FEDERAL AGRICULTURAL MORTGAGE CORPORATION |
(Exact name of registrant as specified in its charter) |
Federally chartered instrumentality of the United States | 52-1578738 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | |
1999 K Street, N.W., 4th Floor, Washington, D.C. | 20006 | |
(Address of principal executive offices) | (Zip code) |
(202) 872-7700 |
(Registrant's telephone number, including area code) |
Large accelerated filer | o | Accelerated filer | x |
Non-accelerated filer | o | Smaller reporting company | o |
Item 1. | Consolidated Financial Statements |
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 893,387 | $ | 785,564 | |||
Investment securities: | |||||||
Available-for-sale, at fair value | 2,296,187 | 2,498,382 | |||||
Trading, at fair value | 1,129 | 1,247 | |||||
Total investment securities | 2,297,316 | 2,499,629 | |||||
Farmer Mac Guaranteed Securities: | |||||||
Available-for-sale, at fair value | 5,100,080 | 4,766,258 | |||||
USDA Guaranteed Securities: | |||||||
Available-for-sale, at fair value | 1,569,160 | 1,486,595 | |||||
Trading, at fair value | 87,271 | 104,188 | |||||
Total USDA Guaranteed Securities | 1,656,431 | 1,590,783 | |||||
Loans: | |||||||
Loans held for sale, at lower of cost or fair value | — | 673,991 | |||||
Loans held for investment, at amortized cost | 2,212,211 | 1,503,559 | |||||
Loans held for investment in consolidated trusts, at amortized cost | 561,682 | 563,575 | |||||
Allowance for loan losses | (7,967 | ) | (11,351 | ) | |||
Total loans, net of allowance | 2,765,926 | 2,729,774 | |||||
Real estate owned, at lower of cost or fair value | 4,417 | 3,985 | |||||
Financial derivatives, at fair value | 26,254 | 31,173 | |||||
Interest receivable (includes $3,243 and $9,676, respectively, related to consolidated trusts) | 66,535 | 103,414 | |||||
Guarantee and commitment fees receivable | 42,359 | 41,789 | |||||
Deferred tax asset, net | — | 3,123 | |||||
Prepaid expenses and other assets | 39,967 | 66,709 | |||||
Total Assets | $ | 12,892,672 | $ | 12,622,201 | |||
Liabilities and Equity: | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Due within one year | $ | 6,543,973 | $ | 6,567,366 | |||
Due after one year | 4,978,118 | 5,034,739 | |||||
Total notes payable | 11,522,091 | 11,602,105 | |||||
Debt securities of consolidated trusts held by third parties | 167,250 | 167,621 | |||||
Financial derivatives, at fair value | 133,838 | 150,682 | |||||
Accrued interest payable (includes $1,276 and $2,534, respectively, related to consolidated trusts) | 35,474 | 51,779 | |||||
Guarantee and commitment obligation | 38,905 | 37,803 | |||||
Accounts payable and accrued expenses | 350,578 | 13,710 | |||||
Deferred tax liability, net | 9,423 | — | |||||
Reserve for losses | 6,285 | 5,539 | |||||
Total Liabilities | 12,263,844 | 12,029,239 | |||||
Commitments and Contingencies (Note 6) | |||||||
Equity: | |||||||
Preferred stock: | |||||||
Series A, par value $25 per share, 2,400,000 shares authorized, issued and outstanding | 58,333 | — | |||||
Series C, par value $1,000 per share, 100,000 shares authorized, 57,578 shares issued and outstanding | — | 57,578 | |||||
Common stock: | |||||||
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding | 1,031 | 1,031 | |||||
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding | 500 | 500 | |||||
Class C Non-Voting, $1 par value, no maximum authorization, 9,223,342 shares and 9,171,343 shares outstanding, respectively | 9,223 | 9,171 | |||||
Additional paid-in capital | 108,386 | 106,617 | |||||
Accumulated other comprehensive income, net of tax, related to available-for-sale securities | 92,359 | 73,969 | |||||
Retained earnings | 117,143 | 102,243 | |||||
Total Stockholders' Equity | 386,975 | 351,109 | |||||
Non-controlling interest - preferred stock | 241,853 | 241,853 | |||||
Total Equity | 628,828 | 592,962 | |||||
Total Liabilities and Equity | $ | 12,892,672 | $ | 12,622,201 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands, except per share amounts) | |||||||
Interest income: | |||||||
Investments and cash equivalents | $ | 5,734 | $ | 6,232 | |||
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 31,721 | 37,746 | |||||
Loans | 24,043 | 29,153 | |||||
Total interest income | 61,498 | 73,131 | |||||
Total interest expense | 33,128 | 38,923 | |||||
Net interest income | 28,370 | 34,208 | |||||
Provision for loan losses | (430 | ) | (420 | ) | |||
Net interest income after provision for loan losses | 27,940 | 33,788 | |||||
Non-interest income: | |||||||
Guarantee and commitment fees | 6,612 | 5,930 | |||||
Gains on financial derivatives and hedging activities | 4,494 | 6,400 | |||||
Gains on trading assets | 210 | 1,099 | |||||
Gains on sale of available-for-sale investment securities | 2 | 28 | |||||
Gains on sale of real estate owned | 47 | — | |||||
Other income | 1,080 | 721 | |||||
Non-interest income | 12,445 | 14,178 | |||||
Non-interest expense: | |||||||
Compensation and employee benefits | 4,698 | 4,485 | |||||
General and administrative | 2,917 | 2,758 | |||||
Regulatory fees | 594 | 563 | |||||
Real estate owned operating costs, net | 126 | 6 | |||||
Provision for losses | 746 | 30 | |||||
Non-interest expense | 9,081 | 7,842 | |||||
Income before income taxes | 31,304 | 40,124 | |||||
Income tax expense | 8,716 | 11,654 | |||||
Net income | 22,588 | 28,470 | |||||
Less: Net income attributable to non-controlling interest - preferred stock dividends | (5,547 | ) | (5,547 | ) | |||
Net income attributable to Farmer Mac | 17,041 | 22,923 | |||||
Preferred stock dividends | (851 | ) | (720 | ) | |||
Net income attributable to common stockholders | $ | 16,190 | $ | 22,203 | |||
Earnings per common share and dividends: | |||||||
Basic earnings per common share | $ | 1.51 | $ | 2.14 | |||
Diluted earnings per common share | $ | 1.45 | $ | 2.04 | |||
Common stock dividends per common share | $ | 0.12 | $ | 0.10 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Net income | $ | 22,588 | $ | 28,470 | |||
Other comprehensive income/(loss), net of tax: | |||||||
Unrealized holding gains on available-for-securities (1) | 21,812 | 36 | |||||
Less reclassification adjustments included in: | |||||||
Gains on financial derivatives and hedging activities (2) | (3,207 | ) | — | ||||
Gains on sale of available-for-sale investment securities (3) | (1 | ) | (18 | ) | |||
Other income (4) | (214 | ) | (265 | ) | |||
Other comprehensive income/(loss) | 18,390 | (247 | ) | ||||
Comprehensive income | 40,978 | 28,223 | |||||
Less: Comprehensive income attributable to noncontrolling interest - preferred stock dividends | (5,547 | ) | (5,547 | ) | |||
Comprehensive income attributable to Farmer Mac | $ | 35,431 | $ | 22,676 |
(1) | Presented net of income tax expense of $11.7 million and $19,000 for the three months ended March 31, 2013 and 2012, respectively. |
(2) | Relates to the amortization of the fair value of the hedged items prior to hedge inception. Presented net of income tax benefit of $1.7 million for the three months ended March 31, 2013. |
(3) | Represents realized gains on sales of available-for-sale investment securities. Presented net of income tax benefit of $1,000 and $10,000 for the three months ended March 31, 2013 and 2012, respectively. |
(4) | Represents amortization of deferred gains related to certain available-for-sale USDA Guaranteed Securities and Farmer Mac Guaranteed Securities. Presented net of income tax benefit of $0.1 million for both the three months ended March 31, 2013 and 2012. |
For the Three Months Ended | |||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||
Shares | Amount | Shares | Amount | ||||||||||
(in thousands) | |||||||||||||
Preferred stock: | |||||||||||||
Balance, beginning of period | 58 | $ | 57,578 | 58 | $ | 57,578 | |||||||
Issuance of Series A preferred stock | 2,400 | 58,333 | — | — | |||||||||
Redemption of Series C preferred stock | (58 | ) | (57,578 | ) | — | — | |||||||
Balance, end of period | 2,400 | $ | 58,333 | 58 | $ | 57,578 | |||||||
Common stock: | |||||||||||||
Balance, beginning of period | 10,702 | $ | 10,702 | 10,357 | $ | 10,357 | |||||||
Issuance of Class C common stock | 52 | 52 | 16 | 16 | |||||||||
Balance, end of period | 10,754 | $ | 10,754 | 10,373 | $ | 10,373 | |||||||
Additional paid-in capital: | |||||||||||||
Balance, beginning of period | $ | 106,617 | $ | 102,821 | |||||||||
Stock-based compensation expense | 866 | 956 | |||||||||||
Issuance of Class C common stock | 3 | 4 | |||||||||||
Tax effect of stock-based awards | 900 | 429 | |||||||||||
Balance, end of period | $ | 108,386 | $ | 104,210 | |||||||||
Retained earnings: | |||||||||||||
Balance, beginning of period | $ | 102,243 | $ | 62,554 | |||||||||
Net income attributable to Farmer Mac | 17,041 | 22,923 | |||||||||||
Cash dividends: | |||||||||||||
Preferred stock, Series A ($0.2978 per share) | (715 | ) | — | ||||||||||
Preferred stock, Series C ($2.36 per share in 2013 and $12.50 per share in 2012) | (136 | ) | (720 | ) | |||||||||
Common stock ($0.12 per share in 2013 and $0.10 per share in 2012) | (1,290 | ) | (1,038 | ) | |||||||||
Balance, end of period | $ | 117,143 | $ | 83,719 | |||||||||
Accumulated other comprehensive income: | |||||||||||||
Balance, beginning of period | $ | 73,969 | $ | 79,370 | |||||||||
Other comprehensive income/(loss), net of tax | 18,390 | (247 | ) | ||||||||||
Balance, end of period | $ | 92,359 | $ | 79,123 | |||||||||
Total Stockholders' Equity | $ | 386,975 | $ | 335,003 | |||||||||
Non-controlling interest - preferred stock: | |||||||||||||
Balance, beginning of period | $ | 241,853 | $ | 241,853 | |||||||||
Issuance of Preferred stock - Farmer Mac II LLC | — | — | |||||||||||
Balance, end of period | $ | 241,853 | $ | 241,853 | |||||||||
Total Equity | $ | 628,828 | $ | 576,856 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 22,588 | $ | 28,470 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net amortization of deferred gains, premiums and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Guaranteed Securities | 2,712 | 3,672 | |||||
Amortization of debt premiums, discounts and issuance costs | 3,286 | 3,362 | |||||
Net change in fair value of trading securities, hedged assets, financial derivatives, and loans held for sale | (8,997 | ) | (16,768 | ) | |||
Gains on the sale of available-for-sale investment securities | (2 | ) | (28 | ) | |||
Gains on the sale of real estate owned | (47 | ) | — | ||||
Total provision for losses | 1,176 | 450 | |||||
Deferred income taxes | 1,992 | 5,190 | |||||
Stock-based compensation expense | 865 | 956 | |||||
Proceeds from repayment of trading investment securities | 315 | 288 | |||||
Purchases of loans held for sale | — | (27,991 | ) | ||||
Proceeds from repayment of loans purchased as held for sale | 66,095 | 46,873 | |||||
Net change in: | |||||||
Interest receivable | 36,879 | 36,717 | |||||
Guarantee and commitment fees receivable | (570 | ) | 129 | ||||
Other assets | 27,003 | 6,690 | |||||
Accrued interest payable | (16,305 | ) | (19,017 | ) | |||
Other liabilities | 5,069 | 3,783 | |||||
Net cash provided by operating activities | 142,059 | 72,776 | |||||
Cash flows from investing activities: | |||||||
Purchases of available-for-sale investment securities | (244,819 | ) | (649,645 | ) | |||
Purchases of Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | (222,187 | ) | (301,725 | ) | |||
Purchases of loans held for investment | (190,149 | ) | (106,845 | ) | |||
Purchases of defaulted loans | (140 | ) | (729 | ) | |||
Proceeds from repayment of available-for-sale investment securities | 439,135 | 291,065 | |||||
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 163,508 | 177,551 | |||||
Proceeds from repayment of loans purchased as held for investment | 93,587 | 88,440 | |||||
Proceeds from sale of available-for-sale investment securities | 15,014 | 5,028 | |||||
Proceeds from sale of Farmer Mac Guaranteed Securities | 25,042 | 3,380 | |||||
Proceeds from sale of real estate owned | 203 | — | |||||
Net cash provided by/(used in) investing activities | 79,194 | (493,480 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of discount notes | 15,653,949 | 16,835,683 | |||||
Proceeds from issuance of medium-term notes | 703,268 | 565,987 | |||||
Payments to redeem discount notes | (16,021,517 | ) | (16,436,929 | ) | |||
Payments to redeem medium-term notes | (419,000 | ) | (332,000 | ) | |||
Excess tax benefits related to stock-based awards | 613 | 623 | |||||
Payments to third parties on debt securities of consolidated trusts | (25,413 | ) | (48,162 | ) | |||
Proceeds from common stock issuance | 888 | 4 | |||||
Proceeds from Series A Preferred stock issuance | 58,333 | — | |||||
Retirement of Series C Preferred stock | (57,578 | ) | — | ||||
Dividends paid - Non-controlling interest - preferred stock | (5,547 | ) | (5,547 | ) | |||
Dividends paid on common and preferred stock | (1,426 | ) | (1,038 | ) | |||
Net cash (used in)/provided by financing activities | (113,430 | ) | 578,621 | ||||
Net increase in cash and cash equivalents | 107,823 | 157,917 | |||||
Cash and cash equivalents at beginning of period | 785,564 | 817,046 | |||||
Cash and cash equivalents at end of period | $ | 893,387 | $ | 974,963 |
1. | ACCOUNTING POLICIES |
(a) | Cash and Cash Equivalents and Statements of Cash Flows |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 33,068 | $ | 34,082 | |||
Non-cash activity: | |||||||
Real estate owned acquired through loan liquidation | 1,034 | — | |||||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 25,042 | 3,380 | |||||
Purchases of securities traded, not yet settled | 325,000 | — | |||||
Consolidation of Farm and Ranch Guaranteed Securities from off-balance sheet to loans held for investment in consolidated trusts and to debt securities of consolidated trusts held by third parties | 25,042 | 3,380 | |||||
Transfers of loans held for sale to loans held for investment | 673,991 | — |
(b) | Allowance for Losses |
• | economic conditions; |
• | geographic and agricultural commodity/product concentrations in the portfolio; |
• | the credit profile of the portfolio; |
• | delinquency trends of the portfolio; |
• | historical charge-off and recovery activities of the portfolio; and |
• | other factors to capture current portfolio trends and characteristics that differ from historical experience. |
(c) | Financial Derivatives |
(d) | Earnings Per Common Share |
For the Three Months Ended | |||||||||||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | Net Income | Weighted-Average Shares | $ per Share | ||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||
Basic EPS | |||||||||||||||||||||
Net income attributable to common stockholders | $ | 16,190 | 10,737 | $ | 1.51 | $ | 22,203 | 10,365 | $ | 2.14 | |||||||||||
Effect of dilutive securities (1): | |||||||||||||||||||||
Stock options, SARs and restricted stock | — | 424 | (0.06 | ) | — | 538 | (0.10 | ) | |||||||||||||
Diluted EPS | $ | 16,190 | 11,161 | $ | 1.45 | $ | 22,203 | 10,903 | $ | 2.04 |
(1) | For the three months ended March 31, 2013 and 2012, stock options and SARs of 4,000 and 582,447, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended March 31, 2013 and 2012, contingent shares of non-vested restricted stock of 25,300 and 79,300, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions were not met. |
(e) | Fair Value Measurement |
(f) | Consolidation of Variable Interest Entities |
Consolidation of Variable Interest Entities | |||||||||||||||||||
March 31, 2013 | |||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Investments | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost (1) | $ | 166,162 | $ | — | $ | 395,520 | $ | — | $ | 561,682 | |||||||||
Debt securities of consolidated trusts held by third parties (2) | 167,250 | — | — | — | 167,250 | ||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||
Carrying value (3) | 31,345 | 27,198 | — | — | 58,543 | ||||||||||||||
Maximum exposure to loss (4) | 30,000 | 25,852 | — | — | 55,852 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Carrying value | — | — | — | 699,591 | 699,591 | ||||||||||||||
Maximum exposure to loss (4) | — | — | — | 708,317 | 708,317 | ||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||
Maximum exposure to loss (4) (5) | 1,826,499 | 25,581 | — | — | 1,852,080 |
Consolidation of Variable Interest Entities | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Investments | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
On-Balance Sheet: | |||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||
Loans held for investment in consolidated trusts, at amortized cost (1) | $ | 160,436 | $ | — | $ | 403,139 | $ | — | $ | 563,575 | |||||||||
Debt securities of consolidated trusts held by third parties (2) | 167,621 | — | — | — | 167,621 | ||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||
Carrying value (3) | 31,370 | 26,681 | — | — | 58,051 | ||||||||||||||
Maximum exposure to loss (4) | 30,000 | 26,238 | — | — | 56,238 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Carrying value | — | — | — | 724,893 | 724,893 | ||||||||||||||
Maximum exposure to loss (4) | — | — | — | 737,148 | 737,148 | ||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||
Maximum exposure to loss (4) (5) | 1,881,370 | 29,658 | — | — | 1,911,028 |
(g) | New Accounting Standards |
(h) | Reclassifications |
2. | INVESTMENT SECURITIES |
March 31, 2013 | |||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 74,100 | $ | — | $ | 74,100 | $ | — | $ | (8,887 | ) | $ | 65,213 | ||||||||||
Floating rate asset-backed securities | 146,110 | (326 | ) | 145,784 | 905 | (11 | ) | 146,678 | |||||||||||||||
Fixed rate asset-backed securities | 2,983 | — | 2,983 | — | (3 | ) | 2,980 | ||||||||||||||||
Floating rate corporate debt securities | 91,345 | (16 | ) | 91,329 | 475 | — | 91,804 | ||||||||||||||||
Fixed rate corporate debt securities | 62,000 | 258 | 62,258 | 117 | (18 | ) | 62,357 | ||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 673,283 | 5,603 | 678,886 | 9,096 | (4 | ) | 687,978 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | 1,580 | 1 | 1,581 | 123 | — | 1,704 | |||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (6,849 | ) | 63,151 | ||||||||||||||||
Fixed rate GSE preferred stock | 78,500 | 683 | 79,183 | 7,609 | — | 86,792 | |||||||||||||||||
Fixed rate taxable municipal bonds | 8,542 | 50 | 8,592 | 5 | — | 8,597 | |||||||||||||||||
Floating rate senior agency debt | 50,000 | (3 | ) | 49,997 | 51 | — | 50,048 | ||||||||||||||||
Fixed rate senior agency debt | 119,000 | 474 | 119,474 | 147 | — | 119,621 | |||||||||||||||||
Fixed rate U.S. Treasuries | 907,000 | 1,996 | 908,996 | 268 | — | 909,264 | |||||||||||||||||
Total available-for-sale | 2,284,443 | 8,720 | 2,293,163 | 18,796 | (15,772 | ) | 2,296,187 | ||||||||||||||||
Trading: | |||||||||||||||||||||||
Floating rate asset-backed securities | 4,013 | — | 4,013 | — | (2,884 | ) | 1,129 | ||||||||||||||||
Total investment securities | $ | 2,288,456 | $ | 8,720 | $ | 2,297,176 | $ | 18,796 | $ | (18,656 | ) | $ | 2,297,316 |
December 31, 2012 | |||||||||||||||||||||||
Amount Outstanding | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 74,100 | $ | — | $ | 74,100 | $ | — | $ | (10,941 | ) | $ | 63,159 | ||||||||||
Floating rate asset-backed securities | 150,519 | (372 | ) | 150,147 | 933 | (36 | ) | 151,044 | |||||||||||||||
Fixed rate asset-backed securities | 6,501 | — | 6,501 | — | — | 6,501 | |||||||||||||||||
Floating rate corporate debt securities | 76,345 | (32 | ) | 76,313 | 450 | — | 76,763 | ||||||||||||||||
Fixed rate corporate debt securities | 51,969 | 243 | 52,212 | 204 | — | 52,416 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 699,062 | 5,973 | 705,035 | 8,035 | (211 | ) | 712,859 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | 1,910 | 1 | 1,911 | 154 | — | 2,065 | |||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (12,569 | ) | 57,431 | ||||||||||||||||
Fixed rate GSE preferred stock | 78,500 | 784 | 79,284 | 7,802 | — | 87,086 | |||||||||||||||||
Floating rate senior agency debt | 50,000 | (6 | ) | 49,994 | 61 | — | 50,055 | ||||||||||||||||
Fixed rate senior agency debt | 72,700 | 287 | 72,987 | 128 | (1 | ) | 73,114 | ||||||||||||||||
Fixed rate U.S. Treasuries | 1,163,400 | 2,240 | 1,165,640 | 258 | (9 | ) | 1,165,889 | ||||||||||||||||
Total available-for-sale | 2,495,006 | 9,118 | 2,504,124 | 18,025 | (23,767 | ) | 2,498,382 | ||||||||||||||||
Trading: | |||||||||||||||||||||||
Floating rate asset-backed securities | 4,327 | — | 4,327 | — | (3,080 | ) | 1,247 | ||||||||||||||||
Total investment securities | $ | 2,499,333 | $ | 9,118 | $ | 2,508,451 | $ | 18,025 | $ | (26,847 | ) | $ | 2,499,629 |
March 31, 2013 | |||||||||||||||
Available-for-Sale Securities | |||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||
(in thousands) | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 65,213 | $ | (8,887 | ) | ||||||
Floating rate asset-backed securities | — | — | 10,337 | (11 | ) | ||||||||||
Fixed rate asset-backed securities | 2,981 | (3 | ) | — | — | ||||||||||
Fixed rate corporate debt securities | 25,099 | (18 | ) | — | — | ||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 8,185 | (2 | ) | 816 | (2 | ) | |||||||||
Floating rate GSE subordinated debt | — | — | 63,151 | (6,849 | ) | ||||||||||
Total | $ | 36,265 | $ | (23 | ) | $ | 139,517 | $ | (15,749 | ) |
December 31, 2012 | |||||||||||||||
Available-for-Sale Securities | |||||||||||||||
Unrealized loss position for less than 12 months | Unrealized loss position for more than 12 months | ||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||
(in thousands) | |||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — | $ | — | $ | 63,159 | $ | (10,941 | ) | ||||||
Floating rate asset-backed securities | 21,648 | (27 | ) | 3,619 | (9 | ) | |||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 174,352 | (209 | ) | 829 | (2 | ) | |||||||||
Floating rate GSE subordinated debt | — | — | 57,431 | (12,569 | ) | ||||||||||
Fixed rate senior agency debt | 50,088 | (1 | ) | — | — | ||||||||||
Fixed rate U.S. Treasuries | 136,194 | (9 | ) | — | — | ||||||||||
Total | $ | 382,282 | $ | (246 | ) | $ | 125,038 | $ | (23,521 | ) |
Investment Securities Available-for-Sale as of | |||||||||
March 31, 2013 | |||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | |||||||
(dollars in thousands) | |||||||||
Due within one year | $ | 1,102,158 | $ | 1,102,548 | 0.59% | ||||
Due after one year through five years | 178,721 | 179,528 | 1.02% | ||||||
Due after five years through ten years | 399,858 | 396,373 | 1.07% | ||||||
Due after ten years | 612,426 | 617,738 | 2.61% | ||||||
Total | $ | 2,293,163 | $ | 2,296,187 | 1.25% |
3. | FARMER MAC GUARANTEED SECURITIES AND USDA GUARANTEED SECURITIES |
March 31, 2013 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Farm & Ranch | $ | 3,439,200 | $ | 151 | $ | 3,439,351 | $ | 95,508 | $ | (6,339 | ) | $ | 3,528,520 | ||||||||||
USDA Guarantees | 25,853 | (451 | ) | 25,402 | 1,796 | — | 27,198 | ||||||||||||||||
Rural Utilities | 1,545,582 | — | 1,545,582 | 15,568 | (16,788 | ) | 1,544,362 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,010,635 | (300 | ) | 5,010,335 | 112,872 | (23,127 | ) | 5,100,080 | |||||||||||||||
USDA Guaranteed Securities | 1,514,581 | 5,562 | 1,520,143 | 49,084 | (67 | ) | 1,569,160 | ||||||||||||||||
Total available-for-sale | 6,525,216 | 5,262 | 6,530,478 | 161,956 | (23,194 | ) | 6,669,240 | ||||||||||||||||
Trading: | |||||||||||||||||||||||
USDA Guaranteed Securities | 82,090 | 5,893 | 87,983 | 573 | (1,285 | ) | 87,271 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | $ | 6,607,306 | $ | 11,155 | $ | 6,618,461 | $ | 162,529 | $ | (24,479 | ) | $ | 6,756,511 |
December 31, 2012 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Farm & Ranch | $ | 3,339,200 | $ | 160 | $ | 3,339,360 | $ | 92,223 | $ | (5,094 | ) | $ | 3,426,489 | ||||||||||
USDA Guarantees | 26,238 | (452 | ) | 25,786 | 909 | (14 | ) | 26,681 | |||||||||||||||
Rural Utilities | 1,298,506 | — | 1,298,506 | 18,530 | (3,948 | ) | 1,313,088 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,663,944 | (292 | ) | 4,663,652 | 111,662 | (9,056 | ) | 4,766,258 | |||||||||||||||
USDA Guaranteed Securities | 1,461,184 | 5,975 | 1,467,159 | 19,605 | (169 | ) | 1,486,595 | ||||||||||||||||
Total available-for-sale | 6,125,128 | 5,683 | 6,130,811 | 131,267 | (9,225 | ) | 6,252,853 | ||||||||||||||||
Trading: | |||||||||||||||||||||||
USDA Guaranteed Securities | 98,499 | 6,415 | 104,914 | 624 | (1,350 | ) | 104,188 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | $ | 6,223,627 | $ | 12,098 | $ | 6,235,725 | $ | 131,891 | $ | (10,575 | ) | $ | 6,357,041 |
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities Available-for-Sale as of March 31, 2013 | ||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | ||||||||
(dollars in thousands) | ||||||||||
Due within one year | $ | 829,636 | $ | 838,105 | 2.01 | % | ||||
Due after one year through five years | 3,136,706 | 3,220,504 | 2.33 | % | ||||||
Due after five years through ten years | 760,245 | 777,915 | 2.62 | % | ||||||
Due after ten years | 1,803,891 | 1,832,716 | 2.61 | % | ||||||
Total | $ | 6,530,478 | $ | 6,669,240 | 2.40 | % |
4. | FINANCIAL DERIVATIVES |
March 31, 2013 | ||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Life (in years) | ||||||||||||||||
Notional Amount | Asset | (Liability) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | $ | 950,000 | $ | — | $ | (52,967 | ) | 2.20% | 0.30% | 3.83 | ||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 749,874 | 857 | (80,097 | ) | 4.85% | 0.29% | 4.18 | |||||||||||||
Receive fixed non-callable | 4,355,623 | 25,075 | (446 | ) | 0.32% | 0.81% | 0.74 | |||||||||||||
Receive fixed callable | 290,000 | — | (429 | ) | 0.14% | 0.58% | 3.75 | |||||||||||||
Basis swaps | 550,223 | 375 | (642 | ) | 0.37% | 0.31% | 1.24 | |||||||||||||
Agency forwards | 2,435 | — | (1 | ) | 99.83 | |||||||||||||||
Treasury futures | 14,400 | 13 | — | 132.08 | ||||||||||||||||
Credit valuation adjustment | (66 | ) | 744 | |||||||||||||||||
Total financial derivatives | $ | 6,912,555 | $ | 26,254 | $ | (133,838 | ) | |||||||||||||
Collateral (received)/pledged | (1,495 | ) | 36,711 | |||||||||||||||||
Net amount | $ | 24,759 | $ | (97,127 | ) |
December 31, 2012 | ||||||||||||||||||||
Fair Value | Weighted- Average Pay Rate | Weighted- Average Receive Rate | Weighted- Average Forward Price | Weighted- Average Remaining Life (in years) | ||||||||||||||||
Notional Amount | Asset | (Liability) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | $ | 950,000 | $ | — | $ | (58,758 | ) | 2.20% | 0.31% | 4.07 | ||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 805,622 | 357 | (91,205 | ) | 4.83% | 0.32% | 4.14 | |||||||||||||
Receive fixed non-callable | 4,135,149 | 30,338 | (211 | ) | 0.33% | 0.85% | 0.74 | |||||||||||||
Receive fixed callable | 245,000 | 6 | (238 | ) | 0.15% | 0.55% | 3.89 | |||||||||||||
Basis swaps | 609,262 | 499 | (784 | ) | 0.43% | 0.36% | 1.29 | |||||||||||||
Agency forwards | 59,035 | — | (58 | ) | 101.22 | |||||||||||||||
Treasury futures | 11,200 | — | (12 | ) | 129.77 | |||||||||||||||
Credit valuation adjustment | (27 | ) | 584 | |||||||||||||||||
Total financial derivatives | $ | 6,815,268 | $ | 31,173 | $ | (150,682 | ) | |||||||||||||
Collateral (received)/pledged | (1,650 | ) | 60,311 | |||||||||||||||||
Net amount | $ | 29,523 | $ | (90,371 | ) |
Gains on Financial Derivatives and Hedging Activities | |||||||
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Fair value hedges: | |||||||
Interest rate swaps | $ | 5,791 | $ | — | |||
Hedged items | (3,138 | ) | — | ||||
Gains on hedging activities (1) | 2,653 | — | |||||
No hedge designation: | |||||||
Interest rate swaps | 2,846 | 6,306 | |||||
Agency forwards | (984 | ) | 203 | ||||
Treasury futures | (21 | ) | (34 | ) | |||
Credit default swaps | — | (75 | ) | ||||
Gains on financial derivatives not designated in hedging relationships | 1,841 | 6,400 | |||||
Gains on financial derivatives and hedging activities | $ | 4,494 | $ | 6,400 |
5. | LOANS AND ALLOWANCE FOR LOSSES |
March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch | $ | 1,538,381 | $ | 166,163 | $ | 1,704,544 | $ | 1,519,415 | $ | 160,436 | $ | 1,679,851 | |||||||||||
Rural Utilities | 677,931 | 361,767 | 1,039,698 | 663,097 | 368,848 | 1,031,945 | |||||||||||||||||
Total unpaid principal balance (1) | 2,216,312 | 527,930 | 2,744,242 | 2,182,512 | 529,284 | 2,711,796 | |||||||||||||||||
Unamortized premiums, discounts and other cost basis adjustments | (4,101 | ) | 33,752 | 29,651 | 981 | 34,291 | 35,272 | ||||||||||||||||
Lower of cost or fair value adjustment on loans held for sale | — | — | — | (5,943 | ) | — | (5,943 | ) | |||||||||||||||
Total loans | $ | 2,212,211 | $ | 561,682 | $ | 2,773,893 | $ | 2,177,550 | $ | 563,575 | $ | 2,741,125 | |||||||||||
Loans held for investment, at amortized cost | $ | 2,212,211 | $ | 561,682 | $ | 2,773,893 | $ | 1,503,559 | $ | 563,575 | $ | 2,067,134 | |||||||||||
Loans held for sale, at lower of cost or fair value | — | — | — | 673,991 | — | 673,991 | |||||||||||||||||
Total loans | 2,212,211 | 561,682 | 2,773,893 | 2,177,550 | 563,575 | 2,741,125 | |||||||||||||||||
Allowance for loan losses | (7,643 | ) | (324 | ) | (7,967 | ) | (10,986 | ) | (365 | ) | (11,351 | ) | |||||||||||
Loans held for sale, at lower of cost or fair value | $ | 2,204,568 | $ | 561,358 | $ | 2,765,926 | $ | 2,166,564 | $ | 563,210 | $ | 2,729,774 |
• | an "Allowance for loan losses" on loans held; and |
• | a "Reserve for losses" on loans underlying LTSPCs and Farmer Mac Guaranteed Securities. |
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the Three Months Ended: | |||||||||||||||||||||||
Beginning Balance | $ | 11,351 | $ | 5,539 | $ | 16,890 | $ | 10,161 | $ | 7,355 | $ | 17,516 | |||||||||||
Provision for losses | 430 | 746 | 1,176 | 420 | 30 | 450 | |||||||||||||||||
Charge-offs | (3,814 | ) | — | (3,814 | ) | — | — | — | |||||||||||||||
Ending Balance | $ | 7,967 | $ | 6,285 | $ | 14,252 | $ | 10,581 | $ | 7,385 | $ | 17,966 |
For the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Beginning Balance | $ | 2,589 | $ | 2,316 | $ | 1,534 | $ | 784 | $ | 9,661 | $ | 6 | $ | 16,890 | |||||||||||||
Provision for/(release of) losses | 28 | 199 | 53 | (51 | ) | 935 | 12 | 1,176 | |||||||||||||||||||
Charge-offs | — | (189 | ) | — | — | (3,625 | ) | — | (3,814 | ) | |||||||||||||||||
Ending Balance | $ | 2,617 | $ | 2,326 | $ | 1,587 | $ | 733 | $ | 6,971 | $ | 18 | $ | 14,252 |
For the three Months Ended March 31, 2012 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Beginning Balance | $ | 4,133 | $ | 3,365 | $ | 685 | $ | 1,223 | $ | 8,106 | $ | 4 | $ | 17,516 | |||||||||||||
Provision for/(release of) losses | 133 | 117 | (49 | ) | 252 | (6 | ) | 3 | 450 | ||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | ||||||||||||||||||||
Ending Balance | $ | 4,266 | $ | 3,482 | $ | 636 | $ | 1,475 | $ | 8,100 | $ | 7 | $ | 17,966 |
As of March 31, 2013 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 999,390 | $ | 245,448 | $ | 264,593 | $ | 48,215 | $ | 43,450 | $ | — | $ | 1,601,096 | |||||||||||||
Off-balance sheet | 1,197,974 | 569,230 | 973,358 | 128,349 | 177,488 | 9,993 | 3,056,392 | ||||||||||||||||||||
Total | $ | 2,197,364 | $ | 814,678 | $ | 1,237,951 | $ | 176,564 | $ | 220,938 | $ | 9,993 | $ | 4,657,488 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 31,342 | $ | 47,429 | $ | 13,667 | $ | 10,895 | $ | — | $ | 115 | $ | 103,448 | |||||||||||||
Off-balance sheet | 6,894 | 7,022 | 4,731 | 2,125 | — | 901 | 21,673 | ||||||||||||||||||||
Total | $ | 38,236 | $ | 54,451 | $ | 18,398 | $ | 13,020 | $ | — | $ | 1,016 | $ | 125,121 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,030,732 | $ | 292,877 | $ | 278,260 | $ | 59,110 | $ | 43,450 | $ | 115 | $ | 1,704,544 | |||||||||||||
Off-balance sheet | 1,204,868 | 576,252 | 978,089 | 130,474 | 177,488 | 10,894 | 3,078,065 | ||||||||||||||||||||
Total | $ | 2,235,600 | $ | 869,129 | $ | 1,256,349 | $ | 189,584 | $ | 220,938 | $ | 11,009 | $ | 4,782,609 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,485 | $ | 499 | $ | 478 | $ | 45 | $ | 2,281 | $ | — | $ | 4,788 | |||||||||||||
Off-balance sheet | 395 | 210 | 656 | 48 | 4,690 | 4 | 6,003 | ||||||||||||||||||||
Total | $ | 1,880 | $ | 709 | $ | 1,134 | $ | 93 | $ | 6,971 | $ | 4 | $ | 10,791 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 688 | $ | 1,547 | $ | 328 | $ | 616 | $ | — | $ | — | $ | 3,179 | |||||||||||||
Off-balance sheet | 49 | 70 | 125 | 24 | — | 14 | 282 | ||||||||||||||||||||
Total | $ | 737 | $ | 1,617 | $ | 453 | $ | 640 | $ | — | $ | 14 | $ | 3,461 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,173 | $ | 2,046 | $ | 806 | $ | 661 | $ | 2,281 | $ | — | $ | 7,967 | |||||||||||||
Off-balance sheet | 444 | 280 | 781 | 72 | 4,690 | 18 | 6,285 | ||||||||||||||||||||
Total | $ | 2,617 | $ | 2,326 | $ | 1,587 | $ | 733 | $ | 6,971 | $ | 18 | $ | 14,252 |
As of December 31, 2012 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 977,564 | $ | 260,047 | $ | 268,869 | $ | 50,287 | $ | 42,812 | $ | — | $ | 1,599,579 | |||||||||||||
Off-balance sheet | 1,169,710 | 584,880 | 1,002,164 | 136,482 | 144,637 | 11,000 | 3,048,873 | ||||||||||||||||||||
Total | $ | 2,147,274 | $ | 844,927 | $ | 1,271,033 | $ | 186,769 | $ | 187,449 | $ | 11,000 | $ | 4,648,452 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 22,002 | $ | 29,647 | $ | 11,511 | $ | 12,660 | $ | 4,337 | $ | 115 | $ | 80,272 | |||||||||||||
Off-balance sheet | 2,073 | 7,958 | 5,197 | 2,436 | — | 901 | 18,565 | ||||||||||||||||||||
Total | $ | 24,075 | $ | 37,605 | $ | 16,708 | $ | 15,096 | $ | 4,337 | $ | 1,016 | $ | 98,837 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 999,566 | $ | 289,694 | $ | 280,380 | $ | 62,947 | $ | 47,149 | $ | 115 | $ | 1,679,851 | |||||||||||||
Off-balance sheet | 1,171,783 | 592,838 | 1,007,361 | 138,918 | 144,637 | 11,901 | 3,067,438 | ||||||||||||||||||||
Total | $ | 2,171,349 | $ | 882,532 | $ | 1,287,741 | $ | 201,865 | $ | 191,786 | $ | 12,016 | $ | 4,747,289 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,406 | $ | 586 | $ | 499 | $ | 46 | $ | 2,265 | $ | — | $ | 4,802 | |||||||||||||
Off-balance sheet | 476 | 215 | 680 | 57 | 3,996 | 5 | 5,429 | ||||||||||||||||||||
Total | $ | 1,882 | $ | 801 | $ | 1,179 | $ | 103 | $ | 6,261 | $ | 5 | $ | 10,231 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 684 | $ | 1,465 | $ | 335 | $ | 665 | $ | 3,400 | $ | — | $ | 6,549 | |||||||||||||
Off-balance sheet | 23 | 50 | 20 | 16 | — | 1 | 110 | ||||||||||||||||||||
Total | $ | 707 | $ | 1,515 | $ | 355 | $ | 681 | $ | 3,400 | $ | 1 | $ | 6,659 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,090 | $ | 2,051 | $ | 834 | $ | 711 | $ | 5,665 | $ | — | $ | 11,351 | |||||||||||||
Off-balance sheet | 499 | 265 | 700 | 73 | 3,996 | 6 | 5,539 | ||||||||||||||||||||
Total | $ | 2,589 | $ | 2,316 | $ | 1,534 | $ | 784 | $ | 9,661 | $ | 6 | $ | 16,890 |
As of March 31, 2013 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 18,255 | $ | 23,574 | $ | 6,800 | $ | 1,934 | $ | — | $ | — | $ | 50,563 | |||||||||||||
Unpaid principal balance | 18,027 | 23,428 | 6,659 | 1,914 | — | — | 50,028 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment | 20,896 | 31,692 | 12,008 | 11,202 | — | 1,022 | 76,820 | ||||||||||||||||||||
Unpaid principal balance | 20,209 | 31,023 | 11,739 | 11,106 | — | 1,016 | 75,093 | ||||||||||||||||||||
Associated allowance | 737 | 1,617 | 453 | 640 | — | 14 | 3,461 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 39,151 | 55,266 | 18,808 | 13,136 | — | 1,022 | 127,383 | ||||||||||||||||||||
Unpaid principal balance | 38,236 | 54,451 | 18,398 | 13,020 | — | 1,016 | 125,121 | ||||||||||||||||||||
Associated allowance | 737 | 1,617 | 453 | 640 | — | 14 | 3,461 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status (1) | $ | 10,582 | $ | 15,358 | $ | 4,024 | $ | 6,722 | $ | — | $ | — | $ | 36,686 |
As of December 31, 2012 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 7,295 | $ | 11,652 | $ | 7,644 | $ | 3,140 | $ | — | $ | 907 | $ | 30,638 | |||||||||||||
Unpaid principal balance | 7,247 | 11,509 | 7,489 | 3,090 | — | 901 | 30,236 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment | 17,214 | 26,567 | 9,360 | 12,118 | 4,337 | 117 | 69,713 | ||||||||||||||||||||
Unpaid principal balance | 16,829 | 26,095 | 9,219 | 12,007 | 4,337 | 114 | 68,601 | ||||||||||||||||||||
Associated allowance | 706 | 1,515 | 355 | 682 | 3,400 | 1 | 6,659 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 24,509 | 38,219 | 17,004 | 15,258 | 4,337 | 1,024 | 100,351 | ||||||||||||||||||||
Unpaid principal balance | 24,076 | 37,604 | 16,708 | 15,097 | 4,337 | 1,015 | 98,837 | ||||||||||||||||||||
Associated allowance | 706 | 1,515 | 355 | 682 | 3,400 | 1 | 6,659 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status (1) | $ | 11,888 | $ | 15,789 | $ | 5,141 | $ | 8,180 | $ | 4,337 | $ | — | $ | 45,335 |
For the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 31,830 | $ | 46,743 | $ | 17,906 | $ | 14,197 | $ | 2,169 | $ | 1,023 | $ | 113,868 | |||||||||||||
Income recognized on impaired loans | 342 | 374 | 154 | 194 | — | — | 1,064 |
For the Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 27,676 | $ | 34,003 | $ | 12,303 | $ | 15,729 | $ | 5,121 | $ | 1,037 | $ | 95,869 | |||||||||||||
Income recognized on impaired loans | 87 | 280 | 62 | 104 | — | — | 533 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Unpaid principal balance at acquisition date: | |||||||
Loans underlying LTSPCs | $ | 37 | $ | — | |||
Loans underlying Farmer Mac Guaranteed Securities | 103 | 729 | |||||
Total unpaid principal balance at acquisition date | 140 | 729 | |||||
Contractually required payments receivable | 143 | 732 | |||||
Impairment recognized subsequent to acquisition | 386 | 15 | |||||
Recovery/release of allowance for defaulted loans | 50 | 40 |
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Outstanding balance | $ | 34,166 | $ | 41,737 | |||
Carrying amount | 29,870 | 33,798 |
90-Day Delinquencies (1) | Net Credit Losses | ||||||||||||||
As of | For the Three Months Ended | ||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | March 31, 2012 | ||||||||||||
(in thousands) | |||||||||||||||
On-balance sheet assets: | |||||||||||||||
Farm & Ranch: | |||||||||||||||
Loans | $ | 32,198 | $ | 29,592 | $ | 3,810 | $ | — | |||||||
Total on-balance sheet | $ | 32,198 | $ | 29,592 | $ | 3,810 | $ | — | |||||||
Off-balance sheet assets: | |||||||||||||||
Farm & Ranch: | |||||||||||||||
LTSPCs | $ | 7,465 | $ | 3,671 | $ | — | $ | — | |||||||
Total off-balance sheet | $ | 7,465 | $ | 3,671 | $ | — | $ | — | |||||||
Total | $ | 39,663 | $ | 33,263 | $ | 3,810 | $ | — |
(1) | Includes loans and loans underlying Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, and in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
As of March 31, 2013 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | |||||||||||||||||||||||||||
On-balance sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 970,854 | $ | 226,463 | $ | 251,822 | $ | 45,379 | $ | 13,258 | $ | — | $ | 1,507,776 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 28,572 | 18,401 | 12,771 | 2,836 | 10,201 | — | 72,781 | ||||||||||||||||||||
Substandard (2) | 31,306 | 48,013 | 13,667 | 10,895 | 19,991 | 115 | 123,987 | ||||||||||||||||||||
Total on-balance sheet | $ | 1,030,732 | $ | 292,877 | $ | 278,260 | $ | 59,110 | $ | 43,450 | $ | 115 | $ | 1,704,544 | |||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 1,175,751 | $ | 551,729 | $ | 907,719 | $ | 122,724 | $ | 147,942 | $ | 9,287 | $ | 2,915,152 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 8,255 | 8,574 | 35,532 | 3,381 | 7,201 | 598 | 63,541 | ||||||||||||||||||||
Substandard (2) | 20,862 | 15,949 | 34,838 | 4,369 | 22,345 | 1,009 | 99,372 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,204,868 | $ | 576,252 | $ | 978,089 | $ | 130,474 | $ | 177,488 | $ | 10,894 | $ | 3,078,065 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 2,146,605 | $ | 778,192 | $ | 1,159,541 | $ | 168,103 | $ | 161,200 | $ | 9,287 | $ | 4,422,928 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 36,827 | 26,975 | 48,303 | 6,217 | 17,402 | 598 | 136,322 | ||||||||||||||||||||
Substandard (2) | 52,168 | 63,962 | 48,505 | 15,264 | 42,336 | 1,124 | 223,359 | ||||||||||||||||||||
Total | $ | 2,235,600 | $ | 869,129 | $ | 1,256,349 | $ | 189,584 | $ | 220,938 | $ | 11,009 | $ | 4,782,609 | |||||||||||||
Commodity analysis of past due loans (1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 3,828 | $ | 16,961 | $ | 6,905 | $ | 4,385 | $ | — | $ | 119 | $ | 32,198 | |||||||||||||
Off-balance sheet | 4,275 | 42 | 2,876 | 272 | — | — | 7,465 | ||||||||||||||||||||
90-days or more past due | $ | 8,103 | $ | 17,003 | $ | 9,781 | $ | 4,657 | $ | — | $ | 119 | $ | 39,663 |
(1) | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. |
(2) | Assets in the OAEM category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
As of December 31, 2012 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing (including ethanol facilities) | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Credit risk profile by internally assigned grade (1) | |||||||||||||||||||||||||||
On-balance sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 947,097 | $ | 226,253 | $ | 252,525 | $ | 48,156 | $ | 11,972 | $ | — | $ | 1,486,003 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 30,466 | 33,794 | 16,344 | 2,131 | 19,981 | — | 102,716 | ||||||||||||||||||||
Substandard (2) | 22,003 | 29,647 | 11,511 | 12,660 | 15,196 | 115 | 91,132 | ||||||||||||||||||||
Total on-balance sheet | $ | 999,566 | $ | 289,694 | $ | 280,380 | $ | 62,947 | $ | 47,149 | $ | 115 | $ | 1,679,851 | |||||||||||||
Off-Balance Sheet | |||||||||||||||||||||||||||
Acceptable | $ | 1,143,790 | $ | 567,064 | $ | 922,254 | $ | 130,557 | $ | 114,983 | $ | 10,287 | $ | 2,888,935 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 10,459 | 5,068 | 40,410 | 3,220 | 23,372 | 592 | 83,121 | ||||||||||||||||||||
Substandard (2) | 17,534 | 20,706 | 44,697 | 5,141 | 6,282 | 1,022 | 95,382 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,171,783 | $ | 592,838 | $ | 1,007,361 | $ | 138,918 | $ | 144,637 | $ | 11,901 | $ | 3,067,438 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 2,090,887 | $ | 793,317 | $ | 1,174,779 | $ | 178,713 | $ | 126,955 | $ | 10,287 | $ | 4,374,938 | |||||||||||||
Other assets especially mentioned ("OAEM") (2) | 40,925 | 38,862 | 56,754 | 5,351 | 43,353 | 592 | 185,837 | ||||||||||||||||||||
Substandard (2) | 39,537 | 50,353 | 56,208 | 17,801 | 21,478 | 1,137 | 186,514 | ||||||||||||||||||||
Total | $ | 2,171,349 | $ | 882,532 | $ | 1,287,741 | $ | 201,865 | $ | 191,786 | $ | 12,016 | $ | 4,747,289 | |||||||||||||
Commodity analysis of past due loans (1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 3,971 | $ | 10,756 | $ | 4,389 | $ | 6,022 | $ | 4,337 | $ | 117 | $ | 29,592 | |||||||||||||
Off-balance sheet | 697 | 45 | 2,833 | 96 | — | — | 3,671 | ||||||||||||||||||||
90-days or more past due | $ | 4,668 | $ | 10,801 | $ | 7,222 | $ | 6,118 | $ | 4,337 | $ | 117 | $ | 33,263 |
(1) | Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. |
(2) | Assets in the OAEM category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. |
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
By commodity/collateral type: | |||||||
Crops | $ | 2,235,600 | $ | 2,171,349 | |||
Permanent plantings | 869,129 | 882,532 | |||||
Livestock | 1,256,349 | 1,287,741 | |||||
Part-time farm | 189,584 | 201,865 | |||||
Ag. Storage and Processing (including ethanol facilities) | 220,938 | 191,786 | |||||
Other | 11,009 | 12,016 | |||||
Total | $ | 4,782,609 | $ | 4,747,289 | |||
By geographic region (1): | |||||||
Northwest | $ | 464,878 | $ | 840,693 | |||
Southwest | 1,742,298 | 1,781,822 | |||||
Mid-North | 1,411,917 | 989,903 | |||||
Mid-South | 569,876 | 504,914 | |||||
Northeast | 250,982 | 261,756 | |||||
Southeast | 342,658 | 368,201 | |||||
Total | $ | 4,782,609 | $ | 4,747,289 | |||
By original loan-to-value ratio: | |||||||
0.00% to 40.00% | $ | 1,219,929 | $ | 1,338,715 | |||
40.01% to 50.00% | 923,067 | 851,980 | |||||
50.01% to 60.00% | 1,345,849 | 1,296,225 | |||||
60.01% to 70.00% | 1,132,798 | 1,091,427 | |||||
70.01% to 80.00% | 118,843 | 122,259 | |||||
80.01% to 90.00% | 42,123 | 46,683 | |||||
Total | $ | 4,782,609 | $ | 4,747,289 |
(1) | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). Some states have been reclassified to different regions compared to prior periods. |
6. | OFF-BALANCE SHEET GUARANTEES AND LONG TERM STANDBY PURCHASE COMMITMENTS |
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | |||||||
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Farm & Ranch: | |||||||
Farmer Mac Guaranteed Securities - AgVantage | $ | 970,000 | $ | 970,000 | |||
Farmer Mac Guaranteed Securities | 856,500 | 911,370 | |||||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed Securities | 25,581 | 29,658 | |||||
Rural Utilities: | |||||||
Farmer Mac Guaranteed Securities - AgVantage | 12,669 | 12,669 | |||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 1,864,750 | $ | 1,923,697 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Proceeds from new securitizations | $ | 25,042 | $ | 3,380 | |||
Guarantee fees received | 992 | 714 | |||||
Purchases of assets from the trusts | (103 | ) | (729 | ) |
7. | EQUITY |
• | Class A voting common stock, which may be held only by banks, insurance companies and other financial institutions or similar entities that are not institutions of the Farm Credit System ("FCS"). By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33 percent of the outstanding shares of Class A voting common stock; |
• | Class B voting common stock, which may be held only by institutions of the FCS. There are no restrictions on the maximum holdings of Class B voting common stock; and |
• | Class C non-voting common stock, which has no ownership restrictions. |
• | Statutory minimum capital requirement – Farmer Mac's statutory minimum capital level is an amount of core capital (stockholders' equity less accumulated other comprehensive income plus non-controlling interest - preferred stock) equal to the sum of 2.75 percent of Farmer Mac's aggregate on-balance sheet assets, as calculated for regulatory purposes, plus 0.75 percent of the aggregate off-balance sheet obligations of Farmer Mac, specifically including: |
◦ | the unpaid principal balance of outstanding Farmer Mac Guaranteed Securities; |
◦ | instruments issued or guaranteed by Farmer Mac that are substantially equivalent to Farmer Mac Guaranteed Securities, including LTSPCs; and |
◦ | other off-balance sheet obligations of Farmer Mac. |
• | Statutory critical capital requirement – Farmer Mac's critical capital level is an amount of core capital equal to 50 percent of the total minimum capital requirement at that time. |
• | Risk-based capital requirement – Farmer Mac's charter directs the Farm Credit Administration ("FCA") to establish a risk-based capital stress test for Farmer Mac, using specified stress-test parameters. |
8. | FAIR VALUE DISCLOSURES |
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
Level 2 | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. |
Level 3 | Prices or valuations that require unobservable inputs that are significant to the fair value measurement. |
Assets and Liabilities Measured at Fair Value as of March 31, 2013 | |||||||||||||||
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 | $ | — | $ | — | $ | 65,213 | $ | 65,213 | |||||||
Floating rate asset-backed securities | — | 146,678 | — | 146,678 | |||||||||||
Fixed rate asset-backed securities | — | 2,980 | — | 2,980 | |||||||||||
Floating rate corporate debt securities | — | 91,804 | — | 91,804 | |||||||||||
Fixed rate corporate debt securities | — | 62,357 | — | 62,357 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 687,745 | 233 | 687,978 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 1,704 | — | 1,704 | |||||||||||
Floating rate GSE subordinated debt | — | 63,151 | — | 63,151 | |||||||||||
Fixed rate GSE preferred stock | — | 86,792 | — | 86,792 | |||||||||||
Fixed rate taxable municipal bonds | — | 8,597 | — | 8,597 | |||||||||||
Floating rate senior agency debt | — | 50,048 | — | 50,048 | |||||||||||
Fixed rate senior agency debt | — | 119,621 | — | 119,621 | |||||||||||
Fixed rate U.S. Treasuries | 909,264 | — | — | 909,264 | |||||||||||
Total available-for-sale | 909,264 | 1,321,477 | 65,446 | 2,296,187 | |||||||||||
Trading: | |||||||||||||||
Floating rate asset-backed securities | — | — | 1,129 | 1,129 | |||||||||||
Total trading | — | — | 1,129 | 1,129 | |||||||||||
Total Investment Securities | 909,264 | 1,321,477 | 66,575 | 2,297,316 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
Farm & Ranch | — | — | 3,528,520 | 3,528,520 | |||||||||||
USDA Guarantees | — | — | 27,198 | 27,198 | |||||||||||
Rural Utilities | — | — | 1,544,362 | 1,544,362 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 5,100,080 | 5,100,080 | |||||||||||
USDA Guaranteed Securities: | |||||||||||||||
Available-for-sale | — | — | 1,569,160 | 1,569,160 | |||||||||||
Trading | — | — | 87,271 | 87,271 | |||||||||||
Total USDA Guaranteed Securities | — | — | 1,656,431 | 1,656,431 | |||||||||||
Financial derivatives | 13 | 26,241 | — | 26,254 | |||||||||||
Total Assets at fair value | $ | 909,277 | $ | 1,347,718 | $ | 6,823,086 | $ | 9,080,081 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | — | $ | 133,306 | $ | 532 | $ | 133,838 | |||||||
Total Liabilities at fair value | $ | — | $ | 133,306 | $ | 532 | $ | 133,838 | |||||||
Nonrecurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for investment | — | — | 5,939 | 5,939 | |||||||||||
REO | — | — | 2,232 | 2,232 | |||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 8,171 | $ | 8,171 |
Assets and Liabilities Measured at Fair Value as of December 31, 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 | $ | — | $ | — | $ | 63,159 | $ | 63,159 | |||||||
Floating rate asset-backed securities | — | 151,044 | — | 151,044 | |||||||||||
Fixed rate asset-backed securities | — | 6,501 | — | 6,501 | |||||||||||
Floating rate corporate debt securities | — | 76,763 | — | 76,763 | |||||||||||
Fixed rate corporate debt | — | 52,416 | — | 52,416 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 712,859 | — | 712,859 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 2,065 | — | 2,065 | |||||||||||
Floating rate GSE subordinated debt | — | 57,431 | — | 57,431 | |||||||||||
Fixed rate commercial paper | — | — | — | — | |||||||||||
Fixed rate GSE preferred stock | — | 87,086 | — | 87,086 | |||||||||||
Floating rate senior agency debt | — | 50,055 | — | 50,055 | |||||||||||
Fixed rate senior agency debt | — | 73,114 | — | 73,114 | |||||||||||
Fixed rate U.S. Treasuries | 1,165,889 | — | — | 1,165,889 | |||||||||||
Total available-for-sale | 1,165,889 | 1,269,334 | 63,159 | 2,498,382 | |||||||||||
Trading: | |||||||||||||||
Floating rate asset-backed securities | — | — | 1,247 | 1,247 | |||||||||||
Total trading | — | — | 1,247 | 1,247 | |||||||||||
Total Investment Securities | 1,165,889 | 1,269,334 | 64,406 | 2,499,629 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
Farm & Ranch | — | — | 3,426,489 | 3,426,489 | |||||||||||
USDA Guarantees | — | — | 26,681 | 26,681 | |||||||||||
Rural Utilities | — | — | 1,313,088 | 1,313,088 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 4,766,258 | 4,766,258 | |||||||||||
USDA Guaranteed Securities: | |||||||||||||||
Available-for-sale | — | — | 1,486,595 | 1,486,595 | |||||||||||
Trading | — | — | 104,188 | 104,188 | |||||||||||
Total USDA Guaranteed Securities | — | — | 1,590,783 | 1,590,783 | |||||||||||
Financial derivatives | — | 31,173 | — | 31,173 | |||||||||||
Total Assets at fair value | $ | 1,165,889 | $ | 1,300,507 | $ | 6,421,447 | $ | 8,887,843 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | 12 | $ | 149,979 | $ | 691 | $ | 150,682 | |||||||
Total Liabilities at fair value | $ | 12 | $ | 149,979 | $ | 691 | $ | 150,682 | |||||||
Nonrecurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for sale | $ | — | $ | — | $ | 657,154 | $ | 657,154 | |||||||
Loans held for investment | — | — | 8,130 | 8,130 | |||||||||||
REO | — | — | 1,704 | 1,704 | |||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 666,988 | $ | 666,988 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized Gains/ (Losses) included in Income | Unrealized Gains/(Losses) included in Other Comprehen-sive Income | Ending Balance | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Recurring: | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 63,159 | $ | — | $ | — | $ | — | $ | — | $ | 2,054 | $ | 65,213 | |||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 233 | — | — | — | — | 233 | ||||||||||||||||||||
Total available-for-sale | 63,159 | 233 | — | — | — | 2,054 | 65,446 | ||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,247 | — | — | (314 | ) | 196 | — | 1,129 | |||||||||||||||||||
Total trading | 1,247 | — | — | (314 | ) | 196 | — | 1,129 | |||||||||||||||||||
Total Investment Securities | 64,406 | 233 | — | (314 | ) | 196 | 2,054 | 66,575 | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Farm & Ranch | 3,426,489 | 100,000 | — | (9 | ) | (3,138 | ) | 5,178 | 3,528,520 | ||||||||||||||||||
USDA Guarantees | 26,681 | — | — | (383 | ) | — | 900 | 27,198 | |||||||||||||||||||
Rural Utilities | 1,313,088 | 325,000 | — | (77,924 | ) | — | (15,802 | ) | 1,544,362 | ||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,766,258 | 425,000 | — | (78,316 | ) | (3,138 | ) | (9,724 | ) | 5,100,080 | |||||||||||||||||
USDA Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale | 1,486,595 | 122,187 | — | (69,202 | ) | — | 29,580 | 1,569,160 | |||||||||||||||||||
Trading (2) | 104,188 | — | — | (16,931 | ) | 14 | — | 87,271 | |||||||||||||||||||
Total USDA Guaranteed Securities | 1,590,783 | 122,187 | — | (86,133 | ) | 14 | 29,580 | 1,656,431 | |||||||||||||||||||
Total Assets at fair value | $ | 6,421,447 | $ | 547,420 | $ | — | $ | (164,763 | ) | $ | (2,928 | ) | $ | 21,910 | $ | 6,823,086 | |||||||||||
Liabilities: | |||||||||||||||||||||||||||
Financial derivatives (3) | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 159 | $ | — | $ | (532 | ) | |||||||||||
Total Liabilities at fair value | $ | (691 | ) | $ | — | $ | — | $ | — | $ | 159 | $ | — | $ | (532 | ) |
(1) | Unrealized gains are attributable to assets still held as of March 31, 2013 and are recorded in Gains on trading assets. |
(2) | Includes unrealized losses of $0.1 million attributable to assets still held as of March 31, 2013 that are recorded in Gains on trading assets. |
(3) | Unrealized gains are attributable to liabilities still held as of March 31, 2013 and are recorded in Gains on financial derivatives and hedging activities. |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized Gains/ (Losses) included in Income | Unrealized Gains/(Losses) included in Other Comprehen-sive 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 | $ | — | $ | — | $ | — | $ | — | $ | (1,345 | ) | $ | 58,868 | ||||||||||||
Total available-for-sale | 60,213 | — | — | — | — | (1,345 | ) | 58,868 | |||||||||||||||||||
Trading: | |||||||||||||||||||||||||||
Floating rate asset-backed securities (1) | 1,796 | — | — | (288 | ) | 138 | — | 1,646 | |||||||||||||||||||
Total Trading | 1,796 | — | — | (288 | ) | 138 | — | 1,646 | |||||||||||||||||||
Total Investment Securities | 62,009 | — | — | (288 | ) | 138 | (1,345 | ) | 60,514 | ||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
Farm & Ranch | 2,807,627 | 200,000 | — | (8 | ) | — | 604 | 3,008,223 | |||||||||||||||||||
USDA Guarantees | 35,599 | — | — | (228 | ) | — | 758 | 36,129 | |||||||||||||||||||
Rural Utilities | 1,446,046 | — | — | (95,701 | ) | — | (4,836 | ) | 1,345,509 | ||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,289,272 | 200,000 | — | (95,937 | ) | — | (3,474 | ) | 4,389,861 | ||||||||||||||||||
USDA Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale | 1,279,546 | 101,725 | — | (54,018 | ) | — | 1,449 | 1,328,702 | |||||||||||||||||||
Trading (2) | 212,359 | — | — | (28,923 | ) | 961 | — | 184,397 | |||||||||||||||||||
Total USDA Guaranteed Securities | 1,491,905 | 101,725 | — | (82,941 | ) | 961 | 1,449 | 1,513,099 | |||||||||||||||||||
Total Assets at fair value | $ | 5,843,186 | $ | 301,725 | $ | — | $ | (179,166 | ) | $ | 1,099 | $ | (3,370 | ) | $ | 5,963,474 | |||||||||||
Liabilities: | |||||||||||||||||||||||||||
Financial derivatives (3) | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 110 | $ | — | $ | (1,225 | ) | |||||||||||
Total Liabilities at fair value | $ | (1,335 | ) | $ | — | $ | — | $ | — | $ | 110 | $ | — | $ | (1,225 | ) |
(1) | Unrealized gains are attributable to assets still held as of December 31, 2012 and are recorded in Gains on trading assets. |
(2) | Includes unrealized gains of $0.8 million attributable to assets still held as of December 31, 2012 that are recorded in Gains on trading assets. |
(3) | Unrealized gains are attributable to liabilities still held as of December 31, 2012 and are recorded in Gains on financial derivatives and hedging activities. |
March 31, 2013 | ||||||||||
Financial Instruments | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted-Average) | ||||||
(in thousands) | ||||||||||
Assets: | ||||||||||
Investment securities: | ||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 65,213 | Indicative bids | Range of broker quotes | 82.0% - 93.0% (88.0%) | |||||
Floating rate asset-backed securities | $ | 1,129 | Discounted cash flow | Discount rate | 11.9% - 19.4% (15.9%) | |||||
CPR | 10% | |||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | $ | 233 | Discounted cash flow | Discount rate | 1.6% - 1.6% (1.6%) | |||||
CPR | 7% | |||||||||
Farmer Mac Guaranteed Securities: | ||||||||||
Farm & Ranch | $ | 3,528,520 | Discounted cash flow | Discount rate | 0.9% - 3.5% (1.6%) | |||||
USDA Guarantees | $ | 27,198 | Discounted cash flow | Discount rate | 0.8% - 3.3% (1.9%) | |||||
CPR | 8% - 18% (15%) | |||||||||
Rural Utilities | $ | 1,544,362 | Discounted cash flow | Discount rate | 0.8% - 3.0% (1.6%) | |||||
USDA Guaranteed Securities | $ | 1,656,431 | Discounted cash flow | Discount rate | 1.2% - 5.3% (3.1%) | |||||
CPR | 0% - 27% (9%) | |||||||||
Liabilities: | ||||||||||
Financial Derivatives: | ||||||||||
Basis swaps | $ | 532 | Discounted cash flow | Discount rate | 0.6% - 2.4% (1.3%) | |||||
CPR | 12% - 17% (16%) |
December 31, 2012 | ||||||||||
Financial Instruments | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted-Average) | ||||||
(in thousands) | ||||||||||
Assets: | ||||||||||
Investment securities: | ||||||||||
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 63,159 | Indicative bids | Range of broker quotes | 82.0% - 90.0% (85.0%) | |||||
Floating rate asset-backed securities | $ | 1,247 | Discounted cash flow | Discount rate | 12.4% - 19.7% (16.2%) | |||||
CPR | 10% | |||||||||
Farmer Mac Guaranteed Securities: | ||||||||||
Farm & Ranch | $ | 3,426,489 | Discounted cash flow | Discount rate | 1.1% - 3.4% (1.6%) | |||||
USDA Guarantees | $ | 26,681 | Discounted cash flow | Discount rate | 1.0% - 3.4% (2.1%) | |||||
CPR | 8% - 17% (14%) | |||||||||
Rural Utilities | $ | 1,313,088 | Discounted cash flow | Discount rate | 0.8% - 2.9% (1.6%) | |||||
USDA Guaranteed Securities | $ | 1,590,783 | Discounted cash flow | Discount rate | 1.4% - 5.3% (3.4%) | |||||
CPR | 0% - 26% (10%) | |||||||||
Liabilities: | ||||||||||
Financial Derivatives: | ||||||||||
Basis swaps | $ | 691 | Discounted cash flow | Discount rate | 1.0% - 3.0% (1.7%) | |||||
CPR | 11% - 19% (16%) |
March 31, 2013 | December 31, 2012 | ||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||
(in thousands) | |||||||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 893,387 | $ | 893,387 | $ | 785,564 | $ | 785,564 | |||||||
Investment securities | 2,297,316 | 2,297,316 | 2,499,629 | 2,499,629 | |||||||||||
Farmer Mac Guaranteed Securities | 5,100,080 | 5,100,080 | 4,766,258 | 4,766,258 | |||||||||||
USDA Guaranteed Securities | 1,656,431 | 1,656,431 | 1,590,783 | 1,590,783 | |||||||||||
Loans | 2,832,842 | 2,765,926 | 2,746,742 | 2,729,774 | |||||||||||
Financial derivatives | 26,254 | 26,254 | 31,173 | 31,173 | |||||||||||
Guarantee and commitment fees receivable: | |||||||||||||||
LTSPCs | 29,225 | 24,653 | 27,805 | 22,863 | |||||||||||
Farmer Mac Guaranteed Securities | 18,844 | 17,706 | 20,432 | 18,926 | |||||||||||
Financial liabilities: | |||||||||||||||
Notes payable: | |||||||||||||||
Due within one year | 6,552,954 | 6,543,973 | 6,573,013 | 6,567,366 | |||||||||||
Due after one year | 5,128,379 | 4,978,118 | 5,202,751 | 5,034,739 | |||||||||||
Debt securities of consolidated trusts held by third parties | 173,575 | 167,250 | 164,910 | 167,621 | |||||||||||
Financial derivatives | 133,838 | 133,838 | 150,682 | 150,682 | |||||||||||
Guarantee and commitment obligations: | |||||||||||||||
LTSPCs | 28,317 | 23,745 | 26,896 | 21,954 | |||||||||||
Farmer Mac Guaranteed Securities | 16,297 | 15,160 | 17,354 | 15,849 |
9. | BUSINESS SEGMENT REPORTING |
Core Earnings by Business Segment | |||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Corporate | Reconciling Adjustments | GAAP Amounts | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest income (1) | $ | 28,814 | $ | 13,341 | $ | 14,889 | $ | 5,734 | $ | (1,280 | ) | $ | 61,498 | ||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (180 | ) | — | — | — | 180 | — | ||||||||||||||||
Interest expense (2) | (12,585 | ) | (10,408 | ) | (11,875 | ) | (1,467 | ) | 3,207 | (33,128 | ) | ||||||||||||
Net effective spread | 16,049 | 2,933 | 3,014 | 4,267 | 2,107 | 28,370 | |||||||||||||||||
Guarantee and commitment fees | 5,800 | 33 | 959 | — | (180 | ) | 6,612 | ||||||||||||||||
Other income/(expense) (3) | 595 | 200 | — | (562 | ) | 5,600 | 5,833 | ||||||||||||||||
Non-interest income/(loss) | 6,395 | 233 | 959 | (562 | ) | 5,420 | 12,445 | ||||||||||||||||
Provision for loan losses | (430 | ) | — | — | — | — | (430 | ) | |||||||||||||||
Provision for losses | (746 | ) | — | — | — | — | (746 | ) | |||||||||||||||
Other non-interest expense | (3,972 | ) | (814 | ) | (1,413 | ) | (2,136 | ) | — | (8,335 | ) | ||||||||||||
Non-interest expense (4) | (4,718 | ) | (814 | ) | (1,413 | ) | (2,136 | ) | — | (9,081 | ) | ||||||||||||
Core earnings before income taxes | 17,296 | 2,352 | 2,560 | 1,569 | 7,527 | (5) | 31,304 | ||||||||||||||||
Income tax (expense)/benefit | (6,053 | ) | (823 | ) | (896 | ) | 1,691 | (2,635 | ) | (8,716 | ) | ||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 11,243 | 1,529 | 1,664 | 3,260 | 4,892 | (5) | 22,588 | ||||||||||||||||
Preferred stock dividends | — | — | — | (851 | ) | — | (851 | ) | |||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | (5,547 | ) | — | (5,547 | ) | |||||||||||||||
Segment core earnings | $ | 11,243 | $ | 1,529 | $ | 1,664 | $ | (3,138 | ) | $ | 4,892 | (5) | $ | 16,190 | |||||||||
Total assets at carrying value | $ | 5,309,083 | $ | 1,701,413 | $ | 2,620,213 | $ | 3,261,963 | $ | — | $ | 12,892,672 | |||||||||||
Total on- and off-balance sheet program assets at principal balance | 9,191,809 | 1,648,105 | 2,597,948 | — | — | 13,437,862 |
(1) | Includes reconciling adjustments for the amortization of premiums and discounts 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 not designated as hedges, which are included in "Gains on financial derivatives and hedging activities" on the GAAP financial statements. |
(3) | Includes reconciling adjustments for the reclassification of expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Guaranteed Securities. |
(4) | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
(5) | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding GAAP measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. |
Core Earnings by Business Segment | |||||||||||||||||||||||
For the Three Months Ended March 31, 2012 | |||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Corporate | Reconciling Adjustments | GAAP Amounts | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest income (1) | $ | 40,746 | $ | 14,315 | $ | 13,496 | $ | 6,232 | $ | (1,658 | ) | $ | 73,131 | ||||||||||
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income | (730 | ) | — | — | — | 730 | — | ||||||||||||||||
Interest expense (2) | (25,142 | ) | (11,549 | ) | (10,319 | ) | (1,416 | ) | 9,503 | (38,923 | ) | ||||||||||||
Net effective spread | 14,874 | 2,766 | 3,177 | 4,816 | 8,575 | 34,208 | |||||||||||||||||
Guarantee and commitment fees | 5,323 | 47 | 1,290 | — | (730 | ) | 5,930 | ||||||||||||||||
Other income/(expense) (3) | 437 | 102 | 1 | (523 | ) | 8,231 | 8,248 | ||||||||||||||||
Non-interest income/(loss) | 5,760 | 149 | 1,291 | (523 | ) | 7,501 | 14,178 | ||||||||||||||||
Provision for loan losses | (420 | ) | — | — | — | — | (420 | ) | |||||||||||||||
Provision for losses | (30 | ) | — | — | — | — | (30 | ) | |||||||||||||||
Other non-interest expense | (3,492 | ) | (764 | ) | (1,382 | ) | (2,174 | ) | — | (7,812 | ) | ||||||||||||
Non-interest expense (4) | (3,522 | ) | (764 | ) | (1,382 | ) | (2,174 | ) | — | (7,842 | ) | ||||||||||||
Core earnings before income taxes | 16,692 | 2,151 | 3,086 | 2,119 | 16,076 | (5) | 40,124 | ||||||||||||||||
Income tax (expense)/benefit | (5,842 | ) | (753 | ) | (1,080 | ) | 1,647 | (5,626 | ) | (11,654 | ) | ||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 10,850 | 1,398 | 2,006 | 3,766 | 10,450 | (5) | 28,470 | ||||||||||||||||
Preferred stock dividends | — | — | — | (720 | ) | — | (720 | ) | |||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | (5,547 | ) | — | (5,547 | ) | |||||||||||||||
Segment core earnings | $ | 10,850 | $ | 1,398 | $ | 2,006 | $ | (2,501 | ) | $ | 10,450 | (5) | $ | 22,203 | |||||||||
Total assets at carrying value | $ | 5,019,070 | $ | 1,567,693 | $ | 2,314,162 | $ | 3,410,486 | $ | — | $ | 12,311,411 | |||||||||||
Total on- and off-balance sheet program assets at principal balance | 8,283,483 | 1,529,642 | 2,253,300 | — | — | 12,066,425 |
(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 "Gains on financial derivatives and hedging activities" on the GAAP financial statements. |
(3) | Includes reconciling adjustments for the reclassification of yield maintenance income, expenses related to interest rate swaps and fair value adjustments on financial derivatives and trading assets. Also includes a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Guaranteed Securities. |
(4) | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
(5) | Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends; and segment core earnings to corresponding GAAP measures: income before income taxes, net income, and net income attributable to common stockholders, respectively. |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
• | prospects for earnings; |
• | prospects for growth in business volume; |
• | trends in net interest income and net effective spread; |
• | trends in portfolio credit quality, delinquencies, and provisions for losses; |
• | trends in expenses; |
• | trends in investment securities; |
• | prospects for asset impairments and allowance for losses; |
• | changes in capital position; and |
• | other business and financial matters. |
• | the availability to Farmer Mac and Farmer Mac II LLC of debt financing and, if available, the reasonableness of rates and terms; |
• | legislative or regulatory developments that could affect Farmer Mac or its sources of business, including but not limited to: |
◦ | developments related to agricultural policies and programs contained in the current Farm Bill (the Food, Conservation and Energy Act of 2008), which is currently scheduled to expire in September 2013, |
◦ | reduced funding for agricultural policies and programs as a result of federal budget cuts, such as programs affecting USDA-guaranteed loans or agricultural inspection; or |
◦ | changes in policies related to renewable fuel standards and the use of ethanol as a blending agent; |
• | fluctuations in the fair value of assets held by Farmer Mac and Farmer Mac II LLC; |
• | the rate and direction of development of the secondary market for agricultural mortgage and rural utilities loans, including lender interest in Farmer Mac credit products and the Farmer Mac secondary market; |
• | the general rate of growth in agricultural mortgage and rural utilities indebtedness; |
• | the impact of economic conditions, including the effects of drought and other weather-related conditions and fluctuations in agricultural real estate values, on agricultural mortgage lending and borrower repayment capacity; |
• | developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving GSEs, including Farmer Mac; |
• | changes in the level and direction of interest rates, which could among other things affect the value of collateral securing Farmer Mac's agricultural mortgage loan assets; and |
• | volatility in commodity prices and/or export demand for U.S. agricultural products. |
Reconciliation of GAAP Net Income Attributable to Common Stockholders to Core Earnings | |||||||
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands, except per share amounts) | |||||||
GAAP net income attributable to common stockholders | $ | 16,190 | $ | 22,203 | |||
Less the after-tax effects of: | |||||||
Unrealized gains on financial derivatives and hedging activities | 5,712 | 10,185 | |||||
Unrealized gains on trading assets | 136 | 714 | |||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (618 | ) | (958 | ) | |||
Net effects of settlements on agency forward contracts | (338 | ) | 509 | ||||
Sub-total | 4,892 | 10,450 | |||||
Core earnings | $ | 11,298 | $ | 11,753 | |||
Core earnings per share: | |||||||
Basic | $ | 1.05 | $ | 1.13 | |||
Diluted | 1.01 | 1.08 | |||||
Weighted-average shares: | |||||||
Basic | 10,737 | 10,365 | |||||
Diluted | 11,161 | 10,903 |
For the Three Months Ended | |||||||||||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||
Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Cash and investments | $ | 2,897,307 | $ | 5,734 | 0.79 | % | $ | 2,930,357 | $ | 6,232 | 0.85 | % | |||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities (1) | 8,826,984 | 53,913 | 2.44 | % | 7,928,392 | 58,935 | 2.97 | % | |||||||||||||
Total interest-earning assets | 11,724,291 | 59,647 | 2.03 | % | 10,858,749 | 65,167 | 2.40 | % | |||||||||||||
Funding: | |||||||||||||||||||||
Notes payable due within one year | 4,580,356 | 2,195 | 0.19 | % | 5,178,474 | 2,259 | 0.17 | % | |||||||||||||
Notes payable due after one year (2) | 6,653,596 | 29,262 | 1.76 | % | 5,186,845 | 29,430 | 2.27 | % | |||||||||||||
Total interest-bearing liabilities (3) | 11,233,952 | 31,457 | 1.12 | % | 10,365,319 | 31,689 | 1.22 | % | |||||||||||||
Net non-interest-bearing funding | 490,339 | — | 493,430 | — | |||||||||||||||||
Total funding | 11,724,291 | 31,457 | 1.07 | % | 10,858,749 | 31,689 | 1.17 | % | |||||||||||||
Net interest income/yield prior to consolidation of certain trusts | 11,724,291 | 28,190 | 0.96 | % | 10,858,749 | 33,478 | 1.23 | % | |||||||||||||
Net effect of consolidated trusts (4) | 159,269 | 180 | 0.45 | % | 671,244 | 730 | 0.44 | % | |||||||||||||
Adjusted net interest income/yield | $ | 11,883,560 | $ | 28,370 | 0.95 | % | $ | 11,529,993 | $ | 34,208 | 1.19 | % |
(1) | Excludes interest income of $1.9 million and $8.0 million in 2013 and 2012 , respectively, related to consolidated trusts with beneficial interests owned by third parties. |
(2) | Includes current portion of long-term notes. |
(3) | Excludes interest expense of $1.7 million and $7.2 million in 2013 and 2012 , respectively, related to consolidated trusts with beneficial interests owned by third parties. |
(4) | Includes the effect of consolidated trusts with beneficial interests owned by third parties. |
For the Three Months Ended March 31, 2013 Compared to Same Period 2012 | |||||||||||
Increase/(Decrease) Due to | |||||||||||
Rate | Volume | Total | |||||||||
(in thousands) | |||||||||||
Income from interest-earning assets: | |||||||||||
Cash and investments | $ | (428 | ) | $ | (70 | ) | $ | (498 | ) | ||
Loans, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | (11,239 | ) | 6,217 | (5,022 | ) | ||||||
Total | (11,667 | ) | 6,147 | (5,520 | ) | ||||||
Expense from interest-bearing liabilities | (2,776 | ) | 2,544 | (232 | ) | ||||||
Change in net interest income prior to consolidation of certain trusts (1) | $ | (8,891 | ) | $ | 3,603 | $ | (5,288 | ) |
(1) | Excludes the effect of consolidated trusts with beneficial interests owned by third parties. |
For the Three Months Ended | |||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||
Dollars | Yield | Dollars | Yield | ||||||||||
(dollars in thousands) | |||||||||||||
Net interest income/yield prior to consolidation of certain trusts | $ | 28,190 | 0.96 | % | $ | 33,478 | 1.23 | % | |||||
Expense related to undesignated financial derivatives | (3,207 | ) | (0.11 | )% | (9,504 | ) | (0.35 | )% | |||||
Yield maintenance payments | — | — | % | (224 | ) | (0.01 | )% | ||||||
Amortization of premiums/discounts on assets consolidated at fair value | 1,280 | 0.05 | % | 1,882 | 0.07 | % | |||||||
Net effective spread | $ | 26,263 | 0.90 | % | $ | 25,632 | 0.94 | % |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Fair value hedges: | |||||||
Unrealized gains/(losses) due to fair value changes: | |||||||
Financial derivatives | $ | 5,791 | $ | — | |||
Hedged items | (3,138 | ) | — | ||||
Gains on hedging activities | 2,653 | — | |||||
No hedge designation: | |||||||
Unrealized gains due to fair value changes | 6,134 | 15,670 | |||||
Realized: | |||||||
Expense related to financial derivatives | (3,207 | ) | (9,504 | ) | |||
(Losses)/gains due to terminations or net settlements | (1,086 | ) | 234 | ||||
Gains on financial derivatives not designated in hedging relationships | 1,841 | 6,400 | |||||
Gains on financial derivatives and hedging activities | $ | 4,494 | $ | 6,400 |
• | purchased $159.9 million of newly originated Farm & Ranch loans; |
• | added $166.8 million of Farm & Ranch loans under LTSPCs; |
• | purchased $100.0 million of Farm & Ranch AgVantage securities; |
• | purchased $30.3 million of Rural Utilities loans; |
• | purchased $325.0 million of Rural Utilities AgVantage securities; and |
• | purchased $122.2 million of USDA Guaranteed Securities. |
Farmer Mac Loan Purchases, Guarantees, and LTSPCs | |||||||
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Farm & Ranch: | |||||||
Loans | $ | 159,887 | $ | 110,486 | |||
LTSPCs | 166,780 | 179,637 | |||||
Farmer Mac Guaranteed Securities - AgVantage | 100,000 | 200,000 | |||||
USDA Guaranteed Securities | 122,187 | 101,725 | |||||
Rural Utilities: | |||||||
Loans | 30,262 | 24,350 | |||||
Farmer Mac Guaranteed Securities - AgVantage | 325,000 | — | |||||
Total purchases, guarantees, and commitments | $ | 904,116 | $ | 616,198 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Loans securitized and sold as Farm & Ranch Guaranteed Securities | $ | 25,042 | $ | 3,380 | |||
Farm & Ranch Guaranteed Securities - AgVantage | 100,000 | 200,000 | |||||
Farmer Mac Guaranteed Securities - Rural Utilities AgVantage | 325,000 | — | |||||
Total Farmer Mac Guaranteed Securities Issuances | $ | 450,042 | $ | 203,380 |
Outstanding Balance of Loans, Loans Underlying Farmer Mac | |||||||
Guaranteed Securities and LTSPCs, and USDA Guaranteed Securities | |||||||
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
Farm & Ranch: | |||||||
Loans | $ | 1,538,381 | $ | 1,519,415 | |||
Loans held in trusts: | |||||||
Beneficial interests owned by Farmer Mac | — | 39 | |||||
Beneficial interests owned by third party investors | 166,163 | 160,397 | |||||
Farmer Mac Guaranteed Securities - AgVantage | 3,439,200 | 3,339,200 | |||||
USDA Guarantees: | |||||||
USDA Guaranteed Securities | 1,596,672 | 1,559,683 | |||||
Farmer Mac Guaranteed Securities | 25,852 | 26,238 | |||||
Rural Utilities: | |||||||
Loans | 677,931 | 663,097 | |||||
Loans held in trusts: | |||||||
Beneficial interests owned by Farmer Mac | 361,767 | 368,848 | |||||
Farmer Mac Guaranteed Securities - AgVantage | 1,545,581 | 1,298,506 | |||||
Total on-balance sheet | $ | 9,351,547 | $ | 8,935,423 | |||
Off-balance sheet: | |||||||
Farm & Ranch: | |||||||
Farmer Mac Guaranteed Securities - AgVantage | $ | 970,000 | $ | 970,000 | |||
LTSPCs | 2,221,565 | 2,156,068 | |||||
Farmer Mac Guaranteed Securities | 856,500 | 911,370 | |||||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed Securities | 25,581 | 29,658 | |||||
Rural Utilities: | |||||||
Farmer Mac Guaranteed Securities - AgVantage | 12,669 | 12,669 | |||||
Total off-balance sheet | $ | 4,086,315 | $ | 4,079,765 | |||
Total | $ | 13,437,862 | $ | 13,015,188 |
Schedule of Principal Amortization of Loans Held, Loans Underlying | ||||||||||||
Non-AgVantage Farmer Mac Guaranteed Securities and LTSPCs, and USDA Guaranteed Securities | ||||||||||||
Loans Held | Loans Underlying Farm & Ranch Guaranteed Securities and LTSPCs | USDA Guaranteed Portions Underlying Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | Total | |||||||||
(in thousands) | ||||||||||||
2013 | $ | 122,036 | $ | 208,560 | $ | 164,437 | $ | 495,033 | ||||
2014 | 464,351 | 269,280 | 115,866 | 849,497 | ||||||||
2015 | 142,955 | 233,078 | 142,135 | 518,168 | ||||||||
2016 | 132,909 | 225,999 | 149,258 | 508,166 | ||||||||
2017 | 132,651 | 208,709 | 109,878 | 451,238 | ||||||||
Thereafter | 1,749,341 | 1,932,438 | 966,531 | 4,648,310 | ||||||||
Total | $ | 2,744,243 | $ | 3,078,064 | $ | 1,648,105 | $ | 7,470,412 |
AgVantage Balances by Year of Maturity | |||
As of | |||
March 31, 2013 | |||
(in thousands) | |||
2013 | $ | 601,526 | |
2014 | 1,086,279 | ||
2015 | 676,459 | ||
2016 | 1,279,067 | ||
2017 | 1,278,456 | ||
Thereafter (1) | 1,045,663 | ||
Total | $ | 5,967,450 |
For the Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
(in thousands) | |||||||
Farm & Ranch newly originated and current seasoned loan purchases | $ | 159,887 | $ | 110,486 | |||
Defaulted loans purchased underlying Farm & Ranch Guaranteed Securities owned by third party investors | 103 | 729 | |||||
Defaulted loans purchased underlying LTSPCs | 37 | — | |||||
Total loan purchases | $ | 160,027 | $ | 111,215 |
• | As agricultural lenders face increased equity capital requirements under new regulatory frameworks, or seek to reduce exposure due to lending limits or concentration limits, Farmer Mac can provide relief for those institutions under those circumstances through loan purchases, guarantees, or LTSPCs. |
• | As borrowers expect interest rates to increase in the future and seek longer-term, fixed rate loans, Farmer Mac can assist lenders in managing their interest rate risk for those longer-term assets, which may not match well with the lenders' shorter-term deposit funding or other funding sources. |
• | As the overall economy recovers, rural utilities generally experience an increase in demand for power, which can lead to more investment and borrowing needs in that industry. |
• | loans held; |
• | loans underlying Farmer Mac Guaranteed Securities; and |
• | loans underlying LTSPCs. |
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Allowance for loan losses | $ | 7,967 | $ | 11,351 | |||
Reserve for losses: | |||||||
Off-balance sheet Farm and Ranch Guaranteed Securities | 616 | 556 | |||||
LTSPCs | 5,669 | 4,983 | |||||
Total allowance for losses | $ | 14,252 | $ | 16,890 |
For the Three Months Ended | |||||||||||||||||||||||
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Beginning Balance | $ | 11,351 | $ | 5,539 | $ | 16,890 | $ | 10,161 | $ | 7,355 | $ | 17,516 | |||||||||||
Provision for losses | 430 | 746 | 1,176 | 420 | 30 | 450 | |||||||||||||||||
Charge-offs | (3,814 | ) | — | (3,814 | ) | — | — | — | |||||||||||||||
Ending Balance | $ | 7,967 | $ | 6,285 | $ | 14,252 | $ | 10,581 | $ | 7,385 | $ | 17,966 |
Outstanding Loans, Guarantees, and LTSPCs (1) | 90-day Delinquencies | Percentage | ||||||||
(dollars in thousands) | ||||||||||
As of: | ||||||||||
March 31, 2013 | $ | 4,782,609 | $ | 39,663 | 0.83 | % | ||||
December 31, 2012 | 4,747,289 | 33,263 | 0.70 | % | ||||||
September 30, 2012 | 4,402,957 | 40,797 | 0.93 | % | ||||||
June 30, 2012 | 4,403,212 | 47,026 | 1.07 | % | ||||||
March 31, 2012 | 4,372,483 | 53,119 | 1.21 | % | ||||||
December 31, 2011 | 4,349,163 | 40,622 | 0.93 | % | ||||||
September 30, 2011 | 4,381,264 | 44,848 | 1.02 | % | ||||||
June 30, 2011 | 4,315,987 | 54,633 | 1.27 | % | ||||||
March 31, 2011 | 4,314,328 | 57,324 | 1.33 | % |
(1) | Excludes loans pledged to secure AgVantage securities. |
Farm & Ranch 90-Day Delinquencies as of March 31, 2013 | |||||||||||||
Distribution of Outstanding Loans, Guarantees, and LTSPCs | Outstanding Loans, Guarantees, and LTSPCs (1) | 90-Day Delinquencies (2) | Percentage | ||||||||||
(dollars in thousands) | |||||||||||||
By year of origination: | |||||||||||||
Before 2001 | 9 | % | $ | 421,482 | $ | 5,027 | 1.19 | % | |||||
2001 | 3 | % | 138,203 | 2,431 | 1.76 | % | |||||||
2002 | 4 | % | 179,100 | 5,155 | 2.88 | % | |||||||
2003 | 4 | % | 212,886 | 3,402 | 1.60 | % | |||||||
2004 | 5 | % | 240,644 | 480 | 0.20 | % | |||||||
2005 | 7 | % | 308,891 | 1,073 | 0.35 | % | |||||||
2006 | 7 | % | 350,893 | 9,950 | 2.84 | % | |||||||
2007 | 6 | % | 288,413 | 7,713 | 2.67 | % | |||||||
2008 | 8 | % | 375,755 | 516 | 0.14 | % | |||||||
2009 | 6 | % | 274,546 | — | — | % | |||||||
2010 | 8 | % | 402,884 | 707 | 0.18 | % | |||||||
2011 | 11 | % | 518,167 | 3,209 | 0.62 | % | |||||||
2012 | 18 | % | 879,552 | — | — | % | |||||||
2013 | 4% | 191,193 | — | — | % | ||||||||
Total | 100 | % | $ | 4,782,609 | $ | 39,663 | 0.83 | % | |||||
By geographic region (3): | |||||||||||||
Northwest | 10 | % | $ | 464,878 | $ | 2,826 | 0.61 | % | |||||
Southwest | 36 | % | 1,742,298 | 16,239 | 0.93 | % | |||||||
Mid-North | 30 | % | 1,411,917 | 6,070 | 0.43 | % | |||||||
Mid-South | 12 | % | 569,876 | 1,589 | 0.28 | % | |||||||
Northeast | 5 | % | 250,982 | 1,637 | 0.65 | % | |||||||
Southeast | 7 | % | 342,658 | 11,302 | 3.30 | % | |||||||
Total | 100 | % | $ | 4,782,609 | $ | 39,663 | 0.83 | % | |||||
By commodity/collateral type: | |||||||||||||
Crops | 47 | % | $ | 2,235,600 | $ | 8,103 | 0.36 | % | |||||
Permanent plantings | 18 | % | 869,129 | 17,003 | 1.96 | % | |||||||
Livestock | 26 | % | 1,256,349 | 9,781 | 0.78 | % | |||||||
Part-time farm | 4 | % | 189,584 | 4,657 | 2.46 | % | |||||||
Ag. Storage and processing (including ethanol facilities) | 5 | % | 220,938 | — | — | % | |||||||
Other | — | 11,009 | 119 | 1.08 | % | ||||||||
Total | 100 | % | $ | 4,782,609 | $ | 39,663 | 0.83 | % | |||||
By original loan-to-value ratio: | |||||||||||||
0.00% to 40.00% | 26 | % | $ | 1,219,929 | $ | 12,566 | 1.03 | % | |||||
40.01% to 50.00% | 19 | % | 923,067 | 11,321 | 1.23 | % | |||||||
50.01% to 60.00% | 28 | % | 1,345,849 | 8,758 | 0.65 | % | |||||||
60.01% to 70.00% | 24 | % | 1,132,798 | 5,864 | 0.52 | % | |||||||
70.01% to 80.00% | 2 | % | 118,843 | 1,038 | 0.87 | % | |||||||
80.01% to 90.00% | 1 | % | 42,123 | 116 | 0.28 | % | |||||||
Total | 100 | % | $ | 4,782,609 | $ | 39,663 | 0.83 | % |
(1) | Excludes loans pledged to secure AgVantage securities. |
(2) | Includes loans and loans underlying Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, restructured after delinquency, and in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
(3) | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). Some states have been reclassified to different regions compared to prior periods. |
Farm & Ranch Credit Losses Relative to all Cumulative | ||||||||||
Original Loans, Guarantees, and LTSPCs as of March 31, 2013 | ||||||||||
Cumulative Original Loans, Guarantees and LTSPCs (1) | Cumulative Net Credit Losses | Cumulative Loss Rate | ||||||||
(dollars in thousands) | ||||||||||
By year of origination: | ||||||||||
Before 2001 | $ | 7,363,449 | $ | 11,032 | 0.15 | % | ||||
2001 | 1,155,351 | 178 | 0.02 | % | ||||||
2002 | 1,189,585 | 89 | 0.01 | % | ||||||
2003 | 1,012,197 | 404 | 0.04 | % | ||||||
2004 | 742,037 | 189 | 0.03 | % | ||||||
2005 | 895,058 | (219 | ) | (0.02 | )% | |||||
2006 | 928,393 | 9,413 | 1.01 | % | ||||||
2007 | 702,039 | 5,561 | 0.79 | % | ||||||
2008 | 788,912 | 3,236 | 0.41 | % | ||||||
2009 | 507,980 | 1,517 | 0.30 | % | ||||||
2010 | 610,853 | — | — | % | ||||||
2011 | 674,240 | — | — | % | ||||||
2012 | 964,697 | — | — | % | ||||||
2013 | 201,082 | — | — | % | ||||||
Total | $ | 17,735,873 | $ | 31,400 | 0.18 | % | ||||
By geographic region (2): | ||||||||||
Northwest | $ | 2,415,484 | $ | 7,410 | 0.31 | % | ||||
Southwest | 6,511,986 | 9,000 | 0.14 | % | ||||||
Mid-North | 3,941,807 | 14,011 | 0.36 | % | ||||||
Mid-South | 1,923,693 | (337 | ) | (0.02 | )% | |||||
Northeast | 1,480,465 | 83 | 0.01 | % | ||||||
Southeast | 1,462,438 | 1,233 | 0.08 | % | ||||||
Total | $ | 17,735,873 | $ | 31,400 | 0.18 | % | ||||
By commodity/collateral type: | ||||||||||
Crops | $ | 7,515,625 | $ | 4,298 | 0.06 | % | ||||
Permanent plantings | 3,747,996 | 9,383 | 0.25 | % | ||||||
Livestock | 4,623,403 | 3,815 | 0.08 | % | ||||||
Part-time farm | 1,047,319 | 777 | 0.07 | % | ||||||
Ag. Storage and processing (including ethanol facilities) (3) | 655,473 | 13,127 | 2.00 | % | ||||||
Other | 146,057 | — | — | % | ||||||
Total | $ | 17,735,873 | $ | 31,400 | 0.18 | % |
(1) | Excludes loans pledged to secure AgVantage securities. |
(2) | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). Some states have been reclassified to different regions compared to prior periods. |
(3) | Several of the loans underlying agricultural storage and processing LTSPCs are for facilities under construction and, as of March 31, 2013, approximately $11.9 million of the loans were not yet disbursed by the lender. |
• | Nebraska, North Dakota, and South Dakota were moved from the Northwest region to the Mid-North region; |
• | Missouri was moved from the Mid-North region to the Mid-South region; and |
• | Arkansas and Louisiana were moved from the Southeast region to the Mid-South region. |
• | issuers of AgVantage securities and investments held by Farmer Mac; |
• | approved lenders and servicers; and |
• | interest rate swap counterparties. |
March 31, 2013 | December 31, 2012 | |||||||||||||||
Counterparty | Balance | Credit Rating | Required Collateralization | Balance | Credit Rating | Required Collateralization | ||||||||||
(dollars in thousands) | ||||||||||||||||
MetLife(1) | $ | 2,750,000 | AA- | 103% | $ | 2,750,000 | AA- | 103% | ||||||||
CFC | 1,558,250 | A | 100% | 1,311,175 | A | 100% | ||||||||||
Rabo Agrifinance, Inc. | 1,600,000 | N/A | 106% | 1,500,000 | N/A | 106% | ||||||||||
Rabobank N.A. | 50,000 | N/A | 106% | 50,000 | N/A | 106% | ||||||||||
Other(2) | 9,200 | N/A | 111% to 120% | 9,200 | N/A | 111% to 120% | ||||||||||
Total outstanding | $ | 5,967,450 | $ | 5,620,375 |
(1) | Includes securities issued by Metropolitan Life Insurance Company and MetLife Insurance Company of Connecticut. |
(2) | Consists of AgVantage securities issued by 4 different issuers as of both March 31, 2013 and December 31, 2012. |
• | sells Farmer Mac Guaranteed Securities backed by the loans; or |
• | issues debt to retain the loans in its portfolio. |
• | purchasing assets in the ordinary course of business; |
• | refunding existing liabilities; or |
• | using financial derivatives to alter the characteristics of existing assets or liabilities. |
Percentage Change in MVE from Base Case | ||||||
Interest Rate Scenario | March 31, 2013 | December 31, 2012 | ||||
+100 basis points | 3.3 | % | 4.8 | % | ||
-25 basis points | (2.1 | )% | (2.2 | )% |
Percentage Change in NII from Base Case | ||||||
Interest Rate Scenario | March 31, 2013 | December 31, 2012 | ||||
+100 basis points | 0.9 | % | (0.4 | )% | ||
-25 basis points | (5.8 | )% | (6.2 | )% |
• | "pay-fixed" interest rate swaps, in which Farmer Mac pays fixed rates of interest to, and receives floating rates of interest from, counterparties; |
• | "receive-fixed" interest rate swaps, in which Farmer Mac receives fixed rates of interest from, and pays floating rates of interest to, counterparties; and |
• | "basis swaps," in which Farmer Mac pays variable rates of interest based on one index to, and receives variable rates of interest based on another index from, counterparties. |
March 31, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Cash and cash equivalents | $ | 893,387 | $ | 785,564 | |||
Investment securities: | |||||||
Guaranteed by U.S. Government and its agencies | 1,115,356 | 1,377,870 | |||||
Guaranteed by GSEs | 785,158 | 755,991 | |||||
Preferred stock issued by GSEs | 86,792 | 87,086 | |||||
Corporate debt securities | 162,758 | 129,179 | |||||
Asset-backed securities principally backed by Government-guaranteed student loans | 147,252 | 149,503 | |||||
Total | $ | 3,190,703 | $ | 3,285,193 |
Farmer Mac Purchases, Guarantees and LTSPCs | |||||||||||||||||||
Farm & Ranch | Rural Utilities | ||||||||||||||||||
Loans and | Loans and | ||||||||||||||||||
Guaranteed | USDA | Guaranteed | |||||||||||||||||
Securities | LTSPCs (1) | Guarantees | Securities | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
For the quarter ended: | |||||||||||||||||||
March 31, 2013 | $ | 259,887 | $ | 166,780 | $ | 122,187 | $ | 355,262 | $ | 904,116 | |||||||||
December 31, 2012 | 181,555 | 378,258 | 102,339 | 190,044 | 852,196 | ||||||||||||||
September 30, 2012 | 333,882 | 115,757 | 114,974 | 276,843 | 841,456 | ||||||||||||||
June 30, 2012 | 345,423 | 70,458 | 165,613 | 58,286 | 639,780 | ||||||||||||||
March 31, 2012 | 310,486 | 179,637 | 101,725 | 24,350 | 616,198 | ||||||||||||||
December 31, 2011 | 98,425 | 97,688 | 104,134 | 55,007 | 355,254 | ||||||||||||||
September 30, 2011 | 1,069,701 | 266,906 | 87,051 | 32,387 | 1,456,045 | ||||||||||||||
June 30, 2011 | 416,930 | 53,248 | 99,275 | 38,674 | 608,127 | ||||||||||||||
March 31, 2011 | 711,899 | 54,152 | 117,253 | 80,517 | 963,821 | ||||||||||||||
For the year ended: | |||||||||||||||||||
December 31, 2012 | 1,171,346 | 744,110 | 484,651 | 549,523 | 2,949,630 | ||||||||||||||
December 31, 2011 | 2,296,955 | 471,994 | 407,713 | 206,585 | 3,383,247 |
Outstanding Balance of Farmer Mac Loans, Guarantees and LTSPCs and USDA Guarantees | |||||||||||||||||||
Farm & Ranch | Rural Utilities | ||||||||||||||||||
Loans and | Loans and | ||||||||||||||||||
Guaranteed | USDA | Guaranteed | |||||||||||||||||
Securities | LTSPCs | Guarantees | Securities | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
As of: | |||||||||||||||||||
March 31, 2013 | $ | 6,970,244 | $ | 2,221,565 | $ | 1,648,105 | $ | 2,597,948 | $ | 13,437,862 | |||||||||
December 31, 2012 | 6,900,421 | 2,156,068 | 1,615,579 | 2,343,120 | 13,015,188 | ||||||||||||||
September 30, 2012 | 6,830,321 | 1,881,836 | 1,599,226 | 2,156,676 | 12,468,059 | ||||||||||||||
June 30, 2012 | 6,655,132 | 1,858,080 | 1,579,187 | 2,158,021 | 12,250,420 | ||||||||||||||
March 31, 2012 | 6,433,121 | 1,850,362 | 1,529,642 | 2,253,300 | 12,066,425 | ||||||||||||||
December 31, 2011 | 6,280,976 | 1,776,051 | 1,513,177 | 2,343,098 | 11,913,302 | ||||||||||||||
September 30, 2011 | 6,277,085 | 1,811,280 | 1,463,129 | 2,289,899 | 11,841,393 | ||||||||||||||
June 30, 2011 | 6,803,951 | 1,694,470 | 1,425,883 | 2,274,193 | 12,198,497 | ||||||||||||||
March 31, 2011 | 6,485,156 | 1,712,791 | 1,402,831 | 2,235,522 | 11,836,300 |
Outstanding Balance of Loans Held and Loans Underlying On-Balance Sheet Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | |||||||||||||||
Fixed Rate | 5- to 10-Year ARMs & Resets | 1-Month to 3-Year ARMs | Total Held in Portfolio | ||||||||||||
(in thousands) | |||||||||||||||
As of: | |||||||||||||||
March 31, 2013 | $ | 4,670,617 | $ | 1,797,456 | $ | 2,883,474 | $ | 9,351,547 | |||||||
December 31, 2012 | 4,483,453 | 1,803,866 | 2,648,103 | 8,935,422 | |||||||||||
September 30, 2012 | 4,904,265 | 1,213,588 | 2,473,086 | 8,590,939 | |||||||||||
June 30, 2012 | 5,035,743 | 1,259,568 | 2,063,490 | 8,358,801 | |||||||||||
March 31, 2012 | 4,993,233 | 1,210,405 | 2,410,310 | 8,613,948 | |||||||||||
December 31, 2011 | 5,288,687 | 1,230,374 | 1,967,960 | 8,487,021 | |||||||||||
September 30, 2011 | 5,233,417 | 1,192,497 | 1,909,470 | 8,335,384 | |||||||||||
June 30, 2011 | 4,193,132 | 1,198,740 | 1,907,698 | 7,299,570 | |||||||||||
March 31, 2011 | 3,835,010 | 1,164,567 | 1,893,487 | 6,893,064 |
Net Effective Spread by Business Segment | ||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Corporate | Net Effective Spread | ||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||
For the quarter ended: | ||||||||||||||||||||||||||||||||||
March 31, 2013 | $ | 16,049 | 1.32 | % | $ | 2,933 | 0.73 | % | $ | 3,014 | 0.51 | % | $ | 4,267 | 0.59 | % | $ | 26,263 | 0.90 | % | ||||||||||||||
December 31, 2012 | 16,133 | 1.36 | % | 2,869 | 0.74 | % | 3,155 | 0.55 | % | 4,303 | 0.56 | % | 26,460 | 0.91 | % | |||||||||||||||||||
September 30, 2012 | 16,839 | 1.46 | % | 2,830 | 0.73 | % | 3,109 | 0.57 | % | 4,478 | 0.57 | % | 27,256 | 0.95 | % | |||||||||||||||||||
June 30, 2012 | 16,749 | 1.54 | % | 2,790 | 0.74 | % | 3,006 | 0.55 | % | 4,664 | 0.64 | % | 27,209 | 0.99 | % | |||||||||||||||||||
March 31, 2012 | 14,874 | 1.45 | % | 2,766 | 0.75 | % | 3,177 | 0.54 | % | 4,815 | 0.66 | % | 25,632 | 0.94 | % | |||||||||||||||||||
December 31, 2011 | 15,442 | 1.57 | % | 2,693 | 0.74 | % | 3,152 | 0.54 | % | 4,735 | 0.71 | % | 26,022 | 1.00 | % | |||||||||||||||||||
September 30, 2011 | 13,542 | 1.52 | % | 2,705 | 0.77 | % | 3,046 | 0.53 | % | 3,472 | 0.55 | % | 22,765 | 0.93 | % | |||||||||||||||||||
June 30, 2011 | 11,318 | 1.65 | % | 2,724 | 0.79 | % | 3,087 | 0.54 | % | 3,860 | 0.62 | % | 20,989 | 0.95 | % | |||||||||||||||||||
March 31, 2011 | 10,927 | 1.93 | % | 2,667 | 0.79 | % | 3,002 | 0.49 | % | 3,047 | 0.52 | % | 19,643 | 0.94 | % |
Core Earnings by Quarter Ended | |||||||||||||||||||||||||||||||||||
March 2013 | December 2012 | September 2012 | June 2012 | March 2012 | December 2011 | September 2011 | June 2011 | March 2011 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Net effective spread | $ | 26,263 | $ | 26,460 | $ | 27,256 | $ | 27,209 | $ | 25,632 | $ | 26,022 | $ | 22,765 | $ | 20,989 | $ | 19,643 | |||||||||||||||||
Guarantee and commitment fees | 6,792 | 6,764 | 6,591 | 6,607 | 6,660 | 6,740 | 6,930 | 7,159 | 7,261 | ||||||||||||||||||||||||||
Other | 187 | 393 | 384 | (294 | ) | 18 | 55 | (680 | ) | 46 | (83 | ) | |||||||||||||||||||||||
Total revenues | 33,242 | 33,617 | 34,231 | 33,522 | 32,310 | 32,817 | 29,015 | 28,194 | 26,821 | ||||||||||||||||||||||||||
Credit related expenses: | |||||||||||||||||||||||||||||||||||
Provisions for/(release of) losses | 1,176 | 1,157 | 94 | 174 | 450 | (118 | ) | (801 | ) | (775 | ) | (653 | ) | ||||||||||||||||||||||
REO operating expenses | 126 | 47 | 66 | 15 | 6 | 82 | 142 | 231 | 368 | ||||||||||||||||||||||||||
(Gains)/losses on sale of REO | (47 | ) | (629 | ) | 13 | (262 | ) | — | (254 | ) | 4 | (627 | ) | (97 | ) | ||||||||||||||||||||
Total credit related expenses | 1,255 | 575 | 173 | (73 | ) | 456 | (290 | ) | (655 | ) | (1,171 | ) | (382 | ) | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Compensation & employee benefits | 4,698 | 5,752 | 4,375 | 4,574 | 4,485 | 3,916 | 4,805 | 4,666 | 4,497 | ||||||||||||||||||||||||||
General & Administrative | 2,917 | 2,913 | 2,788 | 2,664 | 2,758 | 2,315 | 2,505 | 2,656 | 2,256 | ||||||||||||||||||||||||||
Regulatory fees | 594 | 594 | 562 | 562 | 563 | 563 | 550 | 573 | 591 | ||||||||||||||||||||||||||
Total operating expenses | 8,209 | 9,259 | 7,725 | 7,800 | 7,806 | 6,794 | 7,860 | 7,895 | 7,344 | ||||||||||||||||||||||||||
Net earnings | 23,777 | 23,783 | 26,333 | 25,795 | 24,048 | 26,313 | 21,810 | 21,470 | 19,859 | ||||||||||||||||||||||||||
Income taxes | 6,081 | 5,914 | 6,682 | 6,627 | 6,028 | 7,471 | 4,316 | 5,162 | 4,530 | ||||||||||||||||||||||||||
Non-controlling interest | 5,547 | 5,546 | 5,547 | 5,547 | 5,547 | 5,546 | 5,547 | 5,547 | 5,547 | ||||||||||||||||||||||||||
Preferred stock dividends | 851 | 720 | 719 | 720 | 720 | 720 | 719 | 720 | 720 | ||||||||||||||||||||||||||
Core earnings | $ | 11,298 | $ | 11,603 | $ | 13,385 | $ | 12,901 | $ | 11,753 | $ | 12,576 | $ | 11,228 | $ | 10,041 | $ | 9,062 | |||||||||||||||||
Reconciling items (after-tax effects): | |||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | 5,712 | 4,719 | 3,456 | (14,035 | ) | 10,185 | 386 | (35,857 | ) | (4,439 | ) | 8,980 | |||||||||||||||||||||||
Unrealized gains/(losses) on trading assets | 136 | 1,778 | (286 | ) | (2,006 | ) | 714 | 2,476 | (2,361 | ) | 1,280 | 852 | |||||||||||||||||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (618 | ) | (4,534 | ) | (873 | ) | (901 | ) | (958 | ) | (1,875 | ) | (1,154 | ) | (963 | ) | 300 | ||||||||||||||||||
Net effects of settlements on agency forwards | (338 | ) | (102 | ) | 699 | (250 | ) | 509 | (240 | ) | (1,291 | ) | (647 | ) | (346 | ) | |||||||||||||||||||
Lower of cost or fair value adjustments on loans held for sale | — | (3,863 | ) | — | — | — | — | 6,403 | (102 | ) | (525 | ) | |||||||||||||||||||||||
GAAP net income/(loss) attributable to common stockholders | $ | 16,190 | $ | 9,601 | $ | 16,381 | $ | (4,291 | ) | $ | 22,203 | $ | 13,323 | $ | (23,032 | ) | $ | 5,170 | $ | 18,323 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
(a) | None. |
(b) | None. |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
(a) | None. |
(b) | None. |
Item 6. | Exhibits |
* | 3.1 | — | Title VIII of the Farm Credit Act of 1971, as most recently amended by the Food, Conservation and Energy Act of 2008 (previously filed as Exhibit 3.1 to Form 10-Q filed August 12, 2008). | |||
* | 3.2 | — | Amended and Restated By-Laws of the Registrant (previously filed as Exhibit 3.1 to Form 8-K filed December 12, 2012). | |||
* | 4.1 | — | Specimen Certificate for Farmer Mac Class A Voting Common Stock (previously filed as Exhibit 4.1 to Form 10-Q filed May 15, 2003). | |||
* | 4.2 | — | Specimen Certificate for Farmer Mac Class B Voting Common Stock (previously filed as Exhibit 4.2 to Form 10-Q filed May 15, 2003). | |||
* | 4.3 | — | Specimen Certificate for Farmer Mac Class C Voting Common Stock (previously filed as Exhibit 4.3 to Form 10-Q filed May 15, 2003). | |||
** | 4.4.1 | — | Specimen Certificate for 5.875% Non-Cumulative Preferred Stock, Series A. | |||
* | 4.4.2 | — | Certificate of Designation of Terms and Conditions of 5.875% Non-Cumulative Preferred Stock, Series A (Previously filed as Exhibit 4.1 to Form 8-A filed January 17, 2013). | |||
* | 21 | — | List of the Registrant's subsidiaries (previously filed as Exhibit 21 to Form 10-K filed March 16, 2010). | |||
** | 31.1 | — | Certification of Registrant's principal executive officer relating to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
** | 31.2 | — | Certification of Registrant's principal financial officer relating to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
** | 32 | — | Certification of Registrant's principal executive officer and principal financial officer relating to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
* | Incorporated by reference to the indicated prior filing. |
** | Filed with this report. |
/s/ Timothy L. Buzby | May 9, 2013 | ||
By: | Timothy L. Buzby | Date | |
President and Chief Executive Officer | |||
(Principal Executive Officer) |
/s/ R. Dale Lynch | May 9, 2013 | ||
By: | R. Dale Lynch | Date | |
Senior Vice President - Chief Financial Officer | |||
(Principal Financial Officer) |
Series A Certificate No. 1 | FEDERAL AGRICULTURAL MORTGAGE CORPORATION | No. of Series A Shares 2,400,000 |
President and Chief Executive Officer | Senior Vice President – General |
1. | Designation, Par Value, Number of Shares and Seniority |
3. | Optional Redemption |
4. | No Voting Rights |
5. | No Conversion or Exchange Rights |
6. | No Preemptive Rights |
7. | Liquidation Rights and Preference |
8. | Additional Classes or Series of Stock |
9. | Amendments |
10. | Priority |
11. | Notices |
12. | Miscellaneous |
1. | I have reviewed this Quarterly Report on Form 10-Q of the Federal Agricultural Mortgage Corporation for the fiscal quarter ended March 31, 2013; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Timothy L. Buzby | |
Timothy L. Buzby | |
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of the Federal Agricultural Mortgage Corporation for the fiscal quarter ended March 31, 2013; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ R. Dale Lynch | |
R. Dale Lynch | |
Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. |
/s/ Timothy L. Buzby | ||
Timothy L. Buzby | ||
Chief Executive Officer | ||
/s/ R. Dale Lynch | ||
R. Dale Lynch | ||
Chief Financial Officer | ||
Date: | May 9, 2013 |
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments Cash Flows from Off-balance sheet Guaranteed Securities (Details) (Farmer Mac Guaranteed Securities [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Farmer Mac Guaranteed Securities [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Proceeds from Sale of Other Investments | $ 25,042 | $ 3,380 |
Guarantee Fees Received | 992 | 714 |
Payments to Acquire Loans and Leases Held-for-investment | $ (103) | $ (729) |
Equity Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
class_of_stock
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Mar. 31, 2013
Common Class A [Member]
|
Mar. 31, 2013
Series A Preferred Stock [Member]
|
Jan. 17, 2013
Series A Preferred Stock [Member]
|
Dec. 31, 2012
Series A Preferred Stock [Member]
|
Mar. 31, 2013
Series C Preferred Stock
|
Dec. 31, 2012
Series C Preferred Stock
|
Dec. 31, 2012
Issuance To But Excluding January 1 following fifth year [Member]
Series C Preferred Stock
|
Dec. 31, 2012
From January 1 following fifth year of issuance to but excluding January 1 following tenth year [Member]
Series C Preferred Stock
|
Dec. 31, 2012
From January 1 following tenth year of issuance [Member]
Series C Preferred Stock
|
Jan. 25, 2010
Farmer Mac II LLC [Member]
Preferred Stock [Member]
|
|
Class of Stock [Line Items] | |||||||||||||||
Number of Classes of Common Stock | 3 | ||||||||||||||
Common Stock, Maximum Ownership Percentage by a Benefical Owner | 33.00% | ||||||||||||||
Common stock dividend, per share, cash paid | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||
Preferred Stock, shares issued | 2,400,000 | 2,400,000 | 0 | 0 | 57,578 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.875% | ||||||||||||||
Payments of Stock Issuance Costs | $ 1.7 | $ 8.1 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 25 | $ 25 | $ 0 | $ 0 | $ 1,000 | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||
Preferred Stock, shares outstanding | 2,400,000 | 0 | 0 | 57,578 | |||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.050 | $ 0.070 | $ 0.090 |
Investment Securities - Schedule of Investment Securities (Details) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Investment Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 2,293,163 | $ 2,504,124 |
Available-for-sale Securities, Unrealized Gains | 18,796 | 18,025 |
Available-for-sale Securities, Unrealized Losses | (15,772) | (23,767) |
Available-for-sale securities | 2,296,187 | 2,498,382 |
Available-for-sale, at fair value | 2,284,443 | 2,495,006 |
Debt Instrument, Unamortized Discount (Premium), Net | 8,720 | 9,118 |
Marketable Securities | 2,288,456 | 2,499,333 |
Marketable Securities, Amortized Cost | 2,297,176 | 2,508,451 |
Marketable Securities, Unrealized Gains | 18,796 | 18,025 |
Marketable Securities, Unrealized Losses | (18,656) | (26,847) |
Marketable Securities | 2,297,316 | 2,499,629 |
Floating Interest Rate [Member] | Auction-rate certificates backed by Government guaranteed student loans
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 74,100 | 74,100 |
Available-for-sale Securities, Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Unrealized Losses | (8,887) | (10,941) |
Available-for-sale securities | 65,213 | 63,159 |
Available-for-sale, at fair value | 74,100 | 74,100 |
Floating Interest Rate [Member] | Asset-backed Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 145,784 | 150,147 |
Available-for-sale Securities, Unrealized Gains | 905 | 933 |
Available-for-sale Securities, Unrealized Losses | (11) | (36) |
Available-for-sale securities | 146,678 | 151,044 |
Trading, at fair value | 4,013 | 4,327 |
Available-for-sale, at fair value | 146,110 | 150,519 |
Trading Securities Amortized Cost | 4,013 | 4,327 |
Trading Securities, Unrealized Gains | 0 | 0 |
Trading Securities, Unrealized Losses | (2,884) | (3,080) |
Trading securities | 1,129 | 1,247 |
Floating Interest Rate [Member] | Corporate Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 91,329 | 76,313 |
Available-for-sale Securities, Unrealized Gains | 475 | 450 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available-for-sale securities | 91,804 | 76,763 |
Available-for-sale, at fair value | 91,345 | 76,345 |
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 678,886 | 705,035 |
Available-for-sale Securities, Unrealized Gains | 9,096 | 8,035 |
Available-for-sale Securities, Unrealized Losses | (4) | (211) |
Available-for-sale securities | 687,978 | 712,859 |
Available-for-sale, at fair value | 673,283 | 699,062 |
Floating Interest Rate [Member] | GSE Subordinated Debt
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 70,000 | 70,000 |
Available-for-sale Securities, Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Unrealized Losses | (6,849) | (12,569) |
Available-for-sale securities | 63,151 | 57,431 |
Available-for-sale, at fair value | 70,000 | 70,000 |
Floating Interest Rate [Member] | Senior Agency Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 49,997 | 49,994 |
Available-for-sale Securities, Unrealized Gains | 51 | 61 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available-for-sale securities | 50,048 | 50,055 |
Available-for-sale, at fair value | 50,000 | 50,000 |
Fixed Interest Rate [Member] | Asset-backed Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,983 | 6,501 |
Available-for-sale Securities, Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Unrealized Losses | (3) | 0 |
Available-for-sale securities | 2,980 | 6,501 |
Available-for-sale, at fair value | 2,983 | 6,501 |
Fixed Interest Rate [Member] | Corporate Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 62,258 | 52,212 |
Available-for-sale Securities, Unrealized Gains | 117 | 204 |
Available-for-sale Securities, Unrealized Losses | (18) | 0 |
Available-for-sale securities | 62,357 | 52,416 |
Available-for-sale, at fair value | 62,000 | 51,969 |
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,581 | 1,911 |
Available-for-sale Securities, Unrealized Gains | 123 | 154 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available-for-sale securities | 1,704 | 2,065 |
Available-for-sale, at fair value | 1,580 | 1,910 |
Fixed Interest Rate [Member] | Senior Agency Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 119,474 | 72,987 |
Available-for-sale Securities, Unrealized Gains | 147 | 128 |
Available-for-sale Securities, Unrealized Losses | 0 | (1) |
Available-for-sale securities | 119,621 | 73,114 |
Available-for-sale, at fair value | 119,000 | 72,700 |
Fixed Interest Rate [Member] | US Treasury Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 908,996 | 1,165,640 |
Available-for-sale Securities, Unrealized Gains | 268 | 258 |
Available-for-sale Securities, Unrealized Losses | 0 | (9) |
Available-for-sale securities | 909,264 | 1,165,889 |
Available-for-sale, at fair value | 907,000 | 1,163,400 |
Fixed Interest Rate [Member] | GSE Preferred Stock
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 79,183 | 79,284 |
Available-for-sale Securities, Unrealized Gains | 7,609 | 7,802 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available-for-sale securities | 86,792 | 87,086 |
Available-for-sale, at fair value | 78,500 | 78,500 |
Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,592 | |
Available-for-sale Securities, Unrealized Gains | 5 | |
Available-for-sale Securities, Unrealized Losses | 0 | |
Available-for-sale securities | 8,597 | |
Available-for-sale, at fair value | 8,542 | |
Investment Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Trading, at fair value | 1,129 | 1,247 |
Available-for-sale, at fair value | 2,296,187 | 2,498,382 |
Marketable Securities | 2,297,316 | 2,499,629 |
Available-for-sale Securities [Member] | Investment Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 8,720 | 9,118 |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | Auction-rate certificates backed by Government guaranteed student loans
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | Asset-backed Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | (326) | (372) |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | Corporate Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | (16) | (32) |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 5,603 | 5,973 |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | GSE Subordinated Debt
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 |
Available-for-sale Securities [Member] | Floating Interest Rate [Member] | Senior Agency Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | (3) | (6) |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Asset-backed Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Corporate Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 258 | 243 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 1 | 1 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Senior Agency Debt Securities
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 474 | 287 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | US Treasury Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 1,996 | 2,240 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | GSE Preferred Stock
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 683 | 784 |
Available-for-sale Securities [Member] | Fixed Interest Rate [Member] | Taxable Municipal Bonds [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 50 | |
Trading Account Assets [Member] | Floating Interest Rate [Member] | Asset-backed Securities [Member]
|
||
Schedule of Available-for-sale and Trading Securities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 0 | $ 0 |
Equity Capital Requirements (Details) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
capital_requirement
|
Dec. 31, 2012
|
|
Class of Stock [Line Items] | ||
Excess Capital, Core Capital In Excess of Capital Required for Capital Adequacy | $ 155.6 | $ 145.0 |
Excess Capital, Core Capital In Excess of Critical Capital | 346.0 | 332.0 |
Number of Capital Requirements | 3 | |
Capital Requirements, Minimum Capital, Percentage of Aggregate On-Balance Sheet Assets Included In Core Capital | 2.75% | |
Capital Requirements, Minimum Capital, Percentage of Aggregate Off-Balance Sheet Assets Included In Core Capital | 0.75% | |
Capital Requirements, Critical Capital, Percentage of Core Capital of Total Minimum Capital | 50.00% | |
Capital Required for Capital Adequacy | 380.9 | 374.0 |
Capital Required for Critical Capital Adequacy | 190.5 | 187.0 |
Core Capital | 536.5 | 519.0 |
Risk-based Capital Required for Regulatory Capital Adequacy | 66.5 | 58.1 |
Regulatory Capital | 550.7 | 535.9 |
Excess Capital, Regulatory Capital In Excess of Risk-Based Capital | $ 484.2 | $ 477.8 |
Business Segment Reporting (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to GAAP net income for the three months ended March 31, 2013 and 2012:
|
Loans and Allowance for Losses and Concentrations of Credit Risk Financing Receivables Credit Quality Indicators (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | $ 4,782,609 | [1] | $ 4,747,289 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 39,663 | [2] | 33,263 | [2] | ||||||
Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 2,235,600 | [1] | 2,171,349 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 8,103 | [2] | 4,668 | [2] | ||||||
Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 869,129 | [1] | 882,532 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 17,003 | [2] | 10,801 | [2] | ||||||
Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,256,349 | [1] | 1,287,741 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 9,781 | [2] | 7,222 | [2] | ||||||
Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 189,584 | [1] | 201,865 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,657 | [2] | 6,118 | [2] | ||||||
Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 220,938 | [1] | 191,786 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [2] | 4,337 | [2] | ||||||
Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 11,009 | [1] | 12,016 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 119 | [2] | 117 | [2] | ||||||
On-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,704,544 | [1] | 1,679,851 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 32,198 | [2] | 29,592 | [2] | ||||||
On-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,030,732 | [1] | 999,566 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,828 | [2] | 3,971 | [2] | ||||||
On-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 292,877 | [1] | 289,694 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,961 | [2] | 10,756 | [2] | ||||||
On-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 278,260 | [1] | 280,380 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 6,905 | [2] | 4,389 | [2] | ||||||
On-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 59,110 | [1] | 62,947 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,385 | [2] | 6,022 | [2] | ||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 43,450 | [1] | 47,149 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [2] | 4,337 | [2] | ||||||
On-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 115 | [1] | 115 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 119 | [2] | 117 | [2] | ||||||
Off-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 3,078,065 | [1] | 3,067,438 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 7,465 | [2] | 3,671 | [2] | ||||||
Off-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,204,868 | [1] | 1,171,783 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,275 | [2] | 697 | [2] | ||||||
Off-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 576,252 | [1] | 592,838 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 42 | [2] | 45 | [2] | ||||||
Off-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 978,089 | [1] | 1,007,361 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,876 | [2] | 2,833 | [2] | ||||||
Off-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 130,474 | [1] | 138,918 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 272 | [2] | 96 | [2] | ||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 177,488 | [1] | 144,637 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [2] | 0 | [2] | ||||||
Off-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 10,894 | [1] | 11,901 | [1] | ||||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | [2] | 0 | [2] | ||||||
Pass [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 4,422,928 | [1] | 4,374,938 | [1] | ||||||
Pass [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 2,146,605 | [1] | 2,090,887 | [1] | ||||||
Pass [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 778,192 | [1] | 793,317 | [1] | ||||||
Pass [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,159,541 | [1] | 1,174,779 | [1] | ||||||
Pass [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 168,103 | [1] | 178,713 | [1] | ||||||
Pass [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 161,200 | [1] | 126,955 | [1] | ||||||
Pass [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 9,287 | [1] | 10,287 | [1] | ||||||
Pass [Member] | On-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,507,776 | [1] | 1,486,003 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 970,854 | [1] | 947,097 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 226,463 | [1] | 226,253 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 251,822 | [1] | 252,525 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 45,379 | [1] | 48,156 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 13,258 | [1] | 11,972 | [1] | ||||||
Pass [Member] | On-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 0 | [1] | 0 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 2,915,152 | [1] | 2,888,935 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,175,751 | [1] | 1,143,790 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 551,729 | [1] | 567,064 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 907,719 | [1] | 922,254 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 122,724 | [1] | 130,557 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 147,942 | [1] | 114,983 | [1] | ||||||
Pass [Member] | Off-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 9,287 | [1] | 10,287 | [1] | ||||||
Special Mention [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 136,322 | [1],[3] | 185,837 | [1],[3] | ||||||
Special Mention [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 36,827 | [1],[3] | 40,925 | [1],[3] | ||||||
Special Mention [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 26,975 | [1],[3] | 38,862 | [1],[3] | ||||||
Special Mention [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 48,303 | [1],[3] | 56,754 | [1],[3] | ||||||
Special Mention [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 6,217 | [1],[3] | 5,351 | [1],[3] | ||||||
Special Mention [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 17,402 | [1],[3] | 43,353 | [1],[3] | ||||||
Special Mention [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 598 | [1],[3] | 592 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 72,781 | [1],[3] | 102,716 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 28,572 | [1],[3] | 30,466 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 18,401 | [1],[3] | 33,794 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 12,771 | [1],[3] | 16,344 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 2,836 | [1],[3] | 2,131 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 10,201 | [1],[3] | 19,981 | [1],[3] | ||||||
Special Mention [Member] | On-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 0 | [1],[3] | 0 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 63,541 | [1],[3] | 83,121 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 8,255 | [1],[3] | 10,459 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 8,574 | [1],[3] | 5,068 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 35,532 | [1],[3] | 40,410 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 3,381 | [1],[3] | 3,220 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 7,201 | [1],[3] | 23,372 | [1],[3] | ||||||
Special Mention [Member] | Off-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 598 | [1],[3] | 592 | [1],[3] | ||||||
Substandard [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 223,359 | [1],[3] | 186,514 | [1],[3] | ||||||
Substandard [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 52,168 | [1],[3] | 39,537 | [1],[3] | ||||||
Substandard [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 63,962 | [1],[3] | 50,353 | [1],[3] | ||||||
Substandard [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 48,505 | [1],[3] | 56,208 | [1],[3] | ||||||
Substandard [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 15,264 | [1],[3] | 17,801 | [1],[3] | ||||||
Substandard [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 42,336 | [1],[3] | 21,478 | [1],[3] | ||||||
Substandard [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 1,124 | [1],[3] | 1,137 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 123,987 | [1],[3] | 91,132 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 31,306 | [1],[3] | 22,003 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 48,013 | [1],[3] | 29,647 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 13,667 | [1],[3] | 11,511 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 10,895 | [1],[3] | 12,660 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 19,991 | [1],[3] | 15,196 | [1],[3] | ||||||
Substandard [Member] | On-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 115 | [1],[3] | 115 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 99,372 | [1],[3] | 95,382 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Crops [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 20,862 | [1],[3] | 17,534 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Permanent Plantings [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 15,949 | [1],[3] | 20,706 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Livestock [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 34,838 | [1],[3] | 44,697 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Part-Time Farm [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 4,369 | [1],[3] | 5,141 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Agriculture Storage and Processing [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | 22,345 | [1],[3] | 6,282 | [1],[3] | ||||||
Substandard [Member] | Off-balance sheet [Member] | Other Commodity [Member]
|
||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing Receivable, Gross | $ 1,009 | [1],[3] | $ 1,022 | [1],[3] | ||||||
|
Financial Derivatives Schedule of Derivative Instruments, Gain(Loss) in Statement of Financial Performance (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
Designated as Hedging Instrument [Member]
Interest Rate Swap, Pay Fixed Non-Callable [Member]
|
Mar. 31, 2013
Not Designated as Hedging Instrument [Member]
Interest Rate Swap, Pay Fixed Non-Callable [Member]
|
Dec. 31, 2012
Not Designated as Hedging Instrument [Member]
Interest Rate Swap, Pay Fixed Non-Callable [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Designated as Hedging Instrument [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Designated as Hedging Instrument [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Designated as Hedging Instrument [Member]
Interest Rate Swap [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Designated as Hedging Instrument [Member]
Interest Rate Swap [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Interest Rate Swap [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Interest Rate Swap [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Credit Default Swap [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Credit Default Swap [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Agency Forward [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Agency Forward [Member]
|
Mar. 31, 2013
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Treasury Futures [Member]
|
Mar. 31, 2012
Non-Interest Income [Member]
Not Designated as Hedging Instrument [Member]
Treasury Futures [Member]
|
|||||
Derivative [Line Items] | |||||||||||||||||||||||||
Derivative, Weighted-Average Receive Rate | 0.30% | 0.29% | 0.32% | ||||||||||||||||||||||
Gain (Loss) on Components Excluded from Assessment of Interest Rate Fair Value Hedge Effectiveness | $ 3,000,000 | ||||||||||||||||||||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 5,791,000 | 0 | |||||||||||||||||||||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (3,138,000) | 0 | |||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 2,653,000 | [1] | 0 | [1] | |||||||||||||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 1,841,000 | 6,400,000 | 2,846,000 | 6,306,000 | 0 | (75,000) | (984,000) | 203,000 | (21,000) | (34,000) | |||||||||||||||
Gain (loss) on derivatives instruments and hedging activity net pretax | 4,494,000 | 6,400,000 | 4,494,000 | 6,400,000 | |||||||||||||||||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ (300,000) | ||||||||||||||||||||||||
Derivative, Average Remaining Maturity | 3 years 9 months 29 days | 4 years 2 months 5 days | 4 years 1 month 20 days | ||||||||||||||||||||||
|
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities (Details) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
Payment Guarantee [Member]
|
Dec. 31, 2012
Payment Guarantee [Member]
|
Mar. 31, 2013
Payment Guarantee [Member]
Categories of Investments, Marketable Securities, Trading Securities [Member]
|
Dec. 31, 2012
Payment Guarantee [Member]
Categories of Investments, Marketable Securities, Trading Securities [Member]
|
Mar. 31, 2013
Farmer Mac Guarantee
|
Mar. 31, 2012
Farmer Mac Guarantee
|
Mar. 31, 2013
Farmer Mac Guarantee
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Farmer Mac Guarantee
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Farmer Mac Guarantee
|
Dec. 31, 2012
Farmer Mac Guarantee
|
Mar. 31, 2013
Farmer Mac Guarantee
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Farmer Mac Guarantee
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2013
Available-for-sale Securities [Member]
Payment Guarantee [Member]
|
Dec. 31, 2012
Available-for-sale Securities [Member]
Payment Guarantee [Member]
|
Mar. 31, 2013
Available-for-sale Securities [Member]
Farmer Mac Guarantee
|
Mar. 31, 2012
Available-for-sale Securities [Member]
Farmer Mac Guarantee
|
Mar. 31, 2013
Available-for-sale Securities [Member]
Farmer Mac Guarantee
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Available-for-sale Securities [Member]
Farmer Mac Guarantee
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Available-for-sale Securities [Member]
Farmer Mac Guarantee
|
Dec. 31, 2012
Available-for-sale Securities [Member]
Farmer Mac Guarantee
|
Mar. 31, 2013
Available-for-sale Securities [Member]
Farmer Mac Guarantee
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Available-for-sale Securities [Member]
Farmer Mac Guarantee
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Available-for-sale Securities [Member]
|
Dec. 31, 2012
Available-for-sale Securities [Member]
|
Mar. 31, 2013
Trading Account Assets [Member]
|
Dec. 31, 2012
Trading Account Assets [Member]
|
|
Schedule of Available-for-sale and Trading Securities [Line Items] | ||||||||||||||||||||||||||||
Available-for-sale, at fair value | $ 6,525,216 | $ 6,125,128 | $ 5,010,635 | $ 4,663,944 | $ 3,439,200 | $ 3,339,200 | $ 25,853 | $ 26,238 | $ 1,545,582 | $ 1,298,506 | $ 1,514,581 | $ 1,461,184 | ||||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 11,155 | 12,098 | 5,262 | 5,683 | (300) | (292) | 151 | 160 | (451) | (452) | 0 | 0 | 5,562 | 5,975 | 5,893 | 6,415 | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 6,530,478 | 6,130,811 | 5,010,335 | 4,663,652 | 3,439,351 | 3,339,360 | 25,402 | 25,786 | 1,545,582 | 1,298,506 | 1,520,143 | 1,467,159 | ||||||||||||||||
Available-for-sale Securities, Unrealized Gains | 161,956 | 131,267 | 112,872 | 111,662 | 95,508 | 92,223 | 1,796 | 909 | 15,568 | 18,530 | 49,084 | 19,605 | ||||||||||||||||
Available-for-sale Securities, Unrealized Losses | (23,194) | (9,225) | (23,127) | (9,056) | (6,339) | (5,094) | 0 | (14) | (16,788) | (3,948) | (67) | (169) | ||||||||||||||||
Available-for-sale securities | 6,669,240 | 6,252,853 | 5,100,080 | 4,766,258 | 3,528,520 | 3,426,489 | 27,198 | 26,681 | 1,544,362 | 1,313,088 | 1,569,160 | 1,486,595 | ||||||||||||||||
Trading Securities Unpaid Principal Balance | 82,090 | 98,499 | ||||||||||||||||||||||||||
Trading Securities Amortized Cost | 87,983 | 104,914 | ||||||||||||||||||||||||||
Trading Securities, Unrealized Gains | 573 | 624 | ||||||||||||||||||||||||||
Trading Securities, Unrealized Losses | (1,285) | (1,350) | ||||||||||||||||||||||||||
Trading securities | 87,271 | 104,188 | ||||||||||||||||||||||||||
Marketable Securities | 6,607,306 | 6,223,627 | ||||||||||||||||||||||||||
Marketable Securities, Amortized Cost | 6,618,461 | 6,235,725 | ||||||||||||||||||||||||||
Marketable Securities, Unrealized Gains | 162,529 | 131,891 | ||||||||||||||||||||||||||
Marketable Securities, Unrealized Losses | (24,479) | (10,575) | ||||||||||||||||||||||||||
Marketable Securities | $ 6,756,511 | $ 6,357,041 |
Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Narrative (Details) (Collateralized Loan Obligations [Member], USD $)
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Financial Guarantee [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 15,200,000 | 15,800,000 |
Long-Term Standby Purchase Commitments [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,200,000,000 | 2,200,000,000 |
Long-Term Standby Purchase Commitments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 13 years 8 months 12 days | 13 years 7 months 6 days |
Long-Term Standby Purchase Commitments On Or After January 1, 2003 [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 23,700,000 | 22,000,000 |
Farmer Mac Guaranteed Securities [Member] | Financial Guarantee [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 13 years 2 months 12 days | 13 years 4 months 24 days |
Farmer Mac Guaranteed Securities AgVantage [Member] | Financial Guarantee [Member]
|
||
Long-term Purchase Commitment [Line Items] | ||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 4 years 2 months 12 days | 4 years 8 months 12 days |
Fair Value Disclosures - Quantitative Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Collateralized Mortgage Backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Farmer Mac Guarantee
|
Mar. 31, 2012
Farmer Mac Guarantee
|
Mar. 31, 2013
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Dec. 31, 2012
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Mar. 31, 2013
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Minimum [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Minimum [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Maximum [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Maximum [Member]
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Weighted Average
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Indicative Bid Approach Valuation Technique [Member]
Weighted Average
Auction-rate certificates backed by Government guaranteed student loans
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Collateralized Mortgage Obligations [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Derivative Financial Instruments, Liabilities [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Derivative Financial Instruments, Liabilities [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Collateralized Mortgage Obligations [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Derivative Financial Instruments, Liabilities [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Derivative Financial Instruments, Liabilities [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Collateralized Mortgage Obligations [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Derivative Financial Instruments, Liabilities [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Derivative Financial Instruments, Liabilities [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Asset-backed Securities [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Collateralized Mortgage Obligations [Member]
Floating Interest Rate [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farmer Mac Guaranteed Securities [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farmer Mac Guaranteed Securities [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Farm & Ranch Guaranteed Securities [Member]
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Farm & Ranch Guaranteed Securities [Member]
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
|
Mar. 31, 2013
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Farmer Mac Guaranteed Securities - Rural Utilities
|
Dec. 31, 2012
Level 3
Farmer Mac Guarantee
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
Farmer Mac Guaranteed Securities - Rural Utilities
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Minimum [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Maximum [Member]
|
Mar. 31, 2013
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
|
Dec. 31, 2012
Level 3
Fair Value, Measurements, Recurring [Member]
Discounted Cash Flows Approach Valuation Technique
Weighted Average
|
|
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | $ 65,213 | $ 63,159 | $ 233 | $ 5,100,080 | $ 4,766,258 | $ 3,528,520 | $ 3,426,489 | $ 27,198 | $ 26,681 | $ 1,544,362 | $ 1,313,088 | $ 65,446 | $ 63,159 | $ 5,100,080 | $ 4,766,258 | $ 3,528,520 | $ 3,426,489 | $ 27,198 | $ 26,681 | $ 1,544,362 | $ 1,313,088 | $ 1,569,160 | $ 1,486,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 1,129 | 1,247 | 1,129 | 1,247 | 87,271 | 104,188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | 1,656,431 | 1,590,783 | 66,575 | 64,406 | 1,656,431 | 1,590,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial derivatives, Liabilities | $ 532 | $ 691 | $ 532 | $ 691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Range of Offered Quotes | 82.00% | 82.00% | 93.00% | 90.00% | 88.00% | 85.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, discount rate | 0.60% | 1.00% | 11.90% | 12.40% | 1.60% | 2.40% | 3.00% | 19.40% | 19.70% | 1.60% | 1.30% | 1.70% | 15.90% | 16.20% | 1.60% | 0.90% | 1.10% | 0.80% | 1.00% | 0.80% | 0.80% | 3.50% | 3.40% | 3.30% | 3.40% | 3.00% | 2.90% | 1.60% | 1.60% | 1.90% | 2.10% | 1.60% | 1.60% | 1.20% | 1.40% | 5.30% | 5.30% | 3.10% | 3.40% | ||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Constant Prepayment Rate | 10.00% | 10.00% | 7.00% | 12.00% | 11.00% | 17.00% | 19.00% | 16.00% | 16.00% | 8.00% | 8.00% | 18.00% | 17.00% | 15.00% | 14.00% | 0.00% | 0.00% | 27.00% | 26.00% | 9.00% | 10.00% |
Loans and Allowance for Losses and Concentrations of Credit Risk Impaired Financing Receivables (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | $ 113,868 | $ 95,869 | |||||||
Impaired Financing Receivable, Recorded Investment | 127,383 | 100,351 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 50,563 | 30,638 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 50,028 | 30,236 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 76,820 | 69,713 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 75,093 | 68,601 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 125,121 | 98,837 | |||||||
Impaired Financing Receivable, Related Allowance | 3,461 | 6,659 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 36,686 | [1] | 45,335 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,064 | 533 | |||||||
Crops [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 31,830 | 27,676 | |||||||
Impaired Financing Receivable, Recorded Investment | 39,151 | 24,509 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 18,255 | 7,295 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 18,027 | 7,247 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 20,896 | 17,214 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 20,209 | 16,829 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 38,236 | 24,076 | |||||||
Impaired Financing Receivable, Related Allowance | 737 | 706 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,582 | [1] | 11,888 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 342 | 87 | |||||||
Permanent Plantings [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 46,743 | 34,003 | |||||||
Impaired Financing Receivable, Recorded Investment | 55,266 | 38,219 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,574 | 11,652 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 23,428 | 11,509 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 31,692 | 26,567 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 31,023 | 26,095 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 54,451 | 37,604 | |||||||
Impaired Financing Receivable, Related Allowance | 1,617 | 1,515 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,358 | [1] | 15,789 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 374 | 280 | |||||||
Livestock [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 17,906 | 12,303 | |||||||
Impaired Financing Receivable, Recorded Investment | 18,808 | 17,004 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,800 | 7,644 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,659 | 7,489 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 12,008 | 9,360 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,739 | 9,219 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 18,398 | 16,708 | |||||||
Impaired Financing Receivable, Related Allowance | 453 | 355 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,024 | [1] | 5,141 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 154 | 62 | |||||||
Part-Time Farm [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 14,197 | 15,729 | |||||||
Impaired Financing Receivable, Recorded Investment | 13,136 | 15,258 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,934 | 3,140 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,914 | 3,090 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,202 | 12,118 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,106 | 12,007 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 13,020 | 15,097 | |||||||
Impaired Financing Receivable, Related Allowance | 640 | 682 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,722 | [1] | 8,180 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 194 | 104 | |||||||
Agriculture Storage and Processing [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 2,169 | 5,121 | |||||||
Impaired Financing Receivable, Recorded Investment | 0 | 4,337 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 4,337 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 4,337 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 4,337 | |||||||
Impaired Financing Receivable, Related Allowance | 0 | 3,400 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [1] | 4,337 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | |||||||
Other Commodity [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 1,023 | 1,037 | |||||||
Impaired Financing Receivable, Recorded Investment | 1,022 | 1,024 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 907 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 901 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,022 | 117 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,016 | 114 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,016 | 1,015 | |||||||
Impaired Financing Receivable, Related Allowance | 14 | 1 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [1] | 0 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | |||||||
Less than 90 days past due [Member]
|
|||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 4,500 | [1] | $ 15,700 | [1] | |||||
|
Accounting Policies
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies |
The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac" or the "Corporation") and subsidiaries have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2012 consolidated balance sheet presented in this report has been derived from the Corporation's audited 2012 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2012 consolidated financial statements of Farmer Mac and subsidiaries included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 18, 2013. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Below is a summary of Farmer Mac's significant accounting policies. Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Guarantees line of business – primarily the acquisition of USDA-guaranteed portions. The consolidated financial statements also include the accounts of variable interest entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. See Note 1(f) for more information on consolidated VIEs. A Farmer Mac guarantee of timely payment of principal and interest is an explicit element of the terms of all Farmer Mac Guaranteed Securities. When Farmer Mac retains such securities in its portfolio, that guarantee is not extinguished. For Farmer Mac Guaranteed Securities in the Corporation's portfolio, Farmer Mac has entered into guarantee arrangements with FMMSC. The guarantee fee rate established between Farmer Mac and FMMSC is an element in determining the fair value of these Farmer Mac Guaranteed Securities, and guarantee fees related to these securities are reflected in guarantee and commitment fees in the consolidated statements of operations. These guarantee fees totaled $2.6 million and for both the three months ended March 31, 2013 and 2012. The corresponding expense of FMMSC has been eliminated against interest income in consolidation. All other inter-company balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents and Statements of Cash Flows Farmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. The following table sets forth information regarding certain cash and non-cash transactions for the three months ended March 31, 2013 and 2012:
On January 1, 2013, Farmer Mac transferred $674.0 million of loans from held to sale to held for investment because Farmer Mac either (1) no longer intends to sell these loans in the foreseeable future or (2) generally securitizes these loans using VIEs that are ultimately consolidated on Farmer Mac's balance sheet and reported as "Loans held for investment in consolidated trusts, at amortized cost." Farmer Mac transferred these loans at the lower of cost or fair value (determined on a pooled basis). Farmer Mac recorded a $5.9 million unamortized discount for loans transferred at fair value. At the time of purchase, loans are classified as either held for sale or held for investment depending upon management's intent and ability to hold the loans for the foreseeable future. Cash receipts from the repayment of loans are classified within the statements of cash flows based on management's intent upon purchase of the loan, as prescribed by accounting guidance related to the statement of cash flows. Allowance for Losses Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Farmer Mac's methodology for determining the allowance for losses separately considers its portfolio segments – Farm & Ranch, USDA Guarantees, and Rural Utilities, and disaggregates its analysis, where relevant, into classes of financing receivables, which currently include loans and AgVantage securities. Further disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses is increased through periodic provisions for loan losses that are charged against net interest income and provisions for losses that are charged to non-interest expense, and is reduced by charge-offs for actual losses, net of recoveries. Negative provisions, or releases of allowance for losses, generally are recorded in the event that the estimate of probable losses as of the end of a period is lower than the estimate at the beginning of the period. In certain circumstances, for example when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is reclassified as allowance for loan losses and there is a corresponding release from the provision for losses and a charge to the provision for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farm & Ranch Farmer Mac's methodology for determining its allowance for losses incorporates the Corporation's loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size, and loan-to-value ratio. For purposes of the loss allowance methodology, the loans in Farmer Mac's portfolio of loans and loans underlying Farm & Ranch Guaranteed Securities and LTSPCs have been scored and classified for each calendar quarter since first quarter 2000. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by taking into consideration several factors, including:
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying Farm & Ranch Guaranteed Securities and LTSPCs. There were no purchases or sales during first quarter 2013 that materially affected the credit profile of the Farm & Ranch portfolio. Farmer Mac has not provided an allowance for losses for loans underlying Farm & Ranch AgVantage securities. Each AgVantage security is a general obligation of an issuing institution approved by Farmer Mac and is secured by eligible loans in an amount at least equal to the outstanding principal amount of the security, with some level of overcollateralization required for Farm & Ranch AgVantage securities. Farmer Mac excludes the loans that secure AgVantage securities from the credit risk metrics it discloses because of the credit quality of the issuing institutions, the collateralization level for the securities, and because delinquent loans are required to be removed from the pool of pledged loans and replaced with current eligible loans. USDA Guarantees No allowance for losses has been provided for Farmer Mac's USDA Guarantees line of business. The USDA-guaranteed portions presented as "USDA Guaranteed Securities" on the consolidated balance sheets, as well as those that collateralize Farmer Mac Guaranteed Securities, are guaranteed by the United States Department of Agriculture. Each USDA guarantee is an obligation backed by the full faith and credit of the United States. Farmer Mac excludes these guaranteed portions from the credit risk metrics it discloses because of the USDA guarantee. Rural Utilities Farmer Mac separately evaluates the rural utilities loans it owns, as well as the lender obligations and loans underlying or securing its Rural Utilities Guaranteed Securities, including AgVantage securities, to determine if there are any probable losses inherent in those assets. Each AgVantage security is a general obligation of an issuing institution approved by Farmer Mac and is secured by eligible loans in an amount at least equal to the outstanding principal amount of the security. No allowance for losses has been provided for this portfolio segment based on the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of March 31, 2013, there were no delinquencies and no probable losses inherent in Farmer Mac's rural utilities loans held or in any Rural Utilities Guaranteed Securities. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. For loans with an updated appraised value, other updated collateral valuation, or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that utilizes loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $68.8 million (54.0 percent) of impaired loans as of March 31, 2013, which resulted in a specific reserve of $1.4 million. As of December 31, 2012, the impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $56.0 million (55.8 percent) of impaired loans, which resulted in a specific reserve of $1.1 million. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring ("TDR"). Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. For the quarter ended ended March 31, 2013, the recorded investment of loans determined to be TDRs was $0.2 million before restructuring and $0.3 million after restructuring. For the quarter ended March 31, 2012, the recorded investment of loans determined to be TDRs was $1.0 million before restructuring and $1.1 million after restructuring. As of March 31, 2013, there were three TDRs identified during the previous 12 months that were in default, under the modified terms, with a recorded investment of $1.3 million. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial in both first quarter 2013 and 2012. See Note 5 for more information related to the allowance for losses. Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows, or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and often times deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. Accounting for financial derivatives differs significantly depending on whether a derivative is designated in a fair value or cash flow hedging relationship. Derivative instruments designated in hedging relationships that mitigate exposure to changes in the fair value of assets or liabilities are considered fair value hedges. Derivative instruments designated in hedging relationships that mitigate exposure to the variability in expected future cash flows or other forecasted transactions are considered cash flow hedges. In order to qualify for hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset or liability or a future cash flow. Effectiveness of the hedge must be monitored over the life of the hedging relationship. Financial derivatives are recorded on the consolidated balance sheets at fair value as a freestanding asset or liability on a gross basis without giving consideration to master netting arrangements. Fair value hedges are accounted for by recording the fair value of the financial derivative and the change in fair value of the hedged item attributable to the risk being hedged on the consolidated balance sheets with the net difference reported in gains/(losses) on financial derivatives and hedging activities in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. Cash flow hedges which are deemed effective under GAAP are accounted for by recording the fair value of the financial derivative as either a freestanding asset or a freestanding liability on the consolidated balance sheets, with the effective portion of the change in fair value of the financial derivative recorded in accumulated other comprehensive income within stockholders' equity, net of tax. Amounts are reclassified from accumulated other comprehensive income to interest income or expense in the consolidated statements of operations in the period the hedged transaction affects earnings. Any ineffective portion of the change in fair value of the financial derivative is reported in gains/(losses) on financial derivatives and hedging activities in the consolidated statements of operations. If it becomes probable that a hedged forecasted transaction will not occur, any amounts included in accumulated other comprehensive income related to the specific hedging relationship are reclassified from accumulated other comprehensive income to the consolidated statements of operations and reported in gains/(losses) on financial derivatives and hedging activities. In accordance with applicable fair value measurement guidance, Farmer Mac made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio, consistent with how the Corporation previously has been measuring credit risk for these instruments. See Notes 4 and 8 for more information on financial derivatives. Earnings Per Common Share Basic earnings per common share ("EPS") is based on the weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive common stock options, stock appreciation rights ("SARs"), and non-vested restricted stock awards. The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2013 and 2012:
Fair Value Measurement Farmer Mac follows accounting guidance for fair value measurements that defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest rank to unobservable inputs (Level 3 measurements). Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the Level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs. See Note 8 for more information regarding fair value measurement. Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities" or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to Farm & Ranch AgVantage securities. In the case of the USDA Guarantees trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. The following tables present, by line of business, details about the consolidation of VIEs:
(1) Includes unamortized premiums related to Rural Utilities of $33.8 million. (2) Includes borrower remittances of $1.1 million, which have not been passed through to third party investors as of March 31, 2013. (3) Includes unamortized premiums and discounts and fair value adjustments related to Farm & Ranch and USDA Guarantees of $1.3 million and $1.3 million, respectively. (4) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (5) Of the Farm & Ranch amount, $856.5 million relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.
(1) Includes unamortized premiums related to Rural Utilities of $34.3 million. (2) Includes borrower remittances of $7.2 million, which have not been passed through to third party investors as of December 31, 2012. (3) Includes unamortized premiums and discounts and fair value adjustments related to Farm & Ranch and USDA Guarantees of $1.4 million and $0.4 million, respectively. (4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. (5) Of the Farm & Ranch amount, $911.4 million relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party. New Accounting Standards Offsetting Assets and Liabilities On December 16, 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities, which provided new guidance requiring entities to disclose net and gross information for certain derivative instruments and financial instruments and information about the impact of collateral on offsetting arrangements and other amounts subject to a master netting agreement that are not offset on the balance sheet. On January 31, 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities addressing the implementation of ASU 2011-11. The amendment clarifies that the scope of ASU 2011-11 applies to recognized derivative instruments, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in the financial statements or are subject to enforceable master netting arrangements or similar agreements. ASU 2011-11 and ASU 2013-01 were effective for interim and annual periods beginning on or after January 1, 2013. The adoption of ASU 2011-11 and ASU 2013-01 during first quarter 2013 did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Comprehensive Income On February 5, 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”). The new guidance requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. An entity would disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. ASU 2013‑02 also requires significant items reclassified out of AOCI to be presented either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The income tax benefit or expense attributed to each component of other comprehensive income and reclassification adjustment must be presented in the financial statement or notes to the financial statements. The amendments in ASU 2013-02 do not change the current requirement for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 was effective for all reporting periods beginning on or after December 15, 2012. The adoption of the new guidance during first quarter 2013 did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
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Dec. 31, 2012
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | $ (24,759) | $ (29,523) |
Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 893,387 | 785,564 |
Loans | 2,832,842 | 2,746,742 |
Derivative Assets | 26,254 | 31,173 |
Notes payable - Due within one year | 6,552,954 | 6,573,013 |
Notes payable - Due after one year | 5,128,379 | 5,202,751 |
Debt securities of consolidated trusts held by third parties | 173,575 | 164,910 |
Financial derivatives, Liabilities | 133,838 | 150,682 |
Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 893,387 | 785,564 |
Loans | 2,765,926 | 2,729,774 |
Derivative Assets | 26,254 | 31,173 |
Notes payable - Due within one year | 6,543,973 | 6,567,366 |
Notes payable - Due after one year | 4,978,118 | 5,034,739 |
Debt securities of consolidated trusts held by third parties | 167,250 | 167,621 |
Financial derivatives, Liabilities | 133,838 | 150,682 |
Investment Securities [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,297,316 | 2,499,629 |
Investment Securities [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 2,297,316 | 2,499,629 |
Farmer Mac Guaranteed Securities [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable | 18,844 | 20,432 |
Farmer Mac Guaranteed Securities [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable | 17,706 | 18,926 |
Long-Term Standby Purchase Commitments [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable | 29,225 | 27,805 |
Long-Term Standby Purchase Commitments [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment fees receivable | 24,653 | 22,863 |
Long-Term Standby Purchase Commitments [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment obligations | 28,317 | 26,896 |
Long-Term Standby Purchase Commitments [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment obligations | 23,745 | 21,954 |
Farmer Mac Guaranteed Securities [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment obligations | 16,297 | 17,354 |
Farmer Mac Guaranteed Securities [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guarantee and commitment obligations | 15,160 | 15,849 |
Farmer Mac Guarantee | Farmer Mac Guaranteed Securities [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 5,100,080 | 4,766,258 |
Farmer Mac Guarantee | Farmer Mac Guaranteed Securities [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 5,100,080 | 4,766,258 |
USDA Guarantee | USDA Guaranteed Securities [Member] | Fair Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 1,656,431 | 1,590,783 |
USDA Guarantee | USDA Guaranteed Securities [Member] | Carrying Value
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | $ 1,656,431 | $ 1,590,783 |