Summary of Significant Accounting Policies - (Tables)

6 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of components of interest income

The following table presents interest income, by interest-earning asset category, for the three and six months ended November 30, 2019 and 2018.



	Three Months Ended November 30,						Six Months Ended November 30,
(Dollars in thousands)	2019			2018			2019			2018
Interest income by interest-earning asset type:
Long-term fixed-rate loans⁽¹⁾	$	260,714		$	253,340		$	519,192		$	505,141
Long-term variable-rate loans	8,131			10,066			17,887			19,447
Line of credit loans	12,678			11,752			28,711			23,385
TDR loans⁽²⁾	212			211			418			429
Other income, net⁽³⁾	(287		)	(251		)	(571		)	(576		)
Total loans	281,448			275,118			565,637			547,826
Cash, time deposits and investment securities	5,589			6,135			11,415			11,918
Total interest income	$	287,037		$	281,253		$	577,052		$	559,744

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⁽¹⁾Includes loan conversion fees, which are generally deferred and recognized as interest income using the effective interest method.

⁽²⁾Troubled debt restructured (“TDR”) loans.

⁽³⁾Consists of late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs.

Schedule of Components of Interest Expense

The following table presents interest expense, by debt product type, for the three and six months ended November 30, 2019 and 2018.



	Three Months Ended November 30,				Six Months Ended November 30,
(Dollars in thousands)	2019		2018		2019		2018
Interest expense by debt product type:⁽¹⁾⁽²⁾
Short-term borrowings	$	22,112	$	22,619	$	44,934	$	42,038
Medium-term notes	31,440		33,816		63,516		66,226
Collateral trust bonds	64,523		68,934		129,904		146,639
Guaranteed Underwriter Program notes payable	39,786		35,014		80,219		70,348
Farmer Mac notes payable	22,654		19,697		47,728		40,808
Other notes payable	230		322		484		644
Subordinated deferrable debt	12,884		9,417		25,766		18,834
Subordinated certificates	14,242		14,347		28,591		28,860
Total interest expense	$	207,871	$	204,166	$	421,142	$	414,397

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⁽¹⁾ Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred.

⁽²⁾ Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.