10-Q

As filed with the Securities and Exchange Commission on August 10, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

Commission File Number 001-14951 

 ____________________________________________________________

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes        x                               No           o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes        x                                No          o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes        o                                No           x

As of August 3, 2015, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock and 9,508,091 shares of Class C non-voting common stock.

Table of Contents

PART I - Financial Information		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
	1. Accounting Policies	9
	2. Investment Securities	14
	3. Farmer Mac Guaranteed Securities and USDA Securities	18
	4. Financial Derivatives	20
	5. Loans and Allowance for Losses	24
	6. Off-Balance Sheet Guarantees and Long-Term Standby Purchase Commitments	36
	7. Equity	37
	8. Fair Value Disclosures	38
	9. Business Segment Reporting	47
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	52
	Forward-Looking Statements	52
	Overview	53
	Results of Operations	55
	Outlook	71
	Balance Sheet Review	74
	Off-Balance Sheet Arrangements	74
	Risk Management	74
	Liquidity and Capital Resources	91
	Regulatory Matters	93
	Other Matters	94
	Supplemental Information	94
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	99
Item 4.	Controls and Procedures	99
PART II - Other Information		101
Item 1.	Legal Proceedings	100
Item 1A.	Risk Factors	100
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 3.	Defaults Upon Senior Securities	100
Item 4.	Mine Safety Disclosures	100
Item 5.	Other Information	101
Item 6.	Exhibits	102
Signatures		103

2

PART I

Item 1. Financial Statements

3

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

	As of
	June 30, 2015			December 31, 2014
	(in thousands)
Assets:
Cash and cash equivalents	$	1,683,156		$	1,363,387
Investment securities:
Available-for-sale, at fair value	1,851,899			1,938,499
Trading, at fair value	606			689
Total investment securities	1,852,505			1,939,188
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value	4,051,208			3,659,281
Held-to-maturity, at amortized cost	1,822,027			1,794,620
Total Farmer Mac Guaranteed Securities	5,873,235			5,453,901
USDA Securities:
Available-for-sale, at fair value	1,825,406			1,731,222
Trading, at fair value	33,770			40,310
Total USDA Securities	1,859,176			1,771,532
Loans:
Loans held for investment, at amortized cost	3,153,012			2,833,461
Loans held for investment in consolidated trusts, at amortized cost	512,559			692,478
Allowance for loan losses	(5,939		)	(5,864		)
Total loans, net of allowance	3,659,632			3,520,075
Real estate owned, at lower of cost or fair value	750			421
Financial derivatives, at fair value	7,455			4,177
Interest receivable (includes $6,338 and $9,509, respectively, related to consolidated trusts)	101,127			106,874
Guarantee and commitment fees receivable	37,847			39,462
Deferred tax asset, net	23,130			33,391
Prepaid expenses and other assets	46,584			55,413
Total Assets	$	15,144,597		$	14,287,821
Liabilities and Equity:
Liabilities:
Notes payable:
Due within one year	$	7,632,668		$	7,353,953
Due after one year	6,013,237			5,471,186
Total notes payable	13,645,905			12,825,139
Debt securities of consolidated trusts held by third parties	516,004			424,214
Financial derivatives, at fair value	69,373			84,844
Accrued interest payable (includes $5,302 and $5,145, respectively, related to consolidated trusts)	50,183			48,355
Guarantee and commitment obligation	36,417			37,925
Accounts payable and accrued expenses	245,785			81,252
Reserve for losses	4,637			4,263
Total Liabilities	14,568,304			13,505,992
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			58,333
Series B, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,044			73,044
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382			73,382
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, 9,508,000 shares and 9,406,267 shares outstanding, respectively	9,508			9,406
Additional paid-in capital	116,098			113,559
Accumulated other comprehensive income, net of tax	22,733			15,533
Retained earnings	221,477			201,013
Total Stockholders' Equity	576,106			545,801
Non-controlling interest	187			236,028
Total Equity	576,293			781,829
Total Liabilities and Equity	$	15,144,597		$	14,287,821

The accompanying notes are an integral part of these consolidated financial statements.

4

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	3,094		$	5,101		$	5,959		$	10,338
Farmer Mac Guaranteed Securities and USDA Securities	34,484			32,957			67,606			65,803
Loans	28,814			26,417			56,778			40,786
Total interest income	66,392			64,475			130,343			116,927
Total interest expense	34,528			42,502			67,690			77,228
Net interest income	31,864			21,973			62,653			39,699
(Provision for)/release of allowance for loan losses	(110		)	1,583			(186		)	1,010
Net interest income after (provision for)/release of allowance for loan losses	31,754			23,556			62,467			40,709
Non-interest income:
Guarantee and commitment fees	3,388			3,703			6,765			7,487
Gains/(losses) on financial derivatives and hedging activities	14,389			(5,698		)	10,507			(13,276		)
Gains on trading securities	170			7,748			532			8,403
Gains on sale of available-for-sale investment securities	—			143			6			158
Gains/(losses) on sale of real estate owned	—			168			(1		)	165
Other income	260			200			873			292
Non-interest income	18,207			6,264			18,682			3,229
Non-interest expense:
Compensation and employee benefits	5,733			4,889			11,426			9,345
General and administrative	3,374			3,288			6,197			6,082
Regulatory fees	600			594			1,200			1,188
Real estate owned operating costs, net	—			59			(1		)	61
Provision for/(release of) reserve for losses	1,146			(974		)	374			(873		)
Non-interest expense	10,853			7,856			19,196			15,803
Income before income taxes	39,108			21,964			61,953			28,135
Income tax expense/(benefit)	13,769			(6,368		)	18,000			(7,509		)
Net income	25,339			28,332			43,953			35,644
Less: Net loss/(income) attributable to non-controlling interest	119			(5,819		)	(5,235		)	(11,366		)
Net income attributable to Farmer Mac	25,458			22,513			38,718			24,278
Preferred stock dividends	(3,296		)	(2,308		)	(6,591		)	(3,260		)
Loss on retirement of preferred stock	—			—			(8,147		)	—
Net income attributable to common stockholders	$	22,162		$	20,205		$	23,980		$	21,018
Earnings per common share and dividends:
Basic earnings per common share	$	2.01		$	1.85		$	2.19		$	1.93
Diluted earnings per common share	$	1.94		$	1.78		$	2.11		$	1.85
Common stock dividends per common share	$	0.16		$	0.14		$	0.32		$	0.28

The accompanying notes are an integral part of these consolidated financial statements.

5

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands)
Net income	$	25,339		$	28,332		$	43,953		$	35,644
Other comprehensive income, net of tax:
Unrealized holding (losses)/gains on available-for-sale securities(1)	(26,114		)	10,301			13,056			44,542
Unrealized gains/(losses) on cash flow hedges(2)	930			(61		)	769			(129		)
Less reclassification adjustments included in:
Gains/(losses) on financial derivatives and hedging activities(3)	(3,219		)	(3,106		)	(6,379		)	(6,207		)
Gains on sale of available-for-sale investment securities(4)	—			(93		)	(4		)	(103		)
Other income(5)	(47		)	(72		)	(242		)	22
Other comprehensive (loss)/income	(28,450		)	6,969			7,200			38,125
Comprehensive (loss)/income	(3,111		)	35,301			51,153			73,769
Less: Comprehensive loss/(income) attributable to non-controlling interest	119			(5,819		)	(5,235		)	(11,366		)
Comprehensive (loss)/income attributable to Farmer Mac	$	(2,992	)	$	29,482		$	45,918		$	62,403

⁽¹⁾  Presented net of income tax benefit of $14.1 million and expense of $5.5 million, for the three months ended June 30, 2015 and 2014, respectively, and income tax expense of $7.0 million and $24.0 million for the six months ended June 30, 2015 and 2014, respectively.

⁽²⁾  Presented net of income tax expense of $0.5 million and benefit of $33,000 for the three months ended June 30, 2015 and 2014, respectively, and income tax expense of $0.4 million and benefit of $69,000 for the six months ended June 30, 2015 and 2014, respectively.

⁽³⁾  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, 2015 and 2014, respectively, and tax benefit of $3.4 million and $3.3 million for the six months ended June 30, 2015 and 2014, respectively.

⁽⁴⁾  Represents realized gains on sales of available-for-sale investment securities. There were no sales of available-for-sale investment securities for the three months ended June 30, 2015. Presented net of income tax benefit of $50,000 for the three months ended June 30, 2014, and income tax benefit of $2,000 and $55,000 for the six months ended June 30, 2015 and 2014, respectively.

⁽⁵⁾  Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. Presented net of income tax benefit of $25,000 and $39,000 for the three months ended June 30, 2015 and 2014, respectively, and income tax benefit of $0.1 million and expense of $12,000 for the six months ended June 30, 2015 and 2014, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

6

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)

	For the Six Months Ended
	June 30, 2015				June 30, 2014
	Shares	Amount			Shares	Amount
	(in thousands)
Preferred stock:
Balance, beginning of period	8,400	$	204,759		2,400	$	58,333
Issuance of Series B preferred stock	—	—			3,000	73,061
Issuance of Series C preferred stock	—	—			3,000	$	73,380
Balance, end of period	8,400	$	204,759		8,400	$	204,774
Common stock:
Balance, beginning of period	10,937	$	10,937		10,886	$	10,886
Issuance of Class C common stock	102	102			38	38
Balance, end of period	11,039	$	11,039		10,924	$	10,924
Additional paid-in capital:
Balance, beginning of period		$	113,559			$	110,722
Stock-based compensation expense		1,644				1,426
Issuance of Class C common stock		7				12
Tax effect of stock-based awards		888				(202		)
Balance, end of period		$	116,098			$	111,958
Retained earnings:
Balance, beginning of period		$	201,013			$	168,877
Net income attributable to Farmer Mac		38,718				24,278
Cash dividends:
Preferred stock, Series A ($0.7344 per share in 2015 and 2014)		(1,763		)		(1,762		)
Preferred stock, Series B ($0.8594 per share in 2015 and $0.5347 per share in 2014)		(2,578		)		(1,360		)
Preferred stock, Series C ($0.7500 per share in 2015 and $0.0458 per share in 2014)		(2,250		)		(138		)
Common stock ($0.32 per share in 2015 and $0.28 per share in 2014)		(3,516		)		(3,053		)
Loss on retirement of preferred stock, Farmer Mac II LLC		(8,147		)		—
Balance, end of period		$	221,477			$	186,842
Accumulated other comprehensive income:
Balance, beginning of period		$	15,533			$	(16,202	)
Other comprehensive income, net of tax		7,200				38,125
Balance, end of period		$	22,733			$	21,923
Total Stockholders' Equity		$	576,106			$	536,421
Non-controlling interest:
Balance, beginning of period		$	236,028			$	241,853
Redemption of Farmer Mac II LLC preferred stock		(235,853		)		(6,000		)
Investment in Contour - non-controlling interest		131				—
Net loss attributable to non-controlling interest		(119		)		—
Balance, end of period		$	187			$	235,853
Total Equity		$	576,293			$	772,274

The accompanying notes are an integral part of these consolidated financial statements.

7

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Six Months Ended
	June 30, 2015			June 30, 2014
	(in thousands)
Cash flows from operating activities:
Net income	$	43,953		$	35,644
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 Securities	1,604			15,029
Amortization of debt premiums, discounts and issuance costs	5,870			5,144
Net change in fair value of trading securities, hedged assets, and financial derivatives	(15,619		)	7,636
Gains on sale of available-for-sale investment securities	(6		)	(158		)
Losses/(gains) on sale of real estate owned	1			(165		)
Total provision for/(release of) losses	560			(1,883		)
Deferred income taxes	5,657			(17,496		)
Stock-based compensation expense	1,644			1,427
Proceeds from repayment of trading investment securities	437			414
Proceeds from repayment of loans purchased as held for sale	54,728			58,930
Net change in:
Interest receivable	5,747			13,125
Guarantee and commitment fees receivable	1,615			215
Other assets	9,182			(14,473		)
Securities sold, not yet purchased	—			1,673,532
Accrued interest payable	1,828			(4,185		)
Other liabilities	(3,838		)	(3,955		)
Net cash provided by operating activities	113,363			1,768,781
Cash flows from investing activities:
Net change in securities purchased under agreements to resell	—			(1,640,686		)
Purchases of available-for-sale investment securities	(915,614		)	(1,138,711		)
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(559,162		)	(681,044		)
Purchases of loans held for investment	(323,401		)	(407,595		)
Purchases of defaulted loans	(1,981		)	(440		)
Proceeds from repayment of available-for-sale investment securities	914,988			575,393
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	236,801			670,079
Proceeds from repayment of loans purchased as held for investment	143,804			199,774
Proceeds from sale of available-for-sale investment securities	74,998			730,527
Proceeds from sale of Farmer Mac Guaranteed Securities	99,477			126,857
(Payments)/proceeds from sale of real estate owned	(1		)	461
Net cash used in investing activities	(330,091		)	(1,565,385		)
Cash flows from financing activities:
Proceeds from issuance of discount notes	38,965,462			27,163,649
Proceeds from issuance of medium-term notes	2,690,604			1,759,012
Payments to redeem discount notes	(38,734,464		)	(28,161,623		)
Payments to redeem medium-term notes	(2,106,715		)	(1,440,000		)
Excess tax benefits related to stock-based awards	154			35
Payments to third parties on debt securities of consolidated trusts	(20,641		)	(13,615		)
Proceeds from common stock issuance	1,488			12
Proceeds from Series B Preferred stock issuance	—			73,061
Proceeds from Series C Preferred stock issuance	—			73,380
Investment in Contour	131			—
Redemption of Farmer Mac II LLC Preferred Stock	(244,000		)	(6,000		)
Dividends paid - Non-controlling interest - preferred stock	(5,415		)	(11,366		)
Dividends paid on common and preferred stock	(10,107		)	(5,131		)
Net cash provided by/(used in) financing activities	536,497			(568,586		)
Net increase/(decrease) in cash and cash equivalents	319,769			(365,190		)
Cash and cash equivalents at beginning of period	1,363,387			749,313
Cash and cash equivalents at end of period	$	1,683,156		$	384,123

 The accompanying notes are an integral part of these consolidated financial statements.

8

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("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, 2014 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2014 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 2014 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015. That Form 10-K describes Farmer Mac's significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents and Statements of Cash Flows; Transfers of Financial Assets and Liabilities; Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities; Loans; Securitization of Loans; Real Estate Owned; Financial Derivatives; Notes Payable; Allowance for Loan Losses and Reserve for Losses; Earnings Per Common Share; Income Taxes; Stock-Based Compensation; Comprehensive Income; Long-Term Standby Purchase Commitments; Fair Value Measurement; and Consolidation of Variable Interest Entities ("VIEs"). Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six month periods ended June 30, 2015.

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its three subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; (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 Securities; and (3) Contour Valuation Services, LLC, whose principal activity is to provide appraisal services related to agricultural real estate.  All inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary.  

9

The following tables present, by line of business, details about the consolidation of VIEs:

Table 1.1

	Consolidation of Variable Interest Entities
	As of June 30, 2015
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost	$	512,559	$	—	$	—	$	—	$	—	$	512,559
Debt securities of consolidated trusts held by third parties(1)	516,004		—		—		—		—		516,004
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(2)	—		35,008		—		32,065		—		67,073
Maximum exposure to loss(3)	—		33,822		—		30,000		—		63,822
Investment securities:
Carrying value(4)	—		—		—		—		455,251		455,251
Maximum exposure to loss(3)(4)	—		—		—		—		458,566		458,566
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(3)(5)	575,811		10,888		—		970,000		—		1,556,699

(1) Includes borrower remittances of $3.4 million. The borrower remittances have not been passed through to third party investors as of June 30, 2015.

(2) Includes $1.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.1 million.

(3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

10

	Consolidation of Variable Interest Entities
	As of December 31, 2014
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost(1)	$	421,355	$	—	$	271,123	$	—	$	—	$	692,478
Debt securities of consolidated trusts held by third parties(2)	424,214		—		—		—		—		424,214
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(3)	—		27,620		—		32,415		—		60,035
Maximum exposure to loss(4)	—		27,832		—		30,000		—		57,832
Investment securities:
Carrying value(5)	—		—		—		—		409,657		409,657
Maximum exposure to loss(4)(5)	—		—		—		—		412,690		412,690
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(4)(6)	636,086		13,978		—		970,000		—		1,620,064

(1) Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million.

(2) Includes borrower remittances of $2.9 million, which have not been passed through to third party investors as of December 31, 2014.

(3) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million.

(4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss.

(5) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

(a) Statements of Cash Flows

The following table sets forth information regarding certain non-cash transactions for the six months endedJune 30, 2015 and 2014:

Table 1.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities	$	99,477	$	126,857
Consolidation of Farm & 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	112,440		129,305
Purchases of securities - traded, not yet settled	236,600		—
Issuance costs on the retirement of Farmer Mac II LLC Preferred Stock	8,147		—
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity	—		1,612,086

11

On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed Securities from available-for-sale to held-to-maturity because Farmer Mac determined it has the ability and intent to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value which reflected an unrealized holding gain of $22.3 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. The unrealized holding gain is being amortized out of accumulated other comprehensive income over the remaining life of the transferred securities.

(b) 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 and six months ended June 30, 2015 and 2014:

Table 1.3

	For the Three Months Ended
	June 30, 2015						June 30, 2014
	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	$	22,162	11,010	$	2.01		$	20,205	10,924	$	1.85
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		428	(0.07		)	—		437	(0.07		)
Diluted EPS	$	22,162	11,438	$	1.94		$	20,205	11,361	$	1.78

(1) For the three months ended June 30, 2015 and 2014, stock options and SARs of 229,693 and 121,468, 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 June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 45,034 and 42,514, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

	For the Six Months Ended
	June 30, 2015						June 30, 2014
	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	$	23,980	10,974	$	2.19		$	21,018	10,906	$	1.93
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		411	(0.08		)	—		448	(0.08		)
Diluted EPS	$	23,980	11,385	$	2.11		$	21,018	11,354	$	1.85

(1) For the six months ended June 30, 2015 and 2014, stock options and SARs of 215,547 and 77,226, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 37,774 and 37,054, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

12

(c) New Accounting Standards

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. It also affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015. The adoption of the new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows.

(d) Reclassifications

Beginning January 1, 2015, Farmer Mac classified all of the income from Farmer Mac Guaranteed Securities that it holds in its portfolio as interest income. Prior to January 1, 2015, Farmer Mac classified a portion of the income from those securities, $2.7 millionand$5.4 million for the three and six months ended June 30, 2014, respectively, as guarantee and commitment fees. This change in classification does not affect the timing or amount of income recognized from these securities. The corresponding guarantee and commitment fee receivable balance as of December 31, 2014 also was reclassified to accrued interest receivable. Certain reclassifications of prior period information, including the aforementioned change, were made to conform to the current period presentation.

13

2. INVESTMENT SECURITIES

The following tables set forth information about Farmer Mac's investment securities as of June 30, 2015 and December 31, 2014:

Table 2.1

	As of June 30, 2015
	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	$	46,600	$	—		$	46,600	$	—	$	(6,418	)	$	40,182
Floating rate asset-backed securities	91,382		(317		)	91,065		182		(69		)	91,178
Floating rate corporate debt securities	10,000		—			10,000		62		(2		)	10,060
Fixed rate corporate debt securities	15,000		(3		)	14,997		4		(16		)	14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	703,990		3,265			707,255		4,111		(306		)	711,060
Fixed rate GSE guaranteed mortgage-backed securities(1)	765		3,330			4,095		3,952		—			8,047
Floating rate GSE subordinated debt	70,000		—			70,000		—		(4,028		)	65,972
Fixed rate senior agency debt	297,806		(29		)	297,777		68		—			297,845
Fixed rate U.S. Treasuries	612,194		260			612,454		127		(11		)	612,570
Total available-for-sale	1,847,737		6,506			1,854,243		8,506		(10,850		)	1,851,899
Trading:
Floating rate asset-backed securities	2,431		—			2,431		—		(1,825		)	606
Total investment securities	$	1,850,168	$	6,506		$	1,856,674	$	8,506	$	(12,675	)	$	1,852,505

(1) Fair value includes $7.2 million of an interest-only security with a notional amount of $152.4 million.

14

	As of December 31, 2014
	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	$	46,600	$	—		$	46,600	$	—	$	(6,024	)	$	40,576
Floating rate asset-backed securities	100,730		(74		)	100,656		283		(37		)	100,902
Floating rate corporate debt securities	10,000		—			10,000		91		—			10,091
Fixed rate corporate debt securities	30,000		(10		)	29,990		35		—			30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	605,053		3,431			608,484		4,712		(443		)	612,753
Fixed rate GSE guaranteed mortgage-backed securities(1)	853		3,542			4,395		3,807		—			8,202
Floating rate GSE subordinated debt	70,000		—			70,000		—		(3,680		)	66,320
Fixed rate senior agency debt	18,806		130			18,936		3		—			18,939
Floating rate U.S. Treasuries	75,000		(10		)	74,990		—		(11		)	74,979
Fixed rate U.S. Treasuries	975,194		462			975,656		72		(16		)	975,712
Total available-for-sale	1,932,236		7,471			1,939,707		9,003		(10,211		)	1,938,499
Trading:
Floating rate asset-backed securities	2,868		—			2,868		—		(2,179		)	689
Total investment securities	$	1,935,104	$	7,471		$	1,942,575	$	9,003	$	(12,390	)	$	1,939,188

(1) Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million.

During the three months ended June 30, 2015, Farmer Mac did not sell any securities from its available-for-sale investment portfolio, compared to proceeds of $720.5 million for the same period in 2014, resulting in gross realized gains of $0.1 million. During the six months ended June 30, 2015, Farmer Mac received proceeds of $75.0 million from the sale of securities from its available-for-sale investment portfolio, resulting in realized gains of $6,000, compared to proceeds of $730.5 million for the six months ended June 30, 2014, resulting in gross realized gains of $0.2 million.

15

As of June 30, 2015 and December 31, 2014, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

	As of June 30, 2015
	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	$	—	$	—		$	40,182	$	(6,418	)
Floating rate asset-backed securities	14,940		(69		)	—		—
Floating rate corporate debt securities	4,998		(2		)	—		—
Fixed rate corporate debt securities	9,981		(16		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	59,590		(162		)	88,205		(144		)
Floating rate GSE subordinated debt	—		—			65,972		(4,028		)
Fixed rate U.S. Treasuries	85,038		(11		)	—		—
Total	$	174,547	$	(260	)	$	194,359	$	(10,590	)

	As of December 31, 2014
	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	$	—	$	—		$	40,576	$	(6,024	)
Floating rate asset-backed securities	19,388		(37		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	76,100		(164		)	76,867		(279		)
Floating rate GSE subordinated debt	—		—			66,320		(3,680		)
Floating rate U.S. Treasuries	74,980		(11		)	—		—
Fixed rate U.S. Treasuries	325,033		(16		)	—		—
Total	$	495,501	$	(228	)	$	183,763	$	(9,983	)

The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to June 30, 2015 and December 31, 2014, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of June 30, 2015, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except three that were rated "A-." As of December 31, 2014 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." The unrealized losses were on 29 and 35 individual investment securities as of June 30, 2015 and December 31, 2014, respectively.

As of June 30, 2015, 12 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.6 million. As of December 31, 2014, 15 of the securities

16

in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million.  Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2015 that is, on average, approximately 95 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of June 30, 2015 and December 31, 2014.

Farmer Mac did not own any held-to-maturity investment securities as of June 30, 2015 and December 31, 2014. As of June 30, 2015, Farmer Mac owned trading investment securities with an amortized cost of $2.4 million, a fair value of $0.6 million, and a weighted average yield of 4.27 percent. As of December 31, 2014, Farmer Mac owned trading investment securities with an amortized cost of $2.9 million, a fair value of $0.7 million, and a weighted average yield of 4.24 percent.

The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2015 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	925,228	$	925,400	0.31%
Due after one year through five years	103,309		103,939		1.19%
Due after five years through ten years	239,193		239,790		0.88%
Due after ten years	586,513		582,770		0.90%
Total	$	1,854,243	$	1,851,899	0.62%

17

3. FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2015 and December 31, 2014:

Table 3.1

	As of June 30, 2015
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,819,159	$	2,868		$	1,822,027	$	14,269	$	—		$	1,836,296
Available-for-sale:
AgVantage	$	4,022,251	$	—		$	4,022,251	$	36,810	$	(42,861	)	$	4,016,200
Farmer Mac Guaranteed USDA Securities	33,822		(339		)	33,483		1,525		—			35,008
Total Farmer Mac Guaranteed Securities	4,056,073		(339		)	4,055,734		38,335		(42,861		)	4,051,208
USDA Securities	1,785,662		2,536			1,788,198		37,243		(35		)	1,825,406
Total available-for-sale	$	5,841,735	$	2,197		$	5,843,932	$	75,578	$	(42,896	)	$	5,876,614
Trading:
USDA Securities	$	32,058	$	2,384		$	34,442	$	100	$	(772	)	$	33,770

	As of December 31, 2014
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,785,340	$	9,280		$	1,794,620	$	6,211	$	(255	)	$	1,800,576
Available-for-sale:
AgVantage	$	3,625,073	$	—		$	3,625,073	$	36,442	$	(29,853	)	$	3,631,662
Farmer Mac Guaranteed USDA Securities	27,831		(442		)	27,389		237		(7		)	27,619
Total Farmer Mac Guaranteed Securities	3,652,904		(442		)	3,652,462		36,679		(29,860		)	3,659,281
USDA Securities	1,717,813		3,162			1,720,975		11,850		(1,603		)	1,731,222
Total available-for-sale	$	5,370,717	$	2,720		$	5,373,437	$	48,529	$	(31,463	)	$	5,390,503
Trading:
USDA Securities	$	38,412	$	2,748		$	41,160	$	114	$	(964	)	$	40,310

18

As of June 30, 2015 and December 31, 2014, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 3.2

	As of June 30, 2015
	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)
Available-for-sale:
AgVantage	$	1,185,341	$	(33,229	)	$	859,874	$	(9,632	)
USDA Securities	—		—			97,848		(35		)
Total available-for-sale	$	1,185,341	$	(33,229	)	$	957,722	$	(9,667	)

	As of December 31, 2014
	Held-to-Maturity and 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)
Held-to-maturity:
AgVantage	$	547	$	(1	)	$	49,745	$	(254	)
Available-for-sale:
AgVantage	$	685,131	$	(13,115	)	$	1,460,089	$	(16,738	)
Farmer Mac Guaranteed USDA Securities	3,720		(7		)	—		—
USDA Securities	264,375		(1,549		)	97,817		(54		)
Total available-for-sale	$	953,226	$	(14,671	)	$	1,557,906	$	(16,792	)

The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to June 30, 2015 and December 31, 2014, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 16 available-for-sale securities as of June 30, 2015. There were no unrealized losses from held-to-maturity AgVantage securities as of June 30, 2015. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of As of December 31, 2014. As of June 30, 2015, 6 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $9.6 million. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. AgVantage^® is a registered trademark of Farmer Mac used to designate Farmer Mac Guaranteed Securities that are general obligations of lenders secured by pools of eligible loans. These Farmer Mac Guaranteed Securities are referred to as AgVantage securities. Each AgVantage security backed by agricultural mortgages requires some level of overcollateralization, or, in the case of rural utilities loans, 100 percent collateralization, and is secured by eligible loans of the issuing institution with a requirement that delinquent loans be removed

19

from the collateral pool and then replaced with current eligible loans. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of either June 30, 2015 or As of December 31, 2014.  Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

During the three and six months ended June 30, 2015 and 2014, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities.

The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2015 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 3.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	571,035	$	577,094	2.77	%
Due after one year through five years	1,233,236		1,248,863		1.35	%
Due after five years through ten years	1,479,773		1,492,590		1.78	%
Due after ten years	2,559,888		2,558,067		2.37	%
Total	$	5,843,932	$	5,876,614	2.04	%

	As of June 30, 2015
	Held-to-Maturity Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	679,891	$	680,697	2.66	%
Due after one year through five years	1,135,536		1,148,735		2.35	%
Due after five years through ten years	6,600		6,864		3.35	%
Total	$	1,822,027	$	1,836,296	2.46	%

As of June 30, 2015, Farmer Mac owned trading USDA Securities with an amortized cost of $34.4 million, a fair value of $33.8 million, and a weighted average yield of 5.50 percent. As of December 31, 2014, Farmer Mac owned trading USDA Securities with an amortized cost of $41.2 million, a fair value of $40.3 million, and a weighted average yield of 5.60 percent.  

4. 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, and not for trading or speculative purposes.  Certain financial derivatives are designated as fair

20

value hedges of fixed rate assets classified as available-for-sale to protect against fair value changes in the assets related to a benchmark interest rate (i.e., LIBOR). Other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt.

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2015 and December 31, 2014 and the effects of financial derivatives on the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014:

Table 4.1

	As of June 30, 2015
			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	$	1,026,075	$	963		$	(24,366	)	2.46%	0.28%		3.65
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	92,000		866			(335		)	2.16%	0.48%		6.93
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	519,408		1,425			(43,645		)	4.06%	0.28%		8.80
Receive fixed non-callable	4,062,734		4,093			(313		)	0.16%	0.35%		0.58
Receive fixed callable	487,565		54			(437		)	0.13%	0.82%		2.51
Basis swaps	1,295,000		74			(258		)	0.12%	0.29%		2.68
Agency forwards	45,608		—			(208		)			99.05
Treasury futures	13,700		—			(58		)			125.75
Credit valuation adjustment			(20		)	247
Total financial derivatives	$	7,542,090	$	7,455		$	(69,373	)
Collateral pledged			—			35,335
Net amount			$	7,455		$	(34,038	)

21

	As of December 31, 2014
			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	$	1,000,000	$	—		$	(31,718	)	2.47%	0.23%		3.98
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	15,000		—			(289		)	2.43%	0.51%		6.23
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	490,183		537			(51,224		)	4.23%	0.23%		7.05
Receive fixed non-callable	3,829,355		3,414			(461		)	0.14%	0.27%		0.55
Receive fixed callable	383,565		1			(877		)	0.12%	1.34%		3.47
Basis swaps	1,105,000		247			(406		)	0.11%	0.31%		2.42
Agency forwards	12,768		—			(53		)			101.00
Treasury futures	1,700		—			(3		)			126.60
Credit valuation adjustment			(22		)	187
Total financial derivatives	$	6,837,571	$	4,177		$	(84,844	)
Collateral pledged			—			46,627
Net amount			$	4,177		$	(38,217	)

Table 4.2

	Gains/(losses) on financial derivatives and hedging activities
	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands)
Fair value hedges:
Interest rate swaps(1)	$	14,075		$	(799	)	$	8,316		$	(599	)
Hedged items	(11,354		)	3,818			(2,478		)	6,568
Gains on hedging activities	2,721			3,019			5,838			5,969
No hedge designation:
Interest rate swaps	11,798			(8,126		)	5,841			(17,674		)
Agency forwards	(356		)	(235		)	(1,142		)	(1,087		)
Treasury futures	226			(356		)	(30		)	(484		)
Gains/(losses) on financial derivatives not designated in hedging relationships	11,668			(8,717		)	4,669			(19,245		)
Gains/(losses) on financial derivatives and hedging activities	$	14,389		$	(5,698	)	$	10,507		$	(13,276	)

(1) Included in the assessment of hedge effectiveness as of June 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $5.8 million for the three and six months ended June 30, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2015 were losses of $0.2 million and gains of $0.1 million. The comparable amounts as of June 30, 2014 were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the three and six months ended June 30, 2014, attributable to hedge ineffectiveness.

22

As of June 30, 2015 and December 31, 2014, Farmer Mac's credit exposure to interest rate swap counterparties, excluding netting arrangements and any adjustment for nonperformance risk, but including accrued interest, was $10.8 million and $6.1 million, respectively; however, including netting arrangements and accrued interest, Farmer Mac's credit exposure was $0.7 million as of June 30, 2015 and $0.4 million as of December 31, 2014. Farmer Mac held no cash as collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $0.7 million as of June 30, 2015 and $0.4 million as of December 31, 2014.

As of June 30, 2015 and December 31, 2014, the fair value of Farmer Mac's derivatives in a net liability position including accrued interest but excluding netting arrangements and any adjustment for nonperformance risk, was $83.2 million and $99.4 million, respectively. Including netting arrangements and accrued interest, the fair value of Farmer Mac's derivatives in a net liability position at the counterparty level, was $74.0 million and $93.4 million as of June 30, 2015 and December 31, 2014, respectively.  Farmer Mac posted cash of $35.3 million and no investment securities as of June 30, 2015 and posted cash of $46.6 million and no investment securities as of December 31, 2014.  Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. The investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets.  If Farmer Mac had breached certain provisions of the derivative contracts as of June 30, 2015 and December 31, 2014, it could have been required to settle its obligations under the agreements or post additional collateral of $38.7 millionand $46.8 million, respectively. As of June 30, 2015 and December 31, 2014, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $7.5 billion notional amount of interest rate swaps outstanding as of June 30, 2015, $4.4 billion were cleared through swap clearinghouses. Of Farmer Mac's $6.8 billion notional amount of interest rate swaps outstanding as of December 31, 2014, $4.0 billion were cleared through swap clearinghouses.

23

5. LOANS AND ALLOWANCE FOR LOSSES

Loans

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of June 30, 2015 and December 31, 2014, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2015 and December 31, 2014:

Table 5.1

	As of June 30, 2015									As of December 31, 2014
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,197,934		$	512,559		$	2,710,493		$	2,118,867		$	421,355		$	2,540,222
Rural Utilities	954,188			—			954,188			718,213			267,396			985,609
Total unpaid principal balance(1)	3,152,122			512,559			3,664,681			2,837,080			688,751			3,525,831
Unamortized premiums, discounts and other cost basis adjustments	890			—			890			(3,619		)	3,727			108
Total loans	3,153,012			512,559			3,665,571			2,833,461			692,478			3,525,939
Allowance for loan losses	(5,395		)	(544		)	(5,939		)	(5,324		)	(540		)	(5,864		)
Total loans, net of allowance	$	3,147,617		$	512,015		$	3,659,632		$	2,828,137		$	691,938		$	3,520,075

(1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Losses

Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities.  As of June 30, 2015 and December 31, 2014, Farmer Mac reported allowances for losses of $10.6 million and $10.1 million, respectively. See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs.  

24

The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014:

Table 5.2

	As of June 30, 2015								As of June 30, 2014
	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	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365
For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

During second quarter 2015, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and provisions to its reserve for losses of $1.1 million, primarily related to a specific allowance for an impaired loan to a canola facility underlying an LTSPC. The establishment of a specific allowance for this loan was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loan. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2015.

During second quarter 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.6 million and releases from its reserve for losses of $1.0 million. The releases recorded during second quarter 2014 primarily related to a significant decline in the balance of Farmer Mac's ethanol-related Agricultural Storage and Processing portfolio. Farmer Mac also recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2014.

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The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014 by commodity type:

Table 5.3

	June 30, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,640	$	2,284		$	1,343	$	459		$	2,698		$	7	$	9,431
Provision for/(release of) losses	13		(63		)	417		85			804			—		1,256
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576
For the Six Months Ended:
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7	$	10,127
Provision for/(release of) losses	134		62			337		77			(50		)	—		560
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

	June 30, 2014
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,278	$	2,131	$	1,387		$	464		$	7,715		$	4		$	13,979
Provision for/(release of) losses	112		86		(19		)	(20		)	(2,716		)	—			(2,557		)
Charge-offs	—		—		(57		)	—			—			—			(57		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365
For the Six Months Ended:
Beginning Balance	$	2,124	$	2,186	$	1,271		$	454		$	7,292		$	7		$	13,334
Provision for/(release of) losses	266		31		97			19			(2,293		)	(3		)	(1,883		)
Charge-offs	—		—		(57		)	(29		)	—			—			(86		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365

26

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of June 30, 2015 and December 31, 2014:

Table 5.4

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,748,310	$	377,534	$	417,004	$	67,853	$	25,071	$	80	$	2,635,852
Off-balance sheet	1,262,318		528,186		785,805		103,521		58,433		6,009		2,744,272
Total	$	3,010,628	$	905,720	$	1,202,809	$	171,374	$	83,504	$	6,089	$	5,380,124
Individually evaluated for impairment:
On-balance sheet	$	20,372	$	38,672	$	6,118	$	9,479	$	—	$	—	$	74,641
Off-balance sheet	5,565		3,736		7,302		702		13,500		—		30,805
Total	$	25,937	$	42,408	$	13,420	$	10,181	$	13,500	$	—	$	105,446
Total Farm & Ranch loans:
On-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-balance sheet	1,267,883		531,922		793,107		104,223		71,933		6,009		2,775,077
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,806	$	459	$	651	$	76	$	367	$	—	$	3,359
Off-balance sheet	311		139		310		59		881		7		1,707
Total	$	2,117	$	598	$	961	$	135	$	1,248	$	7	$	5,066
Individually evaluated for impairment:
On-balance sheet	$	391	$	1,469	$	446	$	274	$	—	$	—	$	2,580
Off-balance sheet	145		154		353		24		2,254		—		2,930
Total	$	536	$	1,623	$	799	$	298	$	2,254	$	—	$	5,510
Total Farm & Ranch loans:
On-balance sheet	$	2,197	$	1,928	$	1,097	$	350	$	367	$	—	$	5,939
Off-balance sheet	456		293		663		83		3,135		7		4,637
Total	$	2,653	$	2,221	$	1,760	$	433	$	3,502	$	7	$	10,576

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	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,621,360	$	359,517	$	406,049	$	57,851	$	29,003	$	—	$	2,473,780
Off-balance sheet	1,305,141		521,535		839,286		102,857		85,357		6,781		2,860,957
Total	$	2,926,501	$	881,052	$	1,245,335	$	160,708	$	114,360	$	6,781	$	5,334,737
Individually evaluated for impairment:
On-balance sheet	$	12,307	$	35,904	$	6,571	$	11,660	$	—	$	—	$	66,442
Off-balance sheet	2,458		3,239		8,712		1,586		—		—		15,995
Total	$	14,765	$	39,143	$	15,283	$	13,246	$	—	$	—	$	82,437
Total Farm & Ranch loans:
On-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-balance sheet	1,307,599		524,774		847,998		104,443		85,357		6,781		2,876,952
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,824	$	495	$	658	$	51	$	503	$	—	$	3,531
Off-balance sheet	298		149		404		52		3,049		7		3,959
Total	$	2,122	$	644	$	1,062	$	103	$	3,552	$	7	$	7,490
Individually evaluated for impairment:
On-balance sheet	$	283	$	1,410	$	328	$	312	$	—	$	—	$	2,333
Off-balance sheet	114		105		33		52		—		—		304
Total	$	397	$	1,515	$	361	$	364	$	—	$	—	$	2,637
Total Farm & Ranch loans:
On-balance sheet	$	2,107	$	1,905	$	986	$	363	$	503	$	—	$	5,864
Off-balance sheet	412		254		437		104		3,049		7		4,263
Total	$	2,519	$	2,159	$	1,423	$	467	$	3,552	$	7	$	10,127

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The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of June 30, 2015 and December 31, 2014:

Table 5.5

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,272	$	6,352	$	4,085	$	1,486	$	—	$	—	$	16,195
Unpaid principal balance	4,231		6,354		4,085		1,486		—		—		16,156
With a specific allowance:
Recorded investment(1)	21,706		36,342		9,341		8,699		13,500		—		89,588
Unpaid principal balance	21,706		36,054		9,335		8,695		13,500		—		89,290
Associated allowance	536		1,623		799		298		2,254		—		5,510
Total:
Recorded investment	25,978		42,694		13,426		10,185		13,500		—		105,783
Unpaid principal balance	25,937		42,408		13,420		10,181		13,500		—		105,446
Associated allowance	536		1,623		799		298		2,254		—		5,510
Recorded investment of loans on nonaccrual status(2)	$	3,608	$	24,835	$	4,230	$	5,944	$	—	$	—	$	38,617

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $77.7 million (73 percent) of impaired loans as of June 30, 2015, which resulted in a specific reserve of $3.8 million.

(2) Includes $12.5 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,877	$	5,837	$	9,576	$	2,001	$	—	$	—	$	22,291
Unpaid principal balance	4,723		5,750		9,386		1,981		—		—		21,840
With a specific allowance:
Recorded investment(1)	10,753		33,690		5,979		11,350		—		—		61,772
Unpaid principal balance	10,042		33,393		5,897		11,265		—		—		60,597
Associated allowance	397		1,515		361		364		—		—		2,637
Total:
Recorded investment	15,630		39,527		15,555		13,351		—		—		84,063
Unpaid principal balance	14,765		39,143		15,283		13,246		—		—		82,437
Associated allowance	397		1,515		361		364		—		—		2,637
Recorded investment of loans on nonaccrual status(2)	$	5,168	$	14,413	$	4,438	$	6,133	$	—	$	—	$	30,152

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million.

29

(2) Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014:

Table 5.6

	June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	24,392	$	42,347	$	14,247	$	10,924	$	6,750	$	—	$	98,660
Income recognized on impaired loans	58		142		49		92		—		—		341
For the Six Months Ended:
Average recorded investment in impaired loans	$	21,471	$	41,407	$	14,683	$	11,733	$	4,500	$	—	$	93,794
Income recognized on impaired loans	340		225		197		150		—		—		912

	June 30, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	22,969	$	43,329	$	12,798	$	12,116	$	—	$	—	$	91,212
Income recognized on impaired loans	105		76		59		79		—		—		319
For the Six Months Ended:
Average recorded investment in impaired loans	$	23,197	$	44,228	$	13,289	$	12,410	$	—	$	40	$	93,164
Income recognized on impaired loans	275		270		135		201		—		—		881

For the three and six months ended June 30, 2015, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $1.1 million both before and after restructuring. For the three and six months ended June 30, 2014, the recorded investment of loans determined to be TDRs was $0.3 million and $0.8 millionboth before and after restructuring. As of June 30, 2015, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the three and six months ended June 30, 2015 and 2014.

When particular criteria are met, such as the default of the borrower, Farmer Mac becomes entitled to purchase the defaulted loans underlying Farmer Mac Guaranteed Securities (commonly referred to as "removal-of-account" provisions).  Farmer Mac records all such defaulted loans at their unpaid principal balance during the period in which Farmer Mac becomes entitled to purchase the loans and therefore regains effective control over the transferred loans. In accordance with the terms of all LTSPCs, Farmer Mac acquires loans that are either 90 days or 120 days delinquent (depending on the provisions of the applicable agreement) upon the request of the counterparty. Subsequent to the purchase, these defaulted

30

loans are treated as nonaccrual loans and, therefore, interest is accounted for on the cash basis.  Any decreases in expected cash flows are recognized as impairment.

During the three months ended June 30, 2015, Farmer Mac purchased one defaulted loan having an unpaid principal balance of $1.3 million from a pool underlying a Farm & Ranch Guaranteed Security. During the six months ended June 30, 2015, Farmer Mac purchased two defaulted loans having an unpaid principal balance of $2.0 million from pools underlying Farm & Ranch Guaranteed Securities. During the three and six months ended June 30, 2014, Farmer Mac purchased no defaulted loans and one defaulted loan having an unpaid principal balance of $0.4 million, respectively, from a pool underlying an LTSPC.

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of June 30, 2015 and December 31, 2014:

Table 5.7

	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	—	$	440
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities	1,324		—		1,981		—
Total unpaid principal balance at acquisition date	1,324		—		1,981		440
Contractually required payments receivable	—		—		—		440
Impairment recognized subsequent to acquisition	57		17		109		69
Recovery/release of allowance for defaulted loans	—		5		121		7

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
Outstanding balance	$	25,484	$	24,921
Carrying amount	22,546		22,149

31

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below.  As of June 30, 2015, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans.

Table 5.8

	90-Day Delinquencies(1)				Net Credit Losses
	As of				For the Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		June 30, 2014
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	26,140	$	18,427	$	112	$	(21	)
Total on-balance sheet	$	26,140	$	18,427	$	112	$	(21	)
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	5,712	$	490	$	—	$	—
Total off-balance sheet	$	5,712	$	490	$	—	$	—
Total	$	31,852	$	18,917	$	112	$	(21	)

(1) Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $26.1 million and $18.4 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2015 and December 31, 2014, respectively, $1.8 million were loans subject to "removal-of-account" provisions.

32

Credit Quality Indicators

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2015 and December 31, 2014:  

Table 5.9

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,735,454	$	377,534	$	382,150	$	65,353	$	25,071	$	80	$	2,585,642
Special mention(2)	12,856		—		34,854		2,500		—		—		50,210
Substandard(3)	20,372		38,672		6,118		9,479		—		—		74,641
Total on-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-Balance Sheet:
Acceptable	$	1,221,082	$	514,384	$	757,470	$	97,822	$	52,299	$	5,365	$	2,648,422
Special mention(2)	35,174		10,185		18,364		1,143		—		8		64,874
Substandard(3)	11,627		7,353		17,273		5,258		19,634		636		61,781
Total off-balance sheet	$	1,267,883	$	531,922	$	793,107	$	104,223	$	71,933	$	6,009	$	2,775,077
Total Ending Balance:
Acceptable	$	2,956,536	$	891,918	$	1,139,620	$	163,175	$	77,370	$	5,445	$	5,234,064
Special mention(2)	48,030		10,185		53,218		3,643		—		8		115,084
Substandard(3)	31,999		46,025		23,391		14,737		19,634		636		136,422
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Commodity analysis of past due loans(1)
On-balance sheet	$	1,296	$	20,606	$	1,802	$	2,436	$	—	$	—	$	26,140
Off-balance sheet	2,889		608		2,114		101		—		—		5,712
90-days or more past due	$	4,185	$	21,214	$	3,916	$	2,537	$	—	$	—	$	31,852

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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.

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	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,604,546	$	353,487	$	375,010	$	57,239	$	29,003	$	—	$	2,419,285
Special mention(2)	16,814		6,030		31,039		612		—		—		54,495
Substandard(3)	12,307		35,904		6,571		11,660		—		—		66,442
Total on-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-Balance Sheet
Acceptable	$	1,282,773	$	503,414	$	799,047	$	97,692	$	64,363	$	6,117	$	2,753,406
Special mention(2)	13,603		12,150		30,281		1,351		—		8		57,393
Substandard(3)	11,223		9,210		18,670		5,400		20,994		656		66,153
Total off-balance sheet	$	1,307,599	$	524,774	$	847,998	$	104,443	$	85,357	$	6,781	$	2,876,952
Total Ending Balance:
Acceptable	$	2,887,319	$	856,901	$	1,174,057	$	154,931	$	93,366	$	6,117	$	5,172,691
Special mention(2)	30,417		18,180		61,320		1,963		—		8		111,888
Substandard(3)	23,530		45,114		25,241		17,060		20,994		656		132,595
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Commodity analysis of past due loans(1)
On-balance sheet	$	4,175	$	6,869	$	4,555	$	2,828	$	—	$	—	$	18,427
Off-balance sheet	—		—		490		—		—		—		490
90-days or more past due	$	4,175	$	6,869	$	5,045	$	2,828	$	—	$	—	$	18,917

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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.

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Concentrations of Credit Risk

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of June 30, 2015 and December 31, 2014:

Table 5.10

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
By commodity/collateral type:
Crops	$	3,036,565	$	2,941,266
Permanent plantings	948,128		920,195
Livestock	1,216,229		1,260,618
Part-time farm	181,555		173,954
Ag. Storage and Processing	97,004		114,360
Other	6,089		6,781
Total	$	5,485,570	$	5,417,174
By geographic region(1):
Northwest	$	591,539	$	573,135
Southwest	1,720,074		1,753,606
Mid-North	1,907,771		1,873,041
Mid-South	670,976		627,615
Northeast	209,909		214,402
Southeast	385,301		375,375
Total	$	5,485,570	$	5,417,174
By original loan-to-value ratio:
0.00% to 40.00%	$	1,520,752	$	1,503,076
40.01% to 50.00%	1,199,107		1,191,804
50.01% to 60.00%	1,522,736		1,491,502
60.01% to 70.00%	1,102,486		1,091,759
70.01% to 80.00%	119,173		115,645
80.01% to 90.00%	21,316		23,388
Total	$	5,485,570	$	5,417,174

(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).

The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment.  Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios.

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6. OFF-BALANCE SHEET GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS

Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities, which are available through each of the Farm & Ranch, USDA Guarantees, Rural Utilities, or Institutional Credit lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business.

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2015 and December 31, 2014, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 6.1

Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of June 30, 2015		As of December 31, 2014
	(in thousands)
Farm & Ranch:
Guaranteed Securities	$	575,811	$	636,086
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	10,888		13,978
Institutional Credit:
AgVantage Securities	986,529		986,528
Total off-balance sheet Farmer Mac Guaranteed Securities	$	1,573,228	$	1,636,592

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors.  The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Table 6.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Proceeds from new securitizations	$	99,477	$	126,857
Guarantee fees received	2,082		2,416
Purchases of assets from the trusts	1,981		—

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets.  This liability approximated $9.8 million as of June 30, 2015 and $11.1 million as of December 31, 2014. As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 11.6 years and 12.0 years, respectively.  As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 1.9 years and 2.4 years, respectively.

36

Long-Term Standby Purchase Commitments

An LTSPC is a commitment by Farmer Mac to purchase eligible loans from an identified pool of loans under specified circumstances set forth in the applicable agreement, either for cash or in exchange for Farmer Mac Guaranteed Securities, on one or more undetermined future dates.  As consideration for its assumption of the credit risk on loans underlying an LTSPC, Farmer Mac receives a commitment fee payable monthly in arrears in an amount approximating what would have been the guarantee fee if the transaction were structured as a swap for Farmer Mac Guaranteed Securities.

The maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, was $2.2 billion as of both June 30, 2015 and December 31, 2014.

As of both June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of all loans underlying LTSPCs was 14.3 years.  For those LTSPCs issued or modified on or after January 1, 2003, Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets.  This liability approximated $26.6 million as of June 30, 2015 and $26.8 million as of December 31, 2014.

7. EQUITY

Non-Controlling Interest in Farmer Mac II LLC

On January 25, 2010, Farmer Mac completed a private offering of $250.0 million of securities issued by a newly formed Delaware statutory trust.  The trust securities, called Farm Asset-Linked Capital Securities or "FALConS," represented undivided beneficial ownership interests in 250,000 shares of non-cumulative perpetual preferred stock (the "Farmer Mac II LLC Preferred Stock") of Farmer Mac's subsidiary, Farmer Mac II LLC, a Delaware limited liability company.  The Farmer Mac II LLC Preferred Stock had a liquidation preference of $1,000 per share. On May 14, 2014, Farmer Mac purchased $6.0 million of FALConS from certain holders. On March 30, 2015, Farmer Mac II LLC redeemed all of the outstanding shares of Farmer Mac II LLC Preferred Stock which, in turn, triggered the redemption of all of the outstanding FALConS on that same day. Farmer Mac recognized an expense of $8.1 million in deferred issuance costs upon the retirement of the Farmer Mac II LLC Preferred Stock.

Capital Requirements

Farmer Mac is subject to the following capital requirements:

• Statutory minimum capital requirement – Farmer Mac's statutory minimum capital level is an amount of core capital (stockholders' equity less accumulated other comprehensive income ) 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

37

◦ 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 FCA to establish a risk-based capital stress test for Farmer Mac, using specified stress-test parameters.

Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of June 30, 2015 and December 31, 2014, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends on its preferred stock could be restricted if it fails to comply with applicable capital requirements.

As of June 30, 2015, Farmer Mac's minimum capital requirement was $443.8 million and its actual core capital level was $553.4 million, which was $109.6 million above the minimum capital requirement as of that date.  As of December 31, 2014, Farmer Mac's minimum capital requirement was $421.3 million and its actual core capital level was $766.3 million, which was $345.0 million above the minimum capital requirement as of that date.

In accordance with FCA's rule on Farmer Mac's capital planning, and as part of Farmer Mac's capital plan, Farmer Mac has adopted a policy for maintaining a sufficient level of Tier 1 capital (consisting of retained earnings, paid-in-capital, common stock, qualifying preferred stock, and accumulated other comprehensive income allocable to investments not included in one of the four operating lines of business) and imposing restrictions on common stock dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds.

8. FAIR VALUE DISCLOSURES

As of June 30, 2015, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $6.0 billion whose fair values were estimated by management in the absence of readily determinable fair values (i.e., level 3).  These financial instruments measured as level 3 represented 39 percent of total assets and 76 percent of financial instruments measured at fair value as of June 30, 2015. As of December 31, 2014, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $5.5 billion whose fair values were estimated by management in the absence of readily determinable fair values.  These financial instruments measured as level 3 represented 38 percent of total assets and 73 percent of financial instruments measured at fair value as of December 31, 2014.

Net transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period.  There were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives during the first six months of 2015 and 2014. See Note 1(a) for information about the transfer of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity as of January 1, 2014.

38

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of June 30, 2015 and December 31, 2014, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 8.1

Assets and Liabilities Measured at Fair Value as of June 30, 2015
	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	$	—	$	—	$	40,182	$	40,182
Floating rate asset-backed securities	—		91,178		—		91,178
Floating rate corporate debt securities	—		10,060		—		10,060
Fixed rate corporate debt securities	—		14,985		—		14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	—		711,060		—		711,060
Fixed rate GSE guaranteed mortgage-backed securities	—		8,047		—		8,047
Floating rate GSE subordinated debt	—		65,972		—		65,972
Fixed rate senior agency debt	—		297,845		—		297,845
Fixed rate U.S. Treasuries	612,570		—		—		612,570
Total available-for-sale	612,570		1,199,147		40,182		1,851,899
Trading:
Floating rate asset-backed securities	—		—		606		606
Total trading	—		—		606		606
Total Investment Securities	612,570		1,199,147		40,788		1,852,505
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		4,016,200		4,016,200
Farmer Mac Guaranteed USDA Securities	—		—		35,008		35,008
Total Farmer Mac Guaranteed Securities	—		—		4,051,208		4,051,208
USDA Securities:
Available-for-sale	—		—		1,825,406		1,825,406
Trading	—		—		33,770		33,770
Total USDA Securities	—		—		1,859,176		1,859,176
Financial derivatives	—		7,455		—		7,455
Total Assets at fair value	$	612,570	$	1,206,602	$	5,951,172	$	7,770,344
Liabilities:
Financial derivatives	$	58	$	69,315	$	—	$	69,373
Total Liabilities at fair value	$	58	$	69,315	$	—	$	69,373
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	10,125	$	10,125
Total Nonrecurring Assets at fair value	$	—	$	—	$	10,125	$	10,125

39

Assets and Liabilities Measured at Fair Value as of December 31, 2014
	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	$	—	$	—	$	40,576	$	40,576
Floating rate asset-backed securities	—		100,902		—		100,902
Floating rate corporate debt securities	—		10,091		—		10,091
Fixed rate corporate debt	—		30,025		—		30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	—		612,753		—		612,753
Fixed rate GSE guaranteed mortgage-backed securities	—		8,202		—		8,202
Floating rate GSE subordinated debt	—		66,320		—		66,320
Fixed rate senior agency debt	—		18,939		—		18,939
Floating rate U.S. Treasuries	74,979		—		—		74,979
Fixed rate U.S. Treasuries	975,712		—		—		975,712
Total available-for-sale	1,050,691		847,232		40,576		1,938,499
Trading:
Floating rate asset-backed securities	—		—		689		689
Total trading	—		—		689		689
Total Investment Securities	1,050,691		847,232		41,265		1,939,188
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		3,631,662		3,631,662
Farmer Mac Guaranteed USDA Securities	—		—		27,619		27,619
Total Farmer Mac Guaranteed Securities	—		—		3,659,281		3,659,281
USDA Guaranteed Securities:
Available-for-sale	—		—		1,731,222		1,731,222
Trading	—		—		40,310		40,310
Total USDA Guaranteed Securities	—		—		1,771,532		1,771,532
Financial derivatives	—		4,177		—		4,177
Total Assets at fair value	$	1,050,691	$	851,409	$	5,472,078	$	7,374,178
Liabilities:
Financial derivatives	$	3	$	84,841	$	—	$	84,844
Total Liabilities at fair value	$	3	$	84,841	$	—	$	84,844
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	5,973	$	5,973
Total Nonrecurring Assets at fair value	$	—	$	—	$	5,973	$	5,973

40

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three months ended June 30, 2015.

Table 8.2

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2015
	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	$	40,379	$	—	$	—	$	—		$	—		$	(197	)	$	40,182
Total available-for-sale	40,379		—		—		—			—			(197		)	40,182
Trading:
Floating rate asset-backed securities (1)	638		—		—		(190		)	158			—			606
Total trading	638		—		—		(190		)	158			—			606
Total Investment Securities	41,017		—		—		(190		)	158			(197		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,818,704		249,260		—		(9,245		)	(11,354		)	(31,165		)	4,016,200
Farmer Mac Guaranteed USDA Securities	23,505		12,512		—		(1,766		)	—			757			35,008
Total Farmer Mac Guaranteed Securities	3,842,209		261,772		—		(11,011		)	(11,354		)	(30,408		)	4,051,208
USDA Securities:
Available-for-sale	1,794,844		111,421		—		(69,192		)	—			(11,667		)	1,825,406
Trading (2)	37,593		—		—		(3,834		)	11			—			33,770
Total USDA Securities	1,832,437		111,421		—		(73,026		)	11			(11,667		)	1,859,176
Total Assets at fair value	$	5,715,663	$	373,193	$	—	$	(84,227	)	$	(11,185	)	$	(42,272	)	$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

41

Level 3 Assets and Liabilities Measured at Fair Value for the the Three Months Ended June 30, 2014
	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	$	64,963		$	—	$	(12,125	)	$	—		$	(375	)	$	2,513		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	203			—		—			(7		)	—			(1		)	195
Total available-for-sale	65,166			—		(12,125		)	(7		)	(375		)	2,512			55,171
Trading:
Floating rate asset-backed securities(1)	923			—		—			(131		)	88			—			880
Total trading	923			—		—			(131		)	88			—			880
Total Investment Securities	66,089			—		(12,125		)	(138		)	(287		)	2,512			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,467,655			295,775		—			(356,319		)	3,818			5,583			3,416,512
Farmer Mac Guaranteed USDA Securities	21,608			—		—			(191		)	—			(373		)	21,044
Total Farmer Mac Guaranteed Securities	3,489,263			295,775		—			(356,510		)	3,818			5,210			3,437,556
USDA Securities:
Available-for-sale	1,600,659			90,785		—			(59,640		)	—			5,126			1,636,930
Trading(2)	51,102			—		—			(4,843		)	(160		)	—			46,099
Total USDA Securities	1,651,761			90,785		—			(64,483		)	(160		)	5,126			1,683,029
Total Assets at fair value	$	5,207,113		$	386,560	$	(12,125	)	$	(421,131	)	$	3,371		$	12,848		$	5,176,636
Liabilities:
Financial derivatives	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—
Total Liabilities at fair value	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes immaterial unrealized losses attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

42

Level 3 Assets and Liabilities Measured at Fair Value for the the Six Months Ended June 30, 2015
	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	$	40,576	$	—	$	—	$	—		$	—		$	(394	)	$	40,182
Total available-for-sale	40,576		—		—		—			—			(394		)	40,182
Trading:
Floating rate asset-backed securities(1)	689		—		—		(437		)	354			—			606
Total trading	689		—		—		(437		)	354			—			606
Total Investment Securities	41,265		—		—		(437		)	354			(394		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,631,662		464,175		—		(66,997		)	(2,478		)	(10,162		)	4,016,200
Farmer Mac Guaranteed USDA Securities	27,619		12,512		—		(6,418		)	—			1,295			35,008
Total Farmer Mac Guaranteed Securities	3,659,281		476,687		—		(73,415		)	(2,478		)	(8,867		)	4,051,208
USDA Securities:
Available-for-sale	1,731,222		200,607		—		(133,383		)	—			26,960			1,825,406
Trading(2)	40,310		—		—		(6,717		)	177			—			33,770
Total USDA Securities	1,771,532		200,607		—		(140,100		)	177			26,960			1,859,176
Total Assets at fair value	$	5,472,078	$	677,294	$	—	$	(213,952	)	$	(1,947	)	$	17,699		$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.2 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

43

Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2014
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/(Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehen-sive Income		Transfers Out			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	65,285		$	—	$	(12,125	)	$	—		$	(375	)	$	2,191	$	—		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	205			—		—			(11		)	—			1		—			195
Total available-for-sale	65,490			—		(12,125		)	(11		)	(375		)	2,192		—			55,171
Trading:
Floating rate asset-backed securities(1)	928			—		—			(414		)	366			—		—			880
Total trading	928			—		—			(414		)	366			—		—			880
Total Investment Securities	66,418			—		(12,125		)	(425		)	(9		)	2,192		—			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	5,070,366			465,775		—			(532,588		)	6,568			18,477		(1,612,086		)	3,416,512
Farmer Mac Guaranteed USDA Securities	21,234			—		—			(362		)	—			172		—			21,044
Total Farmer Mac Guaranteed Securities	5,091,600			465,775		—			(532,950		)	6,568			18,649		(1,612,086		)	3,437,556
USDA Securities:
Available-for-sale	1,553,669			158,769		—			(120,095		)	—			44,587		—			1,636,930
Trading(2)	58,344			—		—			(12,462		)	217			—		—			46,099
Total USDA Securities	1,612,013			158,769		—			(132,557		)	217			44,587		—			1,683,029
Total Assets at fair value	$	6,770,031		$	624,544	$	(12,125	)	$	(665,932	)	$	6,776		$	65,428	$	(1,612,086	)	$	5,176,636
Liabilities:
Financial derivatives	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—
Total Liabilities at fair value	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes unrealized gains of $0.7 million attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

44

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of June 30, 2015 and December 31, 2014.

Table 8.3

	As of June 30, 2015
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	$	40,182	Indicative bids	Range of broker quotes	82.0% - 94.0% (86.2%)
Floating rate asset-backed securities	$	606	Discounted cash flow	Discount rate	15.5% - 21.7% (18.9%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	4,016,200	Discounted cash flow	Discount rate	0.8% - 3.3% (1.5%)
Farmer Mac Guaranteed USDA Securities	$	35,008	Discounted cash flow	Discount rate	1.0% - 3.9% (1.9%)
				CPR	8% - 20% (11%)
USDA Securities	$	1,859,176	Discounted cash flow	Discount rate	1.1% - 5.3% (3.1%)
				CPR	0% - 18% (7%)

	As of December 31, 2014
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	$	40,576	Indicative bids	Range of broker quotes	82.0% - 94.0% (87.1%)
Floating rate asset-backed securities	$	689	Discounted cash flow	Discount rate	14.3% - 23.9% (19.1%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	3,631,662	Discounted cash flow	Discount rate	0.7% - 2.7% (1.3%)
Farmer Mac Guaranteed USDA Securities	$	27,619	Discounted cash flow	Discount rate	0.8% - 3.6% (1.9%)
				CPR	0% - 21% (9%)
USDA Securities	$	1,771,532	Discounted cash flow	Discount rate	1.1% - 5.3% (3.2%)
				CPR	0% - 20% (8%)

The significant unobservable inputs used in the fair value measurements of Farmer Mac Guaranteed Securities and USDA Securities are prepayment rates and discount rates commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Prepayment rates are not presented in the table above for AgVantage securities because they generally do not pay down principal based on amortization schedules but instead typically have fixed maturity dates when the secured general obligations are due.

45

Disclosures on Fair Value of Financial Instruments

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2015 and December 31, 2014:

Table 8.4

	As of June 30, 2015				As of December 31, 2014
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
	(in thousands)
Financial assets:
Cash and cash equivalents	$	1,683,156	$	1,683,156	$	1,363,387	$	1,363,387
Investment securities	1,852,505		1,852,505		1,939,188		1,939,188
Farmer Mac Guaranteed Securities	5,887,504		5,873,235		5,459,857		5,453,901
USDA Securities	1,859,176		1,859,176		1,771,532		1,771,532
Loans	3,735,725		3,659,632		3,547,424		3,520,075
Financial derivatives	7,455		7,455		4,177		4,177
Guarantee and commitment fees receivable:
LTSPCs	29,713		27,539		29,095		27,807
Farmer Mac Guaranteed Securities	10,389		10,308		11,876		11,655
Financial liabilities:
Notes payable:
Due within one year	7,634,681		7,632,668		7,357,770		7,353,953
Due after one year	6,079,672		6,013,237		5,556,570		5,471,186
Debt securities of consolidated trusts held by third parties	520,755		516,004		423,085		424,214
Financial derivatives	69,373		69,373		84,844		84,844
Guarantee and commitment obligations:
LTSPCs	28,807		26,633		28,130		26,843
Farmer Mac Guaranteed Securities	9,865		9,784		11,303		11,082

The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for sale, loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are

46

also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

9. BUSINESS SEGMENT REPORTING

Farmer Mac's operations consist of four reportable operating segments – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Institutional Credit segment comprises Farmer Mac's guarantees of AgVantage securities related to general obligations of lenders that are secured by pools of eligible loans.

Farmer Mac uses these four segments to manage business risk, and each segment is based on distinct products and distinct business activities.  In addition to these four operating segments, a corporate segment is presented.  That segment represents activity in Farmer Mac's investment portfolio and other corporate activities.  The segment financial results include directly attributable revenues and expenses.  Corporate charges for administrative expenses that are not directly attributable to an operating segment are allocated based on headcount.

Farmer Mac uses core earnings to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends.  Core earnings principally differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with generally accepted accounting principles ("GAAP") if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This non-GAAP financial measure may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis.  Accordingly, the core earnings for Farmer Mac's reportable operating segments will differ from the stand-alone financial statements of Farmer Mac's subsidiaries.  These differences will be due to various factors, including the reversal of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as dividends and interest expense related to the issuance of capital and the incurrence of indebtedness managed at the corporate level.  The allocation of general and administrative expenses that are not directly attributable to an operating segment may also result in differences.  The assets of Farmer Mac's subsidiary Farmer Mac II LLC will only be available to creditors of Farmer Mac after all obligations owed to creditors of and equity holders in Farmer Mac II LLC have been satisfied.  As of June 30, 2015, Farmer Mac II LLC held assets with a fair value of $1.9 billion, had debt outstanding of $777.0 million, and had $1.0 billion of common stock outstanding held by Farmer Mac.

47

The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2015 and 2014:

Table 9.1

Core Earnings by Business Segment
For the Three Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	22,159		$	14,779		$	6,521		$	20,036		$	3,094		$	(197	)		$	66,392
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(697		)	—			—			—			—			697				—
Interest expense(2)	(11,781		)	(10,313		)	(3,683		)	(9,176		)	(1,152		)	1,577				(34,528		)
Net effective spread	9,681			4,466			2,838			10,860			1,942			2,077				31,864
Guarantee and commitment fees	3,693			8			—			384			—			(697		)		3,388
Other income/(expense)(3)	160			28			—			—			(212		)	14,843				14,819
Non-interest income/(loss)	3,853			36			—			384			(212		)	14,146				18,207
Provision for loan losses	(110		)	—			—			—			—			—				(110		)
Provision for losses	(1,146		)	—			—			—			—			—				(1,146		)
Other non-interest expense	(4,304		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(9,707		)
Non-interest expense(4)	(5,450		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(10,853		)
Core earnings before income taxes	7,974			3,477			1,978			10,712			(1,256		)	16,223			(5)	39,108
Income tax (expense)/benefit	(2,791		)	(1,216		)	(691		)	(3,749		)	356			(5,678		)		(13,769		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	5,183			2,261			1,287			6,963			(900		)	10,545			(5)	25,339
Preferred stock dividends	—			—			—			—			(3,296		)	—				(3,296		)
Non-controlling interest	—			—			—			—			119			—				119
Segment core earnings/(losses)	$	5,183		$	2,261		$	1,287		$	6,963		$	(4,077	)	$	10,545		(5)	$	22,162
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

48

Core Earnings by Business Segment
For the Three Months Ended June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	19,598		$	13,307		$	6,782		$	20,073		$	5,185		$	(470	)		$	64,475
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(513		)	—			—			—			—			513				—
Interest expense(2)	(11,265		)	(9,148		)	(3,829		)	(10,116		)	(1,025		)	(7,119		)		(42,502		)
Net effective spread	7,820			4,159			2,953			9,957			4,160			(7,076		)		21,973
Guarantee and commitment fees	3,807			23			—			386			—			(513		)		3,703
Other income/(expense)(3)	242			9			—			—			(603		)	2,913				2,561
Non-interest income/(loss)	4,049			32			—			386			(603		)	2,400				6,264
Release of allowance for loan losses	1,583			—			—			—			—			—				1,583
Release of reserve for losses	974			—			—			—			—			—				974
Other non-interest expense	(3,914		)	(764		)	(830		)	(492		)	(2,830		)	—				(8,830		)
Non-interest expense(4)	(2,940		)	(764		)	(830		)	(492		)	(2,830		)	—				(7,856		)
Core earnings before income taxes	10,512			3,427			2,123			9,851			727			(4,676		)	(5)	21,964
Income tax (expense)/benefit	(3,679		)	(1,200		)	(743		)	(3,447		)	13,803			1,634				6,368
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	6,833			2,227			1,380			6,404			14,530			(3,042		)	(5)	28,332
Preferred stock dividends	—			—			—			—			(2,308		)	—				(2,308		)
Non-controlling interest	—			—			—			—			(5,819		)	—				(5,819		)
Segment core earnings/(losses)	$	6,833		$	2,227		$	1,380		$	6,404		$	6,403		$	(3,042	)	(5)	$	20,205
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

49

Core Earnings by Business Segment
For the Six Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	44,127		$	29,127		$	13,106		$	39,335		$	5,959		$	(1,311	)		$	130,343
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,332		)	—			—			—			—			1,332				—
Interest expense(2)	(23,000		)	(20,436		)	(7,464		)	(18,050		)	(2,328		)	3,588				(67,690		)
Net effective spread	19,795			8,691			5,642			21,285			3,631			3,609				62,653
Guarantee and commitment fees	7,326			2			—			769			—			(1,332		)		6,765
Other income/(expense)(3)	247			87			—			—			(764		)	12,347				11,917
Non-interest income/(loss)	7,573			89			—			769			(764		)	11,015				18,682
Provision for loan losses	(186		)	—			—			—			—			—				(186		)
Provision for losses	(374		)	—			—			—			—			—				(374		)
Other non-interest expense	(8,630		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(18,822		)
Non-interest expense(4)	(9,004		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(19,196		)
Core earnings before income taxes	18,178			7,370			3,916			20,987			(3,122		)	14,624			(5)	61,953
Income tax (expense)/benefit	(6,362		)	(2,579		)	(1,369		)	(7,345		)	2,872			(3,217		)		(18,000		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,816			4,791			2,547			13,642			(250		)	11,407			(5)	43,953
Preferred stock dividends	—			—			—			—			(6,591		)	—				(6,591		)
Non-controlling interest	—			—			—			—			(5,235		)	—				(5,235		)
Loss on retirement of preferred stock	—			—			—			—			—			(8,147		)		(8,147		)
Segment core earnings/(losses)	$	11,816		$	4,791		$	2,547		$	13,642		$	(12,076	)	$	3,260		(5)	$	23,980
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

50

Core Earnings by Business Segment
For the Six Months Ended June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	37,936		$	26,266		$	14,525		$	40,455		$	10,420		$	(12,675	)		$	116,927
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,044		)	—			—			—			—			1,044				—
Interest expense(2)	(21,958		)	(18,323		)	(9,582		)	(21,092		)	(2,118		)	(4,155		)		(77,228		)
Net effective spread	14,934			7,943			4,943			19,363			8,302			(15,786		)		39,699
Guarantee and commitment fees	7,716			49			—			766			—			(1,044		)		7,487
Other income/(expense)(3)	373			36			—			—			(1,174		)	(3,493		)		(4,258		)
Non-interest income/(loss)	8,089			85			—			766			(1,174		)	(4,537		)		3,229
Release of allowance for loan losses	1,010			—			—			—			—			—				1,010
Release of reserve for losses	873			—			—			—			—			—				873
Other non-interest expense	(7,466		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(16,676		)
Non-interest expense(4)	(6,593		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(15,803		)
Core earnings before income taxes	17,440			6,533			3,336			19,192			1,957			(20,323		)	(5)	28,135
Income tax (expense)/benefit	(6,103		)	(2,288		)	(1,168		)	(6,717		)	16,676			7,109				7,509
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,337			4,245			2,168			12,475			18,633			(13,214		)	(5)	35,644
Preferred stock dividends	—			—			—			—			(3,260		)	—				(3,260		)
Non-controlling interest	—			—			—			—			(11,366		)	—				(11,366		)
Segment core earnings/(losses)	$	11,337		$	4,245		$	2,168		$	12,475		$	4,007		$	(13,214	)	(5)	$	21,018
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Financial information included in this report is consolidated to include the accounts of Farmer Mac and its three subsidiaries – Farmer Mac Mortgage Securities Corporation, Farmer Mac II LLC, and Contour Valuation Services, LLC. This discussion and analysis of financial condition and results of operations should be read together with (1) the interim unaudited consolidated financial statements and the related notes that appear elsewhere in this report and (2) Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission ("SEC") on March 16, 2015.

FORWARD-LOOKING STATEMENTS

Some statements made in this report, and in particular in the "Management's Discussion & Analysis of Financial Condition and Results of Operations" section, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 pertaining to management's current expectations as to Farmer Mac's future financial results, business prospects, and business developments.  Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. These statements typically are accompanied by, and identified with, terms such as "anticipates," "believes," "expects," "intends," "plans," "potential," "may," "should," and similar phrases.  This report includes forward-looking statements addressing Farmer Mac's:

• 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.

Management's expectations for Farmer Mac's future necessarily involve a number of assumptions and estimates and the evaluation of risks and uncertainties.  Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements, including the factors discussed under "Risk Factors" in Part I, Item 1A of Farmer Mac's Annual Report on Form 10-K for the fiscal period ended December 31, 2014 filed with the SEC on March 16, 2015, and uncertainties regarding:

• the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

• legislative or regulatory developments that could affect Farmer Mac or its sources of business;

• fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;

• 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 secondary market provided by Farmer Mac;

• the general rate of growth in agricultural mortgage and rural utilities indebtedness;

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• 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 government-sponsored enterprises, 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 relative to costs of production and/or export demand for U.S. agricultural products.

In light of these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this report.  Furthermore, Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements that may be made to reflect new information or any future events or circumstances, except as otherwise mandated by the SEC. The information contained in this report is not necessarily indicative of future results.

Overview

Farmer Mac increased its outstanding business volume to $15.1 billion and continued to maintain its high asset quality during second quarter 2015. The effects of Farmer Mac's cash management and liquidity initiative and capital restructuring initiative are explained in the comparisons of financial results between second quarter 2015 and second quarter 2014 and first quarter 2015. These two initiatives were completed in first quarter 2015 and are described in more detail in Farmer Mac's Annual Report on Form 10-K filed with the SEC on March 16, 2015.

Net Income and Core Earnings

Farmer Mac's net income attributable to common stockholders for second quarter 2015 was $22.2 million, compared to $20.2 million for second quarter 2014. The increase was primarily attributable to the effects of unrealized fair value changes on financial derivatives and hedged assets, which was a $10.4 million after-tax gain in second quarter 2015, compared to a $3.1 million after-tax loss in second quarter 2014. In addition, preferred stock dividend expense decreased by $2.8 million after-tax in second quarter 2015 compared to second quarter 2014, primarily due to the redemption of all outstanding shares of Farmer Mac II LLC Preferred Stock on March 30, 2015. Second quarter 2014 included an $11.6 million tax benefit related to the cash management and liquidity initiative with no similar effect in second quarter 2015. The year-over-year increase in net income attributable to common stockholders was also offset by Farmer Mac's provision for losses in second quarter 2015 of $0.8 million after-tax, compared to a release from the allowance for losses of $1.7 million after-tax in second quarter 2014. For more information about quarter-to-quarter changes in net income attributable to common stockholders, see "—Results of Operations."

Farmer Mac's non-GAAP core earnings for second quarter 2015 were $11.6 million, compared to $23.2 million in second quarter 2014 and $9.1 million in first quarter 2015. The year-over-year decrease was primarily due to the absence in second quarter 2015 of the $11.6 million tax benefit realized in second quarter 2014 related to the cash management and liquidity initiative. Other significant contributors to the year-over-year decrease in core earnings were the increase in credit expenses of $2.5 million after-tax and the loss of $1.9 million after-tax in preferred dividend income resulting from the October 1, 2014 redemption of $78.5 million of high-yielding preferred stock previously held in Farmer Mac's investment

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portfolio. Operating expenses also increased by $0.6 million after-tax primarily due to higher compensation costs. The year-over-year decrease in core earnings was offset in part by: (1) a $2.8 million after-tax decrease in preferred dividend expense resulting from the redemption of all outstanding shares of Farmer Mac II LLC Preferred Stock, netted against the incremental preferred dividend costs incurred as part of the capital restructuring initiative and (2) a $1.9 million after-tax increase in net effective spread, excluding the effect of Farmer Mac's investment in the $78.5 million of redeemed preferred stock, resulting from net growth in outstanding business volume. The increase in core earnings in second quarter 2015 compared to first quarter 2015 was primarily due to the elimination of $3.5 million after-tax in dividend payments as a result of the completion of the capital restructuring initiative and an increase in after-tax net effective spread of $0.3 million. This increase was offset in part by a $1.3 million after-tax increase in credit expenses and a $0.4 million after-tax increase in operating expenses primarily attributable to legal fees incurred for the preparation of comment letters in response to the FCA's proposed rule on Farmer Mac's board governance and standards of conduct. Those comment letters were finalized and submitted in June 2015. The fair value changes on derivatives do not affect core earnings. For more information about the composition of core earnings, see "—Results of Operations."

Farmer Mac's net effective spread was $29.8 million (88 basis points) in second quarter 2015, compared to $29.0 million (92 basis points) in second quarter 2014 and $29.3 million (86 basis points) in first quarter 2015. The year-over-year decrease in basis points was primarily attributable to the loss of $2.1 million in preferred dividend income (7 basis points) from the October 2014 redemption of preferred stock held in Farmer Mac's investment portfolio and was partially offset by lower funding costs in second quarter 2015 compared to second quarter 2014. The decrease in funding costs was due to the maturity of older, higher cost debt and the issuance of new debt at lower market rates during the second half of 2014 and first half of 2015. The year-over-year increase in dollars was primarily attributable to growth in outstanding business volume. The increase in net effective spread compared to first quarter 2015 was primarily due to growth in outstanding business volume.

Business Volume

Farmer Mac added $731.1 million of new business volume during second quarter 2015. The new business volume included purchases of AgVantage securities of $307.3 million, Farm & Ranch loan purchases of $196.9 million, Farm & Ranch loans added under LTSPCs of $102.9 million, and USDA Securities purchases of $123.9 million. Taking into account maturities and paydowns on existing assets, Farmer Mac's outstanding business volume was $15.1 billion as of June 30, 2015, an increase of $469.9 million from March 31, 2015,$532.4 million from December 31, 2014, and $1.1 billion from June 30, 2014.

Capital

As of June 30, 2015, Farmer Mac's core capital level was $553.4 million, $109.6 million above the minimum capital level required by Farmer Mac's statutory charter.  As of December 31, 2014, Farmer Mac's core capital level was $766.3 million, which was $345.0 million above the minimum capital requirement. The decrease in capital in excess of the minimum capital level was due to the redemption of the Farmer Mac II LLC Preferred Stock.

Credit Quality

Farmer Mac continues to maintain very favorable credit metrics, as substandard assets and the total allowances and reserves for losses as a percentage of the Farm & Ranch portfolio remain at similar levels

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compared to first quarter 2015. During second quarter 2015, Farmer Mac increased its allowance for losses by $1.3 million, primarily as a result of an inherent loss on one canola facility loan with an unpaid principal balance of $13.5 million. As of June 30, 2015, Farmer Mac's 90-day delinquencies were $31.9 million (0.58 percent of the Farm & Ranch portfolio), up from $18.9 million (0.35 percent of the Farm & Ranch portfolio) as of December 31, 2014, and from $25.9 million (0.49 percent of the Farm & Ranch portfolio) as of June 30, 2014. The primary cause of the increase in 90-day delinquencies during 2015 was the delinquency in first quarter 2015 of one borrower in the Northwest geographic region. Farmer Mac's exposure to this borrower was $9.4 million as of June 30, 2015. In July 2015, Farmer Mac received full repayment on loans to this borrower. For more information about Farmer Mac's credit metrics, including 90-day delinquencies, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Credit Risk – Loans and Guarantees."

Results of Operations

Farmer Mac's net income attributable to common stockholders for the three months ended June 30, 2015 was $22.2 million, or $1.94 per diluted common share, compared to $20.2 million, or $1.78 per diluted common share, for the same period in 2014. For the six months ended June 30, 2015, Farmer Mac's net income attributable to common stockholders was $24.0 million, or $2.11 per diluted common share, compared to $21.0 million, or $1.85 per diluted common share, for the six months ended June 30, 2014. Farmer Mac's non-GAAP core earnings were $11.6 million, or $1.02 per diluted common share for the three months ended June 30, 2015, compared to $23.2 million, or $2.05 per diluted common share for the same period in 2014. Farmer Mac's non-GAAP core earnings were $20.7 million, or $1.82 per diluted common share, for the six months ended June 30, 2015, compared to $34.2 million, or $3.02 per diluted common share, for the same period in 2014.

Farmer Mac uses core earnings to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. Core earnings principally differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Accordingly, the loss from retirement of the Farmer Mac II LLC Preferred Stock in first quarter 2015 has been excluded from core earnings because it is not a frequently occurring transaction and not indicative of future operating results. This is also consistent with Farmer Mac's previous treatment of these types of origination costs associated with securities underwriting that are capitalized and deferred during the life of the security. The non-GAAP financial measure of core earnings used by Farmer Mac may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature, and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

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A reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings is presented in the following table along with a breakdown of the composition of core earnings:

Table 1

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	June 30, 2015			June 30, 2014
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	22,162		$	20,205
Less the after-tax effects of:
Unrealized gains/(losses) on financial derivatives and hedging activities	10,388			(3,053		)
Unrealized gains on trading assets (1)	110			(46		)
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value	(81		)	(179		)
Net effects of settlements on agency forward contracts	128			236
Sub-total	10,545			(3,042		)
Core earnings	$	11,617		$	23,247
Composition of Core Earnings:
Revenues:
Net effective spread	$	29,787		$	29,049
Guarantee and commitment fees	4,085			4,216
Other(2)	(24		)	(520		)
Total revenues	33,848			32,745
Credit related expense/(income):
Provision for/(release of) losses	1,256			(2,557		)
REO operating expenses	—			59
Gains on sale of REO	—			(168		)
Total credit related expense/(income)	1,256			(2,666		)
Operating expenses:
Compensation and employee benefits	5,733			4,889
General and administrative	3,374			3,288
Regulatory fees	600			594
Total operating expenses	9,707			8,771
Net earnings	22,885			26,640
Income tax expense/(benefit)(3)	8,091			(4,734		)
Net (loss)/income attributable to non-controlling interest	(119		)	5,819
Preferred stock dividends	3,296			2,308
Core earnings	$	11,617		$	23,247
Core earnings per share:
Basic	$	1.06		$	2.13
Diluted	1.02			2.05
Weighted-average shares:
Basic	11,010			10,924
Diluted	11,438			11,361

(1) Excludes unrealized gains related to securities sold, not yet purchased of $7.8 million during the three months ended June 30, 2014.

(2) Includes $7.8 million of interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased and $7.8 million of unrealized gains on securities sold, not yet purchased during the three months ended June 30, 2014.

(3) Includes the reduction of $11.6 million of tax valuation allowance against capital loss carryforwards related to capital gains on securities sold, not yet purchased during the three months ended June 30, 2014.

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Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Six Months Ended
	June 30, 2015			June 30, 2014
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	23,980		$	21,018
Less the after-tax effects of:
Unrealized gains/(losses) on financial derivatives and hedging activities	9,806			(5,448		)
Unrealized gains on trading assets (1)	346			380
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value(2)	(610		)	(8,206		)
Net effects of settlements on agency forward contracts	(36		)	60
Loss on retirement of Farmer Mac II LLC Preferred Stock(3)	(6,246		)	—
Sub-total	3,260			(13,214		)
Core earnings	$	20,720		$	34,232
Composition of Core Earnings:
Revenues:
Net effective spread	$	59,044		$	55,485
Guarantee and commitment fees	8,097			8,531
Other(4)	(429		)	(930		)
Total revenues	66,712			63,086
Credit related expense/(income):
Provision for/(release of) losses	560			(1,883		)
REO operating expenses	(1		)	61
Losses/(gains) on sale of REO	1			(165		)
Total credit related expense/(income)	560			(1,987		)
Operating expenses:
Compensation and employee benefits	11,426			9,345
General and administrative	6,197			6,082
Regulatory fees	1,200			1,188
Total operating expenses	18,823			16,615
Net earnings	47,329			48,458
Income tax expense/(benefit)(5)	14,783			(400		)
Net income attributable to non-controlling interest	5,235			11,366
Preferred stock dividends	6,591			3,260
Core earnings	$	20,720		$	34,232
Core earnings per share:
Basic	$	1.89		$	3.14
Diluted	1.82			3.02
Weighted-average shares:
Basic	10,974			10,906
Diluted	11,385			11,354

⁽¹⁾  Excludes unrealized gains related to securities sold, not yet purchased of $7.8 million during the six months ended June 30, 2014

⁽²⁾  Includes $7.5 million related to the acceleration of premium amortization in first quarter 2014 due to significant refinancing activity in the Rural Utilities line of business.

⁽³⁾  Relates to the write-off of deferred issuance costs as a result of the retirement of Farmer Mac II LLC Preferred Stock.

⁽⁴⁾  Includes $7.8 million of interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased and $7.8 million of unrealized gains on securities sold, not yet purchased during the six months ended June 30, 2014.

⁽⁵⁾  Includes the reduction of $11.6 million of tax valuation allowance against capital loss carryforwards related to capital gains on securities sold, not yet purchased during the six months ended June 30, 2014. Includes the reduction in tax valuation allowance of $0.8 million associated with certain gains on investment portfolio assets during the six months ended June 30, 2014.

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The following sections provide more detail regarding specific components of Farmer Mac's results of operations.

Net Interest Income.  Net interest income for the three and six months ended June 30, 2015 was $31.9 million and $62.7 million, respectively, compared to $22.0 million and $39.7 million for the same period in 2014. The increase in net interest income primarily resulted from the absence of the following two items that did not recur in the first six months of 2015 but were included in net interest income for the first six months of 2014: (1) the acceleration of amortization of $11.6 million in premiums associated with certain Rural Utilities loans that were refinanced into other loan products in first quarter 2014; and (2) interest expense of $7.8 million associated with securities purchased under agreements to resell and securities sold, not yet purchased (related to Farmer Mac's cash management and liquidity initiative that began in second quarter 2014). The increase in net interest income was also attributable in part to an increase in the average outstanding balance of Farm & Ranch loans, USDA Securities, and AgVantage securities. The increase in net interest income was partially offset by the loss of $4.3 million in preferred dividend income due to the October 2014 redemption of high-yielding preferred stock previously held in Farmer Mac's investment portfolio. The overall net interest yield was 89 basis points for the six months ended June 30, 2015, compared to 60 basis points for the six months ended June 30, 2014.

The following table provides information regarding interest-earning assets and funding for the six months ended June 30, 2015 and 2014.  The average balance of non-accruing loans is included in the average balance of loans, Farmer Mac Guaranteed Securities, and USDA Securities presented, though the related income is accounted for on a cash basis.  Therefore, as the average balance of non-accruing loans and the income received increases or decreases, the net interest yield will fluctuate accordingly.  The average balance of loans in consolidated trusts with beneficial interests owned by third parties is disclosed in the net effect of consolidated trusts and is not included in the average balances of interest-earning assets and interest-bearing liabilities.  The interest income and expense associated with these trusts are shown in the net effect of consolidated trusts. 

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Table 2

	For the Six Months Ended
	June 30, 2015						June 30, 2014
	Average Balance		Income/ Expense		Average Rate		Average Balance		Income/ Expense		Average Rate
	(dollars in thousands)
Interest-earning assets:
Cash and investments(1)	$	3,249,476	$	5,959	0.37	%	$	3,290,497	$	10,338	0.63	%
Loans, Farmer Mac Guaranteed Securities and USDA Securities(2)(3)	10,363,677		115,330		2.23	%	9,693,192		100,288		2.07	%
Total interest-earning assets	13,613,153		121,289		1.78	%	12,983,689		110,626		1.70	%
Funding:
Notes payable due within one year	5,554,106		4,996		0.18	%	4,727,444		3,697		0.16	%
Notes payable due after one year(4)	7,492,262		54,972		1.47	%	7,285,762		60,531		1.66	%
Other interest-bearing liabilities(5)	—		—		—	%	368,034		7,743		4.21	%
Total interest-bearing liabilities(6)	13,046,368		59,968		0.92	%	12,381,240		71,971		1.16	%
Net non-interest-bearing funding	566,786		—				602,449		—
Total funding	13,613,154		59,968		0.88	%	12,983,689		71,971		1.11	%
Net interest income/yield prior to consolidation of certain trusts	13,613,154		61,321		0.90	%	12,983,689		38,655		0.60	%
Net effect of consolidated trusts(7)	478,225		1,332		0.56	%	318,883		1,044		0.66	%
Adjusted net interest income/yield	$	14,091,379	$	62,653	0.89	%	$	13,302,572	$	39,699	0.60	%

(1) Average balance includes $371.7 million of securities purchased under agreements to resell in 2014. Includes $0.1 million of interest expense related to securities purchased under agreements to resell in 2014.

(2) Includes $11.6 million related to the acceleration of premium amortization in first quarter 2014 due to refinancing activity in the Rural Utilities line of business. Excludes interest income of $9.1 million and $6.3 million in 2015 and 2014, respectively, related to consolidated trusts with beneficial interests owned by third parties.

(3) See Note 1(d) to the consolidated financial statements for more information about the reclassification of certain amounts in prior periods from guarantee and commitment fees to interest income related to on-balance sheet Farmer Mac Guaranteed Securities.

(4) Includes current portion of long-term notes.

(5) Represents securities sold, not yet purchased.

(6) Excludes interest expense of $7.7 million and $5.3 million in 2015 and 2014, respectively, related to consolidated trusts with beneficial interests owned by third parties.

(7) Includes the effect of consolidated trusts with beneficial interests owned by third parties.

The lower average rate earned on cash and investments during the first six months of 2015 compared to the first six months of 2014 reflects reinvestment from higher yielding investment securities which matured or were called during 2014 into lower yielding assets and an increase in the average balance of cash and cash equivalents earning minimal yields. The average rate earned on cash and investments during the first six months of 2014 included the effects of interest costs resulting from the slightly negative rate of return received on the securities purchased under agreements to resell (repos) that were part of Farmer Mac's cash management and liquidity initiative. Farmer Mac's positions in these securities were closed in fourth quarter 2014 and therefore did not have an effect during the first six months of 2015 as compared to the first six months of 2014.  The higher average rate on loans, Farmer Mac Guaranteed Securities, and USDA Securities was due to the absence during the first six months of 2015 of the acceleration of amortization in premiums associated with certain Rural Utilities loans that occurred in the first six months of 2014, partially offset by the decline in market rates as reflected in the rates on loans and AgVantage securities acquired, reset, or refinanced during 2014 and 2015. The average rates on notes payable due within one year are consistent with general trends in average short-term rates during the period presented.  The downward trend in the average rate on notes payable due after one year for the first six months of 2015 as compared to the same period in 2014 reflects the retirement of older debt and the issuance of new debt at lower market rates. Other-interest bearing liabilities consist of high coupon fixed-rate U.S. Treasury securities and represent Farmer Mac's positions in securities sold, not yet purchased entered into beginning in second quarter 2014 as part of Farmer Mac's cash management and liquidity

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initiative. These positions were closed in fourth quarter 2014 and therefore did not have an effect during the first six months of 2015 as compared to the first six months of 2014.

The following table sets forth information regarding changes in the components of Farmer Mac's net interest income for the periods indicated.  For each category, information is provided on changes attributable to changes in volume (change in volume multiplied by old rate) and changes in rate (change in rate multiplied by old volume).  Combined rate/volume variances, the third element of the calculation, are allocated based on their relative size.  

Table 3

	For the Six Months Ended June 30, 2015 Compared to Same Period 2014
	Increase/(Decrease) Due to
	Rate			Volume			Total
	(in thousands)
Income from interest-earning assets:
Cash and investments(1)	$	(4,252	)	$	(127	)	$	(4,379	)
Loans, Farmer Mac Guaranteed Securities and USDA Securities(2)	7,835			7,207			15,042
Total	3,583			7,080			10,663
Expense from other interest-bearing liabilities(3)	(15,704		)	3,701			(12,003		)
Change in net interest income prior to consolidation of certain trusts(4)	$	19,287		$	3,379		$	22,666

(1) Includes $0.1 million of interest expense and an average balance of $371.7 million related to securities purchased under agreements to resell in 2014.

(2) Includes $11.6 million related to the acceleration of premium amortization in first quarter 2014 due to refinancing activity in the Rural Utilities line of business.

(3) Includes $7.7 million of interest expense and average balance of $368.0 million related to securities sold, not yet purchased in 2014.

(4) Excludes the effect of debt in consolidated trusts with beneficial interests owned by third parties.

The reasons for the decrease in income due to changes in rate on cash and investments, the increase in income due to changes in rate on loans, Farmer Mac Guaranteed Securities, and USDA Securities, and the decrease in expense due to changes in rate are the same as described above. Aside from the decrease in income earned from cash and investments, the increases in income from interest-earning assets and in expense from other interest-bearing liabilities due to changes in volume reflect the increase in the average balance of on-balance sheet assets and the related funding for those assets, respectively, during the first six months of 2015 compared to the first six months 2014.

Net interest yield includes the amortization of premiums and discounts on assets consolidated at fair value and excludes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships.  The following paragraphs describe the effects of these items on the net interest yield and the table below presents them as adjustments to reconcile to the net effective spread Farmer Mac earns on the difference between its interest-earning assets and its net funding costs, including payments for income and expense related to derivative financial instruments that are not designated as hedging instruments in a hedge accounting relationship ("undesignated financial derivatives").

Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities.  The accrual of the contractual amounts due on interest rate swaps designated in fair value hedge accounting relationships is included as an adjustment to the yield of the hedged item and is included in interest income. For interest rate swaps not designated in hedge accounting relationships, Farmer Mac records the income or expense

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related to the accrual of the contractual amounts due in "Gains/(losses) on financial derivatives and hedging activities" on the consolidated statements of operations.  However, Farmer Mac does include the accrual of the contractual amounts due for undesignated financial derivatives in its calculation of net effective spread, which is intended to reflect the net spread between the asset and all of its related funding, including any associated derivatives, whether or not they are in a hedge accounting relationship.

Farmer Mac's net interest income and net interest yield include net yield adjustments related to the amortization of premiums and discounts on assets consolidated at fair value. These premiums and discounts are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets. Farmer Mac excludes these amounts from net effective spread because they either do not reflect actual cash premiums paid for the assets at acquisition or are not expected to have an economic effect on Farmer Mac's financial performance if the assets are held to maturity, as is generally expected. Farmer Mac also excluded from net effective spread the amount of interest expense included in net interest income that was incurred during the first six months of 2014 related to securities purchased under agreements to resell and securities sold, not yet purchased because the associated benefits from these securities were not similarly recorded in net interest income, but rather were recorded as income tax benefits. Because Farmer Mac's positions in these securities were closed during fourth quarter 2014, adjustments to net interest income for interest expense related to these securities were not necessary for the first six months of 2015.

The following table presents the net effective spread between Farmer Mac's interest-earning assets and its net funding costs.  This spread is measured by including income or expense related to undesignated financial derivatives (the income or expense related to financial derivatives designated in hedge accounting relationships is already included in net interest income) and excluding the amortization of premiums and discounts on assets consolidated at fair value and the interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased. Farmer Mac's net effective spread was $29.8 million and $59.0 million for the three and six months ended June 30, 2015, respectively, compared to $29.0 million and $55.5 million for the same periods in 2014, respectively. In percentage terms, net effective spread for the three and six months ended June 30, 2015 was 0.88 percent and 0.87 percent, respectively, compared to 0.92 percent and 0.88 percent for the same periods in 2014, respectively. The contraction in net effective spread in percentage terms compared to the six months ended June 30, 2014 was primarily attributable to the loss of $4.3 million in preferred dividend income (7 basis points) from the October 2014 redemption of the high-yielding preferred stock previously held in Farmer Mac's investment portfolio. The contraction in net effective spread in percentage terms was offset in part by lower funding costs in the first six months of 2015 compared to the first six months of 2014 resulting from the maturity of older, higher cost debt and the issuance of new debt at lower market rates during the second half of 2014 and first half of 2015. Additionally, funding costs in the first six months of 2014 were higher because the early refinance of certain Rural Utilities loans and AgVantage securities in first quarter 2014 caused Farmer Mac to incur incremental financing costs of $1.3 million (2 basis points) as the related original funding remained outstanding until the end of that quarter. See Note 9 to the consolidated financial statements for more information regarding net effective spread from Farmer Mac's individual business segments. Additionally, see "—Supplemental Information" for quarterly net effective spread by line of business.

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Table 4

	For the Three Months Ended										For the Six Months Ended
	June 30, 2015					June 30, 2014					June 30, 2015					June 30, 2014
	Dollars			Yield		Dollars			Yield		Dollar			Yield		Dollar			Yield
	(dollars in thousands)
Net interest income/yield prior to consolidation of certain trusts(1)(2)	$	31,167		0.92	%	$	21,460		0.68	%	$	61,321		0.90	%	$	38,655		0.62	%
Expense related to undesignated financial derivatives	(1,577		)	(0.05	)%	(624		)	(0.02	)%	(3,588		)	(0.05	)%	(3,589		)	(0.06	)%
Amortization of premiums on assets consolidated at fair value(2)	197			0.01	%	386			0.01	%	1,311			0.02	%	12,592			0.20	%
Interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased	—			—	%	7,827			0.25	%	—			—	%	7,827			0.12	%
Net effective spread	$	29,787		0.88	%	$	29,049		0.92	%	$	59,044		0.87	%	$	55,485		0.88	%

(1) For the three and six months ended June 30, 2014, net interest yield is adjusted to remove the average balance of $743.5 million and $371.7 million, respectively, related to securities purchased under agreements to resell.

(2) Includes $11.6 million related to the acceleration of premium amortization in first quarter 2014 due to refinancing activity in the Rural Utilities line of business.

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Provision for and Release of Allowance for Loan Losses and Reserve for Losses.

The following table summarizes the components of Farmer Mac's total allowance for losses for the three and six months ended June 30, 2015 and 2014:

Table 5

	As of June 30, 2015								As of June 30, 2014
	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	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365
For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

The provisions recorded during three and six months ended 2015 were primarily attributable to a specific allowance for an impaired loan to a canola facility underlying an LTSPC. The establishment of a specific allowance for this loan was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loan, and Farmer Mac believes it is adequately reserved for loss related to this loan. The provisions were partially offset by a decrease in the general allowance of processing loans and processing loans underlying LTSPCs due to paydowns of these loans. The releases recorded during the three and six months ended June 30, 2014 were primarily related to a decrease in the general allowance due to substantial paydowns of on-balance sheet ethanol loans and ethanol loans underlying LTSPCs, partially offset by an increase in the general allowance of non-ethanol related on-balance sheet loans due to overall net business volume growth. As of both June 30, 2015 and December 31, 2014, Farmer Mac's allowance for loan losses was $5.9 million. As of June 30, 2015, Farmer Mac's reserve for losses was $4.6 million, compared to $4.3 million as of December 31, 2014. See Note 5 and "—Risk Management—Credit Risk – Loans and Guarantees."

Guarantee and Commitment Fees.  Guarantee and commitment fees, which compensate Farmer Mac for assuming the credit risk on loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs, were $3.4 million and $6.8 million, respectively, for the three and six months ended June 30, 2015, compared to $3.7 million and $7.5 million for the same periods in 2014, respectively. The decrease in guarantee and commitment fees was primarily attributable to a lower average balance outstanding for off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. See Note 1(d) to the consolidated financial statements for more information about the reclassification of certain amounts in prior periods from guarantee and commitment fees to interest income related to on-balance sheet Farmer Mac Guaranteed Securities.

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Gains/(Losses) on Financial Derivatives and Hedging Activities.  The effect of unrealized and realized gains and losses on Farmer Mac's financial derivatives and hedging activities was net gains of $14.4 millionand $10.5 millionfor the three and six months ended June 30, 2015, respectively, compared to net losses of$5.7 million and $13.3 million for the same periods in 2014, respectively.

The components of gains and losses on financial derivatives and hedging activities for the three and six months ended June 30, 2015 and 2014 are summarized in the following table:

Table 6

	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands)
Fair value hedges:
Unrealized gains/(losses) due to fair value changes:
Financial derivatives(1)	$	14,075		$	(799	)	$	8,316		$	(599	)
Hedged items	(11,354		)	3,818			(2,478		)	6,568
Gains on hedging activities	2,721			3,019			5,838			5,969
No hedge designation:
Unrealized gains/(losses) due to fair value changes	13,261			(7,715		)	9,249			(14,349		)
Realized:
Expense related to financial derivatives	(1,577		)	(624		)	(3,588		)	(3,589		)
Losses due to terminations or net settlements	(16		)	(378		)	(992		)	(1,307		)
Gains/(losses) on financial derivatives not designated in hedging relationships	11,668			(8,717		)	4,669			(19,245		)
Gains/(losses) on financial derivatives and hedging activities	$	14,389		$	(5,698	)	$	10,507		$	(13,276	)

(1) Included in the assessment of hedge effectiveness as of June 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $5.8 million for the three and six months ended June 30, 2015, respectively, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2015 were losses of of $0.2 million and gains of $0.1 million. The comparable amounts as of June 30, 2014 were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, respectively, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the three and six months ended June 30, 2014, attributable to hedge ineffectiveness.

Changes in the fair values of Farmer Mac's open derivative positions for both designated and undesignated hedges are captured in the table above in unrealized losses due to fair value changes and are primarily the result of fluctuations in long-term interest rates. For financial derivatives designated in fair value hedges, changes in the fair values of the hedged items attributable to the hedged risk are also included in the table above in unrealized gains/(losses) due to fair value changes. The accrual of periodic cash settlements for interest paid or received from Farmer Mac's interest rate swaps that are not designated in hedging relationships is shown as expense related to financial derivatives.  Payments or receipts to terminate derivative positions or net cash settled forward sales contracts on the debt of other GSEs and U.S. Treasury futures that are not designated in hedge accounting relationships are included in losses due to terminations or net settlements.    

Gains on Trading Securities.  During the three and six months ended June 30, 2015, Farmer Mac recorded unrealized gains on trading securities of $0.2 million and $0.5 million, respectively, compared to unrealized gains of $7.7 million and $8.4 million during the same period in 2014, respectively. Of the total gains recognized during the three and six months ended June 30, 2015, $11,000and $0.2 million of gains related to financial assets selected to be carried at fair value with changes in fair value included in earnings (the fair value option). During the three and six months ended June 30, 2014, $7.8 million of

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gains related to securities sold, not yet purchased as part of Farmer Mac's cash management and liquidity initiative and $0.2 million of losses and $0.2 million of gains, respectively, related to financial assets accounted for under the fair value option. Farmer Mac has not elected to account for any financial assets under the fair value option since 2008.

Other Income. Other income totaled $0.3 million and $0.9 million, respectively, for the three and six months ended June 30, 2015, compared to $0.2 million and $0.3 million, respectively, for the same periods in 2014. Other income during the three and six months ended 2015 included the recognition of $0.1 million and $0.4 million, respectively, of gains previously deferred in accumulated other comprehensive income related to fair value changes of certain available-for-sale securities contributed to Farmer Mac II LLC in 2010 and other miscellaneous items.

Compensation and Employee Benefits. Compensation and employee benefits were $5.7 million and $11.4 million, respectively, for the three and six months ended June 30, 2015, compared to $4.9 million and $9.3 million, respectively, for the same periods in 2014. The increase in compensation and employee benefits in the first half of 2015 compared to the first half of 2014 was due primarily to higher incentive compensation driven by meeting certain performance targets, an increase in headcount, annual salary adjustments, and adjustments to stock compensation expense to reflect changes in forfeiture rates. The increase in annual salary adjustments reflects a change in 2014 to the allocation of total compensation elements for Farmer Mac's executive officers that resulted in a shift in compensation toward base salary and annual cash compensation and a commensurate reduction in the targeted value of equity-based long-term incentive compensation. Additionally, compensation costs for the three and six months ended June 30, 2015 included $0.2 million and $0.3 million, respectively, in compensation costs of Farmer Mac's consolidated appraisal company subsidiary which was formed in fourth quarter 2014.

General and Administrative Expenses.  General and administrative expenses, including legal, audit, and consulting fees, were $3.4 million and $6.2 million, respectively, for the three and six months ended June 30, 2015, compared to $3.3 million and $6.1 million, respectively, for the same periods in 2014.

Regulatory Fees.  Regulatory fees (which consist of the fees paid to FCA) were $0.6 million and $1.2 million, respectively, for both the three and six months ended June 30, 2015 and 2014. FCA has advised Farmer Mac that its estimated fees for the federal fiscal year ending September 30, 2015 will be $2.4 million ($0.6 million per federal fiscal quarter), which will not be a material increase from the prior federal fiscal year.  After the end of a federal government fiscal year, FCA may revise its prior year estimated assessments to reflect actual costs incurred, and has issued both additional assessments and refunds in the past.

Income Tax Expense/Benefit.  Income tax expense totaled $13.8 million and $18.0 million, respectively, for the three and six months ending June 30, 2015, compared to an income tax benefit of $6.4 million and $7.5 million, respectively, for the same periods in 2014. The increase in income tax expense in 2015 was a result of higher pre-tax income and the absence of the income tax benefit of $11.6 million related to the cash management and liquidity initiative that was recorded in second quarter 2014. The consolidated tax benefits of the dividends declared on Farmer Mac II LLC Preferred Stock, which is presented as "Net loss/(income) attributable to non-controlling interest" on the consolidated statements of operations on a pre-tax basis, and the loss on retirement of the Farmer Mac II LLC Preferred Stock were the primary reasons Farmer Mac's effective tax rate was lower than the statutory federal rate of 35 percent for the six months ended June 30, 2015 and for the three and six months ending June 30, 2014.

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Loss on Retirement of Preferred Stock. On March 30, 2015, Farmer Mac II LLC redeemed all of the outstanding shares of Farmer Mac II LLC Preferred Stock which, in turn, triggered the redemption of all of the outstanding FALConS on that same day. As a result, Farmer Mac recognized an expense of $8.1 million of deferred issuance costs related to those shares of Farmer Mac II LLC Preferred Stock as "Loss on retirement of preferred stock" on the consolidated statements of operations.

Business Volume.  During second quarter2015, Farmer Mac added $731.1 million of new business volume Specifically, Farmer Mac:

• purchased $307.3 million of AgVantage securities;

• purchased $196.9 million of newly originated Farm & Ranch loans;

• purchased $111.4 million of USDA Securities;

• added $102.9 million of Farm & Ranch loans under LTSPCs; and

• purchased $12.5 million of Farmer Mac Guaranteed USDA Securities.

Of the new business volume in AgVantage securities for second quarter 2015, $76.9 million was purchased under Farm Equity AgVantage facilities with agricultural real estate investment funds. Farmer Mac also purchased $180.0 million in AgVantage securities from the National Rural Utilities Cooperative Finance Corporation ("CFC") as part of a transaction involving the refinancing of existing Rural Utilities Service debt completed by a large generation and transmission utility.

Farmer Mac's outstanding business volume was $15.1 billion as of June 30, 2015, an increase of $469.9 million from March 31, 2015 and an increase of $532.4 million from December 31, 2014. The increase in Farmer Mac's outstanding business volume was attributable to broad-based portfolio growth across most of Farmer Mac's products, including AgVantage securities, Farm & Ranch loans, and USDA Securities.

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The following table sets forth purchases of non-delinquent eligible loans, new loans added under LTSPCs, and new guarantees during the periods indicated in the Farm & Ranch, USDA Guarantees, and Rural Utilities lines of business, as well as purchases of AgVantage securities in the Institutional Credit line of business:

Table 7

Farmer Mac New Purchases, Guarantees, and LTSPCs
	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Farm & Ranch:
Loans	$	196,927	$	159,116	$	327,151	$	351,523
LTSPCs	102,944		34,850		162,255		220,444
USDA Guarantees:
USDA Securities	111,421		90,785		200,607		158,769
Farmer Mac Guaranteed USDA Securities	12,512		—		12,512		—
Rural Utilities:
Loans	—		4,689		8,703		58,592
Institutional Credit:
AgVantage	307,250		300,775		522,165		529,465
Total purchases, guarantees, and LTSPCs	$	731,054	$	590,215	$	1,233,393	$	1,318,793

The decrease in new business volume in the Farm & Ranch line of business for the six months ended June 30, 2015 as compared to the same period in 2014 reflects a return to volume levels more consistent with historical trends, and demand seems stable in this range. Prepayment rates remain subdued and therefore trends in net loan growth are favorable. The increase in new business volume in the USDA Guarantees line of business for the first six months of 2015 compared to the same period in 2014 reflects an increase in lender usage of USDA guaranteed loan programs and the resultant increase in loans available for purchase on the secondary market, as well as the increasing willingness of banks to sell the lower-return guaranteed portions of these loans to fund other new loan originations. Rural Utilities loan volume remains low due to reduced demand associated with slow historical economic growth and greater energy efficiency in recent years. Changes in AgVantage securities volume are primarily driven by the generally larger transaction sizes for that product and the fluctuating funding and liquidity needs of Farmer Mac's customer network and scheduled maturity amounts.

The purchase price of non-delinquent eligible loans and portfolios is their respective fair value based on current market interest rates and Farmer Mac's target net yield. The purchase price includes an amount to compensate Farmer Mac for credit risk that is similar to the guarantee or commitment fees it receives for assuming credit risk on loans underlying Farmer Mac Guaranteed Securities and LTSPCs.  Based on market conditions, Farmer Mac either retains the loans it purchases or securitizes them and retains or sells Farmer Mac Guaranteed Securities backed by those loans.  Historically, Farmer Mac has retained the vast majority of loans it has purchased.  The weighted-average age of the Farm & Ranch non-delinquent eligible loans purchased and retained (excluding the purchases of defaulted loans) during second quarter2015 and 2014 was less than one year. Of those loans, 56 percent and 39 percent, respectively, had principal amortization periods longer than the maturity date, resulting in balloon payments at maturity, with a weighted-average remaining term to maturity of 16.2 years and 15.8 years, respectively.

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During second quarter2015 and 2014, Farmer Mac securitized some of the Farm & Ranch loans it had purchased and sold the resulting Farmer Mac Guaranteed Securities in the amount of $63.0 million and $66.6 million, respectively. Farmer Mac consolidates these loans and presents them as "Loans held for investment in consolidated trusts, at amortized cost" on the consolidated balance sheets. For the three and six months ended June 30, 2015, $39.7 million and $83.6 million, respectively, of Farmer Mac Guaranteed Securities were sold to Zions First National Bank ("Zions"), which is a related party to Farmer Mac, compared to $52.2 million and $107.6 million of sales for the three and six months ended June 30, 2014, respectively.

The following table sets forth information regarding the Farmer Mac Guaranteed Securities issued during the periods indicated:

Table 8

	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Loans securitized and sold as Farm & Ranch Guaranteed Securities	$	62,953	$	66,554	$	112,440	$	129,305
AgVantage Securities	307,250		300,775		522,165		529,465
Total Farmer Mac Guaranteed Securities Issuances	$	370,203	$	367,329	$	634,605	$	658,770

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The following table sets forth information regarding outstanding volume in each of Farmer Mac's four lines of business as of the dates indicated:

Table 9

Lines of Business - Outstanding Business Volume
	As of June 30, 2015		As of December 31, 2014
	(in thousands)
On-balance sheet:
Farm & Ranch:
Loans	$	2,197,934	$	2,118,867
Loans held in trusts:
Beneficial interests owned by third party investors	512,559		421,355
USDA Guarantees:
USDA Securities	1,817,720		1,756,224
Farmer Mac Guaranteed USDA Securities	33,822		27,832
Rural Utilities:
Loans(1)	954,188		718,213
Loans held in trusts:
Beneficial interests owned by Farmer Mac(1)	—		267,396
Institutional Credit:
AgVantage Securities	5,841,410		5,410,413
Total on-balance sheet	$	11,357,633	$	10,720,300
Off-balance sheet:
Farm & Ranch:
LTSPCs	$	2,199,266	$	2,240,866
Guaranteed Securities	575,811		636,086
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	10,888		13,978
Institutional Credit:
AgVantage Securities	986,529		986,528
Total off-balance sheet	$	3,772,494	$	3,877,458
Total	$	15,130,127	$	14,597,758

(1) Reflects the unwinding of certain consolidated trusts with the effect that loans previously consolidated on the balance sheet as "Loans held in trusts" currently are included within "Loans."

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The following table summarizes by maturity date the scheduled principal amortization of loans held, loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and LTSPCs, USDA Securities, and Farmer Mac Guaranteed USDA Securities as of June 30, 2015:

Table 10

Schedule of Principal Amortization as of June 30, 2015
	Loans Held		Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs		USDA Securities and Farmer Mac Guaranteed USDA Securities		Total
	(in thousands)
2015	$	104,318	$	128,803	$	125,288	$	358,409
2016	180,654		232,908		136,495		550,057
2017	181,975		214,394		115,285		511,654
2018	203,129		205,967		135,807		544,903
2019	166,714		184,021		124,593		475,328
Thereafter	2,827,891		1,808,984		1,224,962		5,861,837
Total	$	3,664,681	$	2,775,077	$	1,862,430	$	8,302,188

Of the $15.1 billion outstanding principal balance of volume included in Farmer Mac's four lines of business as of June 30, 2015, $6.8 billion were AgVantage securities included in the Institutional Credit line of business.  Unlike business volume in the form of purchased loans, USDA Securities, and loans underlying LTSPCs and non-AgVantage Farmer Mac Guaranteed Securities, most AgVantage securities do not require periodic payments of principal based on amortization schedules and instead have fixed maturity dates when the secured general obligation is due. The following table summarizes by maturity date the outstanding principal amount of both on- and off-balance sheet AgVantage securities as of June 30, 2015:

Table 11

AgVantage Balances by Year of Maturity
	As of
	June 30, 2015
	(in thousands)
2015	$	645,336
2016	1,348,298
2017	1,472,419
2018	855,738
2019	320,350
Thereafter(1)	2,185,798
Total	$	6,827,939

(1) Includes various maturities ranging from 2020 to 2044.

The weighted-average remaining maturity of the outstanding AgVantage securities shown in the table above was 4.4 years as of June 30, 2015.  As a general matter, if maturing AgVantage securities are not

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replaced with new AgVantage securities, either from the same issuer or from new business, or if the spread earned by Farmer Mac on new AgVantage securities that replace maturing AgVantage securities is lower than the spread earned on the maturing securities, Farmer Mac's income could be adversely affected.

As part of fulfilling its guarantee obligations for Farm & Ranch Guaranteed Securities and commitments to purchase eligible loans underlying LTSPCs, Farmer Mac purchases defaulted loans, all of which are at least 90-days delinquent or in material non-monetary default at the time of purchase, out of the loan pools underlying those securities and LTSPCs, and records the purchased loans as such on its balance sheet.  The purchase price for a defaulted loan purchased out of a pool of loans backing Farm & Ranch Guaranteed Securities is the then-current outstanding principal balance of the loan plus accrued and unpaid interest.  The purchase price for a defaulted loan purchased under an LTSPC is the then-current outstanding principal balance of the loan, with accrued and unpaid interest on the defaulted loan payable out of any future loan payments or liquidation proceeds as received.  The purchase price of a defaulted loan is not an indicator of the expected loss on that loan; many other factors affect expected loss, if any, on any loan so purchased. The weighted-average age of delinquent loans purchased out of securitized pools and LTSPCs was 16 years during second quarter 2015. Farmer Mac did not purchase any delinquent loans during second quarter 2014. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Credit Risk – Loans and Guarantees."

The following table presents Farmer Mac's purchases of defaulted loans underlying Farm & Ranch Guaranteed Securities and LTSPCs for the periods indicated:

Table 12

	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Defaulted loans purchased underlying Farm & Ranch Guaranteed Securities owned by third party investors	$	1,324	$	—	$	1,981	$	—
Defaulted loans purchased underlying LTSPCs	—		—		—		440
Total loan purchases	$	1,324	$	—	$	1,981	$	440

Outlook

Farmer Mac continues to provide a stable source of liquidity, capital, and risk management tools as the secondary market that helps meet the financing needs of rural America. While the pace of Farmer Mac's growth will depend on the capital and liquidity needs of the participants in the rural financing business, Farmer Mac foresees opportunities for continued growth. More specifically, Farmer Mac believes that its Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit lines of business all have opportunities for growth, driven by several key factors:

• As agricultural and rural utilities lenders face increased equity capital requirements under new regulatory frameworks or rating agency requirements, or seek to reduce exposure due to lending limits or concentration limits, Farmer Mac can provide relief for those institutions through loan purchases, guarantees, or LTSPCs.

• Lending in the rural utilities industry may increase as rural utilities seek alternatives for financing, including refinancing existing debt.

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• As a result of targeted marketing and product development efforts, Farmer Mac's lender network and customer base continues to expand, which may generate additional demand for Farmer Mac's products from new sources.

Farmer Mac believes that these growth opportunities will be important in replacing income earned on the loans and other assets as they mature, pay down, or are reinvested at potentially lower spreads.

Agricultural Sector. The agricultural sector includes many diverse industries that respond in different ways to changes in economic conditions. Those individual industries often are affected differently, sometimes positively and sometimes negatively, by prevailing domestic and global economic factors and regional weather conditions. This results in cycles where one or more industries may be under stress at the same time that others are not. In addition, borrowers that rely on non-farm sources of income as a significant percentage of overall income may experience stress associated with weakness in the general economy. The profitability of agricultural industries is also affected by commodity inventories and their associated market prices, which can vary largely as a result of weather patterns, access to water supply, and harvest conditions that may affect supply. The strength of the U.S. dollar relative to other worldwide currencies could also potentially adversely affect the demand for certain U.S. agricultural exports, which may result in producers receiving lower commodity prices.

Farmer Mac continues to monitor land values and commodity prices in response to cyclical swings. Although farmland values and commodity prices have declined recently in some sectors, primarily in the Midwest, Farmer Mac believes that its portfolio remains sufficiently diversified, both geographically and by commodity, and that its portfolio has generally demonstrated historically high credit quality and low delinquency rates to endure reasonably foreseeable volatility in farmland values and commodity prices. Farmer Mac also continues to closely monitor sector profitability, economic conditions, and agricultural land value and geographic trends to tailor underwriting practices to changing conditions. For more information about the loan balances and loan-to-value ratios for Farm & Ranch loans in Farmer Mac's portfolio as of June 30, 2015, see "—Risk Management—Credit Risk – Loans and Guarantees."

The western part of the United States, including California, continues to experience drought conditions, with the water level in many California reservoirs at historically low levels. Although to date Farmer Mac has not observed any material effect on its portfolio from drought conditions, the persistence of extreme drought conditions in the western states could have an adverse effect on Farmer Mac’s delinquency rates or loss experience. This is particularly true in the permanent plantings sector, where the value of the related collateral is closely tied to the production value and capability of the permanent plantings, and in the dairy sector, which may experience increased feed costs as water is diverted away from hay acreage commonly relied upon by dairy producers and toward land supporting other agricultural commodities. Farmer Mac continues to remain informed about the drought and its effects on the agricultural industries located in the western states and on Farmer Mac's Farm & Ranch portfolio through regular discussions with its loan servicers that service loans in drought-stricken areas, as well as customers and other lenders in the industry.

Farmer Mac also continues to monitor the establishment and evolution of legislation and regulations that affect farmers, ranchers, and rural lenders. Many federal agricultural policies previously in effect have been altered with the enactment of the Agricultural Act of 2014, including those affecting crop subsidies, crop insurance, and other aspects of agricultural production. Farmer Mac will continue to monitor the effects of these altered federal agricultural policies as the USDA adopts final regulations implementing the Agricultural Act of 2014.

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Farmer Mac's marketing efforts directed towards the Farm & Ranch line of business focus on lenders that have demonstrated a commitment to agricultural lending based on their lending history. Farmer Mac directs its outreach efforts to these lenders through direct personal contact, which is facilitated through Farmer Mac's frequent participation in state and national banking conferences, its alliances with the American Bankers Association and the Independent Community Bankers of America, and its business relationships with members of the Farm Credit System. In connection with lenders' evolving financing needs in the Farm & Ranch line of business, Farmer Mac has experienced continuing stable demand for its longer-term fixed-rate loan products, as well as recent demand for certain of its shorter-term floating rate loan products driven by a rise in interest rates. Demand for Farmer Mac's secondary market tools could also increase as rural lenders adapt to new and changing regulations, which may require lenders to obtain more liquidity and capital to continue their lending practices.

Farmer Mac also directs marketing efforts towards the agricultural industry by trying to identify and develop relationships with potential issuers of AgVantage securities who can pledge loans as collateral to obtain financing as part of Farmer Mac's Institutional Credit line of business. As part of these efforts, Farmer Mac has recently increased its focus on wholesale financing for institutional investors in agricultural assets that qualify as eligible collateral under Farmer Mac's charter. In July 2014, Farmer Mac expanded its AgVantage product to this new type of issuer and refers to this product variation as the Farm Equity AgVantage product. Farmer Mac directs its outreach efforts to these potential issuers through its business relationships within the agricultural community and through executive outreach to institutions whose profile presents opportunity to benefit from wholesale financing. As institutional investment in agricultural assets continues to grow, Farmer Mac believes that it is in a unique position to help increase access to capital for these types of counterparties and thereby provide a new source of capital to benefit rural America. Farmer Mac designed the Farm Equity AgVantage product to provide an efficient, low-cost source of financing tailored to meet the needs of institutional investors that can be adapted to many different types of organizational structures and for both public and private institutional investors. Although this product is in the early stages of development, Farmer Mac believes there is opportunity to expand this type of business as both the trend toward institutional investment in agricultural assets and awareness of the Farm Equity AgVantage product continue to grow.For more information about the Farm Equity AgVantage product, see "Business—Farmer Mac Lines of Business—Institutional Credit" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015 and "—Risk Management—Credit Risk – Institutional."

Rural Utilities Industry. Reduced demand for capital within the rural utilities industry has increased competition for rural cooperative borrowers among lenders that either are not eligible or choose not to participate in Farmer Mac's Rural Utilities line of business. The rural utilities industry may experience needs for financing over the next several years to make improvements in response to environmental and clean energy policies and to refinance government loans made by the USDA's Rural Utilities Service. In addition, CFC, the rural utilities lender that is the only current participant in Farmer Mac's Rural Utilities line of business, may experience increased needs for term funding and LTSPC business from Farmer Mac as a result of new requirements implemented by debt rating agencies. Domestic economic indicators also continue to show modest growth, and as the economy strengthens, Farmer Mac believes that demand for rural utilities loans may increase. Farmer Mac also foresees opportunities for growth pertaining to the rural utilities industry within Farmer Mac's Institutional Credit line of business related to the increasing trend in the past year of rural utilities cooperatives beginning to shift their debt refinancing activities away from the Rural Utilities Service and towards market-based lenders, including rural utilities cooperative lenders. Farmer Mac has the opportunity to help these lenders as they seek lower-cost wholesale

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financing alternatives, which could allow them to become more competitive in pursuing these refinancing opportunities.

Balance Sheet Review

Assets.  Farmer Mac's total assets as of June 30, 2015 were $15.1 billion, compared to $14.3 billion as of December 31, 2014.  The increase in total assets was primarily attributable to an increase in cash and cash equivalents and Farmer Mac Guaranteed Securities.

As of June 30, 2015, Farmer Mac had $1.7 billion of cash and cash equivalents and $1.9 billion of investment securities, compared to $1.4 billion of cash and cash equivalents and $1.9 billion of investment securities as of December 31, 2014. As of June 30, 2015, Farmer Mac had $5.9 billion of Farmer Mac Guaranteed Securities, $1.9 billion of USDA Securities, and $3.7 billion of loans, net of allowance. This compares to $5.5 billion of Farmer Mac Guaranteed Securities, $1.8 billion of USDA Securities, and $3.5 billion of loans, net of allowance, as of December 31, 2014.

Liabilities.  Farmer Mac's total liabilities increased to $14.6 billion as of June 30, 2015 from $13.5 billion as of December 31, 2014.  The increase in liabilities was primarily attributable to an increase in total notes payable.

Equity.  As of June 30, 2015, Farmer Mac had total equity of $576.3 million, comprised of stockholders' equity of $576.1 million and non-controlling interest of $0.2 million related to Farmer Mac's appraisal subsidiary, Contour Appraisal Services, LLC.  As of December 31, 2014, Farmer Mac had total equity of $781.8 million, comprised of stockholders' equity of $545.8 million and non-controlling interest of $236.0 million.  The decrease in total equity was a result of the redemption of all of the outstanding shares of Farmer Mac II LLC Preferred Stock (presented as "Non-controlling interest" within equity on Farmer Mac's consolidated balance sheets) during first quarter 2015, offset in part by an increase in retained earnings and in accumulated other comprehensive income due to increases in the fair value of available-for-sale securities. These increases in the fair value of available-for-sale securities were driven primarily by lower U.S. Treasury rates.

Off-Balance Sheet Arrangements 

Farmer Mac offers approved lenders two credit enhancement alternatives to increase their liquidity or lending capacity while retaining the cash flow benefits of their loans: (1) Farmer Mac Guaranteed Securities, which are available through each of the Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit lines of business; and (2) LTSPCs, which are available through the Farm & Ranch and Rural Utilities lines of business. For securitization trusts where Farmer Mac is the primary beneficiary, the trust assets and liabilities are included on Farmer Mac's consolidated balance sheet. For the remainder of these transactions, and in the event of deconsolidation, both of these alternatives result in the creation of off-balance sheet obligations for Farmer Mac. See Note 6 to the consolidated financial statements for more information about consolidation and Farmer Mac's off-balance sheet business activities.

Risk Management

Credit Risk – Loans and Guarantees.  Farmer Mac is exposed to credit risk resulting from the inability of borrowers to repay their loans in conjunction with a deficiency in the value of the collateral relative to the outstanding balance of the loan and the costs of liquidation.  Farmer Mac is exposed to credit risk on:

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• loans held;

• loans underlying Farmer Mac Guaranteed Securities; and

• loans underlying LTSPCs.

Farmer Mac generally assumes 100 percent of the credit risk on loans held in the Farm & Ranch and Rural Utilities lines of business and loans underlying LTSPCs and Farmer Mac Guaranteed Securities in the Farm & Ranch line of business. Farmer Mac has direct credit exposure to loans in non-AgVantage transactions and indirect credit exposure to loans that secure AgVantage transactions because AgVantage securities represent a general obligation of an issuer that is in turn secured by qualified loans.  The credit exposure of Farmer Mac and Farmer Mac II LLC on USDA Securities, including those underlying Farmer Mac Guaranteed USDA Securities, is covered by the full faith and credit of the United States.  Therefore, Farmer Mac believes that Farmer Mac and Farmer Mac II LLC have little or no credit risk exposure in the USDA Guarantees line of business because of the USDA guarantee.  As of June 30, 2015, neither Farmer Mac nor Farmer Mac II LLC had experienced any credit losses on any business under the USDA Guarantees line of business, and neither expects to incur any such losses in the future.

Farmer Mac has established underwriting, collateral valuation, and documentation standards for agricultural real estate mortgage loans and rural utilities loans. Farmer Mac believes that these standards mitigate the risk of loss from borrower defaults and provide guidance about the management, administration, and conduct of underwriting and appraisals to all participating and potential lenders.  These standards were developed on the basis of industry norms for agricultural real estate mortgage loans and rural utilities loans and are designed to assess the creditworthiness of the borrower, as well as the value of the collateral securing the loan.  Farmer Mac evaluates and adjusts these standards on an ongoing basis based on current and anticipated market conditions.  For more information about Farmer Mac's underwriting and collateral valuation standards, see "Business—Farmer Mac Lines of Business—Farm & Ranch—Underwriting and Collateral Valuation (Appraisal) Standards" and "Business—Farmer Mac Lines of Business—Rural Utilities—Underwriting" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015.

Farmer Mac requires approved lenders to make representations and warranties regarding the conformity of eligible agricultural mortgage and rural utilities loans to Farmer Mac's standards, the accuracy of loan data provided to Farmer Mac, and other requirements related to the loans.  Sellers are responsible to Farmer Mac for breaches of those representations and warranties, and Farmer Mac has the ability to require a seller to cure, replace, or repurchase a loan sold or transferred to Farmer Mac if any breach of a representation or warranty is discovered that was material to Farmer Mac's decision to purchase the loan or that directly or indirectly causes a default or potential loss on a loan sold or transferred by the seller to Farmer Mac.  Farmer Mac has not required a seller to cure or repurchase a loan purchased by Farmer Mac for breach of a representation or warranty in the last three years. In addition to relying on the representations and warranties of lenders, Farmer Mac also underwrites all of the agricultural mortgage loans (other than rural housing and part-time farm mortgage loans) and rural utilities loans that it holds in its portfolio. For rural housing and part-time farm mortgage loans, Farmer Mac relies on representations and warranties from the seller that those loans conform to Farmer Mac's specified underwriting criteria without exception. For more information about Farmer Mac's loan eligibility requirements, see "Business—Farmer Mac Lines of Business—Farm & Ranch—Loan Eligibility" and "Business—Farmer Mac Lines of Business—Rural Utilities—Loan Eligibility" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015.

Under contracts with Farmer Mac and in consideration for servicing fees, Farmer Mac-approved central servicers service loans in accordance with Farmer Mac's requirements.  Central servicers are responsible

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to Farmer Mac for serious errors in the servicing of those loans.  If a central servicer materially breaches the terms of its servicing agreement with Farmer Mac, such as failing to forward payments received or releasing collateral without Farmer Mac's consent, or experiences insolvency or bankruptcy, Farmer Mac has the right to terminate the servicing relationship for a particular loan or the entire portfolio serviced by the central servicer. In addition, Farmer Mac can proceed against the central servicer in arbitration or exercise any remedies available to it under law. In the last three years, Farmer Mac has not exercised any remedies or taken any formal action against any central servicers. For more information about Farmer Mac's servicing requirements, see "Business—Farmer Mac Lines of Business—Farm & Ranch—Servicing" and "Business—Farmer Mac Lines of Business—Rural Utilities—Servicing" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015.

Farmer Mac's AgVantage securities are general obligations of institutions approved by Farmer Mac and are secured by eligible loans in an amount at least equal to the outstanding principal amount of the security. Farmer Mac excludes the loans that secure AgVantage securities from the credit risk metrics it discloses because Farmer Mac has only indirect credit risk on those loans and because of the other characteristics of AgVantage securities that mitigate credit risk. Those characteristics include a general obligation of an issuing institution approved by Farmer Mac, the required collateralization level for the securities, and the requirement for delinquent loans to be removed from the pool of pledged loans and replaced with current eligible loans.  As such, all AgVantage securities are secured by current loans representing at least 100 percent of the outstanding amount of these securities.  As of June 30, 2015, Farmer Mac had not experienced any credit losses on any AgVantage securities and does not expect to incur any such losses in the future. See "—Credit Risk – Institutional" for more information about Farmer Mac's credit risk on AgVantage securities.

Farmer Mac has developed different underwriting standards for rural utilities loans that depend on whether direct or indirect credit exposure is assumed on a loan and whether the borrower is an electric distribution cooperative or a G&T cooperative. As of June 30, 2015, there were no delinquencies in Farmer Mac's portfolio of rural utilities loans, and Farmer Mac has not experienced any credit losses on rural utilities loans since Congress authorized Farmer Mac's Rural Utilities line of business in 2008. Based on this performance, Farmer Mac excludes the loans in the Rural Utilities line of business from the credit risk metrics it discloses. Farmer Mac's direct credit exposure to rural utilities loans as of June 30, 2015 was $954.2 million across 37 states, of which $936.3 million were loans to electric distribution cooperatives and $17.9 million were loans to G&T cooperatives. Farmer Mac also had indirect credit exposure to the rural utilities loans securing AgVantage securities and included in the Institutional Credit line of business, some of which are loans to G&T cooperatives. For more information, see "—Credit Risk – Institutional."

Farmer Mac maintains an allowance for loan losses to cover estimated probable losses on loans held and a reserve for losses to cover estimated probable losses on loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities.  The methodology that Farmer Mac uses to determine the level of its allowance for losses is described in Note 2(j) to the consolidated financial statements included in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015. Management believes that this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs.

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The following table summarizes the components of Farmer Mac's total allowance for losses for three and six months ended June 30, 2015 and 2014:

Table 13

	June 30, 2015								June 30, 2014
	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	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365
For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

Activity affecting the allowance for loan losses and reserve for losses is discussed in "—Results of Operations—Provision for and Release of Allowance for Loan Losses and Reserve for Losses." As of June 30, 2015, Farmer Mac's allowances for losses totaled $10.6 million, or 19 basis points of the outstanding principal balance of loans held for investment and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities, compared to $10.1 million, or 19 basis points, as of December 31, 2014.

Farmer Mac's 90-day delinquency measure includes loans 90 days or more past due, as well as loans in foreclosure and non-performing loans where the borrower is in bankruptcy. As of June 30, 2015, Farmer Mac's 90-day delinquencies were $31.9 million (0.58 percent of the Farm & Ranch portfolio), compared to $18.9 million (0.35 percent of the Farm & Ranch portfolio) as of December 31, 2014 and $25.9 million (0.49 percent of the Farm & Ranch portfolio) as of June 30, 2014. Those 90-day delinquencies were comprised of 26 delinquent loans as of June 30, 2015, compared with 29 delinquent loans as of December 31, 2014 and 34 delinquent loans as of June 30, 2014. As described in more detail below, the primary cause of the increase in 90-day delinquencies during the first half of 2015 was the delinquency during first quarter 2015 of one borrower in the Northwest geographic region. Farmer Mac's exposure to this borrower was $9.4 million as of June 30, 2015. In July 2015, Farmer Mac received full repayment on loans to this borrower.

When analyzing the overall risk profile of its lines of business, Farmer Mac takes into account more than the Farm & Ranch loan delinquency percentages provided above. The lines of business also include AgVantage securities and rural utilities loans, neither of which have any delinquencies, and USDA Securities, which are backed by the full faith and credit of the United States. Across all of Farmer Mac's lines of business, 90-day delinquencies represented 0.21 percent of total outstanding business volume as of June 30, 2015, compared to 0.13 percent as of December 31, 2014 and 0.18 percent as of June 30, 2014 .

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The following table presents historical information regarding Farmer Mac's 90-day delinquencies in the Farm & Ranch line of business compared to the principal balance of all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs:

Table 14

	Farm & Ranch Line of Business		90-Day Delinquencies		Percentage
	(dollars in thousands)
As of:
June 30, 2015	$	5,485,570	$	31,852	0.58	%
March 31, 2015	5,347,248		32,101		0.60	%
December 31, 2014	5,417,174		18,917		0.35	%
September 30, 2014	5,314,437		24,661		0.46	%
June 30, 2014	5,310,664		25,911		0.49	%
March 31, 2014	5,293,975		29,437		0.56	%
December 31, 2013	5,163,080		28,296		0.55	%
September 30, 2013	5,035,748		33,042		0.66	%
June 30, 2013	4,917,489		33,922		0.69	%

As shown in the table above, Farmer Mac's 90-day delinquency rates have been declining since 2013 and reached historical lows by the end of 2014, primarily due to strong economic and market conditions in the agricultural industry generally. The increase in the 90-day delinquency rate in the first half of 2015 was primarily related to the delinquency in first quarter 2015 of a single borrower to which Farmer Mac had $9.4 million of exposure as of June 30, 2015, and whose delinquency was not related to industry conditions or the profitability of the borrower's operation. As noted above, Farmer Mac received full repayment on loans to this borrower in July 2015. Farmer Mac expects that over time its 90-day delinquency rate will eventually revert closer to Farmer Mac's historical averages due to macroeconomic and other potential factors, but Farmer Mac has not yet seen an impact on its portfolio or a rise in delinquencies related to these factors. Farmer Mac's average 90-day delinquency rate for the Farm & Ranch line of business over the last fifteen years is approximately 1.00 percent.

As of June 30, 2015, Farmer Mac individually analyzed $28.1 million of the $105.8 million of recorded investment in impaired loans for collateral shortfalls against updated appraised values, other updated collateral valuations, or discounted values. For the remaining $77.7 million of impaired assets for which updated valuations were not available, Farmer Mac evaluated them in the aggregate in consideration of their similar risk characteristics and historical statistics. Farmer Mac recorded specific allowances of $5.5 million for undercollateralized assets as of June 30, 2015. Farmer Mac's non-specific or general allowances were $5.1 million as of June 30, 2015.

Loans in the Farm & Ranch line of business are all secured by first liens on agricultural real estate. Accordingly, Farmer Mac's exposure on a loan is limited to the difference between (1) the total of the accrued interest, advances, and the principal balance of a loan and (2) the value of the property less the cost to sell. Measurement of that excess or shortfall is the best predictor and determinant of loss, compared to other measures that evaluate the efficiency of a particular farm operator.  Debt service ratios depend upon farm operator efficiency and leverage, which can vary widely within a geographic region, commodity type, or an operator's business and farming skills.  A loan's original loan-to-value ratio is one of many factors Farmer Mac considers in evaluating loss severity and is calculated by dividing the loan

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principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, updated appraised value at the time of guarantee, purchase, or commitment.  Other factors include, but are not limited to, other underwriting standards, commodity and farming forecasts, and regional economic and agricultural conditions.

Loan-to-value ratios depend upon the market value of a property, as determined in accordance with Farmer Mac's collateral valuation standards.  As of June 30, 2015 and December 31, 2014, the average unpaid loan balance for loans outstanding in the Farm & Ranch line of business was $474,000 and $462,000, respectively. The original loan-to-value ratio is based on the original appraised value that has not been indexed to provide a current market value or reflect amortization of loans. The weighted average original loan-to-value ratio for Farm & Ranch loans purchased during second quarter 2015 was 44 percent, compared to 45 percent for loans purchased in the same period for 2014. The weighted average original loan-to-value ratio for all Farm & Ranch loans held and all loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs was approximately 46 percent as of June 30, 2015 and 47 percent as of December 31, 2014. The weighted-average original loan-to-value ratio for all 90-day delinquencies was 46 percent as of both June 30, 2015 and December 31, 2014.

The weighted average current loan-to-value ratio, which is the loan-to-value ratio based on original appraised value but which reflects loan amortization since purchase, for Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs was approximately 44 percent as of both June 30, 2015 and December 31, 2014.

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The following table presents outstanding Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities and 90-day delinquencies as of June 30, 2015 by year of origination, geographic region, commodity/collateral type, and original loan-to-value ratio:

Table 15

Farm & Ranch 90-Day Delinquencies as of June 30, 2015
	Distribution of Farm & Ranch Line of Business		Farm & Ranch Line of Business		90-Day Delinquencies(1)		Percentage
	(dollars in thousands)
By year of origination:
Before 2002 and prior	8	%	$	436,033	$	3,942	0.90	%
2003	2	%	137,589		832		0.60	%
2004	3	%	157,052		559		0.36	%
2005	4	%	213,930		61		0.03	%
2006	4	%	201,405		6,725		3.34	%
2007	4	%	198,161		5,934		2.99	%
2008	4	%	243,529		1,315		0.54	%
2009	3	%	177,762		177		0.10	%
2010	5	%	277,622		701		0.25	%
2011	7	%	385,331		9,397		2.44	%
2012	14	%	778,708		—		—	%
2013	21	%	1,128,224		2,209		0.20	%
2014	14	%	779,357		—		—	%
2015	7	%	370,867		—		—	%
Total	100	%	$	5,485,570	$	31,852	0.58	%
By geographic region(2):
Northwest	11	%	$	591,539	$	12,916	2.18	%
Southwest	31	%	1,720,074		4,731		0.28	%
Mid-North	35	%	1,907,771		1,027		0.05	%
Mid-South	12	%	670,976		2,172		0.32	%
Northeast	4	%	209,909		483		0.23	%
Southeast	7	%	385,301		10,523		2.73	%
Total	100	%	$	5,485,570	$	31,852	0.58	%
By commodity/collateral type:
Crops	56	%	$	3,036,565	$	4,185	0.14	%
Permanent plantings	17	%	948,128		21,214		2.24	%
Livestock	22	%	1,216,229		3,916		0.32	%
Part-time farm	3	%	181,555		2,537		1.40	%
Ag. Storage and Processing	2	%	97,004		—		—	%
Other	—		6,089		—		—	%
Total	100	%	$	5,485,570	$	31,852	0.58	%
By original loan-to-value ratio:
0.00% to 40.00%	28	%	$	1,519,879	$	12,226	0.80	%
40.01% to 50.00%	22	%	1,199,417		14,320		1.19	%
50.01% to 60.00%	28	%	1,523,119		2,839		0.19	%
60.01% to 70.00%	20	%	1,102,646		1,675		0.15	%
70.01% to 80.00%(3)	2	%	119,189		792		0.66	%
80.01% to 90.00%(3)	—	%	21,320		—		—	%
Total	100	%	$	5,485,570	$	31,852	0.58	%

⁽¹⁾  Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, and in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

⁽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).

⁽³⁾  Primarily part-time farm loans. Loans with an original loan-to-value ratio of greater than 80% are required to have private mortgage insurance.

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The following table presents Farmer Mac's cumulative net credit losses relative to the cumulative original balance for all Farm & Ranch loans purchased and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2015 by year of origination, geographic region, and commodity/collateral type.  The purpose of this information is to present information regarding losses relative to original Farm & Ranch purchases, guarantees, and commitments.

Table 16

Farm & Ranch Credit Losses Relative to Cumulative
Original Loans, Guarantees, and LTSPCs as of June 30, 2015
	Cumulative Original Loans, Guarantees and LTSPCs		Cumulative Net Credit Losses			Cumulative Loss Rate
	(dollars in thousands)
By year of origination:
Before 2001	$	7,032,722	$	10,987		0.16	%
2001	1,043,874		178			0.02	%
2002	1,087,636		89			0.01	%
2003	933,012		350			0.04	%
2004	739,831		311			0.04	%
2005	894,364		(184		)	(0.02	)%
2006	904,502		9,545			1.06	%
2007	716,403		4,638			0.65	%
2008	782,240		3,247			0.42	%
2009	530,209		1,508			0.28	%
2010	640,023		—			—	%
2011	717,947		—			—	%
2012	1,061,771		—			—	%
2013	1,327,788		—			—	%
2014	887,700		—			—	%
2015	386,295		—			—	%
Total	$	19,686,317	$	30,669		0.16	%
By geographic region(1):
Northwest	$	2,713,378	$	7,402		0.27	%
Southwest	6,930,763		9,036			0.13	%
Mid-North	4,949,834		12,830			0.26	%
Mid-South	2,261,165		(211		)	(0.01	)%
Northeast	1,244,662		169			0.01	%
Southeast	1,586,515		1,443			0.09	%
Total	$	19,686,317	$	30,669		0.16	%
By commodity/collateral type:
Crops	$	9,010,152	$	4,310		0.05	%
Permanent plantings	4,019,132		9,332			0.23	%
Livestock	4,865,347		3,859			0.08	%
Part-time farm	1,014,418		1,156			0.11	%
Ag. Storage and Processing(2)	631,969		12,012			1.90	%
Other	145,299		—			—	%
Total	$	19,686,317	$	30,669		0.16	%

⁽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).

⁽²⁾  As of June 30, 2015, approximately $10.1 million of these loans that are underlying LTSPCs were not yet disbursed by the lender.

Analysis of portfolio performance indicates that commodity type is the primary determinant of Farmer Mac's exposure to loss on a given loan. Within most commodity groups, certain geographic areas allow greater economies of scale or proximity to markets than others and, consequently, may result in more

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successful operations within the commodity group. Certain geographic areas also offer better growing conditions and market access than others and, consequently, may result in more versatile and more successful operators within a given commodity group.  Farmer Mac's board of directors has established policies regarding geographic and commodity concentration to maintain adequate diversification and measure concentration risk.

However, in Farmer Mac's experience, the degree to which the collateral for a commodity group is single-use or highly improved is a more significant determinant of the probability of ultimate losses on a given loan than diversity of geographic location within a commodity group. Commodity groups that tend to be single-use or highly improved include permanent plantings (for example, nut crops), agricultural storage and processing facilities (for example, canola plants and grain processing facilities), and certain livestock facilities (for example, dairy facilities). The versatility of a borrower's operation (and in the case of persisting adverse economic conditions, the borrower's ability to switch commodity groups) will more likely result in profitability for the borrower and, consequently, a lower risk of decreased value for the underlying collateral. Producers of agricultural commodities that require highly improved property are less able to adapt their operations when faced with adverse economic conditions. In addition, in the event of a borrower's default, the prospective sale value of the collateral is more likely to decrease and the related loan may become undercollateralized.  This analysis is consistent with corresponding commodity analyses, which indicate that Farmer Mac has experienced higher loss and collateral deficiency rates in permanent planting loans and Agricultural Storage and Processing loans, for which the collateral is typically highly improved and specialized.

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The following tables present concentrations of Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities by commodity type within geographic region and cumulative credit losses by origination year and commodity type:

Table 17

	As of June 30, 2015
	Farm & Ranch Concentrations by Commodity Type within Geographic Region
	Crops			Permanent Plantings			Livestock			Part-time Farm			Ag. Storage and Processing			Other			Total
	(dollars in thousands)
By geographic region (1):
Northwest	$	305,144		$	86,587		$	160,931		$	25,377		$	13,500		$	—		$	591,539
	5.6		%	1.6		%	2.9		%	0.5		%	0.2		%	—		%	10.8		%
Southwest	528,276			665,560			469,348			40,508			15,956			426			1,720,074
	9.6		%	12.1		%	8.6		%	0.7		%	0.3		%	—		%	31.3		%
Mid-North	1,636,277			27,261			184,705			17,912			37,004			4,612			1,907,771
	29.8		%	0.5		%	3.4		%	0.3		%	0.7		%	0.1		%	34.8		%
Mid-South	390,062			26,212			213,663			27,181			13,541			317			670,976
	7.1		%	0.5		%	3.9		%	0.5		%	0.2		%	—		%	12.2		%
Northeast	72,970			21,576			55,944			50,343			8,939			137			209,909
	1.3		%	0.4		%	1.0		%	0.9		%	0.2		%	—		%	3.8		%
Southeast	103,836			120,932			131,638			20,234			8,064			597			385,301
	2.0		%	2.2		%	2.4		%	0.4		%	0.1		%	—		%	7.1		%
Total	$	3,036,565		$	948,128		$	1,216,229		$	181,555		$	97,004		$	6,089		$	5,485,570
	55.4		%	17.3		%	22.2		%	3.3		%	1.7		%	0.1		%	100.0		%

(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).

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Table 18

	As of June 30, 2015
	Farm & Ranch Cumulative Credit Losses/(Recoveries) by Origination Year and Commodity Type
	Crops			Permanent Plantings			Livestock			Part-time Farm			Ag. Storage and Processing		Total
	(in thousands)
By year of origination:
1995 and Prior	$	277		$	(79	)	$	(107	)	$	—		$	—	$	91
1996	(721		)	2,296			(73		)	—			—		1,502
1997	(397		)	2,785			(131		)	—			—		2,257
1998	(438		)	1,803			1,781			—			—		3,146
1999	(108		)	723			158			296			—		1,069
2000	7			1,907			1,049			(41		)	—		2,922
2001	45			1			132			—			—		178
2002	—			—			—			89			—		89
2003	309			—			—			41			—		350
2004	—			—			162			149			—		311
2005	(87		)	(263		)	—			166			—		(184		)
2006	1,616			—			40			201			7,688		9,545
2007	1,083			11			779			255			2,510		4,638
2008	2,626			—			—			—			621		3,247
2009	98			148			69			—			1,193		1,508
2010	—			—			—			—			—		—
2011	—			—			—			—			—		—
2012	—			—			—			—			—		—
2013	—			—			—			—			—		—
2014	—			—			—			—			—		—
2015	—			—			—			—			—		—
Total	$	4,310		$	9,332		$	3,859		$	1,156		$	12,012	$	30,669

Farmer Mac regularly conducts detailed, statistical stress tests of its portfolio for credit risk and compares those results to current and historical credit quality metrics and to the various statutory, regulatory, and Farmer Mac's board of directors' capital policy metrics. Farmer Mac's methodologies for pricing its guarantee and commitment fees, managing credit risk, and providing adequate allowances for losses consider all of the foregoing factors and information.

Credit Risk – Institutional.  Farmer Mac is exposed to credit risk arising from its business relationships with other institutions including:

• issuers of AgVantage securities;

• approved lenders and servicers; and

• interest rate swap counterparties.

Farmer Mac approves AgVantage counterparties and manages institutional credit risk related to those AgVantage counterparties by requiring them to meet Farmer Mac's standards for creditworthiness for the particular counterparty and transaction.  The required collateralization level is established at the time of issuance and does not change during the life of the security.  In AgVantage transactions, the corporate obligor is required to remove from the pool of pledged collateral any loan that becomes more than 30 days

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delinquent in the payment of principal or interest and to substitute an eligible loan that is current in payment to maintain the minimum required collateralization level.  In the event of a default on the general obligation, Farmer Mac would have recourse to the pledged collateral and have rights to the ongoing borrower payments of principal and interest. For Farm Equity AgVantage counterparties, Farmer Mac also requires that the counterparty (1) maintain a higher collateralization level, through lower loan-to-value ratio thresholds and higher overcollateralization than required for traditional AgVantage securities and (2) comply with specified financial covenants for the life of the related Farm Equity AgVantage security to avoid default. For a more detailed description of AgVantage securities, see "Business—Farmer Mac Lines of Business—Institutional Credit—AgVantage Securities" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015.

The unpaid principal balance of outstanding on-balance sheet AgVantage securities secured by loans eligible for the Farm & Ranch line of business totaled $3.8 billion as of June 30, 2015 and $3.7 billion as of December 31, 2014. The unpaid principal balance of on-balance sheet AgVantage securities secured by loans eligible for the Rural Utilities line of business totaled $2.1 billion as of June 30, 2015 and $1.7 billion as of December 31, 2014. In addition, the unpaid principal balance of outstanding off-balance sheet AgVantage transactions totaled $1.0 billion as of both June 30, 2015 and December 31, 2014.

The following table provides information about the issuers of AgVantage securities, as well as the required collateralization levels for those transactions as of June 30, 2015 and December 31, 2014:

Table 19

	As of June 30, 2015				As of December 31, 2014
Counterparty	Balance		Credit Rating	Required Collateralization	Balance		Credit Rating	Required Collateralization
	(dollars in thousands)
AgVantage:
MetLife(1)	$	2,750,000	AA-	103%	$	2,750,000	AA-	103%
CFC	2,104,605		A	100%	1,741,601		A	100%
Rabo Agrifinance, Inc.	1,700,000		None	106%	1,700,000		None	106%
Other(2)	86,546		(3)	102% to 120%	110,387		(3)	102% to 120%
Farm Equity AgVantage(4)	186,788		None	110%	94,953		None	110%
Total outstanding	$	6,827,939			$	6,396,941

⁽¹⁾  Includes securities issued by Metropolitan Life Insurance Company and MetLife Insurance Company USA.

⁽²⁾  Consists of AgVantage securities issued by 5 different issuers as of both June 30, 2015 and December 31, 2014 .

⁽³⁾  Includes $26.4 million related to an issuer with a credit rating of BBB- and $60.1 million related to 4 issuers without a credit rating as of June 30, 2015 and $50.2 million related to an issuer with a credit rating of BBB- and $60.2 million related to 4 issuers without a credit rating as of December 31, 2014.

⁽⁴⁾  Consists of securities from 2 separate issuers as of both June 30, 2015 and December 31, 2014.

Farmer Mac manages institutional credit risk related to lenders and servicers by requiring those institutions to meet Farmer Mac's standards for creditworthiness.  Farmer Mac monitors the financial condition of those institutions by evaluating financial statements and bank credit rating agency reports.  For more information about Farmer Mac's lender eligibility requirements, see "Business—Farmer Mac Lines of Business—Farm & Ranch—Approved Lenders" and "Business—Farmer Mac Lines of Business—Rural Utilities—Approved Lenders" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015.

Farmer Mac manages institutional credit risk related to its interest rate swap counterparties through collateralization provisions contained in each of its swap agreements that varies based on the market value

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of its swaps portfolio with each counterparty. In addition, Farmer Mac transacts interest rate swaps with multiple counterparties to ensure a more even distribution of institutional credit risk related to its swap transactions. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), mandatory clearing of certain interest rate derivative transactions became effective for Farmer Mac during second quarter 2013, and Farmer Mac has been able to use the clearing process for cleared swap transactions as another mechanism for managing its derivative counterparty risk. Credit risk related to interest rate swap contracts is discussed in "—Risk Management—Interest Rate Risk" and Note 4 to the consolidated financial statements.

Credit Risk–Other Investments. As of June 30, 2015, Farmer Mac had $1.7 billion of cash and cash equivalents and $1.9 billion of investment securities. The management of the credit risk inherent in these investments is governed by Farmer Mac's internal policies as well as FCA regulations, which establish limitations on dollar amount, issuer concentration, and credit quality. Those regulations can be found at 12 C.F.R. §§ 652.1-652.45 (the "Liquidity and Investment Regulations"). In addition to establishing a portfolio of highly liquid investments as an available source of cash, the goals of Farmer Mac's investment policies are designed to minimize Farmer Mac's exposure to financial market volatility, preserve capital, and support Farmer Mac's access to the debt markets.

The Liquidity and Investment Regulations and Farmer Mac's policies generally require each investment or issuer of an investment to be highly rated by a nationally recognized statistical rating organization ("NRSRO").  Investments in mortgage securities and asset-backed securities are required to have a rating in the highest NRSRO category. Corporate debt securities with maturities of no more than five years but more than three years are required to be rated in one of the two highest categories; corporate debt securities with maturities of three years or less are required to be rated in one of the three highest categories.  Some investments do not require a rating, such as U.S. Treasury securities and other obligations fully insured by the United States government or a government agency or diversified investment funds regulated under the Investment Company Act of 1940.  Investments in diversified investment funds are further limited to those funds that are holding only instruments approved for direct investment by Farmer Mac.

The Liquidity and Investment Regulations and Farmer Mac's policies also establish concentration limits, which are intended to limit exposure to any one counterparty. The Liquidity and Investment Regulations limit Farmer Mac's total credit exposure to any single issuer of securities and uncollateralized financial derivatives to 25 percent of Farmer Mac's regulatory capital (as of June 30, 2015, 25 percent of Farmer Mac's regulatory capital was $141.0 million), though Farmer Mac's current policy, for any investments made after the effective date of this policy, limits this total credit exposure to 5 percent of its regulatory capital (as of June 30, 2015, 5 percent of Farmer Mac's regulatory capital was $28.2 million). These exposure limits do not apply to obligations of the United States or GSEs, though Farmer Mac is restricted by the Liquidity and Investment Regulations and its own policy from investing more than 100 percent of its regulatory capital in any one GSE.

Interest Rate Risk.  Farmer Mac is subject to interest rate risk on all assets retained on its balance sheet because of possible timing differences in the cash flows of the assets and related liabilities.  This risk is primarily related to loans held, Farmer Mac Guaranteed Securities, and USDA Securities due to the ability of borrowers to prepay their loans before the scheduled maturities, thereby increasing the risk of asset and liability cash flow mismatches.  Cash flow mismatches in a changing interest rate environment can reduce the earnings of Farmer Mac if assets repay sooner than expected and the resulting cash flows must be reinvested in lower-yielding investments when Farmer Mac's funding costs cannot be correspondingly

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reduced, or if assets repay more slowly than expected and the associated debt must be replaced by higher-cost debt. As discussed below, Farmer Mac manages this interest rate risk by funding assets purchased with liabilities matching the duration and cash flow characteristics of the assets purchased.

The goal of interest rate risk management at Farmer Mac is to create and maintain a portfolio that generates stable earnings and value across a variety of interest rate environments. Farmer Mac's primary strategy for managing interest rate risk is to fund asset purchases with liabilities that have similar duration and cash flow characteristics so that they will perform similarly as interest rates change. To match these characteristics, Farmer Mac issues discount notes and both callable and non-callable medium-term notes across a spectrum of maturities. Farmer Mac issues callable debt to offset the prepayment risk associated with some loans. By using a blend of liabilities that includes callable debt, the interest rate sensitivities of the liabilities tend to increase or decrease as interest rates change in a manner similar to changes in the interest rate sensitivities of the assets. Farmer Mac also uses financial derivatives to better match the durations of Farmer Mac's assets and liabilities, thereby reducing overall interest rate sensitivity.

Taking into consideration the prepayment provisions and the default probabilities associated with its loan assets, Farmer Mac uses prepayment models to project and value cash flows associated with these assets.  Because borrowers' behaviors in various interest rate environments may change over time, Farmer Mac periodically evaluates the effectiveness of these models compared to actual prepayment experience and adjusts and refines the models as necessary to improve the precision of subsequent prepayment forecasts.

In certain cases, yield maintenance provisions and other prepayment penalties contained in agricultural mortgage loans and rural utilities loans reduce, but do not eliminate, prepayment risk.  Those provisions require borrowers to make an additional payment when they prepay their loans, thus compensating Farmer Mac for the shortened duration of the prepaid loan.  As of June 30, 2015, 1 percent of the total outstanding balance of loans in the Farm & Ranch line of business where Farmer Mac either owned the loan or the beneficial interest in the underlying loan had yield maintenance provisions and less than 1 percent had other forms of prepayment protection (together covering 2 percent of all loans with fixed interest rates).  Of the Farm & Ranch loans purchased in second quarter2015, none had yield maintenance or another form of prepayment protection. As of June 30, 2015, none of Farmer Mac's USDA Securities had yield maintenance provisions; however, 6 percent contained prepayment penalties.  Of the USDA Securities purchased in second quarter2015, 6 percent contained various forms of prepayment penalties.  As of June 30, 2015, 61 percent of the rural utilities loans owned by Farmer Mac had yield maintenance provisions.  Farmer Mac did not purchase any rural utilities loans in second quarter2015.  

Farmer Mac's purchases of eligible loan assets expose Farmer Mac to interest rate risk arising primarily from uncertainty as to when the borrowers will repay the outstanding principal balance on the related loans. Generally, the values of Farmer Mac's eligible loan assets, and the debt issued to fund these assets, increase when interest rates decline, and their values decrease as interest rates rise. Furthermore, changes in interest rates may affect loan prepayment rates which may, in turn, affect durations and values of the loans. Declining interest rates generally increase prepayment rates, which shortens the duration of these assets, while rising interest rates tend to slow loan prepayments, thereby extending the duration of the loans.

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Farmer Mac is also subject to interest rate risk on loans that Farmer Mac has committed to acquire (other than delinquent loans through LTSPCs) but has not yet purchased.  When Farmer Mac commits to purchase those loans, it is exposed to interest rate risk between the time it commits to purchase the loans and the time it either:

• sells Farmer Mac Guaranteed Securities backed by the loans; or

• issues debt to retain the loans in its portfolio.

Farmer Mac manages the interest rate risk related to these loans, and any related Farmer Mac Guaranteed Securities or debt issuance, through the use of forward sale contracts on the debt securities of other GSEs and futures contracts involving U.S. Treasury securities.  Farmer Mac uses forward sale contracts on GSE securities to reduce its interest rate exposure to changes in both U.S. Treasury rates and spreads on Farmer Mac debt and certain Farmer Mac Guaranteed Securities. Issuing debt to fund the loans as investments does not fully eliminate interest rate risk due to the possible timing differences in the cash flows of the assets and related liabilities, as discussed above.

Farmer Mac's $1.7 billion of cash and cash equivalents mature within three months and are funded with discount notes having similar maturities. As of June 30, 2015, $1.852 billion of the $1.853 billion of investment securities (nearly 100 percent) were floating rate securities with rates that adjust within one year or fixed rate securities with original maturities between three months and one year. Those securities are funded with effectively floating rate debt that closely matches the rate adjustment dates of the associated investments. As of June 30, 2015, Farmer Mac had outstanding discount notes of $5.2 billion, medium-term notes that mature within one year of $2.4 billion, and medium-term notes that mature after one year of $6.0 billion.

Recognizing that interest rate sensitivity may change with the passage of time and as interest rates change, Farmer Mac assesses this exposure on a regular basis and, if necessary, readjusts its portfolio of assets and liabilities by:

• purchasing assets in the ordinary course of business;

• refinancing existing liabilities; or

• using financial derivatives to alter the characteristics of existing assets or liabilities.

Farmer Mac regularly stress tests its portfolio for interest rate risk and uses a variety of metrics to quantify and manage its interest rate risk. These metrics include sensitivity to interest rate movements of market value of equity ("MVE") and net interest income ("NII") as well as duration gap analysis. MVE represents management's estimate of the present value of all future cash flows from on- and off-balance sheet assets, liabilities, and financial derivatives, discounted at current interest rates and appropriate spreads. However, MVE is not indicative of the market value of Farmer Mac as a going concern because these market values are theoretical and do not reflect future business activities. MVE sensitivity analysis is used to measure the degree to which the market values of Farmer Mac's assets and liabilities change for a given change in interest rates. Because this analysis evaluates the impact of interest rate movements on the value of all future cash flows, this measure provides an evaluation of Farmer Mac's long-term interest rate risk.

Farmer Mac's NII is the difference between the yield on its interest-earning assets and its funding costs. Farmer Mac's NII may be affected by changes in market interest rates resulting from timing differences

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between maturities and re-pricing characteristics of assets and liabilities. The direction and magnitude of any such effect depends on the direction and magnitude of the change in interest rates as well as the composition of Farmer Mac's portfolio. The NII forecast represents an estimate of the net interest income that Farmer Mac's current portfolio is expected to produce over a twelve-month horizon. As a result, NII sensitivity statistics provide a short-term view of Farmer Mac's interest rate sensitivity.

Duration is a measure of a financial instrument's sensitivity to small changes in interest rates. Duration gap is the difference between the estimated durations of Farmer Mac's assets and liabilities. Because duration is a measure of market value sensitivity, duration gap summarizes the extent to which estimated market value sensitivities for assets and liabilities are matched. Duration gap provides a relatively concise measure of the interest rate risk inherent in Farmer Mac's outstanding book of business.

A positive duration gap denotes that the duration of Farmer Mac's assets is greater than the duration of its liabilities. A positive duration gap indicates that the market value of Farmer Mac's assets is more sensitive to small interest rate movements than is the market value of its liabilities. Conversely, a negative duration gap indicates that Farmer Mac's assets are less sensitive to small interest rate movements than are its liabilities.

Each of the metrics is produced using asset/liability models and is derived based on management's best estimates of such factors as projected interest rates, interest rate volatility, and prepayment speeds. Accordingly, these metrics should be understood as estimates rather than precise measurements. In addition, actual results may differ to the extent there are material changes to Farmer Mac's portfolio or changes in strategies undertaken to mitigate unfavorable sensitivities to interest rate changes.

The following schedule summarizes the results of Farmer Mac's MVE and NII sensitivity analysis as of June 30, 2015 and December 31, 2014 to an immediate and instantaneous uniform or "parallel" shift in the yield curve:

Table 20

	Percentage Change in MVE from Base Case
Interest Rate Scenario	As of June 30, 2015		As of December 31, 2014
+100 basis points	0.7	%	3.2	%
-25 basis points	(1.0	)%	(1.8	)%

	Percentage Change in NII from Base Case
Interest Rate Scenario	As of June 30, 2015		As of December 31, 2014
+100 basis points	2.1	%	4.3	%
-25 basis points	(9.3	)%	(8.7	)%

Farmer Mac's board of directors has established policies and procedures regarding MVE and NII sensitivity. These policies include the measurement of MVE and NII sensitivity to more severe decreasing interest rate scenarios that are consistent in magnitude with the increasing interest rate scenarios. However, given the low interest rate environment, such rate scenarios produce negative interest rates, and, as a result, do not produce results that are meaningful. Consequently, Farmer Mac measures and reports MVE and NII sensitivity to a down 25 basis point interest rate shock.

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As of June 30, 2015, Farmer Mac's effective duration gap was minus 1.4 months, compared to minus 2.6 months as of December 31, 2014.  Long-term interest rates increased significantly during second quarter 2015. This rate movement lengthened the duration of Farmer Mac's mortgage assets relative to its liabilities, thereby reducing slightly Farmer Mac's duration gap and overall interest rate sensitivity.

The economic effects of financial derivatives are included in Farmer Mac's MVE, NII, and duration gap analyses.  Farmer Mac enters into the following financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of assets, future cash flows, credit exposure, and debt issuance, not for trading or speculative purposes:

• "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.

As of June 30, 2015, Farmer Mac had $7.5 billion combined notional amount of interest rate swaps, with terms ranging from less than one year to twenty-five years, of which $1.6 billion were pay-fixed interest rate swaps, $4.6 billion were receive-fixed interest rate swaps, and $1.3 billion were basis swaps.

Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its debt to match more closely the cash flow and duration characteristics of its loans and other 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.  Specifically, interest rate swaps synthetically convert the variable cash flows related to the forecasted issuance of short-term debt into effectively fixed rate medium-term notes that match the anticipated duration and interest rate characteristics of the corresponding assets.  Farmer Mac evaluates the overall cost of using the swap market as a funding alternative and uses interest rate swaps to manage specific interest rate risks for specific transactions. Certain financial derivatives are designated as fair value hedges of fixed rate assets classified as available-for-sale to protect against fair value changes in the assets related to a benchmark interest rate (e.g., LIBOR).

Farmer Mac has used callable interest rate swaps (in conjunction with the issuance of short-term debt) as an alternative to callable medium-term notes with equivalently structured maturities and call options.  The call options on the swaps are designed to match the prepayment options on those assets without prepayment protection.  The blended durations of the swaps are also designed to match the duration of the related assets over their estimated lives.  If the assets prepay, the swaps can be called and the short-term debt repaid; if the assets do not prepay, the swaps remain outstanding and the short-term debt is rolled over, effectively providing fixed rate callable funding over the lives of the related assets.  Thus, the economics of the assets are closely matched to the economics of the interest rate swap and funding combination.

As discussed in Note 4 to the consolidated financial statements, all financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. Changes in the fair values of financial derivatives are reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in fair value hedging relationships, changes in the fair values of the hedged items related to the risk being hedged are also

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reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in cash flow hedging relationships, the effective portion of the derivative gain/loss is recorded in other comprehensive income; amounts are disclosed as a reclassification out of other comprehensive income when the hedge transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "Gains/(losses) on financial derivatives and hedging activities".  All of Farmer Mac's financial derivative transactions are conducted under standard collateralized agreements that limit Farmer Mac's potential credit exposure to any counterparty.  As of June 30, 2015, Farmer Mac had uncollateralized net exposures of $0.7 million to three counterparties. As of December 31, 2014, Farmer Mac had uncollateralized net exposures of $0.4 million to two counterparties.

Liquidity and Capital Resources

Farmer Mac regularly accesses the capital markets for funding, and Farmer Mac has maintained access to the capital markets at favorable rates throughout 2014 and the first six months of 2015. Assuming continued access to the capital markets, Farmer Mac believes it has sufficient liquidity and capital resources to support its operations for the next 12 months and for the foreseeable future. Farmer Mac also has a liquidity contingency plan to manage unanticipated disruptions in its access to the capital markets. That plan involves borrowing through repurchase agreement arrangements and the sale of liquid assets. Farmer Mac is required to maintain a minimum of 90 days of liquidity under the Liquidity and Investment Regulations. In accordance with the methodology for calculating available days of liquidity prescribed by those regulations, Farmer Mac maintained an average of 194 days of liquidity during second quarter2015 and had 187 days of liquidity as of June 30, 2015.

Debt Issuance.  Farmer Mac funds its purchases of eligible loan assets and investment assets and finances its operations primarily by issuing debt obligations of various maturities through a network of dealers in the public capital markets.  Farmer Mac works to enhance its funding operations by undertaking extensive debt investor relations initiatives, including conducting non-deal roadshows with institutional investors, making periodic dealer sales force presentations, and speaking at fixed income investor conferences throughout the United States. Debt obligations issued by Farmer Mac include discount notes and fixed and floating rate medium-term notes, including callable notes.

Farmer Mac's board of directors has authorized the issuance of up to $18.0 billion of discount notes and medium-term notes (of which $13.6 billion was outstanding as of June 30, 2015), subject to periodic review of the adequacy of that level relative to Farmer Mac's borrowing requirements. Farmer Mac's board of directors increased that authorization from $15.0 billion to $18.0 billion in June 2015. Farmer Mac invests the proceeds of its debt issuances in purchases of loans, USDA Securities, Farmer Mac Guaranteed Securities, and investment assets in accordance with policies established by its board of directors and subject to regulations established by FCA.

Liquidity.  The funding and liquidity needs of Farmer Mac's lines of business are driven by the purchase and retention of eligible loans, USDA Securities, and Farmer Mac Guaranteed Securities (including AgVantage securities); the maturities of Farmer Mac's discount notes and medium-term notes; and payment of principal and interest on Farmer Mac Guaranteed Securities.  Farmer Mac's primary sources of funds to meet these needs are the proceeds of its debt issuances, fees for its guarantees and commitments, net effective spread, loan repayments, and maturities of AgVantage securities.

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Farmer Mac uses a combination of pay-fixed interest rate swaps and receive-fixed interest rate swaps to mitigate its exposure to interest rate risk and monitors the effects of actual and potential fair value changes on its capital position. From time to time, Farmer Mac uses pay-fixed interest rate swaps, combined with a planned series of discount note or short-term floating rate medium-term note issuances, as an alternative source of effectively fixed rate funding. While the swap market may provide favorable effectively fixed rates, interest rate swap transactions expose Farmer Mac to the risk of future variability of its own issuance spreads versus corresponding LIBOR rates. If the spreads on the Farmer Mac discount notes or short-term floating rate medium-term notes were to deteriorate relative to LIBOR, Farmer Mac would be exposed to a commensurate reduction on its net interest yield on the notional amount of its pay-fixed interest rate swaps and its LIBOR-based floating rate assets. Conversely, if the rates on the Farmer Mac discount notes or short-term floating rate medium-term notes were to improve relative to LIBOR, Farmer Mac would benefit from a commensurate increase on its net interest yield on the notional amount of its pay-fixed interest rate swaps and its LIBOR-based floating rate assets.

Farmer Mac maintains cash, cash equivalents (including U.S. Treasury securities and other short-term money market instruments), and other investment securities that can be drawn upon for liquidity needs.  The following table presents these assets as of June 30, 2015 and December 31, 2014:

Table 21

	As of June 30, 2015		As of December 31, 2014
	(in thousands)
Cash and cash equivalents	$	1,683,156	$	1,363,387
Investment securities:
Guaranteed by U.S. Government and its agencies	1,008,392		1,404,156
Guaranteed by GSEs	728,637		398,600
Corporate debt securities	25,045		40,116
Asset-backed securities	90,431		96,316
Total	$	3,535,661	$	3,302,575

Farmer Mac's asset-backed investment securities include callable, highly rated auction-rate certificates ("ARCs"), the interest rates on which are reset through an auction process, most commonly at intervals of 28 days, or at formula-based floating rates as set forth in the related transaction documents in the event of a failed auction.  These formula-based floating rates, which may at times reset to zero, are intended to preserve the underlying principal balance of the securities and avoid overall cash shortfalls.  Accordingly, payments of accrued interest may be delayed and are ultimately subject to cash availability. Beginning in mid-February 2008, there were widespread failures of the auction mechanism designed to provide regular liquidity to these types of securities.  Consequently, Farmer Mac has not sold any of its ARCs into the auctions since that time.  All ARCs held by Farmer Mac are collateralized entirely by pools of Federal Family Education Loan Program guaranteed student loans that are backed by the full faith and credit of the United States.  Farmer Mac continues to believe that the credit quality of these securities is high, based on the underlying collateralization and the securities' ratings.  To date, Farmer Mac has received all interest due on ARCs it holds and expects to continue to do so. Farmer Mac does not believe that the auction failures will affect Farmer Mac's liquidity or its ability to fund its operations or make dividend payments.  All ARCs held by Farmer Mac are callable by the issuers at par at any time.

The carrying value of Farmer Mac's ARCs investments was $40.2 million as of June 30, 2015, compared to $40.6 million as of December 31, 2014. As of June 30, 2015, Farmer Mac's carrying value of its ARCs was 86 percent of par.  The discounted carrying value reflects uncertainty regarding the ability to obtain

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par in the absence of any active market trading. See Note 8 to the consolidated financial statements for more information on the carrying value of ARCs.

Capital. Farmer Mac is subject to the following capital requirements – minimum, critical, and risk-based. Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. The minimum capital requirement is expressed as a percentage of on-balance sheet assets and off-balance sheet obligations. The critical capital requirement is equal to one-half of the minimum capital amount. Farmer Mac's statutory charter does not specify the required level of risk-based capital but directs FCA to establish a risk-based capital stress test for Farmer Mac, using specified stress test parameters. Certain enforcement powers are given to FCA depending on Farmer Mac's compliance with these capital standards. As of June 30, 2015, Farmer Mac was in compliance with its statutory capital requirements and was classified as within "level I" (the highest compliance level). See Note 7 to the consolidated financial statements for more information about Farmer Mac's capital position and see "Business—Government Regulation of Farmer Mac—Regulation—Capital Standards" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015 for more information on the statutory and regulatory capital requirements applicable to Farmer Mac.

In accordance with FCA's rule on capital planning, Farmer Mac's board of directors has adopted a policy for maintaining a sufficient level of "Tier 1" capital (consisting of retained earnings, paid-in-capital, common stock, qualifying preferred stock, and accumulated other comprehensive income allocable to investments not included in one of the four operating lines of business). That policy imposes restrictions on Tier 1-eligible dividends and any discretionary bonus payments in the event that Tier 1 capital falls below specified thresholds. As of June 30, 2015 and December 31, 2014, Farmer Mac's Tier 1 capital ratio was 11.7% and 11.3%, respectively. For more information about Farmer Mac's capital adequacy policy and FCA's rule on capital planning, see "Business—Government Regulation of Farmer Mac—Regulation—Capital Standards" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015. As of June 30, 2015, Farmer Mac was in compliance with its capital adequacy policy.

Regulatory Matters

The Dodd-Frank Act contains a variety of provisions designed to regulate financial markets. Certain provisions of the Dodd-Frank Act, including those regarding derivatives, corporate governance, and executive compensation, apply to Farmer Mac. Farmer Mac does not expect that any of the final rules that have been passed or that are anticipated to be passed under the Dodd-Frank Act will have a material effect on Farmer Mac's business activities and operations or financial condition. Farmer Mac will continue to monitor all applicable developments in the implementation of the Dodd-Frank Act and expects to be able to adapt successfully to any new applicable legislative and regulatory requirements.

On March 26, 2015, FCA published a proposed rule in the Federal Register to address Farmer Mac's board governance and standards of conduct, including director election procedures, director fiduciary duties, conflicts of interest, and risk governance, as well as Farmer Mac's existing disclosure and reporting requirements. Farmer Mac submitted a comment letter on this proposed rule to FCA on June 24, 2015.

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Other Matters

Common Stock Dividends. For the first and second quarters of 2015, Farmer Mac paid a quarterly dividend of $0.16 per share on all classes of its common stock. For each quarter in 2014, Farmer Mac paid a quarterly dividend of $0.14 per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on common stock could be restricted if it fails to comply with applicable capital requirements. See "Business—Government Regulation of Farmer Mac—Regulation—Capital Standards—Enforcement Levels" in Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 16, 2015.

Preferred Stock Dividends. For each of the first and second quarters of 2015 and for each quarter of 2014, Farmer Mac paid a quarterly dividend of $0.3672 per share on its Series A Preferred Stock. For each of the first and second quarters of 2015 and for the last two quarters of 2014, Farmer Mac paid a quarterly dividend of $0.4297 per share on its Series B Preferred Stock, and for the period from, but not including, its issuance date on March 25, 2014 through and including the regularly scheduled quarterly payment date of April 17, 2014, Farmer Mac paid an initial dividend of $0.105 per share on its Series B Preferred Stock. For each of the first and second quarters of 2015, Farmer Mac paid a quarterly dividend of $0.375 per share on its Series C Preferred Stock, and for the period from, but not including, its issuance date on June 20, 2014 through and including the regularly scheduled quarterly payment date of October 17, 2014, Farmer Mac paid an initial dividend of $0.4875 per share on its Series C Preferred Stock.

Supplemental Information

The following tables present quarterly and annual information regarding new business volume, repayments, and outstanding business volume:

Table 22

New Business Volume
	Farm & Ranch				USDA Guarantees		Rural Utilities		Institutional Credit
	Loans		LTSPCs		USDA Securities		Loans		AgVantage		Total
	(in thousands)
For the quarter ended:
June 30, 2015	$	196,927	$	102,944	$	123,933	$	—	$	307,250	$	731,054
March 31, 2015	130,224		59,311		89,186		8,703		214,915		502,339
December 31, 2014	196,058		72,045		86,942		6,972		454,490		816,507
September 30, 2014	150,243		77,368		97,275		9,936		295,700		630,522
June 30, 2014	159,116		34,850		90,785		4,689		300,775		590,215
March 31, 2014	192,407		185,594		67,984		53,903		228,690		728,578
December 31, 2013	245,770		75,731		58,438		41,374		295,000		716,313
September 30, 2013	193,089		198,783		70,372		5,107		353,500		820,851
June 30, 2013	226,135		99,504		110,897		10,222		200,000		646,758
For the year ended:
December 31, 2014	697,824		369,857		342,986		75,500		1,279,655		2,765,822
December 31, 2013	824,881		540,798		361,894		86,965		1,273,500		3,088,038

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Table 23

Repayments of Assets by Line of Business
	Farm & Ranch						USDA Guarantees		Rural Utilities		Institutional Credit
	Loans		Guaranteed Securities		LTSPCs		USDA Securities		Loans		AgVantage		Total
	(in thousands)
For the quarter ended:
Scheduled	$	8,687	$	11,126	$	34,064	$	31,064	$	19	$	9,245	$	94,205
Unscheduled	48,659		11,299		47,714		45,357		13,910		—		166,939
June 30, 2015	$	57,346	$	22,425	$	81,778	$	76,421	$	13,929	$	9,245	$	261,144
Scheduled	$	39,803	$	21,163	$	53,747	$	33,388	$	25,805	$	81,922	$	255,828
Unscheduled	59,731		16,687		68,330		38,914		390		—		184,052
March 31, 2015	$	99,534	$	37,850	$	122,077	$	72,302	$	26,195	$	81,922	$	439,880
Scheduled	$	7,000	$	19,821	$	28,472	$	16,966	$	—	$	9,349	$	81,608
Unscheduled	29,284		21,907		58,882		31,890		—		—		141,963
December 31, 2014	$	36,284	$	41,728	$	87,354	$	48,856	$	—	$	9,349	$	223,571
Scheduled	$	37,361	$	11,560	$	45,631	$	18,123	$	43,612	$	383,130	$	539,417
Unscheduled	59,601		15,002		54,683		29,539		—		—		158,825
September 30, 2014	$	96,962	$	26,562	$	100,314	$	47,662	$	43,612	$	383,130	$	698,242
Scheduled	$	9,813	$	13,623	$	52,622	$	28,681	$	—	$	361,831	$	466,570
Unscheduled	45,094		13,575		42,550		38,465		19,622		—		159,306
June 30, 2014	$	54,907	$	27,198	$	95,172	$	67,146	$	19,622	$	361,831	$	625,876
Scheduled	$	41,587	$	24,430	$	48,157	$	29,319	$	23,744	$	176,268	$	343,505
Unscheduled	63,329		9,747		59,856		39,086		55,164		—		227,182
March 31, 2014	$	104,916	$	34,177	$	108,013	$	68,405	$	78,908	$	176,268	$	570,687
Scheduled	$	6,729	$	24,367	$	36,063	$	17,463	$	6,897	$	303,087	$	394,606
Unscheduled	54,277		11,586		61,147		30,651		—		—		157,661
December 31, 2013	$	61,006	$	35,953	$	97,210	$	48,114	$	6,897	$	303,087	$	552,267
Scheduled	$	34,455	$	13,133	$	47,143	$	21,235	$	31,994	$	258,488	$	406,448
Unscheduled	84,889		12,232		81,761		39,514		5,259		—		223,655
September 30, 2013	$	119,344	$	25,365	$	128,904	$	60,749	$	37,253	$	258,488	$	630,103
Scheduled	$	7,242	$	11,749	$	50,222	$	26,056	$	—	$	206,511	$	301,780
Unscheduled	46,479		17,682		57,385		65,776		—		—		187,322
June 30, 2013	$	53,721	$	29,431	$	107,607	$	91,832	$	—	$	206,511	$	489,102
For the year ended:
Scheduled	$	95,761	$	69,434	$	174,882	$	93,089	$	67,356	$	930,578	$	1,431,100
Unscheduled	197,308		60,231		215,971		138,980		74,786		—		687,276
December 31, 2014	$	293,069	$	129,665	$	390,853	$	232,069	$	142,142	$	930,578	$	2,118,376
Scheduled	$	82,440	$	77,702	$	170,690	$	94,672	$	61,400	$	846,011	$	1,332,915
Unscheduled	286,825		67,917		264,314		195,684		5,259		—		819,999
December 31, 2013	$	369,265	$	145,619	$	435,004	$	290,356	$	66,659	$	846,011	$	2,152,914

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Table 24

Lines of Business - Outstanding Business Volume
	Farm & Ranch						USDA Guarantees		Rural Utilities		Institutional Credit
	Loans		Guaranteed Securities		LTSPCs		USDA Securities		Loans		AgVantage		Total
	(in thousands)
As of:
June 30, 2015	$	2,710,493	$	575,811	$	2,199,266	$	1,862,430	$	954,188	$	6,827,939	$	15,130,127
March 31, 2015	2,570,912		598,236		2,178,100		1,814,918		968,117		6,529,934		14,660,217
December 31, 2014	2,540,222		636,086		2,240,866		1,798,034		985,609		6,396,941		14,597,758
September 30, 2014	2,380,448		677,814		2,256,175		1,759,948		978,637		5,951,800		14,004,822
June 30, 2014	2,327,167		704,376		2,279,121		1,710,335		1,012,313		6,039,230		14,072,542
March 31, 2014	2,222,958		731,574		2,339,443		1,686,696		1,027,246		6,100,286		14,108,203
December 31, 2013	2,135,467		765,751		2,261,862		1,687,117		1,052,251		6,047,864		13,950,312
September 30, 2013	1,950,704		801,703		2,283,341		1,676,793		1,017,774		6,055,951		13,786,266
June 30, 2013	1,876,958		827,069		2,213,462		1,667,170		1,049,920		5,960,939		13,595,518

Table 25

On-Balance Sheet Outstanding Business Volume
	Fixed Rate		5- to 10-Year ARMs & Resets		1-Month to 3-Year ARMs		Total Held in Portfolio
	(in thousands)
As of:
June 30, 2015	$	5,136,559	$	2,118,999	$	4,102,075	$	11,357,633
March 31, 2015	5,006,542		2,020,600		3,857,363		10,884,505
December 31, 2014	5,020,085		2,002,943		3,697,272		10,720,300
September 30, 2014	4,823,897		1,919,353		3,324,703		10,067,953
June 30, 2014	4,955,560		1,881,625		3,247,011		10,084,196
March 31, 2014	4,890,979		1,834,352		3,304,094		10,029,425
December 31, 2013	4,980,500		1,827,744		3,113,224		9,921,468
September 30, 2013	4,970,420		1,802,255		2,924,785		9,697,460
June 30, 2013	4,714,119		1,871,225		2,964,004		9,549,348

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The following table presents the quarterly net effective spread by segment:

Table 26

	Net Effective Spread by Line of Business
	Farm & Ranch				USDA Guarantees				Rural Utilities				Institutional Credit(1)				Corporate				Net Effective Spread
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
For the quarter ended:
June 30, 2015	$	9,681	1.82	%	$	4,466	0.98	%	$	2,838	1.18	%	$	10,860	0.78	%	$	1,942	0.25	%	$	29,787	0.88	%
March 31, 2015(2)	10,114		1.97	%	4,225		0.95	%	2,804		1.15	%	10,425		0.77	%	1,689		0.20	%	29,257		0.86	%
December 31, 2014(3)	8,682		1.71	%	5,250		1.19	%	2,908		1.18	%	9,871		0.78	%	1,732		0.26	%	28,443		0.91	%
September 30, 2014	8,207		1.68	%	5,073		1.18	%	2,890		1.16	%	9,822		0.78	%	3,773		0.59	%	29,765		0.97	%
June 30, 2014	7,820		1.64	%	4,159		0.99	%	2,953		1.16	%	9,957		0.78	%	4,160		0.57	%	29,049		0.92	%
March 31, 2014(4)	7,114		1.53	%	3,784		0.91	%	1,990		0.73	%	9,406		0.74	%	4,142		0.56	%	26,436		0.84	%
December 31, 2013(4)	10,113		2.20	%	4,022		0.97	%	2,379		0.89	%	9,088		0.72	%	4,420		0.58	%	30,022		0.94	%
September 30, 2013	7,980		1.86	%	4,505		1.09	%	2,974		1.12	%	9,117		0.72	%	4,117		0.57	%	28,693		0.93	%
June 30, 2013	8,228		2.08	%	4,508		1.12	%	3,056		1.14	%	8,805		0.71	%	4,294		0.63	%	28,891		0.97	%

⁽¹⁾  See Note 1(d) to the consolidated financial statements for more information about the reclassification of certain amounts in prior periods from guarantee and commitment fees to interest income related to on-balance sheet Farmer Mac Guaranteed Securities.

⁽²⁾  Beginning in first quarter 2015, Farmer Mac revised its methodology for interest expense allocation among the Farm & Ranch, USDA Guarantees, and Rural Utilities lines of business. As a result of this revision, a greater percentage of interest expense has been allocated to the longer-term assets included within the USDA Guarantees and Rural Utilities lines of business. Net effective spread for periods prior to the quarter ended March 31, 2015 does not reflect this revision.

⁽³⁾  On October 1, 2014, $78.5 million of preferred stock issued by CoBank was called, resulting in a loss of net effective spread of $2.1 million or 30 basis points

in the corporate segment. The impact on consolidated net effective spread was 7 basis points.

⁽⁴⁾  First quarter 2014 includes the impact of spread compression in the Rural Utilities line of business from the early refinancing of loans (41 basis points). Fourth quarter 2013 includes the impact in net effective spread in the Farm & Ranch line of business of one-time adjustments for recovered buyout interest and yield maintenance (40 basis points in aggregate) and the impact of spread compression in the Rural Utilities line of business from the early refinancing of loans (26 basis points).

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The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:

Table 27

	June 2015			March 2015			December 2014			September 2014			June 2014			March 2014			December 2013			September 2013			June 2013
				(in thousands)
Revenues:
Net effective spread(1)	$	29,787		$	29,257		$	28,443		$	29,765		$	29,049		$	26,436		$	30,022		$	28,693		$	28,891
Guarantee and commitment fees	4,085			4,012			4,096			4,153			4,216			4,315			4,252			4,134			4,126
Other(2)	(24		)	(405		)	(1,285		)	(2,001		)	(520		)	(410		)	427			(466		)	3,274
Total revenues	33,848			32,864			31,254			31,917			32,745			30,341			34,701			32,361			36,291
Credit related expense/(income):
Provision for/(release of) losses	1,256			(696		)	(479		)	(804		)	(2,557		)	674			12			(36		)	(704		)
REO operating expenses	—			(1		)	48			1			59			2			3			35			259
Losses/(gains) on sale of REO	—			1			28			—			(168		)	3			(26		)	(39		)	(1,124		)
Total credit related expense/(income)	1,256			(696		)	(403		)	(803		)	(2,666		)	679			(11		)	(40		)	(1,569		)
Operating expenses:
Compensation and employee benefits	5,733			5,693			4,971			4,693			4,889			4,456			4,025			4,523			4,571
General and administrative	3,374			2,823			2,992			3,123			3,288			2,794			3,104			2,827			2,715
Regulatory fees	600			600			600			593			594			594			594			593			594
Total operating expenses	9,707			9,116			8,563			8,409			8,771			7,844			7,723			7,943			7,880
Net earnings	22,885			24,444			23,094			24,311			26,640			21,818			26,989			24,458			29,980
Income tax expense/(benefit)(3)	8,091			6,692			4,858			6,327			(4,734		)	4,334			5,279			6,263			7,007
Net (loss)/income attributable to non-controlling interest	(119		)	5,354			5,414			5,412			5,819			5,547			5,546			5,547			5,547
Preferred stock dividends	3,296			3,295			3,296			3,283			2,308			952			882			881			881
Core earnings	$	11,617		$	9,103		$	9,526		$	9,289		$	23,247		$	10,985		$	15,282		$	11,767		$	16,545
Reconciling items (after-tax effects):
Unrealized gains/(losses) on financial derivatives and hedging activities	10,388			(582		)	(3,717		)	2,685			(3,053		)	(2,395		)	8,003			4,632			11,021
Unrealized gains/(losses) on trading assets	110			236			679			(21		)	(46		)	426			(50		)	(407		)	(212		)
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value	(81		)	(529		)	(811		)	(440		)	(179		)	(8,027		)	(10,864		)	(421		)	(564		)
Net effects of settlements on agency forwards	128			(164		)	(30		)	73			236			(176		)	114			(158		)	955
Loss on retirement of Farmer Mac II LLC Preferred Stock	—			(6,246		)	—			—			—			—			—			—			—
Net income attributable to common stockholders	$	22,162		$	1,818		$	5,647		$	11,586		$	20,205		$	813		$	12,485		$	15,413		$	27,745

⁽¹⁾  The difference between first quarter 2014 and fourth quarter 2013 net effective spread was due to the impact of one-time adjustments for recovered buyout interest and yield maintenance of $1.8 million in fourth quarter 2013, $0.6 million associated with the early refinancing of AgVantage securities and the recasting of certain Rural Utilities loans, and a lower day count in first quarter 2014.

⁽²⁾  Fourth quarter 2014 and third quarter 2014 include $13.6 million and $17.9 million, respectively, of interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased and $12.8 million and $16.4 million, respectively of gains on securities sold, not yet purchased. First quarter 2014 includes additional hedging costs of $0.6 million. Fourth quarter 2013 includes gains on the repurchase of debt of $1.5 million, partially offset by realized losses on the sale of available-for-sale securities of $0.9 million and additional hedging costs of $0.2 million. Second quarter 2013 includes $3.1 million of realized gains from the sale of an available-for-sale investment security.

⁽³⁾  Fourth quarter 2014 and second quarter 2014 reflect a reduction of $1.4 million and $11.6 million, respectively, in the tax valuation allowance against capital loss carryforwards related to capital gains on securities sold, not yet purchased. First quarter 2014 and fourth quarter 2013 reflect a reduction in tax valuation allowance of $0.8 million and $2.1 million, respectively, associated with certain gains on investment portfolio assets. Second quarter 2013 includes the reduction of $1.1 million of tax valuation allowance against capital loss carryforwards related to realized gains from the sale of an available-for-sale investment security.

98

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Farmer Mac is exposed to market risk from changes in interest rates.  Farmer Mac manages this market risk by entering into various financial transactions, including financial derivatives, and by monitoring and measuring its exposure to changes in interest rates.  See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Interest Rate Risk" for more information about Farmer Mac's exposure to interest rate risk and its strategies to manage such risk.  For information regarding Farmer Mac's use of financial derivatives and related accounting policies, see Note 4 to the consolidated financial statements.

Item 4. Controls and Procedures

Management's Evaluation of Disclosure Controls and Procedures. Farmer Mac maintains disclosure controls and procedures designed to ensure that information required to be disclosed in its periodic filings under the Securities Exchange Act of 1934 (the “Exchange Act”), including this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to Farmer Mac's management on a timely basis to allow decisions regarding required disclosure. Management, including Farmer Mac's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of Farmer Mac's disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of June 30, 2015.

Farmer Mac carried out the evaluation of the effectiveness of its disclosure controls and procedures, required by paragraph (b) of Exchange Act Rules 13a-15 and 15d-15, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Farmer Mac's disclosure controls and procedures were effective as of June 30, 2015.

Changes in Internal Control Over Financial Reporting. There were no changes in Farmer Mac's internal control over financial reporting during the three months ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, Farmer Mac's internal control over financial reporting.

99

PART II

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There were no material changes from the risk factors previously disclosed in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)Farmer Mac is a federally chartered instrumentality of the United States and its debt and equity securities are exempt from registration pursuant to Section 3(a)(2) of the Securities Act of 1933.

During second quarter 2015, the following transactions related to Farmer Mac's equity securities that were not registered under the Securities Act of 1933 and were not otherwise reported on a Current Report on Form 8-K occurred:

Class C non-voting common stock. Under Farmer Mac's policy that permits directors of Farmer Mac to elect to receive shares of Class C non-voting common stock in lieu of their cash retainers, Farmer Mac issued an aggregate of 135 shares of its Class C non-voting common stock on April 7, 2015 to the three directors who elected to receive stock in lieu of their cash retainers. Farmer Mac calculated the number of shares issued to the directors based on a price of $28.19 per share, which was the closing price of the Class C non-voting common stock on March 31, 2015 as reported by the New York Stock Exchange.

On April 1, 2015, Farmer Mac granted stock appreciation rights under its 2008 Omnibus Incentive Plan with respect to an aggregate of 64,500 shares of Class C non-voting common stock, at an exercise price of $32.39 per share, to nineteen employees as incentive compensation. On that same day, Farmer Mac also granted 3,088 shares of restricted stock to one employee under its 2008 Omnibus Incentive Plan. All of those shares of restricted stock will "cliff" vest three years after the grant date if the employee remains employed by Farmer Mac at that time.

(b) Not applicable.

(c) None.

Item 3. Defaults Upon Senior Securities

(a) None.

(b) None.

Item 4. Mine Safety Disclosures

Not applicable.

100

Item 5.     Other Information

(a) None.

(b) None.

101

Item 6. Exhibits

(3)           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 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 June 9, 2014).
*	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 Non-Voting Common Stock (Previously filed as Exhibit 4.3 to Form 10-Q filed May 15, 2003).
*	4.4	—	Specimen Certificate for 5.875% Non-Cumulative Preferred Stock, Series A (Previously filed as Exhibit 4.4.1 to Form 10-Q filed May 9, 2013).
*	4.4.1	—	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).
*	4.5	—	Specimen Certificate for 6.875% Non-Cumulative Preferred Stock, Series B (Previously filed as Exhibit 4.5 to Form 10-Q filed May 12, 2014).
*	4.5.1	—	Certificate of Designation of Terms and Conditions of 6.875% Non-Cumulative Preferred Stock, Series B (Previously filed as Exhibit 4.1 to Form 8-A filed March 25, 2014).
*	4.6	—	Specimen Certificate for 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (Previously filed as Exhibit 4.6 to Form 10-Q filed August 11, 2014).
*	4.6.1	—	Certificate of Designation of Terms and Conditions of 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (Previously filed as Exhibit 4.1 to Form 8-A filed June 20, 2014).
*	10.1	—	Form of SARs Award Agreement for grants on or after April 1, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed on April 3, 2015).
*	10.2	—	Form of Performance-Based Restricted Stock Award Agreement for grants made to non-directors on or after April 1, 2015 (Previously filed as Exhibit 10.2 to Form 8-K filed on April 3, 2015).
*	10.3	—	Form of Time-Based Restricted Stock Award Agreement for grants made to non-directors on or after April 1, 2015 (Previously filed as Exhibit 10.3 to Form 8-K filed on April 3, 2015).
**	31.1	—	Certification of Registrant's principal executive officer relating to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, 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 June 30, 2015, 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 June 30, 2015, 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.
†	Management contract or compensatory plan.

102

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

/s/ Timothy L. Buzby		August 10, 2015
By:	Timothy L. Buzby	Date
	President and Chief Executive Officer
	(Principal Executive Officer)

/s/ R. Dale Lynch		August 10, 2015
By:	R. Dale Lynch	Date
	Executive Vice President – Chief Financial Officer
	(Principal Financial Officer)

103

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Timothy L. Buzby, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of the Federal Agricultural Mortgage Corporation for the fiscal quarter ended June 30, 2015;

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.

Date: August 10, 2015

/s/ Timothy L. Buzby

Timothy L. Buzby

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, R. Dale Lynch, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of the Federal Agricultural Mortgage Corporation for the fiscal quarter ended June 30, 2015;

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.

Date: August 10, 2015

/s/ R. Dale Lynch

R. Dale Lynch

Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of the Federal Agricultural Mortgage Corporation (the “Corporation”) for the quarterly period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Timothy L. Buzby, Chief Executive Officer of the Corporation, and R. Dale Lynch, Chief Financial Officer of the Corporation, each hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(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:	August 10, 2015

XML

Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Available-for-sale Securities (Details) - Farmer Mac Guaranteed Securities and USDA Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Due within one year, Amortized Cost	$ 571,035
Available-for-sale Securities, Due after one year through five years, Amortized Cost	1,233,236
Available-for-sale Securities, Due after five years through ten years, Amortized Cost	1,479,773
Available-for-sale Securities, Due after ten years, Amortized Cost	2,559,888
Available-for-sale Securities, Amortized Cost Basis	5,843,932	$ 5,373,437
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Available-for-sale Securities, Due within one year, Fair Value	577,094
Available-for-sale Securities, Due after one year through five years, Fair Value	1,248,863
Available-for-sale Securities, Due after five years through ten years, Fair Value	1,492,590
Available-for-sale Securities, Due after ten years, Fair Value	2,558,067
Available-for-sale, at fair value	$ 5,876,614	$ 5,390,503
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract]
Available-for-sale Securities, Due within one year, Weighted-Average Yield	2.77%
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield	1.35%
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield	1.78%
Available-for-sale Securities, Due after ten years, Weighted-Average Yield	2.37%
Available-for-sale Securities, Total Weighted-Average Yield	2.04%

XML

Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Guarantor Obligations, Nature [Domain] - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1,573,228	$ 1,636,592
Farm & Ranch [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	575,811	636,086
USDA Guarantees [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	10,888	13,978
Institutional Credit [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 986,529	$ 986,528

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Impaired Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Payments to Acquire Other Loans and Leases Held-for-investment	$ 1,300			$ 1,981		$ 440
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	16,195			16,195			$ 22,291
Impaired Financing Receivable, with Related Allowance, Recorded Investment	89,588	[1]		89,588	[1]		61,772	[2]
Impaired Financing Receivable, Recorded Investment	105,783			105,783			84,063
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	16,156			16,156			21,840
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	89,290			89,290			60,597
Impaired Financing Receivable, Unpaid Principal Balance	105,446			105,446			82,437
Impaired Financing Receivable, Related Allowance	5,510			5,510			2,637
Financing Receivable, Recorded Investment, Nonaccrual Status	38,617	[3]		38,617	[3]		30,152	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	98,660		$ 91,212	93,794		93,164
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	341		319	912		881
Financing Receivable, Modifications, Pre-Modification Recorded Investment	1,100		300	1,100
Crops [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	4,272			4,272			4,877
Impaired Financing Receivable, with Related Allowance, Recorded Investment	21,706	[1]		21,706	[1]		10,753	[2]
Impaired Financing Receivable, Recorded Investment	25,978			25,978			15,630
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	4,231			4,231			4,723
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	21,706			21,706			10,042
Impaired Financing Receivable, Unpaid Principal Balance	25,937			25,937			14,765
Impaired Financing Receivable, Related Allowance	536			536			397
Financing Receivable, Recorded Investment, Nonaccrual Status	3,608	[3]		3,608	[3]		5,168	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	24,392		22,969	21,471		23,197
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	58		105	340		275
Permanent Plantings [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	6,352			6,352			5,837
Impaired Financing Receivable, with Related Allowance, Recorded Investment	36,342	[1]		36,342	[1]		33,690	[2]
Impaired Financing Receivable, Recorded Investment	42,694			42,694			39,527
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	6,354			6,354			5,750
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	36,054			36,054			33,393
Impaired Financing Receivable, Unpaid Principal Balance	42,408			42,408			39,143
Impaired Financing Receivable, Related Allowance	1,623			1,623			1,515
Financing Receivable, Recorded Investment, Nonaccrual Status	24,835	[3]		24,835	[3]		14,413	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	42,347		43,329	41,407		44,228
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	142		76	225		270
Livestock [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	4,085			4,085			9,576
Impaired Financing Receivable, with Related Allowance, Recorded Investment	9,341	[1]		9,341	[1]		5,979	[2]
Impaired Financing Receivable, Recorded Investment	13,426			13,426			15,555
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	4,085			4,085			9,386
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	9,335			9,335			5,897
Impaired Financing Receivable, Unpaid Principal Balance	13,420			13,420			15,283
Impaired Financing Receivable, Related Allowance	799			799			361
Financing Receivable, Recorded Investment, Nonaccrual Status	4,230	[3]		4,230	[3]		4,438	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	14,247		12,798	14,683		13,289
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	49		59	197		135
Part-Time Farm [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	1,486			1,486			2,001
Impaired Financing Receivable, with Related Allowance, Recorded Investment	8,699	[1]		8,699	[1]		11,350	[2]
Impaired Financing Receivable, Recorded Investment	10,185			10,185			13,351
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	1,486			1,486			1,981
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	8,695			8,695			11,265
Impaired Financing Receivable, Unpaid Principal Balance	10,181			10,181			13,246
Impaired Financing Receivable, Related Allowance	298			298			364
Financing Receivable, Recorded Investment, Nonaccrual Status	5,944	[3]		5,944	[3]		6,133	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	10,924		12,116	11,733		12,410
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	92		79	150		201
Agriculture Storage and Processing [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	0			0			0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	13,500	[1]		13,500	[1]		0	[2]
Impaired Financing Receivable, Recorded Investment	13,500			13,500			0
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	0			0			0
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	13,500			13,500			0
Impaired Financing Receivable, Unpaid Principal Balance	13,500			13,500			0
Impaired Financing Receivable, Related Allowance	2,254			2,254			0
Financing Receivable, Recorded Investment, Nonaccrual Status	0	[3]		0	[3]		0	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	6,750		0	4,500		0
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	0		0	0		0
Other Commodity [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	0			0			0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	[1]		0	[1]		0	[2]
Impaired Financing Receivable, Recorded Investment	0			0			0
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	0			0			0
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0			0			0
Impaired Financing Receivable, Unpaid Principal Balance	0			0			0
Impaired Financing Receivable, Related Allowance	0			0			0
Financing Receivable, Recorded Investment, Nonaccrual Status	0	[3]		0	[3]		0	[4]
Impaired Financing Receivable, Average Recorded Investment [Abstract]
Impaired Financing Receivable, Average Recorded Investment	0		0	0		40
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract]
Impaired Financing Receivable, Interest Income, Cash Basis Method	0		$ 0	0		$ 0
Collateral Dependent Not Individually Analyzed [Member]
Impaired Financing Receivable, Recorded Investment [Abstract]
Impaired Financing Receivable, Recorded Investment	77,700			77,700			54,400
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Impaired Financing Receivable, Related Allowance	$ 3,800			$ 3,800			$ (1,200)
Impaired Financing Receivable, Impairment analysis performed percent	73.00%			73.00%			65.00%
Less than 90 days past due [Member]
Impaired Financing Receivable, Unpaid Principal Balance [Abstract]
Financing Receivable, Recorded Investment, Nonaccrual Status	$ 12,500	[3]		$ 12,500	[3]		$ 11,700	[4]

[1] Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $77.7 million (73 percent) of impaired loans as of June 30, 2015, which resulted in a specific reserve of $3.8 million.

[2] Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million.

[3] Includes $12.5 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

[4] Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

XML

Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Cash Flows from Off-balance sheet Guaranteed Securities (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Guarantor Obligations [Line Items]
Proceeds from sale of Farmer Mac Guaranteed Securities	$ 99,477	$ 126,857
Proceeds from Fees Received	2,082	2,416
Payments to Acquire Loans and Leases Held-for-investment	1,981	$ 0
Variable Interest Entity, Not Primary Beneficiary [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1,573,228		$ 1,636,592
Farmer Mac Guaranteed Securities [Member]
Guarantor Obligations [Line Items]
Weighted average remaining maturity, Loans underlying guarantees not held by transferor	11 years 7 months 6 days		12 years
Farmer Mac Guaranteed Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value	$ 9,800		$ 11,100
Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 986,529		$ 986,528
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member]
Guarantor Obligations [Line Items]
Weighted average remaining maturity, Loans underlying guarantees not held by transferor	1 year 11 months		2 years 5 months 5 days

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Allowance for Loan Losses			$ 5,864
Beginning Balance - Reserve for Losses			4,263
Beginning Balance - Total Allowance for Losses	$ 9,431	$ 13,979	10,127	$ 13,334
(Provision for)/release of allowance for loan losses	(110)	1,583	(186)	1,010
Provision for/(release of) reserve for losses	1,146	(974)	374	(873)
Total (release of)/provision for losses	1,256	(2,557)	560	(1,883)
Financing Receivable, Allowance for Credit Losses, Write-downs	(111)	(57)	(111)	(86)
Ending Balance - Allowance for Loan Losses	5,939		5,939
Ending Balance - Reserve for Losses	4,637		4,637
Ending Balance - Total Allowance for Losses	10,576	11,365	10,576	11,365
Crops [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	2,640	2,278	2,519	2,124
Total (release of)/provision for losses	13	112	134	266
Financing Receivable, Allowance for Credit Losses, Write-downs	0	0	0	0
Ending Balance - Total Allowance for Losses	2,653	2,390	2,653	2,390
Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	2,284	2,131	2,159	2,186
Total (release of)/provision for losses	(63)	86	62	31
Financing Receivable, Allowance for Credit Losses, Write-downs	0	0	0	0
Ending Balance - Total Allowance for Losses	2,221	2,217	2,221	2,217
Livestock [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	1,343	1,387	1,423	1,271
Total (release of)/provision for losses	417	(19)	337	97
Financing Receivable, Allowance for Credit Losses, Write-downs	0	(57)	0	(57)
Ending Balance - Total Allowance for Losses	1,760	1,311	1,760	1,311
Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	459	464	467	454
Total (release of)/provision for losses	85	(20)	77	19
Financing Receivable, Allowance for Credit Losses, Write-downs	(111)	0	(111)	(29)
Ending Balance - Total Allowance for Losses	433	444	433	444
Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	2,698	7,715	3,552	7,292
Total (release of)/provision for losses	804	(2,716)	(50)	(2,293)
Financing Receivable, Allowance for Credit Losses, Write-downs	0	0	0	0
Ending Balance - Total Allowance for Losses	3,502	4,999	3,502	4,999
Other Commodity [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Total Allowance for Losses	7	4	7	7
Total (release of)/provision for losses	0	0	0	(3)
Financing Receivable, Allowance for Credit Losses, Write-downs	0	0	0	0
Ending Balance - Total Allowance for Losses	7	4	7	4
Allowance for Loan and Lease Losses [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Allowance for Loan Losses	5,940	7,410	5,864	6,866
(Provision for)/release of allowance for loan losses	(110)	1,583	(186)	1,010
Financing Receivable, Allowance for Credit Losses, Write-downs	(111)	(57)	(111)	(86)
Ending Balance - Allowance for Loan Losses	5,939	5,770	5,939	5,770
Reserve for Off-balance Sheet Activities [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning Balance - Reserve for Losses	3,491	6,569	4,263	6,468
Provision for/(release of) reserve for losses	1,146	(974)	374	(873)
Financing Receivable, Allowance for Credit Losses, Write-downs	0	0	0	0
Ending Balance - Reserve for Losses	$ 4,637	$ 5,595	$ 4,637	$ 5,595

XML

Investment Securities - Narrative (Details) - Investment Securities [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of available-for-sale investment securities	$ 0	$ 720,500,000	$ 74,998,000	$ 730,527,000
Available-for-sale Securities, Gross Realized Losses	0	0	0	0
Available-for-sale Securities, Gross Realized Gains	$ 0	$ 100,000	$ 6,000	$ 200,000

XML

Equity - Non-controlling interest (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 25, 2010	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Preferred Stock Redemption Premium		$ 0	$ 0	$ 8,147	$ 0
Farmer Mac II LLC [Member]
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 250,000
Farmer Mac II LLC [Member] | Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share		$ 1,000		$ 1,000
Farmer Mac II LLC [Member] | Private Placement [Member] | Preferred Stock [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	250,000
Non-controlling Interest - Preferred Stock [Member]
Class of Stock [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			$ 6,000	$ 235,853	$ 6,000

XML

Fair Value Disclosures - Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of June 30, 2015 and December 31, 2014, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 8.1

Assets and Liabilities Measured at Fair Value as of June 30, 2015
	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	$	—	$	—	$	40,182	$	40,182
Floating rate asset-backed securities	—		91,178		—		91,178
Floating rate corporate debt securities	—		10,060		—		10,060
Fixed rate corporate debt securities	—		14,985		—		14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	—		711,060		—		711,060
Fixed rate GSE guaranteed mortgage-backed securities	—		8,047		—		8,047
Floating rate GSE subordinated debt	—		65,972		—		65,972
Fixed rate senior agency debt	—		297,845		—		297,845
Fixed rate U.S. Treasuries	612,570		—		—		612,570
Total available-for-sale	612,570		1,199,147		40,182		1,851,899
Trading:
Floating rate asset-backed securities	—		—		606		606
Total trading	—		—		606		606
Total Investment Securities	612,570		1,199,147		40,788		1,852,505
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		4,016,200		4,016,200
Farmer Mac Guaranteed USDA Securities	—		—		35,008		35,008
Total Farmer Mac Guaranteed Securities	—		—		4,051,208		4,051,208
USDA Securities:
Available-for-sale	—		—		1,825,406		1,825,406
Trading	—		—		33,770		33,770
Total USDA Securities	—		—		1,859,176		1,859,176
Financial derivatives	—		7,455		—		7,455
Total Assets at fair value	$	612,570	$	1,206,602	$	5,951,172	$	7,770,344
Liabilities:
Financial derivatives	$	58	$	69,315	$	—	$	69,373
Total Liabilities at fair value	$	58	$	69,315	$	—	$	69,373
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	10,125	$	10,125
Total Nonrecurring Assets at fair value	$	—	$	—	$	10,125	$	10,125

Assets and Liabilities Measured at Fair Value as of December 31, 2014
	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	$	—	$	—	$	40,576	$	40,576
Floating rate asset-backed securities	—		100,902		—		100,902
Floating rate corporate debt securities	—		10,091		—		10,091
Fixed rate corporate debt	—		30,025		—		30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	—		612,753		—		612,753
Fixed rate GSE guaranteed mortgage-backed securities	—		8,202		—		8,202
Floating rate GSE subordinated debt	—		66,320		—		66,320
Fixed rate senior agency debt	—		18,939		—		18,939
Floating rate U.S. Treasuries	74,979		—		—		74,979
Fixed rate U.S. Treasuries	975,712		—		—		975,712
Total available-for-sale	1,050,691		847,232		40,576		1,938,499
Trading:
Floating rate asset-backed securities	—		—		689		689
Total trading	—		—		689		689
Total Investment Securities	1,050,691		847,232		41,265		1,939,188
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		3,631,662		3,631,662
Farmer Mac Guaranteed USDA Securities	—		—		27,619		27,619
Total Farmer Mac Guaranteed Securities	—		—		3,659,281		3,659,281
USDA Guaranteed Securities:
Available-for-sale	—		—		1,731,222		1,731,222
Trading	—		—		40,310		40,310
Total USDA Guaranteed Securities	—		—		1,771,532		1,771,532
Financial derivatives	—		4,177		—		4,177
Total Assets at fair value	$	1,050,691	$	851,409	$	5,472,078	$	7,374,178
Liabilities:
Financial derivatives	$	3	$	84,841	$	—	$	84,844
Total Liabilities at fair value	$	3	$	84,841	$	—	$	84,844
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	5,973	$	5,973
Total Nonrecurring Assets at fair value	$	—	$	—	$	5,973	$	5,973

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three months ended June 30, 2015.

Table 8.2

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2015
	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	$	40,379	$	—	$	—	$	—		$	—		$	(197	)	$	40,182
Total available-for-sale	40,379		—		—		—			—			(197		)	40,182
Trading:
Floating rate asset-backed securities (1)	638		—		—		(190		)	158			—			606
Total trading	638		—		—		(190		)	158			—			606
Total Investment Securities	41,017		—		—		(190		)	158			(197		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,818,704		249,260		—		(9,245		)	(11,354		)	(31,165		)	4,016,200
Farmer Mac Guaranteed USDA Securities	23,505		12,512		—		(1,766		)	—			757			35,008
Total Farmer Mac Guaranteed Securities	3,842,209		261,772		—		(11,011		)	(11,354		)	(30,408		)	4,051,208
USDA Securities:
Available-for-sale	1,794,844		111,421		—		(69,192		)	—			(11,667		)	1,825,406
Trading (2)	37,593		—		—		(3,834		)	11			—			33,770
Total USDA Securities	1,832,437		111,421		—		(73,026		)	11			(11,667		)	1,859,176
Total Assets at fair value	$	5,715,663	$	373,193	$	—	$	(84,227	)	$	(11,185	)	$	(42,272	)	$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the the Three Months Ended June 30, 2014
	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	$	64,963		$	—	$	(12,125	)	$	—		$	(375	)	$	2,513		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	203			—		—			(7		)	—			(1		)	195
Total available-for-sale	65,166			—		(12,125		)	(7		)	(375		)	2,512			55,171
Trading:
Floating rate asset-backed securities(1)	923			—		—			(131		)	88			—			880
Total trading	923			—		—			(131		)	88			—			880
Total Investment Securities	66,089			—		(12,125		)	(138		)	(287		)	2,512			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,467,655			295,775		—			(356,319		)	3,818			5,583			3,416,512
Farmer Mac Guaranteed USDA Securities	21,608			—		—			(191		)	—			(373		)	21,044
Total Farmer Mac Guaranteed Securities	3,489,263			295,775		—			(356,510		)	3,818			5,210			3,437,556
USDA Securities:
Available-for-sale	1,600,659			90,785		—			(59,640		)	—			5,126			1,636,930
Trading(2)	51,102			—		—			(4,843		)	(160		)	—			46,099
Total USDA Securities	1,651,761			90,785		—			(64,483		)	(160		)	5,126			1,683,029
Total Assets at fair value	$	5,207,113		$	386,560	$	(12,125	)	$	(421,131	)	$	3,371		$	12,848		$	5,176,636
Liabilities:
Financial derivatives	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—
Total Liabilities at fair value	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes immaterial unrealized losses attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the the Six Months Ended June 30, 2015
	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	$	40,576	$	—	$	—	$	—		$	—		$	(394	)	$	40,182
Total available-for-sale	40,576		—		—		—			—			(394		)	40,182
Trading:
Floating rate asset-backed securities(1)	689		—		—		(437		)	354			—			606
Total trading	689		—		—		(437		)	354			—			606
Total Investment Securities	41,265		—		—		(437		)	354			(394		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,631,662		464,175		—		(66,997		)	(2,478		)	(10,162		)	4,016,200
Farmer Mac Guaranteed USDA Securities	27,619		12,512		—		(6,418		)	—			1,295			35,008
Total Farmer Mac Guaranteed Securities	3,659,281		476,687		—		(73,415		)	(2,478		)	(8,867		)	4,051,208
USDA Securities:
Available-for-sale	1,731,222		200,607		—		(133,383		)	—			26,960			1,825,406
Trading(2)	40,310		—		—		(6,717		)	177			—			33,770
Total USDA Securities	1,771,532		200,607		—		(140,100		)	177			26,960			1,859,176
Total Assets at fair value	$	5,472,078	$	677,294	$	—	$	(213,952	)	$	(1,947	)	$	17,699		$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.2 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2014
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/(Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehen-sive Income		Transfers Out			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	65,285		$	—	$	(12,125	)	$	—		$	(375	)	$	2,191	$	—		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	205			—		—			(11		)	—			1		—			195
Total available-for-sale	65,490			—		(12,125		)	(11		)	(375		)	2,192		—			55,171
Trading:
Floating rate asset-backed securities(1)	928			—		—			(414		)	366			—		—			880
Total trading	928			—		—			(414		)	366			—		—			880
Total Investment Securities	66,418			—		(12,125		)	(425		)	(9		)	2,192		—			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	5,070,366			465,775		—			(532,588		)	6,568			18,477		(1,612,086		)	3,416,512
Farmer Mac Guaranteed USDA Securities	21,234			—		—			(362		)	—			172		—			21,044
Total Farmer Mac Guaranteed Securities	5,091,600			465,775		—			(532,950		)	6,568			18,649		(1,612,086		)	3,437,556
USDA Securities:
Available-for-sale	1,553,669			158,769		—			(120,095		)	—			44,587		—			1,636,930
Trading(2)	58,344			—		—			(12,462		)	217			—		—			46,099
Total USDA Securities	1,612,013			158,769		—			(132,557		)	217			44,587		—			1,683,029
Total Assets at fair value	$	6,770,031		$	624,544	$	(12,125	)	$	(665,932	)	$	6,776		$	65,428	$	(1,612,086	)	$	5,176,636
Liabilities:
Financial derivatives	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—
Total Liabilities at fair value	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes unrealized gains of $0.7 million attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block]

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of June 30, 2015 and December 31, 2014.

Table 8.3

	As of June 30, 2015
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	$	40,182	Indicative bids	Range of broker quotes	82.0% - 94.0% (86.2%)
Floating rate asset-backed securities	$	606	Discounted cash flow	Discount rate	15.5% - 21.7% (18.9%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	4,016,200	Discounted cash flow	Discount rate	0.8% - 3.3% (1.5%)
Farmer Mac Guaranteed USDA Securities	$	35,008	Discounted cash flow	Discount rate	1.0% - 3.9% (1.9%)
				CPR	8% - 20% (11%)
USDA Securities	$	1,859,176	Discounted cash flow	Discount rate	1.1% - 5.3% (3.1%)
				CPR	0% - 18% (7%)

	As of December 31, 2014
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	$	40,576	Indicative bids	Range of broker quotes	82.0% - 94.0% (87.1%)
Floating rate asset-backed securities	$	689	Discounted cash flow	Discount rate	14.3% - 23.9% (19.1%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	3,631,662	Discounted cash flow	Discount rate	0.7% - 2.7% (1.3%)
Farmer Mac Guaranteed USDA Securities	$	27,619	Discounted cash flow	Discount rate	0.8% - 3.6% (1.9%)
				CPR	0% - 21% (9%)
USDA Securities	$	1,771,532	Discounted cash flow	Discount rate	1.1% - 5.3% (3.2%)
				CPR	0% - 20% (8%)

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2015 and December 31, 2014:

Table 8.4

	As of June 30, 2015				As of December 31, 2014
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
	(in thousands)
Financial assets:
Cash and cash equivalents	$	1,683,156	$	1,683,156	$	1,363,387	$	1,363,387
Investment securities	1,852,505		1,852,505		1,939,188		1,939,188
Farmer Mac Guaranteed Securities	5,887,504		5,873,235		5,459,857		5,453,901
USDA Securities	1,859,176		1,859,176		1,771,532		1,771,532
Loans	3,735,725		3,659,632		3,547,424		3,520,075
Financial derivatives	7,455		7,455		4,177		4,177
Guarantee and commitment fees receivable:
LTSPCs	29,713		27,539		29,095		27,807
Farmer Mac Guaranteed Securities	10,389		10,308		11,876		11,655
Financial liabilities:
Notes payable:
Due within one year	7,634,681		7,632,668		7,357,770		7,353,953
Due after one year	6,079,672		6,013,237		5,556,570		5,471,186
Debt securities of consolidated trusts held by third parties	520,755		516,004		423,085		424,214
Financial derivatives	69,373		69,373		84,844		84,844
Guarantee and commitment obligations:
LTSPCs	28,807		26,633		28,130		26,843
Farmer Mac Guaranteed Securities	9,865		9,784		11,303		11,082

The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for sale, loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired in Transfer (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) defaulted_loan	Jun. 30, 2014 USD ($) defaulted_loan	Jun. 30, 2015 USD ($) defaulted_loan	Jun. 30, 2014 USD ($) defaulted_loan	Dec. 31, 2014 USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Number Defaulted | defaulted_loan	1	0	2	1
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period	$ 1,324	$ 0	$ 1,981	$ 440
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition, During the Period	0	0	0	440
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses	57	17	109	69
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases	0	5	121	7
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance	25,484		25,484		$ 24,921
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net	22,546		22,546		$ 22,149
Payments to Acquire Other Loans and Leases Held-for-investment	1,300		1,981	440
Long-Term Standby Purchase Commitments [Member]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period	0	0	0	440
Farmer Mac Guaranteed Securities [Member]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Balance During Period	$ 1,324	$ 0	$ 1,981	$ 0

XML

Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 7,542,090	$ 6,837,571
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	7,455	4,177
Financial derivatives, at fair value	69,373	84,844
Derivative, Collateral [Abstract]
Collateral Pledged	35,335	46,627
Derivative Asset	7,455	4,177
Derivative Liability	34,038	38,217
Cash [Member]
Derivative, Collateral [Abstract]
Obligation to Return Securities Received as Collateral	0	0
Collateral Pledged	35,300	46,600
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	1,026,075	1,000,000
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	963	0
Financial derivatives, at fair value	$ 24,366	$ 31,718
Derivative, Weighted-Average Pay Rate	2.46%	2.47%
Derivative, Weighted-Average Receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	3 years 7 months 24 days	3 years 11 months 23 days
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 92,000	$ 15,000
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	866	0
Financial derivatives, at fair value	$ 335	$ 289
Derivative, Weighted-Average Pay Rate	2.16%	2.43%
Derivative, Weighted-Average Receive Rate	0.48%	0.51%
Derivative, Average Remaining Maturity	6 years 11 months 5 days	6 years 2 months 23 days
Not Designated as Hedging Instrument [Member]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Derivative Credit Risk Valuation Adjustment, Derivative Assets	$ 20	$ 22
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities	247	187
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	519,408	490,183
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	1,425	537
Financial derivatives, at fair value	$ 43,645	$ 51,224
Derivative, Weighted-Average Pay Rate	4.06%	4.23%
Derivative, Weighted-Average Receive Rate	0.28%	0.23%
Derivative, Average Remaining Maturity	8 years 9 months 18 days	7 years 18 days
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 4,062,734	$ 3,829,355
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	4,093	3,414
Financial derivatives, at fair value	$ 313	$ 461
Derivative, Weighted-Average Pay Rate	0.16%	0.14%
Derivative, Weighted-Average Receive Rate	0.35%	0.27%
Derivative, Average Remaining Maturity	6 months 29 days	6 months 18 days
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Callable [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 487,565	$ 383,565
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	54	1
Financial derivatives, at fair value	$ 437	$ 877
Derivative, Weighted-Average Pay Rate	0.13%	0.12%
Derivative, Weighted-Average Receive Rate	0.82%	1.34%
Derivative, Average Remaining Maturity	2 years 6 months 4 days	3 years 5 months 19 days
Not Designated as Hedging Instrument [Member] | Basis Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 1,295,000	$ 1,105,000
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	74	247
Financial derivatives, at fair value	$ 258	$ 406
Derivative, Weighted-Average Pay Rate	0.12%	0.11%
Derivative, Weighted-Average Receive Rate	0.29%	0.31%
Derivative, Average Remaining Maturity	2 years 8 months 5 days	2 years 5 months 1 day
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 45,608	$ 12,768
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	0	0
Financial derivatives, at fair value	$ 208	$ 53
Derivative, Weighted-Average Forward Price	$ 99.05	$ 101.00
Not Designated as Hedging Instrument [Member] | Future [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	$ 13,700	$ 1,700
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract]
Financial derivatives, at fair value	0	0
Financial derivatives, at fair value	$ 58	$ 3
Derivative, Weighted-Average Forward Price	$ 125.75	$ 126.60

XML

Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	$ 5,841,735	$ 5,370,717
Available-for-sale Securities, Amortized Cost Basis	5,843,932	5,373,437
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	75,578	48,529
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	42,896	31,463
Available-for-sale, at fair value	5,876,614	5,390,503
Farmer Mac Guaranteed Securities [Member]
Held-to-Maturity Securities [Abstract]
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	1,822,027
Held-to-maturity Securities, Fair Value	1,836,296
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	4,056,073	3,652,904
Available-for-sale Securities, Amortized Cost Basis	4,055,734	3,652,462
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	38,335	36,679
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	42,861	29,860
Available-for-sale, at fair value	4,051,208	3,659,281
USDA Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-sale, at fair value	1,825,406	1,731,222
Trading Securities [Abstract]
Trading, at fair value	33,770	40,310
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities and USDA Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	2,197	2,720
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	(339)	(442)
Institutional Credit [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	2,100	2,400
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member]
Held-to-Maturity Securities [Abstract]
Held-to-Maturity Unpaid Principal Balance	1,819,159	1,785,340
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	1,822,027	1,794,620
Held to Maturity; Unrealized Holding Gains	14,269	6,211
Held to Maturity - Unrealized Holding Loss	0	(255)
Held-to-maturity Securities, Fair Value	1,836,296	1,800,576
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	4,022,251	3,625,073
Available-for-sale Securities, Amortized Cost Basis	4,022,251	3,625,073
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	36,810	36,442
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	42,861	29,853
Available-for-sale, at fair value	4,016,200	3,631,662
Institutional Credit [Member] | Held-to-maturity Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	2,868	9,280
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	0	0
USDA Guarantees [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	1,200	(200)
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	33,822	27,831
Available-for-sale Securities, Amortized Cost Basis	33,483	27,389
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	1,525	237
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	0	7
Available-for-sale, at fair value	35,008	27,619
USDA Guarantees [Member] | USDA Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	1,785,662	1,717,813
Available-for-sale Securities, Amortized Cost Basis	1,788,198	1,720,975
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	37,243	11,850
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	35	1,603
Available-for-sale, at fair value	1,825,406	1,731,222
Trading Securities [Abstract]
Trading Securities Unpaid Principal Balance	32,058	38,412
Trading Securities, Debt, Amortized Cost	34,442	41,160
Trading Securities, Unrealized Gains	100	114
Trading Securities, Unrealized Holding Loss	772	964
Trading, at fair value	33,770	40,310
USDA Guarantees [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	(339)	(442)
USDA Guarantees [Member] | Available-for-sale Securities [Member] | USDA Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	2,536	3,162
USDA Guarantees [Member] | Trading Securities [Member] | USDA Securities [Member]
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]
Unamortized Premium/(Discount)	$ 2,384	$ 2,748

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[2]	$ 5,485,570		$ 5,417,174
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[3]	31,852	[1]	18,917	[4]
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	5,234,064		5,172,691
Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	115,084		111,888
Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	136,422		132,595
On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	2,710,493		2,540,222
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[3]	26,140	[1]	18,427	[4]
On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	2,585,642		2,419,285
On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	50,210		54,495
On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	74,641		66,442
Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	2,775,077		2,876,952
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[3]	5,712	[1]	490	[4]
Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	2,648,422		2,753,406
Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	64,874		57,393
Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	61,781		66,153
Crops [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	3,036,565		2,941,266
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		4,185	[1]	4,175	[4]
Crops [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	2,956,536		2,887,319
Crops [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	48,030		30,417
Crops [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	31,999		23,530
Crops [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,768,682		1,633,667
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		1,296	[1]	4,175	[4]
Crops [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,735,454		1,604,546
Crops [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	12,856		16,814
Crops [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	20,372		12,307
Crops [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,267,883		1,307,599
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		2,889	[1]	0	[4]
Crops [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,221,082		1,282,773
Crops [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	35,174		13,603
Crops [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	11,627		11,223
Permanent Plantings [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	948,128		920,195
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		21,214	[1]	6,869	[4]
Permanent Plantings [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	891,918		856,901
Permanent Plantings [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	10,185		18,180
Permanent Plantings [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	46,025		45,114
Permanent Plantings [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	416,206		395,421
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		20,606	[1]	6,869	[4]
Permanent Plantings [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	377,534		353,487
Permanent Plantings [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	0		6,030
Permanent Plantings [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	38,672		35,904
Permanent Plantings [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	531,922		524,774
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		608	[1]	0	[4]
Permanent Plantings [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	514,384		503,414
Permanent Plantings [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	10,185		12,150
Permanent Plantings [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	7,353		9,210
Livestock [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,216,229		1,260,618
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		3,916	[1]	5,045	[4]
Livestock [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	1,139,620		1,174,057
Livestock [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	53,218		61,320
Livestock [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	23,391		25,241
Livestock [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	423,122		412,620
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		1,802	[1]	4,555	[4]
Livestock [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	382,150		375,010
Livestock [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	34,854		31,039
Livestock [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	6,118		6,571
Livestock [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	793,107		847,998
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		2,114	[1]	490	[4]
Livestock [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	757,470		799,047
Livestock [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	18,364		30,281
Livestock [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	17,273		18,670
Part-Time Farm [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	181,555		173,954
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		2,537	[1]	2,828	[4]
Part-Time Farm [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	163,175		154,931
Part-Time Farm [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	3,643		1,963
Part-Time Farm [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	14,737		17,060
Part-Time Farm [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	77,332		69,511
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		2,436	[1]	2,828	[4]
Part-Time Farm [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	65,353		57,239
Part-Time Farm [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	2,500		612
Part-Time Farm [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	9,479		11,660
Part-Time Farm [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	104,223		104,443
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		101	[1]	0	[4]
Part-Time Farm [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	97,822		97,692
Part-Time Farm [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	1,143		1,351
Part-Time Farm [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	5,258		5,400
Agriculture Storage and Processing [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	97,004		114,360
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Agriculture Storage and Processing [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	77,370		93,366
Agriculture Storage and Processing [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	0		0
Agriculture Storage and Processing [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	19,634		20,994
Agriculture Storage and Processing [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	25,071		29,003
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	25,071		29,003
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	0		0
Agriculture Storage and Processing [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	0		0
Agriculture Storage and Processing [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	71,933		85,357
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	52,299		64,363
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	0		0
Agriculture Storage and Processing [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	19,634		20,994
Other Commodity [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	6,089		6,781
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Other Commodity [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	5,445		6,117
Other Commodity [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	8		8
Other Commodity [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	636		656
Other Commodity [Member] | On-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	80		0
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Other Commodity [Member] | On-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	80		0
Other Commodity [Member] | On-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	0		0
Other Commodity [Member] | On-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	0		0
Other Commodity [Member] | Off-balance sheet [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	6,009		6,781
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due		0	[1]	0	[4]
Other Commodity [Member] | Off-balance sheet [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1]	5,365		6,117
Other Commodity [Member] | Off-balance sheet [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[5]	8		8
Other Commodity [Member] | Off-balance sheet [Member] | Substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Gross	[1],[6]	$ 636		$ 656

[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] 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).

[3] Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

[4] (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.

[5] Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

[6] 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.

XML

Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		$ 5,715,663		$ 5,207,113		$ 5,472,078		$ 6,770,031
Purchases		373,193		386,560		677,294		624,544
Sales		0		(12,125)		0		(12,125)
Settlements		(84,227)		(421,131)		(213,952)		(665,932)
Realized and Unrealized Gains/(Losses) included in Income		(11,185)		3,371		(1,947)		6,776
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(42,272)		12,848		17,699		65,428
Transfers Out								(1,612,086)
Ending Balance		5,951,172		5,176,636		5,951,172		5,176,636
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance				(161)				(235)
Purchases				0				0
Sales				0				0
Settlements				0				0
Realized and Unrealized Gains/(Losses) included in Income				161				235
Unrealized Gains/(Losses) included in Other Comprehen-sive Income				0				0
Transfers Out								0
Ending Balance				0				0
Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		41,017		66,089		41,265		66,418
Purchases		0		0		0		0
Sales		0		(12,125)		0		(12,125)
Settlements		(190)		(138)		(437)		(425)
Realized and Unrealized Gains/(Losses) included in Income		158		(287)		354		(9)
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(197)		2,512		(394)		2,192
Transfers Out								0
Ending Balance		40,788		56,051		40,788		56,051
USDA Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading Securities, Unrealized Gains		100				200		700
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		1,832,437		1,651,761		1,771,532		1,612,013
Purchases		111,421		90,785		200,607		158,769
Sales		0		0		0		0
Settlements		(73,026)		(64,483)		(140,100)		(132,557)
Realized and Unrealized Gains/(Losses) included in Income		11		(160)		177		217
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(11,667)		5,126		26,960		44,587
Transfers Out								0
Ending Balance		1,859,176		1,683,029		1,859,176		1,683,029
Available-for-sale Securities [Member] | Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		40,379		65,166		40,576		65,490
Purchases		0		0		0		0
Sales		0		(12,125)		0		(12,125)
Settlements		0		(7)		0		(11)
Realized and Unrealized Gains/(Losses) included in Income		0		(375)		0		(375)
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(197)		2,512		(394)		2,192
Transfers Out								0
Ending Balance		40,182		55,171		40,182		55,171
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		3,842,209		3,489,263		3,659,281		5,091,600
Purchases		261,772		295,775		476,687		465,775
Sales		0		0		0		0
Settlements		(11,011)		(356,510)		(73,415)		(532,950)
Realized and Unrealized Gains/(Losses) included in Income		(11,354)		3,818		(2,478)		6,568
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(30,408)		5,210		(8,867)		18,649
Transfers Out								(1,612,086)
Ending Balance		4,051,208		3,437,556		4,051,208		3,437,556
Available-for-sale Securities [Member] | USDA Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		1,794,844		1,600,659		1,731,222		1,553,669
Purchases		111,421		90,785		200,607		158,769
Sales		0		0		0		0
Settlements		(69,192)		(59,640)		(133,383)		(120,095)
Realized and Unrealized Gains/(Losses) included in Income		0		0		0		0
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(11,667)		5,126		26,960		44,587
Transfers Out								0
Ending Balance		1,825,406		1,636,930		1,825,406		1,636,930
Trading Securities [Member] | Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		638		923		689		928
Purchases		0		0		0		0
Sales		0		0		0		0
Settlements		(190)		(131)		(437)		(414)
Realized and Unrealized Gains/(Losses) included in Income		158		88		354		366
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		0		0		0		0
Transfers Out								0
Ending Balance		606		880		606		880
Trading Securities [Member] | USDA Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		37,593		51,102	[1]	40,310	[2]	58,344	[3]
Purchases		0		0	[1]	0	[2]	0	[3]
Sales		0		0	[1]	0	[2]	0	[3]
Settlements		(3,834)		(4,843)	[1]	(6,717)	[2]	(12,462)	[3]
Realized and Unrealized Gains/(Losses) included in Income		11		(160)	[1]	177	[2]	217	[3]
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		0		0	[1]	0	[2]	0	[3]
Transfers Out	[3]							0
Ending Balance		33,770	[2]	46,099	[1],[3]	33,770	[2]	46,099	[1],[3]
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		3,818,704	[4]	3,467,655		3,631,662	[4]	5,070,366
Purchases		249,260	[4]	295,775		464,175	[4]	465,775
Sales		0	[4]	0		0	[4]	0
Settlements		(9,245)	[4]	(356,319)		(66,997)	[4]	(532,588)
Realized and Unrealized Gains/(Losses) included in Income		(11,354)	[4]	3,818		(2,478)	[4]	6,568
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(31,165)	[4]	5,583		(10,162)	[4]	18,477
Transfers Out				(1,600,000)		0		(1,612,086)
Ending Balance		4,016,200	[4]	3,416,512		4,016,200	[4]	3,416,512
USDA Guarantees [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		23,505		21,608		27,619		21,234
Purchases		12,512		0		12,512		0
Sales		0		0		0		0
Settlements		(1,766)		(191)		(6,418)		(362)
Realized and Unrealized Gains/(Losses) included in Income		0		0		0		0
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		757		(373)		1,295		172
Transfers Out								0
Ending Balance		35,008		21,044		35,008		21,044
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance				(161)				(235)
Purchases				0				0
Sales				0				0
Settlements				0				0
Realized and Unrealized Gains/(Losses) included in Income				161				235
Unrealized Gains/(Losses) included in Other Comprehen-sive Income				0				0
Ending Balance				0				0
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		40,379		64,963		40,576		65,285
Purchases		0		0		0		0
Sales		0		(12,125)		0		(12,125)
Settlements		0		0		0		0
Realized and Unrealized Gains/(Losses) included in Income		0		(375)		0		(375)
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		(197)		2,513		(394)		2,191
Transfers Out								0
Ending Balance		40,182		54,976		40,182		54,976
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance				203				205
Purchases				0				0
Sales				0				0
Settlements				(7)				(11)
Realized and Unrealized Gains/(Losses) included in Income				0				0
Unrealized Gains/(Losses) included in Other Comprehen-sive Income				(1)				1
Transfers Out								0
Ending Balance				195				195
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		638	[5]	923	[6]	689	[7]	928	[8]
Purchases		0	[5]	0	[6]	0	[7]	0	[8]
Sales		0	[5]	0	[6]	0	[7]	0	[8]
Settlements		(190)	[5]	(131)	[6]	(437)	[7]	(414)	[8]
Realized and Unrealized Gains/(Losses) included in Income		158	[5]	88	[6]	354	[7]	366	[8]
Unrealized Gains/(Losses) included in Other Comprehen-sive Income		0	[5]	0	[6]	0	[7]	0	[8]
Transfers Out	[8]							0
Ending Balance		$ 606	[5],[7]	$ 880	[6],[8]	$ 606	[5],[7]	$ 880	[6],[8]

[1] Includes immaterial unrealized losses attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

[2] Includes unrealized gains of $0.2 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

[3] Includes unrealized gains of $0.7 million attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

[4] Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

[5] Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

[6] (1) Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

[7] (1)Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

[8] Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		$ 5,380,124		$ 5,334,737
Financing Receivable, Individually Evaluated for Impairment		105,446		82,437
Financing Receivable, Gross	[1],[2]	5,485,570		5,417,174
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		5,066		7,490
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		5,510		2,637
Financing Receivable, Allowance for Credit Losses		10,576	$ 9,431	10,127	$ 11,365	$ 13,979	$ 13,334
Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		3,010,628		2,926,501
Financing Receivable, Individually Evaluated for Impairment		25,937		14,765
Financing Receivable, Gross	[1]	3,036,565		2,941,266
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		2,117		2,122
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		536		397
Financing Receivable, Allowance for Credit Losses		2,653	2,640	2,519	2,390	2,278	2,124
Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		905,720		881,052
Financing Receivable, Individually Evaluated for Impairment		42,408		39,143
Financing Receivable, Gross	[1]	948,128		920,195
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		598		644
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		1,623		1,515
Financing Receivable, Allowance for Credit Losses		2,221	2,284	2,159	2,217	2,131	2,186
Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		1,202,809		1,245,335
Financing Receivable, Individually Evaluated for Impairment		13,420		15,283
Financing Receivable, Gross	[1]	1,216,229		1,260,618
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		961		1,062
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		799		361
Financing Receivable, Allowance for Credit Losses		1,760	1,343	1,423	1,311	1,387	1,271
Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		171,374		160,708
Financing Receivable, Individually Evaluated for Impairment		10,181		13,246
Financing Receivable, Gross	[1]	181,555		173,954
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		135		103
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		298		364
Financing Receivable, Allowance for Credit Losses		433	459	467	444	464	454
Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		83,504		114,360
Financing Receivable, Individually Evaluated for Impairment		13,500		0
Financing Receivable, Gross	[1]	97,004		114,360
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		1,248		3,552
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		2,254		0
Financing Receivable, Allowance for Credit Losses		3,502	2,698	3,552	4,999	7,715	7,292
Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		6,089		6,781
Financing Receivable, Individually Evaluated for Impairment		0		0
Financing Receivable, Gross	[1]	6,089		6,781
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		7		7
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		0		0
Financing Receivable, Allowance for Credit Losses		7	$ 7	7	$ 4	$ 4	$ 7
On-balance sheet [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		2,635,852		2,473,780
Financing Receivable, Individually Evaluated for Impairment		74,641		66,442
Financing Receivable, Gross	[1]	2,710,493		2,540,222
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		3,359		3,531
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		2,580		2,333
Financing Receivable, Allowance for Credit Losses		5,939		5,864
On-balance sheet [Member] | Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		1,748,310		1,621,360
Financing Receivable, Individually Evaluated for Impairment		20,372		12,307
Financing Receivable, Gross	[1]	1,768,682		1,633,667
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		1,806		1,824
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		391		283
Financing Receivable, Allowance for Credit Losses		2,197		2,107
On-balance sheet [Member] | Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		377,534		359,517
Financing Receivable, Individually Evaluated for Impairment		38,672		35,904
Financing Receivable, Gross	[1]	416,206		395,421
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		459		495
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		1,469		1,410
Financing Receivable, Allowance for Credit Losses		1,928		1,905
On-balance sheet [Member] | Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		417,004		406,049
Financing Receivable, Individually Evaluated for Impairment		6,118		6,571
Financing Receivable, Gross	[1]	423,122		412,620
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		651		658
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		446		328
Financing Receivable, Allowance for Credit Losses		1,097		986
On-balance sheet [Member] | Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		67,853		57,851
Financing Receivable, Individually Evaluated for Impairment		9,479		11,660
Financing Receivable, Gross	[1]	77,332		69,511
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		76		51
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		274		312
Financing Receivable, Allowance for Credit Losses		350		363
On-balance sheet [Member] | Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		25,071		29,003
Financing Receivable, Individually Evaluated for Impairment		0		0
Financing Receivable, Gross	[1]	25,071		29,003
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		367		503
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		0		0
Financing Receivable, Allowance for Credit Losses		367		503
On-balance sheet [Member] | Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		80		0
Financing Receivable, Individually Evaluated for Impairment		0		0
Financing Receivable, Gross	[1]	80		0
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		0		0
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		0		0
Financing Receivable, Allowance for Credit Losses		0		0
Off-balance sheet [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		2,744,272		2,860,957
Financing Receivable, Individually Evaluated for Impairment		30,805		15,995
Financing Receivable, Gross	[1]	2,775,077		2,876,952
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		1,707		3,959
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		2,930		304
Financing Receivable, Allowance for Credit Losses		4,637		4,263
Off-balance sheet [Member] | Crops [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		1,262,318		1,305,141
Financing Receivable, Individually Evaluated for Impairment		5,565		2,458
Financing Receivable, Gross	[1]	1,267,883		1,307,599
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		311		298
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		145		114
Financing Receivable, Allowance for Credit Losses		456		412
Off-balance sheet [Member] | Permanent Plantings [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		528,186		521,535
Financing Receivable, Individually Evaluated for Impairment		3,736		3,239
Financing Receivable, Gross	[1]	531,922		524,774
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		139		149
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		154		105
Financing Receivable, Allowance for Credit Losses		293		254
Off-balance sheet [Member] | Livestock [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		785,805		839,286
Financing Receivable, Individually Evaluated for Impairment		7,302		8,712
Financing Receivable, Gross	[1]	793,107		847,998
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		310		404
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		353		33
Financing Receivable, Allowance for Credit Losses		663		437
Off-balance sheet [Member] | Part-Time Farm [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		103,521		102,857
Financing Receivable, Individually Evaluated for Impairment		702		1,586
Financing Receivable, Gross	[1]	104,223		104,443
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		59		52
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		24		52
Financing Receivable, Allowance for Credit Losses		83		104
Off-balance sheet [Member] | Agriculture Storage and Processing [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		58,433		85,357
Financing Receivable, Individually Evaluated for Impairment		13,500		0
Financing Receivable, Gross	[1]	71,933		85,357
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		881		3,049
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		2,254		0
Financing Receivable, Allowance for Credit Losses		3,135		3,049
Off-balance sheet [Member] | Other Commodity [Member]
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Financing Receivable, Collectively Evaluated for Impairment		6,009		6,781
Financing Receivable, Individually Evaluated for Impairment		0		0
Financing Receivable, Gross	[1]	6,009		6,781
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment		7		7
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		0		0
Financing Receivable, Allowance for Credit Losses		$ 7		$ 7

[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] 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).

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Accounting Policies

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Accounting Policies Disclosure

ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("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, 2014 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2014 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 2014 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015. That Form 10-K describes Farmer Mac's significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents and Statements of Cash Flows; Transfers of Financial Assets and Liabilities; Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities; Loans; Securitization of Loans; Real Estate Owned; Financial Derivatives; Notes Payable; Allowance for Loan Losses and Reserve for Losses; Earnings Per Common Share; Income Taxes; Stock-Based Compensation; Comprehensive Income; Long-Term Standby Purchase Commitments; Fair Value Measurement; and Consolidation of Variable Interest Entities ("VIEs"). Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six month periods ended June 30, 2015.

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its three subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; (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 Securities; and (3) Contour Valuation Services, LLC, whose principal activity is to provide appraisal services related to agricultural real estate.  All inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary.  

The following tables present, by line of business, details about the consolidation of VIEs:

Table 1.1

	Consolidation of Variable Interest Entities
	As of June 30, 2015
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost	$	512,559	$	—	$	—	$	—	$	—	$	512,559
Debt securities of consolidated trusts held by third parties(1)	516,004		—		—		—		—		516,004
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(2)	—		35,008		—		32,065		—		67,073
Maximum exposure to loss(3)	—		33,822		—		30,000		—		63,822
Investment securities:
Carrying value(4)	—		—		—		—		455,251		455,251
Maximum exposure to loss(3)(4)	—		—		—		—		458,566		458,566
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(3)(5)	575,811		10,888		—		970,000		—		1,556,699

(1) Includes borrower remittances of $3.4 million. The borrower remittances have not been passed through to third party investors as of June 30, 2015.

(2) Includes $1.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.1 million.

(3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

	Consolidation of Variable Interest Entities
	As of December 31, 2014
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost(1)	$	421,355	$	—	$	271,123	$	—	$	—	$	692,478
Debt securities of consolidated trusts held by third parties(2)	424,214		—		—		—		—		424,214
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(3)	—		27,620		—		32,415		—		60,035
Maximum exposure to loss(4)	—		27,832		—		30,000		—		57,832
Investment securities:
Carrying value(5)	—		—		—		—		409,657		409,657
Maximum exposure to loss(4)(5)	—		—		—		—		412,690		412,690
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(4)(6)	636,086		13,978		—		970,000		—		1,620,064

(1) Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million.

(2) Includes borrower remittances of $2.9 million, which have not been passed through to third party investors as of December 31, 2014.

(3) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million.

(4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss.

(5) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

Statements of Cash Flows

The following table sets forth information regarding certain non-cash transactions for the six months endedJune 30, 2015 and 2014:

Table 1.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities	$	99,477	$	126,857
Consolidation of Farm & 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	112,440		129,305
Purchases of securities - traded, not yet settled	236,600		—
Issuance costs on the retirement of Farmer Mac II LLC Preferred Stock	8,147		—
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity	—		1,612,086

On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed Securities from available-for-sale to held-to-maturity because Farmer Mac determined it has the ability and intent to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value which reflected an unrealized holding gain of $22.3 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. The unrealized holding gain is being amortized out of accumulated other comprehensive income over the remaining life of the transferred securities.

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 and six months ended June 30, 2015 and 2014:

Table 1.3

	For the Three Months Ended
	June 30, 2015						June 30, 2014
	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	$	22,162	11,010	$	2.01		$	20,205	10,924	$	1.85
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		428	(0.07		)	—		437	(0.07		)
Diluted EPS	$	22,162	11,438	$	1.94		$	20,205	11,361	$	1.78

(1) For the three months ended June 30, 2015 and 2014, stock options and SARs of 229,693 and 121,468, 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 June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 45,034 and 42,514, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

	For the Six Months Ended
	June 30, 2015						June 30, 2014
	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	$	23,980	10,974	$	2.19		$	21,018	10,906	$	1.93
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		411	(0.08		)	—		448	(0.08		)
Diluted EPS	$	23,980	11,385	$	2.11		$	21,018	11,354	$	1.85

(1) For the six months ended June 30, 2015 and 2014, stock options and SARs of 215,547 and 77,226, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 37,774 and 37,054, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

New Accounting Standards

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. It also affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015. The adoption of the new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows.

Reclassifications

Beginning January 1, 2015, Farmer Mac classified all of the income from Farmer Mac Guaranteed Securities that it holds in its portfolio as interest income. Prior to January 1, 2015, Farmer Mac classified a portion of the income from those securities, $2.7 millionand$5.4 million for the three and six months ended June 30, 2014, respectively, as guarantee and commitment fees. This change in classification does not affect the timing or amount of income recognized from these securities. The corresponding guarantee and commitment fee receivable balance as of December 31, 2014 also was reclassified to accrued interest receivable. Certain reclassifications of prior period information, including the aforementioned change, were made to conform to the current period presentation.

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Fair Value Disclosures - Quantitative Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Liability	$ 34,038	$ 38,217
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Liability	69,373	84,844
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Liability	0	0
Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale, at fair value	4,016,200	3,631,662
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale, at fair value	35,008	27,619
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable Securities	1,859,176	1,771,532
Floating Interest Rate [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale, at fair value	40,182	40,576
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading, at fair value	$ 606	$ 689
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Prepayment Rate	10.00%	10.00%
Minimum [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Range of Offered Quotes	82.00%	82.00%
Minimum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	15.50%	14.30%
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	0.80%	0.70%
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	1.00%	0.80%
Fair Value Inputs, Prepayment Rate	8.00%	0.00%
Minimum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	1.10%	1.10%
Fair Value Inputs, Prepayment Rate	0.00%	0.00%
Maximum [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Range of Offered Quotes	94.00%	94.00%
Maximum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	21.70%	23.90%
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	3.30%	2.70%
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	3.90%	3.60%
Fair Value Inputs, Prepayment Rate	20.00%	21.00%
Maximum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	5.30%	5.30%
Fair Value Inputs, Prepayment Rate	18.00%	20.00%
Weighted Average [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Range of Offered Quotes	86.20%	87.10%
Weighted Average [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	18.90%	19.10%
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	1.50%	1.30%
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	1.90%	1.90%
Fair Value Inputs, Prepayment Rate	11.00%	9.00%
Weighted Average [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	3.10%	3.20%
Fair Value Inputs, Prepayment Rate	7.00%	8.00%

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Financial Derivatives - Schedule of Derivative Instruments, Impact on Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives and hedging activities	$ 14,389	$ (5,698)	$ 10,507	$ (13,276)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(11,354)	3,818	(2,478)	6,568
Gain (Loss) on Fair Value Hedges Recognized in Earnings	2,721	3,019	5,838	5,969
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives and hedging activities	11,668	(8,717)	4,669	(19,245)
Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Components Included from Assessment of Interest Rate Fair Value Hedge Effectiveness	2,900	2,900	5,800	5,900
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	200	(100)	(100)	80
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	14,075	(799)	8,316	(599)
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives and hedging activities	11,798	(8,126)	5,841	(17,674)
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives and hedging activities	(356)	(235)	(1,142)	(1,087)
Future [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) on financial derivatives and hedging activities	$ 226	$ (356)	$ (30)	$ (484)

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Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Accounting Policies [Abstract]
Net income attributable to common stockholders (Dilutive)	$ 22,162		$ 20,205		$ 23,980		$ 21,018
Stock options, SARs and restricted stock	428	[1]	437	[1]	411	[2]	448	[2]
Stock options, SARs and restricted stock (in usd per share)	$ (0.07)	[1]	$ (0.07)	[1]	$ (0.08)	[2]	$ (0.08)	[2]
Weighted Average Number of Shares Outstanding, Diluted	11,438		11,361		11,385		11,354
Diluted earnings per common share	$ 1.94		$ 1.78		$ 2.11		$ 1.85
Earnings Per Share, Basic [Abstract]
Net income attributable to common stockholders (Basic)	$ 22,162		$ 20,205		$ 23,980		$ 21,018
Weighted Average Number of Shares Outstanding, Basic	11,010		10,924		10,974		10,906
Basic earnings per common share	$ 2.01		$ 1.85		$ 2.19		$ 1.93

[1] For the three months ended June 30, 2015 and 2014, stock options and SARs of 229,693 and 121,468, 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 June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 45,034 and 42,514, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

[2] For the six months ended June 30, 2015 and 2014, stock options and SARs of 215,547 and 77,226, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 37,774 and 37,054, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

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Accounting Policies - Cash and Cash Equivalents and Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 02, 2014
Non-cash activity:
Proceeds from sale of Farmer Mac Guaranteed Securities			$ 99,477	$ 126,857
Consolidation of Farm & 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			112,440	129,305
Purchases of securities - traded, not yet settled			236,600	0
Preferred Stock Redemption Premium	$ 0	$ 0	8,147	0
Transfer of Farmer Mac Guaranteed Securities - Available-for-sale to Held-to-maturity; Unrealized holding gains					$ 22,300
Institutional Credit [Member]
Non-cash activity:
Preferred Stock Redemption Premium			0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Non-cash activity:
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity				1,612,086
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member]
Non-cash activity:
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity				1,612,086
Fair Value, Inputs, Level 3 [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member]
Non-cash activity:
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity		$ 1,600,000	$ 0	$ 1,612,086

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Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Long Term Standby Purchase Commitments (Details) - Long-Term Standby Purchase Commitments [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 2,200.0	$ 2,200.0
Weighted average remaining maturity, Loans underlying guarantees not held by transferor	14 years 3 months 18 days	14 years 3 months 18 days
Guarantee obligations issued after January 1, 2003 [Member]
Long-term Purchase Commitment [Line Items]
Guarantor Obligations, Current Carrying Value	$ 26.6	$ 26.8

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Financial Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Financial derivatives, at fair value	$ 69,373		$ 69,373		$ 84,844
Derivative, Collateral [Abstract]
Collateral Pledged	35,335		35,335		46,627
Additional Collateral, Aggregate Fair Value	38,700		38,700		46,800
Notional Disclosures [Abstract]
Derivative, Notional Amount	7,542,090		7,542,090		6,837,571
Excluding netting [Member] | Including accrued interest [Member]
Derivative [Line Items]
Credit exposure to interest rate swap counterparties	10,800		10,800		6,100
Financial derivatives, at fair value	83,200		83,200		99,400
Netting [Member] | Including accrued interest [Member]
Derivative [Line Items]
Credit exposure to interest rate swap counterparties	700		700		400
Financial derivatives, at fair value	74,000		74,000		93,400
Uncollateralized [Member]
Derivative [Line Items]
Credit exposure to interest rate swap counterparties	700		700		400
Cash [Member]
Derivative, Collateral [Abstract]
Collateral Received	0		0		0
Collateral Pledged	35,300		35,300		46,600
Securities Pledged as Collateral [Member]
Derivative, Collateral [Abstract]
Collateral Pledged	0		0		0
Exchange Cleared [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	4,400,000		4,400,000		4,000,000
Interest Rate Swap [Member]
Notional Disclosures [Abstract]
Derivative, Notional Amount	7,500,000		7,500,000		$ 6,800,000
Fair Value Hedging [Member] | Interest Rate Swap [Member]
Notional Disclosures [Abstract]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ (200)	$ 100	$ 100	$ (80)

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Accounting Policies - Earnings Per Share Anti-Dilutive (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Options and SARs [Members]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (shares)	229,693	121,468	215,547	77,226
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (shares)	45,034	42,514	37,774	37,054

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Accounting Policies - Reclassifications (Details) - Jun. 30, 2014 - USD ($) $ in Millions	Total	Total
Accounting Policies [Abstract]
Prior Period Reclassification Adjustment	$ 2.7	$ 5.4

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 43,953	$ 35,644
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 Securities	1,604	15,029
Amortization of debt premiums, discounts and issuance costs	5,870	5,144
Net change in fair value of trading securities, hedged assets, and financial derivatives	(15,619)	7,636
Gains on sale of available-for-sale investment securities	(6)	(158)
Gains on sale of real estate owned	1	(165)
Total (release of)/provision for losses	560	(1,883)
Deferred income taxes	5,657	(17,496)
Stock-based compensation expense	1,644	1,427
Proceeds from repayment of trading investment securities	437	414
Proceeds from repayment of loans purchased as held for sale	54,728	58,930
Net change in:
Interest receivable	5,747	13,125
Guarantee and commitment fees receivable	1,615	215
Other assets	9,182	(14,473)
Increase (Decrease) in Financial Instruments Sold, Not yet Purchased	0	1,673,532
Accrued interest payable	1,828	(4,185)
Other liabilities	(3,838)	(3,955)
Net cash provided by operating activities	113,363	1,768,781
Cash flows from investing activities:
Purchases of loans held for investment	(323,401)	(407,595)
Purchases of defaulted loans	(1,981)	(440)
Proceeds from repayment of loans purchased as held for investment	143,804	199,774
Proceeds from sale of Farmer Mac Guaranteed Securities	99,477	126,857
(Payments)/proceeds from sale of real estate owned	(1)	461
Net cash used in investing activities	(330,091)	(1,565,385)
Cash flows from financing activities:
Excess tax benefits related to stock-based awards	154	35
Payments to third parties on debt securities of consolidated trusts	(20,641)	(13,615)
Proceeds from common stock issuance	1,488	12
Investment in Contour	131	0
Redemption of Farmer Mac II LLC Preferred Stock	(244,000)	(6,000)
Dividends paid - Non-controlling interest - preferred stock	(5,415)	(11,366)
Dividends paid on common and preferred stock	(10,107)	(5,131)
Net cash provided by/(used in) financing activities	536,497	(568,586)
Net increase/(decrease) in cash and cash equivalents	319,769	(365,190)
Cash and cash equivalents at beginning of period	1,363,387	749,313
Cash and cash equivalents at end of period	1,683,156	384,123
Medium-term Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of discount notes and medium-term notes	2,690,604	1,759,012
Payments to redeem discount notes and medium-term notes	(2,106,715)	(1,440,000)
Discount Notes [Member]
Cash flows from financing activities:
Proceeds from issuance of discount notes and medium-term notes	38,965,462	27,163,649
Payments to redeem discount notes and medium-term notes	(38,734,464)	(28,161,623)
Investment Securities [Member]
Net change in:
Proceeds from (Payments for) Securities Purchased under Agreements to Resell	0	1,640,686
Cash flows from investing activities:
Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities	(915,614)	(1,138,711)
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities	914,988	575,393
Proceeds from sale of available-for-sale investment securities	74,998	730,527
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Cash flows from investing activities:
Purchases of available-for-sale investment securities and Farmer Mac Guaranteed Securities and USDA Guaranteed Securities	(559,162)	(681,044)
Proceeds from repayment of available-for-sale investment securities, Farmer Mac Guaranteed Securities and USDA Guaranteed Securities	236,801	670,079
Series B Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from Preferred Stock Issuances	0	73,061
Series C Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from Preferred Stock Issuances	$ 0	$ 73,380

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Investment Securities - Schedule of Investment Securities (Details) - USD ($)					3 Months Ended			6 Months Ended
	Jun. 30, 2015		Dec. 31, 2014		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Available-for-sale Securities [Abstract]
Derivative, Notional Amount	$ 7,542,090,000		$ 6,837,571,000		$ 7,542,090,000			$ 7,542,090,000
Investment Securities [Member]
Schedule of Available-for-sale and Trading Securities [Line Items]
Proceeds from sale of available-for-sale investment securities					0		$ 720,500,000	74,998,000		$ 730,527,000
Available-for-sale Securities, Gross Realized Gains					0		$ 100,000	6,000		$ 200,000
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	1,847,737,000		1,932,236,000		1,847,737,000			1,847,737,000
Unamortized Premium/(Discount)	6,506,000		7,471,000		6,506,000			6,506,000
Available-for-sale Securities, Amortized Cost Basis	1,854,243,000		1,939,707,000		1,854,243,000			1,854,243,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	8,506,000		9,003,000		8,506,000			8,506,000
Available-for-sale Securities, Unrealized Losses	(10,850,000)		(10,211,000)		(10,850,000)			(10,850,000)
Available-for-sale Securities, Fair Value Disclosure	1,851,899,000		1,938,499,000		1,851,899,000			1,851,899,000
Trading Securities [Abstract]
Trading, at fair value	606,000		689,000		606,000			606,000
Marketable Securities [Abstract]
Marketable Securities Unpaid Principal Balance	1,850,168,000		1,935,104,000		1,850,168,000			1,850,168,000
Marketable Securities, Amortized Cost	1,856,674,000		1,942,575,000		1,856,674,000			1,856,674,000
Marketable Securities, Unrealized Gains	8,506,000		9,003,000		8,506,000			8,506,000
Marketable Securities, Unrealized Losses	(12,675,000)		(12,390,000)		(12,675,000)			(12,675,000)
Marketable Securities	1,852,505,000		1,939,188,000		1,852,505,000			1,852,505,000
USDA Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-sale Securities, Fair Value Disclosure	1,825,406,000		1,731,222,000		1,825,406,000			1,825,406,000
Trading Securities [Abstract]
Trading, at fair value	33,770,000		40,310,000		33,770,000			33,770,000
Marketable Securities [Abstract]
Marketable Securities	1,859,176,000		1,771,532,000		1,859,176,000			1,859,176,000
Available-for-sale Securities [Member] | Investment Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	6,506,000		7,471,000		6,506,000			6,506,000
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	46,600,000		46,600,000		46,600,000			46,600,000
Available-for-sale Securities, Amortized Cost Basis	46,600,000		46,600,000		46,600,000			46,600,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	0		0		0			0
Available-for-sale Securities, Unrealized Losses	(6,418,000)		(6,024,000)		(6,418,000)			(6,418,000)
Available-for-sale Securities, Fair Value Disclosure	40,182,000		40,576,000		40,182,000			40,182,000
Floating Interest Rate [Member] | Asset-backed Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	91,382,000		100,730,000		91,382,000			91,382,000
Available-for-sale Securities, Amortized Cost Basis	91,065,000		100,656,000		91,065,000			91,065,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	182,000		283,000		182,000			182,000
Available-for-sale Securities, Unrealized Losses	(69,000)		(37,000)		(69,000)			(69,000)
Available-for-sale Securities, Fair Value Disclosure	91,178,000		100,902,000		91,178,000			91,178,000
Trading Securities [Abstract]
Trading Securities - Amount Outstanding	2,431,000		2,868,000		2,431,000			2,431,000
Trading Securities, Debt, Amortized Cost	2,431,000		2,868,000		2,431,000			2,431,000
Trading Securities, Unrealized Gains	0		0
Trading Securities, Unrealized Losses	(1,825,000)		(2,179,000)
Trading, at fair value	606,000		689,000		606,000			606,000
Floating Interest Rate [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	10,000,000		10,000,000		10,000,000			10,000,000
Available-for-sale Securities, Amortized Cost Basis	10,000,000		10,000,000		10,000,000			10,000,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	62,000		91,000		62,000			62,000
Available-for-sale Securities, Unrealized Losses	(2,000)		0		(2,000)			(2,000)
Available-for-sale Securities, Fair Value Disclosure	10,060,000		10,091,000		10,060,000			10,060,000
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	703,990,000		605,053,000		703,990,000			703,990,000
Available-for-sale Securities, Amortized Cost Basis	707,255,000		608,484,000		707,255,000			707,255,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	4,111,000		4,712,000		4,111,000			4,111,000
Available-for-sale Securities, Unrealized Losses	(306,000)		(443,000)		(306,000)			(306,000)
Available-for-sale Securities, Fair Value Disclosure	711,060,000		612,753,000		711,060,000			711,060,000
Floating Interest Rate [Member] | GSE Subordinated Debt [Member}
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	70,000,000		70,000,000		70,000,000			70,000,000
Available-for-sale Securities, Amortized Cost Basis	70,000,000		70,000,000		70,000,000			70,000,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	0		0		0			0
Available-for-sale Securities, Unrealized Losses	(4,028,000)		(3,680,000)		(4,028,000)			(4,028,000)
Available-for-sale Securities, Fair Value Disclosure	65,972,000		66,320,000		65,972,000			65,972,000
Floating Interest Rate [Member] | Taxable Municipal Bonds [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance			75,000,000
Available-for-sale Securities, Amortized Cost Basis			74,990,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax			0
Available-for-sale Securities, Unrealized Losses			(11,000)
Available-for-sale Securities, Fair Value Disclosure			74,979,000
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	0		0		0			0
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	0		0		0			0
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	(317,000)		(74,000)		(317,000)			(317,000)
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	0		0		0			0
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	3,265,000		3,431,000		3,265,000			3,265,000
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | GSE Subordinated Debt [Member}
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	0		0		0			0
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Taxable Municipal Bonds [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)			(10,000)
Fixed Interest Rate [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	15,000,000		30,000,000		15,000,000			15,000,000
Available-for-sale Securities, Amortized Cost Basis	14,997,000		29,990,000		14,997,000			14,997,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	4,000		35,000		4,000			4,000
Available-for-sale Securities, Unrealized Losses	(16,000)		0		(16,000)			(16,000)
Available-for-sale Securities, Fair Value Disclosure	14,985,000		30,025,000		14,985,000			14,985,000
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	765,000		853,000	[1]	765,000			765,000
Available-for-sale Securities, Amortized Cost Basis	4,095,000		4,395,000	[1]	4,095,000			4,095,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	3,952,000		3,807,000	[1]	3,952,000			3,952,000
Available-for-sale Securities, Unrealized Losses	0		0	[1]	0			0
Available-for-sale Securities, Fair Value Disclosure	8,047,000	[2]	8,202,000	[1]	8,047,000	[2]		8,047,000	[2]
Derivative, Notional Amount	152,400,000		152,400,000		152,400,000			152,400,000
Fixed Interest Rate [Member] | USDA Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	297,806,000		18,806,000		297,806,000			297,806,000
Available-for-sale Securities, Amortized Cost Basis	297,777,000		18,936,000		297,777,000			297,777,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	68,000		3,000		68,000			68,000
Available-for-sale Securities, Unrealized Losses	0		0		0			0
Available-for-sale Securities, Fair Value Disclosure	297,845,000		18,939,000		297,845,000			297,845,000
Fixed Interest Rate [Member] | US Treasury Securities [Member]
Available-for-sale Securities [Abstract]
Available-for-Sale Securities Unpaid Principal Balance	612,194,000		975,194,000		612,194,000			612,194,000
Available-for-sale Securities, Amortized Cost Basis	612,454,000		975,656,000		612,454,000			612,454,000
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	127,000		72,000		127,000			127,000
Available-for-sale Securities, Unrealized Losses	(11,000)		(16,000)		(11,000)			(11,000)
Available-for-sale Securities, Fair Value Disclosure	612,570,000		975,712,000		612,570,000			612,570,000
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	(3,000)		(10,000)		(3,000)			(3,000)
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	3,330,000		3,542,000	[1]	3,330,000			3,330,000
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | USDA Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	(29,000)		130,000		(29,000)			(29,000)
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	260,000		462,000		260,000			260,000
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Interest-Only-Strip [Member]
Available-for-sale Securities [Abstract]
Unamortized Premium/(Discount)	$ 7,200,000		$ 7,300,000		$ 7,200,000			$ 7,200,000

[1] Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million.

[2] Fair value includes $7.2 million of an interest-only security with a notional amount of $152.4 million.

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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Held-to-maturity Securities (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Held-to-Maturity Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract]
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Weighted-Average Yield	3.35%
Farmer Mac Guaranteed Securities [Member]
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount	$ 679,891
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount	1,135,536
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment	1,822,027
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value	680,697
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value	1,148,735
Held-to-maturity Securities, Fair Value	$ 1,836,296
Held-to-Maturity Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract]
Held-to-Maturity Securities, Debt Maturities, Next Twelve Months, Weighted-Average Yield	2.66%
Held-to-Maturity Securities, Debt Maturities, Year Two Through Five, Weighted-Average Yield	2.35%
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield	2.46%
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount	$ 6,600
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value	$ 6,864

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Loans and Allowance for Losses and Concentrations of Credit Risk - Concentrations of Credit Risk (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1],[2]	$ 5,485,570	$ 5,417,174
Northwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	591,539	573,135
Southwest [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	1,720,074	1,753,606
Mid-North [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	1,907,771	1,873,041
Mid-South [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	670,976	627,615
Northeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	209,909	214,402
Southeast [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[2]	385,301	375,375
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 1,520,752	1,503,076
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		0.00%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		40.00%
Financing Receivables, Original Loan-To-Value Ratio, Range Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 1,199,107	1,191,804
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		40.01%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		50.00%
Financing Receivables, Original Loan-To-Value Ratio, Range Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 1,522,736	1,491,502
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		50.01%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		60.00%
Financing Receivables, Original Loan-To-Value Ratio, Range Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 1,102,486	1,091,759
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		60.01%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		70.00%
Financing Receivables, Original Loan-To-Value Ratio, Range Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 119,173	115,645
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		70.01%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		80.00%
Financing Receivables, Original Loan-To-Value Ratio, Range Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		$ 21,316	23,388
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit		80.01%
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit		90.00%
Crops [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	$ 3,036,565	2,941,266
Permanent Plantings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	948,128	920,195
Livestock [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	1,216,229	1,260,618
Part-Time Farm [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	181,555	173,954
Agriculture Storage and Processing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	97,004	114,360
Other Commodity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	[1]	$ 6,089	$ 6,781

[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] 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).

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 1,683,156	$ 1,363,387
Loans:
Loans held for investment, at amortized cost	3,153,012	2,833,461
Loans held for investment in consolidated trusts, at amortized cost	512,559	692,478
Allowance for loan losses	(5,939)	(5,864)
Total loans, net of allowance	3,659,632	3,520,075
Real estate owned, at lower of cost or fair value	750	421
Financial derivatives, at fair value	7,455	4,177
Interest receivable (includes $6,338 and $9,509, respectively, related to consolidated trusts)	101,127	106,874
Guarantee and commitment fees receivable	37,847	39,462
Deferred tax asset, net	23,130	33,391
Prepaid expenses and other assets	46,584	55,413
Total Assets	15,144,597	14,287,821
Notes payable:
Due within one year	7,632,668	7,353,953
Due after one year	6,013,237	5,471,186
Total notes payable	13,645,905	12,825,139
Debt securities of consolidated trusts held by third parties	516,004	424,214
Financial derivatives, at fair value	69,373	84,844
Accrued interest payable (includes $5,302 and $5,145, respectively, related to consolidated trusts)	50,183	48,355
Guarantee and commitment obligation	36,417	37,925
Accounts payable and accrued expenses	245,785	81,252
Reserve for losses	4,637	4,263
Total Liabilities	$ 14,568,304	$ 13,505,992
Commitments and Contingencies (Note 6)
Common stock:
Additional paid-in capital	$ 116,098	$ 113,559
Accumulated other comprehensive income, net of tax	22,733	15,533
Retained earnings	221,477	201,013
Total Stockholders' Equity	576,106	545,801
Non-controlling interest	187	236,028
Total Equity	576,293	781,829
Total Liabilities and Equity	15,144,597	14,287,821
Series A Preferred Stock [Member]
Preferred stock:
Preferred stock	58,333	58,333
Series B Preferred Stock [Member]
Preferred stock:
Preferred stock	73,044	73,044
Series C Preferred Stock [Member]
Preferred stock:
Preferred stock	73,382	73,382
Common Class A, Voting [Member]
Common stock:
Common Stock	1,031	1,031
Common Class B, Voting [Member]
Common stock:
Common Stock	500	500
Common Class C, Non-Voting [Member]
Common stock:
Common Stock	9,508	9,406
Investment Securities [Member]
Assets:
Available-for-sale, at fair value	1,851,899	1,938,499
Trading, at fair value	606	689
Marketable Securities	1,852,505	1,939,188
Farmer Mac Guaranteed Securities:
Assets:
Available-for-sale, at fair value	4,051,208	3,659,281
Held-to-maturity, at amortized cost	1,822,027	1,794,620
Marketable Securities	5,873,235	5,453,901
USDA Securities [Member]
Assets:
Available-for-sale, at fair value	1,825,406	1,731,222
Trading, at fair value	33,770	40,310
Marketable Securities	$ 1,859,176	$ 1,771,532

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Loans and Allowance for Losses and Concentrations of Credit Risk - Loan (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, at amortized cost		$ 3,153,012	$ 2,833,461
Allowance for Loan and Lease Losses, Real Estate		5,939	5,864
Total loans, net of allowance		3,659,632	3,520,075
Unsecuritized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance	[1]	3,152,122	2,837,080
Unamortized premiums, discounts and other cost basis adjustments		890	(3,619)
Loans held for investment, at amortized cost		3,153,012	2,833,461
Allowance for Loan and Lease Losses, Real Estate		5,395	5,324
Total loans, net of allowance		3,147,617	2,828,137
Unsecuritized [Member] | Farm & Ranch [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		2,197,934	2,118,867
Unsecuritized [Member] | Rural Utilities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		954,188	718,213
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance	[1]	512,559	688,751
Unamortized premiums, discounts and other cost basis adjustments		0	3,727
Loans held for investment, at amortized cost		512,559	692,478
Allowance for Loan and Lease Losses, Real Estate		544	540
Total loans, net of allowance		512,015	691,938
In Consolidated Trusts | Farm & Ranch [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		512,559	421,355
In Consolidated Trusts | Rural Utilities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		0	267,396
Loans Collateralized by Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance	[1]	3,664,681	3,525,831
Unamortized premiums, discounts and other cost basis adjustments		890	108
Loans held for investment, at amortized cost		3,665,571	3,525,939
Allowance for Loan and Lease Losses, Real Estate		5,939	5,864
Total loans, net of allowance		3,659,632	3,520,075
Loans Collateralized by Real Estate [Member] | Farm & Ranch [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		2,710,493	2,540,222
Loans Collateralized by Real Estate [Member] | Rural Utilities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Lease Receivable Unpaid Principal Balance		$ 954,188	$ 985,609

[1] Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Common Class C, Non-Voting [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member}	Retained Earnings [Member} Series A Preferred Stock [Member]	Retained Earnings [Member} Series B Preferred Stock [Member]	Retained Earnings [Member} Series C Preferred Stock [Member]	Accumulated Other Comprehensive Income [Member]	Total Stockholders Equity [Member]	Non-controlling Interest - Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (Shares)		2,400			10,886
Balance, beginning of period		$ 58,333			$ 10,886		$ 110,722	$ 168,877				$ (16,202)		$ 241,853
Balance, end of period		$ 58,333			$ 10,886		110,722	168,877				(16,202)		241,853
Balance, end of period (Shares)		2,400			10,886
Issuance of Series preferred stock (Shares)			3,000			38
Issuance of Series preferred stock			$ 73,061	$ 73,380		$ 38	12
Issuance of Class C common stock (Shares)			3,000			38
Issuance of Class C common stock			$ 73,061	$ 73,380		$ 38	12
Stock-based compensation expense							1,426
Tax effect of stock-based awards							(202)
Net income attributable to Farmer Mac	$ 24,278							24,278
Other comprehensive income, net of tax	38,125											38,125
Redemption of Farmer Mac II LLC preferred stock														(6,000)
Investment in Contour - non-controlling interest														0
Less: Net loss/(income) attributable to non-controlling interest	(11,366)													0
Cash dividends:
Preferred Stock Series A ($0.7344 per share in 2015 and 2014) Preferred stock, Series B ($0.8594 per share in 2015 and $0.5347 per share in 2014), Preferred stock Series C ($0.7500 per share in 2015 and $0.0458 per share in 201)									$ (1,762)	$ (1,360)	$ (138)
Common stock ($0.32 per share in 2015 and $0.28 per share in 2014)								(3,053)
Loss on retirement of preferred stock	0
Balance, beginning of period (Shares)		8,400			10,924
Balance, beginning of period	772,274	$ 204,774			$ 10,924		111,958	186,842				21,923	$ 536,421	235,853
Balance, end of period	772,274	$ 204,774			$ 10,924		111,958	186,842				21,923	536,421	235,853
Balance, end of period (Shares)		8,400			10,924
Balance, beginning of period (Shares)		8,400			10,937
Balance, beginning of period	781,829	$ 204,759			$ 10,937		113,559	201,013				15,533		236,028
Balance, end of period	781,829	$ 204,759			$ 10,937		113,559	201,013				15,533		236,028
Balance, end of period (Shares)		8,400			10,937
Issuance of Series preferred stock (Shares)			0	0		102
Issuance of Series preferred stock			$ 0	$ 0		$ 102	7
Issuance of Class C common stock (Shares)			0	0		102
Issuance of Class C common stock			$ 0	$ 0		$ 102	7
Stock-based compensation expense							1,644
Tax effect of stock-based awards							888
Net income attributable to Farmer Mac	38,718							38,718
Other comprehensive income, net of tax	7,200											7,200
Redemption of Farmer Mac II LLC preferred stock														(235,853)
Investment in Contour - non-controlling interest														131
Less: Net loss/(income) attributable to non-controlling interest	(5,235)													(119)
Preferred Stock Series A ($0.7344 per share in 2015 and 2014) Preferred stock, Series B ($0.8594 per share in 2015 and $0.5347 per share in 2014), Preferred stock Series C ($0.7500 per share in 2015 and $0.0458 per share in 201)									$ (1,763)	$ (2,578)	$ (2,250)
Common stock ($0.32 per share in 2015 and $0.28 per share in 2014)								(3,516)
Loss on retirement of preferred stock	(8,147)
Balance, beginning of period (Shares)		8,400			11,039
Balance, beginning of period	576,293	$ 204,759			$ 11,039		116,098	221,477				22,733	576,106	187
Balance, end of period	$ 576,293	$ 204,759			$ 11,039		$ 116,098	$ 221,477				$ 22,733	$ 576,106	$ 187
Balance, end of period (Shares)		8,400			11,039

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Fair Value Disclosures - Narrative (Details) - Level 3 [Member] - USD ($) $ in Billions	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and Liabilities, Fair Value Disclosure	$ 6.0	$ 5.5
Fair Value, Assets and Liabilities Fair Value as Percent of Total Assets	39.00%	38.00%
Fair Value, Assets and Liabilities, Fair Value as Percent of Total Financial Instruments Measured at Fair Value	76.00%	73.00%

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Investment Securities - Trading Securities (Details) - Floating Interest Rate [Member] - Asset-backed Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Debt, Amortized Cost	$ 2,431	$ 2,868
Trading, at fair value	$ 606	$ 689
Trading Securities, Weighted-Average Yield	4.27%	4.24%

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Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	$ 66,392	[1]	$ 64,475	[2]	$ 130,343	[3]	$ 116,927	[4]
Interest Income Reclassification	0		0		0		0
Total interest expense	(34,528)	[5]	(42,502)	[6]	(67,690)	[7]	(77,228)	[8]
Net effective spread	31,864		21,973		62,653		39,699
Guarantee and commitment fees	3,388		3,703		6,765		7,487
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	14,819	[9]	2,561	[10]	11,917	[11]	(4,258)	[12]
Non-interest income/(loss)	18,207		6,264		18,682		3,229
(Provision for)/release of allowance for loan losses	(110)		1,583		(186)		1,010
(Release of)/provision for reserve for losses	(1,146)		974		(374)		873
Noninterest Expense, Excluding Loan, Lease and Other Losses	(9,707)		(8,830)		(18,822)		(16,676)
Noninterest Expense	(10,853)	[13]	(7,856)	[14]	(19,196)	[15]	(15,803)	[16]
Income before income taxes	39,108		21,964		61,953		28,135
Income tax expense	(13,769)		6,368		(18,000)		7,509
Net income	25,339		28,332		43,953		35,644
Preferred Stock Dividends, Income Statement Impact	(3,296)		(2,308)		(6,591)		(3,260)
Less: Net loss/(income) attributable to non-controlling interest	119		(5,819)		(5,235)		(11,366)
Loss on retirement of preferred stock	0		0		(8,147)		0
Net income attributable to common stockholders	22,162		20,205		23,980		21,018
Segment Reporting Information, Additional Information [Abstract]
Assets	15,144,597		14,670,102		15,144,597		14,670,102		$ 14,287,821
On and Off Balance Sheet Program Assets, At Principal Balance	15,130,127		14,072,542		15,130,127		14,072,542
Farm & Ranch [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	22,159	[1]	19,598	[2]	44,127	[3]	37,936	[4]
Interest Income Reclassification	(697)		(513)		(1,332)		(1,044)
Total interest expense	(11,781)	[5]	(11,265)	[6]	(23,000)	[7]	(21,958)	[8]
Net effective spread	9,681		7,820		19,795		14,934
Guarantee and commitment fees	3,693		3,807		7,326		7,716
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	160	[9]	242	[10]	247	[11]	373	[12]
Non-interest income/(loss)	3,853		4,049		7,573		8,089
(Provision for)/release of allowance for loan losses	(110)		1,583		(186)		1,010
(Release of)/provision for reserve for losses	(1,146)		974		(374)		873
Noninterest Expense, Excluding Loan, Lease and Other Losses	(4,304)		(3,914)		(8,630)		(7,466)
Noninterest Expense	(5,450)	[13]	(2,940)	[14]	(9,004)	[15]	(6,593)	[16]
Segment core earnings before income taxes	7,974		10,512		18,178		17,440
Income tax expense	(2,791)		(3,679)		(6,362)		(6,103)
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	5,183		6,833		11,816		11,337
Preferred Stock Dividends, Income Statement Impact	0		0		0		0
Less: Net loss/(income) attributable to non-controlling interest	0		0		0		0
Loss on retirement of preferred stock					0
Segment core earnings	5,183		6,833		11,816		11,337
Segment Reporting Information, Additional Information [Abstract]
Assets	2,780,018		2,387,899		2,780,018		2,387,899
On and Off Balance Sheet Program Assets, At Principal Balance	5,485,570		5,310,664		5,485,570		5,310,664
USDA Guarantees [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	14,779	[1]	13,307	[2]	29,127	[3]	26,266	[4]
Interest Income Reclassification	0		0		0		0
Total interest expense	(10,313)	[5]	(9,148)	[6]	(20,436)	[7]	(18,323)	[8]
Net effective spread	4,466		4,159		8,691		7,943
Guarantee and commitment fees	8		23		2		49
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	28	[9]	9	[10]	87	[11]	36	[12]
Non-interest income/(loss)	36		32		89		85
(Provision for)/release of allowance for loan losses	0		0		0		0
(Release of)/provision for reserve for losses	0		0		0		0
Noninterest Expense, Excluding Loan, Lease and Other Losses	(1,025)		(764)		(1,410)		(1,495)
Noninterest Expense	(1,025)	[13]	(764)	[14]	(1,410)	[15]	(1,495)	[16]
Segment core earnings before income taxes	3,477		3,427		7,370		6,533
Income tax expense	(1,216)		(1,200)		(2,579)		(2,288)
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	2,261		2,227		4,791		4,245
Preferred Stock Dividends, Income Statement Impact	0		0		0		0
Less: Net loss/(income) attributable to non-controlling interest	0		0		0		0
Loss on retirement of preferred stock					0
Segment core earnings	2,261		2,227		4,791		4,245
Segment Reporting Information, Additional Information [Abstract]
Assets	1,913,390		1,721,003		1,913,390		1,721,003
On and Off Balance Sheet Program Assets, At Principal Balance	1,862,430		1,710,335		1,862,430		1,710,335
Rural Utilities [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	6,521	[1]	6,782	[2]	13,106	[3]	14,525	[4]
Interest Income Reclassification	0		0		0		0
Total interest expense	(3,683)	[5]	(3,829)	[6]	(7,464)	[7]	(9,582)	[8]
Net effective spread	2,838		2,953		5,642		4,943
Guarantee and commitment fees	0		0		0		0
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	0	[9]	0	[10]	0	[11]	0	[12]
Non-interest income/(loss)	0		0		0		0
(Provision for)/release of allowance for loan losses	0		0		0		0
(Release of)/provision for reserve for losses	0		0		0		0
Noninterest Expense, Excluding Loan, Lease and Other Losses	(860)		(830)		(1,726)		(1,607)
Noninterest Expense	(860)	[13]	(830)	[14]	(1,726)	[15]	(1,607)	[16]
Segment core earnings before income taxes	1,978		2,123		3,916		3,336
Income tax expense	(691)		(743)		(1,369)		(1,168)
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	1,287		1,380		2,547		2,168
Preferred Stock Dividends, Income Statement Impact	0		0		0		0
Less: Net loss/(income) attributable to non-controlling interest	0		0		0		0
Loss on retirement of preferred stock					0
Segment core earnings	1,287		1,380		2,547		2,168
Segment Reporting Information, Additional Information [Abstract]
Assets	962,702		1,022,421		962,702		1,022,421
On and Off Balance Sheet Program Assets, At Principal Balance	954,188		1,012,313		954,188		1,012,313
Institutional Credit [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	20,036	[1]	20,073	[2]	39,335	[3]	40,455	[4]
Interest Income Reclassification	0		0		0		0
Total interest expense	(9,176)	[5]	(10,116)	[6]	(18,050)	[7]	(21,092)	[8]
Net effective spread	10,860		9,957		21,285		19,363
Guarantee and commitment fees	384		386		769		766
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	0	[9]	0	[10]	0	[11]	0	[12]
Non-interest income/(loss)	384		386		769		766
(Provision for)/release of allowance for loan losses	0		0		0		0
(Release of)/provision for reserve for losses	0		0		0		0
Noninterest Expense, Excluding Loan, Lease and Other Losses	(532)		(492)		(1,067)		(937)
Noninterest Expense	(532)	[13]	(492)	[14]	(1,067)	[15]	(937)	[16]
Segment core earnings before income taxes	10,712		9,851		20,987		19,192
Income tax expense	(3,749)		(3,447)		(7,345)		(6,717)
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	6,963		6,404		13,642		12,475
Preferred Stock Dividends, Income Statement Impact	0		0		0		0
Less: Net loss/(income) attributable to non-controlling interest	0		0		0		0
Loss on retirement of preferred stock					0
Segment core earnings	6,963		6,404		13,642		12,475
Segment Reporting Information, Additional Information [Abstract]
Assets	5,874,088		5,115,147		5,874,088		5,115,147
On and Off Balance Sheet Program Assets, At Principal Balance	6,827,939		6,039,230		6,827,939		6,039,230
Corporate [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	3,094	[1]	5,185	[2]	5,959	[3]	10,420	[4]
Interest Income Reclassification	0		0		0		0
Total interest expense	(1,152)	[5]	(1,025)	[6]	(2,328)	[7]	(2,118)	[8]
Net effective spread	1,942		4,160		3,631		8,302
Guarantee and commitment fees	0		0		0		0
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	(212)	[9]	(603)	[10]	(764)	[11]	(1,174)	[12]
Non-interest income/(loss)	(212)		(603)		(764)		(1,174)
(Provision for)/release of allowance for loan losses	0		0		0		0
(Release of)/provision for reserve for losses	0		0		0		0
Noninterest Expense, Excluding Loan, Lease and Other Losses	(2,986)		(2,830)		(5,989)		(5,171)
Noninterest Expense	(2,986)	[13]	(2,830)	[14]	(5,989)	[15]	(5,171)	[16]
Segment core earnings before income taxes	(1,256)		727		(3,122)		1,957
Income tax expense	356		13,803		2,872		16,676
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	(900)		14,530		(250)		18,633
Preferred Stock Dividends, Income Statement Impact	(3,296)		(2,308)		(6,591)		(3,260)
Less: Net loss/(income) attributable to non-controlling interest	119		(5,819)		(5,235)		(11,366)
Loss on retirement of preferred stock					0
Segment core earnings	(4,077)		6,403		(12,076)		4,007
Segment Reporting Information, Additional Information [Abstract]
Assets	3,614,399		4,423,632		3,614,399		4,423,632
Segment Reconciling Items [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest and Dividend Income, Operating	(197)	[1]	(470)	[2]	(1,311)	[3]	(12,675)	[4]
Interest Income Reclassification	697		513		1,332		1,044
Total interest expense	1,577	[5]	(7,119)	[6]	3,588	[7]	(4,155)	[8]
Net effective spread	2,077		(7,076)		3,609		(15,786)
Guarantee and commitment fees	(697)		(513)		(1,332)		(1,044)
Other Non-Interest Income (Expense), Excluding Guarantee and Commitment Fees	14,843	[9]	2,913	[10]	12,347	[11]	(3,493)	[12]
Non-interest income/(loss)	14,146		2,400		11,015		(4,537)
(Provision for)/release of allowance for loan losses	0		0		0		0
(Release of)/provision for reserve for losses	0		0		0		0
Noninterest Expense, Excluding Loan, Lease and Other Losses	0		0		0		0
Noninterest Expense	0	[13]	0	[14]	0	[15]	0	[16]
Segment core earnings before income taxes	16,223	[17]	(4,676)	[18]	14,624	[19]	(20,323)	[20]
Income tax expense	(5,678)		1,634		(3,217)		7,109
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends	10,545	[17]	(3,042)	[18]	11,407	[19]	(13,214)	[20]
Preferred Stock Dividends, Income Statement Impact	0		0		0		0
Less: Net loss/(income) attributable to non-controlling interest	0		0		0		0
Loss on retirement of preferred stock					(8,147)
Segment core earnings	10,545	[17]	(3,042)	[18]	3,260	[19]	(13,214)	[20]
Segment Reporting Information, Additional Information [Abstract]
Assets	0		0		0		0
On and Off Balance Sheet Program Assets, At Principal Balance	$ 0		$ 0		$ 0		$ 0

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

[2] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

[3] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts.

[4] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

[5] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements.

[6] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

[7] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements.

[8] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

[9] 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 Securities.

[10] Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

[11] 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 Securities.

[12] Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

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

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

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

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

[17] Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively

[18] Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

[19] Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

[20] Net adjustments to reconcile core earnings before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

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Financial Derivatives - Financial Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2015 and December 31, 2014 and the effects of financial derivatives on the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014:

Table 4.1

	As of June 30, 2015
			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	$	1,026,075	$	963		$	(24,366	)	2.46%	0.28%		3.65
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	92,000		866			(335		)	2.16%	0.48%		6.93
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	519,408		1,425			(43,645		)	4.06%	0.28%		8.80
Receive fixed non-callable	4,062,734		4,093			(313		)	0.16%	0.35%		0.58
Receive fixed callable	487,565		54			(437		)	0.13%	0.82%		2.51
Basis swaps	1,295,000		74			(258		)	0.12%	0.29%		2.68
Agency forwards	45,608		—			(208		)			99.05
Treasury futures	13,700		—			(58		)			125.75
Credit valuation adjustment			(20		)	247
Total financial derivatives	$	7,542,090	$	7,455		$	(69,373	)
Collateral pledged			—			35,335
Net amount			$	7,455		$	(34,038	)

	As of December 31, 2014
			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	$	1,000,000	$	—		$	(31,718	)	2.47%	0.23%		3.98
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	15,000		—			(289		)	2.43%	0.51%		6.23
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	490,183		537			(51,224		)	4.23%	0.23%		7.05
Receive fixed non-callable	3,829,355		3,414			(461		)	0.14%	0.27%		0.55
Receive fixed callable	383,565		1			(877		)	0.12%	1.34%		3.47
Basis swaps	1,105,000		247			(406		)	0.11%	0.31%		2.42
Agency forwards	12,768		—			(53		)			101.00
Treasury futures	1,700		—			(3		)			126.60
Credit valuation adjustment			(22		)	187
Total financial derivatives	$	6,837,571	$	4,177		$	(84,844	)
Collateral pledged			—			46,627
Net amount			$	4,177		$	(38,217	)

Derivative Instruments, Gain (Loss) [Table Text Block]

Table 4.2

	Gains/(losses) on financial derivatives and hedging activities
	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands)
Fair value hedges:
Interest rate swaps(1)	$	14,075		$	(799	)	$	8,316		$	(599	)
Hedged items	(11,354		)	3,818			(2,478		)	6,568
Gains on hedging activities	2,721			3,019			5,838			5,969
No hedge designation:
Interest rate swaps	11,798			(8,126		)	5,841			(17,674		)
Agency forwards	(356		)	(235		)	(1,142		)	(1,087		)
Treasury futures	226			(356		)	(30		)	(484		)
Gains/(losses) on financial derivatives not designated in hedging relationships	11,668			(8,717		)	4,669			(19,245		)
Gains/(losses) on financial derivatives and hedging activities	$	14,389		$	(5,698	)	$	10,507		$	(13,276	)

(1) Included in the assessment of hedge effectiveness as of June 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $5.8 million for the three and six months ended June 30, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2015 were losses of $0.2 million and gains of $0.1 million. The comparable amounts as of June 30, 2014 were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the three and six months ended June 30, 2014, attributable to hedge ineffectiveness.

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Investment Securities - Debt Maturities (Details) - Investment Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Available-for-sale Securities, Due within one year, Amortized Cost	$ 925,228
Available-for-sale Securities, Due after one year through five years, Amortized Cost	103,309
Available-for-sale Securities, Due after five years through ten years, Amortized Cost	239,193
Available-for-sale Securities, Due after ten years, Amortized Cost	586,513
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Available-for-sale Securities, Due within one year, Fair Value	925,400
Available-for-sale Securities, Due after one year through five years, Fair Value	103,939
Available-for-sale Securities, Due after five years through ten years, Fair Value	239,790
Available-for-sale Securities, Due after ten years, Fair Value	582,770
Available-for-sale securities	$ 1,851,899	$ 1,938,499
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract]
Available-for-sale Securities, Due within one year, Weighted-Average Yield	0.31%
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield	1.19%
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield	0.88%
Available-for-sale Securities, Due after ten years, Weighted-Average Yield	0.90%
Available-for-sale Securities, Total Weighted-Average Yield	0.62%

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Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments - Off-Balance Sheet Guarantees and Long-Term Standby Purchase Commitments (Tables)

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations [Table Text Block]

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2015 and December 31, 2014, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 6.1

Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of June 30, 2015		As of December 31, 2014
	(in thousands)
Farm & Ranch:
Guaranteed Securities	$	575,811	$	636,086
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	10,888		13,978
Institutional Credit:
AgVantage Securities	986,529		986,528
Total off-balance sheet Farmer Mac Guaranteed Securities	$	1,573,228	$	1,636,592

Schedule of Cash Flows Related To Transfer of Securitizations [Table Text Block]

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors.  The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Table 6.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Proceeds from new securitizations	$	99,477	$	126,857
Guarantee fees received	2,082		2,416
Purchases of assets from the trusts	1,981		—

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets.  This liability approximated $9.8 million as of June 30, 2015 and $11.1 million as of December 31, 2014. As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 11.6 years and 12.0 years, respectively.  As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 1.9 years and 2.4 years, respectively.

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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Common stock dividend, per share, cash paid	$ 0.32	$ 0.28
Series A Preferred Stock [Member]
Preferred stock (in usd per share)	0.7344	0.7344
Series B Preferred Stock [Member]
Preferred stock (in usd per share)	0.8594	0.5347
Series C Preferred Stock [Member]
Preferred stock (in usd per share)	$ 0.75	$ 0.0458

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Interest receivable - Consolidated Trusts amount	$ 101,127	$ 106,874
Accrued interest payable - Consolidated Trusts amount	$ 50,183	$ 48,355
Series A Preferred Stock [Member]
Preferred stock, par value	$ 25	$ 25
Preferred stock, shares authorized	2,400,000	2,400,000
Preferred Stock, shares issued	2,400,000	2,400,000
Preferred Stock, shares outstanding	2,400,000	2,400,000
Series B Preferred Stock [Member]
Preferred stock, par value	$ 25	$ 25
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred Stock, shares issued	3,000,000	3,000,000
Preferred Stock, shares outstanding	3,000,000	3,000,000
Series C Preferred Stock [Member]
Preferred stock, par value	$ 25	$ 25
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred Stock, shares issued	3,000,000	3,000,000
Preferred Stock, shares outstanding	3,000,000	3,000,000
Common Class A, Voting [Member]
Common stock, par value	$ 1	$ 1
Common stock, shares outstanding	1,030,780	1,030,780
Common Class B, Voting [Member]
Common stock, par value	$ 1	$ 1
Common stock, shares outstanding	500,301	500,301
Common Class C, Non-Voting [Member]
Common stock, par value	$ 1	$ 1
Common stock, shares outstanding	9,508,000	9,406,267
Variable Interest Entity, Primary Beneficiary [Member]
Interest receivable - Consolidated Trusts amount	$ 6,338	$ 9,509
Accrued interest payable - Consolidated Trusts amount	$ 5,302	$ 5,145

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Business Segment Reporting

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Business Segment Reporting Disclosure

BUSINESS SEGMENT REPORTING

Farmer Mac's operations consist of four reportable operating segments – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Institutional Credit segment comprises Farmer Mac's guarantees of AgVantage securities related to general obligations of lenders that are secured by pools of eligible loans.

Farmer Mac uses these four segments to manage business risk, and each segment is based on distinct products and distinct business activities.  In addition to these four operating segments, a corporate segment is presented.  That segment represents activity in Farmer Mac's investment portfolio and other corporate activities.  The segment financial results include directly attributable revenues and expenses.  Corporate charges for administrative expenses that are not directly attributable to an operating segment are allocated based on headcount.

Farmer Mac uses core earnings to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends.  Core earnings principally differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with generally accepted accounting principles ("GAAP") if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This non-GAAP financial measure may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of this non-GAAP measure is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis.  Accordingly, the core earnings for Farmer Mac's reportable operating segments will differ from the stand-alone financial statements of Farmer Mac's subsidiaries.  These differences will be due to various factors, including the reversal of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as dividends and interest expense related to the issuance of capital and the incurrence of indebtedness managed at the corporate level.  The allocation of general and administrative expenses that are not directly attributable to an operating segment may also result in differences.  The assets of Farmer Mac's subsidiary Farmer Mac II LLC will only be available to creditors of Farmer Mac after all obligations owed to creditors of and equity holders in Farmer Mac II LLC have been satisfied.  As of June 30, 2015, Farmer Mac II LLC held assets with a fair value of $1.9 billion, had debt outstanding of $777.0 million, and had $1.0 billion of common stock outstanding held by Farmer Mac.

The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2015 and 2014:

Table 9.1

Core Earnings by Business Segment
For the Three Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	22,159		$	14,779		$	6,521		$	20,036		$	3,094		$	(197	)		$	66,392
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(697		)	—			—			—			—			697				—
Interest expense(2)	(11,781		)	(10,313		)	(3,683		)	(9,176		)	(1,152		)	1,577				(34,528		)
Net effective spread	9,681			4,466			2,838			10,860			1,942			2,077				31,864
Guarantee and commitment fees	3,693			8			—			384			—			(697		)		3,388
Other income/(expense)(3)	160			28			—			—			(212		)	14,843				14,819
Non-interest income/(loss)	3,853			36			—			384			(212		)	14,146				18,207
Provision for loan losses	(110		)	—			—			—			—			—				(110		)
Provision for losses	(1,146		)	—			—			—			—			—				(1,146		)
Other non-interest expense	(4,304		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(9,707		)
Non-interest expense(4)	(5,450		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(10,853		)
Core earnings before income taxes	7,974			3,477			1,978			10,712			(1,256		)	16,223			(5)	39,108
Income tax (expense)/benefit	(2,791		)	(1,216		)	(691		)	(3,749		)	356			(5,678		)		(13,769		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	5,183			2,261			1,287			6,963			(900		)	10,545			(5)	25,339
Preferred stock dividends	—			—			—			—			(3,296		)	—				(3,296		)
Non-controlling interest	—			—			—			—			119			—				119
Segment core earnings/(losses)	$	5,183		$	2,261		$	1,287		$	6,963		$	(4,077	)	$	10,545		(5)	$	22,162
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income 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 June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	19,598		$	13,307		$	6,782		$	20,073		$	5,185		$	(470	)		$	64,475
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(513		)	—			—			—			—			513				—
Interest expense(2)	(11,265		)	(9,148		)	(3,829		)	(10,116		)	(1,025		)	(7,119		)		(42,502		)
Net effective spread	7,820			4,159			2,953			9,957			4,160			(7,076		)		21,973
Guarantee and commitment fees	3,807			23			—			386			—			(513		)		3,703
Other income/(expense)(3)	242			9			—			—			(603		)	2,913				2,561
Non-interest income/(loss)	4,049			32			—			386			(603		)	2,400				6,264
Release of allowance for loan losses	1,583			—			—			—			—			—				1,583
Release of reserve for losses	974			—			—			—			—			—				974
Other non-interest expense	(3,914		)	(764		)	(830		)	(492		)	(2,830		)	—				(8,830		)
Non-interest expense(4)	(2,940		)	(764		)	(830		)	(492		)	(2,830		)	—				(7,856		)
Core earnings before income taxes	10,512			3,427			2,123			9,851			727			(4,676		)	(5)	21,964
Income tax (expense)/benefit	(3,679		)	(1,200		)	(743		)	(3,447		)	13,803			1,634				6,368
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	6,833			2,227			1,380			6,404			14,530			(3,042		)	(5)	28,332
Preferred stock dividends	—			—			—			—			(2,308		)	—				(2,308		)
Non-controlling interest	—			—			—			—			(5,819		)	—				(5,819		)
Segment core earnings/(losses)	$	6,833		$	2,227		$	1,380		$	6,404		$	6,403		$	(3,042	)	(5)	$	20,205
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

Core Earnings by Business Segment
For the Six Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	44,127		$	29,127		$	13,106		$	39,335		$	5,959		$	(1,311	)		$	130,343
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,332		)	—			—			—			—			1,332				—
Interest expense(2)	(23,000		)	(20,436		)	(7,464		)	(18,050		)	(2,328		)	3,588				(67,690		)
Net effective spread	19,795			8,691			5,642			21,285			3,631			3,609				62,653
Guarantee and commitment fees	7,326			2			—			769			—			(1,332		)		6,765
Other income/(expense)(3)	247			87			—			—			(764		)	12,347				11,917
Non-interest income/(loss)	7,573			89			—			769			(764		)	11,015				18,682
Provision for loan losses	(186		)	—			—			—			—			—				(186		)
Provision for losses	(374		)	—			—			—			—			—				(374		)
Other non-interest expense	(8,630		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(18,822		)
Non-interest expense(4)	(9,004		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(19,196		)
Core earnings before income taxes	18,178			7,370			3,916			20,987			(3,122		)	14,624			(5)	61,953
Income tax (expense)/benefit	(6,362		)	(2,579		)	(1,369		)	(7,345		)	2,872			(3,217		)		(18,000		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,816			4,791			2,547			13,642			(250		)	11,407			(5)	43,953
Preferred stock dividends	—			—			—			—			(6,591		)	—				(6,591		)
Non-controlling interest	—			—			—			—			(5,235		)	—				(5,235		)
Loss on retirement of preferred stock	—			—			—			—			—			(8,147		)		(8,147		)
Segment core earnings/(losses)	$	11,816		$	4,791		$	2,547		$	13,642		$	(12,076	)	$	3,260		(5)	$	23,980
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

Core Earnings by Business Segment
For the Six Months Ended June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	37,936		$	26,266		$	14,525		$	40,455		$	10,420		$	(12,675	)		$	116,927
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,044		)	—			—			—			—			1,044				—
Interest expense(2)	(21,958		)	(18,323		)	(9,582		)	(21,092		)	(2,118		)	(4,155		)		(77,228		)
Net effective spread	14,934			7,943			4,943			19,363			8,302			(15,786		)		39,699
Guarantee and commitment fees	7,716			49			—			766			—			(1,044		)		7,487
Other income/(expense)(3)	373			36			—			—			(1,174		)	(3,493		)		(4,258		)
Non-interest income/(loss)	8,089			85			—			766			(1,174		)	(4,537		)		3,229
Release of allowance for loan losses	1,010			—			—			—			—			—				1,010
Release of reserve for losses	873			—			—			—			—			—				873
Other non-interest expense	(7,466		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(16,676		)
Non-interest expense(4)	(6,593		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(15,803		)
Core earnings before income taxes	17,440			6,533			3,336			19,192			1,957			(20,323		)	(5)	28,135
Income tax (expense)/benefit	(6,103		)	(2,288		)	(1,168		)	(6,717		)	16,676			7,109				7,509
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,337			4,245			2,168			12,475			18,633			(13,214		)	(5)	35,644
Preferred stock dividends	—			—			—			—			(3,260		)	—				(3,260		)
Non-controlling interest	—			—			—			—			(11,366		)	—				(11,366		)
Segment core earnings/(losses)	$	11,337		$	4,245		$	2,168		$	12,475		$	4,007		$	(13,214	)	(5)	$	21,018
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

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DOCUMENT AND ENTITY INFORMATION DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Entity Information [Line Items]
Entity Registrant Name	FEDERAL AGRICULTURAL MORTGAGE CORP
Entity Central Index Key	0000845877
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	AGM
Common Class A, Voting [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,030,780
Common Class B, Voting [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		500,301
Common Class C, Non-Voting [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,508,091

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Accounting Policies - Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Account Policies

ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("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, 2014 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2014 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 2014 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 16, 2015. That Form 10-K describes Farmer Mac's significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents and Statements of Cash Flows; Transfers of Financial Assets and Liabilities; Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities; Loans; Securitization of Loans; Real Estate Owned; Financial Derivatives; Notes Payable; Allowance for Loan Losses and Reserve for Losses; Earnings Per Common Share; Income Taxes; Stock-Based Compensation; Comprehensive Income; Long-Term Standby Purchase Commitments; Fair Value Measurement; and Consolidation of Variable Interest Entities ("VIEs"). Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and six month periods ended June 30, 2015.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its three subsidiaries: (1) Farmer Mac Mortgage Securities Corporation ("FMMSC"), whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; (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 Securities; and (3) Contour Valuation Services, LLC, whose principal activity is to provide appraisal services related to agricultural real estate.  All inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary.  

Cash and Cash Equivalents and Statements of Cash Flows

Statements of Cash Flows

Earnings Per Common Share

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.

New Accounting Standards

New Accounting Standards

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. It also affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015. The adoption of the new guidance will not have a material effect on Farmer Mac's financial position, results of operations, or cash flows.

Reclassifications

Reclassifications

Beginning January 1, 2015, Farmer Mac classified all of the income from Farmer Mac Guaranteed Securities that it holds in its portfolio as interest income. Prior to January 1, 2015, Farmer Mac classified a portion of the income from those securities, $2.7 millionand$5.4 million for the three and six months ended June 30, 2014, respectively, as guarantee and commitment fees. This change in classification does not affect the timing or amount of income recognized from these securities. The corresponding guarantee and commitment fee receivable balance as of December 31, 2014 also was reclassified to accrued interest receivable. Certain reclassifications of prior period information, including the aforementioned change, were made to conform to the current period presentation.

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Interest income:
Investments and cash equivalents	$ 3,094		$ 5,101		$ 5,959		$ 10,338
Farmer Mac Guaranteed Securities and USDA Securities	34,484		32,957		67,606		65,803
Loans	28,814		26,417		56,778		40,786
Total interest income	66,392	[1]	64,475	[2]	130,343	[3]	116,927	[4]
Total interest expense	34,528	[5]	42,502	[6]	67,690	[7]	77,228	[8]
Net interest income	31,864		21,973		62,653		39,699
(Provision for)/release of allowance for loan losses	(110)		1,583		(186)		1,010
Net interest income after (provision for)/release of allowance for loan losses	31,754		23,556		62,467		40,709
Non-interest income:
Guarantee and commitment fees	3,388		3,703		6,765		7,487
Gains/(losses) on financial derivatives and hedging activities	14,389		(5,698)		10,507		(13,276)
Gains on trading securities	170		7,748		532		8,403
Gains on sale of available-for-sale investment securities	0		143		6		158
Gains/(losses) on sale of real estate owned	0		168		(1)		165
Other income	260		200		873		292
Non-interest income	18,207		6,264		18,682		3,229
Non-interest expense:
Compensation and employee benefits	5,733		4,889		11,426		9,345
General and administrative	3,374		3,288		6,197		6,082
Regulatory fees	600		594		1,200		1,188
Real estate owned operating costs, net	0		59		(1)		61
Provision for/(release of) reserve for losses	1,146		(974)		374		(873)
Non-interest expense	10,853	[9]	7,856	[10]	19,196	[11]	15,803	[12]
Income before income taxes	39,108		21,964		61,953		28,135
Income tax expense/(benefit)	13,769		(6,368)		18,000		(7,509)
Net income	25,339		28,332		43,953		35,644
Less: Net loss/(income) attributable to non-controlling interest	119		(5,819)		(5,235)		(11,366)
Net income attributable to Farmer Mac	25,458		22,513		38,718		24,278
Preferred stock dividends	(3,296)		(2,308)		(6,591)		(3,260)
Loss on retirement of preferred stock	0		0		(8,147)		0
Net income attributable to common stockholders	$ 22,162		$ 20,205		$ 23,980		$ 21,018
Earnings per common share and dividends:
Basic earnings per common share	$ 2.01		$ 1.85		$ 2.19		$ 1.93
Diluted earnings per common share	1.94		1.78		2.11		1.85
Common Stock, Dividends, Per Share, Declared	$ 0.16		$ 0.14		$ 0.32		$ 0.28

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

[2] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

[3] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts.

[4] Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

[5] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements.

[6] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

[7] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements.

[8] 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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

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

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

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

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

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Financial Derivatives

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

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, and not for trading or speculative purposes.  Certain financial derivatives are designated as fair value hedges of fixed rate assets classified as available-for-sale to protect against fair value changes in the assets related to a benchmark interest rate (i.e., LIBOR). Other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt.

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2015 and December 31, 2014 and the effects of financial derivatives on the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014:

Table 4.1

	As of June 30, 2015
			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	$	1,026,075	$	963		$	(24,366	)	2.46%	0.28%		3.65
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	92,000		866			(335		)	2.16%	0.48%		6.93
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	519,408		1,425			(43,645		)	4.06%	0.28%		8.80
Receive fixed non-callable	4,062,734		4,093			(313		)	0.16%	0.35%		0.58
Receive fixed callable	487,565		54			(437		)	0.13%	0.82%		2.51
Basis swaps	1,295,000		74			(258		)	0.12%	0.29%		2.68
Agency forwards	45,608		—			(208		)			99.05
Treasury futures	13,700		—			(58		)			125.75
Credit valuation adjustment			(20		)	247
Total financial derivatives	$	7,542,090	$	7,455		$	(69,373	)
Collateral pledged			—			35,335
Net amount			$	7,455		$	(34,038	)

	As of December 31, 2014
			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	$	1,000,000	$	—		$	(31,718	)	2.47%	0.23%		3.98
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	15,000		—			(289		)	2.43%	0.51%		6.23
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	490,183		537			(51,224		)	4.23%	0.23%		7.05
Receive fixed non-callable	3,829,355		3,414			(461		)	0.14%	0.27%		0.55
Receive fixed callable	383,565		1			(877		)	0.12%	1.34%		3.47
Basis swaps	1,105,000		247			(406		)	0.11%	0.31%		2.42
Agency forwards	12,768		—			(53		)			101.00
Treasury futures	1,700		—			(3		)			126.60
Credit valuation adjustment			(22		)	187
Total financial derivatives	$	6,837,571	$	4,177		$	(84,844	)
Collateral pledged			—			46,627
Net amount			$	4,177		$	(38,217	)

Table 4.2

	Gains/(losses) on financial derivatives and hedging activities
	For the Three Months Ended						For the Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(in thousands)
Fair value hedges:
Interest rate swaps(1)	$	14,075		$	(799	)	$	8,316		$	(599	)
Hedged items	(11,354		)	3,818			(2,478		)	6,568
Gains on hedging activities	2,721			3,019			5,838			5,969
No hedge designation:
Interest rate swaps	11,798			(8,126		)	5,841			(17,674		)
Agency forwards	(356		)	(235		)	(1,142		)	(1,087		)
Treasury futures	226			(356		)	(30		)	(484		)
Gains/(losses) on financial derivatives not designated in hedging relationships	11,668			(8,717		)	4,669			(19,245		)
Gains/(losses) on financial derivatives and hedging activities	$	14,389		$	(5,698	)	$	10,507		$	(13,276	)

(1) Included in the assessment of hedge effectiveness as of June 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $5.8 million for the three and six months ended June 30, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2015 were losses of $0.2 million and gains of $0.1 million. The comparable amounts as of June 30, 2014 were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the three and six months ended June 30, 2014, attributable to hedge ineffectiveness.

As of June 30, 2015 and December 31, 2014, Farmer Mac's credit exposure to interest rate swap counterparties, excluding netting arrangements and any adjustment for nonperformance risk, but including accrued interest, was $10.8 million and $6.1 million, respectively; however, including netting arrangements and accrued interest, Farmer Mac's credit exposure was $0.7 million as of June 30, 2015 and $0.4 million as of December 31, 2014. Farmer Mac held no cash as collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $0.7 million as of June 30, 2015 and $0.4 million as of December 31, 2014.

As of June 30, 2015 and December 31, 2014, the fair value of Farmer Mac's derivatives in a net liability position including accrued interest but excluding netting arrangements and any adjustment for nonperformance risk, was $83.2 million and $99.4 million, respectively. Including netting arrangements and accrued interest, the fair value of Farmer Mac's derivatives in a net liability position at the counterparty level, was $74.0 million and $93.4 million as of June 30, 2015 and December 31, 2014, respectively.  Farmer Mac posted cash of $35.3 million and no investment securities as of June 30, 2015 and posted cash of $46.6 million and no investment securities as of December 31, 2014.  Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. The investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets.  If Farmer Mac had breached certain provisions of the derivative contracts as of June 30, 2015 and December 31, 2014, it could have been required to settle its obligations under the agreements or post additional collateral of $38.7 millionand $46.8 million, respectively. As of June 30, 2015 and December 31, 2014, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $7.5 billion notional amount of interest rate swaps outstanding as of June 30, 2015, $4.4 billion were cleared through swap clearinghouses. Of Farmer Mac's $6.8 billion notional amount of interest rate swaps outstanding as of December 31, 2014, $4.0 billion were cleared through swap clearinghouses.

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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities

6 Months Ended

Jun. 30, 2015

Farmer Mac Guaranteed Securities and USDA Securities [Member]

Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2015 and December 31, 2014:

Table 3.1

	As of June 30, 2015
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,819,159	$	2,868		$	1,822,027	$	14,269	$	—		$	1,836,296
Available-for-sale:
AgVantage	$	4,022,251	$	—		$	4,022,251	$	36,810	$	(42,861	)	$	4,016,200
Farmer Mac Guaranteed USDA Securities	33,822		(339		)	33,483		1,525		—			35,008
Total Farmer Mac Guaranteed Securities	4,056,073		(339		)	4,055,734		38,335		(42,861		)	4,051,208
USDA Securities	1,785,662		2,536			1,788,198		37,243		(35		)	1,825,406
Total available-for-sale	$	5,841,735	$	2,197		$	5,843,932	$	75,578	$	(42,896	)	$	5,876,614
Trading:
USDA Securities	$	32,058	$	2,384		$	34,442	$	100	$	(772	)	$	33,770

	As of December 31, 2014
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,785,340	$	9,280		$	1,794,620	$	6,211	$	(255	)	$	1,800,576
Available-for-sale:
AgVantage	$	3,625,073	$	—		$	3,625,073	$	36,442	$	(29,853	)	$	3,631,662
Farmer Mac Guaranteed USDA Securities	27,831		(442		)	27,389		237		(7		)	27,619
Total Farmer Mac Guaranteed Securities	3,652,904		(442		)	3,652,462		36,679		(29,860		)	3,659,281
USDA Securities	1,717,813		3,162			1,720,975		11,850		(1,603		)	1,731,222
Total available-for-sale	$	5,370,717	$	2,720		$	5,373,437	$	48,529	$	(31,463	)	$	5,390,503
Trading:
USDA Securities	$	38,412	$	2,748		$	41,160	$	114	$	(964	)	$	40,310

As of June 30, 2015 and December 31, 2014, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 3.2

	As of June 30, 2015
	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)
Available-for-sale:
AgVantage	$	1,185,341	$	(33,229	)	$	859,874	$	(9,632	)
USDA Securities	—		—			97,848		(35		)
Total available-for-sale	$	1,185,341	$	(33,229	)	$	957,722	$	(9,667	)

	As of December 31, 2014
	Held-to-Maturity and 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)
Held-to-maturity:
AgVantage	$	547	$	(1	)	$	49,745	$	(254	)
Available-for-sale:
AgVantage	$	685,131	$	(13,115	)	$	1,460,089	$	(16,738	)
Farmer Mac Guaranteed USDA Securities	3,720		(7		)	—		—
USDA Securities	264,375		(1,549		)	97,817		(54		)
Total available-for-sale	$	953,226	$	(14,671	)	$	1,557,906	$	(16,792	)

The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to June 30, 2015 and December 31, 2014, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 16 available-for-sale securities as of June 30, 2015. There were no unrealized losses from held-to-maturity AgVantage securities as of June 30, 2015. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of As of December 31, 2014. As of June 30, 2015, 6 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $9.6 million. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. AgVantage^® is a registered trademark of Farmer Mac used to designate Farmer Mac Guaranteed Securities that are general obligations of lenders secured by pools of eligible loans. These Farmer Mac Guaranteed Securities are referred to as AgVantage securities. Each AgVantage security backed by agricultural mortgages requires some level of overcollateralization, or, in the case of rural utilities loans, 100 percent collateralization, and is secured by eligible loans of the issuing institution with a requirement that delinquent loans be removed from the collateral pool and then replaced with current eligible loans. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of either June 30, 2015 or As of December 31, 2014.  Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

During the three and six months ended June 30, 2015 and 2014, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities.

The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2015 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 3.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	571,035	$	577,094	2.77	%
Due after one year through five years	1,233,236		1,248,863		1.35	%
Due after five years through ten years	1,479,773		1,492,590		1.78	%
Due after ten years	2,559,888		2,558,067		2.37	%
Total	$	5,843,932	$	5,876,614	2.04	%

	As of June 30, 2015
	Held-to-Maturity Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	679,891	$	680,697	2.66	%
Due after one year through five years	1,135,536		1,148,735		2.35	%
Due after five years through ten years	6,600		6,864		3.35	%
Total	$	1,822,027	$	1,836,296	2.46	%

As of June 30, 2015, Farmer Mac owned trading USDA Securities with an amortized cost of $34.4 million, a fair value of $33.8 million, and a weighted average yield of 5.50 percent. As of December 31, 2014, Farmer Mac owned trading USDA Securities with an amortized cost of $41.2 million, a fair value of $40.3 million, and a weighted average yield of 5.60 percent.

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Loans and Allowance for Losses and Concentrations of Credit Risk - Loans and Allowance for Losses and Concentrations (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Loans

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of June 30, 2015 and December 31, 2014, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2015 and December 31, 2014:

Table 5.1

	As of June 30, 2015									As of December 31, 2014
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,197,934		$	512,559		$	2,710,493		$	2,118,867		$	421,355		$	2,540,222
Rural Utilities	954,188			—			954,188			718,213			267,396			985,609
Total unpaid principal balance(1)	3,152,122			512,559			3,664,681			2,837,080			688,751			3,525,831
Unamortized premiums, discounts and other cost basis adjustments	890			—			890			(3,619		)	3,727			108
Total loans	3,153,012			512,559			3,665,571			2,833,461			692,478			3,525,939
Allowance for loan losses	(5,395		)	(544		)	(5,939		)	(5,324		)	(540		)	(5,864		)
Total loans, net of allowance	$	3,147,617		$	512,015		$	3,659,632		$	2,828,137		$	691,938		$	3,520,075

(1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Credit Losses on Financing Receivables [Table Text Block]

Allowance for Losses

Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities.  As of June 30, 2015 and December 31, 2014, Farmer Mac reported allowances for losses of $10.6 million and $10.1 million, respectively. See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs.  

The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014:

Table 5.2

	As of June 30, 2015								As of June 30, 2014
	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	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365
For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

During second quarter 2015, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and provisions to its reserve for losses of $1.1 million, primarily related to a specific allowance for an impaired loan to a canola facility underlying an LTSPC. The establishment of a specific allowance for this loan was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loan. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2015.

During second quarter 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.6 million and releases from its reserve for losses of $1.0 million. The releases recorded during second quarter 2014 primarily related to a significant decline in the balance of Farmer Mac's ethanol-related Agricultural Storage and Processing portfolio. Farmer Mac also recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2014.

The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014 by commodity type:

Table 5.3

	June 30, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,640	$	2,284		$	1,343	$	459		$	2,698		$	7	$	9,431
Provision for/(release of) losses	13		(63		)	417		85			804			—		1,256
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576
For the Six Months Ended:
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7	$	10,127
Provision for/(release of) losses	134		62			337		77			(50		)	—		560
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

	June 30, 2014
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,278	$	2,131	$	1,387		$	464		$	7,715		$	4		$	13,979
Provision for/(release of) losses	112		86		(19		)	(20		)	(2,716		)	—			(2,557		)
Charge-offs	—		—		(57		)	—			—			—			(57		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365
For the Six Months Ended:
Beginning Balance	$	2,124	$	2,186	$	1,271		$	454		$	7,292		$	7		$	13,334
Provision for/(release of) losses	266		31		97			19			(2,293		)	(3		)	(1,883		)
Charge-offs	—		—		(57		)	(29		)	—			—			(86		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365

Schedule of Allowance for Losses by Impairment Method and Commodity [Table Text Block]

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of June 30, 2015 and December 31, 2014:

Table 5.4

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,748,310	$	377,534	$	417,004	$	67,853	$	25,071	$	80	$	2,635,852
Off-balance sheet	1,262,318		528,186		785,805		103,521		58,433		6,009		2,744,272
Total	$	3,010,628	$	905,720	$	1,202,809	$	171,374	$	83,504	$	6,089	$	5,380,124
Individually evaluated for impairment:
On-balance sheet	$	20,372	$	38,672	$	6,118	$	9,479	$	—	$	—	$	74,641
Off-balance sheet	5,565		3,736		7,302		702		13,500		—		30,805
Total	$	25,937	$	42,408	$	13,420	$	10,181	$	13,500	$	—	$	105,446
Total Farm & Ranch loans:
On-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-balance sheet	1,267,883		531,922		793,107		104,223		71,933		6,009		2,775,077
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,806	$	459	$	651	$	76	$	367	$	—	$	3,359
Off-balance sheet	311		139		310		59		881		7		1,707
Total	$	2,117	$	598	$	961	$	135	$	1,248	$	7	$	5,066
Individually evaluated for impairment:
On-balance sheet	$	391	$	1,469	$	446	$	274	$	—	$	—	$	2,580
Off-balance sheet	145		154		353		24		2,254		—		2,930
Total	$	536	$	1,623	$	799	$	298	$	2,254	$	—	$	5,510
Total Farm & Ranch loans:
On-balance sheet	$	2,197	$	1,928	$	1,097	$	350	$	367	$	—	$	5,939
Off-balance sheet	456		293		663		83		3,135		7		4,637
Total	$	2,653	$	2,221	$	1,760	$	433	$	3,502	$	7	$	10,576

	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,621,360	$	359,517	$	406,049	$	57,851	$	29,003	$	—	$	2,473,780
Off-balance sheet	1,305,141		521,535		839,286		102,857		85,357		6,781		2,860,957
Total	$	2,926,501	$	881,052	$	1,245,335	$	160,708	$	114,360	$	6,781	$	5,334,737
Individually evaluated for impairment:
On-balance sheet	$	12,307	$	35,904	$	6,571	$	11,660	$	—	$	—	$	66,442
Off-balance sheet	2,458		3,239		8,712		1,586		—		—		15,995
Total	$	14,765	$	39,143	$	15,283	$	13,246	$	—	$	—	$	82,437
Total Farm & Ranch loans:
On-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-balance sheet	1,307,599		524,774		847,998		104,443		85,357		6,781		2,876,952
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,824	$	495	$	658	$	51	$	503	$	—	$	3,531
Off-balance sheet	298		149		404		52		3,049		7		3,959
Total	$	2,122	$	644	$	1,062	$	103	$	3,552	$	7	$	7,490
Individually evaluated for impairment:
On-balance sheet	$	283	$	1,410	$	328	$	312	$	—	$	—	$	2,333
Off-balance sheet	114		105		33		52		—		—		304
Total	$	397	$	1,515	$	361	$	364	$	—	$	—	$	2,637
Total Farm & Ranch loans:
On-balance sheet	$	2,107	$	1,905	$	986	$	363	$	503	$	—	$	5,864
Off-balance sheet	412		254		437		104		3,049		7		4,263
Total	$	2,519	$	2,159	$	1,423	$	467	$	3,552	$	7	$	10,127

Impaired Financing Receivables [Table Text Block]

The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of June 30, 2015 and December 31, 2014:

Table 5.5

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,272	$	6,352	$	4,085	$	1,486	$	—	$	—	$	16,195
Unpaid principal balance	4,231		6,354		4,085		1,486		—		—		16,156
With a specific allowance:
Recorded investment(1)	21,706		36,342		9,341		8,699		13,500		—		89,588
Unpaid principal balance	21,706		36,054		9,335		8,695		13,500		—		89,290
Associated allowance	536		1,623		799		298		2,254		—		5,510
Total:
Recorded investment	25,978		42,694		13,426		10,185		13,500		—		105,783
Unpaid principal balance	25,937		42,408		13,420		10,181		13,500		—		105,446
Associated allowance	536		1,623		799		298		2,254		—		5,510
Recorded investment of loans on nonaccrual status(2)	$	3,608	$	24,835	$	4,230	$	5,944	$	—	$	—	$	38,617

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $77.7 million (73 percent) of impaired loans as of June 30, 2015, which resulted in a specific reserve of $3.8 million.

(2) Includes $12.5 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,877	$	5,837	$	9,576	$	2,001	$	—	$	—	$	22,291
Unpaid principal balance	4,723		5,750		9,386		1,981		—		—		21,840
With a specific allowance:
Recorded investment(1)	10,753		33,690		5,979		11,350		—		—		61,772
Unpaid principal balance	10,042		33,393		5,897		11,265		—		—		60,597
Associated allowance	397		1,515		361		364		—		—		2,637
Total:
Recorded investment	15,630		39,527		15,555		13,351		—		—		84,063
Unpaid principal balance	14,765		39,143		15,283		13,246		—		—		82,437
Associated allowance	397		1,515		361		364		—		—		2,637
Recorded investment of loans on nonaccrual status(2)	$	5,168	$	14,413	$	4,438	$	6,133	$	—	$	—	$	30,152

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million.

(2) Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014:

Table 5.6

	June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	24,392	$	42,347	$	14,247	$	10,924	$	6,750	$	—	$	98,660
Income recognized on impaired loans	58		142		49		92		—		—		341
For the Six Months Ended:
Average recorded investment in impaired loans	$	21,471	$	41,407	$	14,683	$	11,733	$	4,500	$	—	$	93,794
Income recognized on impaired loans	340		225		197		150		—		—		912

	June 30, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	22,969	$	43,329	$	12,798	$	12,116	$	—	$	—	$	91,212
Income recognized on impaired loans	105		76		59		79		—		—		319
For the Six Months Ended:
Average recorded investment in impaired loans	$	23,197	$	44,228	$	13,289	$	12,410	$	—	$	40	$	93,164
Income recognized on impaired loans	275		270		135		201		—		—		881

Schedule of Certain Loans Acquired in Transfer Acquired During Period [Table Text Block]

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of June 30, 2015 and December 31, 2014:

Table 5.7

	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	—	$	440
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities	1,324		—		1,981		—
Total unpaid principal balance at acquisition date	1,324		—		1,981		440
Contractually required payments receivable	—		—		—		440
Impairment recognized subsequent to acquisition	57		17		109		69
Recovery/release of allowance for defaulted loans	—		5		121		7

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
Outstanding balance	$	25,484	$	24,921
Carrying amount	22,546		22,149

Past Due Financing Receivables [Table Text Block]

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below.  As of June 30, 2015, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans.

Table 5.8

	90-Day Delinquencies(1)				Net Credit Losses
	As of				For the Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		June 30, 2014
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	26,140	$	18,427	$	112	$	(21	)
Total on-balance sheet	$	26,140	$	18,427	$	112	$	(21	)
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	5,712	$	490	$	—	$	—
Total off-balance sheet	$	5,712	$	490	$	—	$	—
Total	$	31,852	$	18,917	$	112	$	(21	)

(1) Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $26.1 million and $18.4 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2015 and December 31, 2014, respectively, $1.8 million were loans subject to "removal-of-account" provisions.

Financing Receivable Credit Quality Indicators [Table Text Block]

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2015 and December 31, 2014:  

Table 5.9

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,735,454	$	377,534	$	382,150	$	65,353	$	25,071	$	80	$	2,585,642
Special mention(2)	12,856		—		34,854		2,500		—		—		50,210
Substandard(3)	20,372		38,672		6,118		9,479		—		—		74,641
Total on-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-Balance Sheet:
Acceptable	$	1,221,082	$	514,384	$	757,470	$	97,822	$	52,299	$	5,365	$	2,648,422
Special mention(2)	35,174		10,185		18,364		1,143		—		8		64,874
Substandard(3)	11,627		7,353		17,273		5,258		19,634		636		61,781
Total off-balance sheet	$	1,267,883	$	531,922	$	793,107	$	104,223	$	71,933	$	6,009	$	2,775,077
Total Ending Balance:
Acceptable	$	2,956,536	$	891,918	$	1,139,620	$	163,175	$	77,370	$	5,445	$	5,234,064
Special mention(2)	48,030		10,185		53,218		3,643		—		8		115,084
Substandard(3)	31,999		46,025		23,391		14,737		19,634		636		136,422
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Commodity analysis of past due loans(1)
On-balance sheet	$	1,296	$	20,606	$	1,802	$	2,436	$	—	$	—	$	26,140
Off-balance sheet	2,889		608		2,114		101		—		—		5,712
90-days or more past due	$	4,185	$	21,214	$	3,916	$	2,537	$	—	$	—	$	31,852

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,604,546	$	353,487	$	375,010	$	57,239	$	29,003	$	—	$	2,419,285
Special mention(2)	16,814		6,030		31,039		612		—		—		54,495
Substandard(3)	12,307		35,904		6,571		11,660		—		—		66,442
Total on-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-Balance Sheet
Acceptable	$	1,282,773	$	503,414	$	799,047	$	97,692	$	64,363	$	6,117	$	2,753,406
Special mention(2)	13,603		12,150		30,281		1,351		—		8		57,393
Substandard(3)	11,223		9,210		18,670		5,400		20,994		656		66,153
Total off-balance sheet	$	1,307,599	$	524,774	$	847,998	$	104,443	$	85,357	$	6,781	$	2,876,952
Total Ending Balance:
Acceptable	$	2,887,319	$	856,901	$	1,174,057	$	154,931	$	93,366	$	6,117	$	5,172,691
Special mention(2)	30,417		18,180		61,320		1,963		—		8		111,888
Substandard(3)	23,530		45,114		25,241		17,060		20,994		656		132,595
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Commodity analysis of past due loans(1)
On-balance sheet	$	4,175	$	6,869	$	4,555	$	2,828	$	—	$	—	$	18,427
Off-balance sheet	—		—		490		—		—		—		490
90-days or more past due	$	4,175	$	6,869	$	5,045	$	2,828	$	—	$	—	$	18,917

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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.

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Concentrations of Credit Risk

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of June 30, 2015 and December 31, 2014:

Table 5.10

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
By commodity/collateral type:
Crops	$	3,036,565	$	2,941,266
Permanent plantings	948,128		920,195
Livestock	1,216,229		1,260,618
Part-time farm	181,555		173,954
Ag. Storage and Processing	97,004		114,360
Other	6,089		6,781
Total	$	5,485,570	$	5,417,174
By geographic region(1):
Northwest	$	591,539	$	573,135
Southwest	1,720,074		1,753,606
Mid-North	1,907,771		1,873,041
Mid-South	670,976		627,615
Northeast	209,909		214,402
Southeast	385,301		375,375
Total	$	5,485,570	$	5,417,174
By original loan-to-value ratio:
0.00% to 40.00%	$	1,520,752	$	1,503,076
40.01% to 50.00%	1,199,107		1,191,804
50.01% to 60.00%	1,522,736		1,491,502
60.01% to 70.00%	1,102,486		1,091,759
70.01% to 80.00%	119,173		115,645
80.01% to 90.00%	21,316		23,388
Total	$	5,485,570	$	5,417,174

(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).

The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment.  Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios.

XML

Accounting Policies - Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

The following tables present, by line of business, details about the consolidation of VIEs:

Table 1.1

	Consolidation of Variable Interest Entities
	As of June 30, 2015
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost	$	512,559	$	—	$	—	$	—	$	—	$	512,559
Debt securities of consolidated trusts held by third parties(1)	516,004		—		—		—		—		516,004
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(2)	—		35,008		—		32,065		—		67,073
Maximum exposure to loss(3)	—		33,822		—		30,000		—		63,822
Investment securities:
Carrying value(4)	—		—		—		—		455,251		455,251
Maximum exposure to loss(3)(4)	—		—		—		—		458,566		458,566
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(3)(5)	575,811		10,888		—		970,000		—		1,556,699

(1) Includes borrower remittances of $3.4 million. The borrower remittances have not been passed through to third party investors as of June 30, 2015.

(2) Includes $1.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.1 million.

(3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(5) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

	Consolidation of Variable Interest Entities
	As of December 31, 2014
	Farm & Ranch		USDA Guarantees		Rural Utilities		Institutional Credit		Corporate		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost(1)	$	421,355	$	—	$	271,123	$	—	$	—	$	692,478
Debt securities of consolidated trusts held by third parties(2)	424,214		—		—		—		—		424,214
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value(3)	—		27,620		—		32,415		—		60,035
Maximum exposure to loss(4)	—		27,832		—		30,000		—		57,832
Investment securities:
Carrying value(5)	—		—		—		—		409,657		409,657
Maximum exposure to loss(4)(5)	—		—		—		—		412,690		412,690
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss(4)(6)	636,086		13,978		—		970,000		—		1,620,064

(1) Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million.

(2) Includes borrower remittances of $2.9 million, which have not been passed through to third party investors as of December 31, 2014.

(3) Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million.

(4) Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss.

(5) Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

(6) The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

Schedule of Cash Flow, Supplemental Disclosures

The following table sets forth information regarding certain non-cash transactions for the six months endedJune 30, 2015 and 2014:

Table 1.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Non-cash activity:
Loans acquired and securitized as Farmer Mac Guaranteed Securities	$	99,477	$	126,857
Consolidation of Farm & 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	112,440		129,305
Purchases of securities - traded, not yet settled	236,600		—
Issuance costs on the retirement of Farmer Mac II LLC Preferred Stock	8,147		—
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity	—		1,612,086

Earnings Per Common Share

The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2015 and 2014:

Table 1.3

	For the Three Months Ended
	June 30, 2015						June 30, 2014
	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	$	22,162	11,010	$	2.01		$	20,205	10,924	$	1.85
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		428	(0.07		)	—		437	(0.07		)
Diluted EPS	$	22,162	11,438	$	1.94		$	20,205	11,361	$	1.78

(1) For the three months ended June 30, 2015 and 2014, stock options and SARs of 229,693 and 121,468, 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 June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 45,034 and 42,514, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

	For the Six Months Ended
	June 30, 2015						June 30, 2014
	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	$	23,980	10,974	$	2.19		$	21,018	10,906	$	1.93
Effect of dilutive securities(1):
Stock options, SARs and restricted stock	—		411	(0.08		)	—		448	(0.08		)
Diluted EPS	$	23,980	11,385	$	2.11		$	21,018	11,354	$	1.85

(1) For the six months ended June 30, 2015 and 2014, stock options and SARs of 215,547 and 77,226, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2015 and 2014, contingent shares of non-vested restricted stock of 37,774 and 37,054, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions have not yet been met.

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Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity Disclosure

EQUITY

Non-Controlling Interest in Farmer Mac II LLC

On January 25, 2010, Farmer Mac completed a private offering of $250.0 million of securities issued by a newly formed Delaware statutory trust.  The trust securities, called Farm Asset-Linked Capital Securities or "FALConS," represented undivided beneficial ownership interests in 250,000 shares of non-cumulative perpetual preferred stock (the "Farmer Mac II LLC Preferred Stock") of Farmer Mac's subsidiary, Farmer Mac II LLC, a Delaware limited liability company.  The Farmer Mac II LLC Preferred Stock had a liquidation preference of $1,000 per share. On May 14, 2014, Farmer Mac purchased $6.0 million of FALConS from certain holders. On March 30, 2015, Farmer Mac II LLC redeemed all of the outstanding shares of Farmer Mac II LLC Preferred Stock which, in turn, triggered the redemption of all of the outstanding FALConS on that same day. Farmer Mac recognized an expense of $8.1 million in deferred issuance costs upon the retirement of the Farmer Mac II LLC Preferred Stock.

Capital Requirements

Farmer Mac is subject to the following capital requirements:

• Statutory minimum capital requirement – Farmer Mac's statutory minimum capital level is an amount of core capital (stockholders' equity less accumulated other comprehensive income ) 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 FCA to establish a risk-based capital stress test for Farmer Mac, using specified stress-test parameters.

Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of June 30, 2015 and December 31, 2014, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends on its preferred stock could be restricted if it fails to comply with applicable capital requirements.

As of June 30, 2015, Farmer Mac's minimum capital requirement was $443.8 million and its actual core capital level was $553.4 million, which was $109.6 million above the minimum capital requirement as of that date.  As of December 31, 2014, Farmer Mac's minimum capital requirement was $421.3 million and its actual core capital level was $766.3 million, which was $345.0 million above the minimum capital requirement as of that date.

In accordance with FCA's rule on Farmer Mac's capital planning, and as part of Farmer Mac's capital plan, Farmer Mac has adopted a policy for maintaining a sufficient level of Tier 1 capital (consisting of retained earnings, paid-in-capital, common stock, qualifying preferred stock, and accumulated other comprehensive income allocable to investments not included in one of the four operating lines of business) and imposing restrictions on common stock dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds.

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Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 7,455	$ 4,177
Derivative Liability	34,038	38,217
Loans and Leases Receivable, Net Amount	3,659,632	3,520,075
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	10,125	5,973
Loans and Leases Receivable, Net Amount	10,125	5,973
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Loans and Leases Receivable, Net Amount	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Loans and Leases Receivable, Net Amount	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	10,125	5,973
Loans and Leases Receivable, Net Amount	10,125	5,973
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,455	4,177
Assets, Fair Value Disclosure	7,770,344	7,374,178
Derivative Liability	69,373	84,844
Financial and Nonfinancial Liabilities, Fair Value Disclosure	69,373	84,844
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Assets, Fair Value Disclosure	612,570	1,050,691
Derivative Liability	58	3
Financial and Nonfinancial Liabilities, Fair Value Disclosure	58	3
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,455	4,177
Assets, Fair Value Disclosure	1,206,602	851,409
Derivative Liability	69,315	84,841
Financial and Nonfinancial Liabilities, Fair Value Disclosure	69,315	84,841
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Assets, Fair Value Disclosure	5,951,172	5,472,078
Derivative Liability	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	4,016,200	3,631,662
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | Institutional Credit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	4,016,200	3,631,662
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	35,008	27,619
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | USDA Guarantees [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	35,008	27,619
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	4,051,208	3,659,281
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Farmer Mac Guaranteed Securities and USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	4,051,208	3,659,281
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,852,505	1,939,188
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	612,570	1,050,691
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,199,147	847,232
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	40,788	41,265
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,851,899	1,938,499
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	612,570	1,050,691
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,199,147	847,232
Investment Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	40,182	40,576
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	606	689
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Investment Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	606	689
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,859,176	1,771,532
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,859,176	1,771,532
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,825,406	1,731,222
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	1,825,406	1,731,222
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	33,770	40,310
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
USDA Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	33,770	40,310
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	40,182	40,576
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	40,182	40,576
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	91,178	100,902
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	91,178	100,902
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	606	689
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Asset-backed Securities [Member] | Trading Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	606	689
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	10,060	10,091
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	10,060	10,091
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	711,060	612,753
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	711,060	612,753
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	65,972	66,320
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	65,972	66,320
Floating Interest Rate [Member] | GSE Subordinated Debt [Member} | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	297,845	18,939
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	297,845	18,939
Floating Interest Rate [Member] | Senior Agency Debt [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		74,979
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		74,979
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		0
Floating Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		0
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	14,985	30,025
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	14,985	30,025
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	8,047	8,202
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	8,047	8,202
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	612,570	975,712
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	612,570	975,712
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0	0
Fixed Interest Rate [Member] | US Treasury Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 0	$ 0

XML

Loans and Allowance for Losses and Concentrations of Credit Risk

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Loans and Allowance for Credit Losses and Concentration Risk Disclosure

LOANS AND ALLOWANCE FOR LOSSES

Loans

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of June 30, 2015 and December 31, 2014, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of June 30, 2015 and December 31, 2014:

Table 5.1

	As of June 30, 2015									As of December 31, 2014
	Unsecuritized			In Consolidated Trusts			Total			Unsecuritized			In Consolidated Trusts			Total
	(in thousands)
Farm & Ranch	$	2,197,934		$	512,559		$	2,710,493		$	2,118,867		$	421,355		$	2,540,222
Rural Utilities	954,188			—			954,188			718,213			267,396			985,609
Total unpaid principal balance(1)	3,152,122			512,559			3,664,681			2,837,080			688,751			3,525,831
Unamortized premiums, discounts and other cost basis adjustments	890			—			890			(3,619		)	3,727			108
Total loans	3,153,012			512,559			3,665,571			2,833,461			692,478			3,525,939
Allowance for loan losses	(5,395		)	(544		)	(5,939		)	(5,324		)	(540		)	(5,864		)
Total loans, net of allowance	$	3,147,617		$	512,015		$	3,659,632		$	2,828,137		$	691,938		$	3,520,075

(1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Losses

Farmer Mac maintains an allowance for losses presented in two components on its consolidated balance sheets: (1) an allowance for loan losses to account for estimated probable losses on loans held, and (2) a reserve for losses to account for estimated probable losses on loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities.  As of June 30, 2015 and December 31, 2014, Farmer Mac reported allowances for losses of $10.6 million and $10.1 million, respectively. See Note 6 for more information about off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs.  

The following is a summary of the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014:

Table 5.2

	As of June 30, 2015								As of June 30, 2014
	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	$	5,940		$	3,491	$	9,431		$	7,410		$	6,569		$	13,979
Provision for/(release of) losses	110			1,146		1,256			(1,583		)	(974		)	(2,557		)
Charge-offs	(111		)	—		(111		)	(57		)	—			(57		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365
For the Six Months Ended:
Beginning Balance	$	5,864		$	4,263	$	10,127		$	6,866		$	6,468		$	13,334
Provision for/(release of) losses	186			374		560			(1,010		)	(873		)	(1,883		)
Charge-offs	(111		)	—		(111		)	(86		)	—			(86		)
Ending Balance	$	5,939		$	4,637	$	10,576		$	5,770		$	5,595		$	11,365

During second quarter 2015, Farmer Mac recorded provisions to its allowance for loan losses of $0.1 million and provisions to its reserve for losses of $1.1 million, primarily related to a specific allowance for an impaired loan to a canola facility underlying an LTSPC. The establishment of a specific allowance for this loan was due to a downgrade in risk rating resulting from collateral shortfalls relative to the unpaid principal balance for such loan. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2015.

During second quarter 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.6 million and releases from its reserve for losses of $1.0 million. The releases recorded during second quarter 2014 primarily related to a significant decline in the balance of Farmer Mac's ethanol-related Agricultural Storage and Processing portfolio. Farmer Mac also recorded $0.1 million of charge-offs to its allowance for loan losses during second quarter 2014.

The following tables present the changes in the total allowance for losses for the three and six months ended June 30, 2015 and 2014 by commodity type:

Table 5.3

	June 30, 2015
	Crops		Permanent Plantings			Livestock		Part-time Farm			Ag. Storage and Processing			Other		Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,640	$	2,284		$	1,343	$	459		$	2,698		$	7	$	9,431
Provision for/(release of) losses	13		(63		)	417		85			804			—		1,256
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576
For the Six Months Ended:
Beginning Balance	$	2,519	$	2,159		$	1,423	$	467		$	3,552		$	7	$	10,127
Provision for/(release of) losses	134		62			337		77			(50		)	—		560
Charge-offs	—		—			—		(111		)	—			—		(111		)
Ending Balance	$	2,653	$	2,221		$	1,760	$	433		$	3,502		$	7	$	10,576

	June 30, 2014
	Crops		Permanent Plantings		Livestock			Part-time Farm			Ag. Storage and Processing			Other			Total
	(in thousands)
For the Three Months Ended:
Beginning Balance	$	2,278	$	2,131	$	1,387		$	464		$	7,715		$	4		$	13,979
Provision for/(release of) losses	112		86		(19		)	(20		)	(2,716		)	—			(2,557		)
Charge-offs	—		—		(57		)	—			—			—			(57		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365
For the Six Months Ended:
Beginning Balance	$	2,124	$	2,186	$	1,271		$	454		$	7,292		$	7		$	13,334
Provision for/(release of) losses	266		31		97			19			(2,293		)	(3		)	(1,883		)
Charge-offs	—		—		(57		)	(29		)	—			—			(86		)
Ending Balance	$	2,390	$	2,217	$	1,311		$	444		$	4,999		$	4		$	11,365

The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities and the related total allowance for losses by impairment method and commodity type as of June 30, 2015 and December 31, 2014:

Table 5.4

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,748,310	$	377,534	$	417,004	$	67,853	$	25,071	$	80	$	2,635,852
Off-balance sheet	1,262,318		528,186		785,805		103,521		58,433		6,009		2,744,272
Total	$	3,010,628	$	905,720	$	1,202,809	$	171,374	$	83,504	$	6,089	$	5,380,124
Individually evaluated for impairment:
On-balance sheet	$	20,372	$	38,672	$	6,118	$	9,479	$	—	$	—	$	74,641
Off-balance sheet	5,565		3,736		7,302		702		13,500		—		30,805
Total	$	25,937	$	42,408	$	13,420	$	10,181	$	13,500	$	—	$	105,446
Total Farm & Ranch loans:
On-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-balance sheet	1,267,883		531,922		793,107		104,223		71,933		6,009		2,775,077
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,806	$	459	$	651	$	76	$	367	$	—	$	3,359
Off-balance sheet	311		139		310		59		881		7		1,707
Total	$	2,117	$	598	$	961	$	135	$	1,248	$	7	$	5,066
Individually evaluated for impairment:
On-balance sheet	$	391	$	1,469	$	446	$	274	$	—	$	—	$	2,580
Off-balance sheet	145		154		353		24		2,254		—		2,930
Total	$	536	$	1,623	$	799	$	298	$	2,254	$	—	$	5,510
Total Farm & Ranch loans:
On-balance sheet	$	2,197	$	1,928	$	1,097	$	350	$	367	$	—	$	5,939
Off-balance sheet	456		293		663		83		3,135		7		4,637
Total	$	2,653	$	2,221	$	1,760	$	433	$	3,502	$	7	$	10,576

	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Ending Balance:
Collectively evaluated for impairment:
On-balance sheet	$	1,621,360	$	359,517	$	406,049	$	57,851	$	29,003	$	—	$	2,473,780
Off-balance sheet	1,305,141		521,535		839,286		102,857		85,357		6,781		2,860,957
Total	$	2,926,501	$	881,052	$	1,245,335	$	160,708	$	114,360	$	6,781	$	5,334,737
Individually evaluated for impairment:
On-balance sheet	$	12,307	$	35,904	$	6,571	$	11,660	$	—	$	—	$	66,442
Off-balance sheet	2,458		3,239		8,712		1,586		—		—		15,995
Total	$	14,765	$	39,143	$	15,283	$	13,246	$	—	$	—	$	82,437
Total Farm & Ranch loans:
On-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-balance sheet	1,307,599		524,774		847,998		104,443		85,357		6,781		2,876,952
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Allowance for Losses:
Collectively evaluated for impairment:
On-balance sheet	$	1,824	$	495	$	658	$	51	$	503	$	—	$	3,531
Off-balance sheet	298		149		404		52		3,049		7		3,959
Total	$	2,122	$	644	$	1,062	$	103	$	3,552	$	7	$	7,490
Individually evaluated for impairment:
On-balance sheet	$	283	$	1,410	$	328	$	312	$	—	$	—	$	2,333
Off-balance sheet	114		105		33		52		—		—		304
Total	$	397	$	1,515	$	361	$	364	$	—	$	—	$	2,637
Total Farm & Ranch loans:
On-balance sheet	$	2,107	$	1,905	$	986	$	363	$	503	$	—	$	5,864
Off-balance sheet	412		254		437		104		3,049		7		4,263
Total	$	2,519	$	2,159	$	1,423	$	467	$	3,552	$	7	$	10,127

The following tables present by commodity type the unpaid principal balances, recorded investment, and specific allowance for losses related to impaired loans and the recorded investment in loans on nonaccrual status as of June 30, 2015 and December 31, 2014:

Table 5.5

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,272	$	6,352	$	4,085	$	1,486	$	—	$	—	$	16,195
Unpaid principal balance	4,231		6,354		4,085		1,486		—		—		16,156
With a specific allowance:
Recorded investment(1)	21,706		36,342		9,341		8,699		13,500		—		89,588
Unpaid principal balance	21,706		36,054		9,335		8,695		13,500		—		89,290
Associated allowance	536		1,623		799		298		2,254		—		5,510
Total:
Recorded investment	25,978		42,694		13,426		10,185		13,500		—		105,783
Unpaid principal balance	25,937		42,408		13,420		10,181		13,500		—		105,446
Associated allowance	536		1,623		799		298		2,254		—		5,510
Recorded investment of loans on nonaccrual status(2)	$	3,608	$	24,835	$	4,230	$	5,944	$	—	$	—	$	38,617

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $77.7 million (73 percent) of impaired loans as of June 30, 2015, which resulted in a specific reserve of $3.8 million.

(2) Includes $12.5 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

	As of December 31, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Impaired Loans:
With no specific allowance:
Recorded investment	$	4,877	$	5,837	$	9,576	$	2,001	$	—	$	—	$	22,291
Unpaid principal balance	4,723		5,750		9,386		1,981		—		—		21,840
With a specific allowance:
Recorded investment(1)	10,753		33,690		5,979		11,350		—		—		61,772
Unpaid principal balance	10,042		33,393		5,897		11,265		—		—		60,597
Associated allowance	397		1,515		361		364		—		—		2,637
Total:
Recorded investment	15,630		39,527		15,555		13,351		—		—		84,063
Unpaid principal balance	14,765		39,143		15,283		13,246		—		—		82,437
Associated allowance	397		1,515		361		364		—		—		2,637
Recorded investment of loans on nonaccrual status(2)	$	5,168	$	14,413	$	4,438	$	6,133	$	—	$	—	$	30,152

(1) Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $54.4 million (65 percent) of impaired loans as of December 31, 2014, which resulted in a specific reserve of $1.2 million.

(2) Includes $11.7 million of loans that are less than 90 days delinquent but which have not met Farmer Mac's performance criteria for returning to accrual status.

The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the three and six months ended June 30, 2015 and 2014:

Table 5.6

	June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	24,392	$	42,347	$	14,247	$	10,924	$	6,750	$	—	$	98,660
Income recognized on impaired loans	58		142		49		92		—		—		341
For the Six Months Ended:
Average recorded investment in impaired loans	$	21,471	$	41,407	$	14,683	$	11,733	$	4,500	$	—	$	93,794
Income recognized on impaired loans	340		225		197		150		—		—		912

	June 30, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
For the Three Months Ended:
Average recorded investment in impaired loans	$	22,969	$	43,329	$	12,798	$	12,116	$	—	$	—	$	91,212
Income recognized on impaired loans	105		76		59		79		—		—		319
For the Six Months Ended:
Average recorded investment in impaired loans	$	23,197	$	44,228	$	13,289	$	12,410	$	—	$	40	$	93,164
Income recognized on impaired loans	275		270		135		201		—		—		881

For the three and six months ended June 30, 2015, the recorded investment of loans determined to be troubled debt restructurings ("TDRs") was $1.1 million both before and after restructuring. For the three and six months ended June 30, 2014, the recorded investment of loans determined to be TDRs was $0.3 million and $0.8 millionboth before and after restructuring. As of June 30, 2015, there were no TDRs identified during the previous 12 months that were in default under the modified terms. The impact of TDRs on Farmer Mac's allowance for loan losses was immaterial for the three and six months ended June 30, 2015 and 2014.

When particular criteria are met, such as the default of the borrower, Farmer Mac becomes entitled to purchase the defaulted loans underlying Farmer Mac Guaranteed Securities (commonly referred to as "removal-of-account" provisions).  Farmer Mac records all such defaulted loans at their unpaid principal balance during the period in which Farmer Mac becomes entitled to purchase the loans and therefore regains effective control over the transferred loans. In accordance with the terms of all LTSPCs, Farmer Mac acquires loans that are either 90 days or 120 days delinquent (depending on the provisions of the applicable agreement) upon the request of the counterparty. Subsequent to the purchase, these defaulted loans are treated as nonaccrual loans and, therefore, interest is accounted for on the cash basis.  Any decreases in expected cash flows are recognized as impairment.

During the three months ended June 30, 2015, Farmer Mac purchased one defaulted loan having an unpaid principal balance of $1.3 million from a pool underlying a Farm & Ranch Guaranteed Security. During the six months ended June 30, 2015, Farmer Mac purchased two defaulted loans having an unpaid principal balance of $2.0 million from pools underlying Farm & Ranch Guaranteed Securities. During the three and six months ended June 30, 2014, Farmer Mac purchased no defaulted loans and one defaulted loan having an unpaid principal balance of $0.4 million, respectively, from a pool underlying an LTSPC.

The following tables present information related to Farmer Mac's acquisition of defaulted loans for the three and six months ended June 30, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of June 30, 2015 and December 31, 2014:

Table 5.7

	For the Three Months Ended				For the Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands)
Unpaid principal balance at acquisition date:
Loans underlying LTSPCs	$	—	$	—	$	—	$	440
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities	1,324		—		1,981		—
Total unpaid principal balance at acquisition date	1,324		—		1,981		440
Contractually required payments receivable	—		—		—		440
Impairment recognized subsequent to acquisition	57		17		109		69
Recovery/release of allowance for defaulted loans	—		5		121		7

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
Outstanding balance	$	25,484	$	24,921
Carrying amount	22,546		22,149

Net credit losses and 90-day delinquencies as of and for the periods indicated for loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs are presented in the table below.  As of June 30, 2015, there were no delinquencies and no probable losses inherent in Farmer Mac's Rural Utilities loan portfolio and Farmer Mac had not experienced credit losses on any Rural Utilities loans.

Table 5.8

	90-Day Delinquencies(1)				Net Credit Losses
	As of				For the Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		June 30, 2014
	(in thousands)
On-balance sheet assets:
Farm & Ranch:
Loans	$	26,140	$	18,427	$	112	$	(21	)
Total on-balance sheet	$	26,140	$	18,427	$	112	$	(21	)
Off-balance sheet assets:
Farm & Ranch:
LTSPCs	$	5,712	$	490	$	—	$	—
Total off-balance sheet	$	5,712	$	490	$	—	$	—
Total	$	31,852	$	18,917	$	112	$	(21	)

(1) Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Of the $26.1 million and $18.4 million of on-balance sheet loans reported as 90-day delinquencies as of June 30, 2015 and December 31, 2014, respectively, $1.8 million were loans subject to "removal-of-account" provisions.

Credit Quality Indicators

The following tables present credit quality indicators related to Farm & Ranch loans held and loans underlying LTSPCs and off-balance sheet Farm & Ranch Guaranteed Securities as of June 30, 2015 and December 31, 2014:  

Table 5.9

	As of June 30, 2015
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,735,454	$	377,534	$	382,150	$	65,353	$	25,071	$	80	$	2,585,642
Special mention(2)	12,856		—		34,854		2,500		—		—		50,210
Substandard(3)	20,372		38,672		6,118		9,479		—		—		74,641
Total on-balance sheet	$	1,768,682	$	416,206	$	423,122	$	77,332	$	25,071	$	80	$	2,710,493
Off-Balance Sheet:
Acceptable	$	1,221,082	$	514,384	$	757,470	$	97,822	$	52,299	$	5,365	$	2,648,422
Special mention(2)	35,174		10,185		18,364		1,143		—		8		64,874
Substandard(3)	11,627		7,353		17,273		5,258		19,634		636		61,781
Total off-balance sheet	$	1,267,883	$	531,922	$	793,107	$	104,223	$	71,933	$	6,009	$	2,775,077
Total Ending Balance:
Acceptable	$	2,956,536	$	891,918	$	1,139,620	$	163,175	$	77,370	$	5,445	$	5,234,064
Special mention(2)	48,030		10,185		53,218		3,643		—		8		115,084
Substandard(3)	31,999		46,025		23,391		14,737		19,634		636		136,422
Total	$	3,036,565	$	948,128	$	1,216,229	$	181,555	$	97,004	$	6,089	$	5,485,570
Commodity analysis of past due loans(1)
On-balance sheet	$	1,296	$	20,606	$	1,802	$	2,436	$	—	$	—	$	26,140
Off-balance sheet	2,889		608		2,114		101		—		—		5,712
90-days or more past due	$	4,185	$	21,214	$	3,916	$	2,537	$	—	$	—	$	31,852

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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, 2014
	Crops		Permanent Plantings		Livestock		Part-time Farm		Ag. Storage and Processing		Other		Total
	(in thousands)
Credit risk profile by internally assigned grade(1)
On-balance sheet:
Acceptable	$	1,604,546	$	353,487	$	375,010	$	57,239	$	29,003	$	—	$	2,419,285
Special mention(2)	16,814		6,030		31,039		612		—		—		54,495
Substandard(3)	12,307		35,904		6,571		11,660		—		—		66,442
Total on-balance sheet	$	1,633,667	$	395,421	$	412,620	$	69,511	$	29,003	$	—	$	2,540,222
Off-Balance Sheet
Acceptable	$	1,282,773	$	503,414	$	799,047	$	97,692	$	64,363	$	6,117	$	2,753,406
Special mention(2)	13,603		12,150		30,281		1,351		—		8		57,393
Substandard(3)	11,223		9,210		18,670		5,400		20,994		656		66,153
Total off-balance sheet	$	1,307,599	$	524,774	$	847,998	$	104,443	$	85,357	$	6,781	$	2,876,952
Total Ending Balance:
Acceptable	$	2,887,319	$	856,901	$	1,174,057	$	154,931	$	93,366	$	6,117	$	5,172,691
Special mention(2)	30,417		18,180		61,320		1,963		—		8		111,888
Substandard(3)	23,530		45,114		25,241		17,060		20,994		656		132,595
Total	$	2,941,266	$	920,195	$	1,260,618	$	173,954	$	114,360	$	6,781	$	5,417,174
Commodity analysis of past due loans(1)
On-balance sheet	$	4,175	$	6,869	$	4,555	$	2,828	$	—	$	—	$	18,427
Off-balance sheet	—		—		490		—		—		—		490
90-days or more past due	$	4,175	$	6,869	$	5,045	$	2,828	$	—	$	—	$	18,917

(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 "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3) 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.

Concentrations of Credit Risk

The following table sets forth the geographic and commodity/collateral diversification, as well as the range of original loan-to-value ratios, for all Farm & Ranch loans held and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs as of June 30, 2015 and December 31, 2014:

Table 5.10

	As of
	June 30, 2015		December 31, 2014
	(in thousands)
By commodity/collateral type:
Crops	$	3,036,565	$	2,941,266
Permanent plantings	948,128		920,195
Livestock	1,216,229		1,260,618
Part-time farm	181,555		173,954
Ag. Storage and Processing	97,004		114,360
Other	6,089		6,781
Total	$	5,485,570	$	5,417,174
By geographic region(1):
Northwest	$	591,539	$	573,135
Southwest	1,720,074		1,753,606
Mid-North	1,907,771		1,873,041
Mid-South	670,976		627,615
Northeast	209,909		214,402
Southeast	385,301		375,375
Total	$	5,485,570	$	5,417,174
By original loan-to-value ratio:
0.00% to 40.00%	$	1,520,752	$	1,503,076
40.01% to 50.00%	1,199,107		1,191,804
50.01% to 60.00%	1,522,736		1,491,502
60.01% to 70.00%	1,102,486		1,091,759
70.01% to 80.00%	119,173		115,645
80.01% to 90.00%	21,316		23,388
Total	$	5,485,570	$	5,417,174

(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).

The original loan-to-value ratio is calculated by dividing the loan principal balance at the time of guarantee, purchase, or commitment by the appraised value at the date of loan origination or, when available, the updated appraised value at the time of guarantee, purchase, or commitment.  Current loan-to-value ratios may be higher or lower than the original loan-to-value ratios.

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Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Off-Balance Sheet Guarantees and Long Term Standby Purchase Commitments Disclosure

OFF-BALANCE SHEET GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS

Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities, which are available through each of the Farm & Ranch, USDA Guarantees, Rural Utilities, or Institutional Credit lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business.

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2015 and December 31, 2014, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 6.1

Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of June 30, 2015		As of December 31, 2014
	(in thousands)
Farm & Ranch:
Guaranteed Securities	$	575,811	$	636,086
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	10,888		13,978
Institutional Credit:
AgVantage Securities	986,529		986,528
Total off-balance sheet Farmer Mac Guaranteed Securities	$	1,573,228	$	1,636,592

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors.  The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Table 6.2

	For the Six Months Ended
	June 30, 2015		June 30, 2014
	(in thousands)
Proceeds from new securitizations	$	99,477	$	126,857
Guarantee fees received	2,082		2,416
Purchases of assets from the trusts	1,981		—

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets.  This liability approximated $9.8 million as of June 30, 2015 and $11.1 million as of December 31, 2014. As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 11.6 years and 12.0 years, respectively.  As of June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 1.9 years and 2.4 years, respectively.

Long-Term Standby Purchase Commitments

An LTSPC is a commitment by Farmer Mac to purchase eligible loans from an identified pool of loans under specified circumstances set forth in the applicable agreement, either for cash or in exchange for Farmer Mac Guaranteed Securities, on one or more undetermined future dates.  As consideration for its assumption of the credit risk on loans underlying an LTSPC, Farmer Mac receives a commitment fee payable monthly in arrears in an amount approximating what would have been the guarantee fee if the transaction were structured as a swap for Farmer Mac Guaranteed Securities.

The maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, was $2.2 billion as of both June 30, 2015 and December 31, 2014.

As of both June 30, 2015 and December 31, 2014, the weighted-average remaining maturity of all loans underlying LTSPCs was 14.3 years.  For those LTSPCs issued or modified on or after January 1, 2003, Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets.  This liability approximated $26.6 million as of June 30, 2015 and $26.8 million as of December 31, 2014.

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Fair Value Disclosures

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosure

FAIR VALUE DISCLOSURES

As of June 30, 2015, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $6.0 billion whose fair values were estimated by management in the absence of readily determinable fair values (i.e., level 3).  These financial instruments measured as level 3 represented 39 percent of total assets and 76 percent of financial instruments measured at fair value as of June 30, 2015. As of December 31, 2014, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $5.5 billion whose fair values were estimated by management in the absence of readily determinable fair values.  These financial instruments measured as level 3 represented 38 percent of total assets and 73 percent of financial instruments measured at fair value as of December 31, 2014.

Net transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period.  There were no transfers within the fair value hierarchy for fair value measurements of Farmer Mac's investment securities, Farmer Mac Guaranteed Securities, USDA Securities, and financial derivatives during the first six months of 2015 and 2014. See Note 1(a) for information about the transfer of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity as of January 1, 2014.

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of June 30, 2015 and December 31, 2014, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 8.1

Assets and Liabilities Measured at Fair Value as of June 30, 2015
	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	$	—	$	—	$	40,182	$	40,182
Floating rate asset-backed securities	—		91,178		—		91,178
Floating rate corporate debt securities	—		10,060		—		10,060
Fixed rate corporate debt securities	—		14,985		—		14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	—		711,060		—		711,060
Fixed rate GSE guaranteed mortgage-backed securities	—		8,047		—		8,047
Floating rate GSE subordinated debt	—		65,972		—		65,972
Fixed rate senior agency debt	—		297,845		—		297,845
Fixed rate U.S. Treasuries	612,570		—		—		612,570
Total available-for-sale	612,570		1,199,147		40,182		1,851,899
Trading:
Floating rate asset-backed securities	—		—		606		606
Total trading	—		—		606		606
Total Investment Securities	612,570		1,199,147		40,788		1,852,505
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		4,016,200		4,016,200
Farmer Mac Guaranteed USDA Securities	—		—		35,008		35,008
Total Farmer Mac Guaranteed Securities	—		—		4,051,208		4,051,208
USDA Securities:
Available-for-sale	—		—		1,825,406		1,825,406
Trading	—		—		33,770		33,770
Total USDA Securities	—		—		1,859,176		1,859,176
Financial derivatives	—		7,455		—		7,455
Total Assets at fair value	$	612,570	$	1,206,602	$	5,951,172	$	7,770,344
Liabilities:
Financial derivatives	$	58	$	69,315	$	—	$	69,373
Total Liabilities at fair value	$	58	$	69,315	$	—	$	69,373
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	10,125	$	10,125
Total Nonrecurring Assets at fair value	$	—	$	—	$	10,125	$	10,125

Assets and Liabilities Measured at Fair Value as of December 31, 2014
	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	$	—	$	—	$	40,576	$	40,576
Floating rate asset-backed securities	—		100,902		—		100,902
Floating rate corporate debt securities	—		10,091		—		10,091
Fixed rate corporate debt	—		30,025		—		30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	—		612,753		—		612,753
Fixed rate GSE guaranteed mortgage-backed securities	—		8,202		—		8,202
Floating rate GSE subordinated debt	—		66,320		—		66,320
Fixed rate senior agency debt	—		18,939		—		18,939
Floating rate U.S. Treasuries	74,979		—		—		74,979
Fixed rate U.S. Treasuries	975,712		—		—		975,712
Total available-for-sale	1,050,691		847,232		40,576		1,938,499
Trading:
Floating rate asset-backed securities	—		—		689		689
Total trading	—		—		689		689
Total Investment Securities	1,050,691		847,232		41,265		1,939,188
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	—		—		3,631,662		3,631,662
Farmer Mac Guaranteed USDA Securities	—		—		27,619		27,619
Total Farmer Mac Guaranteed Securities	—		—		3,659,281		3,659,281
USDA Guaranteed Securities:
Available-for-sale	—		—		1,731,222		1,731,222
Trading	—		—		40,310		40,310
Total USDA Guaranteed Securities	—		—		1,771,532		1,771,532
Financial derivatives	—		4,177		—		4,177
Total Assets at fair value	$	1,050,691	$	851,409	$	5,472,078	$	7,374,178
Liabilities:
Financial derivatives	$	3	$	84,841	$	—	$	84,844
Total Liabilities at fair value	$	3	$	84,841	$	—	$	84,844
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	5,973	$	5,973
Total Nonrecurring Assets at fair value	$	—	$	—	$	5,973	$	5,973

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three months ended June 30, 2015.

Table 8.2

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2015
	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	$	40,379	$	—	$	—	$	—		$	—		$	(197	)	$	40,182
Total available-for-sale	40,379		—		—		—			—			(197		)	40,182
Trading:
Floating rate asset-backed securities (1)	638		—		—		(190		)	158			—			606
Total trading	638		—		—		(190		)	158			—			606
Total Investment Securities	41,017		—		—		(190		)	158			(197		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,818,704		249,260		—		(9,245		)	(11,354		)	(31,165		)	4,016,200
Farmer Mac Guaranteed USDA Securities	23,505		12,512		—		(1,766		)	—			757			35,008
Total Farmer Mac Guaranteed Securities	3,842,209		261,772		—		(11,011		)	(11,354		)	(30,408		)	4,051,208
USDA Securities:
Available-for-sale	1,794,844		111,421		—		(69,192		)	—			(11,667		)	1,825,406
Trading (2)	37,593		—		—		(3,834		)	11			—			33,770
Total USDA Securities	1,832,437		111,421		—		(73,026		)	11			(11,667		)	1,859,176
Total Assets at fair value	$	5,715,663	$	373,193	$	—	$	(84,227	)	$	(11,185	)	$	(42,272	)	$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the the Three Months Ended June 30, 2014
	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	$	64,963		$	—	$	(12,125	)	$	—		$	(375	)	$	2,513		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	203			—		—			(7		)	—			(1		)	195
Total available-for-sale	65,166			—		(12,125		)	(7		)	(375		)	2,512			55,171
Trading:
Floating rate asset-backed securities(1)	923			—		—			(131		)	88			—			880
Total trading	923			—		—			(131		)	88			—			880
Total Investment Securities	66,089			—		(12,125		)	(138		)	(287		)	2,512			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,467,655			295,775		—			(356,319		)	3,818			5,583			3,416,512
Farmer Mac Guaranteed USDA Securities	21,608			—		—			(191		)	—			(373		)	21,044
Total Farmer Mac Guaranteed Securities	3,489,263			295,775		—			(356,510		)	3,818			5,210			3,437,556
USDA Securities:
Available-for-sale	1,600,659			90,785		—			(59,640		)	—			5,126			1,636,930
Trading(2)	51,102			—		—			(4,843		)	(160		)	—			46,099
Total USDA Securities	1,651,761			90,785		—			(64,483		)	(160		)	5,126			1,683,029
Total Assets at fair value	$	5,207,113		$	386,560	$	(12,125	)	$	(421,131	)	$	3,371		$	12,848		$	5,176,636
Liabilities:
Financial derivatives	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—
Total Liabilities at fair value	$	(161	)	$	—	$	—		$	—		$	161		$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes immaterial unrealized losses attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the the Six Months Ended June 30, 2015
	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	$	40,576	$	—	$	—	$	—		$	—		$	(394	)	$	40,182
Total available-for-sale	40,576		—		—		—			—			(394		)	40,182
Trading:
Floating rate asset-backed securities(1)	689		—		—		(437		)	354			—			606
Total trading	689		—		—		(437		)	354			—			606
Total Investment Securities	41,265		—		—		(437		)	354			(394		)	40,788
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	3,631,662		464,175		—		(66,997		)	(2,478		)	(10,162		)	4,016,200
Farmer Mac Guaranteed USDA Securities	27,619		12,512		—		(6,418		)	—			1,295			35,008
Total Farmer Mac Guaranteed Securities	3,659,281		476,687		—		(73,415		)	(2,478		)	(8,867		)	4,051,208
USDA Securities:
Available-for-sale	1,731,222		200,607		—		(133,383		)	—			26,960			1,825,406
Trading(2)	40,310		—		—		(6,717		)	177			—			33,770
Total USDA Securities	1,771,532		200,607		—		(140,100		)	177			26,960			1,859,176
Total Assets at fair value	$	5,472,078	$	677,294	$	—	$	(213,952	)	$	(1,947	)	$	17,699		$	5,951,172

(1) Unrealized gains are attributable to assets still held as of June 30, 2015 and are recorded in "Gains on trading securities."

(2) Includes unrealized gains of $0.2 million attributable to assets still held as of June 30, 2015 that are recorded in "Gains on trading securities."

Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2014
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/(Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehen-sive Income		Transfers Out			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	65,285		$	—	$	(12,125	)	$	—		$	(375	)	$	2,191	$	—		$	54,976
Floating rate Government/GSE guaranteed mortgage-backed securities	205			—		—			(11		)	—			1		—			195
Total available-for-sale	65,490			—		(12,125		)	(11		)	(375		)	2,192		—			55,171
Trading:
Floating rate asset-backed securities(1)	928			—		—			(414		)	366			—		—			880
Total trading	928			—		—			(414		)	366			—		—			880
Total Investment Securities	66,418			—		(12,125		)	(425		)	(9		)	2,192		—			56,051
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage	5,070,366			465,775		—			(532,588		)	6,568			18,477		(1,612,086		)	3,416,512
Farmer Mac Guaranteed USDA Securities	21,234			—		—			(362		)	—			172		—			21,044
Total Farmer Mac Guaranteed Securities	5,091,600			465,775		—			(532,950		)	6,568			18,649		(1,612,086		)	3,437,556
USDA Securities:
Available-for-sale	1,553,669			158,769		—			(120,095		)	—			44,587		—			1,636,930
Trading(2)	58,344			—		—			(12,462		)	217			—		—			46,099
Total USDA Securities	1,612,013			158,769		—			(132,557		)	217			44,587		—			1,683,029
Total Assets at fair value	$	6,770,031		$	624,544	$	(12,125	)	$	(665,932	)	$	6,776		$	65,428	$	(1,612,086	)	$	5,176,636
Liabilities:
Financial derivatives	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—
Total Liabilities at fair value	$	(235	)	$	—	$	—		$	—		$	235		$	—	$	—		$	—

⁽¹⁾  Unrealized gains are attributable to assets still held as of June 30, 2014 and are recorded in "Gains on trading securities."

⁽²⁾  Includes unrealized gains of $0.7 million attributable to assets still held as of June 30, 2014 that are recorded in "Gains on trading securities."

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of June 30, 2015 and December 31, 2014.

Table 8.3

	As of June 30, 2015
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	$	40,182	Indicative bids	Range of broker quotes	82.0% - 94.0% (86.2%)
Floating rate asset-backed securities	$	606	Discounted cash flow	Discount rate	15.5% - 21.7% (18.9%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	4,016,200	Discounted cash flow	Discount rate	0.8% - 3.3% (1.5%)
Farmer Mac Guaranteed USDA Securities	$	35,008	Discounted cash flow	Discount rate	1.0% - 3.9% (1.9%)
				CPR	8% - 20% (11%)
USDA Securities	$	1,859,176	Discounted cash flow	Discount rate	1.1% - 5.3% (3.1%)
				CPR	0% - 18% (7%)

	As of December 31, 2014
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	$	40,576	Indicative bids	Range of broker quotes	82.0% - 94.0% (87.1%)
Floating rate asset-backed securities	$	689	Discounted cash flow	Discount rate	14.3% - 23.9% (19.1%)
				CPR	10%
Farmer Mac Guaranteed Securities:
AgVantage	$	3,631,662	Discounted cash flow	Discount rate	0.7% - 2.7% (1.3%)
Farmer Mac Guaranteed USDA Securities	$	27,619	Discounted cash flow	Discount rate	0.8% - 3.6% (1.9%)
				CPR	0% - 21% (9%)
USDA Securities	$	1,771,532	Discounted cash flow	Discount rate	1.1% - 5.3% (3.2%)
				CPR	0% - 20% (8%)

The significant unobservable inputs used in the fair value measurements of Farmer Mac Guaranteed Securities and USDA Securities are prepayment rates and discount rates commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Prepayment rates are not presented in the table above for AgVantage securities because they generally do not pay down principal based on amortization schedules but instead typically have fixed maturity dates when the secured general obligations are due.

Disclosures on Fair Value of Financial Instruments

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2015 and December 31, 2014:

Table 8.4

	As of June 30, 2015				As of December 31, 2014
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
	(in thousands)
Financial assets:
Cash and cash equivalents	$	1,683,156	$	1,683,156	$	1,363,387	$	1,363,387
Investment securities	1,852,505		1,852,505		1,939,188		1,939,188
Farmer Mac Guaranteed Securities	5,887,504		5,873,235		5,459,857		5,453,901
USDA Securities	1,859,176		1,859,176		1,771,532		1,771,532
Loans	3,735,725		3,659,632		3,547,424		3,520,075
Financial derivatives	7,455		7,455		4,177		4,177
Guarantee and commitment fees receivable:
LTSPCs	29,713		27,539		29,095		27,807
Farmer Mac Guaranteed Securities	10,389		10,308		11,876		11,655
Financial liabilities:
Notes payable:
Due within one year	7,634,681		7,632,668		7,357,770		7,353,953
Due after one year	6,079,672		6,013,237		5,556,570		5,471,186
Debt securities of consolidated trusts held by third parties	520,755		516,004		423,085		424,214
Financial derivatives	69,373		69,373		84,844		84,844
Guarantee and commitment obligations:
LTSPCs	28,807		26,633		28,130		26,843
Farmer Mac Guaranteed Securities	9,865		9,784		11,303		11,082

The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for sale, loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

XML

Business Segment Reporting - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total notes payable	$ 13,645,905	$ 12,825,139
Farmer Mac II LLC [Member]
Segment Reporting Information [Line Items]
Assets, Fair Value Disclosure	1,900,000
Total notes payable	777,000
Common Stock outstanding	$ 1,000,000

XML

Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial derivatives	$ 7,455	$ 4,177
Guarantee and commitment fees receivable:	37,847	39,462
Derivative Liability	34,038	38,217
Guarantee and commitment obligation	36,417	37,925
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,683,156	1,363,387
Loans	3,659,632	3,520,075
Financial derivatives	7,455	4,177
Debt securities of consolidated trusts held by third parties	516,004	424,214
Derivative Liability	69,373	84,844
Reported Value Measurement [Member] | Investment Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,852,505	1,939,188
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	5,873,235	5,453,901
Reported Value Measurement [Member] | USDA Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,859,176	1,771,532
Reported Value Measurement [Member] | Long-Term Standby Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guarantee and commitment fees receivable:	27,539	27,807
Guarantee and commitment obligation	26,633	26,843
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guarantee and commitment fees receivable:	10,308	11,655
Guarantee and commitment obligation	9,784	11,082
Reported Value Measurement [Member] | Due within one year [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	7,632,668	7,353,953
Reported Value Measurement [Member] | Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	6,013,237	5,471,186
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,683,156	1,363,387
Loans	3,735,725	3,547,424
Financial derivatives	7,455	4,177
Debt securities of consolidated trusts held by third parties	520,755	423,085
Derivative Liability	69,373	84,844
Estimate of Fair Value Measurement [Member] | Investment Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,852,505	1,939,188
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	5,887,504	5,459,857
Estimate of Fair Value Measurement [Member] | USDA Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	1,859,176	1,771,532
Estimate of Fair Value Measurement [Member] | Long-Term Standby Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guarantee and commitment fees receivable:	29,713	29,095
Guarantee and commitment obligation	28,807	28,130
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guarantee and commitment fees receivable:	10,389	11,876
Guarantee and commitment obligation	9,865	11,303
Estimate of Fair Value Measurement [Member] | Due within one year [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	7,634,681	7,357,770
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable:	$ 6,079,672	$ 5,556,570

XML

Investment Securities - Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2015 USD ($) position	Dec. 31, 2014 USD ($) position
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 174,547	$ 495,501
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	194,359	183,763
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(260)	(228)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	$ (10,590)	$ (9,983)
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position	29	35
Investment Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Available-for-sale securities in a loss position for more than 12 months, qualitative disclosure, percent of amortized cost	95.00%
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position	12	15
Standard & Poor's, A- Rating [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position	3	1
Floating Interest Rate [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 0	$ 0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	40,182	40,576
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(6,418)	(6,024)
Floating Interest Rate [Member] | Asset-backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	14,940	19,388
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(69)	(37)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	0	0
Floating Interest Rate [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	4,998
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(2)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	0
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	59,590	76,100
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	88,205	76,867
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(162)	(164)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(144)	(279)
Floating Interest Rate [Member] | GSE Subordinated Debt [Member}
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	65,972	66,320
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	(4,028)	(3,680)
Floating Interest Rate [Member] | US Treasury Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		74,980
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses		(11)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses		0
Fixed Interest Rate [Member] | Corporate Debt Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	9,981
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(16)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	0
Fixed Interest Rate [Member] | US Treasury Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	85,038	325,033
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract]
Available-for-Sale Continuous Unrealized Loss Position Less than 12 Months, Aggregate Losses	(11)	(16)
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses	$ 0	$ 0

XML

Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired Delinquencies and Net Credit Losses (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[2]	$ 31,852	[1]		$ 18,917	[3]
Net credit losses (recoveries)		112		$ (21)
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased	[2]	1,800			1,800
On-balance sheet [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[2]	26,140	[1]		18,427	[3]
Net credit losses (recoveries)		112		(21)
Off-balance sheet [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due	[2]	5,712	[1]		$ 490	[3]
Net credit losses (recoveries)		$ 0		$ 0

[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] Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

[3] (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.

XML

Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Tables) - Farmer Mac Guaranteed Securities and USDA Securities [Member]

6 Months Ended

Jun. 30, 2015

Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items]

Marketable Securities [Table Text Block]

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2015 and December 31, 2014:

Table 3.1

	As of June 30, 2015
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,819,159	$	2,868		$	1,822,027	$	14,269	$	—		$	1,836,296
Available-for-sale:
AgVantage	$	4,022,251	$	—		$	4,022,251	$	36,810	$	(42,861	)	$	4,016,200
Farmer Mac Guaranteed USDA Securities	33,822		(339		)	33,483		1,525		—			35,008
Total Farmer Mac Guaranteed Securities	4,056,073		(339		)	4,055,734		38,335		(42,861		)	4,051,208
USDA Securities	1,785,662		2,536			1,788,198		37,243		(35		)	1,825,406
Total available-for-sale	$	5,841,735	$	2,197		$	5,843,932	$	75,578	$	(42,896	)	$	5,876,614
Trading:
USDA Securities	$	32,058	$	2,384		$	34,442	$	100	$	(772	)	$	33,770

	As of December 31, 2014
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,785,340	$	9,280		$	1,794,620	$	6,211	$	(255	)	$	1,800,576
Available-for-sale:
AgVantage	$	3,625,073	$	—		$	3,625,073	$	36,442	$	(29,853	)	$	3,631,662
Farmer Mac Guaranteed USDA Securities	27,831		(442		)	27,389		237		(7		)	27,619
Total Farmer Mac Guaranteed Securities	3,652,904		(442		)	3,652,462		36,679		(29,860		)	3,659,281
USDA Securities	1,717,813		3,162			1,720,975		11,850		(1,603		)	1,731,222
Total available-for-sale	$	5,370,717	$	2,720		$	5,373,437	$	48,529	$	(31,463	)	$	5,390,503
Trading:
USDA Securities	$	38,412	$	2,748		$	41,160	$	114	$	(964	)	$	40,310

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

As of June 30, 2015 and December 31, 2014, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 3.2

	As of June 30, 2015
	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)
Available-for-sale:
AgVantage	$	1,185,341	$	(33,229	)	$	859,874	$	(9,632	)
USDA Securities	—		—			97,848		(35		)
Total available-for-sale	$	1,185,341	$	(33,229	)	$	957,722	$	(9,667	)

	As of December 31, 2014
	Held-to-Maturity and 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)
Held-to-maturity:
AgVantage	$	547	$	(1	)	$	49,745	$	(254	)
Available-for-sale:
AgVantage	$	685,131	$	(13,115	)	$	1,460,089	$	(16,738	)
Farmer Mac Guaranteed USDA Securities	3,720		(7		)	—		—
USDA Securities	264,375		(1,549		)	97,817		(54		)
Total available-for-sale	$	953,226	$	(14,671	)	$	1,557,906	$	(16,792	)

The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to June 30, 2015 and December 31, 2014, as applicable. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 16 available-for-sale securities as of June 30, 2015. There were no unrealized losses from held-to-maturity AgVantage securities as of June 30, 2015. The unrealized losses from AgVantage securities were on 2 held-to-maturity securities and 23 available-for-sale securities as of As of December 31, 2014. As of June 30, 2015, 6 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $9.6 million. As of December 31, 2014, 15 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $16.7 million. AgVantage^® is a registered trademark of Farmer Mac used to designate Farmer Mac Guaranteed Securities that are general obligations of lenders secured by pools of eligible loans. These Farmer Mac Guaranteed Securities are referred to as AgVantage securities. Each AgVantage security backed by agricultural mortgages requires some level of overcollateralization, or, in the case of rural utilities loans, 100 percent collateralization, and is secured by eligible loans of the issuing institution with a requirement that delinquent loans be removed from the collateral pool and then replaced with current eligible loans. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and available-for-sale Farmer Mac Guaranteed Securities and USDA Securities are other-than-temporary impairment as of either June 30, 2015 or As of December 31, 2014.  Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, fair value, and weighted average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2015 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 3.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	571,035	$	577,094	2.77	%
Due after one year through five years	1,233,236		1,248,863		1.35	%
Due after five years through ten years	1,479,773		1,492,590		1.78	%
Due after ten years	2,559,888		2,558,067		2.37	%
Total	$	5,843,932	$	5,876,614	2.04	%

	As of June 30, 2015
	Held-to-Maturity Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	679,891	$	680,697	2.66	%
Due after one year through five years	1,135,536		1,148,735		2.35	%
Due after five years through ten years	6,600		6,864		3.35	%
Total	$	1,822,027	$	1,836,296	2.46	%

XML

Business Segment Reporting - Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables present core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2015 and 2014:

Table 9.1

Core Earnings by Business Segment
For the Three Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	22,159		$	14,779		$	6,521		$	20,036		$	3,094		$	(197	)		$	66,392
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(697		)	—			—			—			—			697				—
Interest expense(2)	(11,781		)	(10,313		)	(3,683		)	(9,176		)	(1,152		)	1,577				(34,528		)
Net effective spread	9,681			4,466			2,838			10,860			1,942			2,077				31,864
Guarantee and commitment fees	3,693			8			—			384			—			(697		)		3,388
Other income/(expense)(3)	160			28			—			—			(212		)	14,843				14,819
Non-interest income/(loss)	3,853			36			—			384			(212		)	14,146				18,207
Provision for loan losses	(110		)	—			—			—			—			—				(110		)
Provision for losses	(1,146		)	—			—			—			—			—				(1,146		)
Other non-interest expense	(4,304		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(9,707		)
Non-interest expense(4)	(5,450		)	(1,025		)	(860		)	(532		)	(2,986		)	—				(10,853		)
Core earnings before income taxes	7,974			3,477			1,978			10,712			(1,256		)	16,223			(5)	39,108
Income tax (expense)/benefit	(2,791		)	(1,216		)	(691		)	(3,749		)	356			(5,678		)		(13,769		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	5,183			2,261			1,287			6,963			(900		)	10,545			(5)	25,339
Preferred stock dividends	—			—			—			—			(3,296		)	—				(3,296		)
Non-controlling interest	—			—			—			—			119			—				119
Segment core earnings/(losses)	$	5,183		$	2,261		$	1,287		$	6,963		$	(4,077	)	$	10,545		(5)	$	22,162
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income 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 June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	19,598		$	13,307		$	6,782		$	20,073		$	5,185		$	(470	)		$	64,475
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(513		)	—			—			—			—			513				—
Interest expense(2)	(11,265		)	(9,148		)	(3,829		)	(10,116		)	(1,025		)	(7,119		)		(42,502		)
Net effective spread	7,820			4,159			2,953			9,957			4,160			(7,076		)		21,973
Guarantee and commitment fees	3,807			23			—			386			—			(513		)		3,703
Other income/(expense)(3)	242			9			—			—			(603		)	2,913				2,561
Non-interest income/(loss)	4,049			32			—			386			(603		)	2,400				6,264
Release of allowance for loan losses	1,583			—			—			—			—			—				1,583
Release of reserve for losses	974			—			—			—			—			—				974
Other non-interest expense	(3,914		)	(764		)	(830		)	(492		)	(2,830		)	—				(8,830		)
Non-interest expense(4)	(2,940		)	(764		)	(830		)	(492		)	(2,830		)	—				(7,856		)
Core earnings before income taxes	10,512			3,427			2,123			9,851			727			(4,676		)	(5)	21,964
Income tax (expense)/benefit	(3,679		)	(1,200		)	(743		)	(3,447		)	13,803			1,634				6,368
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	6,833			2,227			1,380			6,404			14,530			(3,042		)	(5)	28,332
Preferred stock dividends	—			—			—			—			(2,308		)	—				(2,308		)
Non-controlling interest	—			—			—			—			(5,819		)	—				(5,819		)
Segment core earnings/(losses)	$	6,833		$	2,227		$	1,380		$	6,404		$	6,403		$	(3,042	)	(5)	$	20,205
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

Core Earnings by Business Segment
For the Six Months Ended June 30, 2015
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	44,127		$	29,127		$	13,106		$	39,335		$	5,959		$	(1,311	)		$	130,343
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,332		)	—			—			—			—			1,332				—
Interest expense(2)	(23,000		)	(20,436		)	(7,464		)	(18,050		)	(2,328		)	3,588				(67,690		)
Net effective spread	19,795			8,691			5,642			21,285			3,631			3,609				62,653
Guarantee and commitment fees	7,326			2			—			769			—			(1,332		)		6,765
Other income/(expense)(3)	247			87			—			—			(764		)	12,347				11,917
Non-interest income/(loss)	7,573			89			—			769			(764		)	11,015				18,682
Provision for loan losses	(186		)	—			—			—			—			—				(186		)
Provision for losses	(374		)	—			—			—			—			—				(374		)
Other non-interest expense	(8,630		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(18,822		)
Non-interest expense(4)	(9,004		)	(1,410		)	(1,726		)	(1,067		)	(5,989		)	—				(19,196		)
Core earnings before income taxes	18,178			7,370			3,916			20,987			(3,122		)	14,624			(5)	61,953
Income tax (expense)/benefit	(6,362		)	(2,579		)	(1,369		)	(7,345		)	2,872			(3,217		)		(18,000		)
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,816			4,791			2,547			13,642			(250		)	11,407			(5)	43,953
Preferred stock dividends	—			—			—			—			(6,591		)	—				(6,591		)
Non-controlling interest	—			—			—			—			(5,235		)	—				(5,235		)
Loss on retirement of preferred stock	—			—			—			—			—			(8,147		)		(8,147		)
Segment core earnings/(losses)	$	11,816		$	4,791		$	2,547		$	13,642		$	(12,076	)	$	3,260		(5)	$	23,980
Total assets at carrying value	$	2,780,018		$	1,913,390		$	962,702		$	5,874,088		$	3,614,399		$	—			$	15,144,597
Total on- and off-balance sheet program assets at principal balance	5,485,570			1,862,430			954,188			6,827,939						—				15,130,127

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated 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 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

Core Earnings by Business Segment
For the Six Months Ended June 30, 2014
	Farm & Ranch			USDA Guarantees			Rural  Utilities			Institutional Credit			Corporate			Reconciling Adjustments				Consolidated Net Income
	(in thousands)
Interest income(1)	$	37,936		$	26,266		$	14,525		$	40,455		$	10,420		$	(12,675	)		$	116,927
Interest income related to consolidated trusts owned by third parties reclassified to guarantee fee income	(1,044		)	—			—			—			—			1,044				—
Interest expense(2)	(21,958		)	(18,323		)	(9,582		)	(21,092		)	(2,118		)	(4,155		)		(77,228		)
Net effective spread	14,934			7,943			4,943			19,363			8,302			(15,786		)		39,699
Guarantee and commitment fees	7,716			49			—			766			—			(1,044		)		7,487
Other income/(expense)(3)	373			36			—			—			(1,174		)	(3,493		)		(4,258		)
Non-interest income/(loss)	8,089			85			—			766			(1,174		)	(4,537		)		3,229
Release of allowance for loan losses	1,010			—			—			—			—			—				1,010
Release of reserve for losses	873			—			—			—			—			—				873
Other non-interest expense	(7,466		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(16,676		)
Non-interest expense(4)	(6,593		)	(1,495		)	(1,607		)	(937		)	(5,171		)	—				(15,803		)
Core earnings before income taxes	17,440			6,533			3,336			19,192			1,957			(20,323		)	(5)	28,135
Income tax (expense)/benefit	(6,103		)	(2,288		)	(1,168		)	(6,717		)	16,676			7,109				7,509
Core earnings before preferred stock dividends and attribution of income to non-controlling interest	11,337			4,245			2,168			12,475			18,633			(13,214		)	(5)	35,644
Preferred stock dividends	—			—			—			—			(3,260		)	—				(3,260		)
Non-controlling interest	—			—			—			—			(11,366		)	—				(11,366		)
Segment core earnings/(losses)	$	11,337		$	4,245		$	2,168		$	12,475		$	4,007		$	(13,214	)	(5)	$	21,018
Total assets at carrying value	$	2,387,899		$	1,721,003		$	1,022,421		$	5,115,147		$	4,423,632		$	—			$	14,670,102
Total on- and off-balance sheet program assets at principal balance	5,310,664			1,710,335			1,012,313			6,039,230						—				14,072,542

⁽¹⁾  Includes reconciling adjustments for the amortization of premiums and discounts on assets consolidated at fair value to reflect core earnings amounts and interest income related to securities purchased under agreements to resell.

⁽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/(losses) on financial derivatives and hedging activities" on the consolidated financial statements. Includes reconciling adjustments for interest expense related to securities sold, not yet purchased.

⁽³⁾  Includes interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively; 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; and a reconciling adjustment related to the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA 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; and segment core earnings to corresponding income measures: income before income taxes, net income, and net income attributable to common stockholders, respectively.

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Loans and Allowance for Losses and Concentrations of Credit Risk - Troubled Debt Restructurings (Details) defaulted_loan in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) contract	Jun. 30, 2014 USD ($) defaulted_loan	Dec. 31, 2014 USD ($)
Financing Receivable, Modifications [Line Items]
Financing Receivable, Modifications, Pre-Modification Recorded Investment		$ 1,100,000	$ 300,000	$ 1,100,000
Financing Receivable, Modifications, Post-Modification Recorded Investment		1,100,000	800,000		$ 800,000
Financing Receivable, Modifications, Subsequent Default, Number of Contracts				0	0.3
Financing Receivable, Modifications, Subsequent Default, Recorded Investment				$ 1,100,000
Total (release of)/provision for losses		1,256,000	(2,557,000)	560,000	$ (1,883,000)
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased	[1]	1,800,000		1,800,000		$ 1,800,000
Loans Collateralized by Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Total (release of)/provision for losses		$ 0	$ 0	$ 0	$ 0

[1] Includes loans and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Trading Securities (Details) - USDA Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading, at fair value	$ 33,770	$ 40,310
USDA Guarantees [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities, Debt, Amortized Cost	34,442	41,160
Trading, at fair value	$ 33,770	$ 40,310
Trading Securities, Weighted-Average Yield	5.50%	5.60%

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive Income
Net income		$ 25,339,000	$ 28,332,000	$ 43,953,000	$ 35,644,000
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
Unrealized holding (losses)/gains on available-for-sale securities(1)	[1]	(26,114,000)	10,301,000	13,056,000	44,542,000
Gains on sale of available-for-sale investment securities(4)	[2]	0	93,000	4,000	103,000
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Unrealized gains/(losses) on cash flow hedges(2)	[3]	930,000	(61,000)	769,000	(129,000)
Other comprehensive (loss)/income		(28,450,000)	6,969,000	7,200,000	38,125,000
Comprehensive (loss)/income		(3,111,000)	35,301,000	51,153,000	73,769,000
Less: Comprehensive loss/(income) attributable to non-controlling interest		119,000	(5,819,000)	(5,235,000)	(11,366,000)
Comprehensive (loss)/income attributable to Farmer Mac		(2,992,000)	29,482,000	45,918,000	62,403,000
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax		(14,100,000)	5,500,000	7,000,000	24,000,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax		0	(50,000)	(2,000)	(55,000)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax		500,000	(33,000)	400,000	(69,000)
financial derivatives and hedging activities [Member]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Other Comprehensive Income/(Loss), Reclassification Adjustment, net of tax	[4]	(3,219,000)	(3,106,000)	(6,379,000)	(6,207,000)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract]
Tax effects of reclassification adjustment for gains included in net income, tax		(1,700,000)	(1,700,000)	(3,400,000)	(3,300,000)
Other Income [Member]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Other Comprehensive Income/(Loss), Reclassification Adjustment, net of tax	[5]	(47,000)	(72,000)	(242,000)	22,000
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract]
Tax effects of reclassification adjustment for gains included in net income, tax		$ (25,000)	$ (39,000)	$ (100,000)	$ 12,000

[1] Presented net of income tax benefit of $14.1 million and expense of $5.5 million, for the three months ended June 30, 2015 and 2014, respectively, and income tax expense of $7.0 million and $24.0 million for the six months ended June 30, 2015 and 2014, respectively.

[2] Represents realized gains on sales of available-for-sale investment securities. There were no sales of available-for-sale investment securities for the three months ended June 30, 2015. Presented net of income tax benefit of $50,000 for the three months ended June 30, 2014, and income tax benefit of $2,000 and $55,000 for the six months ended June 30, 2015 and 2014, respectively.

[3] Presented net of income tax expense of $0.5 million and benefit of $33,000 for the three months ended June 30, 2015 and 2014, respectively, and income tax expense of $0.4 million and benefit of $69,000 for the six months ended June 30, 2015 and 2014, 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, 2015 and 2014, respectively, and tax benefit of $3.4 million and $3.3 million for the six months ended June 30, 2015 and 2014, respectively.

[5] Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. Presented net of income tax benefit of $25,000 and $39,000 for the three months ended June 30, 2015 and 2014, respectively, and income tax benefit of $0.1 million and expense of $12,000 for the six months ended June 30, 2015 and 2014, respectively.

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Investment Securities

6 Months Ended

Jun. 30, 2015

Investment Securities [Member]

Schedule of Available-for-sale and Trading Securities [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

INVESTMENT SECURITIES

The following tables set forth information about Farmer Mac's investment securities as of June 30, 2015 and December 31, 2014:

Table 2.1

	As of June 30, 2015
	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	$	46,600	$	—		$	46,600	$	—	$	(6,418	)	$	40,182
Floating rate asset-backed securities	91,382		(317		)	91,065		182		(69		)	91,178
Floating rate corporate debt securities	10,000		—			10,000		62		(2		)	10,060
Fixed rate corporate debt securities	15,000		(3		)	14,997		4		(16		)	14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	703,990		3,265			707,255		4,111		(306		)	711,060
Fixed rate GSE guaranteed mortgage-backed securities(1)	765		3,330			4,095		3,952		—			8,047
Floating rate GSE subordinated debt	70,000		—			70,000		—		(4,028		)	65,972
Fixed rate senior agency debt	297,806		(29		)	297,777		68		—			297,845
Fixed rate U.S. Treasuries	612,194		260			612,454		127		(11		)	612,570
Total available-for-sale	1,847,737		6,506			1,854,243		8,506		(10,850		)	1,851,899
Trading:
Floating rate asset-backed securities	2,431		—			2,431		—		(1,825		)	606
Total investment securities	$	1,850,168	$	6,506		$	1,856,674	$	8,506	$	(12,675	)	$	1,852,505

(1) Fair value includes $7.2 million of an interest-only security with a notional amount of $152.4 million.

	As of December 31, 2014
	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	$	46,600	$	—		$	46,600	$	—	$	(6,024	)	$	40,576
Floating rate asset-backed securities	100,730		(74		)	100,656		283		(37		)	100,902
Floating rate corporate debt securities	10,000		—			10,000		91		—			10,091
Fixed rate corporate debt securities	30,000		(10		)	29,990		35		—			30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	605,053		3,431			608,484		4,712		(443		)	612,753
Fixed rate GSE guaranteed mortgage-backed securities(1)	853		3,542			4,395		3,807		—			8,202
Floating rate GSE subordinated debt	70,000		—			70,000		—		(3,680		)	66,320
Fixed rate senior agency debt	18,806		130			18,936		3		—			18,939
Floating rate U.S. Treasuries	75,000		(10		)	74,990		—		(11		)	74,979
Fixed rate U.S. Treasuries	975,194		462			975,656		72		(16		)	975,712
Total available-for-sale	1,932,236		7,471			1,939,707		9,003		(10,211		)	1,938,499
Trading:
Floating rate asset-backed securities	2,868		—			2,868		—		(2,179		)	689
Total investment securities	$	1,935,104	$	7,471		$	1,942,575	$	9,003	$	(12,390	)	$	1,939,188

(1) Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million.

During the three months ended June 30, 2015, Farmer Mac did not sell any securities from its available-for-sale investment portfolio, compared to proceeds of $720.5 million for the same period in 2014, resulting in gross realized gains of $0.1 million. During the six months ended June 30, 2015, Farmer Mac received proceeds of $75.0 million from the sale of securities from its available-for-sale investment portfolio, resulting in realized gains of $6,000, compared to proceeds of $730.5 million for the six months ended June 30, 2014, resulting in gross realized gains of $0.2 million.

As of June 30, 2015 and December 31, 2014, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

	As of June 30, 2015
	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	$	—	$	—		$	40,182	$	(6,418	)
Floating rate asset-backed securities	14,940		(69		)	—		—
Floating rate corporate debt securities	4,998		(2		)	—		—
Fixed rate corporate debt securities	9,981		(16		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	59,590		(162		)	88,205		(144		)
Floating rate GSE subordinated debt	—		—			65,972		(4,028		)
Fixed rate U.S. Treasuries	85,038		(11		)	—		—
Total	$	174,547	$	(260	)	$	194,359	$	(10,590	)

	As of December 31, 2014
	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	$	—	$	—		$	40,576	$	(6,024	)
Floating rate asset-backed securities	19,388		(37		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	76,100		(164		)	76,867		(279		)
Floating rate GSE subordinated debt	—		—			66,320		(3,680		)
Floating rate U.S. Treasuries	74,980		(11		)	—		—
Fixed rate U.S. Treasuries	325,033		(16		)	—		—
Total	$	495,501	$	(228	)	$	183,763	$	(9,983	)

The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to June 30, 2015 and December 31, 2014, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of June 30, 2015, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except three that were rated "A-." As of December 31, 2014 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." The unrealized losses were on 29 and 35 individual investment securities as of June 30, 2015 and December 31, 2014, respectively.

As of June 30, 2015, 12 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.6 million. As of December 31, 2014, 15 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million.  Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2015 that is, on average, approximately 95 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of June 30, 2015 and December 31, 2014.

Farmer Mac did not own any held-to-maturity investment securities as of June 30, 2015 and December 31, 2014. As of June 30, 2015, Farmer Mac owned trading investment securities with an amortized cost of $2.4 million, a fair value of $0.6 million, and a weighted average yield of 4.27 percent. As of December 31, 2014, Farmer Mac owned trading investment securities with an amortized cost of $2.9 million, a fair value of $0.7 million, and a weighted average yield of 4.24 percent.

The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2015 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	925,228	$	925,400	0.31%
Due after one year through five years	103,309		103,939		1.19%
Due after five years through ten years	239,193		239,790		0.88%
Due after ten years	586,513		582,770		0.90%
Total	$	1,854,243	$	1,851,899	0.62%

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Equity - Capital Requirements (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Regulatory Capital Requirements [Abstract]
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	$ 443.8	$ 421.3
Core Capital	553.4	766.3
Excess Capital, Core Capital In Excess of Capital Required for Capital Adequacy	$ 109.6	$ 345.0

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Accounting Policies - Principles of Consolidation (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015 USD ($) subsidiary		Dec. 31, 2014 USD ($)
Variable Interest Entity [Line Items]
Number of Subsidiaries | subsidiary	3
Loans held for investment in consolidated trusts, at amortized cost	$ 512,559		$ 692,478
Debt securities of consolidated trusts held by third parties	516,004		424,214
Farm & Ranch [Member]
Variable Interest Entity [Line Items]
Other Liabilities	3,400		2,900
USDA Guarantees [Member]
Variable Interest Entity [Line Items]
Unamortized Premium/(Discount)	1,200		(200)
Rural Utilities [Member]
Variable Interest Entity [Line Items]
Unamortized Premium/(Discount)			3,700
Institutional Credit [Member]
Variable Interest Entity [Line Items]
Unamortized Premium/(Discount)	2,100		2,400
On-balance sheet [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	512,559	[1]	692,478	[2]
Debt securities of consolidated trusts held by third parties	516,004	[3]	424,214	[4]
On-balance sheet [Member] | Farm & Ranch [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	512,559	[1]	421,355	[2]
Debt securities of consolidated trusts held by third parties	516,004	[3]	424,214	[4]
On-balance sheet [Member] | USDA Guarantees [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0	[1]	0	[2]
Debt securities of consolidated trusts held by third parties	0	[3]	0	[4]
On-balance sheet [Member] | Rural Utilities [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0	[1]	271,123	[2]
Debt securities of consolidated trusts held by third parties	0	[3]	0	[4]
On-balance sheet [Member] | Institutional Credit [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0	[1]	0	[2]
Debt securities of consolidated trusts held by third parties	0	[3]	0	[4]
On-balance sheet [Member] | Corporate [Member]
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0	[1]	0	[2]
Debt securities of consolidated trusts held by third parties	0	[3]	0	[4]
Off-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,556,699	[5]	1,620,064	[6],[7]
Off-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	575,811	[5]	636,086	[6],[7]
Off-balance sheet [Member] | USDA Guarantees [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	10,888	[5]	13,978	[6],[7]
Off-balance sheet [Member] | Rural Utilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5]	0	[6],[7]
Off-balance sheet [Member] | Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	970,000	[5]	970,000	[6],[7]
Off-balance sheet [Member] | Corporate [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5]	0	[6],[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	67,073	[8]	60,035	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	63,822	[5]	57,832	[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[8]	0	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5]	0	[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | USDA Guarantees [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	35,008	[8]	27,620	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	33,822	[5]	27,832	[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Rural Utilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[8]	0	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5]	0	[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	32,065	[8]	32,415	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	30,000	[5]	30,000	[7]
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Corporate [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[8]	0	[9]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5]	0	[7]
Investment Securities [Member]
Variable Interest Entity [Line Items]
Unamortized Premium/(Discount)	6,506		7,471
Investment Securities [Member] | On-balance sheet [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	455,251	[10]	409,657	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	458,566	[5],[10]	412,690	[7],[11]
Investment Securities [Member] | On-balance sheet [Member] | Farm & Ranch [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[10]	0	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5],[10]	0	[7],[11]
Investment Securities [Member] | On-balance sheet [Member] | USDA Guarantees [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[10]	0	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5],[10]	0	[7],[11]
Investment Securities [Member] | On-balance sheet [Member] | Rural Utilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[10]	0	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5],[10]	0	[7],[11]
Investment Securities [Member] | On-balance sheet [Member] | Institutional Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	0	[10]	0	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	0	[5],[10]	0	[7],[11]
Investment Securities [Member] | On-balance sheet [Member] | Corporate [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	455,251	[10]	409,657	[11]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 458,566	[5],[10]	$ 412,690	[7],[11]

[1] Includes borrower remittances of $3.4 million. The borrower remittances have not been passed through to third party investors as of June 30, 2015.

[2] Includes unamortized premiums related to the Rural Utilities line of business of $3.7 million.

[3] Includes $1.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.1 million.

[4] Includes borrower remittances of $2.9 million, which have not been passed through to third party investors as of December 31, 2014.

[5] Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

[6] The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

[7] armer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss.

[8] Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

[9] Includes $0.2 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business. Includes fair value adjustments related to the Institutional Credit line of business of $2.4 million.

[10] The amount under the Farm & Ranch line of business relates to unconsolidated trusts where Farmer Mac determined it was not the primary beneficiary due to shared power with an unrelated party.

[11] Includes auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities.

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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2015 USD ($) position	Dec. 31, 2014 USD ($) position
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 174,547	$ 495,501
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	194,359	183,763
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	260	228
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 10,590	$ 9,983
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position	29	35
Farmer Mac Guaranteed Securities and USDA Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 1,185,341	$ 953,226
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	957,722	1,557,906
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	33,229	14,671
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	9,667	16,792
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		547
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		49,745
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(1)
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(254)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	1,185,341	685,131
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	859,874	1,460,089
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	33,229	13,115
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 9,632	$ 16,738
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions [Abstract]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position	16	23
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position	6	15
Held-to-maturity Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | position	0	2
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		$ 3,720
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		0
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		7
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		0
USDA Guarantees [Member] | USDA Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 0	264,375
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	97,848	97,817
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	1,549
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 35	$ 54

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Investment Securities - Investment Securities (Tables) - Investment Securities [Member]

6 Months Ended

Jun. 30, 2015

Schedule of Available-for-sale and Trading Securities [Line Items]

Marketable Securities [Table Text Block]

The following tables set forth information about Farmer Mac's investment securities as of June 30, 2015 and December 31, 2014:

Table 2.1

	As of June 30, 2015
	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	$	46,600	$	—		$	46,600	$	—	$	(6,418	)	$	40,182
Floating rate asset-backed securities	91,382		(317		)	91,065		182		(69		)	91,178
Floating rate corporate debt securities	10,000		—			10,000		62		(2		)	10,060
Fixed rate corporate debt securities	15,000		(3		)	14,997		4		(16		)	14,985
Floating rate Government/GSE guaranteed mortgage-backed securities	703,990		3,265			707,255		4,111		(306		)	711,060
Fixed rate GSE guaranteed mortgage-backed securities(1)	765		3,330			4,095		3,952		—			8,047
Floating rate GSE subordinated debt	70,000		—			70,000		—		(4,028		)	65,972
Fixed rate senior agency debt	297,806		(29		)	297,777		68		—			297,845
Fixed rate U.S. Treasuries	612,194		260			612,454		127		(11		)	612,570
Total available-for-sale	1,847,737		6,506			1,854,243		8,506		(10,850		)	1,851,899
Trading:
Floating rate asset-backed securities	2,431		—			2,431		—		(1,825		)	606
Total investment securities	$	1,850,168	$	6,506		$	1,856,674	$	8,506	$	(12,675	)	$	1,852,505

(1) Fair value includes $7.2 million of an interest-only security with a notional amount of $152.4 million.

	As of December 31, 2014
	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	$	46,600	$	—		$	46,600	$	—	$	(6,024	)	$	40,576
Floating rate asset-backed securities	100,730		(74		)	100,656		283		(37		)	100,902
Floating rate corporate debt securities	10,000		—			10,000		91		—			10,091
Fixed rate corporate debt securities	30,000		(10		)	29,990		35		—			30,025
Floating rate Government/GSE guaranteed mortgage-backed securities	605,053		3,431			608,484		4,712		(443		)	612,753
Fixed rate GSE guaranteed mortgage-backed securities(1)	853		3,542			4,395		3,807		—			8,202
Floating rate GSE subordinated debt	70,000		—			70,000		—		(3,680		)	66,320
Fixed rate senior agency debt	18,806		130			18,936		3		—			18,939
Floating rate U.S. Treasuries	75,000		(10		)	74,990		—		(11		)	74,979
Fixed rate U.S. Treasuries	975,194		462			975,656		72		(16		)	975,712
Total available-for-sale	1,932,236		7,471			1,939,707		9,003		(10,211		)	1,938,499
Trading:
Floating rate asset-backed securities	2,868		—			2,868		—		(2,179		)	689
Total investment securities	$	1,935,104	$	7,471		$	1,942,575	$	9,003	$	(12,390	)	$	1,939,188

(1) Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

As of June 30, 2015 and December 31, 2014, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

	As of June 30, 2015
	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	$	—	$	—		$	40,182	$	(6,418	)
Floating rate asset-backed securities	14,940		(69		)	—		—
Floating rate corporate debt securities	4,998		(2		)	—		—
Fixed rate corporate debt securities	9,981		(16		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	59,590		(162		)	88,205		(144		)
Floating rate GSE subordinated debt	—		—			65,972		(4,028		)
Fixed rate U.S. Treasuries	85,038		(11		)	—		—
Total	$	174,547	$	(260	)	$	194,359	$	(10,590	)

	As of December 31, 2014
	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	$	—	$	—		$	40,576	$	(6,024	)
Floating rate asset-backed securities	19,388		(37		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	76,100		(164		)	76,867		(279		)
Floating rate GSE subordinated debt	—		—			66,320		(3,680		)
Floating rate U.S. Treasuries	74,980		(11		)	—		—
Fixed rate U.S. Treasuries	325,033		(16		)	—		—
Total	$	495,501	$	(228	)	$	183,763	$	(9,983	)

The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to June 30, 2015 and December 31, 2014, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of June 30, 2015, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except three that were rated "A-." As of December 31, 2014 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." The unrealized losses were on 29 and 35 individual investment securities as of June 30, 2015 and December 31, 2014, respectively.

As of June 30, 2015, 12 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.6 million. As of December 31, 2014, 15 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million.  Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2015 that is, on average, approximately 95 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of June 30, 2015 and December 31, 2014.

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2015 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3

	As of June 30, 2015
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	925,228	$	925,400	0.31%
Due after one year through five years	103,309		103,939		1.19%
Due after five years through ten years	239,193		239,790		0.88%
Due after ten years	586,513		582,770		0.90%
Total	$	1,854,243	$	1,851,899	0.62%