0 | 0 |
Corporate | Operating Segments | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Net interest income | 0 | 0 | 0 |
Less: reconciling adjustments | 0 | 0 | 0 |
Net Effective Spread | 0 | 0 | 0 |
Guarantee and commitment fees | 0 | 0 | 0 |
Gain on the sale of mortgage loans | 0 | ||
Other income/(expense) | 3 | (291) | (534) |
Total revenues | 3 | (291) | (534) |
(Provision for)/release of losses | 0 | 0 | 0 |
Release of/(provision for) reserve for losses | 0 | 0 | 0 |
Operating expenses | (81,807) | (73,416) | (61,403) |
Total non-interest expense | (81,807) | (73,416) | (61,403) |
Core earnings before income taxes | (81,804) | (73,707) | (61,937) |
Income tax (expense)/benefit | 17,033 | 15,325 | 13,082 |
Core earnings before preferred stock dividends | (64,771) | (58,382) | (48,855) |
Preferred stock dividends | (27,165) | (24,677) | (17,805) |
Loss on retirement of preferred stock | 0 | ||
Segment core earnings/(losses) | (91,936) | (83,059) | (66,660) |
Total Assets | 275,227 | 55,881 | 43,292 |
Total on- and off-balance sheet program assets at principal balance | $ 0 | $ 0 | $ 0 |
Revision of Prior Period Fina_3
Revision of Prior Period Financial Statements - Schedule of Revised Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||||
Financial derivatives | $ 37,409 | $ 6,081 | ||
Interest Receivable | 229,061 | 165,604 | ||
Deferred tax asset, net | 18,004 | 15,869 | ||
Prepaid expenses and other assets | 263,927 | 45,334 | ||
Total Assets | 27,333,110 | 25,121,009 | $ 24,330,328 | |
Liabilities: | ||||
Notes payable | 24,469,113 | 22,713,771 | ||
Financial derivatives | 175,326 | 35,554 | ||
Accrued Interest Payable | 117,887 | 59,003 | ||
Accounts payable and accrued expenses | 68,863 | 71,726 | ||
Total Liabilities | 26,061,152 | 23,907,309 | ||
Equity: | ||||
Retained earnings | 698,530 | 588,557 | ||
Total Equity | 1,271,958 | 1,213,700 | 997,935 | $ 799,006 |
Total Liabilities and Equity | 27,333,110 | 25,121,009 | ||
Retained Earnings | ||||
Equity: | ||||
Total Equity | $ 698,530 | 588,557 | 515,018 | 456,777 |
As previously Reported | ||||
Assets: | ||||
Financial derivatives | 19,139 | |||
Interest Receivable | 177,355 | |||
Deferred tax asset, net | 15,558 | |||
Prepaid expenses and other assets | 45,318 | |||
Total Assets | 25,145,491 | |||
Liabilities: | ||||
Notes payable | 22,716,156 | |||
Financial derivatives | 34,248 | |||
Accrued Interest Payable | 83,992 | |||
Accounts payable and accrued expenses | 79,427 | |||
Total Liabilities | 23,941,078 | |||
Equity: | ||||
Retained earnings | 579,270 | |||
Total Equity | 1,204,413 | 992,477 | 799,276 | |
Total Liabilities and Equity | 25,145,491 | |||
As previously Reported | Retained Earnings | ||||
Equity: | ||||
Total Equity | 579,270 | 509,560 | 457,047 | |
Adjustments | ||||
Assets: | ||||
Financial derivatives | (13,058) | |||
Interest Receivable | (11,751) | |||
Deferred tax asset, net | 311 | |||
Prepaid expenses and other assets | 16 | |||
Total Assets | (24,482) | |||
Liabilities: | ||||
Notes payable | (2,385) | |||
Financial derivatives | 1,306 | |||
Accrued Interest Payable | (24,989) | |||
Accounts payable and accrued expenses | (7,701) | |||
Total Liabilities | (33,769) | |||
Equity: | ||||
Retained earnings | 9,287 | |||
Total Equity | 9,287 | 5,458 | (270) | |
Total Liabilities and Equity | (24,482) | |||
Adjustments | Retained Earnings | ||||
Equity: | ||||
Total Equity | $ 9,287 | $ 5,458 | $ (270) |
Revision of Prior Period Fina_4
Revision of Prior Period Financial Statements - Schedule of Revised Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Farmer Mac Guaranteed Securities and USDA Securities | $ 283,769 | $ 164,723 | $ 232,951 |
Total interest income | 716,848 | 425,965 | 508,794 |
Net interest income | 270,940 | 221,951 | 195,848 |
Non-interest income/(expense): | |||
Gains on financial derivatives | 22,631 | 324 | 1,744 |
Non-interest income | 38,688 | 23,066 | 18,043 |
Income before income taxes | 225,679 | 172,461 | 144,683 |
Income tax expense | 47,535 | 36,372 | 30,307 |
Net income | 178,144 | 136,089 | 114,376 |
Net income attributable to common stockholders | $ 150,979 | 111,412 | 94,904 |
As previously Reported | |||
Interest income: | |||
Farmer Mac Guaranteed Securities and USDA Securities | 163,547 | 227,691 | |
Total interest income | 424,789 | 503,534 | |
Net interest income | 220,775 | 190,588 | |
Non-interest income/(expense): | |||
Gains on financial derivatives | (3,348) | (246) | |
Non-interest income | 19,394 | 16,053 | |
Income before income taxes | 167,613 | 137,433 | |
Income tax expense | 35,353 | 28,785 | |
Net income | 132,260 | 108,648 | |
Net income attributable to common stockholders | 107,583 | 89,176 | |
Adjustments | |||
Interest income: | |||
Farmer Mac Guaranteed Securities and USDA Securities | 1,176 | 5,260 | |
Total interest income | 1,176 | 5,260 | |
Net interest income | 1,176 | 5,260 | |
Non-interest income/(expense): | |||
Gains on financial derivatives | 3,672 | 1,990 | |
Non-interest income | 3,672 | 1,990 | |
Income before income taxes | 4,848 | 7,250 | |
Income tax expense | 1,019 | 1,522 | |
Net income | 3,829 | 5,728 | |
Net income attributable to common stockholders | $ 3,829 | $ 5,728 |
Revision of Prior Period Fina_5
Revision of Prior Period Financial Statements - Schedule of Revised Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ 178,144 | $ 136,089 | $ 114,376 |
Comprehensive income | $ 123,448 | 153,865 | 116,614 |
As previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 132,260 | 108,648 | |
Comprehensive income | 150,036 | 110,886 | |
Adjustments | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | 3,829 | 5,728 | |
Comprehensive income | $ 3,829 | $ 5,728 |
Revision of Prior Period Fina_6
Revision of Prior Period Financial Statements - Schedule of Revised Consolidated Statements of Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 1,213,700 | $ 997,935 | $ 799,006 |
Net Income | 178,144 | 136,089 | 114,376 |
Ending balance | 1,271,958 | 1,213,700 | 997,935 |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 588,557 | 515,018 | 456,777 |
Net Income | 178,144 | 136,089 | 114,376 |
Ending balance | 698,530 | 588,557 | 515,018 |
As previously Reported | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1,204,413 | 992,477 | 799,276 |
Net Income | 132,260 | 108,648 | |
Ending balance | 1,204,413 | 992,477 | |
As previously Reported | Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 579,270 | 509,560 | 457,047 |
Net Income | 132,260 | 108,648 | |
Ending balance | 579,270 | 509,560 | |
Adjustments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 9,287 | 5,458 | (270) |
Net Income | 3,829 | 5,728 | |
Ending balance | 9,287 | 5,458 | |
Adjustments | Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 9,287 | 5,458 | (270) |
Net Income | 3,829 | 5,728 | |
Ending balance | $ 9,287 | $ 5,458 |
Revision of Prior Period Fina_7
Revision of Prior Period Financial Statements - Schedule of Revised Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 178,144 | $ 136,089 | $ 114,376 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net change in fair value of trading securities, hedged assets, and financial derivatives | 689,998 | 205,701 | (240,545) |
Deferred income taxes | 12,406 | (1,630) | (2,826) |
Net change in: | |||
Interest receivable | (63,777) | 4,446 | 10,319 |
Other assets | (126,054) | (9,830) | (10,304) |
Accrued interest payable | 58,884 | (9,526) | (22,732) |
Other liabilities | 7,075 | (445) | 839 |
Net cash provided by/(used in) operating activities | $ 809,271 | 436,412 | (94,547) |
As previously Reported | |||
Cash flows from operating activities: | |||
Net income | 132,260 | 108,648 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net change in fair value of trading securities, hedged assets, and financial derivatives | 203,758 | (256,466) | |
Deferred income taxes | (1,960) | (2,406) | |
Net change in: | |||
Interest receivable | 6,945 | 11,054 | |
Other assets | (9,830) | (3,348) | |
Accrued interest payable | (8,746) | (14,221) | |
Other liabilities | 2,378 | 5,866 | |
Net cash provided by/(used in) operating activities | 436,412 | (94,547) | |
Adjustments | |||
Cash flows from operating activities: | |||
Net income | 3,829 | 5,728 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net change in fair value of trading securities, hedged assets, and financial derivatives | 1,943 | 15,921 | |
Deferred income taxes | 330 | (420) | |
Net change in: | |||
Interest receivable | (2,499) | (735) | |
Other assets | 0 | (6,956) | |
Accrued interest payable | (780) | (8,511) | |
Other liabilities | (2,823) | (5,027) | |
Net cash provided by/(used in) operating activities | $ 0 | $ 0 |
Uncategorized Items - agm-20221
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |