XML 62 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income:        
Investments and cash equivalents $ 3,185 $ 4,507 $ 9,144 $ 14,845
Farmer Mac Guaranteed Securities and USDA Securities 34,002 32,532 101,608 98,335
Loans 29,731 26,371 86,509 67,157
Total interest income 66,918 [1] 63,410 [2] 197,261 [3] 180,337 [4]
Total interest expense 34,735 [5] 48,886 [6] 102,425 [7] 126,114 [8]
Net interest income 32,183 14,524 94,836 54,223
Release of/(provision for) allowance for loan losses 1,164 (511) 978 499
Net interest income after release of/(provision for) allowance for loan losses 33,347 14,013 95,814 54,722
Non-interest income:        
Guarantee and commitment fees 3,532 3,644 10,297 11,131
(Losses)/gains on financial derivatives and hedging activities (9,568) 808 939 (12,468)
(Losses)/gains on trading securities (8) 16,369 524 24,772
Gains/(losses) on sale of available-for-sale investment securities 3 (396) 9 (238)
(Losses)/gains on sale of real estate owned 0 0 (1) 165
Other income 1,060 502 1,933 794
Non-interest (loss)/income (4,981) 20,927 13,701 24,156
Non-interest expense:        
Compensation and employee benefits 5,236 4,693 16,662 14,038
General and administrative 3,676 3,123 9,873 9,205
Regulatory fees 600 593 1,800 1,781
Real estate owned operating costs, net 48 1 47 62
Provision for/(release of) reserve for losses 861 (1,315) 1,235 (2,188)
Non-interest expense 10,421 [9] 7,095 [10] 29,617 [11] 22,898 [12]
Income before income taxes 17,945 27,845 79,898 55,980
Income tax expense 6,327 7,564 24,327 55
Net income 11,618 20,281 55,571 55,925
Less: Net loss/(income) attributable to non-controlling interest 36 (5,412) (5,199) (16,778)
Net income attributable to Farmer Mac 11,654 14,869 50,372 39,147
Preferred stock dividends (3,295) (3,283) (9,886) (6,543)
Loss on retirement of preferred stock 0 0 (8,147) 0
Net income attributable to common stockholders $ 8,359 $ 11,586 $ 32,339 $ 32,604
Earnings per common share and dividends:        
Basic earnings per common share $ 0.76 $ 1.06 $ 2.94 $ 2.99
Diluted earnings per common share 0.74 1.02 2.85 2.87
Common Stock, Dividends, Per Share, Declared $ 0.16 $ 0.14 $ 0.48 $ 0.42
[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 "(Losses)/gains 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 "(Losses)/gains 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 "(Losses)/gains 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 "(Losses)/gains 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.