Quarterly Financial Information

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL INFORMATION (Unaudited)

	2011 Quarter Ended
	Dec. 31			Sept. 30			June 30			Mar. 31
	(in thousands, except per share amounts)
Interest income:
Interest income	$	72,642		$	71,121		$	66,852		$	64,072
Interest expense	39,277			39,412			37,640			37,053
Net interest income	33,365			31,709			29,212			27,019
Release of/(provision for) loan losses	482			349			(160		)	(1,281		)
Net interest income after release of/(provision for) loan losses	33,847			32,058			29,052			25,738
Non-interest income:
Guarantee and commitment fees	5,966			6,148			6,320			6,387
(Losses)/gains on financial derivatives	(10,277		)	(68,567		)	(17,806		)	4,005
Gains/(losses) on trading assets	3,809			(3,633		)	1,968			1,311
Gains on sale of available-for-sale investment securities	—			74			38			157
Gains/(losses) on sale of real estate owned	254			(4		)	627			97
Lower of cost or fair value adjustment on loans held for sale	—			9,851			(156		)	(808		)
Other income	1,102			726			1,124			3,898
Non-interest income/(loss)	854			(55,405		)	(7,885		)	15,047
Non-interest expense	7,240			7,550			7,191			6,678
Income/(loss) before income taxes	27,461			(30,897		)	13,976			34,107
Income tax expense/(benefit)	7,872			(14,131		)	2,539			9,517
Net income/(loss)	19,589			(16,766		)	11,437			24,590
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,546		)	(5,547		)	(5,547		)	(5,547		)
Net income/(loss) attributable to Farmer Mac	14,043			(22,313		)	5,890			19,043
Preferred stock dividends	(720		)	(719		)	(720		)	(720		)
Net income/(loss) attributable to common stockholders	$	13,323		$	(23,032	)	$	5,170		$	18,323
Earnings/(loss) per common share:
Basic earnings/(loss) per common share	$	1.29		$	(2.22	)	$	0.50		$	1.78
Diluted earnings/(loss) per common share	$	1.23		$	(2.22	)	$	0.48		$	1.72
Common stock dividends per common share	$	0.05		$	0.05		$	0.05		$	0.05

	2010 Quarter Ended
	Dec. 31			Sept. 30			June 30			Mar. 31
	(in thousands, except per share amounts)
Interest income:
Interest income	$	62,077		$	58,575		$	57,327		$	60,732
Interest expense	36,308			33,526			35,719			37,115
Net interest income	25,769			25,049			21,608			23,617
(Provision for)/release of loan losses	(501		)	(412		)	1,870			(2,850		)
Net interest income after (provision for)/release of loan losses	25,268			24,637			23,478			20,767
Non-interest income/(loss):
Guarantee and commitment fees	6,485			5,977			5,710			5,919
Gains/(losses) on financial derivatives	11,349			(6,864		)	(15,840		)	(5,804		)
(Losses)/gains on trading assets	(1,433		)	(1,722		)	5,058			3,367
Gains on sale of available-for-sale investment securities	2			24			—			240
Gains on sale of real estate owned	10			—			—			—
Lower of cost or fair value adjustment on loans held for sale	(5,658		)	(906		)	90			(2,274		)
Other income	64			140			211			829
Non-interest income/(loss)	10,819			(3,351		)	(4,771		)	2,277
Non-interest expense	9,509			8,138			9,861			5,119
Income before income taxes	26,578			13,148			8,846			17,925
Income tax expense	7,820			885			756			4,336
Net income	18,758			12,263			8,090			13,589
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,547		)	(5,546		)	(5,546		)	(4,068		)
Net income attributable to Farmer Mac	13,211			6,717			2,544			9,521
Preferred stock dividends	(719		)	(720		)	(720		)	(1,970		)
Loss on retirement of preferred stock	—			—			—			(5,784		)
Net income attributable to common stockholders	$	12,492		$	5,997		$	1,824		$	1,767
Earnings per common share:
Basic earnings per common share	$	1.21		$	0.58		$	0.18		$	0.17
Diluted earnings per common share	$	1.16		$	0.56		$	0.17		$	0.17
Common stock dividends per common share	$	0.05		$	0.05		$	0.05		$	0.05