Segment Information

9 Months Ended

Feb. 29, 2016

Segment Reporting [Abstract]

Segment Information

NOTE 13—SEGMENT INFORMATION

The following tables display segment results for the three and nine months ended February 29, 2016 and February 28, 2015, and assets attributable to each segment as of February 29, 2016 and February 28, 2015.

	Three Months Ended February 29, 2016
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	250,814		$	11,367		$	(8,548	)	$	253,633
Interest expense	(170,872		)	(8,865		)	8,548			(171,189		)
Net interest income	79,942			2,502			—			82,444
Provision for loan losses	1,735			—			—			1,735
Net interest income after provision for loan losses	81,677			2,502			—			84,179
Non-interest income:
Fee and other income	5,341			984			(721		)	5,604
Derivative losses	(240,363		)	(2,673		)	—			(243,036		)
Results of operations of foreclosed assets	1,472			—			—			1,472
Total non-interest income	(233,550		)	(1,689		)	(721		)	(235,960		)
Non-interest expense:
General and administrative expenses	(20,266		)	(2,341		)	255			(22,352		)
Losses on early extinguishment of debt	(333		)	—			—			(333		)
Other	(509		)	(466		)	466			(509		)
Total non-interest expense	(21,108		)	(2,807		)	721			(23,194		)
Loss before income taxes	(172,981		)	(1,994		)	—			(174,975		)
Income tax benefit	—			593			—			593
Net loss	$	(172,981	)	$	(1,401	)	$	—		$	(174,382	)

	Three Months Ended February 28, 2015
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	235,616		$	11,791		$	(8,667	)	$	238,740
Interest expense	(156,489		)	(9,028		)	8,667			(156,850		)
Net interest income	79,127			2,763			—			81,890
Provision for loan losses	(2,304		)	—			—			(2,304		)
Net interest income after provision for loan losses	76,823			2,763			—			79,586
Non-interest income:
Fee and other income	4,928			922			(830		)	5,020
Derivative losses	(97,424		)	(1,346		)	—			(98,770		)
Results of operations from foreclosed assets	(1,369		)	—			—			(1,369		)
Total non-interest income	(93,865		)	(424		)	(830		)	(95,119		)
Non-interest expense:
General and administrative expenses	(16,227		)	(2,024		)	243			(18,008		)
Losses on early extinguishment of debt	(703		)	—			—			(703		)
Other	(7		)	(587		)	587			(7		)
Total non-interest expense	(16,937		)	(2,611		)	830			(18,718		)
Loss before income taxes	(33,979		)	(272		)	—			(34,251		)
Income tax benefit	—			55			—			55
Net loss	$	(33,979	)	$	(217	)	$	—		$	(34,196	)

	Nine Months Ended February 29, 2016
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	747,490		$	34,693		$	(26,109	)	$	756,074
Interest expense	(503,061		)	(27,061		)	26,109			(504,013		)
Net interest income	244,429			7,632			—			252,061
Provision for loan losses	(4,067		)	—			—			(4,067		)
Net interest income after provision for loan losses	240,362			7,632			—			247,994
Non-interest income:
Fee and other income	16,020			3,898			(2,582		)	17,336
Derivative losses	(352,153		)	(4,084		)	—			(356,237		)
Results of operations of foreclosed assets	1,605			—			—			1,605
Total non-interest income	(334,528		)	(186		)	(2,582		)	(337,296		)
Non-interest expense:
General and administrative expenses	(58,419		)	(7,762		)	763			(65,418		)
Losses on early extinguishment of debt	(333		)	—			—			(333		)
Other	(875		)	(1,819		)	1,819			(875		)
Total non-interest expense	(59,627		)	(9,581		)	2,582			(66,626		)
Loss before income taxes	(153,793		)	(2,135		)	—			(155,928		)
Income tax benefit	—			153			—			153
Net loss	$	(153,793	)	$	(1,982	)	$	—		$	(155,775	)
	February 29, 2016
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Assets:
Total loans outstanding	$	23,095,053		$	1,055,203		$	(1,016,041	)	$	23,134,215
Deferred loan origination costs	9,884			—			—			9,884
Less: Allowance for loan losses	(37,918		)	—			—			(37,918		)
Loans to members, net	23,067,019			1,055,203			(1,016,041		)	23,106,181
Other assets	1,270,625			120,001			(103,782		)	1,286,844
Total assets	$	24,337,644		$	1,175,204		$	(1,119,823	)	$	24,393,025

	Nine Months Ended February 28, 2015
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	701,924		$	34,926		$	(25,584	)	$	711,266
Interest expense	(470,635		)	(26,626		)	25,584			(471,677		)
Net interest income	231,289			8,300			—			239,589
Provision for loan losses	3,475			—			—			3,475
Net interest income after provision for loan losses	234,764			8,300			—			243,064
Non-interest income:
Fee and other income	18,800			2,653			(2,204		)	19,249
Derivative losses	(219,656		)	(3,553		)	—			(223,209		)
Results of operations from foreclosed assets	(33,059		)	—			—			(33,059		)
Total non-interest income	(233,915		)	(900		)	(2,204		)	(237,019		)
Non-interest expense:
General and administrative expenses	(49,479		)	(6,039		)	730			(54,788		)
Losses on early extinguishment of debt	(703		)							(703		)
Other	50			(1,474		)	1,474			50
Total non-interest expense	(50,132		)	(7,513		)	2,204			(55,441		)
Loss before income taxes	(49,283		)	(113		)	—			(49,396		)
Income tax expense	—			(100		)	—			(100		)
Net loss	$	(49,283	)	$	(213	)	$	—		$	(49,496	)
	February 28, 2015
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Assets:
Total loans outstanding	$	21,187,603		$	1,117,252		$	(1,102,456	)	$	21,202,399
Deferred loan origination costs	9,693			—			—			9,693
Less: Allowance for loan losses	(53,114		)	—			—			(53,114		)
Loans to members, net	21,144,182			1,117,252			(1,102,456		)	21,158,978
Other assets	1,448,655			157,122			(115,834		)	1,489,943
Total assets	$	22,592,837		$	1,274,374		$	(1,218,290	)	$	22,648,921