XML 73 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Net income $ 28,332,000 $ 34,173,000 $ 35,644,000 $ 56,761,000
Unrealized holding gains/(losses) on available-for-sale securities (1) 10,301,000 [1] (48,190,000) [1] 44,542,000 [1] (26,378,000) [1]
Unrealized losses on cash flow hedges (2) (61,000) [2] 0 [2] (129,000) [2] 0 [2]
Gains on sale of available-for-sale investment securities (4) (93,000) [3] (1,996,000) [3] (103,000) [3] (1,997,000) [3]
Other comprehensive income/(loss) 6,969,000 (53,638,000) 38,125,000 (35,248,000)
Comprehensive income/(loss) 35,301,000 (19,465,000) 73,769,000 21,513,000
Less: Comprehensive income attributable to noncontrolling interest - preferred stock dividends (5,819,000) (5,547,000) (11,366,000) (11,094,000)
Comprehensive income/(loss) attributable to Farmer Mac 29,482,000 (25,012,000) 62,403,000 10,419,000
Other Comprehensive Income, Unrealized Holding Gain on Securities Arising During Period, Tax 5,500,000 (25,900,000) 24,000,000 (14,200,000)
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Tax (33,000)   (69,000)  
Other Comprehensive Income, Reclassification Adjustment for Sale of Securities Included in Net Income, Tax (50,000) (1,100,000) (55,000) (1,100,000)
Financial derivatives and hedging activities [Member]
       
(Losses)/gains on financial derivatives and hedging activities (3) (3,106,000) [4] (3,211,000) [4] (6,207,000) [4] (6,418,000) [4]
Tax effects of reclassification adjustment for gains included in net income, tax (1,700,000) (1,700,000) (3,300,000) (3,500,000)
Other income [Member]
       
Other income (5) (72,000) [5] (241,000) [5] 22,000 [5] (455,000) [5]
Tax effects of reclassification adjustment for gains included in net income, tax $ (39,000) $ (100,000) $ 12,000 $ (200,000)
[1] Presented net of income tax expense of $5.5 million and benefit of $25.9 million for the three months ended June 30, 2014 and 2013, respectively, and income tax expense of $24.0 million and benefit of $14.2 million for the six months ended June 30, 2014 and 2013, respectively.
[2] Presented net of income tax benefit of $33,000 for the three months ended June 30, 2014 and tax benefit of $69,000 for the six months ended June 30, 2014.
[3] Represents realized gains on sales of available-for-sale investment securities. Presented net of income tax benefit of $50,000 and $1.1 million for the three months ended June 30, 2014 and 2013, respectively, and income tax benefit of $55,000 and $1.1 million for the six months ended June 30, 2014 and 2013, respectively.
[4] Relates to the amortization of the unrealized gains on the hedged items prior to application of hedge accounting. Presented net of income tax benefit of $1.7 million for both the three months ended June 30, 2014 and 2013, and tax benefit of $3.3 million and $3.5 million for the six months ended June 30, 2014 and 2013, respectively.
[5] Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed Securities. Presented net of income tax benefit of $39,000 and $0.1 million for the three months ended June 30, 2014 and 2013, respectively, and income tax expense of $12,000 and tax benefit of $0.2 million for the six months ended June 30, 2014 and 2013, respectively.