Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2012

The National Rural Utilities Cooperative Financial Corporation:

Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party due to its ownership of approximately 7.9 percent of Class A voting common stock. The following transactions occurred between Farmer Mac and CFC during 2012, 2011, and 2010:



Farmer Mac Loan Purchases and Guarantees
	For the Year Ended December 31,
	2012		2011		2010
	(in thousands)
Rural Utilities:
Loans	$	166,117	$	203,789	$	313,028
On-balance sheet Farmer Mac Guaranteed Securities	383,406		—		650,000
Off-balance sheet Farmer Mac Guaranteed Securities	—		2,796		2,924
Total purchases and guarantees	$	549,523	$	206,585	$	965,952

Those transactions with CFC represented 100 percent of Farmer Mac's loan purchase and guarantee volume under the Rural Utilities program for 2012, 2011, and 2010 and represented 18.6 percent, 6.1 percent, and 32.5 percent of total purchases for 2012, 2011, and 2010, respectively. Of Farmer Mac's total outstanding book of business at December 31, 2012 and 2011, CFC represented 18.0 percent and 19.7 percent, respectively. As of December 31, 2012 and for the year then ended, Farmer Mac had guarantee fees receivable of $0.7 million from CFC and earned guarantee fees of $4.4 million. As of December 31, 2011 and for the year then ended, Farmer Mac had guarantee fees receivable of $1.1 million from CFC and earned guarantee fees of $5.4 million. As of December 31, 2010 and for the year then ended, Farmer Mac had guarantee fees receivable of $1.2 million from CFC and earned guarantee fees of $6.0 million.

Farmer Mac also had interest receivable of $5.7 million and $8.2 million as of December 31, 2012 and 2011, respectively, and earned interest income of $28.0 million, $30.9 million, and $32.7 million during 2012, 2011, and 2010, respectively, related to its AgVantage transactions with CFC.

The following transactions occurred between Farmer Mac and Zions First National Bank or its affiliates ("Zions"), which is the largest holder of Farmer Mac Class A voting common stock and a major holder of Class C non-voting common stock during 2012, 2011, and 2010:



	For the Year Ended December 31,
	2012		2011		2010
	(in thousands)
Unpaid Principal Balance:
Purchases:
Loans	$	168,826	$	125,088	$	176,288
USDA-guaranteed portions	14,415		5,218		5,775
Sales of Farmer Mac Guaranteed Securities	5,327		—		5,695

The purchases of loans from Zions under the Farm & Ranch line of business represented approximately 29.6 percent, 25.2 percent, and 46.1 percent of Farm & Ranch loan purchase volume for the years ended December 31, 2012, 2011, and 2010, respectively, and 8.8 percent, 4.5 percent, and 11.4 percent, respectively, of total Farm & Ranch purchases. The purchases of USDA-guaranteed portions from Zions under the USDA Guarantees line of business represented approximately 3.0 percent of that program's purchases for the year ended December 31, 2012 and 1.3 percent for the years ended December 31, 2011 and 2010. Zions represented 4.7 percent of Farmer Mac's outstanding book of business at December 31, 2012 and 2011.

Farmer Mac or Zions received the applicable amounts shown below with respect to transactions between the two parties in 2012, 2011, and 2010:



	For the Year Ended December 31,
	2012		2011		2010
	(in thousands)
Guarantee fees received by Farmer Mac	$	633	$	940	$	1,210
Servicing fees retained by Zions	1,980		1,870		1,678

Farmer Mac and Zions were parties to interest rate swap contracts having an aggregate outstanding notio