CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Interest income:
Loans	$ 29,153	$ 29,110
Total interest income	73,131	64,072
Total interest expense	38,923	37,053
Net interest income	34,208	27,019
Provision for loan losses	(420)	(1,281)
Net interest income after provision for loan losses	33,788	25,738
Non-interest income:
Guarantee and commitment fees	5,930	6,387
Gains on financial derivatives	6,400	4,005
Gains on trading assets	1,099	1,311
Gains on sale of available-for-sale investment securities	28	157
Gains on sale of real estate owned	0	97
Lower of cost or fair value adjustment on loans held for sale	0	(808)
Other income	721	3,898
Non-interest income	14,178	15,047
Non-interest expense:
Compensation and employee benefits	4,485	4,497
General and administrative	2,758	2,256
Regulatory fees	563	591
Real estate owned operating costs, net	6	368
Provision for (release of) losses	30	(1,934)
Other expense	0	900
Non-interest expense	7,842	6,678
Income before income taxes	40,124	34,107
Income tax expense	11,654	9,517
Net income	28,470	24,590
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,547)	(5,547)
Net income attributable to Farmer Mac	22,923	19,043
Preferred stock dividends	(720)	(720)
Net income attributable to common stockholders	22,203	18,323
Earnings per common share and dividends:
Basic earnings per common share	$ 2.14	$ 1.78
Diluted earnings per common share	$ 2.04	$ 1.72
Common stock dividends per common share	$ 0.10	$ 0.05
Investments and Cash Equivalents
Interest income:
Interest and dividend income, securities	6,232	7,187
Farmer Mac and USDA Guaranteed Securities
Interest income:
Interest and dividend income, securities	$ 37,746	$ 27,775