CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Interest income:
Loans	$ 28,031		$ 30,461		$ 57,184		$ 59,571
Total interest income	71,578	[1]	66,852	[1]	144,709	[1]	130,924	[1]
Total interest expense	36,961	[2]	37,640	[2]	75,884	[2]	74,693	[2]
Net interest income	34,617		29,212		68,825		56,231
Release of/(provision for) loan losses	1,220		(160)		800		(1,441)
Net interest income after release of (provision for) loan losses	35,837		29,052		69,625		54,790
Non-interest (loss)/income:
Guarantee and commitment fees	6,064		6,320		11,994		12,707
Losses on financial derivatives	(31,292)		(17,806)		(24,892)		(13,801)
(Losses)/gains on trading assets	(3,086)		1,968		(1,987)		3,279
Gains on sale of available-for-sale investment securities	0		38		28		195
Gains on sale of real estate owned	262		627		262		724
Lower of cost or fair value adjustment on loans held for sale	0		(156)		0		(964)
Other income	771		1,124		1,492		5,022
Non-interest (loss)/income	(27,281)		(7,885)		(13,103)		7,162
Non-interest expense:
Compensation and employee benefits	4,574		4,666		9,059		9,163
General and administrative	2,664		2,656		5,422		4,912
Regulatory fees	562		573		1,125		1,164
Real estate owned operating costs, net	15		231		21		599
Provision for/(release of) losses	1,394		(935)		1,424		(2,869)
Other expense	0		0		0		900
Non-interest expense	9,209	[3]	7,191	[3]	17,051	[3]	13,869	[3]
(Loss)/income before income taxes	(653)		13,976		39,471		48,083
Income tax (benefit)/expense	(2,629)		2,539		9,025		12,056
Net income	1,976		11,437		30,446		36,027
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,547)		(5,547)		(11,094)		(11,094)
Net (loss)/income attributable to Farmer Mac	(3,571)		5,890		19,352		24,933
Preferred stock dividends	(720)		(720)		(1,440)		(1,440)
Net (loss)/income attributable to common stockholders	(4,291)		5,170		17,912		23,493
(Loss)/earnings per common share and dividends:
Basic (loss)/earnings per common share (dollars per share)	$ (0.41)		$ 0.50		$ 1.72		$ 2.28
Diluted (loss)/earnings per common share (dollars per share)	$ (0.41)		$ 0.48		$ 1.63		$ 2.20
Common stock dividends per common share (dollars per share)	$ 0.10		$ 0.05		$ 0.20		$ 0.10
Investments and Cash Equivalents
Interest income:
Interest and dividend income, securities	6,024		7,033		12,256		14,220
Farmer Mac and USDA Guaranteed Securities
Interest income:
Interest and dividend income, securities	$ 37,523		$ 29,358		$ 75,269		$ 57,133

[1] Includes reconciling adjustments for yield maintenance income and amortization of premiums on assets consolidated at fair value to reflect core earnings amounts.

[2] Based on effective funding cost determined for each operating segment, including expenses related to interest rate swaps, which are included in Losses on financial derivatives on the GAAP financial statements.

[3] Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount.