Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2012

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 and nonrecurring basis as of June 30, 2012 and December 31, 2011, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:



Assets and Liabilities Measured at Fair Value as of June 30, 2012
	Level 1		Level 2		Level 3		Total
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	59,707	$	59,707
Floating rate asset-backed securities	—		173,299		—		173,299
Floating rate corporate debt securities	—		86,627		—		86,627
Fixed rate corporate debt	—		57,757		—		57,757
Floating rate Government/GSE guaranteed mortgage-backed securities	—		762,367		—		762,367
Fixed rate GSE guaranteed mortgage-backed securities	—		2,686		—		2,686
Floating rate GSE subordinated debt	—		55,839		—		55,839
Fixed rate GSE preferred stock	—		86,792		—		86,792
Floating rate senior agency debt	—		25,066		—		25,066
Fixed rate senior agency debt	—		178,975		—		178,975
Fixed rate U.S. Treasuries	1,005,906		—		—		1,005,906
Total available-for-sale	1,005,906		1,429,408		59,707		2,495,021
Trading:
Floating rate asset-backed securities	—		—		1,430		1,430
Total trading	—		—		1,430		1,430
Total Investment Securities	1,005,906		1,429,408		61,137		2,496,451
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	—		—		3,223,332		3,223,332
Farmer Mac II	—		—		29,899		29,899
Rural Utilities	—		—		1,191,236		1,191,236
Total Farmer Mac Guaranteed Securities	—		—		4,444,467		4,444,467
USDA Guaranteed Securities:
Available-for-sale	—		—		1,418,638		1,418,638
Trading	—		—		146,825		146,825
Total USDA Guaranteed Securities	—		—		1,565,463		1,565,463
Financial derivatives	—		36,894		—		36,894
Total Assets at fair value	$	1,005,906	$	1,466,302	$	6,071,067	$	8,543,275
Liabilities:
Financial derivatives	$	—	$	161,624	$	967	$	162,591
Total Liabilities at fair value	$	—	$	161,624	$	967	$	162,591
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	12,541	$	12,541
REO	—		—		1,296		1,296
Total Nonrecurring Assets at fair value	$	—	$	—	$	13,837	$	13,837



Assets and Liabilities Measured at Fair Value as of December 31, 2011
	Level 1		Level 2		Level 3		Total
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	60,213	$	60,213
Floating rate asset-backed securities	—		178,560		—		178,560
Floating rate corporate debt securities	—		73,833		—		73,833
Floating rate Government/GSE guaranteed mortgage-backed securities	—		764,038		—		764,038
Fixed rate GSE guaranteed mortgage-backed securities	—		3,360		—		3,360
Floating rate GSE subordinated debt	—		52,562		—		52,562
Fixed rate GSE preferred stock	—		84,878		—		84,878
Fixed rate corporate debt	—		38,699		—		38,699
Fixed rate commercial paper	—		10,000		—		10,000
Fixed rate U.S. Treasuries	799,266		—		—		799,266
Senior agency debt	—		117,285		—		117,285
Total available-for-sale	799,266		1,323,215		60,213		2,182,694
Trading:
Floating rate asset-backed securities	—		—		1,796		1,796
Total trading	—		—		1,796		1,796
Total Investment Securities	799,266		1,323,215		62,009		2,184,490
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	—		—		2,807,627		2,807,627
Farmer Mac II	—		—		35,599		35,599
Rural Utilities	—		—		1,446,046		1,446,046
Total Farmer Mac Guaranteed Securities	—		—		4,289,272		4,289,272
USDA Guaranteed Securities:
Available-for-sale	—		—		1,279,546		1,279,546
Trading	—		—		212,359		212,359
Total USDA Guaranteed Securities	—		—		1,491,905		1,491,905
Financial derivatives	—		40,250		—		40,250
Total Assets at fair value	$	799,266	$	1,363,465	$	5,843,186	$	8,005,917
Liabilities:
Financial derivatives	$	—	$	158,689	$	1,335	$	160,024
Total Liabilities at fair value	$	—	$	158,689	$	1,335	$	160,024
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	10,118	$	10,118
REO	—		—		1,296		1,296
Total Nonrecurring Assets at fair value	$	—	$	—	$	11,414	$	11,414

Fair Value, Assets and Liabilities 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.



Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2012
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	58,868		$	—	$	—		$	—		$	—		$	839		$	59,707
Total available-for-sale	58,868			—		—			—			—			839			59,707
Trading:
Floating rate asset-backed securities(1)	1,646			—		—			(239		)	23			—			1,430
Total trading	1,646			—		—			(239		)	23			—			1,430
Total Investment Securities	60,514			—		—			(239		)	23			839			61,137
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	3,008,223			200,000		—			(1,007		)	—			16,116			3,223,332
Farmer Mac II	36,129			5,327		(5,327		)	(5,787		)	—			(443		)	29,899
Rural Utilities	1,345,509			—		—			(150,000		)	—			(4,273		)	1,191,236
Total Farmer Mac Guaranteed Securities	4,389,861			205,327		(5,327		)	(156,794		)	—			11,400			4,444,467
USDA Guaranteed Securities:
Available-for-sale	1,328,702			160,286		—			(69,775		)	—			(575		)	1,418,638
Trading(2)	184,397			—		—			(34,463		)	(3,109		)	—			146,825
Total USDA Guaranteed Securities	1,513,099			160,286		—			(104,238		)	(3,109		)	(575		)	1,565,463
Total Assets at fair value	$	5,963,474		$	365,613	$	(5,327	)	$	(261,271	)	$	(3,086	)	$	11,664		$	6,071,067
Liabilities:
Financial derivatives(3)	$	(1,225	)	$	—	$	—		$	—		$	258		$	—		$	(967	)
Total Liabilities at fair value	$	(1,225	)	$	—	$	—		$	—		$	258		$	—		$	(967	)


(1)	Unrealized gains are attributable to assets still held as of June 30, 2012 and are recorded in (Losses)/gains on trading assets.


(2)	Includes unrealized losses of $2.4 million attributable to assets still held as of June 30, 2012 that are recorded in (Losses)/gains on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of June 30, 2012 and are recorded in Losses on financial derivatives.



Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2011
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	64,539		$	—	$	—		$	—		$	—		$	143		$	64,682
Total available-for-sale	64,539			—		—			—			—			143			64,682
Trading:
Floating rate asset-backed securities(1)	1,690			—		—			(168		)	687			—			2,209
Total trading	1,690			—		—			(168		)	687			—			2,209
Total Investment Securities	66,229			—		—			(168		)	687			143			66,891
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	1,429,318			300,000		—			(6		)	—			29,893			1,759,205
Farmer Mac II	37,803			981		(1,041		)	(1,134		)	—			(79		)	36,530
Rural Utilities	1,442,793			—		—			—			—			5,437			1,448,230
Total Farmer Mac Guaranteed Securities	2,909,914			300,981		(1,041		)	(1,140		)	—			35,251			3,243,965
USDA Guaranteed Securities:
Available-for-sale	1,063,540			98,464		—			(48,951		)	—			7,344			1,120,397
Trading(2)	274,561			—		—			(26,985		)	1,498			—			249,074
Total USDA Guaranteed Securities	1,338,101			98,464		—			(75,936		)	1,498			7,344			1,369,471
Total Assets at fair value	$	4,314,244		$	399,445	$	(1,041	)	$	(77,244	)	$	2,185		$	42,738		$	4,680,327
Liabilities:
Financial derivatives(3)	$	(1,671	)	$	—	$	—		$	—		$	(84	)	$	—		$	(1,755	)
Total Liabilities at fair value	$	(1,671	)	$	—	$	—		$	—		$	(84	)	$	—		$	(1,755	)


(1)	Unrealized gains are attributable to assets still held as of June 30, 2011 and are recorded in (Losses)/gains on trading assets.


(2)	Includes unrealized gains of $0.3 million attributable to assets still held as of June 30, 2011 that are recorded in (Losses)/gains on trading assets.


(3)	Unrealized losses are attributable to liabilities still held as of June 30, 2011 and are recorded in Losses on financial derivatives.



Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2012
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	60,213		$	—	$	—		$	—		$	—		$	(506	)	$	59,707
Total available-for-sale	60,213			—		—			—			—			(506		)	59,707
Trading:
Floating rate asset-backed securities(1)	1,796			—		—			(527		)	161			—			1,430
Total trading	1,796			—		—			(527		)	161			—			1,430
Total Investment Securities	62,009			—		—			(527		)	161			(506		)	61,137
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	2,807,627			400,000		—			(1,015		)	—			16,720			3,223,332
Farmer Mac II	35,599			5,327		(5,327		)	(6,015		)	—			315			29,899
Rural Utilities	1,446,046			—		—			(245,701		)	—			(9,109		)	1,191,236
Total Farmer Mac Guaranteed Securities	4,289,272			405,327		(5,327		)	(252,731		)	—			7,926			4,444,467
USDA Guaranteed Securities:
Available-for-sale	1,279,546			262,011		—			(123,793		)	—			874			1,418,638
Trading(2)	212,359			—		—			(63,386		)	(2,148		)	—			146,825
Total USDA Guaranteed Securities	1,491,905			262,011		—			(187,179		)	(2,148		)	874			1,565,463
Total Assets at fair value	$	5,843,186		$	667,338	$	(5,327	)	$	(440,437	)	$	(1,987	)	$	8,294		$	6,071,067
Liabilities:
Financial derivatives(3)	$	(1,335	)	$	—	$	—		$	—		$	368		$	—		$	(967	)
Total Liabilities at fair value	$	(1,335	)	$	—	$	—		$	—		$	368		$	—		$	(967	)


(1)	Unrealized gains are attributable to assets still held as of June 30, 2012 and are recorded in (Losses)/gains on trading assets.


(2)	Includes unrealized losses of $1.6 million attributable to assets still held as of June 30, 2012 that are recorded in (Losses)/gains on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of June 30, 2012 and are recorded in Losses on financial derivatives.



Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2011
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income		Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	64,335		$	—	$	—		$	—		$	—	$	347		$	64,682
Total available-for-sale	64,335			—		—			—			—		347			64,682
Trading:
Floating rate asset-backed securities(1)	1,400			—		—			(550		)	1,359		—			2,209
Total trading	1,400			—		—			(550		)	1,359		—			2,209
Total Investment Securities	65,735			—		—			(550		)	1,359		347			66,891
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	942,809			800,000		—			(14		)	—		16,410			1,759,205
Farmer Mac II	37,637			2,004		(2,005		)	(2,494		)	—		1,388			36,530
Rural Utilities	1,926,818			—		—			(476,401		)	—		(2,187		)	1,448,230
Total Farmer Mac Guaranteed Securities	2,907,264			802,004		(2,005		)	(478,909		)	—		15,611			3,243,965
USDA Guaranteed Securities:
Available-for-sale	1,005,679			214,811		—			(109,786		)	—		9,693			1,120,397
Trading(2)	311,765			—		—			(62,958		)	267		—			249,074
Total USDA Guaranteed Securities	1,317,444			214,811		—			(172,744		)	267		9,693			1,369,471
Total Assets at fair value	$	4,290,443		$	1,016,815	$	(2,005	)	$	(652,203	)	$	1,626	$	25,651		$	4,680,327
Liabilities:
Financial derivatives(3)	$	(3,390	)	$	—	$	—		$	—		$	1,635	$	—		$	(1,755	)
Total Liabilities at fair value	$	(3,390	)	$	—	$	—		$	—		$	1,635	$	—		$	(1,755	)


(1)	Unrealized gains are attributable to assets still held as of June 30, 2011 and are recorded in (Losses)/gains on trading assets.


(2)	Includes unrealized losses of $2.4 million attributable to assets still held as of June 30, 2011 that are recorded in (Losses)/gains on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of June 30, 2011 and are recorded in Losses on financial derivatives.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The following table presents additional information about the significant unobservable inputs used in the fair value measurements categorized in level 3 of the fair value hierarchy:



	Fair Value as of			Unobservable	Range
Financial Instruments	June 30, 2012		Valuation Technique	Input	(Weighted-Average)
	(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	59,707	Indicative bids	Range of broker quotes	70.0% - 90.0% (80.6%)

Floating rate asset-backed securities	$	1,430	Discounted cash flow	Discount rate	11.8% - 18.2% (15.3%)
				Constant prepayment rate	10%

Farmer Mac Guaranteed Securities:
Farmer Mac I	$	3,223,332	Discounted cash flow	Discount rate	1.1% - 3.2% (1.7%)


Farmer Mac II	$	29,899	Discounted cash flow	Discount rate	1.0% - 3.4% (2.1%)
				Constant prepayment rate	9% - 18% (15%)

Rural Utilities	$	1,191,236	Discounted cash flow	Discount rate	1.3% - 2.5% (2.0%)

USDA Guaranteed Securities	$	1,565,463	Discounted cash flow	Discount rate	1.4% - 5.3% (3.6%)
				Constant prepayment rate	0% - 23% (11%)

Liabilities:
Financial Derivatives:
Basis swaps	$	967	Discounted cash flow	Discount rate	1.0% - 3.1% (1.7%)
				Constant prepayment rate	13% - 23% (18%)

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 June 30, 2012 and December 31, 2011:



	June 30, 2012				December 31, 2011
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
	(in thousands)
Financial assets:
Cash and cash equivalents	$	752,502	$	752,502	$	817,046	$	817,046
Investment securities	2,496,451		2,496,451		2,184,490		2,184,490
Farmer Mac Guaranteed Securities	4,444,467		4,444,467		4,289,272		4,289,272
USDA Guaranteed Securities	1,565,463		1,565,463		1,491,905		1,491,905
Loans	2,577,741		2,540,902		2,971,187		2,894,156
Financial derivatives	36,894		36,894		40,250		40,250
Guarantee and commitment fees receivable:
LTSPCs	22,761		17,518		22,802		15,886
Farmer Mac Guaranteed Securities	22,165		20,604		17,960		15,498
Financial liabilities:
Notes payable:
Due within one year	6,482,643		6,482,817		6,091,573		6,087,879
Due after one year	4,706,115		4,519,192		4,288,670		4,104,882
Debt securities of consolidated trusts held by third parties	186,253		184,499		726,826		701,583
Financial derivatives	162,591		162,591		160,024		160,024
Guarantee and commitment obligations:
LTSPCs	21,957		16,714		22,047		15,131
Farmer Mac Guaranteed Securities	18,897		17,337		14,771		12,309

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Name Accounting Standards Codification

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

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+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

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-Number 107

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+ Details