x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Title of each class | Exchange on which registered | |
Class A voting common stock | New York Stock Exchange | |
Class C non-voting common stock | New York Stock Exchange | |
5.875% Non-Cumulative Preferred Stock, Series A | New York Stock Exchange | |
6.875% Non-Cumulative Preferred Stock, Series B | New York Stock Exchange | |
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | New York Stock Exchange |
Large accelerated filer | o | Accelerated filer | x |
Non-accelerated filer | o | Smaller reporting company | o |
• | prospects for earnings; |
• | prospects for growth in business volume; |
• | trends in net interest income and net effective spread; |
• | trends in portfolio credit quality, delinquencies, substandard assets, credit losses, and provisions for losses; |
• | trends in expenses; |
• | trends in investment securities; |
• | prospects for asset impairments and allowance for losses; |
• | changes in capital position; |
• | future contingent payment obligations; |
• | future dividend payments; and |
• | other business and financial matters. |
• | 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, its sources of business, or the agricultural or rural utilities industries; |
• | 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's products and the secondary market provided by Farmer Mac; |
• | the general rate of growth in agricultural mortgage and rural utilities indebtedness; |
• | the effect 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; |
• | the degree to which Farmer Mac is exposed to basis risk, which results from fluctuations in Farmer Mac's borrowing costs relative to market indexes such as LIBOR; and |
• | volatility in commodity prices relative to costs of production and/or export demand for U.S. agricultural products. |
Item 1. | Business |
• | purchasing eligible loans directly from lenders; |
• | providing advances against eligible loans by purchasing obligations secured by those loans; |
• | securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and |
• | issuing long-term standby purchase commitments ("LTSPCs") for eligible loans. |
• | interest income earned on assets held on balance sheet, net of related funding costs and interest payments and receipts on financial derivatives; and |
• | guarantee and commitment fees received in connection with outstanding guaranteed securities and LTSPCs. |
• | mortgage loans secured by first liens on agricultural real estate, including part-time farms and rural housing (comprising the assets eligible for the Farm & Ranch line of business); |
• | agricultural and rural development loans guaranteed by the United States Department of Agriculture ("USDA") (comprising the assets eligible for the USDA Guarantees line of business); and |
• | loans made by lenders organized as cooperatives to finance electrification and telecommunications systems in rural areas (comprising the assets eligible for the Rural Utilities line of business). |
• | Class A voting common stock. The charter restricts ownership of Farmer Mac's Class A voting common stock to banks, insurance companies, and other financial institutions or similar entities that are not institutions of the FCS. The charter also provides that five members of Farmer Mac's 15-member board of directors are elected by a plurality of the votes of the Class A stockholders each year. The charter limits the amount of Class A voting common stock that may be owned by one holder to no more than 33 percent of the outstanding shares of Class A voting common stock. Farmer Mac is not aware of any regulation applicable to non-FCS financial institutions that requires a minimum investment in Farmer Mac's Class A voting common stock or that prescribes a maximum investment amount lower than the 33 percent limit set forth in the charter. Farmer Mac's Class A voting common stock is listed on the New York Stock Exchange under the symbol AGM.A. |
• | Class B voting common stock. The charter restricts ownership of Farmer Mac's Class B voting common stock to FCS institutions and also provides that five members of Farmer Mac's 15-member board of directors are elected by a plurality of the votes of the Class B stockholders each year. The charter does not contain any restrictions on the maximum number or percentage of outstanding shares of Class B voting common stock that may be held by an eligible stockholder, and Farmer Mac is not aware of any regulation applicable to FCS institutions that requires a minimum investment in its Class B voting common stock or that prescribes a maximum amount. Farmer Mac's Class B voting common stock, which has a limited market and trades infrequently, is not listed or quoted on any exchange or other quotation system, and Farmer Mac is not aware of any publicly available quotations or prices for this class of common stock. |
• | Class C non-voting common stock. The charter does not impose any ownership restrictions on Farmer Mac's Class C non-voting common stock, and shares of this class are freely transferable. Holders of the Class C common stock do not vote on the election of directors or any other matter. Farmer Mac's Class C non-voting common stock is listed on the New York Stock Exchange under the symbol AGM. |
• | Presidential director appointments. The remaining five members of Farmer Mac's board of directors are individuals who meet the qualifications specified in the charter and are appointed by the President of the United States with the advice and consent of the United States Senate. These appointed directors serve at the pleasure of the President of the United States. |
Lines of Business - Outstanding Business Volume | |||||||
As of December 31, 2016 | As of December 31, 2015 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
Farm & Ranch: | |||||||
Loans | $ | 2,381,488 | $ | 2,249,864 | |||
Loans held in trusts: | |||||||
Beneficial interests owned by third party investors | 1,132,966 | 708,111 | |||||
USDA Guarantees: | |||||||
USDA Securities | 1,954,800 | 1,876,451 | |||||
Farmer Mac Guaranteed USDA Securities | 35,599 | 31,554 | |||||
Rural Utilities: | |||||||
Loans | 999,512 | 1,008,126 | |||||
Institutional Credit: | |||||||
AgVantage Securities | 6,004,472 | 5,439,383 | |||||
Total on-balance sheet | $ | 12,508,837 | $ | 11,313,489 | |||
Off-balance sheet: | |||||||
Farm & Ranch: | |||||||
LTSPCs | $ | 2,209,409 | $ | 2,253,273 | |||
Guaranteed Securities | 415,441 | 514,051 | |||||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed USDA Securities | 103,976 | 10,272 | |||||
Rural Utilities: | |||||||
LTSPCs(1) | 878,598 | 522,864 | |||||
Institutional Credit: | |||||||
AgVantage Securities | 983,214 | 984,871 | |||||
Revolving floating rate AgVantage facility(2) | 300,000 | 300,000 | |||||
Total off-balance sheet | $ | 4,890,638 | $ | 4,585,331 | |||
Total | $ | 17,399,475 | $ | 15,898,820 |
(1) | Includes $20.0 million and $8.8 million related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee as of December 31, 2016 and 2015, respectively. |
(2) | As of both December 31, 2016 and, 2015, this facility had not been utilized. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. If the counterparty draws on the facility, the amounts drawn will be presented as AgVantage Securities, and Farmer Mac will earn interest income on those securities. |
New Business Volume – Farmer Mac Loan Purchases, Guarantees, and LTSPCs | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
Loans | $ | 966,023 | $ | 748,368 | $ | 697,824 | |||||
LTSPCs | 399,095 | 427,795 | 369,857 | ||||||||
USDA Guarantees: | |||||||||||
USDA Securities | 375,203 | 363,621 | 335,359 | ||||||||
Farmer Mac Guaranteed USDA Securities | 106,054 | 13,314 | 7,627 | ||||||||
Rural Utilities: | |||||||||||
Loans | 50,491 | 108,337 | 75,500 | ||||||||
LTSPCs | 441,404 | 522,262 | — | ||||||||
Institutional Credit: | |||||||||||
AgVantage Securities | 2,098,852 | 743,158 | 1,279,655 | ||||||||
Revolving floating rate AgVantage facility | — | 300,000 | — | ||||||||
Total purchases, guarantees, and LTSPCs | $ | 4,437,122 | $ | 3,226,855 | $ | 2,765,822 |
• | be secured by a fee simple mortgage or a long-term leasehold mortgage, with status as a first lien on agricultural real estate (including part-time farms and rural housing) located within the United States; |
• | be an obligation of a citizen or national of the United States, an alien lawfully admitted for permanent residence in the United States, or a private corporation or partnership that is majority-owned by U.S. citizens, nationals, or legal resident aliens; |
• | be an obligation of a person, corporation, or partnership having training or farming experience that is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms; and |
• | meet the credit underwriting, collateral valuation, documentation, and other specified standards for the Farm & Ranch line of business. See "—Underwriting and Collateral Valuation (Appraisal) Standards" and "—Approved Lenders" for a description of these standards. |
• | is used for the production of one or more agricultural commodities or products; and |
• | either consists of a minimum of five acres or generates minimum annual receipts of $5,000. |
• | $50.0 million in cumulative exposure to any one borrower or related borrowers for transactions involving direct exposure to credit risk on loans (e.g., loan purchases, LTSPC transactions, and non-AgVantage Farm & Ranch Guaranteed Securities, which are not backed by a general obligation of a lender); and |
• | $75.0 million in cumulative exposure through a single lender to any one borrower or related borrowers (with the amount of any direct borrower exposure described above not counting toward the $75.0 million limit) for AgVantage transactions, which involve the general obligation of a lender that is in turn secured by eligible loans, resulting in indirect exposure to credit risk on those loans. See "Business—Farmer Mac's Lines of Business—Institutional Credit." |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Loans | $ | 966,023 | $ | 748,368 | $ | 697,824 | |||||
LTSPCs | 399,095 | 427,795 | 369,857 | ||||||||
Total | $ | 1,365,118 | $ | 1,176,163 | $ | 1,067,681 |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
Loans | $ | 2,381,488 | $ | 2,249,864 | |||
Loans held in trusts: | |||||||
Beneficial interests owned by third party investors | 1,132,966 | 708,111 | |||||
Total on-balance sheet | $ | 3,514,454 | $ | 2,957,975 | |||
Off-balance sheet: | |||||||
LTSPCs | $ | 2,209,409 | $ | 2,253,273 | |||
Guaranteed Securities | 415,441 | 514,051 | |||||
Total off-balance sheet | $ | 2,624,850 | $ | 2,767,324 | |||
Total | $ | 6,139,304 | $ | 5,725,299 |
• | par if the loans become delinquent for either 90 days or 120 days (depending on the agreement) or are in material non-monetary default, with accrued and unpaid interest on the defaulted loans payable out of any future loan payments or liquidation proceeds; or |
• | fair value or in exchange for Farm & Ranch Guaranteed Securities (if the loans are not delinquent), in accordance with the terms of the applicable agreement. |
• | provide that no loan with a loan-to-value ratio ("LTV") in excess of 80 percent may be eligible; |
• | require each borrower to demonstrate sufficient cash flow to adequately service the loan; |
• | require sufficient documentation standards; |
• | protect the integrity of the appraisal process for any loan; and |
• | confirm that the borrower is or will be actively engaged in agricultural production. |
• | pro forma total debt service coverage ratio supported by historical profitability, including farm and non-farm income, of 1.25 or higher; |
• | pro forma debt-to-asset ratio of 50 percent or less; and |
• | pro forma ratio of current assets to current liabilities of 1.25 or higher. |
• | has compensating strengths, which means it exceeds minimum requirements for one or more of the underwriting standards to a degree that compensates for noncompliance with one or more other standards; and |
• | is made to a producer of particular agricultural commodities or products in a segment of agriculture in which such compensating strengths are typical of the financial condition of sound borrowers in that segment. |
• | it has been outstanding for at least five years and has an LTV of 60 percent or less; |
• | there have been no payments more than 30 days past due during the three-year period immediately before the date the loan is either purchased by Farmer Mac or made subject to an LTSPC; and |
• | there have been no material restructurings or modifications for credit reasons during the previous five years. |
• | evaluating loan database information to determine conformity to the criteria set forth in the preceding paragraphs; |
• | confirming that loan file data conform to database information; |
• | validating supporting credit information in the loan files; and |
• | reviewing loan documentation and collateral valuations. |
• | is not associated, except by the engagement for the collateral valuation, with the credit underwriters making the loan decision, though the appraiser or evaluator and the credit underwriter may be directly or indirectly employed by a common employer; |
• | receives no financial or professional benefit of any kind by virtue of the report content, valuation, or credit decision made, or based on the valuation report; and |
• | has no present or contemplated future direct or indirect interest in the property serving or to serve as collateral. |
• | own a requisite amount of Farmer Mac common stock according to a schedule prescribed for the size and type of institution; |
• | have, in the judgment of Farmer Mac, the ability and experience to make or purchase and sell loans eligible for Farmer Mac's Farm & Ranch line of business and service those loans in accordance with Farmer Mac's requirements either through the lender's own staff or through contractors and originators; |
• | maintain a minimum adjusted net worth; and |
• | enter into a Seller/Servicer Agreement, which requires compliance with the terms of the Farmer Mac Seller/Servicer Guide, including providing representations and warranties regarding the eligibility of the loans and accuracy of loan data provided to Farmer Mac. |
• | USDA-guaranteed portions of loans (which Farmer Mac refers to as "USDA Securities") guaranteed under the Consolidated Farm and Rural Development Act (7 U.S.C. § 1921 et seq.) are statutorily included in the definition of loans eligible for the secondary market programs provided by Farmer Mac; |
• | USDA Securities are exempted from the credit underwriting, collateral valuation, documentation, and other standards that other loans must meet to be eligible for the secondary market provided by Farmer Mac, and are exempted from any diversification and internal credit enhancement that may be required of pools of other eligible loans; and |
• | Farmer Mac is authorized to pool and issue Farmer Mac Guaranteed Securities backed by USDA Securities. |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Purchased and retained | $ | 383,303 | $ | 376,935 | $ | 342,986 | |||||
Purchased and sold | 97,954 | — | — | ||||||||
Total | $ | 481,257 | $ | 376,935 | $ | 342,986 |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
USDA Securities | $ | 1,954,800 | $ | 1,876,451 | |||
Farmer Mac Guaranteed USDA Securities | 35,599 | 31,554 | |||||
Off-balance sheet: | |||||||
Farmer Mac Guaranteed USDA Securities | 103,976 | 10,272 | |||||
Total | $ | 2,094,375 | $ | 1,918,277 |
• | the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion of the loan; or |
• | the lender has failed to remit to the holder the payment made by the borrower on the USDA-guaranteed portion of the loan or any related loan subsidy within 30 days after the lender's receipt of the payment. |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Loans | $ | 50,491 | $ | 108,337 | $ | 75,500 | |||||
LTSPCs | 441,404 | 522,262 | — | ||||||||
Total | $ | 491,895 | $ | 630,599 | $ | 75,500 |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
Loans | $ | 999,512 | $ | 1,008,126 | |||
Off-balance sheet: | |||||||
LTSPCs(1) | 878,598 | 522,864 | |||||
Total | $ | 1,878,110 | $ | 1,530,990 |
(1) | Includes $20.0 million and $8.8 million related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee as of December 31, 2016 and 2015, respectively. |
• | be made for an electric or telephone facility by a lender organized as a cooperative to a borrower that has received or is eligible to receive a loan under the REA; |
• | be performing and not more than 30 days delinquent; and |
• | meet Farmer Mac's underwriting standards described in more detail below. |
• | each borrower to demonstrate sufficient cash flow to adequately service the loan; and |
• | each borrower's leverage position to be adequate based on industry standards. |
• | the ratio of long-term debt to "net utility plant" does not exceed 90 percent; |
• | the modified debt service coverage ratio (the cooperative's available cash plus patronage capital credits allocated to the cooperative, relative to debt expense) equals or exceeds 1.35; and |
• | the ratio of equity to total assets equals or exceeds 20 percent. |
• | the equity to total assets ratio equals or exceeds 10 percent; |
• | the modified debt service coverage ratio equals or exceeds 1.10; |
• | the debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio does not exceed 12; and |
• | the aggregate members' equity to total capitalization ratio equals or exceeds 25 percent. |
• | evaluating loan database information to determine conformity to Farmer Mac's underwriting standards; |
• | confirming that loan file data conforms to database information; |
• | validating supporting credit information in the loan files; and |
• | reviewing loan documentation. |
• | cash; |
• | securities issued by the U.S. Treasury or guaranteed by an agency or instrumentality of the United States; or |
• | other highly-rated securities. |
• | the counterparty issuing the general obligation to have a credit rating from an NRSRO that is at least investment grade, or be of comparable creditworthiness as determined through Farmer Mac's analysis; |
• | the collateral to be comprised of loans, or interests in loans, for electric or telephone facilities by a lender organized as a cooperative to a borrower that has received or is eligible to receive a loan under the REA; |
• | the collateral to be performing and not more than 30 days delinquent; and |
• | the collateralization (consisting of current, performing loans) to be maintained at the contractually prescribed level, in an amount at least equal to the outstanding principal amount of the security. |
• | the aggregate members' equity to total capitalization ratio equals or exceeds 25 percent; |
• | the modified debt service coverage ratio equals or exceeds 1.10; and |
• | the equity to total assets ratio equals or exceeds 10 percent. |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
AgVantage Securities | $ | 2,098,852 | $ | 743,158 | $ | 1,279,655 | |||||
Revolving floating rate AgVantage facility | — | 300,000 | — | ||||||||
$ | 2,098,852 | $ | 1,043,158 | $ | 1,279,655 |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
On-balance sheet: | |||||||
AgVantage Securities | $ | 6,004,472 | $ | 5,439,383 | |||
Off-balance sheet: | |||||||
AgVantage Securities | $ | 983,214 | $ | 984,871 | |||
Revolving floating rate AgVantage facility(1) | 300,000 | 300,000 | |||||
Total off-balance sheet | $ | 1,283,214 | $ | 1,284,871 | |||
Total | $ | 7,287,686 | $ | 6,724,254 |
(1) | As of both December 31, 2016 and 2015, this facility had not been utilized by CFC. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. If CFC draws on the facility, the amounts drawn will be presented as on-balance sheet AgVantage securities, and Farmer Mac will earn interest on the drawn balance. |
• | obligations of or guaranteed by the United States; |
• | obligations of GSEs; |
• | municipal securities; |
• | international and multilateral development bank obligations; |
• | money market instruments; |
• | diversified investment funds; |
• | asset-backed securities; |
• | corporate debt securities; and |
• | mortgage-backed securities. |
• | 1,030,780 shares of Class A voting common stock; |
• | 500,301 shares of Class B voting common stock; and |
• | 9,007,481 shares of Class C non-voting common stock. |
Date Dividend Declared | Per Share Amount | For Holders Of Record As Of | Date Paid | |||
March 2, 2016 | $0.26 | March 21, 2016 | March 31, 2016 | |||
May 4, 2016 | $0.26 | June 15, 2016 | June 30, 2016 | |||
August 3, 2016 | $0.26 | September 15, 2016 | September 30, 2016 | |||
November 2, 2016 | $0.26 | December 16, 2016 | December 31, 2016 | |||
March 1, 2017 | $0.36 | March 20, 2017 | * |
• | 2,400,000 shares of Series A Preferred Stock, all of which were issued on January 17, 2013; |
• | 3,000,000 shares of Series B Preferred Stock, all of which were issued on March 25, 2014; and |
• | 3,000,000 shares of Series C Preferred Stock, all of which were issued on June 20, 2014. |
Date Dividend Declared | Per Share Amount | For Period Beginning | For Period Ending | Date Paid | ||||
March 2, 2016 | $0.3672 | January 18, 2016 | April 17, 2016 | April 17, 2016 | ||||
May 4, 2016 | $0.3672 | April 18, 2016 | July 17, 2016 | July 17, 2016 | ||||
August 3, 2016 | $0.3672 | July 18, 2016 | October 17, 2016 | October 17, 2016 | ||||
November 2, 2016 | $0.3672 | October 18, 2016 | January 17, 2017 | January 17, 2017 | ||||
March 1, 2017 | $0.3672 | January 18, 2017 | April 17, 2017 | * |
Date Dividend Declared | Per Share Amount | For Period Beginning | For Period Ending | Date Paid | ||||
March 2, 2016 | $0.4297 | January 18, 2016 | April 17, 2016 | April 17, 2016 | ||||
May 4, 2016 | $0.4297 | April 18, 2016 | July 17, 2016 | July 17, 2016 | ||||
August 3, 2016 | $0.4297 | July 18, 2016 | October 17, 2016 | October 17, 2016 | ||||
November 2, 2016 | $0.4297 | October 18, 2016 | January 17, 2017 | January 17, 2017 | ||||
March 1, 2017 | $0.4297 | January 18, 2017 | April 17, 2017 | * |
Date Dividend Declared | Per Share Amount | For Period Beginning | For Period Ending | Date Paid | ||||
March 2, 2016 | $0.3750 | January 18, 2016 | April 17, 2016 | April 17, 2016 | ||||
May 4, 2016 | $0.3750 | April 18, 2016 | July 17, 2016 | July 17, 2016 | ||||
August 3, 2016 | $0.3750 | July 18, 2016 | October 17, 2016 | October 17, 2016 | ||||
November 2, 2016 | $0.3750 | October 18, 2016 | January 17, 2017 | January 17, 2017 | ||||
March 1, 2017 | $0.3750 | January 18, 2017 | April 17, 2017 | * |
• | a portion of the guarantee fees assessed by Farmer Mac has been set aside as a reserve against losses arising out of Farmer Mac's guarantee activities in an amount determined by Farmer Mac's board of directors to be necessary and such reserve has been exhausted (that amount was |
• | the proceeds of such obligations are needed to fulfill Farmer Mac's guarantee obligations. |
• | in 1990 to create the USDA Guarantees line of business; |
• | in 1991 to clarify Farmer Mac's authority to purchase its guaranteed securities, establish OSMO as Farmer Mac's financial regulator, and set minimum regulatory capital requirements for Farmer Mac; |
• | in 1996 to remove certain barriers to and restrictions on Farmer Mac's operations to be more competitive (e.g., allowing Farmer Mac to buy loans directly from lenders and issue guaranteed securities representing 100 percent of the principal of the purchased loans and modifying capital requirements); and |
• | in 2008 to authorize Farmer Mac to purchase, and guarantee securities backed by, loans made by lenders organized as cooperatives to borrowers to finance electrification and telecommunications systems in rural areas. |
• | Statutory minimum capital requirement. Farmer Mac's 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 Farmer Mac's aggregate off-balance sheet obligations, 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. The charter directs FCA to establish a risk-based capital stress test for Farmer Mac, using specified stress-test parameters. |
• | annual losses occur at a rate of default and severity "reasonably related" to the rates of the highest sequential two years in a limited U.S. geographic area; and |
• | interest rates increase to a level equal to the lesser of 600 basis points or 50 percent of the ten-year U.S. Treasury rate, and interest rates remain at such level for the remainder of the period. |
• | requiring Farmer Mac to submit and comply with a capital restoration plan; |
• | prohibiting the payment of dividends if such payment would result in Farmer Mac being reclassified as within a lower level and requiring the pre-approval of any dividend payment even if such payment would not result in reclassification as within level IV; and |
• | reclassifying Farmer Mac as within one level lower if it does not submit a capital restoration plan that is approved by the Director, or the Director determines that Farmer Mac has failed to make, in good faith, reasonable efforts to comply with such a plan and fulfill the schedule for the plan approved by the Director. |
• | imposing limits on any increase in, or ordering the reduction of, any obligations of Farmer Mac, including off-balance sheet obligations; |
• | limiting or prohibiting asset growth or requiring the reduction of assets; |
• | requiring the acquisition of new capital in an amount sufficient to provide for reclassification as within a higher level; |
• | terminating, reducing, or modifying any activity the Director determines creates excessive risk to Farmer Mac; or |
• | appointing a conservator or a receiver for Farmer Mac. |
Capital Conservation Buffer | Payout Percentage |
(percentage of risk-weighted assets) | (percentage of four quarters' accumulated core earnings) |
greater than 2.5% | No limitation |
greater than 1.875% to and including 2.5% | 60% |
greater than 1.25% to and including 1.875% | 40% |
greater than 0.625% to and including 1.25% | 20% |
equal to or less than 0.625% | 0% (no payout permitted) |
• | severe protracted or sudden adverse weather conditions, animal and plant disease outbreaks, restrictions on water supply, limited access to transportation to move agricultural products to markets, or other conditions affecting particular geographic regions or industries; |
• | volatility in revenues or production expenses as a result of commodity or fuel prices or labor costs or availability within any particular industry; |
• | fluctuations in currency exchange markets or changes in the global economy that would reduce export demand for U.S. agricultural products; |
• | slow or negative domestic or international economic growth, which could reduce demand for U.S. agricultural products; |
• | adverse changes in interest rates, agricultural land values, or other factors that may affect delinquency levels and credit losses on agricultural real estate mortgage loans; |
• | legislative or regulatory developments or actions adversely affecting the agricultural industry or the rural utilities industry; |
• | changes in the general economy that could affect the availability of off-farm sources of income and prices of real estate for borrowers; and |
• | economic conditions that may negatively affect the market for electricity in rural areas and consequently limit the ability of rural electric cooperatives to provide electricity or raise rates to achieve profitable levels. |
• | disruptions in the capital markets, which could adversely affect the value and performance of Farmer Mac's eligible loan assets and investment securities, liquidity position, and ability to access funding at favorable levels or to raise capital; |
• | competitive pressures in the purchase of loans eligible for Farmer Mac's lines of business and in the sale of Farmer Mac Guaranteed Securities and debt securities; |
• | changes in interest rates that may increase the basis risk of Farmer Mac's hedging instruments, thereby increasing its funding costs; and |
• | legislative or regulatory developments or interpretations of Farmer Mac's statutory charter that could adversely affect Farmer Mac or its ability to offer new products, the ability or motivation of certain lenders to participate in Farmer Mac's lines of business or the terms of any such participation, or increase the cost of related corporate activities. |
• | Farmer Mac's corporate structure established by its charter, including its status as a government-sponsored enterprise, or GSE, and perceptions about the viability of stockholder-owned GSEs in general; |
• | compliance with applicable statutory, regulatory, and board-approved capital requirements and any measures imposed by Farmer Mac's regulator or board of directors if Farmer Mac failed to comply with those requirements; |
• | Farmer Mac's financial results and changes in its financial condition; |
• | public perception of the risks to and financial prospects of Farmer Mac's business; |
• | prevailing conditions in the capital markets; |
• | lack of a public debt rating may reduce demand for Farmer Mac's debt securities; |
• | competition from other issuers of GSE equity or debt; and |
• | legislative or regulatory actions relating to Farmer Mac's business, including any actions that would affect Farmer Mac's GSE status. |
• | reduced growth rates in the agricultural mortgage market caused by prevailing conditions in the overall economy; |
• | an increase in capital levels or the availability of other sources of capital for customers of Farmer Mac; |
• | acceptance by Federal Home Loan Banks of agricultural real estate mortgage loans as collateral; |
• | the extent to which many agricultural lending institutions retain loans in their portfolios rather than sell them into the secondary market; |
• | the small number of business partners that currently provide a significant portion of Farmer Mac's business volume, resulting in vulnerability as existing business volume pays down or matures and the status of these business partners evolves; and |
• | expanded funding alternatives available to rural utilities. |
• | increase the availability of credit to rural borrowers at stable interest rates; |
• | provide greater liquidity and lending capacity in extending credit to rural borrowers; and |
• | provide an arrangement for new lending by facilitating capital market investments in funding for rural borrowers, including funds at fixed rates of interest. |
• | the potential for any credit losses or other-than-temporary impairment charges; |
• | adverse changes in interest rates or credit spreads; |
• | the potential need to increase the level of the allowance for losses on eligible loan assets in the future; |
• | legislative or regulatory actions that increase Farmer Mac's applicable capital requirements; and |
• | changes in U.S. generally accepted accounting principles. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Sales Prices | |||||||||||||||
Class A Stock | Class C Stock | ||||||||||||||
High | Low | High | Low | ||||||||||||
(per share) | |||||||||||||||
2017 | |||||||||||||||
First quarter (through March 1, 2017) | $ | 65.96 | $ | 54.51 | $ | 59.53 | $ | 55.05 | |||||||
2016 | |||||||||||||||
Fourth quarter | $ | 62.00 | $ | 43.48 | $ | 58.72 | $ | 39.72 | |||||||
Third quarter | 52.38 | 36.60 | 42.32 | 33.95 | |||||||||||
Second quarter | 41.61 | 34.99 | 43.50 | 32.62 | |||||||||||
First quarter | 38.00 | 26.09 | 40.00 | 26.36 | |||||||||||
2015 | |||||||||||||||
Fourth quarter | $ | 27.04 | $ | 24.75 | $ | 32.77 | $ | 25.67 | |||||||
Third quarter | 27.98 | 25.50 | 29.48 | 22.41 | |||||||||||
Second quarter | 29.20 | 23.43 | 33.01 | 29.06 | |||||||||||
First quarter | 28.25 | 19.64 | 32.80 | 26.43 |
• | On October 6, 2016, pursuant to 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 440 shares of its Class C non-voting common stock to the three directors who elected to receive such stock in lieu of a portion of their cash retainers. The number of shares issued to the directors was calculated based on a price of $39.50 per share, which was the closing price of the Class C non-voting common stock on September 30, 2016, the last business day of the third quarter, as reported by the New York Stock Exchange. |
(b) | Not applicable. |
(c) | None. |
Item 6. | Selected Financial Data |
As of December 31, | |||||||||||||||||||
Summary of Financial Condition: | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Cash and cash equivalents | $ | 265,229 | $ | 1,210,084 | $ | 1,363,387 | $ | 749,313 | $ | 785,564 | |||||||||
Investment securities | 2,515,851 | 2,775,516 | 1,939,188 | 2,484,075 | 2,499,629 | ||||||||||||||
Farmer Mac Guaranteed Securities | 6,002,916 | 5,426,621 | 5,453,901 | 5,091,600 | 4,766,258 | ||||||||||||||
USDA Securities | 2,029,613 | 1,917,319 | 1,771,532 | 1,612,013 | 1,590,783 | ||||||||||||||
Loans, net | 4,507,435 | 3,962,044 | 3,520,075 | 3,193,248 | 2,729,774 | ||||||||||||||
Total assets | 15,606,020 | 15,540,354 | 14,287,821 | 13,361,780 | 12,622,201 | ||||||||||||||
Notes payable: | |||||||||||||||||||
Due within one year | 8,440,123 | 9,111,461 | 7,353,953 | 7,338,781 | 6,567,366 | ||||||||||||||
Due after one year | 5,222,977 | 4,967,036 | 5,471,186 | 5,001,169 | 5,034,739 | ||||||||||||||
Total liabilities | 14,962,373 | 14,986,634 | 13,505,992 | 12,787,311 | 12,029,239 | ||||||||||||||
Stockholders' equity | 643,425 | 553,517 | 545,801 | 332,616 | 351,109 | ||||||||||||||
Non-controlling interest(1) | 222 | 203 | 236,028 | 241,853 | 241,853 | ||||||||||||||
Capital: | |||||||||||||||||||
Statutory minimum capital requirement | $ | 466,498 | $ | 462,070 | $ | 421,328 | $ | 398,531 | $ | 374,037 | |||||||||
Core capital | 609,667 | 564,536 | 766,296 | 590,671 | 518,993 | ||||||||||||||
Capital in excess of minimum capital requirement | 143,169 | 102,466 | 344,968 | 192,140 | 144,956 | ||||||||||||||
Selected Financial Ratios: | |||||||||||||||||||
Return on average assets(2) | 0.41 | % | 0.32 | % | 0.28 | % | 0.55 | % | 0.36 | % | |||||||||
Return on average common equity(3) | 16.78 | % | 13.83 | % | 12.42 | % | 28.17 | % | 22.21 | % | |||||||||
Average equity to assets(4) | 3.84 | % | 3.69 | % | 3.18 | % | 2.63 | % | 2.71 | % | |||||||||
Average total equity to assets(5) | 3.84 | % | 4.48 | % | 4.91 | % | 4.49 | % | 4.68 | % | |||||||||
Tier 1 capital ratio(6) | 12.7 | % | 10.5 | % | 11.3 | % | 6.7 | % | 5.1 | % |
(1) | 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. The remaining balance relates to AgVisory, the subsidiary whose principal activity is to appraise agricultural real estate. |
(2) | Calculated as net income attributable to common stockholders divided by the simple average of beginning and ending total assets. |
(3) | Calculated as net income attributable to common stockholders divided by the simple average of beginning and ending stockholders' equity, net of preferred stock, at redemption value and accumulated other comprehensive (loss)/income, net of tax. |
(4) | Calculated as the simple average of beginning and ending stockholders' equity divided by the simple average of beginning and ending total assets. |
(5) | Calculated as the simple average of beginning and ending stockholders' equity and non-controlling interest divided by the simple average of beginning and ending total assets. |
(6) | In 2016, Farmer Mac adjusted the calculation of its Tier 1 capital ratio to eliminate certain interest rate risk components of the risk weighting of assets to reflect the fact that Farmer Mac pursues a match-funding approach to funding its assets and therefore does not bear material interest rate risk in its portfolio. These interest rate risk components have not been eliminated in the calculations for the Tier 1 capital ratio for the years ended December 31, 2012 through December 31, 2015. For more information about Farmer Mac's Tier 1 capital ratio, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Requirements." |
For the Year Ended December 31, | |||||||||||||||||||
Summary of Operations: | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
Interest Income: | |||||||||||||||||||
Net interest income after provision for loan losses | $ | 139,209 | $ | 123,419 | $ | 71,308 | $ | 109,934 | $ | 128,922 | |||||||||
Non-interest income: | — | ||||||||||||||||||
Guarantee and commitment fees | 14,868 | 14,077 | 14,694 | 15,627 | 14,330 | ||||||||||||||
Gains/(losses) on financial derivatives, hedging activities and trading assets | 3,771 | 3,751 | 16,983 | 30,945 | (19,522 | ) | |||||||||||||
(Losses)/gains on asset sales and debt repurchases | (9 | ) | 9 | (238 | ) | 3,575 | 18 | ||||||||||||
Gains/(losses) on the sale of real estate owned | 15 | (1 | ) | 137 | 1,236 | 878 | |||||||||||||
Lower of cost or fair value adjustment on loans held for sale | — | — | — | — | (5,943 | ) | |||||||||||||
Other income | 1,823 | 2,305 | 1,714 | 3,057 | 3,341 | ||||||||||||||
Non-interest income/(loss) | 20,468 | 20,141 | 33,290 | 54,440 | (6,898 | ) | |||||||||||||
Non-interest expense | 40,320 | 35,482 | 31,492 | 33,107 | 30,908 | ||||||||||||||
Income before income taxes | 119,357 | 108,078 | 73,106 | 131,267 | 91,116 | ||||||||||||||
Income tax expense | 42,057 | 34,239 | 2,824 | 33,752 | 22,156 | ||||||||||||||
Net income | 77,300 | 73,839 | 70,282 | 97,515 | 68,960 | ||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 34 | (5,139 | ) | (22,192 | ) | (22,187 | ) | (22,187 | ) | ||||||||||
Preferred stock dividends | (13,182 | ) | (13,182 | ) | (9,839 | ) | (3,495 | ) | (2,879 | ) | |||||||||
Loss on retirement of preferred stock | — | (8,147 | ) | — | — | — | |||||||||||||
Net income attributable to common stockholders | $ | 64,152 | $ | 47,371 | $ | 38,251 | $ | 71,833 | $ | 43,894 | |||||||||
Allowance for Losses Activity: | |||||||||||||||||||
Provision for /(release of) losses | $ | 1,002 | $ | 208 | $ | (3,166 | ) | $ | 448 | $ | 1,875 | ||||||||
Net charge-offs | 130 | 3,772 | 41 | 4,004 | 2,501 | ||||||||||||||
Ending balance | 7,435 | 6,563 | 10,127 | 13,334 | 16,890 | ||||||||||||||
Earnings Per Common Share and Dividends: | |||||||||||||||||||
Basic earnings per common share | $ | 6.12 | $ | 4.33 | $ | 3.50 | $ | 6.64 | $ | 4.19 | |||||||||
Diluted earnings per common share | 5.97 | 4.19 | 3.37 | 6.41 | 3.98 | ||||||||||||||
Common stock dividends per common share | 1.04 | 0.64 | 0.56 | 0.48 | 0.40 |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
• | economic conditions; |
• | geographic and agricultural commodity/product concentrations in the portfolio; |
• | the credit profile of the portfolio; |
• | delinquency trends of the portfolio; |
• | historical charge-off and recovery activities of the portfolio; and |
• | other factors to capture current portfolio trends and characteristics that differ from historical experience. |
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
Level 2 | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. |
Level 3 | Prices or valuations that require unobservable inputs that are significant to the fair value measurement. |
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands, except per share amounts) | |||||||||||
Net income attributable to common stockholders | $ | 64,152 | $ | 47,371 | $ | 38,251 | |||||
Less reconciling items: | |||||||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | 13,628 | 10,924 | (9,968 | ) | |||||||
Unrealized gains on trading securities(1) | 1,460 | 1,220 | 1,596 | ||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value(2) | (849 | ) | (1,319 | ) | (14,549 | ) | |||||
Net effects of settlements on agency forward contracts | 1,699 | (607 | ) | 159 | |||||||
Loss on retirement of Farmer Mac II LLC Preferred Stock(3) | — | (8,147 | ) | — | |||||||
Income tax effect related to reconciling items | (5,577 | ) | (1,675 | ) | 7,966 | ||||||
Sub-total | 10,361 | 396 | (14,796 | ) | |||||||
Core earnings | $ | 53,791 | $ | 46,975 | $ | 53,047 | |||||
Composition of Core Earnings: | |||||||||||
Revenues: | |||||||||||
Net effective spread(4) | $ | 125,102 | $ | 119,380 | $ | 113,693 | |||||
Guarantee and commitment fees(5) | 19,170 | 17,155 | 16,780 | ||||||||
Other(6) | 515 | (806 | ) | (4,216 | ) | ||||||
Total revenues | 144,787 | 135,729 | 126,257 | ||||||||
Credit related expense/(income) (GAAP): | |||||||||||
Provision for losses | 1,002 | 208 | (3,166 | ) | |||||||
REO operating expenses | 39 | 91 | 110 | ||||||||
(Gains)/losses on sale of REO | (15 | ) | 1 | (137 | ) | ||||||
Total credit related expense/(income) | 1,026 | 300 | (3,193 | ) | |||||||
Operating expenses (GAAP): | |||||||||||
Compensation and employee benefits | 22,772 | 22,047 | 19,009 | ||||||||
General and administrative | 15,109 | 13,111 | 12,197 | ||||||||
Regulatory fees | 2,463 | 2,413 | 2,381 | ||||||||
Total operating expenses | 40,344 | 37,571 | 33,587 | ||||||||
Net earnings | 103,417 | 97,858 | 95,863 | ||||||||
Income tax expense(7) | 36,478 | 32,562 | 10,785 | ||||||||
Net (loss)/income attributable to non-controlling interest (GAAP) | (34 | ) | 5,139 | 22,192 | |||||||
Preferred stock dividends (GAAP) | 13,182 | 13,182 | 9,839 | ||||||||
Core earnings | $ | 53,791 | $ | 46,975 | $ | 53,047 | |||||
Core earnings per share: | |||||||||||
Basic | $ | 5.13 | $ | 4.29 | $ | 4.86 | |||||
Diluted | 5.01 | 4.15 | 4.67 | ||||||||
Weighted-average shares: | |||||||||||
Basic | 10,477 | 10,949 | 10,920 | ||||||||
Diluted | 10,745 | 11,309 | 11,367 |
(1) | Excludes realized gains related to securities sold, not yet purchased of $37.0 million during 2014. |
(2) | Includes $11.6 million related to the acceleration of premium amortization in 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 II LLC Preferred Stock. |
(4) | Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread. See Table 7 for a reconciliation of net interest income to net effective spread. |
(5) | Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities. |
(6) | Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and fair value adjustments on financial derivatives and trading assets and a reconciling adjustment to exclude the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities. Includes $39.4 million of interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased and $37.0 million of realized gains on securities sold, not yet purchased during 2014. |
(7) | Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings. Income tax expense as reported in the consolidated statements of operations includes the reduction of $13.0 million tax valuation allowance against capital loss carryforwards related to capital gains on securities sold, not yet purchased during 2014 and a reduction in tax valuation allowance of $0.9 million associated with certain gains on investment portfolio assets during 2014. |
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands, except per share amounts) | |||||||||||
GAAP - Basic EPS | $ | 6.12 | $ | 4.33 | 3.50 | ||||||
Less reconciling items: | |||||||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | 1.30 | 1.00 | (0.92 | ) | |||||||
Unrealized gains on trading securities | 0.14 | 0.11 | 0.15 | ||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (0.08 | ) | (0.12 | ) | (1.33 | ) | |||||
Net effects of settlements on agency forward contracts | 0.16 | (0.06 | ) | 0.01 | |||||||
Loss on retirement of Farmer Mac II LLC Preferred Stock | — | (0.74 | ) | — | |||||||
Income tax effect related to reconciling items | (0.53 | ) | (0.15 | ) | 0.73 | ||||||
Sub-total | 0.99 | 0.04 | (1.36 | ) | |||||||
Core Earnings - Basic EPS | $ | 5.13 | $ | 4.29 | $ | 4.86 | |||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,477 | 10,949 | 10,920 |
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands, except per share amounts) | |||||||||||
GAAP - Diluted EPS | $ | 5.97 | $ | 4.19 | $ | 3.37 | |||||
Less reconciling items: | |||||||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | 1.26 | 0.97 | (0.87 | ) | |||||||
Unrealized gains on trading securities | 0.14 | 0.11 | 0.14 | ||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (0.08 | ) | (0.12 | ) | (1.28 | ) | |||||
Net effects of settlements on agency forward contracts | 0.16 | (0.05 | ) | 0.01 | |||||||
Loss on retirement of Farmer Mac II LLC Preferred Stock | — | (0.72 | ) | — | |||||||
Income tax effect related to reconciling items | (0.52 | ) | (0.15 | ) | 0.70 | ||||||
Sub-total | 0.96 | 0.04 | (1.30 | ) | |||||||
Core Earnings - Diluted EPS | $ | 5.01 | $ | 4.15 | $ | 4.67 | |||||
Shares used in per share calculation (GAAP and Core Earnings) | 10,745 | 11,309 | 11,367 |
Non-GAAP Reconciling Item for Unrealized Gains/(Losses) on Financial Derivatives and Hedging Activities | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Fair value hedges: | |||||||||||
Unrealized gains on fair value hedges (see Table 9) | $ | 5,043 | $ | 9,065 | $ | 11,791 | |||||
No hedge designation: | |||||||||||
Unrealized gains/(losses) due to fair value changes (see Table 9) | 8,585 | 1,859 | (21,759 | ) | |||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | $ | 13,628 | $ | 10,924 | $ | (9,968 | ) |
Non-GAAP Reconciling item for Unrealized Gains/(Losses) on Trading Assets | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Gains on trading securities (see Consolidated Statements of Operations) | $ | 1,460 | $ | 1,220 | $ | 38,629 | |||||
Less: | |||||||||||
Realized gains related to securities sold, not yet purchased (see "MD&A - Results of Operations - Gains and Losses on Trading Securities") | — | — | (37,033 | ) | |||||||
Unrealized gains/(losses) on trading assets | $ | 1,460 | $ | 1,220 | $ | 1,596 |
For the Year Ended | ||||||||||||||||||||||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | Average Balance | Income/ Expense | Average Rate | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and investments(1) | $ | 3,572,018 | $ | 27,042 | 0.76 | % | $ | 3,310,948 | $ | 13,338 | 0.40 | % | $ | 3,659,527 | $ | 17,269 | 0.47 | % | ||||||||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities(2)(3) | 11,058,332 | 252,406 | 2.28 | % | 10,453,343 | 231,342 | 2.21 | % | 9,729,840 | 209,860 | 2.16 | % | ||||||||||||||||||||
Total interest-earning assets | 14,630,350 | 279,448 | 1.91 | % | 13,764,291 | 244,680 | 1.78 | % | 13,389,367 | 227,129 | 1.70 | % | ||||||||||||||||||||
Funding: | ||||||||||||||||||||||||||||||||
Notes payable due within one year | 7,304,519 | 37,648 | 0.52 | % | 6,013,079 | 13,472 | 0.22 | % | 4,592,329 | 6,995 | 0.15 | % | ||||||||||||||||||||
Notes payable due after one year(4) | 6,882,357 | 105,828 | 1.54 | % | 7,235,869 | 108,479 | 1.50 | % | 7,230,908 | 112,866 | 1.56 | % | ||||||||||||||||||||
Other interest-bearing liabilities(5) | — | — | — | % | — | — | — | % | 909,261 | 39,007 | 4.29 | % | ||||||||||||||||||||
Total interest-bearing liabilities(6) | 14,186,876 | 143,476 | 1.01 | % | 13,248,948 | 121,951 | 0.92 | % | 12,732,498 | 158,868 | 1.25 | % | ||||||||||||||||||||
Net non-interest-bearing funding | 443,474 | — | 515,344 | — | 656,869 | — | ||||||||||||||||||||||||||
Total funding | 14,630,350 | 143,476 | 0.98 | % | 13,764,292 | 121,951 | 0.89 | % | 13,389,367 | 158,868 | 1.19 | % | ||||||||||||||||||||
Net interest income/yield prior to consolidation of certain trusts | 14,630,350 | 135,972 | 0.93 | % | 13,764,292 | 122,729 | 0.89 | % | 13,389,367 | 68,261 | 0.51 | % | ||||||||||||||||||||
Net effect of consolidated trusts(7) | 905,005 | 4,302 | 0.48 | % | 546,022 | 3,078 | 0.56 | % | 358,017 | 2,086 | 0.58 | % | ||||||||||||||||||||
Net interest income/yield | $ | 15,535,355 | $ | 140,274 | 0.90 | % | $ | 14,310,314 | $ | 125,807 | 0.88 | % | $ | 13,747,384 | $ | 70,347 | 0.51 | % |
(1) | Average balance in 2014 includes $906.4 million of securities purchased under agreements to resell. Includes $0.4 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 Rural Utilities line of business. |
(3) | Excludes interest income of $32.5 million, $20.1 million, and $13.9 million in 2016, 2015, and 2014, respectively, related to consolidated trusts with beneficial interests owned by third parties. |
(4) | Includes current portion of long-term notes. |
(5) | Represents securities sold, not yet purchased. |
(6) | Excludes interest expense of $28.2 million, $17.1 million, and $11.8 million in 2016, 2015, 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. |
2016 vs 2015 | 2015 vs 2014 | ||||||||||||||||||||||
Increase/(Decrease) Due to | Increase/(Decrease) Due to | ||||||||||||||||||||||
Rate | Volume | Total | Rate | Volume | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Income from interest-earning assets: | |||||||||||||||||||||||
Cash and investments(1) | $ | 12,576 | $ | 1,128 | $ | 13,704 | $ | (2,381 | ) | $ | (1,550 | ) | $ | (3,931 | ) | ||||||||
Loans, Farmer Mac Guaranteed Securities and USDA Securities(2) | 7,403 | 13,661 | 21,064 | 5,576 | 15,906 | 21,482 | |||||||||||||||||
Total | 19,979 | 14,789 | 34,768 | 3,195 | 14,356 | 17,551 | |||||||||||||||||
Expense from other interest-bearing liabilities(3) | 12,535 | 8,990 | 21,525 | (43,136 | ) | 6,219 | (36,917 | ) | |||||||||||||||
Change in net interest income prior to consolidation of certain trusts(4) | $ | 7,444 | $ | 5,799 | $ | 13,243 | $ | 46,331 | $ | 8,137 | $ | 54,468 |
(1) | Includes $0.4 million of interest expense and an average balance of $906.4 million related to securities purchased under agreements to resell in 2014. |
(2) | Includes $11.6 million related to acceleration of premium amortization in first quarter 2014 , due to refinancing activity in the Rural Utilities line of business. |
(3) | Includes $39.0 million of interest expense and average balance of $909.3 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. |
For the Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Net interest income/yield | $ | 140,274 | 0.90 | % | $ | 125,807 | 0.88 | % | $ | 70,347 | 0.51 | % | ||||||||
Net effects of consolidated trusts | (4,302 | ) | 0.03 | % | (3,078 | ) | 0.01 | % | (2,086 | ) | — | % | ||||||||
Expense related to undesignated financial derivatives | (11,480 | ) | (0.08 | )% | (5,649 | ) | (0.04 | )% | (9,425 | ) | (0.07 | )% | ||||||||
Amortization of premiums/discounts on assets consolidated at fair value | 610 | 0.01 | % | 2,300 | 0.02 | % | 15,482 | 0.12 | % | |||||||||||
Interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased | — | — | % | — | — | % | 39,375 | 0.35 | % | |||||||||||
Net effective spread | $ | 125,102 | 0.86 | % | $ | 119,380 | 0.87 | % | $ | 113,693 | 0.91 | % |
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | |||||||||
(in thousands) | |||||||||||
Balance as of January 1, 2014 | $ | 6,866 | $ | 6,468 | $ | 13,334 | |||||
Release of losses | (961 | ) | (2,205 | ) | (3,166 | ) | |||||
Charge-offs | (86 | ) | — | (86 | ) | ||||||
Recoveries | 45 | — | 45 | ||||||||
Balance as of December 31, 2014 | $ | 5,864 | $ | 4,263 | $ | 10,127 | |||||
Provision for/(release of) losses | 2,388 | (2,180 | ) | 208 | |||||||
Charge-offs | (3,772 | ) | — | (3,772 | ) | ||||||
Balance as of December 31, 2015 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||
Provision for/(release of) losses | 1,065 | (63 | ) | 1,002 | |||||||
Charge-offs | (130 | ) | — | (130 | ) | ||||||
Balance as of December 31, 2016 | $ | 5,415 | $ | 2,020 | $ | 7,435 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Fair value hedges: | |||||||||||
Unrealized (losses)/gains due to fair value changes: | |||||||||||
Financial derivatives(1) | $ | 25,365 | $ | 5,965 | $ | (2,729 | ) | ||||
Hedged items | (20,322 | ) | 3,100 | 14,520 | |||||||
Unrealized gains on fair value hedging activities | 5,043 | 9,065 | 11,791 | ||||||||
Cash flow hedges: | |||||||||||
Loss recognized (ineffective portion) | (353 | ) | (551 | ) | (10 | ) | |||||
Losses on cash flow hedges | (353 | ) | (551 | ) | (10 | ) | |||||
No hedge designation: | |||||||||||
Unrealized gains/(losses) due to fair value changes | 8,585 | 1,859 | (21,759 | ) | |||||||
Realized: | |||||||||||
Expense related to financial derivatives | (11,127 | ) | (5,098 | ) | (9,415 | ) | |||||
Losses due to terminations or net settlements | 163 | (2,744 | ) | (2,253 | ) | ||||||
(Losses)/gains on financial derivatives not designated in hedging relationships | (2,379 | ) | (5,983 | ) | (33,427 | ) | |||||
Gains/(losses) on financial derivatives and hedging activities | $ | 2,311 | $ | 2,531 | $ | (21,646 | ) |
(1) | Included in the assessment of hedge effectiveness as of December 31, 2016, but excluded from the amounts in the table, were losses of $5.2 million for the year ended December 31, 2016, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the year ended December 31, 2016 were gains of $0.2 million. The comparable amounts as of December 31, 2015 were losses of $9.2 million for the year ended December 31, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the year ended December 31, 2015, attributable to hedge ineffectiveness. The comparable amounts as of December 31, 2014 were losses of $11.6 million for the year ended December 31, 2014, attributable to the fair value of the swaps at the inception of the hedging relationships and, accordingly, losses of $0.2 million for the year ended December 31, 2014, attributable to hedge ineffectiveness. |
• | purchased $2.1 billion of AgVantage securities; |
• | purchased $966.0 million of newly originated Farm & Ranch loans; |
• | added $441.4 million of Rural Utilities loans under LTSPCs; |
• | added $399.1 million of Farm & Ranch loans under LTSPCs; |
• | purchased $375.2 million of USDA Securities; |
• | issued $106.1 million of Farmer Mac Guaranteed USDA Securities; and |
• | purchased $50.5 million of Rural Utilities loans. |
New Business Volume – Farmer Mac Loan Purchases, Guarantees, LTSPCs, and AgVantage Securities | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
Loans | $ | 966,023 | $ | 748,368 | $ | 697,824 | |||||
LTSPCs | 399,095 | 427,795 | 369,857 | ||||||||
USDA Guarantees: | |||||||||||
USDA Securities | 375,203 | 363,621 | 335,359 | ||||||||
Farmer Mac Guaranteed USDA Securities | 106,054 | 13,314 | 7,627 | ||||||||
Rural Utilities: | |||||||||||
Loans | 50,491 | 108,337 | 75,500 | ||||||||
LTSPCs | 441,404 | 522,262 | — | ||||||||
Institutional Credit: | |||||||||||
AgVantage Securities | 2,098,852 | 743,158 | 1,279,655 | ||||||||
Revolving floating rate AgVantage facility | — | 300,000 | — | ||||||||
Total purchases, guarantees, LTSPCs, and AgVantage Securities | $ | 4,437,122 | $ | 3,226,855 | $ | 2,765,822 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Loans securitized and sold as Farm & Ranch Guaranteed Securities | $ | 511,393 | $ | 336,913 | $ | 175,754 | |||||
Farmer Mac Guaranteed USDA Securities | 97,954 | — | — | ||||||||
AgVantage Securities | 2,098,852 | 743,158 | 1,279,655 | ||||||||
Total Farmer Mac Guaranteed Securities issuances | $ | 2,708,199 | $ | 1,080,071 | $ | 1,455,409 |
Lines of Business - Outstanding Business Volume | |||||||||||
As of December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Farm & Ranch: | |||||||||||
Loans | $ | 2,381,488 | $ | 2,249,864 | $ | 2,118,867 | |||||
Loans held in trusts: | |||||||||||
Beneficial interests owned by third party investors | 1,132,966 | 708,111 | 421,355 | ||||||||
LTSPCs | 2,209,409 | 2,253,273 | 2,240,866 | ||||||||
Guaranteed Securities | 415,441 | 514,051 | 636,086 | ||||||||
USDA Guarantees: | |||||||||||
USDA Securities | 1,954,800 | 1,876,451 | 1,756,224 | ||||||||
Farmer Mac Guaranteed USDA Securities | 139,575 | 41,826 | 41,810 | ||||||||
Rural Utilities: | |||||||||||
Loans(1) | 999,512 | 1,008,126 | 718,213 | ||||||||
Loans held in trusts: | |||||||||||
Beneficial interests owned by Farmer Mac(1) | — | — | 267,396 | ||||||||
LTSPCs(2) | 878,598 | 522,864 | — | ||||||||
Institutional Credit: | |||||||||||
AgVantage Securities | 6,987,686 | 6,424,254 | 6,396,941 | ||||||||
Revolving floating rate AgVantage facility(3) | 300,000 | 300,000 | — | ||||||||
Total | $ | 17,399,475 | $ | 15,898,820 | $ | 14,597,758 |
(1) | Reflects the dissolution of certain consolidated trusts that caused loans that were previously consolidated as "Loans held in trusts" to be included with "Loans." |
(2) | As of December 31, 2016 and 2015, includes $20.0 million and $8.8 million, respectively, related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee. |
(3) | As of both December 31, 2016 and, 2015, this facility had not been utilized. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. If the counterparty draws on the facility, the amounts drawn will be presented as AgVantage Securities, and Farmer Mac will earn interest income on those securities. |
Schedule of Principal Amortization as of December 31, 2016 | |||||||||||||||
Loans Held | Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs | USDA Securities and Farmer Mac Guaranteed USDA Securities | Total | ||||||||||||
(in thousands) | |||||||||||||||
2017 | $ | 192,298 | $ | 272,977 | $ | 101,647 | $ | 566,922 | |||||||
2018 | 201,322 | 689,733 | 98,153 | 989,208 | |||||||||||
2019 | 185,626 | 216,716 | 97,763 | 500,105 | |||||||||||
2020 | 194,689 | 205,738 | 98,586 | 499,013 | |||||||||||
2021 | 212,338 | 215,652 | 100,256 | 528,246 | |||||||||||
Thereafter | 3,527,693 | 1,902,632 | 1,597,970 | 7,028,295 | |||||||||||
Total | $ | 4,513,966 | $ | 3,503,448 | $ | 2,094,375 | $ | 10,111,789 |
AgVantage Balances by Year of Maturity | |||
As of | |||
December 31, 2016 | |||
(in thousands) | |||
2017 | $ | 1,577,420 | |
2018(1) | 1,697,235 | ||
2019 | 799,926 | ||
2020 | 731,388 | ||
2021 | 951,089 | ||
Thereafter(2) | 1,530,628 | ||
Total | $ | 7,287,686 |
(1) | Includes the expiration of the $300.0 million revolving floating rate AgVantage facility. As of December 31, 2016, this facility had not been utilized. |
(2) | Includes various maturities ranging from 2022 to 2044. |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Defaulted loans purchased underlying LTSPCs | $ | 2,118 | $ | 13,500 | $ | 705 | |||||
Defaulted loans purchased underlying Farm & Ranch Guaranteed Securities owned by third party investors | 398 | 3,407 | — | ||||||||
Total loan purchases | $ | 2,516 | $ | 16,907 | $ | 705 |
Name of Institution | Ownership of Farmer Mac Voting Common Stock | Affiliation with Any Farmer Mac Directors | Primary Aspects of Institution's Business Relationship with Farmer Mac | |||
AgFirst Farm Credit Bank | 84,024 shares of Class B voting common stock (16.79% of outstanding Class B stock and 5.49% of total voting common stock outstanding) | None | In 2016 and 2015, Farmer Mac earned approximately $1.2 million and $1.3 million, respectively, in fees attributable to transactions with AgFirst, primarily commitment fees for LTSPCs. | |||
AgriBank, FCB | 201,621 shares of Class B voting common stock (40.30% of outstanding Class B stock and 13.17% of total voting common stock outstanding) | Farmer Mac director Richard H. Davidson is currently a director of AgriBank, and Farmer Mac director Douglas A. Felton is a former director of AgriBank. | No Farmer Mac business through any of its lines of business was conducted between the parties. | |||
Bath State Bank | Less than 5% ownership | Farmer Mac director Dennis L. Brack is a director of Bath State Bank and Bath State Bancorp, the holding company of Bath State Bank. | Farmer Mac purchased $1.3 million and $2.1 million in USDA Securities from Bath State Bank in 2016 and 2015, respectively. | |||
CoBank, ACB | 163,253 shares of Class B voting common stock (32.63% of outstanding Class B stock and 10.66% of total voting common stock outstanding) | Farmer Mac director Douglas E. Wilhelm served as an executive officer of CoBank until June 30, 2012. Mr. Wilhelm is also currently a party to a services agreement with CoBank, under which he serves as an employee of CoBank. | No Farmer Mac business through any of its lines of business was conducted between the parties. |
Name of Institution | Ownership of Farmer Mac Voting Common Stock | Affiliation with Any Farmer Mac Directors | Primary Aspects of Institution's Business Relationship with Farmer Mac | |||
Farm Credit Bank of Texas (FCBT) | 38,503 shares of Class B voting common stock (7.70% of outstanding Class B stock and 2.51% of total voting common stock outstanding) | Farmer Mac director Thomas W. Hill served as an executive officer of FCBT until November 2010. Mr. Hill is also currently a party to a services agreement with FCBT, under which he serves as an employee of FCBT. | In 2016 and 2015, Farmer Mac earned approximately $1.1 million and $0.7 million, respectively, in fees attributable to transactions with FCBT, primarily commitment fees for LTSPCs. | |||
In both 2016 and 2015, FCBT retained approximately $0.3 million in servicing fees for its work as a Farmer Mac central servicer. | ||||||
First Dakota National Bank (First Dakota) | Less than 5% ownership | Farmer Mac director Dennis Everson is a director of First Dakota and also served as Branch Administration Director of First Dakota until December 2012. | Farmer Mac purchased $24.7 million and $21.1 million in loans from First Dakota in 2016 and 2015, respectively, and entered into $7.8 million of new LTSPCs with First Dakota in 2015 and none in 2016. | |||
In 2016 and 2015, First Dakota retained approximately $1.1 million and $1.0 million, respectively, in servicing fees for its work as a Farmer Mac servicer. | ||||||
National Rural Utilities Cooperative Finance Corporation (CFC) | 81,500 shares of Class A voting common stock (7.91% of outstanding Class A stock and 5.32% of total voting common stock outstanding) | None | Transactions with CFC represent 100 percent of business volume under the Rural Utilities line of business since its inception in 2008, and 100 percent of the AgVantage securities secured by Rural Utilities loans that have been issued to date. | |||
Transactions with CFC during 2016 and 2015 represented 16.7 percent and 40.6 percent, respectively, of Farmer Mac's total purchases for those years. Transactions with CFC represented 25.7 percent and 24.6 percent, respectively, of Farmer Mac's total outstanding business volume as of December 31, 2016 and 2015. | ||||||
In both 2016 and 2015, Farmer Mac earned guarantee fees of approximately $0.1 million attributable to transactions with CFC. In 2016 and 2015, Farmer Mac earned commitment fees of approximately $2.0 million and $0.5 million, respectively, attributable to transactions with CFC. | ||||||
In 2016 and 2015, Farmer Mac earned interest income of $27.6 million and $15.9 million, respectively, attributable to AgVantage transactions with CFC. | ||||||
In both 2016 and 2015, CFC retained approximately $3.3 million in servicing fees for its work as a Farmer Mac central servicer. | ||||||
CFC is currently the only servicer of rural utilities loans and loans underlying LTSPCs in the Rural Utilities line of business and securing AgVantage securities in the Institutional Credit line of business. |
Name of Institution | Ownership of Farmer Mac Voting Common Stock | Affiliation with Any Farmer Mac Directors | Primary Aspects of Institution's Business Relationship with Farmer Mac | |||
The Vanguard Group, Inc. | 53,793 shares of Class A voting common stock (5.22% of outstanding Class A stock and 3.51% of total voting common stock outstanding) | None | No Farmer Mac business through any of its lines of business was conducted between the parties. | |||
Zions First National Bank | 322,100 shares of Class A voting common stock (31.25% of outstanding Class A stock and 21.04% of total voting common stock outstanding) | None | In 2016 and 2015, Farmer Mac's purchases of loans from Zions under the Farm & Ranch line of business represented approximately 15.9 percent and 23.9 percent, respectively, of Farm & Ranch loan purchase volume for those years. Those purchases represented 11.2 percent and 15.2 percent, respectively, of total Farm & Ranch business volume for those years. The purchases of USDA Securities from Zions under the USDA Guarantees line of business represented approximately 3.4 percent and 3.6 percent, respectively, of the USDA Guarantees line of business purchases for the year ended December 31, 2016 and 2015. Farmer Mac did not purchase AgVantage securities from Zions for the year ended December 31, 2016 and 2015. Transactions with Zions represented 5.3 percent and 5.7 percent, respectively, of Farmer Mac's total outstanding business volume as of December 31, 2016 and 2015. | |||
In 2016 and 2015, Zions retained approximately $9.9 million and $9.3 million, respectively, in servicing fees for its work as a Farmer Mac servicer. |
• | 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. |
• | While lending opportunities in the rural utilities industry remain stable, growth opportunities within Farmer Mac's Institutional Credit line of business exist because it provides a competitive source of debt funding for rural utilities cooperative lenders. |
• | As a result of targeted marketing and product development efforts, Farmer Mac's lender network and Institutional Credit customer base continues to expand, which may generate additional demand for Farmer Mac's products from new sources. |
• | loans held; |
• | loans underlying Farmer Mac Guaranteed Securities; and |
• | loans underlying LTSPCs. |
As of December 31, 2016 | As of December 31, 2015 | ||||||
(in thousands) | |||||||
Allowance for loan losses | $ | 5,415 | $ | 4,480 | |||
Reserve for losses: | |||||||
Off-balance sheet Farm & Ranch Guaranteed Securities | 226 | 279 | |||||
LTSPCs | 1,794 | 1,804 | |||||
Total allowance for losses | $ | 7,435 | $ | 6,563 |
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | |||||||||
(in thousands) | |||||||||||
Balance as of January 1, 2012 | $ | 10,161 | $ | 7,355 | $ | 17,516 | |||||
Provision for/(release of) losses | 3,691 | (1,816 | ) | 1,875 | |||||||
Charge-offs | (2,501 | ) | — | (2,501 | ) | ||||||
Balance as of December 31, 2012 | $ | 11,351 | $ | 5,539 | $ | 16,890 | |||||
Provision for/(release of) losses | (481 | ) | 929 | 448 | |||||||
Charge-offs | (4,004 | ) | — | (4,004 | ) | ||||||
Balance as of December 31, 2013 | $ | 6,866 | $ | 6,468 | $ | 13,334 | |||||
Release of Losses | (961 | ) | (2,205 | ) | (3,166 | ) | |||||
Charge-offs | (86 | ) | — | (86 | ) | ||||||
Recoveries | 45 | — | 45 | ||||||||
Balance as of December 31, 2014 | $ | 5,864 | $ | 4,263 | $ | 10,127 | |||||
Provision for/(release of) losses | 2,388 | (2,180 | ) | 208 | |||||||
Charge-offs | (3,772 | ) | — | (3,772 | ) | ||||||
Balance as of December 31, 2015 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||
Release of losses | 1,065 | (63 | ) | 1,002 | |||||||
Charge-offs | (130 | ) | — | (130 | ) | ||||||
Balance as of December 31, 2016 | $ | 5,415 | $ | 2,020 | $ | 7,435 |
Farm & Ranch Line of Business | 90-Day Delinquencies | Percentage | ||||||||
(dollars in thousands) | ||||||||||
As of: | ||||||||||
December 31, 2016 | $ | 6,139,304 | $ | 21,038 | 0.34 | % | ||||
September 30, 2016 | 6,004,728 | 18,377 | 0.31 | % | ||||||
June 30, 2016 | 5,830,533 | 22,093 | 0.38 | % | ||||||
March 31, 2016 | 5,713,789 | 34,680 | 0.61 | % | ||||||
December 31, 2015 | 5,725,299 | 32,136 | 0.56 | % | ||||||
September 30, 2015 | 5,504,030 | 36,669 | 0.67 | % | ||||||
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 | % |
Farm & Ranch 90-Day Delinquencies as of December 31, 2016 | |||||||||||||
Distribution of Farm & Ranch Line of Business | Farm & Ranch Line of Business | 90-Day Delinquencies(1) | Percentage | ||||||||||
(dollars in thousands) | |||||||||||||
By year of origination: | |||||||||||||
2006 and prior | 13 | % | $ | 787,833 | $ | 7,644 | 0.97 | % | |||||
2007 | 2 | % | 149,549 | 549 | 0.37 | % | |||||||
2008 | 3 | % | 195,096 | 104 | 0.05 | % | |||||||
2009 | 2 | % | 121,098 | 315 | 0.26 | % | |||||||
2010 | 3 | % | 212,854 | 175 | 0.08 | % | |||||||
2011 | 5 | % | 286,360 | 233 | 0.08 | % | |||||||
2012 | 11 | % | 675,818 | — | — | % | |||||||
2013 | 16 | % | 968,488 | 603 | 0.06 | % | |||||||
2014 | 12 | % | 715,328 | 488 | 0.07 | % | |||||||
2015 | 15 | % | 895,122 | 10,927 | (2) | 1.22 | % | ||||||
2016 | 18 | % | 1,131,758 | — | — | % | |||||||
Total | 100 | % | $ | 6,139,304 | $ | 21,038 | 0.34 | % | |||||
By geographic region(3): | |||||||||||||
Northwest | 11 | % | $ | 657,403 | $ | 1,716 | 0.26 | % | |||||
Southwest | 29 | % | 1,791,745 | 3,135 | 0.17 | % | |||||||
Mid-North | 34 | % | 2,104,867 | 496 | 0.02 | % | |||||||
Mid-South | 14 | % | 837,121 | 7,589 | 0.91 | % | |||||||
Northeast | 4 | % | 229,679 | 2,243 | 0.98 | % | |||||||
Southeast | 8 | % | 518,489 | 5,859 | 1.13 | % | |||||||
Total | 100 | % | $ | 6,139,304 | $ | 21,038 | 0.34 | % | |||||
By commodity/collateral type: | |||||||||||||
Crops | 56 | % | $ | 3,410,498 | $ | 13,822 | 0.41 | % | |||||
Permanent plantings | 17 | % | 1,037,440 | 3,652 | 0.35 | % | |||||||
Livestock | 21 | % | 1,305,844 | 707 | 0.05 | % | |||||||
Part-time farm | 5 | % | 324,074 | 2,857 | 0.88 | % | |||||||
Ag. Storage and Processing | 1 | % | 48,051 | — | — | % | |||||||
Other | — | 13,397 | — | — | % | ||||||||
Total | 100 | % | $ | 6,139,304 | $ | 21,038 | 0.34 | % | |||||
By original loan-to-value ratio: | |||||||||||||
0.00% to 40.00% | 28 | % | $ | 1,740,792 | $ | 4,946 | 0.28 | % | |||||
40.01% to 50.00% | 23 | % | 1,401,630 | 5,041 | 0.36 | % | |||||||
50.01% to 60.00% | 28 | % | 1,706,099 | 7,945 | 0.47 | % | |||||||
60.01% to 70.00% | 18 | % | 1,086,295 | 2,724 | 0.25 | % | |||||||
70.01% to 80.00%(4) | 3 | % | 180,142 | 382 | 0.21 | % | |||||||
80.01% to 90.00%(4) | — | % | 24,346 | — | — | % | |||||||
Total | 100 | % | $ | 6,139,304 | $ | 21,038 | 0.34 | % |
(1) | Includes loans held 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 with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
(2) | Relates to loans that became 90-days' delinquent in fourth quarter 2016 as a result of bankruptcies filed by two borrowers. |
(3) | Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). |
(4) | Primarily part-time farm loans. Loans with an original loan-to-value ratio of greater than 80% are required to have private mortgage insurance. |
Farm & Ranch Credit Losses Relative to Cumulative | ||||||||||
Original Loans, Guarantees, and LTSPCs as of December 31, 2016 | ||||||||||
Cumulative Original Loans, Guarantees and LTSPCs | Cumulative Net Credit Losses | Cumulative Loss Rate | ||||||||
(dollars in thousands) | ||||||||||
By year of origination: | ||||||||||
2006 and prior | $ | 12,599,928 | $ | 21,348 | 0.17 | % | ||||
2007 | 716,906 | 4,671 | 0.65 | % | ||||||
2008 | 810,076 | 3,377 | 0.42 | % | ||||||
2009 | 543,494 | 1,508 | 0.28 | % | ||||||
2010 | 651,514 | — | — | % | ||||||
2011 | 762,161 | 3,661 | 0.48 | % | ||||||
2012 | 1,127,622 | — | — | % | ||||||
2013 | 1,391,433 | — | — | % | ||||||
2014 | 925,979 | — | — | % | ||||||
2015 | 1,014,478 | — | — | % | ||||||
2016 | 1,210,699 | — | — | % | ||||||
Total | $ | 21,754,290 | $ | 34,565 | 0.16 | % | ||||
By geographic region(1): | ||||||||||
Northwest | $ | 2,908,883 | $ | 11,193 | 0.38 | % | ||||
Southwest | 7,487,730 | 9,108 | 0.12 | % | ||||||
Mid-North | 5,540,044 | 12,830 | 0.23 | % | ||||||
Mid-South | 2,598,319 | (211 | ) | (0.01 | )% | |||||
Northeast | 1,309,772 | 169 | 0.01 | % | ||||||
Southeast | 1,909,542 | 1,476 | 0.08 | % | ||||||
Total | $ | 21,754,290 | $ | 34,565 | 0.16 | % | ||||
By commodity/collateral type: | ||||||||||
Crops | $ | 10,036,036 | $ | 4,382 | 0.04 | % | ||||
Permanent plantings | 4,393,227 | 9,332 | 0.21 | % | ||||||
Livestock | 5,328,688 | 3,859 | 0.07 | % | ||||||
Part-time farm | 1,195,916 | 1,319 | 0.11 | % | ||||||
Ag. Storage and Processing | 645,681 | 15,673 | 2.43 | % | ||||||
Other | 154,742 | — | — | % | ||||||
Total | $ | 21,754,290 | $ | 34,565 | 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). |
As of December 31, 2016 | |||||||||||||||||||||||||||
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 | $ | 329,596 | $ | 89,274 | $ | 195,740 | $ | 42,599 | $ | — | $ | 194 | $ | 657,403 | |||||||||||||
5.4 | % | 1.5 | % | 3.2 | % | 0.7 | % | — | % | — | % | 10.8 | % | ||||||||||||||
Southwest | 506,031 | 764,395 | 439,604 | 59,885 | 12,895 | 8,935 | 1,791,745 | ||||||||||||||||||||
8.2 | % | 12.5 | % | 7.2 | % | 1.0 | % | 0.2 | % | 0.1 | % | 29.2 | % | ||||||||||||||
Mid-North | 1,802,386 | 19,532 | 183,204 | 80,043 | 16,069 | 3,633 | 2,104,867 | ||||||||||||||||||||
29.4 | % | 0.2 | % | 3.0 | % | 1.3 | % | 0.3 | % | 0.1 | % | 34.3 | % | ||||||||||||||
Mid-South | 509,991 | 21,883 | 261,111 | 39,493 | 4,453 | 190 | 837,121 | ||||||||||||||||||||
8.3 | % | 0.4 | % | 4.2 | % | 0.6 | % | 0.1 | % | — | % | 13.6 | % | ||||||||||||||
Northeast | 103,458 | 15,087 | 44,592 | 60,875 | 5,584 | 83 | 229,679 | ||||||||||||||||||||
1.7 | % | 0.2 | % | 0.7 | % | 1.0 | % | 0.1 | % | — | % | 3.7 | % | ||||||||||||||
Southeast | 159,036 | 127,269 | 181,593 | 41,179 | 9,050 | 362 | 518,489 | ||||||||||||||||||||
2.6 | % | 2.0 | % | 3.0 | % | 0.7 | % | 0.1 | % | — | % | 8.4 | % | ||||||||||||||
Total | $ | 3,410,498 | $ | 1,037,440 | $ | 1,305,844 | $ | 324,074 | $ | 48,051 | $ | 13,397 | $ | 6,139,304 | |||||||||||||
55.6 | % | 16.8 | % | 21.3 | % | 5.3 | % | 0.8 | % | 0.2 | % | 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). |
As of December 31, 2016 | |||||||||||||||||||||||
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: | |||||||||||||||||||||||
2006 and Prior | $ | 575 | $ | 9,173 | $ | 3,011 | $ | 901 | $ | 7,688 | $ | 21,348 | |||||||||||
2007 | 1,083 | 11 | 779 | 288 | 2,510 | 4,671 | |||||||||||||||||
2008 | 2,626 | — | — | 130 | 621 | 3,377 | |||||||||||||||||
2009 | 98 | 148 | 69 | — | 1,193 | 1,508 | |||||||||||||||||
2010 | — | — | — | — | — | — | |||||||||||||||||
2011 | — | — | — | — | 3,661 | 3,661 | |||||||||||||||||
2012 | — | — | — | — | — | — | |||||||||||||||||
2013 | — | — | — | — | — | — | |||||||||||||||||
2014 | — | — | — | — | — | — | |||||||||||||||||
2015 | — | — | — | — | — | — | |||||||||||||||||
2016 | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 4,382 | $ | 9,332 | $ | 3,859 | $ | 1,319 | $ | 15,673 | $ | 34,565 |
• | issuers of AgVantage securities; |
• | approved lenders and servicers; and |
• | interest rate swap counterparties. |
As of December 31, 2016 | As of December 31, 2015 | |||||||||||||||
Counterparty | Balance | Credit Rating | Required Collateralization | Balance | Credit Rating | Required Collateralization | ||||||||||
(dollars in thousands) | ||||||||||||||||
AgVantage: | ||||||||||||||||
MetLife | $ | 2,550,000 | AA- | 103% | $ | 2,550,000 | AA- | 103% | ||||||||
CFC(1) | 2,594,402 | A | 100% | 2,384,257 | A | 100% | ||||||||||
Rabo Agrifinance, Inc. | 1,800,000 | None | 106% | 1,500,000 | None | 106% | ||||||||||
Other(2) | 86,373 | (3) | 106% to 125% | 95,716 | (3) | 102% to 125% | ||||||||||
Farm Equity AgVantage(4) | 256,911 | None | 110% | 194,281 | None | 110% | ||||||||||
Total outstanding | $ | 7,287,686 | $ | 6,724,254 |
(1) | Includes $300.0 million related to a revolving floating rate AgVantage facility. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. This facility had not been drawn upon as of either December 31, 2016 and 2015. |
(2) | Consists of AgVantage securities issued by 6 different issuers as of both December 31, 2016 and 2015. |
(3) | Includes $86.4 million related to 6 issuers without a credit rating as of December 31, 2016 and $70.4 million related to 5 issuers without a credit rating and $25.3 million related to an issuer with a credit rating of BBB- as of December 31, 2015. |
(4) | Consists of securities from 3 separate issuers as of December 31, 2016 and 2 separate issuers as of December 31, 2015. |
• | sells Farmer Mac Guaranteed Securities backed by the loans; or |
• | issues debt to retain the loans in its portfolio. |
• | purchasing assets in the ordinary course of business; |
• | refinancing existing liabilities; or |
• | using financial derivatives to alter the characteristics of existing assets or liabilities. |
Percentage Change in MVE from Base Case | ||||||
Interest Rate Scenario | As of December 31, 2016 | As of December 31, 2015 | ||||
+100 basis points | (2.5 | )% | 0.7 | % | ||
-25 basis points | (0.2 | )% | (1.3 | )% |
Percentage Change in NII from Base Case | ||||||
Interest Rate Scenario | As of December 31, 2016 | As of December 31, 2015 | ||||
+100 basis points | 3.0 | % | 4.4 | % | ||
-25 basis points | (1.3 | )% | (0.4 | )% |
• | "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. |
• | issuing short-term discount notes with maturities that match the reset period of the assets; |
• | issuing floating rate medium-term notes with maturities that match the maturities of the assets; |
• | issuing non-maturity matched, floating rate medium-term notes; or |
• | issuing non-maturity matched, fixed-rate discount notes or medium-term notes swapped to match the interest rate reset dates of the assets as an alternative source of effectively floating rate funding. |
As of December 31, 2016 | As of December 31, 2015 | ||||||
(in thousands) | |||||||
Cash and cash equivalents | $ | 265,229 | $ | 1,210,084 | |||
Investment securities: | |||||||
Guaranteed by U.S. Government and its agencies | 1,423,850 | 1,558,003 | |||||
Guaranteed by GSEs | 1,044,261 | 1,114,148 | |||||
Corporate debt securities | 10,041 | 19,985 | |||||
Asset-backed securities | 37,699 | 83,380 | |||||
Total | $ | 2,781,080 | $ | 3,985,600 |
One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Discount notes(1) | $ | 3,797,285 | $ | — | $ | — | $ | — | $ | 3,797,285 | |||||||||
Medium-term notes(1) | 4,651,300 | 3,018,936 | 1,099,255 | 1,111,307 | 9,880,798 | ||||||||||||||
Interest payments on fixed rate medium-term notes(2) | 91,647 | 127,619 | 82,693 | 151,521 | 453,480 | ||||||||||||||
Interest payments on floating rate medium-term notes(3) | 19,849 | 13,887 | 4,935 | 6,961 | 45,632 | ||||||||||||||
Operating lease obligations(4) | 1,455 | 2,886 | 2,886 | 4,069 | 11,296 | ||||||||||||||
Purchase obligations(5) | 1,063 | 969 | 691 | — | 2,723 |
(1) | Future events, including additional issuance of discount notes and medium-term notes and refinancing of those notes, could cause actual payments to differ significantly from these amounts. For more information regarding discount notes and medium-term notes, see Note 7 to the consolidated financial statements. |
(2) | Interest payments on callable medium-term notes are calculated based on contractual maturity. Future calls of these notes could cause actual interest payments to differ significantly from the amounts presented. |
(3) | Calculated using the effective interest rates as of December 31, 2016. As a result, these amounts do not reflect the effects of changes in the contractual interest rates effective on future interest rate reset dates. |
(4) | Includes amounts due under non-cancellable operating leases for office space and office equipment. See Note 12 to the consolidated financial statements for more information regarding Farmer Mac's minimum lease payments for office space. |
(5) | Includes minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. The table does not include amounts due under agreements that are cancellable without penalty or further payment as of December 31, 2016 and therefore do not represent enforceable and legally binding obligations. The table also does not include amounts due under the terms of the employment agreement with Farmer Mac's President and CEO (the only member of senior management with an employment agreement); nor does it include payments that are based on a varying outstanding loan volume (such as servicing fees), as those payments are not known, fixed, and determinable contractual obligations. |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
LTSPCs(1) | $ | 3,088,007 | $ | 2,776,137 | |||
Mandatory commitments to purchase loans and USDA Securities | 114,486 | 65,416 |
(1) | As of December 31, 2016 and 2015, includes $20.0 million and $8.8 million, respectively, related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee. |
Outstanding Balance of LTSPCs and Off-Balance Sheet Farmer Mac Guaranteed Securities | |||||||
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Farm & Ranch obligations: | |||||||
LTSPCs | $ | 2,209,409 | $ | 2,253,273 | |||
Farm & Ranch Guaranteed Securities | 415,441 | 514,051 | |||||
Total Farm & Ranch obligations | 2,624,850 | 2,767,324 | |||||
USDA Guarantees obligations: | |||||||
Farmer Mac Guaranteed USDA Securities | 103,976 | 10,272 | |||||
Rural Utilities obligations: | |||||||
LTSPCs(1) | 878,598 | 522,864 | |||||
Institutional Credit obligations: | |||||||
AgVantage Securities | 983,214 | 984,871 | |||||
Revolving floating rate AgVantage facility(2) | 300,000 | 300,000 | |||||
Total Institutional Credit obligations | 1,283,214 | 1,284,871 | |||||
Total off-balance sheet | $ | 4,890,638 | $ | 4,585,331 |
(1) | As of December 31, 2016 and 2015, includes $20.0 million and $8.8 million, respectively, related to one-year loan purchase commitments on which Farmer Mac receives a nominal unused commitment fee. |
(2) | As of both December 31, 2016 and 2015, this facility had not been utilized. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. If the counterparty draws on the facility, the amounts drawn will be presented as AgVantage Securities, and Farmer Mac will earn interest income on those securities |
New Business Volume | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||
Loans | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||
December 31, 2016 | $ | 243,692 | $ | 117,265 | $ | 129,343 | $ | 10,800 | $ | 20,000 | $ | 247,154 | $ | 768,254 | |||||||||||||
September 30, 2016 | 282,690 | 155,657 | 119,201 | 20,000 | — | 528,234 | 1,105,782 | ||||||||||||||||||||
June 30, 2016 | 241,093 | 58,156 | 133,745 | 10,000 | 421,404 | 396,245 | 1,260,643 | ||||||||||||||||||||
March 31, 2016 | 198,548 | 68,017 | 98,968 | 9,691 | — | 927,219 | 1,302,443 | ||||||||||||||||||||
December 31, 2015 | 245,252 | 185,919 | 72,442 | 46,082 | — | 14,391 | 564,086 | ||||||||||||||||||||
September 30, 2015 | 175,965 | 79,621 | 91,374 | 53,552 | 522,262 | 506,602 | 1,429,376 | ||||||||||||||||||||
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 | ||||||||||||||||||||
For the year ended: | |||||||||||||||||||||||||||
December 31, 2016 | 966,023 | 399,095 | 481,257 | 50,491 | 441,404 | 2,098,852 | 4,437,122 | ||||||||||||||||||||
December 31, 2015 | 748,368 | 427,795 | 376,935 | 108,337 | 522,262 | 1,043,158 | 3,226,855 |
Repayments of Assets by Line of Business | |||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||
Scheduled | $ | 20,566 | $ | 15,209 | $ | 21,546 | $ | 21,325 | $ | — | $ | 15,929 | $ | 311,739 | $ | 406,314 | |||||||||||||||
Unscheduled | 47,156 | 10,767 | 111,137 | 34,477 | 4,427 | — | 2,240 | 210,204 | |||||||||||||||||||||||
December 31, 2016 | $ | 67,722 | $ | 25,976 | $ | 132,683 | $ | 55,802 | $ | 4,427 | $ | 15,929 | $ | 313,979 | $ | 616,518 | |||||||||||||||
Scheduled | $ | 47,221 | $ | 7,954 | $ | 39,192 | $ | 22,626 | $ | 26,522 | $ | 58,177 | $ | 559,895 | $ | 761,587 | |||||||||||||||
Unscheduled | 85,583 | 17,108 | 67,094 | 36,099 | 2,108 | — | 5,000 | 212,992 | |||||||||||||||||||||||
September 30, 2016 | $ | 132,804 | $ | 25,062 | $ | 106,286 | $ | 58,725 | $ | 28,630 | $ | 58,177 | $ | 564,895 | $ | 974,579 | |||||||||||||||
Scheduled | $ | 10,769 | $ | 9,876 | $ | 34,610 | $ | 34,434 | $ | 82 | $ | 7,424 | $ | 66,699 | $ | 163,894 | |||||||||||||||
Unscheduled | 64,184 | 8,947 | 54,119 | 68,535 | — | — | — | 195,785 | |||||||||||||||||||||||
June 30, 2016 | $ | 74,953 | $ | 18,823 | $ | 88,729 | $ | 102,969 | $ | 82 | $ | 7,424 | $ | 66,699 | $ | 359,679 | |||||||||||||||
Scheduled | $ | 42,555 | $ | 17,866 | $ | 42,619 | $ | 42,969 | $ | 25,966 | $ | 4,140 | $ | 589,847 | $ | 765,962 | |||||||||||||||
Unscheduled | 91,510 | 10,883 | 72,642 | 44,694 | — | — | — | 219,729 | |||||||||||||||||||||||
March 31, 2016 | $ | 134,065 | $ | 28,749 | $ | 115,261 | $ | 87,663 | $ | 25,966 | $ | 4,140 | $ | 589,847 | $ | 985,691 | |||||||||||||||
Scheduled | $ | 6,689 | $ | 16,884 | $ | 26,265 | $ | 18,981 | $ | 11,234 | $ | 4,165 | $ | 15,154 | $ | 99,372 | |||||||||||||||
Unscheduled | 59,280 | 22,534 | 78,250 | 33,809 | — | — | — | 193,873 | |||||||||||||||||||||||
December 31, 2015 | $ | 65,969 | $ | 39,418 | $ | 104,515 | $ | 52,790 | $ | 11,234 | $ | 4,165 | $ | 15,154 | $ | 293,245 | |||||||||||||||
Scheduled | $ | 37,524 | $ | 11,178 | $ | 45,943 | $ | 19,785 | $ | 25,662 | $ | 4,033 | $ | 609,524 | $ | 753,649 | |||||||||||||||
Unscheduled | 70,242 | 11,164 | 61,075 | 35,394 | — | — | — | 177,875 | |||||||||||||||||||||||
September 30, 2015 | $ | 107,766 | $ | 22,342 | $ | 107,018 | $ | 55,179 | $ | 25,662 | $ | 4,033 | $ | 609,524 | $ | 931,524 | |||||||||||||||
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 | |||||||||||||||
For the year ended: | |||||||||||||||||||||||||||||||
Scheduled | $ | 121,111 | $ | 50,905 | $ | 137,967 | $ | 121,354 | $ | 52,570 | $ | 85,670 | $ | 1,528,180 | $ | 2,097,757 | |||||||||||||||
Unscheduled | 288,433 | 47,705 | 304,992 | 183,805 | 6,535 | — | 7,240 | 838,710 | |||||||||||||||||||||||
December 31, 2016 | $ | 409,544 | $ | 98,610 | $ | 442,959 | $ | 305,159 | $ | 59,105 | $ | 85,670 | $ | 1,535,420 | $ | 2,936,467 | |||||||||||||||
Scheduled | $ | 92,703 | $ | 60,351 | $ | 160,019 | $ | 103,218 | $ | 62,720 | $ | 8,198 | $ | 715,845 | $ | 1,203,054 | |||||||||||||||
Unscheduled | 237,912 | 61,684 | 255,369 | 153,474 | 14,300 | — | — | 722,739 | |||||||||||||||||||||||
December 31, 2015 | $ | 330,615 | $ | 122,035 | $ | 415,388 | $ | 256,692 | $ | 77,020 | $ | 8,198 | $ | 715,845 | $ | 1,925,793 |
Lines of Business - Outstanding Business Volume | |||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | ||||||||||||||||||||||||||||
Loans | Guaranteed Securities | LTSPCs | USDA Securities | Loans | LTSPCs | AgVantage | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
As of: | |||||||||||||||||||||||||||||||
December 31, 2016 | $ | 3,514,454 | $ | 415,441 | $ | 2,209,409 | $ | 2,094,375 | $ | 999,512 | $ | 878,598 | $ | 7,287,686 | $ | 17,399,475 | |||||||||||||||
September 30, 2016 | 3,338,484 | 441,417 | 2,224,827 | 2,020,834 | 993,139 | 874,527 | 7,354,511 | 17,247,739 | |||||||||||||||||||||||
June 30, 2016 | 3,188,598 | 466,479 | 2,175,456 | 1,960,358 | 1,001,769 | 932,704 | 7,391,172 | 17,116,536 | |||||||||||||||||||||||
March 31, 2016 | 3,022,458 | 485,302 | 2,206,029 | 1,929,582 | 991,851 | 518,724 | 7,061,626 | 16,215,572 | |||||||||||||||||||||||
December 31, 2015 | 2,957,975 | 514,051 | 2,253,273 | 1,918,277 | 1,008,126 | 522,864 | 6,724,254 | 15,898,820 | |||||||||||||||||||||||
September 30, 2015 | 2,778,692 | 553,469 | 2,171,869 | 1,898,625 | 982,078 | 518,229 | 6,725,017 | 15,627,979 | |||||||||||||||||||||||
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 |
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: | |||||||||||||||
December 31, 2016 | $ | 5,346,011 | $ | 2,274,535 | $ | 4,888,291 | $ | 12,508,837 | |||||||
September 30, 2016 | 5,278,332 | 2,212,946 | 4,869,765 | 12,361,043 | |||||||||||
June 30, 2016 | 5,201,386 | 2,157,342 | 4,867,336 | 12,226,064 | |||||||||||
March 31, 2016 | 4,942,566 | 2,296,767 | 4,468,045 | 11,707,378 | |||||||||||
December 31, 2015 | 4,923,163 | 2,271,960 | 4,118,366 | 11,313,489 | |||||||||||
September 30, 2015 | 4,889,894 | 2,147,916 | 4,049,361 | 11,087,171 | |||||||||||
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 |
Net Effective Spread by Line of Business(1) | |||||||||||||||||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Net Effective Spread | ||||||||||||||||||||||||||||||||||||
Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
For the quarter ended: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | $ | 10,349 | 1.78 | % | $ | 5,334 | 1.08 | % | $ | 2,623 | 1.05 | % | $ | 11,627 | 0.78 | % | $ | 1,995 | 0.26 | % | $ | 31,928 | 0.89 | % | |||||||||||||||||
September 30, 2016 | 10,703 | 1.90 | % | 5,189 | 1.07 | % | 2,643 | 1.05 | % | 11,427 | 0.75 | % | 2,237 | 0.24 | % | 32,199 | 0.86 | % | |||||||||||||||||||||||
June 30, 2016 | 9,875 | 1.78 | % | 4,588 | 0.96 | % | 2,562 | 1.03 | % | 11,407 | 0.77 | % | 2,594 | 0.29 | % | 31,026 | 0.84 | % | |||||||||||||||||||||||
March 31, 2016 | 9,461 | 1.71 | % | 4,308 | 0.91 | % | 2,538 | 1.02 | % | 11,090 | 0.80 | % | 2,552 | 0.26 | % | 29,949 | 0.82 | % | |||||||||||||||||||||||
December 31, 2015 | 9,381 | 1.72 | % | 4,518 | 0.96 | % | 2,845 | 1.14 | % | 10,899 | 0.80 | % | 2,306 | 0.26 | % | 29,949 | 0.85 | % | |||||||||||||||||||||||
September 30, 2015 | 9,628 | 1.80 | % | 4,630 | 0.99 | % | 2,907 | 1.18 | % | 11,271 | 0.81 | % | 1,951 | 0.25 | % | 30,387 | 0.88 | % | |||||||||||||||||||||||
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 | 8,682 | 1.71 | % | 5,250 | 1.19 | % | 2,908 | 1.18 | % | 9,870 | 0.78 | % | 1,732 | 0.26 | % | 28,442 | 0.91 | % |
(1) | Net effective spread is a non-GAAP measure. See Note 14 to the consolidated financial statements for a reconciliation of GAAP net interest income by line of business to net effective spread by line of business for the years ended December 31, 2016, 2015, and 2014. |
(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. |
Core Earnings by Quarter Ended | |||||||||||||||||||||||||||||||||||
December 2016 | September 2016 | June 2016 | March 2016 | December 2015 | September 2015 | June 2015 | March 2015 | December 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Net effective spread | $ | 31,928 | $ | 32,199 | $ | 31,026 | $ | 29,949 | $ | 29,949 | $ | 30,387 | $ | 29,787 | $ | 29,257 | $ | 28,442 | |||||||||||||||||
Guarantee and commitment fees | 5,158 | 4,533 | 4,810 | 4,669 | 4,730 | 4,328 | 4,085 | 4,012 | 4,097 | ||||||||||||||||||||||||||
Other(1) | 1,189 | (32 | ) | (125 | ) | (517 | ) | (284 | ) | (93 | ) | (24 | ) | (405 | ) | (1,285 | ) | ||||||||||||||||||
Total revenues | 38,275 | 36,700 | 35,711 | 34,101 | 34,395 | 34,622 | 33,848 | 32,864 | 31,254 | ||||||||||||||||||||||||||
Credit related (income)/expense: | |||||||||||||||||||||||||||||||||||
Provision for/(release of) losses | 512 | (31 | ) | 458 | 63 | (49 | ) | (303 | ) | 1,256 | (696 | ) | (479 | ) | |||||||||||||||||||||
REO operating expenses | — | — | — | 39 | 44 | 48 | — | (1 | ) | 48 | |||||||||||||||||||||||||
(Gains)/losses on sale of REO | — | (15 | ) | — | — | — | — | — | 1 | 28 | |||||||||||||||||||||||||
Total credit related (income)/expense | 512 | (46 | ) | 458 | 102 | (5 | ) | (255 | ) | 1,256 | (696 | ) | (403 | ) | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 5,949 | 5,438 | 5,611 | 5,774 | 5,385 | 5,236 | 5,733 | 5,693 | 4,971 | ||||||||||||||||||||||||||
General and administrative | 4,352 | 3,474 | 3,757 | 3,526 | 3,238 | 3,676 | 3,374 | 2,823 | 2,992 | ||||||||||||||||||||||||||
Regulatory fees | 625 | 613 | 612 | 613 | 613 | 600 | 600 | 600 | 600 | ||||||||||||||||||||||||||
Total operating expenses | 10,926 | 9,525 | 9,980 | 9,913 | 9,236 | 9,512 | 9,707 | 9,116 | 8,563 | ||||||||||||||||||||||||||
Net earnings | 26,837 | 27,221 | 25,273 | 24,086 | 25,164 | 25,365 | 22,885 | 24,444 | 23,094 | ||||||||||||||||||||||||||
Income tax expense(2) | 9,581 | 9,497 | 8,956 | 8,444 | 8,855 | 8,924 | 8,091 | 6,692 | 4,858 | ||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | 28 | (18 | ) | (16 | ) | (28 | ) | (60 | ) | (36 | ) | (119 | ) | 5,354 | 5,414 | ||||||||||||||||||||
Preferred stock dividends | 3,296 | 3,295 | 3,296 | 3,295 | 3,296 | 3,295 | 3,296 | 3,295 | 3,296 | ||||||||||||||||||||||||||
Core earnings | $ | 13,932 | $ | 14,447 | $ | 13,037 | $ | 12,375 | $ | 13,073 | $ | 13,182 | $ | 11,617 | $ | 9,103 | $ | 9,526 | |||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on financial derivatives and hedging activities | 17,233 | 1,460 | (2,076 | ) | (2,989 | ) | 2,743 | (6,906 | ) | 15,982 | (895 | ) | (5,719 | ) | |||||||||||||||||||||
Unrealized (losses)/gains on trading assets | (474 | ) | 1,182 | 394 | 358 | 696 | (8 | ) | 170 | 362 | 1,044 | ||||||||||||||||||||||||
Amortization of premiums/discounts and deferred gains on assets consolidated at fair value | (40 | ) | (157 | ) | (371 | ) | (281 | ) | (263 | ) | (117 | ) | (125 | ) | (814 | ) | (1,247 | ) | |||||||||||||||||
Net effects of settlements on agency forward contracts | 1,024 | 464 | 466 | (255 | ) | (162 | ) | (390 | ) | 197 | (252 | ) | (46 | ) | |||||||||||||||||||||
Loss on retirement of Farmer Mac II LLC Preferred Stock | — | — | — | — | — | — | — | (8,147 | ) | — | |||||||||||||||||||||||||
Income tax effect related to reconciling items | (6,210 | ) | (1,032 | ) | 556 | 1,109 | (1,055 | ) | 2,598 | (5,679 | ) | 2,461 | 2,089 | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | 25,465 | $ | 16,364 | $ | 12,006 | $ | 10,317 | $ | 15,032 | $ | 8,359 | $ | 22,162 | $ | 1,818 | $ | 5,647 |
(1) | Fourth quarter 2014 includes $13.6 million of interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased and $12.8 million of gains on securities sold, not yet purchased. |
(2) | Fourth quarter 2014 reflects a reduction of $1.4 million in the tax valuation allowance against capital loss carryforwards related to capital gains on securities sold, not yet purchased. |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements |
As of | |||||||
December 31, 2016 | December 31, 2015 | ||||||
(in thousands) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 265,229 | $ | 1,210,084 | |||
Investment securities: | |||||||
Available-for-sale, at fair value | 2,515,851 | 2,775,025 | |||||
Trading, at fair value | — | 491 | |||||
Total investment securities | 2,515,851 | 2,775,516 | |||||
Farmer Mac Guaranteed Securities: | |||||||
Available-for-sale, at fair value | 4,853,685 | 4,152,605 | |||||
Held-to-maturity, at amortized cost | 1,149,231 | 1,274,016 | |||||
Total Farmer Mac Guaranteed Securities | 6,002,916 | 5,426,621 | |||||
USDA Securities: | |||||||
Available-for-sale, at fair value | — | 1,888,344 | |||||
Trading, at fair value | 20,388 | 28,975 | |||||
Held-to-maturity, at amortized cost | 2,009,225 | — | |||||
Total USDA Securities | 2,029,613 | 1,917,319 | |||||
Loans: | |||||||
Loans held for investment, at amortized cost | 3,379,884 | 3,258,413 | |||||
Loans held for investment in consolidated trusts, at amortized cost | 1,132,966 | 708,111 | |||||
Allowance for loan losses | (5,415 | ) | (4,480 | ) | |||
Total loans, net of allowance | 4,507,435 | 3,962,044 | |||||
Real estate owned, at lower of cost or fair value | 1,528 | 1,369 | |||||
Financial derivatives, at fair value | 23,182 | 3,816 | |||||
Interest receivable (includes $12,584 and $7,938, respectively, related to consolidated trusts) | 122,782 | 112,700 | |||||
Guarantee and commitment fees receivable | 38,871 | 40,189 | |||||
Deferred tax asset, net | 12,291 | 42,916 | |||||
Prepaid expenses and other assets | 86,322 | 47,780 | |||||
Total Assets | $ | 15,606,020 | $ | 15,540,354 | |||
Liabilities and Equity: | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Due within one year | $ | 8,440,123 | $ | 9,111,461 | |||
Due after one year | 5,222,977 | 4,967,036 | |||||
Total notes payable | 13,663,100 | 14,078,497 | |||||
Debt securities of consolidated trusts held by third parties | 1,142,704 | 713,536 | |||||
Financial derivatives, at fair value | 58,152 | 77,199 | |||||
Accrued interest payable (includes $10,881 and $6,705, respectively, related to consolidated trusts) | 49,700 | 47,621 | |||||
Guarantee and commitment obligation | 37,282 | 38,609 | |||||
Accounts payable and accrued expenses | 9,415 | 29,089 | |||||
Reserve for losses | 2,020 | 2,083 | |||||
Total Liabilities | 14,962,373 | 14,986,634 | |||||
Commitments and Contingencies (Note 12) | |||||||
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, 9,007,481 shares and 9,155,661 shares outstanding, respectively | 9,008 | 9,156 | |||||
Additional paid-in capital | 118,655 | 117,862 | |||||
Accumulated other comprehensive income/(loss), net of tax | 33,758 | (11,019 | ) | ||||
Retained earnings | 275,714 | 231,228 | |||||
Total Stockholders' Equity | 643,425 | 553,517 | |||||
Non-controlling interest | 222 | 203 | |||||
Total Equity | 643,647 | 553,720 | |||||
Total Liabilities and Equity | $ | 15,606,020 | $ | 15,540,354 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands, except per share amounts) | |||||||||||
Interest income: | |||||||||||
Investments and cash equivalents | $ | 27,042 | $ | 13,338 | $ | 17,269 | |||||
Farmer Mac Guaranteed Securities and USDA Securities | 150,281 | 134,443 | 128,923 | ||||||||
Loans | 134,577 | 117,042 | 94,875 | ||||||||
Total interest income | 311,900 | 264,823 | 241,067 | ||||||||
Total interest expense | 171,626 | 139,016 | 170,720 | ||||||||
Net interest income | 140,274 | 125,807 | 70,347 | ||||||||
(Provision for)/release of loan losses | (1,065 | ) | (2,388 | ) | 961 | ||||||
Net interest income after (provision for)/release of loan losses | 139,209 | 123,419 | 71,308 | ||||||||
Non-interest income: | |||||||||||
Guarantee and commitment fees | 14,868 | 14,077 | 14,694 | ||||||||
Gains/(losses) on financial derivatives and hedging activities | 2,311 | 2,531 | (21,646 | ) | |||||||
Gains on trading securities | 1,460 | 1,220 | 38,629 | ||||||||
(Losses)/gains on sale of available-for-sale investment securities | (9 | ) | 9 | (238 | ) | ||||||
Gains/(losses) on sale of real estate owned | 15 | (1 | ) | 137 | |||||||
Other income | 1,823 | 2,305 | 1,714 | ||||||||
Non-interest income | 20,468 | 20,141 | 33,290 | ||||||||
Non-interest expense: | |||||||||||
Compensation and employee benefits | 22,772 | 22,047 | 19,009 | ||||||||
General and administrative | 15,109 | 13,111 | 12,197 | ||||||||
Regulatory fees | 2,463 | 2,413 | 2,381 | ||||||||
Real estate owned operating costs, net | 39 | 91 | 110 | ||||||||
Release of reserve for losses | (63 | ) | (2,180 | ) | (2,205 | ) | |||||
Non-interest expense | 40,320 | 35,482 | 31,492 | ||||||||
Income before income taxes | 119,357 | 108,078 | 73,106 | ||||||||
Income tax expense | 42,057 | 34,239 | 2,824 | ||||||||
Net income | 77,300 | 73,839 | 70,282 | ||||||||
Less: Net loss/(income) attributable to non-controlling interest | 34 | (5,139 | ) | (22,192 | ) | ||||||
Net income attributable to Farmer Mac | 77,334 | 68,700 | 48,090 | ||||||||
Preferred stock dividends | (13,182 | ) | (13,182 | ) | (9,839 | ) | |||||
Loss on retirement of preferred stock | — | (8,147 | ) | — | |||||||
Net income attributable to common stockholders | $ | 64,152 | $ | 47,371 | $ | 38,251 | |||||
Earnings per common share and dividends: | |||||||||||
Basic earnings per common share | $ | 6.12 | $ | 4.33 | $ | 3.50 | |||||
Diluted earnings per common share | $ | 5.97 | $ | 4.19 | $ | 3.37 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Net income | $ | 77,300 | $ | 73,839 | $ | 70,282 | |||||
Other comprehensive income/(loss) before taxes: | |||||||||||
Net unrealized (losses)/gains on available-for sale securities | (6,694 | ) | (30,387 | ) | 39,980 | ||||||
Net changes in held-to-maturity securities | 71,120 | (9,922 | ) | 9,190 | |||||||
Net unrealized gains/(losses) on cash flow hedges | 4,463 | (541 | ) | (347 | ) | ||||||
Other comprehensive income/(loss) before tax | 68,889 | (40,850 | ) | 48,823 | |||||||
Income tax (expense)/benefit related to other comprehensive income | (24,112 | ) | 14,298 | (17,088 | ) | ||||||
Other comprehensive income/(loss), net of tax | 44,777 | (26,552 | ) | 31,735 | |||||||
Comprehensive income | 122,077 | 47,287 | 102,017 | ||||||||
Less: comprehensive loss/(income) attributable to non-controlling interest | 34 | (5,139 | ) | (22,192 | ) | ||||||
Comprehensive income attributable to Farmer Mac | $ | 122,111 | $ | 42,148 | $ | 79,825 |
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Comprehensive | Retained | Non-controlling | Total | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income/(Loss) | Earnings | Interest | Equity | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance as of January 1, 2014 | 2,400 | $ | 58,333 | 10,886 | $ | 10,886 | $ | 110,722 | $ | (16,202 | ) | $ | 168,877 | $ | 241,853 | $ | 574,469 | ||||||||||||||||
Net income attributable to Farmer Mac | — | — | — | — | — | — | 48,090 | — | 48,090 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | 31,735 | — | — | 31,735 | ||||||||||||||||||||||||
Cash dividends: | — | — | — | ||||||||||||||||||||||||||||||
Preferred Stock | — | — | — | — | — | — | (9,839 | ) | — | (9,839 | ) | ||||||||||||||||||||||
Common Stock | — | — | — | — | — | — | (6,115 | ) | — | (6,115 | ) | ||||||||||||||||||||||
Issuance of Series B Preferred Stock | 3,000 | 73,044 | — | — | — | — | — | — | 73,044 | ||||||||||||||||||||||||
Issuance of Series C Preferred Stock | 3,000 | 73,382 | — | — | — | — | — | — | 73,382 | ||||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 51 | 51 | 234 | — | — | — | 285 | ||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 2,859 | — | — | — | 2,859 | ||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (256 | ) | — | — | — | (256 | ) | ||||||||||||||||||||||
Investment in subsidiary - non-controlling interest | — | — | — | — | — | — | — | 175 | 175 | ||||||||||||||||||||||||
Purchase of interest- Non-controlling interest - preferred stock | — | — | — | — | — | — | — | (6,000 | ) | (6,000 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | 8,400 | $ | 204,759 | 10,937 | $ | 10,937 | $ | 113,559 | $ | 15,533 | $ | 201,013 | $ | 236,028 | $ | 781,829 | |||||||||||||||||
Net income/(loss): | |||||||||||||||||||||||||||||||||
Attributable to Farmer Mac | — | — | — | — | — | — | 68,700 | — | 68,700 | ||||||||||||||||||||||||
Attributable to non-controlling interest | — | — | — | — | — | — | — | (214 | ) | (214 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (26,552 | ) | — | — | (26,552 | ) | ||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (13,182 | ) | — | (13,182 | ) | ||||||||||||||||||||||
Common stock | — | — | — | — | — | — | (7,000 | ) | — | (7,000 | ) | ||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 112 | 112 | 1,620 | — | — | — | 1,732 | ||||||||||||||||||||||||
Repurchase of Class C Common Stock | — | — | (362 | ) | (362 | ) | — | — | (10,156 | ) | — | (10,518 | ) | ||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 3,269 | — | — | — | 3,269 | ||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (586 | ) | — | — | — | (586 | ) | ||||||||||||||||||||||
Investment in subsidiary - non-controlling interest | — | — | — | — | — | — | — | 242 | 242 | ||||||||||||||||||||||||
Redemption of Farmer Mac II LLC preferred stock | — | — | — | — | — | — | (8,147 | ) | (235,853 | ) | (244,000 | ) | |||||||||||||||||||||
Balance as of December 31, 2015 | 8,400 | $ | 204,759 | 10,687 | $ | 10,687 | $ | 117,862 | $ | (11,019 | ) | $ | 231,228 | $ | 203 | $ | 553,720 | ||||||||||||||||
Net income/(loss): | |||||||||||||||||||||||||||||||||
Attributable to Farmer Mac | — | — | — | — | — | — | 77,334 | — | 77,334 | ||||||||||||||||||||||||
Attributable to non-controlling interest | — | — | — | — | — | — | — | (34 | ) | (34 | ) | ||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | 44,777 | — | — | 44,777 | ||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | (13,182 | ) | — | (13,182 | ) | ||||||||||||||||||||||
Common stock | — | — | — | — | — | — | (10,885 | ) | — | (10,885 | ) | ||||||||||||||||||||||
Issuance of Class C Common Stock | — | — | 159 | 159 | 534 | — | — | — | 693 | ||||||||||||||||||||||||
Repurchase of Class C Common Stock | — | — | (307 | ) | (307 | ) | — | — | (8,781 | ) | — | (9,088 | ) | ||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | 3,343 | — | — | — | 3,343 | ||||||||||||||||||||||||
Other stock-based award activity | — | — | — | — | (3,084 | ) | — | — | — | (3,084 | ) | ||||||||||||||||||||||
Investment in subsidiary - non-controlling interest | — | — | — | — | — | — | — | 53 | 53 | ||||||||||||||||||||||||
Balance as of December 31, 2016 | 8,400 | $ | 204,759 | 10,539 | $ | 10,539 | $ | 118,655 | $ | 33,758 | $ | 275,714 | $ | 222 | $ | 643,647 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 77,300 | $ | 73,839 | $ | 70,282 | |||||
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 | 1,828 | 2,889 | 18,461 | ||||||||
Amortization of debt premiums, discounts and issuance costs | 31,757 | 15,060 | 9,689 | ||||||||
Net change in fair value of trading securities, hedged assets, and financial derivatives | (15,086 | ) | (12,144 | ) | 8,213 | ||||||
Losses/(gains) on sale of available-for-sale investment securities | 9 | (9 | ) | 238 | |||||||
(Gains)/losses on sale of real estate owned | (15 | ) | 1 | (137 | ) | ||||||
Total provision for/(release of) losses | 1,002 | 208 | (3,166 | ) | |||||||
Deferred income taxes | 4,103 | 3,992 | (6,979 | ) | |||||||
Stock-based compensation expense | 3,343 | 3,269 | 2,859 | ||||||||
Proceeds from repayment of trading investment securities | 2,212 | 657 | 685 | ||||||||
Proceeds from repayment of loans purchased as held for sale | 70,087 | 95,592 | 98,712 | ||||||||
Net change in: | |||||||||||
Interest receivable | (9,922 | ) | (5,826 | ) | 3,007 | ||||||
Guarantee and commitment fees receivable | 1,318 | (727 | ) | 1,768 | |||||||
Other assets | 43,560 | 8,454 | (39,624 | ) | |||||||
Accrued interest payable | 2,079 | (734 | ) | (5,417 | ) | ||||||
Other liabilities | (4,987 | ) | (166 | ) | (3,539 | ) | |||||
Net cash provided by operating activities | 208,588 | 184,355 | 155,052 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of available-for-sale investment securities | (1,753,423 | ) | (2,403,910 | ) | (1,545,658 | ) | |||||
Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (2,579,980 | ) | (1,180,570 | ) | (1,555,272 | ) | |||||
Purchases of loans held for investment | (1,016,515 | ) | (837,176 | ) | (749,099 | ) | |||||
Purchases of defaulted loans | (2,516 | ) | (16,907 | ) | (705 | ) | |||||
Proceeds from repayment of available-for-sale investment securities | 1,725,045 | 1,489,074 | 1,327,044 | ||||||||
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 1,834,672 | 967,173 | 1,154,732 | ||||||||
Proceeds from repayment of loans purchased as held for investment | 402,897 | 311,136 | 337,466 | ||||||||
Proceeds from sale of available-for-sale investment securities | 186,769 | 83,735 | 770,149 | ||||||||
Proceeds from sale of Farmer Mac Guaranteed Securities | 609,347 | 336,913 | 175,754 | ||||||||
Payments from sale of real estate owned | 295 | (1 | ) | 1,927 | |||||||
Net cash used in investing activities | (593,409 | ) | (1,250,533 | ) | (83,662 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of discount notes | 95,036,368 | 97,129,959 | 38,388,899 | ||||||||
Proceeds from issuance of medium-term notes | 6,519,115 | 4,375,368 | 3,544,818 | ||||||||
Payments to redeem discount notes | (97,918,539 | ) | (95,424,765 | ) | (38,350,229 | ) | |||||
Payments to redeem medium-term notes | (4,083,450 | ) | (4,842,281 | ) | (3,108,000 | ) | |||||
Excess tax benefits related to stock-based awards | 1,428 | 154 | 51 | ||||||||
Payments to third parties on debt securities of consolidated trusts | (82,209 | ) | (47,574 | ) | (37,512 | ) | |||||
Proceeds from common stock issuance | 553 | 1,689 | 244 | ||||||||
Proceeds from Series B Preferred stock issuance | — | — | 73,044 | ||||||||
Proceeds from Series C Preferred stock issuance | — | — | 73,382 | ||||||||
Common stock repurchased | (9,286 | ) | (10,320 | ) | — | ||||||
Investment in subsidiary - non-controlling interest | 53 | 242 | 175 | ||||||||
Redemption of Farmer Mac II LLC Preferred Stock | — | (244,000 | ) | (6,000 | ) | ||||||
Dividends paid - Non-controlling interest - preferred stock | — | (5,415 | ) | (22,192 | ) | ||||||
Dividends paid on common and preferred stock | (24,067 | ) | (20,182 | ) | (13,996 | ) | |||||
Net cash (used)/provided by financing activities | (560,034 | ) | 912,875 | 542,684 | |||||||
Net (decrease)/increase in cash and cash equivalents | (944,855 | ) | (153,303 | ) | 614,074 | ||||||
Cash and cash equivalents at beginning of period | 1,210,084 | 1,363,387 | 749,313 | ||||||||
Cash and cash equivalents at end of period | $ | 265,229 | $ | 1,210,084 | $ | 1,363,387 |
1. | ORGANIZATION |
• | purchasing eligible loans directly from lenders; |
• | providing advances against eligible loans by purchasing obligations secured by those loans; |
• | securitizing assets and guaranteeing the payment of principal and interest on the resulting securities that represent interests in, or obligations secured by, pools of eligible loans; and |
• | issuing long-term standby purchase commitments ("LTSPCs") for eligible loans. |
• | interest income earned on assets held on balance sheet, net of related funding costs and interest payments and receipts on financial derivatives; and |
• | guarantee and commitment fees received in connection with outstanding Farmer Mac Guaranteed Securities and LTSPCs. |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
(a) | Principles of Consolidation |
(b) | Cash and Cash Equivalents and Statements of Cash Flows |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 110,609 | $ | 108,254 | $ | 171,644 | |||||
Income taxes | 29,500 | 31,000 | 12,750 | ||||||||
Non-cash activity: | |||||||||||
Loans acquired and securitized as Farmer Mac Guaranteed Securities | 609,347 | 336,913 | 175,754 | ||||||||
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 | 511,393 | 336,913 | 199,906 | ||||||||
Purchases of securities - traded, not yet settled | — | 20,000 | 70,178 | ||||||||
Issuance costs on the retirement of Farmer Mac II LLC Preferred Stock | — | 8,147 | — | ||||||||
Unsettled common stock repurchases | — | 197 | — | ||||||||
Transfers of available-for-sale USDA Securities to held-to-maturity | 1,980,327 | — | — | ||||||||
Transfers of available-for-sale Farmer Mac Guaranteed Securities to held-to-maturity | 32,824 | — | 1,632,786 |
(c) | Transfers of Financial Assets and Liabilities |
(d) | Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities |
(e) | Loans |
(f) | Securitization of Loans |
(g) | Real Estate Owned |
(h) | Financial Derivatives |
(i) | Notes Payable |
(j) | Allowance for Loan Losses and Reserve for Losses |
• | economic conditions; |
• | geographic and agricultural commodity/product concentrations in the portfolio; |
• | the credit profile of the portfolio; |
• | delinquency trends of the portfolio; |
• | historical charge-off and recovery activities of the portfolio; and |
• | other factors to capture current portfolio trends and characteristics that differ from historical experience. |
(k) | Earnings Per Common Share |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
Net Income | Weighted-Average Shares | $ per Share | 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 | $ | 64,152 | 10,477 | $ | 6.12 | $ | 47,371 | 10,949 | $ | 4.33 | $ | 38,251 | 10,920 | $ | 3.50 | |||||||||||||||||
Effect of dilutive securities(1) | ||||||||||||||||||||||||||||||||
Stock options, SARs and restricted stock | — | 269 | (0.15 | ) | — | 360 | (0.14 | ) | — | 447 | (0.13 | ) | ||||||||||||||||||||
Diluted EPS | $ | 64,152 | 10,746 | $ | 5.97 | $ | 47,371 | 11,309 | $ | 4.19 | $ | 38,251 | 11,367 | $ | 3.37 |
(1) | For the years ended December 31, 2016, 2015, and 2014, stock options and SARs of 86,907, 304,132, and 109,143, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2016, 2015, and 2014, contingent shares of non-vested restricted stock of 37,284, 46,303, and 36,784 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. |
(l) | Income Taxes |
(m) | Stock-Based Compensation |
(n) | Comprehensive Income |
Available-for-Sale Securities | Held-to-Maturity Securities | Cash Flow Hedges | Total | ||||||||||||
(in thousands) | |||||||||||||||
Balance as of January 1, 2014 | $ | (16,272 | ) | $ | — | $ | 70 | $ | (16,202 | ) | |||||
Other comprehensive income/(loss) before reclassifications | 38,927 | 14,502 | (364 | ) | 53,065 | ||||||||||
Amounts reclassified from AOCI | (12,939 | ) | (8,529 | ) | 138 | (21,330 | ) | ||||||||
Net comprehensive income/(loss) | 25,988 | 5,973 | (226 | ) | 31,735 | ||||||||||
Balance as of December 31, 2014 | $ | 9,716 | $ | 5,973 | $ | (156 | ) | $ | 15,533 | ||||||
Other comprehensive loss before reclassifications | (6,026 | ) | — | (1,155 | ) | (7,181 | ) | ||||||||
Amounts reclassified from AOCI | (13,725 | ) | (6,449 | ) | 803 | (19,371 | ) | ||||||||
Net comprehensive loss | (19,751 | ) | (6,449 | ) | (352 | ) | (26,552 | ) | |||||||
Balance as of December 31, 2015 | $ | (10,035 | ) | $ | (476 | ) | $ | (508 | ) | $ | (11,019 | ) | |||
Other comprehensive income before reclassifications | 5,481 | 47,993 | 1,588 | 55,062 | |||||||||||
Amounts reclassified from AOCI | (9,833 | ) | (1,765 | ) | 1,313 | (10,285 | ) | ||||||||
Net comprehensive (loss)/income | (4,352 | ) | 46,228 | 2,901 | 44,777 | ||||||||||
Balance as of December 31, 2016 | $ | (14,387 | ) | $ | 45,752 | $ | 2,393 | $ | 33,758 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | Before Tax | Provision (Benefit) | After Tax | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Available-for-sale-securities: | |||||||||||||||||||||||||||||||||||
Unrealized holding gains/(losses) on available-for-sale-securities | $ | 8,433 | $ | 2,952 | $ | 5,481 | $ | (9,270 | ) | $ | (3,244 | ) | $ | (6,026 | ) | $ | 59,887 | $ | 20,960 | $ | 38,927 | ||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Losses on financial derivatives and hedging activities(1) | (15,375 | ) | (5,381 | ) | (9,994 | ) | (20,125 | ) | (7,044 | ) | (13,081 | ) | (19,213 | ) | (6,725 | ) | (12,488 | ) | |||||||||||||||||
Gains/(losses) on sale of available-for-sale investment securities(2) | 9 | 3 | 6 | (10 | ) | (4 | ) | (6 | ) | 239 | 84 | 155 | |||||||||||||||||||||||
Other income(3) | 239 | 84 | 155 | (982 | ) | (344 | ) | (638 | ) | (933 | ) | (327 | ) | (606 | ) | ||||||||||||||||||||
Total | $ | (6,694 | ) | $ | (2,342 | ) | $ | (4,352 | ) | $ | (30,387 | ) | $ | (10,636 | ) | $ | (19,751 | ) | $ | 39,980 | $ | 13,992 | $ | 25,988 | |||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||||||||||||
Change in fair value(4) | $ | 73,835 | $ | 25,842 | $ | 47,993 | $ | — | $ | — | $ | — | $ | 22,311 | $ | 7,809 | $ | 14,502 | |||||||||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Net interest income(5) | (2,715 | ) | (950 | ) | (1,765 | ) | (9,922 | ) | (3,473 | ) | (6,449 | ) | (13,121 | ) | (4,592 | ) | (8,529 | ) | |||||||||||||||||
Total | $ | 71,120 | $ | 24,892 | $ | 46,228 | $ | (9,922 | ) | $ | (3,473 | ) | $ | (6,449 | ) | $ | 9,190 | $ | 3,217 | $ | 5,973 | ||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Unrealized gains/(losses) on cash flow hedges | $ | 2,443 | $ | 855 | $ | 1,588 | $ | (1,776 | ) | $ | (621 | ) | $ | (1,155 | ) | $ | (559 | ) | $ | (195 | ) | $ | (364 | ) | |||||||||||
Less reclassification adjustments included in: | |||||||||||||||||||||||||||||||||||
Net interest income(6) | 2,020 | 707 | 1,313 | 1,235 | 432 | 803 | 212 | 74 | 138 | ||||||||||||||||||||||||||
Total | $ | 4,463 | $ | 1,562 | $ | 2,901 | $ | (541 | ) | $ | (189 | ) | $ | (352 | ) | $ | (347 | ) | $ | (121 | ) | $ | (226 | ) | |||||||||||
Other comprehensive income/(loss) | $ | 68,889 | $ | 24,112 | $ | 44,777 | $ | (40,850 | ) | $ | (14,298 | ) | $ | (26,552 | ) | $ | 48,823 | $ | 17,088 | $ | 31,735 |
(1) | Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. |
(2) | Represents unrealized gains and losses on sales of available-for-sale investment securities. |
(3) | Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. |
(4) | Represents the accumulated unrealized gain on the USDA Securities and the Farmer Mac Guaranteed Securities transferred from available-for-sale to held-to-maturity. |
(5) | Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. |
(6) | Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. |
(o) | Long-Term Standby Purchase Commitments |
(p) | Fair Value Measurement |
(q) | Consolidation of Variable Interest Entities |
Consolidation of Variable Interest Entities | |||||||||||||||||||||||
As of December 31, 2016 | |||||||||||||||||||||||
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 | $ | 1,132,966 | $ | — | $ | — | $ | — | $ | — | $ | 1,132,966 | |||||||||||
Debt securities of consolidated trusts held by third parties (1) | 1,142,704 | — | — | — | — | 1,142,704 | |||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Carrying value (2) | — | 36,042 | — | 30,347 | — | 66,389 | |||||||||||||||||
Maximum exposure to loss (3) | — | 35,599 | — | 30,000 | — | 65,599 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Carrying value (4) | — | — | — | — | 827,874 | 827,874 | |||||||||||||||||
Maximum exposure to loss (3) (4) | — | — | — | — | 825,909 | 825,909 | |||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Maximum exposure to loss (3) (5) | 415,441 | 103,976 | — | 970,000 | — | 1,489,417 |
(1) | Includes borrower remittances of $9.7 million. The borrower remittances had not been passed through to third party investors as of December 31, 2016. |
(2) | Includes $0.4 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 $0.3 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, 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 | $ | 708,111 | $ | — | $ | — | $ | — | $ | — | $ | 708,111 | |||||||||||
Debt securities of consolidated trusts held by third parties (1) | 713,536 | — | — | — | — | 713,536 | |||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Carrying value (2) | — | 31,360 | — | 31,400 | — | 62,760 | |||||||||||||||||
Maximum exposure to loss (3) | — | 31,553 | — | 30,000 | — | 61,553 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Carrying value (4) | — | — | — | — | 917,292 | 917,292 | |||||||||||||||||
Maximum exposure to loss (3) (4) | — | — | — | — | 918,121 | 918,121 | |||||||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||
Unconsolidated VIEs: | |||||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||
Maximum exposure to loss (3) (5) | 514,051 | 10,272 | — | 970,000 | — | 1,494,323 |
(1) | Includes borrower remittances of $5.4 million, which have not been passed through to third party investors as of December 31, 2015. |
(2) | 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 $1.4 million. |
(3) | Farmer Mac uses unpaid principal balance and the outstanding face amount of investment securities to represent maximum exposure to loss. |
(4) | Includes auction-rate certificates, asset-backed securities, and 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. |
(s) | Reclassifications |
3. | RELATED PARTY TRANSACTIONS |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Unpaid Principal Balance: | |||||||||||
Purchases: | |||||||||||
Loans | $ | 153,140 | $ | 178,890 | $ | 155,808 | |||||
USDA Securities | 16,600 | 13,718 | 42,637 | ||||||||
On-balance sheet AgVantage Securities | — | — | 50,237 | ||||||||
Sales of Farmer Mac Guaranteed Securities | 273,586 | 255,338 | 147,234 |
Farmer Mac Loan Purchases and Guarantees | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Unpaid Principal Balance: | |||||||||||
Loans | $ | 50,491 | $ | 108,337 | $ | 75,500 | |||||
On-balance sheet AgVantage Securities | 250,000 | 380,000 | 820,775 | ||||||||
Off-balance sheet AgVantage Securities | — | — | 7,190 | ||||||||
Off-balance sheet revolving floating rate AgVantage facility | — | 300,000 | — | ||||||||
LTSPCs | 441,404 | 522,262 | — | ||||||||
Total purchases and guarantees | $ | 741,895 | $ | 1,310,599 | $ | 903,465 |
4. | INVESTMENT SECURITIES |
As of December 31, 2016 | |||||||||||||||||||||||
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 | $ | 19,700 | $ | — | $ | 19,700 | $ | — | $ | (1,970 | ) | $ | 17,730 | ||||||||||
Floating rate asset-backed securities | 44,442 | (202 | ) | 44,240 | 1 | (390 | ) | 43,851 | |||||||||||||||
Floating rate corporate debt securities | 10,000 | — | 10,000 | 41 | — | 10,041 | |||||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,359,700 | 2,827 | 1,362,527 | 1,768 | (3,266 | ) | 1,361,029 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities(1) | 538 | 2,582 | 3,120 | 4,505 | — | 7,625 | |||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (3,047 | ) | 66,953 | ||||||||||||||||
Fixed rate senior agency debt | 187,295 | 106 | 187,401 | — | (268 | ) | 187,133 | ||||||||||||||||
Fixed rate U.S. Treasuries | 821,619 | 359 | 821,978 | 47 | (536 | ) | 821,489 | ||||||||||||||||
Total available-for-sale | 2,513,294 | 5,672 | 2,518,966 | 6,362 | (9,477 | ) | 2,515,851 | ||||||||||||||||
Total investment securities | $ | 2,513,294 | $ | 5,672 | $ | 2,518,966 | $ | 6,362 | $ | (9,477 | ) | $ | 2,515,851 |
(1) | Fair value includes $7.0 million of an interest-only security with a notional amount of $146.1 million. |
As of December 31, 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 | $ | 46,500 | $ | — | $ | 46,500 | $ | — | $ | (1,576 | ) | $ | 44,924 | ||||||||||
Floating rate asset-backed securities | 74,744 | (253 | ) | 74,491 | 14 | (776 | ) | 73,729 | |||||||||||||||
Floating rate corporate debt securities | 10,000 | — | 10,000 | — | (9 | ) | 9,991 | ||||||||||||||||
Fixed rate corporate debt securities | 10,000 | (1 | ) | 9,999 | — | (5 | ) | 9,994 | |||||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,353,495 | 3,515 | 1,357,010 | 2,768 | (4,319 | ) | 1,355,459 | ||||||||||||||||
Fixed rate GSE guaranteed mortgage-backed securities(1) | 692 | 3,117 | 3,809 | 4,095 | — | 7,904 | |||||||||||||||||
Floating rate GSE subordinated debt | 70,000 | — | 70,000 | — | (3,751 | ) | 66,249 | ||||||||||||||||
Fixed rate senior agency debt | 214,000 | (25 | ) | 213,975 | 12 | — | 213,987 | ||||||||||||||||
Fixed rate U.S. Treasuries | 993,680 | (417 | ) | 993,263 | 2 | (477 | ) | 992,788 | |||||||||||||||
Total available-for-sale | 2,773,111 | 5,936 | 2,779,047 | 6,891 | (10,913 | ) | 2,775,025 | ||||||||||||||||
Trading: | |||||||||||||||||||||||
Floating rate asset-backed securities | 2,211 | — | 2,211 | — | (1,720 | ) | 491 | ||||||||||||||||
Total investment securities | $ | 2,775,322 | $ | 5,936 | $ | 2,781,258 | $ | 6,891 | $ | (12,633 | ) | $ | 2,775,516 |
(1) | Fair value includes $7.2 million of an interest-only security with a notional amount of $148.5 million. |
As of December 31, 2016 | |||||||||||||||
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 | $ | — | $ | — | $ | 17,730 | $ | (1,970 | ) | ||||||
Floating rate asset-backed securities | 4,654 | (10 | ) | 38,077 | (380 | ) | |||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 384,586 | (1,030 | ) | 442,041 | (2,236 | ) | |||||||||
Floating rate GSE subordinated debt | — | — | 66,953 | (3,047 | ) | ||||||||||
Fixed rate U.S. Treasuries | 732,371 | (536 | ) | — | — | ||||||||||
Fixed rate senior agency debt | 187,133 | (268 | ) | — | — | ||||||||||
Total | $ | 1,308,744 | $ | (1,844 | ) | $ | 564,801 | $ | (7,633 | ) |
As of December 31, 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 | $ | — | $ | — | $ | 18,124 | $ | (1,576 | ) | ||||||
Floating rate asset-backed securities | 44,552 | (464 | ) | 9,975 | (312 | ) | |||||||||
Floating rate corporate debt securities | 4,991 | (9 | ) | — | — | ||||||||||
Fixed rate corporate debt securities | 9,994 | (5 | ) | — | — | ||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 794,959 | (3,408 | ) | 100,192 | (911 | ) | |||||||||
Floating rate GSE subordinated debt | — | — | 66,249 | (3,751 | ) | ||||||||||
Fixed rate U.S. Treasuries | 944,842 | (477 | ) | — | — | ||||||||||
Total | $ | 1,799,338 | $ | (4,363 | ) | $ | 194,540 | $ | (6,550 | ) |
As of December 31, 2016 | |||||||||
Available-for-Sale Securities | |||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | |||||||
(dollars in thousands) | |||||||||
Due within one year | $ | 879,669 | $ | 879,137 | 0.76% | ||||
Due after one year through five years | 370,435 | 370,089 | 1.11% | ||||||
Due after five years through ten years | 424,882 | 426,270 | 1.39% | ||||||
Due after ten years | 843,980 | 840,355 | 1.19% | ||||||
Total | $ | 2,518,966 | $ | 2,515,851 | 1.06% |
5. | FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES |
As of December 31, 2016 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
AgVantage | $ | 1,115,465 | $ | (2,276 | ) | $ | 1,113,189 | $ | 7,187 | $ | (3,175 | ) | $ | 1,117,201 | |||||||||
Farmer Mac Guaranteed USDA Securities | 35,599 | 443 | 36,042 | 5 | (239 | ) | 35,808 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 1,151,064 | (1,833 | ) | 1,149,231 | 7,192 | (3,414 | ) | 1,153,009 | |||||||||||||||
USDA Securities | 1,935,440 | 73,785 | 2,009,225 | — | (95,590 | ) | 1,913,635 | ||||||||||||||||
Total held-to-maturity | $ | 3,086,504 | $ | 71,952 | $ | 3,158,456 | $ | 7,192 | $ | (99,004 | ) | $ | 3,066,644 | ||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | $ | 4,889,007 | $ | (103 | ) | $ | 4,888,904 | $ | 28,715 | $ | (63,934 | ) | $ | 4,853,685 | |||||||||
Trading: | |||||||||||||||||||||||
USDA Securities | $ | 19,360 | $ | 1,377 | $ | 20,737 | $ | 41 | $ | (390 | ) | $ | 20,388 |
As of December 31, 2015 | |||||||||||||||||||||||
Unpaid Principal Balance | Unamortized Premium/(Discount) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
AgVantage | $ | 1,274,431 | $ | (415 | ) | $ | 1,274,016 | $ | 7,801 | $ | — | $ | 1,281,817 | ||||||||||
Available-for-sale: | |||||||||||||||||||||||
AgVantage | $ | 4,164,952 | $ | — | $ | 4,164,952 | $ | 26,831 | $ | (70,539 | ) | $ | 4,121,244 | ||||||||||
Farmer Mac Guaranteed USDA Securities | 31,554 | (333 | ) | 31,221 | 140 | — | 31,361 | ||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,196,506 | (333 | ) | 4,196,173 | 26,971 | (70,539 | ) | 4,152,605 | |||||||||||||||
USDA Securities | 1,849,322 | 1,890 | 1,851,212 | 37,160 | (28 | ) | 1,888,344 | ||||||||||||||||
Total available-for-sale | $ | 6,045,828 | $ | 1,557 | $ | 6,047,385 | $ | 64,131 | $ | (70,567 | ) | $ | 6,040,949 | ||||||||||
Trading: | |||||||||||||||||||||||
USDA Securities | $ | 27,129 | $ | 1,934 | $ | 29,063 | $ | 125 | $ | (213 | ) | $ | 28,975 |
As of December 31, 2016 | |||||||||||||||
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 | $ | 358,575 | $ | (3,175 | ) | $ | — | $ | — | ||||||
Farmer Mac Guaranteed USDA Securities | 30,575 | (239 | ) | — | — | ||||||||||
USDA Securities | 1,816,366 | (95,582 | ) | 97,270 | (8 | ) | |||||||||
Total held-to-maturity | $ | 2,205,516 | $ | (98,996 | ) | $ | 97,270 | $ | (8 | ) | |||||
Available-for-sale: | |||||||||||||||
AgVantage | $ | 982,538 | $ | (18,482 | ) | $ | 1,131,930 | $ | (45,452 | ) |
As of December 31, 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 | $ | 1,193,866 | $ | (41,835 | ) | $ | 1,104,981 | $ | (28,704 | ) | |||||
USDA Securities | — | — | 103,010 | (28 | ) | ||||||||||
Total available-for-sale | $ | 1,193,866 | $ | (41,835 | ) | $ | 1,207,991 | $ | (28,732 | ) |
As of December 31, 2016 | ||||||||||
Available-for-Sale Securities | ||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | ||||||||
(dollars in thousands) | ||||||||||
Due within one year | $ | 300,000 | $ | 300,151 | 1.44 | % | ||||
Due after one year through five years | 2,902,108 | 2,913,881 | 1.84 | % | ||||||
Due after five years through ten years | 894,854 | 891,773 | 2.16 | % | ||||||
Due after ten years | 791,942 | 747,880 | 1.43 | % | ||||||
Total | $ | 4,888,904 | $ | 4,853,685 | 1.81 | % |
As of December 31, 2016 | ||||||||||
Held-to-Maturity Securities | ||||||||||
Amortized Cost | Fair Value | Weighted- Average Yield | ||||||||
(dollars in thousands) | ||||||||||
Due within one year | $ | 281,312 | $ | 281,722 | 2.25 | % | ||||
Due after one year through five years | 902,648 | 903,580 | 2.07 | % | ||||||
Due after five years through ten years | 170,400 | 163,138 | 2.90 | % | ||||||
Due after ten years | 1,804,096 | 1,718,204 | 3.25 | % | ||||||
Total | $ | 3,158,456 | $ | 3,066,644 | 2.79 | % |
6. | FINANCIAL DERIVATIVES |
As of December 31, 2016 | ||||||||||||||||||||
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 | $ | 1,642,609 | $ | 18,508 | $ | (18,909 | ) | 1.73% | 0.90% | 4.70 | ||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 207,000 | 3,706 | (955 | ) | 2.18% | 1.11% | 7.28 | |||||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 435,827 | 339 | (32,951 | ) | 4.06% | 0.89% | 5.90 | |||||||||||||
Receive fixed non-callable | 4,991,821 | 607 | (5,064 | ) | 0.74% | 0.75% | 0.60 | |||||||||||||
Receive fixed callable | 30,000 | — | (33 | ) | 0.82% | 0.58% | 0.33 | |||||||||||||
Basis swaps | 765,000 | 36 | (243 | ) | 0.78% | 0.78% | 0.87 | |||||||||||||
Treasury futures | 28,000 | — | (155 | ) | 123.73 | |||||||||||||||
Credit valuation adjustment | (14 | ) | 158 | |||||||||||||||||
Total financial derivatives | $ | 8,100,257 | $ | 23,182 | $ | (58,152 | ) | |||||||||||||
Collateral pledged | — | 25,643 | ||||||||||||||||||
Net amount | $ | 23,182 | $ | (32,509 | ) |
As of December 31, 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 | $ | 1,276,285 | $ | 949 | $ | (26,703 | ) | 2.35% | 0.37% | 4.16 | ||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 119,000 | 8 | (1,381 | ) | 2.25% | 0.64% | 7.03 | |||||||||||||
No hedge designation: | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Pay fixed non-callable | 454,041 | 229 | (44,528 | ) | 3.73% | 0.33% | 6.02 | |||||||||||||
Receive fixed non-callable | 5,590,638 | 2,384 | (4,205 | ) | 0.31% | 0.47% | 0.57 | |||||||||||||
Receive fixed callable | 230,000 | — | (421 | ) | 0.41% | 0.91% | 2.26 | |||||||||||||
Basis swaps | 725,000 | 232 | (131 | ) | 0.22% | 0.38% | 2.33 | |||||||||||||
Treasury futures | 35,000 | 19 | — | 125.96 | ||||||||||||||||
Credit valuation adjustment | (5 | ) | 170 | |||||||||||||||||
Total financial derivatives | $ | 8,429,964 | $ | 3,816 | $ | (77,199 | ) | |||||||||||||
Collateral pledged | — | 37,986 | ||||||||||||||||||
Net amount | $ | 3,816 | $ | (39,213 | ) |
Gains/(losses) on financial derivatives and hedging activities | |||||||||||
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Fair value hedges: | |||||||||||
Interest rate swaps(1) | $ | 25,365 | $ | 5,965 | $ | (2,729 | ) | ||||
Hedged items | (20,322 | ) | 3,100 | 14,520 | |||||||
Gains on fair value hedges | 5,043 | 9,065 | 11,791 | ||||||||
Cash flow hedges: | |||||||||||
Loss recognized (ineffective portion) | (353 | ) | (551 | ) | (10 | ) | |||||
Losses on cash flow hedges | (353 | ) | (551 | ) | (10 | ) | |||||
No hedge designation: | |||||||||||
Interest rate swaps | (1,991 | ) | (3,204 | ) | (31,101 | ) | |||||
Agency forwards | (226 | ) | (2,440 | ) | (1,842 | ) | |||||
Treasury futures | (162 | ) | (339 | ) | (484 | ) | |||||
Losses on financial derivatives not designated in hedging relationships | (2,379 | ) | (5,983 | ) | (33,427 | ) | |||||
Gains/(losses) on financial derivatives and hedging activities | $ | 2,311 | $ | 2,531 | $ | (21,646 | ) |
(1) | Included in the assessment of hedge effectiveness as of December 31, 2016, but excluded from the amounts in the table, were losses of $5.2 million for the year ended December 31, 2016, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the year ended December 31, 2016 were gains of $0.2 million. The comparable amounts as of December 31, 2015 were losses of $9.2 million for the year ended December 31, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the year ended December 31, 2015, attributable to hedge ineffectiveness. The comparable amounts as of December 31, 2014 were losses of $11.6 million for the year ended December 31, 2014, attributable to the fair value of the swaps at the inception of the hedging relationships and, accordingly, losses of $0.2 million for the year ended December 31, 2014, attributable to hedge ineffectiveness. |
7. | NOTES PAYABLE |
December 31, 2016 | |||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | ||||||||||||
Amount | Weighted- Average Rate | Amount | Weighted- Average Rate | ||||||||||
(dollars in thousands) | |||||||||||||
Due within one year: | |||||||||||||
Discount notes | $ | 3,789,137 | 0.59 | % | $ | 5,753,425 | 0.50 | % | |||||
Medium-term notes | 2,495,202 | 0.70 | % | 1,551,094 | 0.57 | % | |||||||
Current portion of long-term notes | 2,155,784 | 0.90 | % | ||||||||||
Total due within one year | $ | 8,440,123 | 0.70 | % | |||||||||
Due after one year: | |||||||||||||
Medium-term notes due in: | |||||||||||||
2018 | $ | 1,733,121 | 1.08 | % | |||||||||
2019 | 1,283,869 | 1.32 | % | ||||||||||
2020 | 495,096 | 1.50 | % | ||||||||||
2021 | 602,037 | 1.83 | % | ||||||||||
Thereafter | 1,108,854 | 3.01 | % | ||||||||||
Total due after one year | 5,222,977 | 1.68 | % | ||||||||||
Total | $ | 13,663,100 | 1.07 | % |
December 31, 2015 | |||||||||||||
Outstanding as of December 31 | Average Outstanding During the Year | ||||||||||||
Amount | Weighted- Average Rate | Amount | Weighted- Average Rate | ||||||||||
(dollars in thousands) | |||||||||||||
Due within one year: | |||||||||||||
Discount notes | $ | 6,642,560 | 0.32 | % | $ | 5,251,081 | 0.22 | % | |||||
Medium-term notes | 595,991 | 0.38 | % | 761,998 | 0.25 | % | |||||||
Current portion of long-term notes | 1,872,910 | 1.05 | % | ||||||||||
Total due within one year | $ | 9,111,461 | 0.48 | % | |||||||||
Due after one year: | |||||||||||||
Medium-term notes due in: | |||||||||||||
2017 | $ | 1,200,558 | 1.02 | % | |||||||||
2018 | 1,539,264 | 0.85 | % | ||||||||||
2019 | 520,284 | 1.73 | % | ||||||||||
2020 | 529,567 | 1.68 | % | ||||||||||
Thereafter | 1,177,363 | 3.05 | % | ||||||||||
Total due after one year | 4,967,036 | 1.59 | % | ||||||||||
Total | $ | 14,078,497 | 0.87 | % |
Debt Callable in 2017 as of December 31, 2016 | ||||||
Amount | Weighted-Average Rate | |||||
(dollars in thousands) | ||||||
Maturity: | ||||||
2018 | $ | 9,991 | 1.24 | % | ||
2019 | 61,922 | 1.31 | % | |||
2020 | 30,961 | 1.83 | % | |||
2021 | 148,726 | 1.72 | % | |||
Thereafter | 91,714 | 2.69 | % | |||
Total | $ | 343,314 | 1.90 | % |
Earliest Interest Rate Reset Date of Borrowings Outstanding | |||||
Amount | Weighted-Average Rate | ||||
(dollars in thousands) | |||||
Debt with interest rate resets in: | |||||
2017 | $ | 9,416,805 | 0.73% | ||
2018 | 1,488,131 | 1.12% | |||
2019 | 919,021 | 1.47% | |||
2020 | 329,181 | 1.77% | |||
2021 | 547,078 | 1.91% | |||
Thereafter | 962,884 | 3.27% | |||
Total | $ | 13,663,100 | 1.07% |
8. | LOANS AND ALLOWANCE FOR LOSSES |
As of December 31, 2016 | As of December 31, 2015 | ||||||||||||||||||||||
Unsecuritized | In Consolidated Trusts | Total | Unsecuritized | In Consolidated Trusts | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Farm & Ranch | $ | 2,381,488 | $ | 1,132,966 | $ | 3,514,454 | $ | 2,249,864 | $ | 708,111 | $ | 2,957,975 | |||||||||||
Rural Utilities | 999,512 | — | 999,512 | 1,008,126 | — | 1,008,126 | |||||||||||||||||
Total unpaid principal balance(1) | 3,381,000 | 1,132,966 | 4,513,966 | 3,257,990 | 708,111 | 3,966,101 | |||||||||||||||||
Unamortized premiums, discounts and other cost basis adjustments | (1,116 | ) | — | (1,116 | ) | 423 | — | 423 | |||||||||||||||
Total loans | 3,379,884 | 1,132,966 | 4,512,850 | 3,258,413 | 708,111 | 3,966,524 | |||||||||||||||||
Allowance for loan losses | (4,437 | ) | (978 | ) | (5,415 | ) | (3,736 | ) | (744 | ) | (4,480 | ) | |||||||||||
Total loans, net of allowance | $ | 3,375,447 | $ | 1,131,988 | $ | 4,507,435 | $ | 3,254,677 | $ | 707,367 | $ | 3,962,044 |
(1) | Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. |
Allowance for Loan Losses | Reserve for Losses | Total Allowance for Losses | |||||||||
(in thousands) | |||||||||||
Balance as of December 31, 2013 | $ | 6,866 | $ | 6,468 | $ | 13,334 | |||||
Release of losses | (961 | ) | (2,205 | ) | $ | (3,166 | ) | ||||
Charge-offs | (86 | ) | — | $ | (86 | ) | |||||
Recoveries | 45 | — | $ | 45 | |||||||
Balance as of December 31, 2014 | $ | 5,864 | $ | 4,263 | $ | 10,127 | |||||
Provision for/(release of) losses | 2,388 | (2,180 | ) | 208 | |||||||
Charge-offs | (3,772 | ) | — | (3,772 | ) | ||||||
Balance as of December 31, 2015 | $ | 4,480 | $ | 2,083 | $ | 6,563 | |||||
Provision for/(release of) losses | 1,065 | (63 | ) | 1,002 | |||||||
Charge-offs | (130 | ) | — | (130 | ) | ||||||
Balance as of December 31, 2016 | $ | 5,415 | $ | 2,020 | $ | 7,435 |
December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Year Ended: | |||||||||||||||||||||||||||
Beginning Balance | $ | 2,791 | $ | 931 | $ | 1,781 | $ | 408 | $ | 649 | $ | 3 | $ | 6,563 | |||||||||||||
Provision for/(release of) losses | 574 | 792 | (406 | ) | 127 | (116 | ) | 31 | 1,002 | ||||||||||||||||||
Charge-offs | — | — | — | (130 | ) | — | — | (130 | ) | ||||||||||||||||||
Ending Balance | $ | 3,365 | $ | 1,723 | $ | 1,375 | $ | 405 | $ | 533 | $ | 34 | $ | 7,435 |
December 31, 2015 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||
Beginning Balance | $ | 2,519 | $ | 2,159 | $ | 1,423 | $ | 467 | $ | 3,552 | $ | 7 | $ | 10,127 | |||||||||||||
Provision for/(release of) losses | 272 | (1,228 | ) | 358 | 52 | 758 | (4 | ) | 208 | ||||||||||||||||||
Charge-offs | — | — | — | (111 | ) | (3,661 | ) | — | (3,772 | ) | |||||||||||||||||
Ending Balance | $ | 2,791 | $ | 931 | $ | 1,781 | $ | 408 | $ | 649 | $ | 3 | $ | 6,563 |
As of December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,115,450 | $ | 569,360 | $ | 537,859 | $ | 183,660 | $ | 11,545 | $ | 8,894 | $ | 3,426,768 | |||||||||||||
Off-balance sheet | 1,241,851 | 437,575 | 752,473 | 131,889 | 36,506 | 4,503 | 2,604,797 | ||||||||||||||||||||
Total | $ | 3,357,301 | $ | 1,006,935 | $ | 1,290,332 | $ | 315,549 | $ | 48,051 | $ | 13,397 | $ | 6,031,565 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 41,648 | $ | 27,770 | $ | 10,658 | $ | 7,610 | $ | — | $ | — | $ | 87,686 | |||||||||||||
Off-balance sheet | 11,549 | 2,735 | 4,854 | 915 | — | — | 20,053 | ||||||||||||||||||||
Total | $ | 53,197 | $ | 30,505 | $ | 15,512 | $ | 8,525 | $ | — | $ | — | $ | 107,739 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,157,098 | $ | 597,130 | $ | 548,517 | $ | 191,270 | $ | 11,545 | $ | 8,894 | $ | 3,514,454 | |||||||||||||
Off-balance sheet | 1,253,400 | 440,310 | 757,327 | 132,804 | 36,506 | 4,503 | 2,624,850 | ||||||||||||||||||||
Total | $ | 3,410,498 | $ | 1,037,440 | $ | 1,305,844 | $ | 324,074 | $ | 48,051 | $ | 13,397 | $ | 6,139,304 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,000 | $ | 652 | $ | 735 | $ | 193 | $ | 22 | $ | 28 | $ | 3,630 | |||||||||||||
Off-balance sheet | 420 | 281 | 241 | 54 | 511 | 6 | 1,513 | ||||||||||||||||||||
Total | $ | 2,420 | $ | 933 | $ | 976 | $ | 247 | $ | 533 | $ | 34 | $ | 5,143 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 613 | $ | 770 | $ | 270 | $ | 132 | $ | — | $ | — | $ | 1,785 | |||||||||||||
Off-balance sheet | 332 | 20 | 129 | 26 | — | — | 507 | ||||||||||||||||||||
Total | $ | 945 | $ | 790 | $ | 399 | $ | 158 | $ | — | $ | — | $ | 2,292 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,613 | $ | 1,422 | $ | 1,005 | $ | 325 | $ | 22 | $ | 28 | $ | 5,415 | |||||||||||||
Off-balance sheet | 752 | 301 | 370 | 80 | 511 | 6 | 2,020 | ||||||||||||||||||||
Total | $ | 3,365 | $ | 1,723 | $ | 1,375 | $ | 405 | $ | 533 | $ | 34 | $ | 7,435 |
As of December 31, 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 | $ | 1,911,039 | $ | 433,654 | $ | 444,320 | $ | 92,712 | $ | 15,944 | $ | 3,199 | $ | 2,900,868 | |||||||||||||
Off-balance sheet | 1,313,872 | 483,473 | 777,663 | 110,378 | 56,208 | 7,142 | 2,748,736 | ||||||||||||||||||||
Total | $ | 3,224,911 | $ | 917,127 | $ | 1,221,983 | $ | 203,090 | $ | 72,152 | $ | 10,341 | $ | 5,649,604 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 12,803 | $ | 21,247 | $ | 5,958 | $ | 7,261 | $ | 9,838 | $ | — | $ | 57,107 | |||||||||||||
Off-balance sheet | 5,937 | 3,037 | 8,840 | 774 | — | — | 18,588 | ||||||||||||||||||||
Total | $ | 18,740 | $ | 24,284 | $ | 14,798 | $ | 8,035 | $ | 9,838 | $ | — | $ | 75,695 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,923,842 | $ | 454,901 | $ | 450,278 | $ | 99,973 | $ | 25,782 | $ | 3,199 | $ | 2,957,975 | |||||||||||||
Off-balance sheet | 1,319,809 | 486,510 | 786,503 | 111,152 | 56,208 | 7,142 | 2,767,324 | ||||||||||||||||||||
Total | $ | 3,243,651 | $ | 941,411 | $ | 1,236,781 | $ | 211,125 | $ | 81,990 | $ | 10,341 | $ | 5,725,299 | |||||||||||||
Allowance for Losses: | |||||||||||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 1,968 | $ | 434 | $ | 702 | $ | 116 | $ | 167 | $ | — | $ | 3,387 | |||||||||||||
Off-balance sheet | 347 | 137 | 292 | 65 | 482 | 3 | 1,326 | ||||||||||||||||||||
Total | $ | 2,315 | $ | 571 | $ | 994 | $ | 181 | $ | 649 | $ | 3 | $ | 4,713 | |||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||||||||||
On-balance sheet | $ | 290 | $ | 218 | $ | 384 | $ | 201 | $ | — | $ | — | $ | 1,093 | |||||||||||||
Off-balance sheet | 186 | 142 | 403 | 26 | — | — | 757 | ||||||||||||||||||||
Total | $ | 476 | $ | 360 | $ | 787 | $ | 227 | $ | — | $ | — | $ | 1,850 | |||||||||||||
Total Farm & Ranch loans: | |||||||||||||||||||||||||||
On-balance sheet | $ | 2,258 | $ | 652 | $ | 1,086 | $ | 317 | $ | 167 | $ | — | $ | 4,480 | |||||||||||||
Off-balance sheet | 533 | 279 | 695 | 91 | 482 | 3 | 2,083 | ||||||||||||||||||||
Total | $ | 2,791 | $ | 931 | $ | 1,781 | $ | 408 | $ | 649 | $ | 3 | $ | 6,563 |
As of December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 20,761 | $ | 3,683 | $ | 1,054 | $ | 1,970 | $ | — | $ | — | $ | 27,468 | |||||||||||||
Unpaid principal balance | 20,816 | 3,688 | 1,055 | 1,975 | — | — | 27,534 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment(1) | 32,326 | 26,748 | 14,322 | 6,535 | — | — | 79,931 | ||||||||||||||||||||
Unpaid principal balance | 32,381 | 26,817 | 14,457 | 6,550 | — | — | 80,205 | ||||||||||||||||||||
Associated allowance | 945 | 790 | 399 | 158 | — | — | 2,292 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 53,087 | 30,431 | 15,376 | 8,505 | — | — | 107,399 | ||||||||||||||||||||
Unpaid principal balance | 53,197 | 30,505 | 15,512 | 8,525 | — | — | 107,739 | ||||||||||||||||||||
Associated allowance | 945 | 790 | 399 | 158 | — | — | 2,292 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status(2) | $ | 13,405 | $ | 10,785 | $ | 2,696 | $ | 5,256 | $ | — | $ | — | $ | 32,142 |
(1) | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $76.5 million (71 percent) of impaired loans as of December 31, 2016, which resulted in a specific allowance of $1.6 million. |
(2) | Includes $12.4 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, 2015 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Impaired Loans: | |||||||||||||||||||||||||||
With no specific allowance: | |||||||||||||||||||||||||||
Recorded investment | $ | 3,772 | $ | 12,340 | $ | 5,644 | $ | 1,851 | $ | — | $ | — | $ | 23,607 | |||||||||||||
Unpaid principal balance | 3,720 | 12,346 | 5,645 | 1,851 | — | — | 23,562 | ||||||||||||||||||||
With a specific allowance: | |||||||||||||||||||||||||||
Recorded investment(1) | 15,103 | 11,939 | 9,050 | 6,185 | 9,838 | — | 52,115 | ||||||||||||||||||||
Unpaid principal balance | 15,020 | 11,938 | 9,153 | 6,184 | 9,838 | — | 52,133 | ||||||||||||||||||||
Associated allowance | 476 | 360 | 787 | 227 | — | — | 1,850 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Recorded investment | 18,875 | 24,279 | 14,694 | 8,036 | 9,838 | — | 75,722 | ||||||||||||||||||||
Unpaid principal balance | 18,740 | 24,284 | 14,798 | 8,035 | 9,838 | — | 75,695 | ||||||||||||||||||||
Associated allowance | 476 | 360 | 787 | 227 | — | — | 1,850 | ||||||||||||||||||||
Recorded investment of loans on nonaccrual status(2) | $ | 5,105 | $ | 16,546 | $ | 4,313 | $ | 5,870 | $ | 9,838 | $ | — | $ | 41,672 |
(1) | Impairment analysis was performed in the aggregate in consideration of similar risk characteristics of the assets and historical statistics on $46.4 million (61 percent) of impaired loans as of December 31, 2015, which resulted in a specific allowance of $1.0 million. |
(2) | Includes $14.7 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. |
December 31, 2016 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Year Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 33,252 | $ | 24,737 | $ | 14,450 | $ | 8,396 | $ | 1,968 | $ | — | $ | 82,803 | |||||||||||||
Income recognized on impaired loans | 136 | 866 | 238 | 329 | — | — | 1,569 |
December 31, 2015 | |||||||||||||||||||||||||||
Crops | Permanent Plantings | Livestock | Part-time Farm | Ag. Storage and Processing | Other | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
For the Year Ended: | |||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 22,315 | $ | 36,326 | $ | 14,077 | $ | 10,605 | $ | 7,368 | $ | — | $ | 90,691 | |||||||||||||
Income recognized on impaired loans | 381 | 472 | 353 | 308 | — | — | 1,514 |
For the Year Ended | |||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2014 | |||||||||
Unpaid principal balance at acquisition date: | |||||||||||
Loans underlying LTSPCs | $ | 2,118 | $ | 13,500 | $ | 705 | |||||
Loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) | 398 | 3,407 | — | ||||||||
Total unpaid principal balance at acquisition date | 2,516 | 16,907 | 705 | ||||||||
Contractually required payments receivable | 2,544 | 17,036 | 705 | ||||||||
Impairment recognized subsequent to acquisition | 208 | 3,772 | 69 | ||||||||
Recovery/release of allowance for all outstanding acquired defaulted loans | 67 | 1,019 | 233 |
As of | |||||||
December 31, 2016 | December 31, 2015 | ||||||
(in thousands) | |||||||
Outstanding balance | $ | 14,669 | $ | 36,195 | |||
Carrying amount | 13,069 | 34,015 |
90-Day Delinquencies(1) | Net Credit Losses | ||||||||||||||||||
As of | For the Year Ended | ||||||||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | December 31, 2014 | |||||||||||||||
(in thousands) | |||||||||||||||||||
On-balance sheet assets: | |||||||||||||||||||
Farm & Ranch: | |||||||||||||||||||
Loans | $ | 19,757 | $ | 26,935 | $ | 154 | $ | 3,853 | $ | (6 | ) | ||||||||
Total on-balance sheet | $ | 19,757 | $ | 26,935 | $ | 154 | $ | 3,853 | $ | (6 | ) | ||||||||
Off-balance sheet assets: | |||||||||||||||||||
Farm & Ranch: | |||||||||||||||||||
LTSPCs | $ | 1,281 | $ | 5,201 | $ | — | $ | — | $ | — | |||||||||
Total off-balance sheet | $ | 1,281 | $ | 5,201 | $ | — | $ | — | $ | — | |||||||||
Total | $ | 21,038 | $ | 32,136 | $ | 154 | $ | 3,853 | $ | (6 | ) |
(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 with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. |
As of December 31, 2016 | |||||||||||||||||||||||||||
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 | $ | 2,080,227 | $ | 568,221 | $ | 504,784 | $ | 179,288 | $ | 11,545 | $ | 8,894 | $ | 3,352,959 | |||||||||||||
Special mention(2) | 35,223 | 1,139 | 33,075 | 4,372 | — | — | 73,809 | ||||||||||||||||||||
Substandard(3) | 41,648 | 27,770 | 10,658 | 7,610 | — | — | 87,686 | ||||||||||||||||||||
Total on-balance sheet | $ | 2,157,098 | $ | 597,130 | $ | 548,517 | $ | 191,270 | $ | 11,545 | $ | 8,894 | $ | 3,514,454 | |||||||||||||
Off-Balance Sheet: | |||||||||||||||||||||||||||
Acceptable | $ | 1,201,144 | $ | 403,256 | $ | 724,056 | $ | 125,440 | $ | 34,537 | $ | 3,916 | $ | 2,492,349 | |||||||||||||
Special mention(2) | 20,422 | 16,881 | 15,341 | 2,344 | — | 6 | 54,994 | ||||||||||||||||||||
Substandard(3) | 31,834 | 20,173 | 17,930 | 5,020 | 1,969 | 581 | 77,507 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,253,400 | $ | 440,310 | $ | 757,327 | $ | 132,804 | $ | 36,506 | $ | 4,503 | $ | 2,624,850 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 3,281,371 | $ | 971,477 | $ | 1,228,840 | $ | 304,728 | $ | 46,082 | $ | 12,810 | $ | 5,845,308 | |||||||||||||
Special mention(2) | 55,645 | 18,020 | 48,416 | 6,716 | — | 6 | 128,803 | ||||||||||||||||||||
Substandard(3) | 73,482 | 47,943 | 28,588 | 12,630 | 1,969 | 581 | 165,193 | ||||||||||||||||||||
Total | $ | 3,410,498 | $ | 1,037,440 | $ | 1,305,844 | $ | 324,074 | $ | 48,051 | $ | 13,397 | $ | 6,139,304 | |||||||||||||
Commodity analysis of past due loans(1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 13,449 | $ | 3,245 | $ | 669 | $ | 2,394 | $ | — | $ | — | $ | 19,757 | |||||||||||||
Off-balance sheet | 373 | 407 | 38 | 463 | — | — | 1,281 | ||||||||||||||||||||
90 days or more past due | $ | 13,822 | $ | 3,652 | $ | 707 | $ | 2,857 | $ | — | $ | — | $ | 21,038 |
(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, 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 | $ | 1,888,762 | $ | 431,038 | $ | 409,003 | $ | 89,541 | $ | 15,944 | $ | 3,199 | $ | 2,837,487 | |||||||||||||
Special mention(2) | 22,255 | 2,616 | 35,317 | 2,918 | — | — | 63,106 | ||||||||||||||||||||
Substandard(3) | 12,825 | 21,247 | 5,958 | 7,514 | 9,838 | — | 57,382 | ||||||||||||||||||||
Total on-balance sheet | $ | 1,923,842 | $ | 454,901 | $ | 450,278 | $ | 99,973 | $ | 25,782 | $ | 3,199 | $ | 2,957,975 | |||||||||||||
Off-Balance Sheet | |||||||||||||||||||||||||||
Acceptable | $ | 1,279,454 | $ | 473,335 | $ | 753,472 | $ | 102,990 | $ | 56,208 | $ | 6,517 | $ | 2,671,976 | |||||||||||||
Special mention(2) | 24,422 | 7,226 | 13,121 | 2,938 | — | 523 | 48,230 | ||||||||||||||||||||
Substandard(3) | 15,933 | 5,949 | 19,910 | 5,224 | — | 102 | 47,118 | ||||||||||||||||||||
Total off-balance sheet | $ | 1,319,809 | $ | 486,510 | $ | 786,503 | $ | 111,152 | $ | 56,208 | $ | 7,142 | $ | 2,767,324 | |||||||||||||
Total Ending Balance: | |||||||||||||||||||||||||||
Acceptable | $ | 3,168,216 | $ | 904,373 | $ | 1,162,475 | $ | 192,531 | $ | 72,152 | $ | 9,716 | $ | 5,509,463 | |||||||||||||
Special mention(2) | 46,677 | 9,842 | 48,438 | 5,856 | — | 523 | 111,336 | ||||||||||||||||||||
Substandard(3) | 28,758 | 27,196 | 25,868 | 12,738 | 9,838 | 102 | 104,500 | ||||||||||||||||||||
Total | $ | 3,243,651 | $ | 941,411 | $ | 1,236,781 | $ | 211,125 | $ | 81,990 | $ | 10,341 | $ | 5,725,299 | |||||||||||||
Commodity analysis of past due loans(1) | |||||||||||||||||||||||||||
On-balance sheet | $ | 4,656 | $ | 7,405 | $ | 2,517 | $ | 2,519 | $ | 9,838 | $ | — | $ | 26,935 | |||||||||||||
Off-balance sheet | 511 | — | 4,542 | 148 | — | — | 5,201 | ||||||||||||||||||||
90 days or more past due | $ | 5,167 | $ | 7,405 | $ | 7,059 | $ | 2,667 | $ | 9,838 | $ | — | $ | 32,136 |
(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, 2016 | December 31, 2015 | ||||||
(in thousands) | |||||||
By commodity/collateral type: | |||||||
Crops | $ | 3,410,498 | $ | 3,243,651 | |||
Permanent plantings | 1,037,440 | 941,411 | |||||
Livestock | 1,305,844 | 1,236,781 | |||||
Part-time farm | 324,074 | 211,125 | |||||
Ag. Storage and Processing | 48,051 | 81,990 | |||||
Other | 13,397 | 10,341 | |||||
Total | $ | 6,139,304 | $ | 5,725,299 | |||
By geographic region(1): | |||||||
Northwest | $ | 657,403 | $ | 582,127 | |||
Southwest | 1,791,745 | 1,726,927 | |||||
Mid-North | 2,104,867 | 2,009,654 | |||||
Mid-South | 837,121 | 769,831 | |||||
Northeast | 229,679 | 215,883 | |||||
Southeast | 518,489 | 420,877 | |||||
Total | $ | 6,139,304 | $ | 5,725,299 | |||
By original loan-to-value ratio: | |||||||
0.00% to 40.00% | $ | 1,740,792 | $ | 1,594,818 | |||
40.01% to 50.00% | 1,401,630 | 1,279,321 | |||||
50.01% to 60.00% | 1,706,099 | 1,593,025 | |||||
60.01% to 70.00% | 1,086,295 | 1,107,710 | |||||
70.01% to 80.00% | 180,142 | 126,860 | |||||
80.01% to 90.00% | 24,346 | 23,565 | |||||
Total | $ | 6,139,304 | $ | 5,725,299 |
(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). |
9. | EQUITY |
• | Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33 percent of the outstanding shares of Class A voting common stock. |
• | Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. |
• | Class C non-voting common stock, which has no ownership restrictions. |
For the Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Stock Options and SARs | Weighted- Average Exercise Price | Stock Options and SARs | Weighted- Average Exercise Price | Stock Options and SARs | Weighted- Average Exercise Price | |||||||||||||||
Outstanding, beginning of year | 747,573 | $ | 26.68 | 718,143 | $ | 25.12 | 664,245 | $ | 23.78 | |||||||||||
Granted | 51,975 | 35.75 | 119,110 | 32.25 | 87,600 | 34.92 | ||||||||||||||
Exercised | (431,346 | ) | 24.77 | (86,680 | ) | 21.32 | (23,035 | ) | 20.83 | |||||||||||
Canceled | (667 | ) | 35.60 | (3,000 | ) | 30.05 | (10,667 | ) | 31.16 | |||||||||||
Outstanding, end of year | 367,535 | 30.18 | 747,573 | 26.68 | 718,143 | 25.12 | ||||||||||||||
Exercisable at end of year | 208,274 | 27.41 | 543,698 | 24.34 | 548,180 | 23.12 | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Non-vested Restricted Stock | Weighted- Average Grant Date Fair Value | Non-vested Restricted Stock | Weighted- Average Grant Date Fair Value | Non-vested Restricted Stock | Weighted- Average Grant Date Fair Value | |||||||||||||||
Outstanding, beginning of year | 132,651 | $ | 32.12 | 103,772 | $ | 31.24 | 98,285 | $ | 27.66 | |||||||||||
Granted | 76,617 | 36.33 | 76,616 | 32.14 | 57,590 | 33.88 | ||||||||||||||
Canceled | (1,360 | ) | 35.75 | — | — | (8,360 | ) | 21.72 | ||||||||||||
Vested and issued | (69,411 | ) | 31.69 | (47,737 | ) | 30.25 | (43,743 | ) | 28.48 | |||||||||||
Outstanding, end of year | 138,497 | 34.63 | 132,651 | 32.12 | 103,772 | 31.24 |
Outstanding | Exercisable | Vested or Expected to Vest | |||||||||||||
Range of Exercise Prices | Stock Options and SARs | Weighted- Average Remaining Contractual Life | Stock Options and SARs | Weighted- Average Remaining Contractual Life | Stock Options and SARs | Weighted- Average Remaining Contractual Life | |||||||||
$5.00 - $9.99 | 4,000 | 1.7 years | 4,000 | 1.7 years | 4,000 | 1.7 years | |||||||||
10.00 - 14.99 | 10,000 | 3.7 years | 10,000 | 3.7 years | 10,000 | 3.7 years | |||||||||
15.00 - 19.99 | 27,000 | 4.4 years | 27,000 | 4.4 years | 27,000 | 4.4 years | |||||||||
20.00 - 24.99 | 27,000 | 5.2 years | 27,000 | 5.2 years | 27,000 | 5.2 years | |||||||||
25.00 - 29.99 | 23,509 | 2.6 years | 19,509 | 1.4 years | 23,309 | 2.5 years | |||||||||
30.00 - 34.99 | 189,713 | 7.3 years | 103,767 | 6.6 years | 184,893 | 7.3 years | |||||||||
35.00 - 39.99 | 86,313 | 8.4 years | 16,998 | 7.0 years | 85,619 | 8.4 years | |||||||||
367,535 | 208,274 | 361,821 | |||||||||||||
Outstanding | Expected to Vest | ||||||||||||||
Weighted- Average Grant-Date Fair Value | Non-vested Restricted Stock | Weighted-Average Remaining Contractual Life | Non-vested Restricted Stock | Weighted-Average Remaining Contractual Life | |||||||||||
$25.00 - $29.99 | 6,778 | 1.1 years | 6,439 | 1.1 years | |||||||||||
30.00 - 34.99 | 18,140 | 0.2 years | 17,233 | 0.2 years | |||||||||||
35.00 - 39.99 | 110,204 | 1.5 years | 106,481 | 1.5 years | |||||||||||
40.00 - 44.99 | 3,375 | 1.6 years | 3,162 | 1.6 years | |||||||||||
138,497 | 133,315 |
For the Year Ended December 31, | |||||
2016 | 2015 | 2014 | |||
Risk-free interest rate | 1.5% | 1.2% | 1.5% | ||
Expected years until exercise | 5 years | 4 years | 4 years | ||
Expected stock volatility | 34.7% | 38.0% | 49.7% | ||
Dividend yield | 2.9% | 2.0% | 1.6% |
• | 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. |
10. | INCOME TAXES |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Current income tax expense | $ | 37,954 | $ | 30,247 | $ | 9,803 | |||||
Deferred income tax (benefit)/expense | 4,103 | 3,992 | (6,979 | ) | |||||||
Income tax expense | $ | 42,057 | $ | 34,239 | $ | 2,824 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(dollars in thousands) | |||||||||||
Tax expense at statutory rate | $ | 41,775 | $ | 37,827 | $ | 25,587 | |||||
Non-taxable dividend income | — | — | (1,587 | ) | |||||||
Income from non-controlling interest | — | (1,874 | ) | (7,766 | ) | ||||||
Loss on retirement of preferred stock | — | (1,901 | ) | — | |||||||
Valuation allowance | 21 | 33 | (13,542 | ) | |||||||
Other | 261 | 154 | 132 | ||||||||
Income tax expense | $ | 42,057 | $ | 34,239 | $ | 2,824 | |||||
Statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % |
As of December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Deferred tax assets: | |||||||
Basis differences related to financial derivatives | $ | 15,917 | $ | 28,395 | |||
Basis differences related to hedged items | 9,307 | 2,866 | |||||
Unrealized losses on available-for-sale securities | — | 5,660 | |||||
Allowance for losses | 2,602 | 2,297 | |||||
Stock-based compensation | 1,648 | 2,833 | |||||
Capital loss carryforwards and other than temporary impairment | 56 | 2,099 | |||||
Valuation allowance | (56 | ) | (2,099 | ) | |||
Other | 1,247 | 1,444 | |||||
Total deferred tax assets | 30,721 | 43,495 | |||||
Deferred tax liability: | |||||||
Unrealized gains on available-for-sale securities | 16,889 | — | |||||
Basis difference in subsidiary | 23 | 300 | |||||
Other | 1,518 | 279 | |||||
Total deferred tax liability | 18,430 | 579 | |||||
Net deferred tax asset | $ | 12,291 | $ | 42,916 |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Beginning balance | $ | — | $ | — | $ | 1,148 | |||||
Decreases based on tax positions related to prior years | — | — | (1,148 | ) | |||||||
Increases based on tax positions related to current year | — | — | — | ||||||||
Ending balance | $ | — | $ | — | $ | — |
11. | EMPLOYEE BENEFITS |
12. | GUARANTEES AND LONG-TERM STANDBY PURCHASE COMMITMENTS |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Beginning balance, January 1 | $ | 38,609 | $ | 37,925 | $ | 39,667 | |||||
Additions to the guarantee and commitment obligation(1) | 6,725 | 8,207 | 4,966 | ||||||||
Amortization of the guarantee and commitment obligation | (8,052 | ) | (7,523 | ) | (6,708 | ) | |||||
Ending balance, December 31 | $ | 37,282 | $ | 38,609 | $ | 37,925 |
(1) | Represents the fair value of the guarantee and commitment obligation at inception. |
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities | |||||||
As of December 31, 2016 | As of December 31, 2015 | ||||||
(in thousands) | |||||||
Farm & Ranch: | |||||||
Guaranteed Securities | $ | 415,441 | $ | 514,051 | |||
USDA Guarantees: | |||||||
Farmer Mac Guaranteed USDA Securities | 103,976 | 10,272 | |||||
Institutional Credit: | |||||||
AgVantage Securities | 983,214 | 984,871 | |||||
Revolving floating rate AgVantage facility(1) | 300,000 | 300,000 | |||||
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 1,802,631 | $ | 1,809,194 |
(1) | Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. |
For the Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Proceeds from new securitizations | $ | 609,347 | $ | 336,913 | $ | 175,754 | |||||
Guarantee fees received | 3,552 | 4,028 | 4,612 | ||||||||
Purchases of assets from the trusts | (2,118 | ) | (3,407 | ) | — |
• | par if the loans become delinquent for either 90 days or 120 days (depending on the agreement) or are in material non-monetary default, with accrued and unpaid interest on the defaulted loans payable out of any future loan payments or liquidation proceeds; or |
• | fair value or in exchange for Farm & Ranch Guaranteed Securities (in the Farm & Ranch line of business, if the loans are not delinquent), in accordance with the terms of the applicable agreement. |
Future Minimum Lease Payments | Other Contractual Obligations | ||||||
(in thousands) | |||||||
2017 | $ | 1,455 | $ | 1,063 | |||
2018 | 1,447 | 481 | |||||
2019 | 1,439 | 488 | |||||
2020 | 1,427 | 498 | |||||
2021 | 1,459 | 193 | |||||
Thereafter | 4,069 | — | |||||
Total | $ | 11,296 | $ | 2,723 |
13. | FAIR VALUE DISCLOSURES |
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
Level 2 | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. |
Level 3 | Prices or valuations that require unobservable inputs that are significant to the fair value measurement. |
Assets and Liabilities Measured at Fair Value as of December 31, 2016 | |||||||||||||||
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 | $ | — | $ | — | $ | 17,730 | $ | 17,730 | |||||||
Floating rate asset-backed securities | — | 43,851 | — | 43,851 | |||||||||||
Floating rate corporate debt securities | — | 10,041 | — | 10,041 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 1,361,029 | — | 1,361,029 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 7,625 | — | 7,625 | |||||||||||
Floating rate GSE subordinated debt | — | 66,953 | — | 66,953 | |||||||||||
Fixed rate senior agency debt | — | 187,133 | — | 187,133 | |||||||||||
Fixed rate U.S. Treasuries | 821,489 | — | — | 821,489 | |||||||||||
Total Investment Securities | 821,489 | 1,676,632 | 17,730 | 2,515,851 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
AgVantage | — | — | 4,853,685 | 4,853,685 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 4,853,685 | 4,853,685 | |||||||||||
USDA Securities: | |||||||||||||||
Trading | — | — | 20,388 | 20,388 | |||||||||||
Total USDA Securities | — | — | 20,388 | 20,388 | |||||||||||
Financial derivatives | — | 23,182 | — | 23,182 | |||||||||||
Total Assets at fair value | $ | 821,489 | $ | 1,699,814 | $ | 4,891,803 | $ | 7,413,106 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | 155 | $ | 57,997 | $ | — | $ | 58,152 | |||||||
Total Liabilities at fair value | $ | 155 | $ | 57,997 | $ | — | $ | 58,152 | |||||||
Nonrecurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 2,799 | $ | 2,799 | |||||||
REO | — | — | 349 | 349 | |||||||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 3,148 | $ | 3,148 |
Assets and Liabilities Measured at Fair Value as of December 31, 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 | $ | — | $ | — | $ | 44,924 | $ | 44,924 | |||||||
Floating rate asset-backed securities | — | 73,729 | — | 73,729 | |||||||||||
Floating rate corporate debt securities | — | 9,991 | — | 9,991 | |||||||||||
Fixed rate corporate debt | — | 9,994 | — | 9,994 | |||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | — | 1,355,459 | — | 1,355,459 | |||||||||||
Fixed rate GSE guaranteed mortgage-backed securities | — | 7,904 | — | 7,904 | |||||||||||
Floating rate GSE subordinated debt | — | 66,249 | — | 66,249 | |||||||||||
Fixed rate senior agency debt | — | 213,987 | — | 213,987 | |||||||||||
Fixed rate U.S. Treasuries | 992,788 | — | — | 992,788 | |||||||||||
Total available-for-sale | 992,788 | 1,737,313 | 44,924 | 2,775,025 | |||||||||||
Trading: | |||||||||||||||
Floating rate asset-backed securities | — | — | 491 | 491 | |||||||||||
Total trading | — | — | 491 | 491 | |||||||||||
Total Investment Securities | 992,788 | 1,737,313 | 45,415 | 2,775,516 | |||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
AgVantage | — | — | 4,121,244 | 4,121,244 | |||||||||||
Farmer Mac Guaranteed USDA Securities | — | — | 31,361 | 31,361 | |||||||||||
Total Farmer Mac Guaranteed Securities | — | — | 4,152,605 | 4,152,605 | |||||||||||
USDA Securities: | |||||||||||||||
Available-for-sale | — | — | 1,888,344 | 1,888,344 | |||||||||||
Trading | — | — | 28,975 | 28,975 | |||||||||||
Total USDA Guaranteed Securities | — | — | 1,917,319 | 1,917,319 | |||||||||||
Financial derivatives | 19 | 3,797 | — | 3,816 | |||||||||||
Total Assets at fair value | $ | 992,807 | $ | 1,741,110 | $ | 6,115,339 | $ | 8,849,256 | |||||||
Liabilities: | |||||||||||||||
Financial derivatives | $ | — | $ | 77,199 | $ | — | $ | 77,199 | |||||||
Total Liabilities at fair value | $ | — | $ | 77,199 | $ | — | $ | 77,199 | |||||||
Nonrecurring: | |||||||||||||||
Assets: | |||||||||||||||
Loans held for investment | $ | — | $ | — | $ | 11,443 | $ | 11,443 | |||||||
REO | $ | — | $ | — | $ | 388 | $ | 388 | |||||||
Total Nonrecurring Assets at fair value | $ | — | $ | — | $ | 11,831 | $ | 11,831 |
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||
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 | $ | 44,924 | $ | — | $ | (26,806 | ) | $ | — | $ | 6 | $ | (394 | ) | $ | — | $ | 17,730 | |||||||||||||
Total available-for-sale | 44,924 | — | (26,806 | ) | — | 6 | (394 | ) | — | 17,730 | |||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||
Floating rate asset-backed securities(1) | 491 | — | — | (2,213 | ) | 1,722 | — | — | — | ||||||||||||||||||||||
Total trading | 491 | — | — | (2,213 | ) | 1,722 | — | — | — | ||||||||||||||||||||||
Total Investment Securities | 45,415 | — | (26,806 | ) | (2,213 | ) | 1,728 | (394 | ) | — | 17,730 | ||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||
AgVantage | 4,121,244 | 1,430,392 | — | (706,446 | ) | (20,944 | ) | 29,439 | — | 4,853,685 | |||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities(2) | 31,361 | 4,100 | — | (3,240 | ) | — | 603 | (32,824 | ) | — | |||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 4,152,605 | 1,434,492 | — | (709,686 | ) | (20,944 | ) | 30,042 | (32,824 | ) | 4,853,685 | ||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||
Available-for-sale(2) | 1,888,344 | 391,240 | (97,954 | ) | (237,262 | ) | — | 35,959 | (1,980,327 | ) | — | ||||||||||||||||||||
Trading(3) | 28,975 | — | — | (8,325 | ) | (262 | ) | — | — | 20,388 | |||||||||||||||||||||
Total USDA Securities | 1,917,319 | 391,240 | (97,954 | ) | (245,587 | ) | (262 | ) | 35,959 | (1,980,327 | ) | 20,388 | |||||||||||||||||||
Total Assets at fair value | $ | 6,115,339 | $ | 1,825,732 | $ | (124,760 | ) | $ | (957,486 | ) | $ | (19,478 | ) | $ | 65,607 | $ | (2,013,151 | ) | $ | 4,891,803 |
(1) | None of the unrealized gains are attributable to assets still held as of December 31, 2016 and are recorded in "Gains on trading securities." |
(2) | Includes $32.8 million of Farmer Mac Guaranteed USDA Securities and $2.0 billion of USDA Securities transferred from available-for-sale to held-to-maturity on October 1, 2016. |
(3) | Includes unrealized losses of $0.3 million attributable to assets still held as of December 31, 2016 that are recorded in "Gains on trading securities." |
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2015 | |||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized (Losses)/Gains 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 | $ | — | $ | — | $ | — | $ | (100 | ) | $ | 4,448 | $ | 44,924 | ||||||||||||
Total available-for-sale | 40,576 | — | — | — | (100 | ) | 4,448 | 44,924 | |||||||||||||||||||
Trading: | |||||||||||||||||||||||||||
Floating rate asset-backed securities(1) | 689 | — | — | (657 | ) | 459 | — | 491 | |||||||||||||||||||
Total trading | 689 | — | — | (657 | ) | 459 | — | 491 | |||||||||||||||||||
Total Investment Securities | 41,265 | — | — | (657 | ) | 359 | 4,448 | 45,415 | |||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||
AgVantage | 3,631,662 | 678,566 | — | (138,687 | ) | 3,090 | (53,387 | ) | 4,121,244 | ||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 27,619 | 13,314 | — | (9,482 | ) | — | (90 | ) | 31,361 | ||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 3,659,281 | 691,880 | — | (148,169 | ) | 3,090 | (53,477 | ) | 4,152,605 | ||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||
Available-for-sale | 1,731,222 | 363,621 | — | (233,385 | ) | — | 26,886 | 1,888,344 | |||||||||||||||||||
Trading(2) | 40,310 | — | — | (12,096 | ) | 761 | — | 28,975 | |||||||||||||||||||
Total USDA Securities | 1,771,532 | 363,621 | — | (245,481 | ) | 761 | 26,886 | 1,917,319 | |||||||||||||||||||
Total Assets at fair value | $ | 5,472,078 | $ | 1,055,501 | $ | — | $ | (394,307 | ) | $ | 4,210 | $ | (22,143 | ) | $ | 6,115,339 |
(1) | Unrealized gains are attributable to assets still held as of December 31, 2015 and are recorded in "Gains on trading securities." |
(2) | Includes unrealized gains of $0.9 million attributable to assets still held as of December 31, 2015 that are recorded in "Gains on trading securities." |
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
Beginning Balance | Purchases | Sales | Settlements | Realized and Unrealized (Losses)/Gains 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 | $ | — | $ | (26,675 | ) | $ | — | $ | (825 | ) | $ | 2,791 | $ | — | $ | 40,576 | |||||||||||||
Floating rate Government/GSE guaranteed mortgage-backed securities | 205 | — | — | (205 | ) | — | — | — | — | ||||||||||||||||||||||
Total available-for-sale | 65,490 | — | (26,675 | ) | (205 | ) | (825 | ) | 2,791 | — | 40,576 | ||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||
Floating rate asset-backed securities(1) | 928 | — | — | (685 | ) | 446 | — | — | 689 | ||||||||||||||||||||||
Total trading | 928 | — | — | (685 | ) | 446 | — | — | 689 | ||||||||||||||||||||||
Total Investment Securities | 66,418 | — | (26,675 | ) | (890 | ) | (379 | ) | 2,791 | — | 41,265 | ||||||||||||||||||||
Farmer Mac Guaranteed Securities: | |||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||
AgVantage(2) | 5,070,366 | 1,091,475 | — | (922,908 | ) | 14,520 | 10,995 | (1,632,786 | ) | 3,631,662 | |||||||||||||||||||||
Farmer Mac Guaranteed USDA Securities | 21,234 | 7,627 | — | (808 | ) | (434 | ) | — | 27,619 | ||||||||||||||||||||||
Total Farmer Mac Guaranteed Securities | 5,091,600 | 1,099,102 | — | (923,716 | ) | 14,520 | 10,561 | (1,632,786 | ) | 3,659,281 | |||||||||||||||||||||
USDA Securities: | |||||||||||||||||||||||||||||||
Available-for-sale | 1,553,669 | 335,359 | — | (209,400 | ) | — | 51,594 | — | 1,731,222 | ||||||||||||||||||||||
Trading(2) | 58,344 | — | — | (19,185 | ) | 1,151 | — | — | 40,310 | ||||||||||||||||||||||
Total USDA Securities | 1,612,013 | 335,359 | — | (228,585 | ) | 1,151 | 51,594 | — | 1,771,532 | ||||||||||||||||||||||
Total Assets at fair value | $ | 6,770,031 | $ | 1,434,461 | $ | (26,675 | ) | $ | (1,153,191 | ) | $ | 15,292 | $ | 64,946 | $ | (1,632,786 | ) | $ | 5,472,078 | ||||||||||||
Liabilities: | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — | ||||||||||||||
Financial Derivatives: | $ | (235 | ) | $ | — | $ | — | $ | — | $ | 235 | $ | — | $ | — | $ | — |
(1) | Unrealized gains are attributable to assets still held as of December 31, 2014 and are recorded in "Gains on trading securities.". |
(2) | Includes $1.6 billion of AgVantage securities transferred from available-for-sale to held-to-maturity on January 1, 2014 and $20.7 million of AgVantage securities purchased during 2014 transferred from available-for-sale to held-to-maturity. |
(3) | Includes unrealized gains of $1.8 million attributable to assets still held as of December 31, 2014 that are recorded in "Gains on trading securities." |
As of December 31, 2016 | ||||||||||
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 | $ | 17,730 | Indicative bids | Range of broker quotes | 90.0% - 90.0% (90.0%) | |||||
Farmer Mac Guaranteed Securities: | ||||||||||
AgVantage | $ | 4,853,685 | Discounted cash flow | Discount rate | 1.5% - 3.3% (1.9%) | |||||
USDA Securities | $ | 20,388 | Discounted cash flow | Discount rate | 4.0% - 5.3% (5.0%) | |||||
CPR | 13% - 18% (17%) |
As of December 31, 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 | $ | 44,924 | Indicative bids | Range of broker quotes | 92.0% - 99.6% (96.6%) | |||||
Floating rate asset-backed securities | $ | 491 | Discounted cash flow | Discount rate | 18.3% - 23.9% (21.5%) | |||||
CPR | 10.0% | |||||||||
Farmer Mac Guaranteed Securities: | ||||||||||
AgVantage | $ | 4,121,244 | Discounted cash flow | Discount rate | 1.1% - 3.3% (1.8%) | |||||
Farmer Mac Guaranteed USDA Securities | $ | 31,361 | Discounted cash flow | Discount rate | 1.0% - 3.9% (1.8%) | |||||
CPR | 9% - 20% (10.0%) | |||||||||
USDA Securities | $ | 1,917,319 | Discounted cash flow | Discount rate | 1.3% - 5.1% (3.1%) | |||||
CPR | 0% - 19% (7.0%) |
As of December 31, 2016 | As of December 31, 2015 | ||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||
(in thousands) | |||||||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 265,229 | $ | 265,229 | $ | 1,210,084 | $ | 1,210,084 | |||||||
Investment securities | 2,515,851 | 2,515,851 | 2,775,516 | 2,775,516 | |||||||||||
Farmer Mac Guaranteed Securities | 6,006,694 | 6,002,916 | 5,434,422 | 5,426,621 | |||||||||||
USDA Securities | 1,934,023 | 2,029,613 | 1,917,319 | 1,917,319 | |||||||||||
Loans | 4,481,019 | 4,507,435 | 4,027,660 | 3,962,044 | |||||||||||
Financial derivatives | 23,182 | 23,182 | 3,816 | 3,816 | |||||||||||
Guarantee and commitment fees receivable: | |||||||||||||||
LTSPCs | 34,720 | 32,656 | 31,953 | 31,240 | |||||||||||
Farmer Mac Guaranteed Securities | 6,197 | 6,215 | 8,872 | 8,949 | |||||||||||
Financial liabilities: | |||||||||||||||
Notes payable: | |||||||||||||||
Due within one year | 8,439,515 | 8,440,123 | 9,108,468 | 9,111,461 | |||||||||||
Due after one year | 5,260,497 | 5,222,977 | 5,009,310 | 4,967,036 | |||||||||||
Debt securities of consolidated trusts held by third parties | 1,107,513 | 1,142,704 | 713,316 | 713,536 | |||||||||||
Financial derivatives | 58,152 | 58,152 | 77,199 | 77,199 | |||||||||||
Guarantee and commitment obligations: | |||||||||||||||
LTSPCs | 33,860 | 31,796 | 31,015 | 30,301 | |||||||||||
Farmer Mac Guaranteed Securities | 5,467 | 5,486 | 8,230 | 8,308 |
14. | BUSINESS SEGMENT REPORTING |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Year Ended December 31, 2016 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 47,219 | $ | 21,865 | $ | 11,739 | $ | 48,756 | $ | 10,695 | $ | — | $ | 140,274 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (6,831 | ) | (2,446 | ) | (1,373 | ) | (3,205 | ) | (1,317 | ) | 15,172 | — | |||||||||||||||
Net effective spread | 40,388 | 19,419 | 10,366 | 45,551 | 9,378 | 15,172 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 15,542 | 101 | 1,694 | 1,833 | — | (4,302 | ) | 14,868 | |||||||||||||||||||
Other income/(expense)(3)(4) | 539 | 222 | 2 | — | (231 | ) | 5,068 | 5,600 | |||||||||||||||||||
Non-interest income/(loss) | 16,081 | 323 | 1,696 | 1,833 | (231 | ) | 766 | 20,468 | |||||||||||||||||||
Provision for loan losses | (1,065 | ) | — | — | — | — | — | (1,065 | ) | ||||||||||||||||||
Release of reserve for losses | 63 | — | — | — | — | — | 63 | ||||||||||||||||||||
Other non-interest expense | (16,206 | ) | (4,200 | ) | (2,856 | ) | (3,786 | ) | (13,335 | ) | — | (40,383 | ) | ||||||||||||||
Non-interest expense(5) | (16,143 | ) | (4,200 | ) | (2,856 | ) | (3,786 | ) | (13,335 | ) | — | (40,320 | ) | ||||||||||||||
Core earnings before income taxes | 39,261 | 15,542 | 9,206 | 43,598 | (4,188 | ) | 15,938 | (6) | 119,357 | ||||||||||||||||||
Income tax (expense)/benefit | (13,743 | ) | (5,439 | ) | (3,223 | ) | (15,258 | ) | 1,185 | (5,579 | ) | (42,057 | ) | ||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 25,518 | 10,103 | 5,983 | 28,340 | (3,003 | ) | 10,359 | (6) | 77,300 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (13,182 | ) | — | (13,182 | ) | ||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||
Segment core earnings/(losses) | $ | 25,518 | $ | 10,103 | $ | 5,983 | $ | 28,340 | $ | (16,151 | ) | $ | 10,359 | (6) | $ | 64,152 | |||||||||||
Total assets at carrying value | $ | 3,582,098 | $ | 2,096,503 | $ | 1,012,014 | $ | 6,008,574 | $ | 2,906,831 | $ | — | $ | 15,606,020 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 6,139,304 | $ | 2,094,375 | $ | 1,878,110 | $ | 7,287,686 | — | $ | 17,399,475 |
(1) | Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. |
(2) | Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. |
(3) | Includes the reclassification of interest expense 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, to determine the effective funding cost for each operating segment. |
(4) | Includes reconciling adjustments for 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. In 2016 and prior periods, fair value adjustments on financial derivatives included variation margin payment amounts because those amounts were considered to be collateral of the related exposure and were accounted for as unrealized gains or losses. However, effective first quarter 2017, CME implemented a change in its rules related to the exchange of variation margin, whereby variation margin payments will be considered a partial settlement of the respective derivatives contracts rather than as pledged collateral, and accounted for as realized gains and losses. See Note 6 for more information about this rule change. Farmer Mac believes that even though these variation margin amounts will be accounted for as realized gains or losses on financial derivatives and hedging activities as a result of the CME rule change, their economic character will remain the same as they were before the change. The fair value fluctuations related to the exchange of variation margin, whether considered a partial settlement of or the pledge of collateral under a derivatives contract, are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP because the related financial instruments are expected to be held to maturity. Therefore, beginning in 2017, this reconciling adjustment will include realized gains and losses on financial derivatives centrally cleared through CME resulting from the exchange of variation margin. As a result, core earnings subsequent to 2016 will be presented on a consistent basis with core earnings in 2016 and prior periods. |
(5) | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
(6) | Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Year Ended December 31, 2015 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 43,270 | $ | 17,751 | $ | 11,729 | $ | 44,970 | $ | 8,087 | $ | — | $ | 125,807 | |||||||||||||
Less: reconciling adjustments(1)(2)(3) | (4,466 | ) | 88 | (335 | ) | (1,515 | ) | (199 | ) | 6,427 | — | ||||||||||||||||
Net effective spread | 38,804 | 17,839 | 11,394 | 43,455 | 7,888 | 6,427 | — | ||||||||||||||||||||
Guarantee and commitment fees(2) | 15,076 | 17 | 397 | 1,665 | — | (3,078 | ) | 14,077 | |||||||||||||||||||
Other income/(expense)(3)(4) | 1,040 | 100 | 25 | — | (1,972 | ) | 6,871 | 6,064 | |||||||||||||||||||
Non-interest income/(loss) | 16,116 | 117 | 422 | 1,665 | (1,972 | ) | 3,793 | 20,141 | |||||||||||||||||||
Provision for loan losses | (2,388 | ) | — | — | — | — | — | (2,388 | ) | ||||||||||||||||||
Release of reserve for losses | 2,180 | — | — | — | — | — | 2,180 | ||||||||||||||||||||
Other non-interest expense | (16,876 | ) | (3,449 | ) | (3,364 | ) | (2,109 | ) | (11,864 | ) | — | (37,662 | ) | ||||||||||||||
Non-interest expense(5) | (14,696 | ) | (3,449 | ) | (3,364 | ) | (2,109 | ) | (11,864 | ) | — | (35,482 | ) | ||||||||||||||
Core earnings before income taxes | 37,836 | 14,507 | 8,452 | 43,011 | (5,948 | ) | 10,220 | (6) | 108,078 | ||||||||||||||||||
Income tax (expense)/benefit | (13,188 | ) | (5,176 | ) | (2,947 | ) | (15,054 | ) | 3,803 | (1,677 | ) | (34,239 | ) | ||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 24,648 | 9,331 | 5,505 | 27,957 | (2,145 | ) | 8,543 | (6) | 73,839 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (13,182 | ) | — | (13,182 | ) | ||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (5,139 | ) | — | (5,139 | ) | ||||||||||||||||||
Loss on retirement of preferred stock | — | — | — | — | — | (8,147 | ) | (8,147 | ) | ||||||||||||||||||
Segment core earnings/(losses) | $ | 24,648 | $ | 9,331 | $ | 5,505 | $ | 27,957 | $ | (20,466 | ) | $ | 396 | (6) | $ | 47,371 | |||||||||||
Total assets at carrying value | $ | 3,041,386 | $ | 1,977,609 | $ | 1,019,279 | $ | 5,420,195 | $ | 4,081,885 | $ | — | $ | 15,540,354 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 5,725,299 | $ | 1,918,277 | $ | 1,530,990 | $ | 6,724,254 | — | $ | 15,898,820 |
(1) | Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. |
(2) | Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. |
(3) | Includes the reclassification of interest expense 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, to determine the effective funding cost for each operating segment. |
(4) | Includes reconciling adjustments for 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. |
(5) | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
(6) | Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
Core Earnings by Business Segment | |||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||
Farm & Ranch | USDA Guarantees | Rural Utilities | Institutional Credit | Corporate | Reconciling Adjustments | Consolidated Net Income | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Net interest income | $ | 36,373 | $ | 17,362 | $ | 45 | $ | 41,870 | $ | (25,303 | ) | $ | — | $ | 70,347 | ||||||||||||
Less: reconciling adjustments(1)(2)(3)(4) | (4,550 | ) | 904 | 10,696 | (2,814 | ) | 39,110 | (43,346 | ) | — | |||||||||||||||||
Net effective spread | 31,823 | 18,266 | 10,741 | 39,056 | 13,807 | (43,346 | ) | — | |||||||||||||||||||
Guarantee and commitment fees(2) | 15,107 | 134 | — | 1,539 | — | (2,086 | ) | 14,694 | |||||||||||||||||||
Other income/(expense)(3)(4(5) | 762 | 63 | 9 | — | (4,913 | ) | 22,675 | 18,596 | |||||||||||||||||||
Non-interest income/(loss) | 15,869 | 197 | 9 | 1,539 | (4,913 | ) | 20,589 | 33,290 | |||||||||||||||||||
Release of loan losses | 961 | — | — | — | — | — | 961 | ||||||||||||||||||||
Release of reserve for losses | 2,205 | — | — | — | — | — | 2,205 | ||||||||||||||||||||
Other non-interest expense | (15,180 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (33,697 | ) | ||||||||||||||
Non-interest expense(6) | (12,975 | ) | (2,955 | ) | (3,130 | ) | (1,891 | ) | (10,541 | ) | — | (31,492 | ) | ||||||||||||||
Core earnings before income taxes | 35,678 | 15,508 | 7,620 | 38,704 | (1,647 | ) | (22,757 | ) | (7) | 73,106 | |||||||||||||||||
Income tax (expense)/benefit | (12,486 | ) | (5,430 | ) | (2,668 | ) | (13,548 | ) | 23,347 | 7,961 | (2,824 | ) | |||||||||||||||
Core earnings before preferred stock dividends and attribution of income to non-controlling interest - preferred stock dividends | 23,192 | 10,078 | 4,952 | 25,156 | 21,700 | (14,796 | ) | (7) | 70,282 | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (9,839 | ) | — | (9,839 | ) | ||||||||||||||||||
Non-controlling interest - preferred stock dividends | — | — | — | — | (22,192 | ) | — | (22,192 | ) | ||||||||||||||||||
Segment core earnings/(losses) | $ | 23,192 | $ | 10,078 | $ | 4,952 | $ | 25,156 | $ | (10,331 | ) | $ | (14,796 | ) | (7) | $ | 38,251 | ||||||||||
Total assets at carrying value | $ | 2,611,401 | $ | 1,825,210 | $ | 995,082 | $ | 5,459,296 | $ | 3,396,832 | $ | — | $ | 14,287,821 | |||||||||||||
Total on- and off-balance sheet program assets at principal balance | $ | 5,417,174 | $ | 1,798,034 | $ | 985,609 | $ | 6,396,941 | — | $ | 14,597,758 |
(1) | Excludes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. |
(2) | Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. |
(3) | Includes the reclassification of interest expense 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, to determine the effective funding cost for each operating segment. |
(4) | Includes the reclassification of interest income and interest expense related to securities purchased under agreements to resell and securities sold, not yet purchased, respectively to other income/(expense). |
(5) | Includes reconciling adjustments for 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. |
(6) | Includes directly attributable costs and an allocation of indirectly attributable costs based on headcount. |
(7) | Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends and attribution of income to non-controlling interest reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. |
15. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
2016 Quarter Ended | |||||||||||||||
Dec. 31 | Sept. 30 | June 30 | Mar. 31 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Interest income: | |||||||||||||||
Interest income | $ | 81,241 | $ | 79,532 | $ | 77,236 | $ | 73,891 | |||||||
Interest expense | 44,528 | 43,969 | 42,878 | 40,251 | |||||||||||
Net interest income | 36,713 | 35,563 | 34,358 | 33,640 | |||||||||||
Provision for loan losses | (461 | ) | (191 | ) | (364 | ) | (49 | ) | |||||||
Net interest income after provision for loan losses | 36,252 | 35,372 | 33,994 | 33,591 | |||||||||||
Non-interest income/(loss): | |||||||||||||||
Guarantee and commitment fees | 3,789 | 3,798 | 3,655 | 3,626 | |||||||||||
Gains/(losses) on financial derivatives and hedging activities | 15,390 | (1,601 | ) | (4,696 | ) | (6,782 | ) | ||||||||
(Losses)/gains on trading assets | (474 | ) | 1,182 | 394 | 358 | ||||||||||
Losses on sale of available-for-sale investment securities | — | — | — | (9 | ) | ||||||||||
Gains on sale of real estate owned | — | 15 | — | — | |||||||||||
Other income | 602 | 707 | 413 | 101 | |||||||||||
Non-interest income/(loss) | 19,307 | 4,101 | (234 | ) | (2,706 | ) | |||||||||
Non-interest expense | 10,977 | 9,303 | 10,074 | 9,966 | |||||||||||
Income before income taxes | 44,582 | 30,170 | 23,686 | 20,919 | |||||||||||
Income tax expense | 15,793 | 10,529 | 8,400 | 7,335 | |||||||||||
Net income | 28,789 | 19,641 | 15,286 | 13,584 | |||||||||||
Less: Net (income)/loss attributable to non-controlling interest | (28 | ) | 18 | 16 | 28 | ||||||||||
Net income attributable to Farmer Mac | 28,761 | 19,659 | 15,302 | 13,612 | |||||||||||
Preferred stock dividends | (3,296 | ) | (3,295 | ) | (3,296 | ) | (3,295 | ) | |||||||
Net income attributable to common stockholders | $ | 25,465 | $ | 16,364 | $ | 12,006 | $ | 10,317 | |||||||
Earnings per common share: | |||||||||||||||
Basic earnings per common share | $ | 2.42 | $ | 1.56 | $ | 1.15 | $ | 0.99 | |||||||
Diluted earnings per common share | $ | 2.38 | $ | 1.54 | $ | 1.13 | $ | 0.94 |
2015 Quarter Ended | |||||||||||||||
Dec. 31 | Sept. 30 | June 30 | Mar. 31 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Interest income: | |||||||||||||||
Interest income | $ | 67,562 | $ | 66,918 | $ | 66,392 | $ | 63,951 | |||||||
Interest expense | 36,591 | 34,735 | 34,528 | 33,162 | |||||||||||
Net interest income | 30,971 | 32,183 | 31,864 | 30,789 | |||||||||||
(Provision for)/release of loan losses | (3,366 | ) | 1,164 | (110 | ) | (76 | ) | ||||||||
Net interest income after (provision for)/release of loan losses | 27,605 | 33,347 | 31,754 | 30,713 | |||||||||||
Non-interest income/(loss): | |||||||||||||||
Guarantee and commitment fees | 3,780 | 3,532 | 3,388 | 3,377 | |||||||||||
Gains/(losses) on financial derivatives and hedging activities | 1,592 | (9,568 | ) | 14,389 | (3,882 | ) | |||||||||
Gains/(losses) on trading assets | 696 | (8 | ) | 170 | 362 | ||||||||||
Gains on sale of available-for-sale investment securities | — | 3 | — | 6 | |||||||||||
Losses on sale of real estate owned | — | — | (1 | ) | |||||||||||
Other income | 372 | 1,060 | 260 | 613 | |||||||||||
Non-interest income/(loss) | 6,440 | (4,981 | ) | 18,207 | 475 | ||||||||||
Non-interest expense | 5,865 | 10,421 | 10,853 | 8,343 | |||||||||||
Income before income taxes | 28,180 | 17,945 | 39,108 | 22,845 | |||||||||||
Income tax expense | 9,912 | 6,327 | 13,769 | 4,231 | |||||||||||
Net income | 18,268 | 11,618 | 25,339 | 18,614 | |||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 60 | 36 | 119 | (5,354 | ) | ||||||||||
Net income attributable to Farmer Mac | 18,328 | 11,654 | 25,458 | 13,260 | |||||||||||
Preferred stock dividends | (3,296 | ) | (3,295 | ) | (3,296 | ) | (3,295 | ) | |||||||
Loss on retirement of preferred stock | — | — | — | (8,147 | ) | ||||||||||
Net income attributable to common stockholders | $ | 15,032 | $ | 8,359 | $ | 22,162 | $ | 1,818 | |||||||
Earnings per common share: | |||||||||||||||
Basic earnings per common share | $ | 1.39 | $ | 0.76 | $ | 2.01 | $ | 0.17 | |||||||
Diluted earnings per common share | $ | 1.35 | $ | 0.74 | $ | 1.94 | $ | 0.16 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 10. | Directors, Executive Officers, and Corporate Governance |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
(a) | (1) Financial Statements. |
* | 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 | — | Amended and Restated 1997 Incentive Plan (Previously filed as Exhibit 10.1.3 to Form 10-Q filed November 14, 2003). | |||
†* | 10.1.1 | — | Form of stock option award agreement under 1997 Incentive Plan (Previously filed as Exhibit 10.1.4 to Form 10-K filed March 16, 2005). | |||
†* | 10.2 | — | 2008 Omnibus Incentive Plan (Previously filed as Exhibit 10.1.2 to Form 10-Q filed August 12, 2008). | |||
†* | 10.2.1 | — | Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made prior to April 1, 2012 (Previously filed as Exhibit 10 to Form 8-K filed June 11, 2008). | |||
†* | 10.2.2 | — | Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made from April 1, 2012 to March 31, 2013 (Previously filed as Exhibit 10.1 to Form 8-K filed April 6, 2012). | |||
†* | 10.2.3 | — | Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made from April 1, 2013 to March 31, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed April 5, 2013). | |||
†* | 10.2.4 | — | Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made on or after April 1, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed on April 3, 2015). | |||
†* | 10.2.5 | — | Form of Restricted Stock Agreement (Officers) under the 2008 Omnibus Incentive Plan for grants made prior to April 1, 2012 (Previously filed as Exhibit 10.1 to Form 8-K filed June 10, 2009). | |||
†* | 10.2.6 | — | Form of Restricted Stock Agreement (Officers) under the 2008 Omnibus Incentive Plan for grants made from April 1, 2012 to March 31, 2013 (Previously filed as Exhibit 10.2 to Form 8-K filed April 6, 2012). | |||
†* | 10.2.7 | — | Form of Restricted Stock Agreement (Directors) under the 2008 Omnibus Incentive Plan (Previously filed as Exhibit 10.3 to Form 8-K filed April 6, 2012). | |||
†* | 10.2.8 | — | Form of Time-Based Restricted Stock Award Agreement for grants made to non-directors from April 1, 2013 to March 31, 2015 (Previously filed as Exhibit 10.2 to Form 8-K filed April 5, 2013). |
* | Incorporated by reference to the indicated prior filing. |
** | Filed with this report. |
# | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. |
† | Management contract or compensatory plan. |
†* | 10.2.9 | — | 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). | |||
†* | 10.2.10 | — | Form of Performance-Based Restricted Stock Award Agreement for grants made to non-directors from April 1, 2013 to March 31, 2015 (Previously filed as Exhibit 10.2 to Form 8-K filed April 5, 2013). | |||
†* | 10.2.11 | — | 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 | — | Federal Agricultural Mortgage Corporation Amended and Restated Executive Officer Severance Plan (Previously filed as Exhibit 10.1 to Form 8-K filed November 3, 2016). | |||
†* | 10.4 | — | Form of Participation Agreement to the Federal Agricultural Mortgage Corporation Amended and Restated Executive Officer Severance Plan (Previously filed as Exhibit 10.2 to Form 8-K filed November 3, 2016). | |||
†* | 10.5 | — | Employment Agreement dated December 3, 2014 between Timothy L. Buzby and the Registrant (Previously filed as Exhibit 10.1 to Form 8-K filed December 8, 2014). | |||
†* | 10.6 | — | Form of Indemnification Agreement for Directors (Previously filed as Exhibit 10.1 to Form 8-K filed April 9, 2008). | |||
†** | 10.7 | — | Description of compensation agreement between the Registrant and its directors, effective January 1, 2017. | |||
*# | 10.8 | — | Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of May 1, 2004 (Previously filed as Exhibit 10.11.2 to Form 10-Q filed August 9, 2004). | |||
*# | 10.8.1 | — | Amendment No. 1 to Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of June 1, 2009 (Previously filed as Exhibit 10.11.1 to Form 10-Q filed August 10, 2009). | |||
*# | 10.8.2 | — | Amendment No. 2 to Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of August 25, 2010 (Previously filed as Exhibit 10.11.2 to Form 10-Q filed November 9, 2010). | |||
*# | 10.9 | — | Loan Closing File Review Agreement between Zions First National Bank and the Registrant, dated as of May 1, 2004 (Previously filed as Exhibit 10.12 to Form 10-Q filed November 9, 2005). | |||
* | 10.10 | — | Sublease Agreement between Mayer Brown LLP and the Registrant, dated as of December 6, 2010 (Previously filed as Exhibit 10.43 to Form 10-K/A filed June 1, 2011). | |||
* | 10.11 | — | Master Trust, Sale and Servicing Agreement between CFC Advantage, LLC, National Rural Utilities Cooperative Finance Corporation, U.S. Bank National Association, and the Registrant, dated as of October 20, 2006 (Previously filed as Exhibit 10.22 to Form 10-Q filed August 9, 2010). | |||
* | 10.12 | — | Registration Rights Agreement Series 2007-1 between CFC Advantage, LLC, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of February 15, 2007 (Previously filed as Exhibit 10.23 to Form 10-Q filed August 9, 2010). | |||
* | 10.13 | — | Registration Rights Agreement Series 2007-2 between CFC Advantage, LLC, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of August 10, 2007(Previously filed as Exhibit 10.24 to Form 10-Q filed August 9, 2010). | |||
* | 10.14 | — | Amended and Restated Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of March 24, 2011 (Previously filed as Exhibit 10.22 to Form 10-Q filed May 10, 2011). | |||
* | 10.14.1 | — | Amended and Restated First Supplemental Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of January 8, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed January 13, 2015). | |||
* | 10.15 | — | Setoff Rights Letter Agreement between National Rural Utilities Cooperative Finance Corporation, Farmer Mac Mortgage Securities Corporation, and the Registrant, dated as of March 24, 2011 (Previously filed as Exhibit 10.24 to Form 10-Q filed May 10, 2011). |
* | Incorporated by reference to the indicated prior filing. |
** | Filed with this report. |
† | Management contract or compensatory plan. |
# | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. |
* | 10.16 | — | Amended and Restated Master Sale and Servicing Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of August 12, 2011 (Previously filed as Exhibit 10.26 to Form 10-Q filed November 9, 2011). | |||
** | 10.17 | — | Amendment No. 1 to Amended and Restated Master Sale and Servicing Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of November 28, 2016. | |||
*# | 10.18 | — | Credit Support Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of September 1, 2009 (Previously filed as Exhibit 10.38 to Form 10-Q filed August 9, 2010). | |||
* | 10.19 | — | Indenture between National Rural Utilities Cooperative Finance Corporation, U.S. Bank National Association, and the Registrant, dated as of September 1, 2009 (Previously filed as Exhibit 10.39 to Form 10-Q filed August 9, 2010). | |||
* | 10.20 | — | Master Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of July 31, 2015 (Previously filed as Exhibit 10.1 to Form 10-Q filed November 9, 2015). | |||
*# | 10.21 | Amended and Restated First Supplemental Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of March 15, 2016 (Previously filed as Exhibit 10.1 to Form 10-Q filed May 10, 2016). | ||||
* | 10.22 | — | Second Amended, Restated and Consolidated Pledge Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, U.S. Bank National Association, and the Registrant, dated as of July 31, 2015 (Previously filed as Exhibit 10.3 to Form 10-Q filed November 9, 2015). | |||
* | 10.23 | — | Long Term Standby Commitment to Purchase between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of August 31, 2015 (Previously filed as Exhibit 10.4 to Form 10-Q filed November 9, 2015). | |||
* | 10.24 | — | Amendment No. 1 to Long Term Standby Commitment to Purchase between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of May 31, 2016 (Previously filed as Exhibit 10.1 to Form 10-Q filed August 9, 2016). | |||
* | 21 | — | List of the Registrant's subsidiaries (Previously filed as Exhibit 21 to Form 10-K filed March 16, 2015). | |||
** | 31.1 | — | Certification of Registrant's principal executive officer relating to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2016, 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 Annual Report on Form 10-K for the year ended December 31, 2016, 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 Annual Report on Form 10-K for the year ended December 31, 2016, 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. |
# | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. |
Item 16. | Form 10-K Summary |
/s/ Timothy L. Buzby | March 9, 2017 | ||
By: | Timothy L. Buzby | Date | |
President and | |||
Chief Executive Officer |
Name | Title | Date | ||
/s/ Lowell L. Junkins | Chairman of the Board and Director | March 9, 2017 | ||
Lowell L. Junkins | ||||
/s/ Timothy L. Buzby | President and Chief Executive Officer | March 9, 2017 | ||
Timothy L. Buzby | (Principal Executive Officer) | |||
/s/ R. Dale Lynch | Executive Vice President – Chief Financial | March 9, 2017 | ||
R. Dale Lynch | Officer and Treasurer (Principal Financial Officer) | |||
/s/ Gregory N. Ramsey | Controller | March 9, 2017 | ||
Gregory N. Ramsey | (Principal Accounting Officer) |
Name | Title | Date | ||
/s/ Dennis L. Brack | Director | March 9, 2017 | ||
Dennis L. Brack | ||||
/s/ Chester J. Culver | Director | March 9, 2017 | ||
Chester J. Culver | ||||
/s/ Richard H. Davidson | Director | March 9, 2017 | ||
Richard H. Davidson | ||||
/s/ James R. Engebretsen | Director | March 9, 2017 | ||
James R. Engebretsen | ||||
/s/ Dennis A. Everson | Director | March 9, 2017 | ||
Dennis A. Everson | ||||
/s/ Sara L. Faivre | Director | March 9, 2017 | ||
Sara L. Faivre | ||||
/s/ Douglas A. Felton | Director | March 9, 2017 | ||
Douglas A. Felton | ||||
/s/ Douglas L. Flory | Director | March 9, 2017 | ||
Douglas L. Flory | ||||
/s/ Thomas W. Hill | Director | March 9, 2017 | ||
Thomas W. Hill | ||||
/s/ Mitchell A. Johnson | Director | March 9, 2017 | ||
Mitchell A. Johnson | ||||
/s/ Clark B. Maxwell | Director | March 9, 2017 | ||
Clark B. Maxwell | ||||
/s/ Bruce J. Sherrick | Director | March 9, 2017 | ||
Bruce J. Sherrick | ||||
/s/ Myles J. Watts | Director | March 9, 2017 | ||
Myles J. Watts | ||||
/s/ Douglas E. Wilhelm | Director | March 9, 2017 | ||
Douglas E. Wilhelm |
• | The base annual cash retainer payable to all directors remained unchanged at $58,400. |
• | The value of the equity award grant to all directors remained unchanged at $50,000. |
• | The incremental annual cash retainer payable to: |
◦ | the Chairman of the Board remained unchanged at $40,000, maintaining his total annual cash retainer at $98,400; |
◦ | the Vice Chairman of the Board remained unchanged at $20,000, maintaining his total annual cash retainer at $78,400; |
• | The incremental annual cash retainer payable to Committee chairs is set forth below, provided that no director shall receive the supplemental retainer for being the Chair of one of these four designated Committees if that director is already receiving the supplemental annual retainer applicable to the Chairman of the Board or the Vice Chairman of the Board: |
◦ | the Chairman of the Audit Committee remained unchanged at $12,000, maintaining his total annual cash retainer at $70,400; |
◦ | the Chairman of the Compensation Committee was increased from $6,500 to $10,000, bringing his total annual cash retainer to $68,400; |
◦ | the Chairman of the Corporate Governance Committee was established at $12,000 (the Chairman of the Corporate Governance Committee currently serves as the Chairman of the Board); and |
◦ | the Chairman of the Risk Committee was established at $10,000 (the Chairman of the Risk Committee currently serves as the Vice Chairman of the Board). |
1. | I have reviewed this Annual Report on Form 10-K of the Federal Agricultural Mortgage Corporation for the fiscal year ended December 31, 2016; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Timothy L. Buzby | |
Timothy L. Buzby | |
Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of the Federal Agricultural Mortgage Corporation for the fiscal year ended December 31, 2016; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ R. Dale Lynch | |
R. Dale Lynch | |
Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. |
/s/ Timothy L. Buzby | ||
Timothy L. Buzby | ||
Chief Executive Officer | ||
/s/ R. Dale Lynch | ||
R. Dale Lynch | ||
Chief Financial Officer | ||
Date: | March 9, 2017 |
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DOCUMENT AND ENTITY INFORMATION DOCUMENT AND ENTITY INFORMATION - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Mar. 01, 2017 |
Jun. 30, 2016 |
|
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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Trading Symbol | AGM | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 338,731,722 | ||
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 | 9,020,524 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||
Interest income: | ||||||||||||||||||
Investments and cash equivalents | $ 27,042 | $ 13,338 | $ 17,269 | |||||||||||||||
Farmer Mac Guaranteed Securities and USDA Securities | 150,281 | 134,443 | 128,923 | |||||||||||||||
Loans | 134,577 | 117,042 | 94,875 | |||||||||||||||
Total interest income | 311,900 | 264,823 | 241,067 | |||||||||||||||
Total interest expense | 171,626 | 139,016 | 170,720 | |||||||||||||||
Net interest income | 140,274 | 125,807 | 70,347 | |||||||||||||||
(Provision for)/release of loan losses | (1,065) | (2,388) | 961 | |||||||||||||||
Net interest income after (provision for)/release of loan losses | 139,209 | 123,419 | 71,308 | |||||||||||||||
Non-interest income: | ||||||||||||||||||
Guarantee and commitment fees | 14,868 | [1] | 14,077 | [2] | 14,694 | [3] | ||||||||||||
Gains/(losses) on financial derivatives and hedging activities | 2,311 | 2,531 | (21,646) | |||||||||||||||
Gains on trading securities | 1,460 | 1,220 | 38,629 | |||||||||||||||
(Losses)/gains on sale of available-for-sale investment securities | (9) | 9 | (238) | |||||||||||||||
Gains/(losses) on sale of real estate owned | 15 | (1) | 137 | |||||||||||||||
Other income | 1,823 | 2,305 | 1,714 | |||||||||||||||
Non-interest income | 20,468 | 20,141 | 33,290 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||
Compensation and employee benefits | 22,772 | 22,047 | 19,009 | |||||||||||||||
General and administrative | 15,109 | 13,111 | 12,197 | |||||||||||||||
Regulatory fees | 2,463 | 2,413 | 2,381 | |||||||||||||||
Real estate owned operating costs, net | 39 | 91 | 110 | |||||||||||||||
Release of reserve for losses | (63) | (2,180) | (2,205) | |||||||||||||||
Non-interest expense | 40,320 | [4] | 35,482 | [5] | 31,492 | [6] | ||||||||||||
Income before income taxes | 119,357 | 108,078 | 73,106 | |||||||||||||||
Income tax expense | 42,057 | 34,239 | 2,824 | |||||||||||||||
Net income | 77,300 | 73,839 | 70,282 | |||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 34 | (5,139) | (22,192) | |||||||||||||||
Net income attributable to Farmer Mac | 77,334 | 68,700 | 48,090 | |||||||||||||||
Preferred stock dividends | (13,182) | (13,182) | (9,839) | |||||||||||||||
Loss on retirement of preferred stock | 0 | (8,147) | 0 | |||||||||||||||
Net income attributable to common stockholders | $ 64,152 | $ 47,371 | $ 38,251 | |||||||||||||||
Earnings per common share and dividends: | ||||||||||||||||||
Basic earnings per common share | $ 6.12 | $ 4.33 | $ 3.50 | |||||||||||||||
Diluted earnings per common share | $ 5.97000 | $ 4.19000 | $ 3.37000 | |||||||||||||||
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Comprehensive Income [Abstract] | |||
Net income | $ 77,300 | $ 73,839 | $ 70,282 |
Other comprehensive income/(loss) before taxes: | |||
Net unrealized (losses)/gains on available-for sale securities | (6,694) | (30,387) | 39,980 |
Net changes in held-to-maturity securities | 71,120 | (9,922) | 9,190 |
Net unrealized gains/(losses) on cash flow hedges | 4,463 | (541) | (347) |
Other comprehensive income/(loss) before tax | 68,889 | (40,850) | 48,823 |
Income tax (expense)/benefit related to other comprehensive income | (24,112) | 14,298 | (17,088) |
Other comprehensive income/(loss), net of tax | 44,777 | (26,552) | 31,735 |
Comprehensive income | 122,077 | 47,287 | 102,017 |
Less: comprehensive loss/(income) attributable to non-controlling interest | 34 | (5,139) | (22,192) |
Comprehensive income attributable to Farmer Mac | $ 122,111 | $ 42,148 | $ 79,825 |
CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) $ in Thousands |
Total |
Series B Preferred Stock [Member] |
Series C Preferred Stock [Member] |
Common Class C, Non-Voting [Member] |
Preferred Stock [Member] |
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Preferred Stock [Member]
Common Class C, Non-Voting [Member]
|
Common Stock [Member] |
Common Stock [Member]
Series B Preferred Stock [Member]
|
Common Stock [Member]
Series C Preferred Stock [Member]
|
Common Stock [Member]
Common Class C, Non-Voting [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Series B Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series C Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Common Class C, Non-Voting [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member]
Series B Preferred Stock [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
Series C Preferred Stock [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
Common Class C, Non-Voting [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Series B Preferred Stock [Member]
|
Retained Earnings [Member]
Series C Preferred Stock [Member]
|
Retained Earnings [Member]
Common Class C, Non-Voting [Member]
|
Noncontrolling Interest [Member] |
Noncontrolling Interest [Member]
Series B Preferred Stock [Member]
|
Noncontrolling Interest [Member]
Series C Preferred Stock [Member]
|
Noncontrolling Interest [Member]
Common Class C, Non-Voting [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance (Shares Outstanding) at Dec. 31, 2013 | 2,400,000 | 10,886,000 | ||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2013 | $ 574,469 | $ 58,333 | $ 10,886 | $ 110,722 | $ (16,202) | $ 168,877 | $ 241,853 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Attributable to Farmer Mac | 48,090 | 0 | 0 | 0 | 0 | 48,090 | 0 | |||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | (22,192) | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | 31,735 | 0 | 0 | 0 | 31,735 | 0 | 0 | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | (9,839) | 0 | 0 | 0 | 0 | (9,839) | 0 | |||||||||||||||||||||
Dividends, Common Stock, Cash | (6,115) | 0 | 0 | 0 | 0 | (6,115) | 0 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | 3,000,000 | 0 | 0 | 0 | 51,000 | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 73,044 | $ 73,382 | $ 285 | $ 73,044 | $ 73,382 | $ 0 | $ 0 | $ 0 | $ 51 | $ 0 | $ 0 | $ 234 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Stock-based compensation cost | 2,859 | 0 | 0 | 2,859 | 0 | 0 | 0 | |||||||||||||||||||||
Other stock-based award activity | (256) | 0 | 0 | (256) | 0 | 0 | 0 | |||||||||||||||||||||
Investment in subsidiary - non-controlling interest | 175 | 0 | 0 | 0 | 0 | 0 | 175 | |||||||||||||||||||||
Redemption of Farmer Mac II LLC preferred stock | (6,000) | $ 0 | $ 0 | 0 | 0 | 0 | (6,000) | |||||||||||||||||||||
Ending Balance (Shares Outstanding) at Dec. 31, 2014 | 8,400,000 | 10,937,000 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | 781,829 | $ 204,759 | $ 10,937 | 113,559 | 15,533 | 201,013 | 236,028 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Attributable to Farmer Mac | 68,700 | 0 | 0 | 0 | 0 | 68,700 | 0 | |||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | (5,139) | 0 | 0 | 0 | 0 | 0 | (214) | |||||||||||||||||||||
Other comprehensive income, net of tax | (26,552) | 0 | 0 | 0 | (26,552) | 0 | 0 | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | (13,182) | 0 | 0 | 0 | 0 | (13,182) | 0 | |||||||||||||||||||||
Dividends, Common Stock, Cash | (7,000) | 0 | 0 | 0 | 0 | (7,000) | 0 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 112,000 | ||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 1,732 | $ 0 | $ 112 | 1,620 | 0 | 0 | 0 | |||||||||||||||||||||
Repurchase of Class C Common Stock | 0 | (362,000) | ||||||||||||||||||||||||||
Repurchase of Class C Common Stock | (10,518) | $ 0 | $ (362) | 0 | 0 | (10,156) | 0 | |||||||||||||||||||||
Stock-based compensation cost | 3,269 | 0 | 0 | 3,269 | 0 | 0 | 0 | |||||||||||||||||||||
Other stock-based award activity | (586) | 0 | 0 | (586) | 0 | 0 | 0 | |||||||||||||||||||||
Investment in subsidiary - non-controlling interest | 242 | 0 | 0 | 0 | 0 | 0 | 242 | |||||||||||||||||||||
Redemption of Farmer Mac II LLC preferred stock | (244,000) | $ 0 | $ 0 | 0 | 0 | (8,147) | (235,853) | |||||||||||||||||||||
Ending Balance (Shares Outstanding) at Dec. 31, 2015 | 8,400,000 | 10,687,000 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | 553,720 | $ 204,759 | $ 10,687 | 117,862 | (11,019) | 231,228 | 203 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Attributable to Farmer Mac | 77,334 | 0 | 0 | 0 | 0 | 77,334 | 0 | |||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 34 | 0 | 0 | 0 | 0 | 0 | (34) | |||||||||||||||||||||
Other comprehensive income, net of tax | 44,777 | 0 | 0 | 0 | 44,777 | 0 | 0 | |||||||||||||||||||||
Dividends, Preferred Stock, Cash | (13,182) | 0 | 0 | 0 | 0 | (13,182) | 0 | |||||||||||||||||||||
Dividends, Common Stock, Cash | (10,885) | 0 | 0 | 0 | 0 | (10,885) | 0 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 159,000 | ||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 693 | $ 0 | $ 159 | 534 | 0 | 0 | 0 | |||||||||||||||||||||
Repurchase of Class C Common Stock | (668,000) | 0 | (307,000) | |||||||||||||||||||||||||
Repurchase of Class C Common Stock | $ (9,088) | $ 0 | $ (307) | $ 0 | $ 0 | $ (8,781) | $ 0 | |||||||||||||||||||||
Stock-based compensation cost | 3,343 | 0 | 0 | 3,343 | 0 | 0 | 0 | |||||||||||||||||||||
Other stock-based award activity | (3,084) | 0 | 0 | (3,084) | 0 | 0 | 0 | |||||||||||||||||||||
Investment in subsidiary - non-controlling interest | 53 | $ 0 | $ 0 | 0 | 0 | 0 | 53 | |||||||||||||||||||||
Ending Balance (Shares Outstanding) at Dec. 31, 2016 | 8,400,000 | 10,539,000 | ||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2016 | $ 643,647 | $ 204,759 | $ 10,539 | $ 118,655 | $ 33,758 | $ 275,714 | $ 222 |
Organization - ORGANIZATION |
12 Months Ended | ||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||
Business Description and Basis of Presentation [Text Block] |
The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the availability of long-term credit at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Since Farmer Mac's inception, Congress has expanded Farmer Mac's charter to authorize Farmer Mac to create the USDA Guarantees line of business and to purchase, and guarantee securities backed by, loans made by cooperative lenders to finance electrification and telecommunications systems in rural areas. Farmer Mac's main secondary market activities are:
As of December 31, 2016 and 2015, the total outstanding balance in all of Farmer Mac's lines of business was $17.4 billion and $15.9 billion, respectively. Under the Farm & Ranch line of business, Farmer Mac purchases eligible mortgage loans secured by first liens on agricultural real estate, which includes part-time farms and rural housing ("Farm & Ranch loans"). Farmer Mac also guarantees securities representing interests in pools of mortgage loans eligible for the Farm & Ranch line of business, which are referred to as "Farm & Ranch Guaranteed Securities." Additionally, Farmer Mac commits to purchase, subject to the terms of the applicable LTSPC agreement, eligible Farm & Ranch mortgage loans. To be eligible, loans must meet Farmer Mac's credit underwriting, collateral valuation, documentation, and other specified standards. As of December 31, 2016 and 2015, outstanding loans held by Farmer Mac, loans that either backed off-balance sheet Farm & Ranch Guaranteed Securities or were subject to LTSPCs, and other Farm & Ranch Guaranteed Securities totaled $6.1 billion and $5.7 billion, respectively. Under the USDA Guarantees line of business, Farmer Mac II LLC, a subsidiary of Farmer Mac, purchases the portions of certain agricultural, rural development, business and industry, and community facilities loans guaranteed by the United States Department of Agriculture under the Consolidated Farm and Rural Development Act (7 U.S.C. §§ 1921 et seq.). USDA-guaranteed portions are referred to and presented on the consolidated balance sheets as "USDA Securities." Farmer Mac II LLC also purchases USDA Securities in exchange for issuing securities to third parties backed by those USDA Securities, which are then also guaranteed by Farmer Mac. These issued securities are referred to and presented on the consolidated balance sheets as Farmer Mac Guaranteed USDA Securities. As of December 31, 2016 and 2015, outstanding Farmer Mac Guaranteed USDA Securities and USDA Securities totaled $2.1 billion and $1.9 billion, respectively. Farmer Mac's authorized activities under the Rural Utilities line of business are similar to those conducted under the Farm & Ranch line of business – purchases of, and guarantees of securities backed by, eligible rural utilities loans, as well as the issuance of LTSPCs for pools of eligible rural utilities loans ("Rural Utilities loans"). To be eligible, loans must meet Farmer Mac's credit underwriting and other specified standards. As of December 31, 2016 and 2015, the aggregate outstanding principal balance of Rural Utilities loans held or subject to LTSPCs was $1.9 billion and $1.5 billion, respectively. Under the Institutional Credit line of business, Farmer Mac guarantees and purchases general obligations of lenders that are secured by pools of loans that would be eligible under Farmer Mac's Farm & Ranch, USDA Guarantees, or Rural Utilities lines of business. AgVantage® is a registered trademark of Farmer Mac used to designate Farmer Mac's guarantees of securities related to these general obligations of lenders that are secured by pools of eligible loans and that comprise the Institutional Credit line of business. As of December 31, 2016 and 2015, outstanding securities held or guaranteed by Farmer Mac in its Institutional Credit line of business totaled $7.3 billion and $6.7 billion, respectively. Farm & Ranch Guaranteed Securities, Farmer Mac Guaranteed USDA Securities, and AgVantage Securities are collectively referred to as "Farmer Mac Guaranteed Securities." The assets collateralizing Farmer Mac Guaranteed Securities include (1) loans or loan participation interests eligible for purchase under either the Farm & Ranch or Rural Utilities lines of business or (2) USDA Securities eligible for purchase under the USDA Guarantees line of business. Farmer Mac guarantees the timely payment of principal and interest on the resulting Farmer Mac Guaranteed Securities. Farmer Mac may retain Farmer Mac Guaranteed Securities in its portfolio or sell them to third parties. Farmer Mac's two principal sources of revenue are:
Farmer Mac funds its purchases of eligible loan assets and liquidity investment assets primarily by issuing debt obligations of various maturities in the public capital markets. As of December 31, 2016, Farmer Mac had $3.8 billion of discount notes and $9.9 billion of medium-term notes outstanding. The proceeds of debt issuance are invested in loan purchases, Farmer Mac Guaranteed Securities, and liquidity investment assets in accordance with policies established by Farmer Mac's board of directors that comply with regulations promulgated by the Farm Credit Administration ("FCA"). |
Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities (including, but not limited to, the allowance for loan losses, reserve for losses, other-than-temporary impairment of investment securities, and fair value measurements) as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: 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 (which began doing business as AgVisory during first quarter 2016), whose principal activity is to appraise agricultural real estate. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary. See Note 2(q) for more information on consolidated VIEs. Cash and Cash Equivalents and Statements of Cash Flows Farmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. Farmer Mac does not consider securities purchased under agreements to resell to be cash equivalents if it intends to reinvest the funds from maturing repurchase agreements into new repurchase agreements and the aggregate term of the repurchase agreements exceeds three months. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2016, 2015, and 2014: Table 2.1
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as adjustments to the yield on the held-to-maturity USDA Securities over the remaining contractual term of the transferred securities. On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed AgVantage 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 included a cost basis adjustment of unrealized appreciation in the amount of $22.3 million. The accumulated unrealized appreciation was retained in accumulated other comprehensive income. Farmer Mac accounts for held-to-maturity securities at amortized cost. The cost basis adjustment and accumulated unrealized appreciation are being amortized as adjustments to the yield on the held-to-maturity Farmer Mac Guaranteed AgVantage Securities over the remaining term of the transferred securities. Transfers of Financial Assets and Liabilities Securities purchased under agreements to resell are treated as collateralized lending transactions. Farmer Mac's counterparties are required to pledge collateral for transactions involving securities purchased under agreements to resell. Farmer Mac considers the types of securities being pledged as collateral when determining how much to lend in these transactions. Additionally, on a daily basis, Farmer Mac reviews the fair values of these securities compared to amounts loaned and derivative counterparty collateral posting thresholds in an effort to minimize exposure to losses. These transactions are reported as securities purchased under agreements to resell in the consolidated balance sheets except for securities purchased under agreements to resell on a weekly or an overnight basis, which are included in cash and cash equivalents in the consolidated balance sheets. Farmer Mac records securities purchased under agreements to resell at the amount loaned in the consolidated balance sheets. The resulting fees for these transactions are included in interest income in the consolidated statements of operations. As of December 31, 2016 and 2015, there were no outstanding securities purchased under agreements to resell. Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(q) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Securitization of Loans Asset securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans or rural utilities loans into trusts that are used as vehicles for the securitization of the transferred loans. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. Real Estate Owned Real estate owned ("REO") consists of real estate acquired through loan liquidation and is recorded at fair value less estimated selling cost at acquisition. Fair value is determined by appraisal or other appropriate valuation method. Any excess of the recorded investment in the loan over the fair value less estimated selling costs is charged to the allowance for loan losses. Subsequent to the acquisition, management continues to perform periodic valuations of real estate owned. Declines in the net realizable value (fair value less estimated selling costs) are charged through income and presented in "Real estate owned operating costs, net" on the consolidated statements of operations. Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative under GAAP. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed at inception and monitored over the life of the hedging relationship. 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 not designated as cash flow hedges 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 reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. 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 and affecting net interest income when the hedged forecasted transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. Farmer Mac has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. See Notes 6 and 13 for more information on financial derivatives. Notes Payable Notes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities. Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. Allowance for Loan Losses and Reserve for Losses Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense, and decreases by charge-offs for realized losses, net of recoveries. Negative provisions, or releases from the allowance for losses, generally occur when the estimate of probable losses as of the end of a period is less than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is released and a corresponding amount is provided to the allowance for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farm & Ranch Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by taking into consideration several factors, including:
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. Rural Utilities Farmer Mac separately evaluates the rural utilities loans it owns to determine if there are any probable losses inherent in those assets. No allowance for losses has been provided for this portfolio segment based on the performance of these loans and the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of December 31, 2016, there were no delinquencies or probable losses inherent in Farmer Mac's Rural Utilities loans held or underlying LTSPCs. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. 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 years ended December 31, 2016, 2015, and 2014: Table 2.2
Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50 percent) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $3.3 million $3.3 million, and $2.9 million of compensation expense related to stock options, SARs, and non-vested restricted stock awards for 2016, 2015, and 2014, respectively. Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2016, 2015, and 2014 Table 2.3
The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2016, 2015, and 2014: Table 2.4
Long-Term Standby Purchase Commitments Farmer Mac accounts for its LTSPCs as guarantees. Commitment fee income represents a reduction of the commitment obligation based on amortization using the actual prepayment experience on the underlying loans. See Note 2(j) for Farmer Mac's policy for estimating probable losses for LTSPCs and Note 12 for more information on the accounting for LTSPCs. Fair Value Measurement Farmer Mac defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest rank to unobservable inputs (level 3 measurements). Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs. See Note 13 for more information regarding fair value measurement. Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to AgVantage securities. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. The following tables present, by line of business, details about the consolidation of VIEs: Table 2.5
New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers (Topic 606)" that revises guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and will supersede the existing industry and transaction-specific revenue recognition rules with a more principles-based single model for revenue recognition. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under the existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. Entities can elect to adopt the guidance either on a full or modified retrospective basis. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac has evaluated this guidance and determined it will not have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU significantly revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In February 2016, the FASB issued ASU 2016-02, "Leases," which provides new guidance intended to improve financial reporting about leasing transactions. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which provides new guidance intended to simplify several aspects of accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses," which will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to form their credit loss estimates. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Farmer Mac is currently evaluating the impact that the new guidance will have on its consolidated financial statements. That impact will primarily be from the new requirement to recognize all expected losses rather than just incurred losses as of the reporting date. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which amends the existing guidance to add or clarify current guidance in GAAP on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice in how certain transactions are classified. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's statement of cash flows. Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
Related Party Transactions - RELATED PARTY TRANSACTIONS |
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Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Farmer Mac considers an entity to be a related party if (1) the entity holds at least 5 percent of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect five members of Farmer Mac's 15-member board of directors and that Class B stockholders elect five members of the board of directors. Additionally, in order to participate in the Farm & Ranch program, a financial institution must own a requisite amount of Farmer Mac's common stock, based on the size and type of institution. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. Zions First National Bank: Farmer Mac considers Zions First National Bank and its affiliates ("Zions") a related party due to the ownership by Zions of approximately 31.2 percent of Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2016, 2015, and 2014: Table 3.1
The purchases of loans from Zions under the Farm & Ranch line of business represented approximately 15.9 percent, 23.9 percent, and 22.3 percent of Farm & Ranch loan purchases for the years ended December 31, 2016, 2015, and 2014, respectively, and 11.2 percent, 15.2 percent and 14.6 percent, respectively, of total new Farm & Ranch business volume. The purchases of USDA Securities from Zions under the USDA Guarantees line of business represented approximately 3.4 percent, 3.6 percent, and 12.4 percent of purchases in that line of business for the years ended December 31, 2016, 2015, and 2014, respectively. Outstanding Farm & Ranch loans, USDA Securities, and AgVantage securities purchased from Zions represented 5.3 percent and 5.7 percent, respectively, of Farmer Mac's outstanding business volume as of December 31, 2016 and 2015. Zions retained servicing fees of $9.9 million, $9.3 million, and $8.4 million in 2016, 2015, and 2014, respectively, for its work as a Farmer Mac servicer. Zions acted as dealer for $5.0 million par value of Farmer Mac medium term notes during 2014 and none for 2016 and 2015. The related commissions Farmer Mac paid to Zions for these services were immaterial. National Rural Utilities Cooperative Financial Corporation: Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party due to its ownership of approximately 7.9 percent of Class A voting common stock. The following transactions occurred between Farmer Mac and CFC during 2016, 2015, and 2014: Table 3.2
The transactions with CFC represented 100 percent of Farmer Mac's volume of loan purchases and LTSPC transactions under the Rural Utilities line of business for 2016, 2015, and 2014, represented 11.9 percent, 65.2 percent, and 64.7 percent of AgVantage securities volume under the Institutional Credit line of business for 2016, 2015, and 2014, respectively, and represented 16.7 percent, 40.6 percent, and 32.7 percent of total purchases, guarantees, and LTSPCs for 2016, 2015, and 2014, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2016 and 2015, Rural Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 25.7 percent and 24.6 percent, respectively. For the years ended December 31, 2016, 2015, and 2014, Farmer Mac earned guarantee fees of $0.1 million. Farmer Mac had interest receivable of $3.2 million and $1.8 million as of December 31, 2016 and 2015, respectively, and earned interest income of $27.6 million, $15.9 million, and $15.8 million during 2016, 2015, and 2014, respectively, related to its AgVantage transactions with CFC. As of December 31, 2016 and 2015 Farmer Mac had $0.2 million and $0.1 million, respectively of commitment fees receivable from CFC and earned commitment fees of $2.0 million and $0.5 million, respectively for 2016 and 2015. Farmer Mac earned no commitment fees from CFC during 2014. CFC retained servicing fees of $3.3 million, $3.3 million, and $3.4 million in 2016, 2015, and 2014, respectively, for its work as a Farmer Mac central servicer. AgFirst Farm Credit Bank: Farmer Mac has a related party relationship with AgFirst Farm Credit Bank ("AgFirst") resulting from AgFirst being a holder of approximately 16.8 percent of Farmer Mac Class B voting common stock. AgFirst entered into $36.4 million, $28.5 million and $19.7 million of LTSPC transactions in 2016, 2015, and 2014, respectively, and the aggregate balance of LTSPCs outstanding as of December 31, 2016 and 2015 was $331.3 million and $320.7 million, respectively. Farmer Mac received from AgFirst $1.1 million, $1.2 million, and $1.3 million in commitment fees in 2016, 2015, and 2014, respectively, and had $0.1 million of commitment fees receivable as of both December 31, 2016 and 2015. AgFirst owns certain securities backed by rural housing loans for which Farmer Mac is the second-loss guarantor for the last ten percent. As of December 31, 2016 and 2015, the outstanding balance of those securities owned by AgFirst was $19.7 million and $24.6 million, respectively. Farmer Mac received guarantee fees of $45,000, $0.1 million, and $0.1 million in 2016, 2015, and 2014, respectively, on those securities. Farm Credit Bank of Texas: Farmer Mac has a related party relationship with Farm Credit Bank of Texas resulting from the bank being a holder of approximately 7.7 percent of Farmer Mac Class B voting common stock and because a member of Farmer Mac's board of directors has an affiliation with that entity. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $1.1 million, $0.7 million, and $0.6 million in 2016, 2015, and 2014, respectively. The aggregate amount of LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2016 and 2015 was $237.9 million and $253.0 million, respectively. In 2016, 2015, and 2014, Farm Credit Bank of Texas retained $0.3 million, $0.3 million, and $0.4 million, respectively, in servicing fees for its work as a Farmer Mac central servicer. Other Related Party Transactions: Farmer Mac purchased $24.7 million, $21.1 million, and $35.1 million in loans from First Dakota National Bank in 2016, 2015, and 2014, respectively. Farmer Mac entered into, $7.8 million of new LTSPCs in 2015, and none in 2016 and 2014, respectively with First Dakota National Bank. First Dakota National Bank retained servicing fees of $1.1 million, $1.0 million, and $0.8 million in 2016, 2015, and 2014, respectively, for its work as a Farmer Mac servicer. Farmer Mac purchased $1.3 million, $2.1 million, and $4.5 million in USDA Securities from Bath State Bank in 2016, 2015, and 2014, respectively. These institutions had a related party relationship with Farmer Mac because a member of Farmer Mac's board of directors is affiliated with each of those entities. Farmer Mac had a related party relationship with AgGeorgia during 2014 because a former member of Farmer Mac's board of directors had an affiliation with that entity while he served on Farmer Mac's board of directors during 2014. Effective June 2014, AgGeorgia was no longer a related party because this individual ceased his service on Farmer Mac's board of directors at that time. Amounts, where presented in 2014, represent activity for the entire year. Farmer Mac entered into $20.2 million of new LTSPCs with AgGeorgia and received $0.1 million of commitment fees during 2014. Farmer Mac owned $70.0 million of subordinated debt issued by CoBank as of December 31, 2016 and 2015, respectively. Farmer Mac has a related party relationship with CoBank because CoBank is a major holder (32.6 percent) of Farmer Mac Class B voting common stock and because a member of Farmer Mac's board of directors has an affiliation with that entity. |
Investment Securities |
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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 December 31, 2016 and 2015: Table 4.1
During 2016, Farmer Mac received proceeds of $186.8 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million and gross realized losses of $0.1 million. During 2015, Farmer Mac received proceeds of $83.7 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million. During 2014, Farmer Mac received proceeds of $770.1 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized losses of $0.8 million and gross realized gains of $0.6 million. Farmer Mac also recognized $0.1 million in losses during 2015 related to other-than-temporary impairment on two auction-rate certificate securities. As of December 31, 2016 and 2015, unrealized losses on available-for-sale investment securities were as follows: Table 4.2
The unrealized losses presented above are principally due to a general widening of credit spreads and an increase in the levels of interest rates from the dates of acquisition to December 31, 2016 and 2015, 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 December 31, 2016, 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-." As of December 31, 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-." The unrealized losses were on 97 and 69 individual investment securities as of December 31, 2016 and 2015, respectively. As of December 31, 2016, 36 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $7.6 million. As of December 31, 2015, 17 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $6.6 million. Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2016 that is, on average, approximately 99 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 are other-than-temporary impairment as of December 31, 2016 and 2015. Farmer Mac did not own any held-to-maturity investment securities as of December 31, 2016 and 2015. As of December 31, 2016, Farmer Mac did not own any trading investment securities. As of December 31, 2015, Farmer Mac owned trading investment securities with an amortized cost of $2.2 million, a fair value of $0.5 million, and a weighted average yield of 4.41 percent. The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2016 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 4.3
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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 December 31, 2016 and 2015: Table 5.1
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as an adjustment to the yield on the held-to-maturity USDA Securities over the remaining term of the transferred securities. As of December 31, 2016 and 2015, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2
The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2016 and 2015, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of December 31, 2016 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016, as described above. 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 22 available-for-sale securities as of December 31, 2016. There were 7 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2016. The unrealized losses from AgVantage securities were on 22 available-for-sale securities as of December 31, 2015. There were no unrealized losses from held-to-maturity securities as of December 31, 2015. As of December 31, 2016, 10 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $45.5 million. As of December 31, 2015, 8 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $28.7 million. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impairment as of either December 31, 2016 or December 31, 2015. 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 2016, 2015, and 2014, Farmer Mac did not sell any 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 December 31, 2016 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 5.3
As of December 31, 2016, Farmer Mac owned trading USDA Securities with an amortized cost of $20.7 million, a fair value of $20.4 million, and a weighted average yield of 5.44 percent. As of December 31, 2015, Farmer Mac owned trading USDA Securities with an amortized cost of $29.1 million, a fair value of $29.0 million, and a weighted average yield of 5.53 percent. |
Financial Derivatives |
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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, primarily 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. Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, through the use of forward sale contracts on the debt 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. The notional amounts of these contracts are determined based on a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. 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 not designated as cash flow hedges are reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of the hedged items, which are primarily fixed rate AgVantage securities, related to the risk being hedged are also reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge accounting relationships are recorded in "Net interest income" in the consolidated statements of operations. For the years ended December 31, 2016, 2015, and 2014, the amount of interest expense recognized on those derivatives was $16.4 million, $22.8 million, and $19.7 million, respectively. For financial derivatives designated in cash flow hedge accounting relationships, the effective portion of the derivative gain/loss is recorded in other comprehensive income and any ineffective portion is recognized immediately in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable-rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. For the years ended December 31, 2016, 2015, and 2014, $2.0 million, $1.2 million, and $0.2 million, respectively, was reclassified out of accumulated other comprehensive income into interest expense. As of December 31, 2016, Farmer Mac expects to reclassify $1.5 million pretax, or $1.0 million after-tax, from accumulated other comprehensive income, net of tax, to earnings over the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2016. During the years ended December 31, 2016, 2015, and 2014 there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it became probable the original forecasted transaction would not occur. 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 December 31, 2016 and 2015 and the effects of financial derivatives on the consolidated statements of operations for the years ended December 31, 2016,2015, and 2014: Table 6.1
Table 6.2
As of December 31, 2016 and 2015, Farmer Mac's credit exposure to interest rate swap counterparties, excluding netting arrangements and any adjustment for nonperformance risk, but including accrued interest, was $24.5 million and $6.4 million, respectively; however, including netting arrangements and accrued interest, Farmer Mac's credit exposure was $0.2 million and $47,000 as of December 31, 2016 and 2015, respectively. As of December 31, 2016, Farmer Mac held no cash as collateral for its derivatives in net asset positions resulting in uncollateralized net asset positions of $0.2 million. As of December 31, 2015, Farmer Mac held no cash collateral for its derivatives in net asset positions, resulting in uncollateralized net asset positions of $47,000. As of December 31, 2016 and 2015, 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 $65.7 million and $90.1 million, respectively; however, including netting arrangements and accrued interest, the fair value of Farmer Mac's derivatives in a net liability position at the counterparty level was $41.4 million and $83.2 million as of December 31, 2016 and 2015, respectively. Farmer Mac posted cash of $1.0 million and $24.6 million of investment securities as of December 31, 2016 and posted cash of $38.0 million and no investment securities as of December 31, 2015. 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. Any 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 December 31, 2016 and 2015, it could have been required to settle its obligations under the agreements or post additional collateral of $15.8 million and $45.2 million, respectively. As of December 31, 2016 and 2015, 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. For certain derivatives, Farmer Mac clears interest rate swaps through a clearinghouse, the Chicago Mercantile Exchange ("CME"). Farmer Mac posts initial and variation margin to this clearinghouse through which centrally-cleared derivatives and futures contracts are traded. These collateral postings expose Farmer Mac to institutional credit risk in the event that either the clearinghouse or the futures commission merchant that Farmer Mac uses to post collateral to the clearinghouse fails to meet its obligations. Conversely, the use of centrally-cleared derivatives mitigates Farmer Mac's credit risk to individual counterparties because clearinghouses assume the credit risk among counterparties in centrally-cleared derivatives transactions. Of Farmer Mac's $8.1 billion notional amount of interest rate swaps outstanding as of December 31, 2016, $6.9 billion were cleared through swap clearinghouses. Of Farmer Mac's $8.4 billion notional amount of interest rate swaps outstanding as of December 31, 2015, $6.2 billion were cleared through swap clearinghouses. Effective January 3, 2017, the CME implemented a change in its rules related to the exchange of variation margin. Specifically, the exchange of variation margin between derivatives counterparties is being deemed by CME to be a partial settlement of each respective derivative contract rather than as collateral pledged by a counterparty. Accordingly, beginning in first quarter 2017, Farmer Mac will present its cleared derivatives portfolio net of variation margin payments on its consolidated balance sheets and will recognize realized gains or losses as a result of these payments on its consolidated statements of operations. Prior to first quarter 2017, Farmer Mac accounted for variation margin as collateral and as unrealized gains or losses on those centrally cleared derivative contracts. See Note 14 for information about the effect of this rule change on the calculation of core earnings beginning in 2017. |
Notes Payable - NOTES PAYABLE |
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Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 15 years. The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2016 and 2015: Table 7.1
The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2016 and 2015 was $6.9 billion and $6.7 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2017 as of December 31, 2016: Table 7.2
The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2016, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3
During 2016 and 2015, Farmer Mac called $1.3 billion and $2.4 billion of callable medium-term notes, respectively. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2016, Farmer Mac had not used this borrowing authority and does not expect to use this borrowing authority in the future. Gains on Repurchase of Outstanding Debt No outstanding debt repurchases were made in 2016, 2015, or 2014. |
Loans and Allowance for Losses and Concentrations of Credit Risk |
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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 December 31, 2016 and 2015, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2016 and 2015: Table 8.1
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 (excluding AgVantage securities). As of December 31, 2016 and 2015, Farmer Mac's total allowances for losses were $7.4 million and $6.6 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 each year in the three-year period ended December 31, 2016 and 2015: Table 8.2
During 2016, Farmer Mac recorded provisions to its allowance for loan losses of $1.1 million and releases to its reserve for losses of $0.1 million. The provisions to the allowance for loan losses recorded during 2016 were attributable to an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans and downgrades in risk ratings for certain loans. The releases to the reserve for losses recorded during the year ended December 31, 2016 were attributable to the release of a specific reserve on an impaired livestock loan underlying an LTSPC that was required to be removed from the LTSPC pool by the originator during 2016. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during 2016. During 2015, Farmer Mac recorded provisions to its allowance for loan losses of $2.4 million and releases to its reserve for losses of $2.2 million. The provisions to the allowance for loan losses recorded during 2015 were primarily attributable to the establishment of a specific allowance for two Agricultural Storage and Processing loans that financed one canola facility. Farmer Mac recognized a charge-off of $3.7 million in fourth quarter 2015 on those loans. The provisions to the allowance for losses were offset by the reduction in the specific allowance for a permanent planting loan based on the updated appraised value of the collateral underlying such loan and releases to the general reserve from the reserve for losses due to substantial paydowns of Agricultural Storage and Processing loans underlying LTSPCs due to repayments of these loans at par. During 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.0 million and releases from its reserve for losses of $2.2 million, primarily related to a decrease in the balance of its ethanol loans as well as a general improvement in the quality of the ethanol loans held and loans underlying LTSPCs. Farmer Mac recorded $0.1 million of charge-offs and recoveries of $45,000 to its allowance for loan losses during 2014. The following tables present the changes in the total allowance for losses for year ended December 31, 2016 and 2015 by commodity type: Table 8.3
The following tables present the unpaid principal balances of loans held and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and the related total allowance for losses by impairment method and commodity type as of December 31, 2016 and 2015: Table 8.4
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 December 31, 2016 and 2015: Table 8.5
The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the year ended December 31, 2016 and 2015: Table 8.6
A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring ("TDR"). Farmer Mac has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due in a timely manner, including interest accrued at the original contract rate. In making its determination of whether a borrower is experiencing financial difficulties, Farmer Mac considers several factors, including whether (1) the borrower has declared or is in the process of declaring bankruptcy, (2) there is substantial doubt as to whether the borrower will continue to be a going concern, and (3) the borrower can obtain funds from other sources at an effective interest rate at or near a current market interest rate for debt with similar risk characteristics. Farmer Mac evaluates TDRs similarly to other impaired loans for purposes of the allowance for losses. For the year ended December 31, 2016, there were no TDRs. For the year ended ended December 31, 2015, the recorded investment of loans determined to be TDRs was $1.1 million both before and after restructuring. For the year ended December 31, 2014, the recorded investment of loans determined to be TDRs was $5.3 million before restructuring and $6.0 million after restructuring. As of December 31, 2016 and 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 years ended December 31, 2016 and 2015. 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 year ended ended December 31, 2016, Farmer Mac purchased eight defaulted loans having an unpaid principal balance of $2.5 million from pools underlying LTSPCs and Farm & Ranch Guaranteed Securities. During the year ended ended December 31, 2015, Farmer Mac purchased six defaulted loans having an unpaid principal balance of $16.9 million from pools underlying Farm & Ranch Guaranteed Securities. During 2014, Farmer Mac purchased two defaulted loans having an unpaid principal balance of $0.7 million from a pool underlying an LTSPC. The following tables present information related to Farmer Mac's acquisition of defaulted loans for the years ended ended December 31, 2016, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of December 31, 2016 and 2015: Table 8.7
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 December 31, 2016, 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 8.8
Of the $19.8 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2016, $0.1 million were loans subject to "removal-of-account" provisions. Of the $26.9 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2015, none 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 December 31, 2016 and 2015: Table 8.9
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 December 31, 2016 and 2015: Table 8.10
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. |
Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Disclosure | EQUITY Common Stock Farmer Mac has three classes of common stock outstanding:
On September 8, 2015, Farmer Mac's board of directors approved a share repurchase program authorizing Farmer Mac to repurchase up to $25 million of its outstanding Class C non-voting common stock through September 8, 2017. As of December 31, 2016, Farmer Mac had repurchased approximately 668,000 shares of Class C non-voting common stock at a cost of approximately $19.6 million pursuant to the share repurchase program. During 2016, 2015, and 2014, Farmer Mac paid a quarterly dividend of $0.26, $0.16, and $0.14, respectively, per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on its common stock could be restricted if it fails to comply with applicable capital requirements. Preferred Stock On January 17, 2013, Farmer Mac issued 2.4 million shares of 5.875 percent Non-Cumulative Preferred Stock, Series A (the "Series A Preferred Stock"). On March 25, 2014, Farmer Mac issued 3.0 million shares of 6.875 percent Non-Cumulative Preferred Stock, Series B (the "Series B Preferred Stock"). On June 20, 2014, Farmer Mac issued 3.0 million shares of 6.000 percent Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the "Series C Preferred Stock"). The Series A Preferred Stock, the Series B Preferred Stock, and the Series C Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") each has a par value of $25.00 per share and a liquidation preference of $25.00 per share. The Series A Preferred Stock and the Series B Preferred Stock pay an annual dividend rate of 5.875 percent and 6.875 percent, respectively, for the life of the securities. The Series C Preferred Stock pays an annual dividend rate of 6.000 percent from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26 percent. Farmer Mac has the right, but not the obligation, to redeem the Series A Preferred Stock at any time on and after January 17, 2018, the Series B Preferred Stock at any time on and after April 17, 2019, and the Series C Preferred Stock at any time on and after July 18, 2024, all at a price equal to the then-applicable liquidation preference. Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's Board of Directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. Farmer Mac incurred direct costs of $1.7 million related to the issuance of the Series A Preferred Stock, direct costs of $1.9 million related to the issuance of the Series B Preferred Stock, and direct costs of $1.6 million related to the issuance of the Series C Preferred Stock. As of December 31, 2016, Farmer Mac had 2.4 million shares of Series A Preferred Stock outstanding, 3.0 million shares of Series B Preferred Stock outstanding, and 3.0 million of Series C Preferred Stock outstanding. 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. Farmer Mac's preferred stock is included as a component of core capital for regulatory and statutory capital compliance measurements. 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. The accrual of declared dividends on Farmer Mac II LLC Preferred Stock prior to its redemption is presented in "Net income attributable to non-controlling interest" on the consolidated statements of operations on a pre-tax basis and the consolidated tax benefit is included in "Income tax expense" on the consolidated statements of operations. Equity-Based Incentive Compensation Plans Farmer Mac's 2008 Omnibus Incentive Compensation Plan authorizes the grants of restricted stock, stock options, and SARs, among other alternative forms of equity-based compensation, to directors, officers and other employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or terminated earlier due to the termination of employment, SARs granted to officers or employees expire after 10 years from the grant date. For all SARs granted, the exercise price is equal to the closing price of the Class C non-voting common stock on the date of grant. SARs granted during 2016 have exercise prices of $35.75 per share, SARs granted during 2015 have exercise prices ranging from $28.17 to $32.39 per share, and SARs granted during 2014 have exercise prices ranging from $29.37 to $35.60 per share. During 2016, 2015, and 2014, restricted stock awards were granted to directors with a vesting period of one year, to officers with a vesting period of three years provided certain performance targets are met, to officers vesting annually in thirds, and to employees with a vesting period of three years. The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2016, 2015, and 2014: Table 9.1
The cancellations of stock options, SARs, and non-vested restricted stock during 2016, 2015, and 2014 were due either to unvested awards terminating in accordance with the provisions of the applicable equity compensation plans upon directors' or employees' departures from Farmer Mac or failure to meet specified performance goals, or vested awards terminating unexercised on their expiration date. Farmer Mac generally receives cash when stock options are exercised. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock. Farmer Mac received $0.5 million from the exercise of stock options during 2016, $1.7 million during 2015, and $0.2 million during 2014. During 2016, 2015, and 2014, the reduction of income taxes payable as a result of the deduction for the exercise of stock options and SARs and the vesting or accelerated tax elections of restricted stock was $3.6 million, $0.8 million, and $0.6 million, respectively. During 2016, 2015, and 2014, Farmer Mac recorded a net decrease to additional paid-in capital of $3.1 million, $0.6 million, and $0.3 million, respectively, related to stock-based compensation awards. Farmer Mac has a policy that permits directors of Farmer Mac to elect to receive shares of Class C non-voting common stock in lieu of cash retainers. During 2016, Farmer Mac issued 1,130 shares of Class C non-voting common stock with a fair value of $41,000 to the 4 directors who made that election. During 2015, Farmer Mac issued 491 shares of Class C non-voting common stock with a fair value of $14,000 to the 4 directors who made that election. During 2014, Farmer Mac issued 604 shares of Class C non-voting common stock with a fair value of $20,000 to the 5 directors who made that election. The following tables summarize information regarding stock options, SARs, and non-vested restricted stock outstanding as of December 31, 2016: Table 9.2
The weighted average exercise price of the 361,821 options and SARs vested or expected to vest as of December 31, 2016 was $30.14. As of December 31, 2016 and 2015, the intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $17.4 million and $8.1 million, respectively. During 2016, 2015, and 2014, the total intrinsic value of options and SARs exercised was $7.6 million, $0.9 million, and $0.3 million, respectively. As of December 31, 2016, there was $3.2 million of total unrecognized compensation cost related to non-vested stock options, SARs, and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2016, 2015, and 2014 were $25.11, $17.97, and $21.11 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $3.3 million, $3.3 million, and $2.9 million during 2016, 2015, and 2014, respectively. The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.3
The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2016, 2015, and 2014 was $36.33, $32.14, and $33.88 per share, respectively, which is based on the closing price of the stock on the date granted. Capital Requirements Farmer Mac is subject to the following capital requirements:
Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of December 31, 2016 and 2015, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements. As of December 31, 2016, Farmer Mac's minimum capital requirement was $466.5 million and its core capital level was $609.7 million, which was $143.2 million above the minimum capital requirement as of that date. As of December 31, 2015, Farmer Mac's minimum capital requirement was $462.1 million and its core capital level was $564.5 million, which was $102.4 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, and qualifying preferred stock) and imposing restrictions on Tier 1-eligible dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds. |
Income Taxes - INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES Farmer Mac is subject to federal income taxes but is exempt from state and local income taxes. The components of the federal income tax expense for the years ended December 31, 2016, 2015, and 2014 were as follows: Table 10.1
A reconciliation of tax at the statutory federal tax rate to the income tax expense for the years ended December 31, 2016, 2015, and 2014 is as follows: Table 10.2
The components of the deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: Table 10.3
A valuation allowance is required to reduce a deferred tax asset to an amount that is more likely than not to be realized. Future realization of the tax benefit from a deferred tax asset depends on the existence of sufficient taxable income of the appropriate character. After the evaluation of both positive and negative objective evidence regarding the likelihood that its deferred tax assets will be realized, Farmer Mac established a valuation allowance of $0.1 million and $2.1 million as of December 31, 2016 and 2015, which was attributable to capital loss carryforwards on investment securities. Farmer Mac did not establish a valuation allowance for the remainder of its deferred tax assets because it believes it is more likely than not that those deferred tax assets will be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. During 2014, Farmer Mac reduced its deferred tax valuation allowance by $13.5 million upon utilizing capital loss carryforwards. In addition, $5.9 million and $0.1 million of capital loss carryforwards expired on December 31, 2016 and 2015, respectively, and Farmer Mac removed $2.1 million and $39,000, respectively, of corresponding deferred tax assets and the related deferred tax asset valuation allowance. Deferred tax assets are measured at rates in effect when they arise. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A reduction in corporate tax rates would result in a reduction in the value of the deferred tax asset. As of December 31, 2016, the amount of capital loss carryforwards was $0.2 million. These capital loss carryforwards will expire in 2021. As of December 31, 2016 and 2015, Farmer Mac did not identify any uncertain tax positions. The following table presents the changes in unrecognized tax benefits for the years ended December 31, 2016, 2015, and 2014: Table 10.4
The resolution of the unrecognized tax benefits presented above represented temporary differences and, therefore, would not result in a change to Farmer Mac's effective tax rate. Farmer Mac does not expect to be subject to, and has not recorded tax penalties. During 2014, the IRS examined Farmer Mac's uncertain tax positions reported in its 2011 tax return; as a result of the examination, Farmer Mac concluded it does not currently have any uncertain tax positions. Tax years 2014 through 2016 remain subject to examination. |
Employee Benefits - EMPLOYEE BENEFITS |
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Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | EMPLOYEE BENEFITS Farmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2 percent of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($265,000 for 2016, $265,000 for 2015, and $260,000 for 2014), plus 5.7 percent of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA; and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years. Expenses for this plan for the years ended December 31, 2016, 2015, and 2014 were $1.3 million, $1.2 million, and $1.2 million, respectively. |
Guarantees and Long Term Standby Purchase Commitments |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Long Term Standby Purchase Commitments Disclosure | 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 the Farm & Ranch, the USDA Guarantees, or the Rural Utilities lines of business, and (2) LTSPCs, which are available through the Farm & Ranch or the Rural Utilities lines of business. Farmer Mac records, at the inception of a guarantee, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee. The fair values of the guarantee obligation and asset at inception 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. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are subsequently amortized into guarantee and commitment fee income in relation to the decline in the unpaid principal balance on the underlying agricultural real estate mortgage and rural utilities loans. The contractual terms of Farmer Mac's guarantees range from less than 1 year to 30 years. However, the actual term of each guarantee may be significantly less than the contractual term based on the prepayment characteristics of the related agricultural real estate mortgage loans. Farmer Mac's maximum potential exposure under these guarantees is comprised of the unpaid principal balance of the underlying agricultural real estate mortgage loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $4.9 billion and $4.5 billion as of December 31, 2016 and 2015, respectively. Farmer Mac's maximum potential exposure for guarantees issued prior to January 1, 2003, which are not recorded on the consolidated balance sheets, was $40.1 million and $56.2 million as of December 31, 2016 and 2015, respectively. The maximum exposure from these guarantees is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(j) and Note 8. The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2016, 2015, and 2014: Table 12.1
Off-Balance Sheet Farmer Mac Guaranteed Securities Agricultural real estate mortgage loans, rural utilities loans, and other related 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. Farmer Mac is obligated under its guarantee to ensure that the investors receive timely payments of principal and interest based on the underlying loans, regardless of whether the trust has actually received such scheduled loan payments. As consideration for Farmer Mac's assumption of the credit risk on these securities, Farmer Mac receives guarantee fees that are recognized as earned on an accrual basis over the life of the loans and based upon the outstanding balance of the Farmer Mac Guaranteed Security. Farmer Mac is required to perform under its obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farm & Ranch Guaranteed Security becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. 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 December 31, 2016 and 2015, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2
If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the property securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full faith and credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. 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 12.3
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 $5.5 million as of December 31, 2016 and $8.3 million as of December 31, 2015. As of December 31, 2016 and 2015, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 10.7 years and 11.3 years, respectively. As of December 31, 2016 and 2015, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 0.7 years and 1.7 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. An LTSPC permits a lender to nominate from its portfolio an identified pool of loans for participation in the Farm & Ranch or the Rural Utilities line of business, which are retained in the lender's portfolio and serviced by the lender. Farmer Mac reviews the loan pool to confirm that it conforms to Farmer Mac's underwriting standards. Upon Farmer Mac's approval of the eligible loans, the lender effectively transfers the credit risk on those loans to Farmer Mac, thereby reducing the lender's credit and concentration risk exposures and, consequently, its regulatory capital requirements and its loss reserve requirements. Credit risk is transferred through Farmer Mac's commitment to purchase the identified loans from the counterparty based on Farmer Mac's original credit review and acceptance of the credit risk on the loans. The specific events or circumstances that would require Farmer Mac to purchase some or all of the loans subject to LTSPCs include: (1) the failure of the borrower under any loan to make installment payments under that loan for a period of either 90 days or 120 days (depending on the provisions of the applicable agreement); or (2) the determination by the holder of the LTSPC to sell or exchange some or all of the loans under the LTSPC to Farmer Mac. Farmer Mac purchases loans subject to an LTSPC at:
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 $3.1 billion as of December 31, 2016 and $2.8 billion as of December 31, 2015. As of December 31, 2016 and 2015, the weighted-average remaining maturity of all loans underlying LTSPCs was 15.1 years and 14.6 years, respectively. 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 $31.8 million as of December 31, 2016 and $30.3 million as of December 31, 2015. Commitments Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2016 and 2015, commitments to purchase Farm & Ranch loans and USDA Guarantees totaled $114.5 million and $60.9 million, respectively, all of which were mandatory commitments. As of December 31, 2016, there were no commitments to purchase Rural Utilities loans. As of December 31, 2015, commitments to purchase Rural Utilities loans totaled $4.0 million. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. Rental expense for Farmer Mac's office space for each of the years ended December 31, 2016, 2015, and 2014 was $1.3 million. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2016 are as follows: Table 12.4
Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. |
Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosure | FAIR VALUE DISCLOSURES Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. Farmer Mac's accounting policies for fair value measurement are discussed in Note 2(p). Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements:
Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of such instruments pursuant to the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices in active markets. Farmer Mac classifies these fair value measurements as level 1. For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, corporate debt securities, senior agency debt securities, Government/GSE guaranteed mortgage-backed securities, and preferred stock issued by GSEs, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as level 2. For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as level 3. Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its 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. Farmer Mac classifies these fair value measurements as level 3 because there is limited market activity and therefore little or no price transparency. On a sample basis, Farmer Mac corroborates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by obtaining a secondary valuation from an independent third-party service. Financial Derivatives The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as level 1. Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon the counterparty valuations. Farmer Mac internally values its derivative portfolio using a discounted cash flow valuation technique and obtains a secondary valuation for certain interest rate swaps to corroborate the counterparty valuations. Farmer Mac also regularly reviews the counterparty valuations as part of the collateral exchange process. Farmer Mac classifies these fair value measurements as level 2. Certain basis swaps are nonstandard interest rate swap structures and are therefore internally modeled using significant assumptions and unobservable inputs, resulting in level 3 classification. Farmer Mac uses a discounted cash flow valuation technique, using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. As of December 31, 2016 and 2015, the consideration of Farmer Mac's and the counterparties' credit risk resulted in an adjustment of $0.1 million and $0.2 million to the valuations of Farmer Mac's derivative portfolio. See Note 2(h) and Note 6 for more information about Farmer Mac's derivative portfolio. Nonrecurring Fair Value Measurements and Classification Loans Held for Investment Certain loans in Farmer Mac's held for investment loan portfolio are measured at fair value when they are determined to be impaired. For these impaired loans, the fair value of the loan generally is based on the fair value of the underlying property, which is determined by recent third-party appraisals. Farmer Mac uses net realizable value (fair value less estimated costs to sell) as a reasonable estimate of fair value and classifies the fair values as level 3 measurements in the tables below. When recent third-party appraisals are not available, Farmer Mac measures loan impairment in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics, and does not include these impaired loans in the tables below. Real Estate Owned Farmer Mac initially records REO properties at net realizable value and subsequently measures them at the lower of carrying value or net realizable value. The fair value of the REO generally is based on third-party appraisals. Farmer Mac classifies the REO fair values as level 3 measurements. Farmer Mac uses net realizable value as a reasonable estimate of fair value in the tables below. Fair Value Classification and Transfers As of December 31, 2016, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $4.9 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 31 percent of total assets and 65 percent of financial instruments measured at fair value as of December 31, 2016. As of December 31, 2015, Farmer Mac's assets and liabilities recorded at fair value included financial instruments valued at $6.1 billion whose fair values were estimated by management in the absence of readily determinable fair values. These financial instruments measured as level 3 represented 39 percent of total assets and 69 percent of financial instruments measured at fair value as of December 31, 2015. 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 2016, 2015, and 2014. See Note 2(b) and Note 5 for information about the transfer of available-for-sale USDA and Farmer Mac Guaranteed USDA securities to held-to-maturity as of October 1, 2016 and Note 2(b) 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 December 31, 2016 and December 31, 2015, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1
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 years ended December 31, 2016 and 2015. Table 13.2
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 December 31, 2016 and December 31, 2015. Table 13.3
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 December 31, 2016 and December 31, 2015: Table 13.4
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 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. |
Business Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Reporting Disclosure | BUSINESS SEGMENT REPORTING Farmer Mac's operations consist of four operating segments – Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit. The Institutional Credit segment comprises Farmer Mac's purchases and 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. Each operating segment's financial results include directly attributable revenues and expenses. Corporate charges for administrative expenses that are not directly attributable to an operating segment are allocated to each segment 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 corporate economic performance measure may not be comparable to similarly labeled measures disclosed by other companies. 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 exclusion 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 following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the years ended December 31, 2016, 2015, and 2014: Table 14.1
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Quarterly Financial Information (Unaudited) - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure [Text Block] | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Table 15.1
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Accounting Policies - Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Account Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities (including, but not limited to, the allowance for loan losses, reserve for losses, other-than-temporary impairment of investment securities, and fair value measurements) as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: |
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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 (which began doing business as AgVisory during first quarter 2016), whose principal activity is to appraise agricultural real estate. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary. See Note 2(q) for more information on consolidated VIEs |
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Cash and Cash Equivalents and Statements of Cash Flows | Cash and Cash Equivalents and Statements of Cash Flows Farmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. Farmer Mac does not consider securities purchased under agreements to resell to be cash equivalents if it intends to reinvest the funds from maturing repurchase agreements into new repurchase agreements and the aggregate term of the repurchase agreements exceeds three months. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. |
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Transfers of Financial Assets and Liabilities | Transfers of Financial Assets and Liabilities Securities purchased under agreements to resell are treated as collateralized lending transactions. Farmer Mac's counterparties are required to pledge collateral for transactions involving securities purchased under agreements to resell. Farmer Mac considers the types of securities being pledged as collateral when determining how much to lend in these transactions. Additionally, on a daily basis, Farmer Mac reviews the fair values of these securities compared to amounts loaned and derivative counterparty collateral posting thresholds in an effort to minimize exposure to losses. These transactions are reported as securities purchased under agreements to resell in the consolidated balance sheets except for securities purchased under agreements to resell on a weekly or an overnight basis, which are included in cash and cash equivalents in the consolidated balance sheets. Farmer Mac records securities purchased under agreements to resell at the amount loaned in the consolidated balance sheets. The resulting fees for these transactions are included in interest income in the consolidated statements of operations. As of December 31, 2016 and 2015, there were no outstanding securities purchased under agreements to resell. |
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Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities | Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. |
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Loans | Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(q) for more information on the accounting policy related to consolidation. |
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Non-Accrual Loans | Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. |
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Securitization of Loans | Securitization of Loans Asset securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans or rural utilities loans into trusts that are used as vehicles for the securitization of the transferred loans. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. |
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Real Estate Owned | Real Estate Owned Real estate owned ("REO") consists of real estate acquired through loan liquidation and is recorded at fair value less estimated selling cost at acquisition. Fair value is determined by appraisal or other appropriate valuation method. Any excess of the recorded investment in the loan over the fair value less estimated selling costs is charged to the allowance for loan losses. Subsequent to the acquisition, management continues to perform periodic valuations of real estate owned. Declines in the net realizable value (fair value less estimated selling costs) are charged through income and presented in "Real estate owned operating costs, net" on the consolidated statements of operations. |
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Financial Derivatives | Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative under GAAP. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed at inception and monitored over the life of the hedging relationship. 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 not designated as cash flow hedges 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 reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. 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 and affecting net interest income when the hedged forecasted transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. Farmer Mac has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. See Notes 6 and 13 for more information on financial derivatives. |
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Notes Payable | Notes Payable Notes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities. Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. |
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Allowance for Loan Losses | Allowance for Loan Losses and Reserve for Losses Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense, and decreases by charge-offs for realized losses, net of recoveries. Negative provisions, or releases from the allowance for losses, generally occur when the estimate of probable losses as of the end of a period is less than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is released and a corresponding amount is provided to the allowance for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farm & Ranch Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by taking into consideration several factors, including:
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. Rural Utilities Farmer Mac separately evaluates the rural utilities loans it owns to determine if there are any probable losses inherent in those assets. No allowance for losses has been provided for this portfolio segment based on the performance of these loans and the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of December 31, 2016, there were no delinquencies or probable losses inherent in Farmer Mac's Rural Utilities loans held or underlying LTSPCs. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. |
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Earnings Per 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. |
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Income Taxes | Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50 percent) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
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Stock-based Compensation | Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. |
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Comprehensive Income | Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. |
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Long-Term Standby Purchase Commitment | Long-Term Standby Purchase Commitments Farmer Mac accounts for its LTSPCs as guarantees. Commitment fee income represents a reduction of the commitment obligation based on amortization using the actual prepayment experience on the underlying loans. See Note 2(j) for Farmer Mac's policy for estimating probable losses for LTSPCs and Note 12 for more information on the accounting for LTSPCs. |
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Fair Value Measurement | Fair Value Measurement Farmer Mac defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest rank to unobservable inputs (level 3 measurements). Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs. See Note 13 for more information regarding fair value measurement. |
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New Accounting Standards | New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers (Topic 606)" that revises guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and will supersede the existing industry and transaction-specific revenue recognition rules with a more principles-based single model for revenue recognition. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under the existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. Entities can elect to adopt the guidance either on a full or modified retrospective basis. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac has evaluated this guidance and determined it will not have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU significantly revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In February 2016, the FASB issued ASU 2016-02, "Leases," which provides new guidance intended to improve financial reporting about leasing transactions. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which provides new guidance intended to simplify several aspects of accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses," which will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to form their credit loss estimates. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Farmer Mac is currently evaluating the impact that the new guidance will have on its consolidated financial statements. That impact will primarily be from the new requirement to recognize all expected losses rather than just incurred losses as of the reporting date. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which amends the existing guidance to add or clarify current guidance in GAAP on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice in how certain transactions are classified. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's statement of cash flows. |
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Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to AgVantage securities. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. |
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Reclassifications | Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
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Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities (including, but not limited to, the allowance for loan losses, reserve for losses, other-than-temporary impairment of investment securities, and fair value measurements) as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: 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 (which began doing business as AgVisory during first quarter 2016), whose principal activity is to appraise agricultural real estate. The consolidated financial statements also include the accounts of VIEs in which Farmer Mac determined itself to be the primary beneficiary. See Note 2(q) for more information on consolidated VIEs. Cash and Cash Equivalents and Statements of Cash Flows Farmer Mac considers highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents. Farmer Mac does not consider securities purchased under agreements to resell to be cash equivalents if it intends to reinvest the funds from maturing repurchase agreements into new repurchase agreements and the aggregate term of the repurchase agreements exceeds three months. Changes in the balance of cash and cash equivalents are reported in the consolidated statements of cash flows. The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2016, 2015, and 2014: Table 2.1
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as adjustments to the yield on the held-to-maturity USDA Securities over the remaining contractual term of the transferred securities. On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed AgVantage 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 included a cost basis adjustment of unrealized appreciation in the amount of $22.3 million. The accumulated unrealized appreciation was retained in accumulated other comprehensive income. Farmer Mac accounts for held-to-maturity securities at amortized cost. The cost basis adjustment and accumulated unrealized appreciation are being amortized as adjustments to the yield on the held-to-maturity Farmer Mac Guaranteed AgVantage Securities over the remaining term of the transferred securities. Transfers of Financial Assets and Liabilities Securities purchased under agreements to resell are treated as collateralized lending transactions. Farmer Mac's counterparties are required to pledge collateral for transactions involving securities purchased under agreements to resell. Farmer Mac considers the types of securities being pledged as collateral when determining how much to lend in these transactions. Additionally, on a daily basis, Farmer Mac reviews the fair values of these securities compared to amounts loaned and derivative counterparty collateral posting thresholds in an effort to minimize exposure to losses. These transactions are reported as securities purchased under agreements to resell in the consolidated balance sheets except for securities purchased under agreements to resell on a weekly or an overnight basis, which are included in cash and cash equivalents in the consolidated balance sheets. Farmer Mac records securities purchased under agreements to resell at the amount loaned in the consolidated balance sheets. The resulting fees for these transactions are included in interest income in the consolidated statements of operations. As of December 31, 2016 and 2015, there were no outstanding securities purchased under agreements to resell. Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available, and evaluates the securities for other-than-temporary impairment. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(q) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Securitization of Loans Asset securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural real estate mortgage loans or rural utilities loans into trusts that are used as vehicles for the securitization of the transferred loans. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third party investors. Farmer Mac guarantees the timely payment of principal and interest on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. Real Estate Owned Real estate owned ("REO") consists of real estate acquired through loan liquidation and is recorded at fair value less estimated selling cost at acquisition. Fair value is determined by appraisal or other appropriate valuation method. Any excess of the recorded investment in the loan over the fair value less estimated selling costs is charged to the allowance for loan losses. Subsequent to the acquisition, management continues to perform periodic valuations of real estate owned. Declines in the net realizable value (fair value less estimated selling costs) are charged through income and presented in "Real estate owned operating costs, net" on the consolidated statements of operations. Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts principally to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Farmer Mac is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative under GAAP. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed at inception and monitored over the life of the hedging relationship. 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 not designated as cash flow hedges 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 reported in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. The accrual of the contractual amounts due on the financial derivative is included as an adjustment to the yield of the hedged item and is reported in net interest income. 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 and affecting net interest income when the hedged forecasted transaction affects earnings. Any ineffective portion of designated hedge transactions is recognized immediately in "Gains/(losses) on financial derivatives and hedging activities" in the consolidated statements of operations. Farmer Mac has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. See Notes 6 and 13 for more information on financial derivatives. Notes Payable Notes payable are classified as due within one year or due after one year based on the length of time remaining to their contractual maturities. Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. Allowance for Loan Losses and Reserve for Losses Farmer Mac maintains an allowance for losses to cover estimated probable losses incurred as of the balance sheet date on loans held ("allowance for loan losses") and loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities ("reserve for losses") based on available information. Disaggregation by commodity type is performed, where appropriate, in analyzing the need for an allowance for losses. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense, and decreases by charge-offs for realized losses, net of recoveries. Negative provisions, or releases from the allowance for losses, generally occur when the estimate of probable losses as of the end of a period is less than the estimate at the beginning of the period. In certain circumstances, for example, when a defaulted loan is purchased out of a guaranteed security or pursuant to an LTSPC, the related reserve for losses is released and a corresponding amount is provided to the allowance for loan losses. The total allowance for losses consists of a general allowance for losses and a specific allowance for individual impaired loans. Charge-offs Farmer Mac records a charge-off against the allowance for losses principally when a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The loss equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. General Allowance for Losses Farm & Ranch Farmer Mac's methodology for determining its allowance for losses incorporates Farmer Mac's automated loan classification system. That system scores loans based on criteria such as historical repayment performance, indicators of current financial condition, loan seasoning, loan size and loan-to-value ratio. The allowance methodology captures the migration of loan scores across concurrent and overlapping 3-year time horizons and calculates loss rates separately within each loan classification for (1) loans underlying LTSPCs and (2) loans held and loans underlying Farm & Ranch Guaranteed Securities. The calculated loss rates are applied to the current classification distribution of unimpaired loans in Farmer Mac's portfolio to estimate inherent losses, on the assumption that the historical credit losses and trends used to calculate loss rates will continue in the future. Management evaluates this assumption by taking into consideration several factors, including:
Management believes that its use of this methodology produces a reasonable estimate of probable losses, as of the balance sheet date, for all loans held in the Farm & Ranch portfolio and loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs. Rural Utilities Farmer Mac separately evaluates the rural utilities loans it owns to determine if there are any probable losses inherent in those assets. No allowance for losses has been provided for this portfolio segment based on the performance of these loans and the credit quality of the collateral supporting rural utilities assets and Farmer Mac's counterparty risk analysis. As of December 31, 2016, there were no delinquencies or probable losses inherent in Farmer Mac's Rural Utilities loans held or underlying LTSPCs. Specific Allowance for Impaired Loans Farmer Mac also analyzes certain loans in its portfolio for impairment in accordance with accounting guidance on measuring individual impairment of a loan. Farmer Mac's impaired loans generally include loans 90 days or more past due, in foreclosure, restructured, in bankruptcy and certain performing loans that have previously been delinquent or are secured by real estate that produces agricultural commodities or products currently under stress. Farmer Mac uses a risk-based approach in determining the necessity of obtaining updated appraisals on impaired loans. For example, larger exposures associated with highly improved and specialized collateral will generally receive updated appraisals once the loans are identified as impaired. In addition, updated appraisals are always obtained during the foreclosure process. Depending on the risk factors associated with the loan and underlying collateral, which can vary widely depending on the circumstances of the loan and collateral, this can occur early in the foreclosure process, while in other instances this may occur just prior to the transfer of title. As part of its routine credit review process, Farmer Mac often will exercise judgment in discounting an appraisal value due to local real estate trends or the condition of the property (e.g., following an inspection by Farmer Mac or the servicer). In addition, a property appraisal value may be discounted based on the market's reaction to Farmer Mac's asking price for sale of the property. For loans with an updated appraised value, other updated collateral valuation or management's estimate of discounted collateral value, this analysis includes the measurement of the fair value of the underlying collateral for individual loans relative to the total recorded investment, including principal, interest, and advances and net of any charge-offs. In the event that the collateral value does not support the total recorded investment, Farmer Mac specifically provides an allowance for the loan for the difference between the recorded investment and its fair value, less estimated costs to liquidate the collateral. Estimated selling costs are based on historical selling costs incurred by Farmer Mac or management's best estimate of selling costs for a particular property. For the remaining impaired assets without updated valuations, this analysis is performed in the aggregate in consideration of the similar risk characteristics of the assets and historical statistics. Farmer Mac considers appraisals aged more than two years as of the reporting period end date to be outdated. Farmer Mac believes this methodology that uses loan classification scores and historical loss experience is a better indication of impairment for these collateral-dependent loans than other valuation methods. 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 years ended December 31, 2016, 2015, and 2014: Table 2.2
Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50 percent) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $3.3 million $3.3 million, and $2.9 million of compensation expense related to stock options, SARs, and non-vested restricted stock awards for 2016, 2015, and 2014, respectively. Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2016, 2015, and 2014 Table 2.3
The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2016, 2015, and 2014: Table 2.4
Long-Term Standby Purchase Commitments Farmer Mac accounts for its LTSPCs as guarantees. Commitment fee income represents a reduction of the commitment obligation based on amortization using the actual prepayment experience on the underlying loans. See Note 2(j) for Farmer Mac's policy for estimating probable losses for LTSPCs and Note 12 for more information on the accounting for LTSPCs. Fair Value Measurement Farmer Mac defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a fair value hierarchy that ranks the quality and reliability of the inputs to valuation techniques used to measure fair value. The hierarchy gives highest rank to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest rank to unobservable inputs (level 3 measurements). Farmer Mac's assessment of the significance of the input to the fair value measurement requires judgment and considers factors specific to the financial instrument. Both observable and unobservable inputs may be used to determine the fair value of financial instruments that Farmer Mac has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in projected prepayment rates) inputs. See Note 13 for more information regarding fair value measurement. Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. The major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Farm & Ranch and all Rural Utilities securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farm & Ranch Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts where Farmer Mac has a variable interest but has not been determined to be the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the USDA Guarantees line of business and certain trusts related to AgVantage securities. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For the AgVantage trusts, Farmer Mac currently does not have the power to direct the activities that have the most significant economic impact to the trust unless, as guarantor, there is a default by the issuer of the trust securities. Should there be a default, Farmer Mac would reassess whether it is the primary beneficiary of those trusts. The amounts disclosed in the tables below represent Farmer Mac's holdings of a portion of the beneficial interests issued by these AgVantage Trusts. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. The following tables present, by line of business, details about the consolidation of VIEs: Table 2.5
New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers (Topic 606)" that revises guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and will supersede the existing industry and transaction-specific revenue recognition rules with a more principles-based single model for revenue recognition. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under the existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. Entities can elect to adopt the guidance either on a full or modified retrospective basis. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac has evaluated this guidance and determined it will not have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU significantly revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In February 2016, the FASB issued ASU 2016-02, "Leases," which provides new guidance intended to improve financial reporting about leasing transactions. The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which provides new guidance intended to simplify several aspects of accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac’s financial position, results of operations, or cash flows. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses," which will require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to form their credit loss estimates. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Farmer Mac is currently evaluating the impact that the new guidance will have on its consolidated financial statements. That impact will primarily be from the new requirement to recognize all expected losses rather than just incurred losses as of the reporting date. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which amends the existing guidance to add or clarify current guidance in GAAP on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice in how certain transactions are classified. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Farmer Mac does not expect that adoption of the new guidance will have a material effect on Farmer Mac's statement of cash flows. Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. |
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Schedule of Variable Interest Entities [Table Text Block] | The following tables present, by line of business, details about the consolidation of VIEs: Table 2.5
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Accounting Policies - Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The following tables present, by line of business, details about the consolidation of VIEs: Table 2.5
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Schedule of Cash Flow, Supplemental Disclosures | The following table sets forth information regarding certain cash and non-cash transactions for the years ended December 31, 2016, 2015, and 2014: Table 2.1
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as adjustments to the yield on the held-to-maturity USDA Securities over the remaining contractual term of the transferred securities. On January 1, 2014, Farmer Mac transferred $1.6 billion of Farmer Mac Guaranteed AgVantage 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 included a cost basis adjustment of unrealized appreciation in the amount of $22.3 million. The accumulated unrealized appreciation was retained in accumulated other comprehensive income. Farmer Mac accounts for held-to-maturity securities at amortized cost. The cost basis adjustment and accumulated unrealized appreciation are being amortized as adjustments to the yield on the held-to-maturity Farmer Mac Guaranteed AgVantage Securities over the remaining term of the transferred securities. |
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Earnings Per Common Share | The following schedule reconciles basic and diluted EPS for the years ended December 31, 2016, 2015, and 2014: Table 2.2
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2016, 2015, and 2014 Table 2.3
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2016, 2015, and 2014: Table 2.4
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Related Party Transactions - Related Party Transactions (Tables) |
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Schedule of Related Party Transactions [Table Text Block] | The following transactions occurred between Farmer Mac and Zions during 2016, 2015, and 2014: Table 3.1
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Schedule of Related Party Transactions [Table Text Block] | The following transactions occurred between Farmer Mac and CFC during 2016, 2015, and 2014: Table 3.2
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Investment Securities - Investment Securities (Tables) - Investment Securities [Member] |
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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 December 31, 2016 and 2015: Table 4.1
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of December 31, 2016 and 2015, unrealized losses on available-for-sale investment securities were as follows: Table 4.2
The unrealized losses presented above are principally due to a general widening of credit spreads and an increase in the levels of interest rates from the dates of acquisition to December 31, 2016 and 2015, 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 December 31, 2016, 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-." As of December 31, 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-." The unrealized losses were on 97 and 69 individual investment securities as of December 31, 2016 and 2015, respectively. As of December 31, 2016, 36 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $7.6 million. As of December 31, 2015, 17 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $6.6 million. Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2016 that is, on average, approximately 99 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 are other-than-temporary impairment as of December 31, 2016 and 2015. |
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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 December 31, 2016 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 4.3
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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Tables) - Farmer Mac Guaranteed Securities and USDA Securities [Member] |
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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 December 31, 2016 and 2015: Table 5.1
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as an adjustment to the yield on the held-to-maturity USDA Securities over the remaining term of the transferred securities. |
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | As of December 31, 2016 and 2015, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2
The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2016 and 2015, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of December 31, 2016 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016, as described above. 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 22 available-for-sale securities as of December 31, 2016. There were 7 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2016. The unrealized losses from AgVantage securities were on 22 available-for-sale securities as of December 31, 2015. There were no unrealized losses from held-to-maturity securities as of December 31, 2015. As of December 31, 2016, 10 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $45.5 million. As of December 31, 2015, 8 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $28.7 million. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impairment as of either December 31, 2016 or December 31, 2015. 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. |
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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 December 31, 2016 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 5.3
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Financial Derivatives - Financial Derivatives (Tables) |
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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 December 31, 2016 and 2015 and the effects of financial derivatives on the consolidated statements of operations for the years ended December 31, 2016,2015, and 2014: Table 6.1
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Derivative Instruments, Gain (Loss) [Table Text Block] | Table 6.2
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Notes Payable - Notes Payable (Tables) |
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Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2016 and 2015: Table 7.1
The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2016 and 2015 was $6.9 billion and $6.7 billion, respectively. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2017 as of December 31, 2016: Table 7.2
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Schedule of Long-term Debt Instruments [Table Text Block] | The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2016, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3
During 2016 and 2015, Farmer Mac called $1.3 billion and $2.4 billion of callable medium-term notes, respectively. |
Loans and Allowance for Losses and Concentrations of Credit Risk - Loans and Allowance for Losses and Concentrations (Tables) |
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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 December 31, 2016 and 2015, Farmer Mac had no loans held for sale. The following table displays the composition of the loan balances as of December 31, 2016 and 2015: Table 8.1
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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 (excluding AgVantage securities). As of December 31, 2016 and 2015, Farmer Mac's total allowances for losses were $7.4 million and $6.6 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 each year in the three-year period ended December 31, 2016 and 2015: Table 8.2
During 2016, Farmer Mac recorded provisions to its allowance for loan losses of $1.1 million and releases to its reserve for losses of $0.1 million. The provisions to the allowance for loan losses recorded during 2016 were attributable to an increase in the general allowance due to overall net volume growth in on-balance sheet Farm & Ranch loans and downgrades in risk ratings for certain loans. The releases to the reserve for losses recorded during the year ended December 31, 2016 were attributable to the release of a specific reserve on an impaired livestock loan underlying an LTSPC that was required to be removed from the LTSPC pool by the originator during 2016. Farmer Mac recorded $0.1 million of charge-offs to its allowance for loan losses during 2016. During 2015, Farmer Mac recorded provisions to its allowance for loan losses of $2.4 million and releases to its reserve for losses of $2.2 million. The provisions to the allowance for loan losses recorded during 2015 were primarily attributable to the establishment of a specific allowance for two Agricultural Storage and Processing loans that financed one canola facility. Farmer Mac recognized a charge-off of $3.7 million in fourth quarter 2015 on those loans. The provisions to the allowance for losses were offset by the reduction in the specific allowance for a permanent planting loan based on the updated appraised value of the collateral underlying such loan and releases to the general reserve from the reserve for losses due to substantial paydowns of Agricultural Storage and Processing loans underlying LTSPCs due to repayments of these loans at par. During 2014, Farmer Mac recorded releases from its allowance for loan losses of $1.0 million and releases from its reserve for losses of $2.2 million, primarily related to a decrease in the balance of its ethanol loans as well as a general improvement in the quality of the ethanol loans held and loans underlying LTSPCs. Farmer Mac recorded $0.1 million of charge-offs and recoveries of $45,000 to its allowance for loan losses during 2014. The following tables present the changes in the total allowance for losses for year ended December 31, 2016 and 2015 by commodity type: Table 8.3
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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 (excluding AgVantage securities) and the related total allowance for losses by impairment method and commodity type as of December 31, 2016 and 2015: Table 8.4
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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 December 31, 2016 and 2015: Table 8.5
The following table presents by commodity type the average recorded investment and interest income recognized on impaired loans for the year ended December 31, 2016 and 2015: Table 8.6
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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 years ended ended December 31, 2016, 2015 and 2014 and the outstanding balances and carrying amounts of all such loans as of December 31, 2016 and 2015: Table 8.7
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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 December 31, 2016, 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 8.8
Of the $19.8 million of on-balance sheet loans reported as 90-day delinquencies as of December 31, 2016, $0.1 million were loans subject to "removal-of-account" provisions. |
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Financing Receivable Credit Quality Indicators [Table Text Block] | 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 December 31, 2016 and 2015: Table 8.9
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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 December 31, 2016 and 2015: Table 8.10
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. |
Equity - Equity (Tables) |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2016, 2015, and 2014: Table 9.1
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following tables summarize information regarding stock options, SARs, and non-vested restricted stock outstanding as of December 31, 2016: Table 9.2
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average exercise price of the 361,821 options and SARs vested or expected to vest as of December 31, 2016 was $30.14. As of December 31, 2016 and 2015, the intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $17.4 million and $8.1 million, respectively. During 2016, 2015, and 2014, the total intrinsic value of options and SARs exercised was $7.6 million, $0.9 million, and $0.3 million, respectively. As of December 31, 2016, there was $3.2 million of total unrecognized compensation cost related to non-vested stock options, SARs, and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2016, 2015, and 2014 were $25.11, $17.97, and $21.11 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $3.3 million, $3.3 million, and $2.9 million during 2016, 2015, and 2014, respectively. The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.3
The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2016, 2015, and 2014 was $36.33, $32.14, and $33.88 per share, respectively, which is based on the closing price of the stock on the date granted. |
Income Taxes - Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Farmer Mac is subject to federal income taxes but is exempt from state and local income taxes. The components of the federal income tax expense for the years ended December 31, 2016, 2015, and 2014 were as follows: Table 10.1
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of tax at the statutory federal tax rate to the income tax expense for the years ended December 31, 2016, 2015, and 2014 is as follows: Table 10.2
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the deferred tax assets and liabilities as of December 31, 2016 and 2015 were as follows: Table 10.3
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Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table presents the changes in unrecognized tax benefits for the years ended December 31, 2016, 2015, and 2014: Table 10.4
The resolution of the unrecognized tax benefits presented above represented temporary differences and, therefore, would not result in a change to Farmer Mac's effective tax rate. Farmer Mac does not expect to be subject to, and has not recorded tax penalties. During 2014, the IRS examined Farmer Mac's uncertain tax positions reported in its 2011 tax return; as a result of the examination, Farmer Mac concluded it does not currently have any uncertain tax positions. Tax years 2014 through 2016 remain subject to examination. |
Guarantees and Long Term Standby Purchase Commitments - Guarantees and Long-Term Standby Purchase Commitments (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantee Obligations Activity [Table Text Block] | The contractual terms of Farmer Mac's guarantees range from less than 1 year to 30 years. However, the actual term of each guarantee may be significantly less than the contractual term based on the prepayment characteristics of the related agricultural real estate mortgage loans. Farmer Mac's maximum potential exposure under these guarantees is comprised of the unpaid principal balance of the underlying agricultural real estate mortgage loans. Guarantees issued or modified on or after January 1, 2003 are recorded in the consolidated balance sheets. Farmer Mac's maximum potential exposure was $4.9 billion and $4.5 billion as of December 31, 2016 and 2015, respectively. Farmer Mac's maximum potential exposure for guarantees issued prior to January 1, 2003, which are not recorded on the consolidated balance sheets, was $40.1 million and $56.2 million as of December 31, 2016 and 2015, respectively. The maximum exposure from these guarantees is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(j) and Note 8. The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2016, 2015, and 2014: Table 12.1
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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 December 31, 2016 and 2015, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2
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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 12.3
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 $5.5 million as of December 31, 2016 and $8.3 million as of December 31, 2015. As of December 31, 2016 and 2015, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 10.7 years and 11.3 years, respectively. As of December 31, 2016 and 2015, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 0.7 years and 1.7 years, respectively. |
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Rental expense for Farmer Mac's office space for each of the years ended December 31, 2016, 2015, and 2014 was $1.3 million. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2016 are as follows: Table 12.4
Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked. |
Fair Value Disclosures - Fair Value Disclosures (Tables) |
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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 December 31, 2016 and December 31, 2015, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1
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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 years ended December 31, 2016 and 2015. Table 13.2
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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 December 31, 2016 and December 31, 2015. Table 13.3
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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 December 31, 2016 and December 31, 2015: Table 13.4
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 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. |
Business Segment Reporting - Business Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the years ended December 31, 2016, 2015, and 2014: Table 14.1
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Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Table 15.1
|
Accounting Policies - Transfers of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Securities Purchased under Agreements to Resell | $ 0 | $ 0 |
Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounting Policies [Abstract] | |||||||||||
Net income attributable to common stockholders (Dilutive) | $ 64,152 | $ 47,371 | $ 38,251 | ||||||||
Stock options, SARs and restricted stock | 269 | 360 | 447 | ||||||||
Earnings Per Share, On Incremental Common Shares Attributable to Share-based Payment Arrangements | $ (0.15) | $ (0.14) | $ (0.13) | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 10,746 | 11,309 | 11,367 | ||||||||
Diluted earnings per common share | $ 2.38 | $ 1.54 | $ 1.13 | $ 0.94 | $ 1.35 | $ 0.74 | $ 1.94 | $ 0.16 | $ 5.97000 | $ 4.19000 | $ 3.37000 |
Earnings Per Share, Basic [Abstract] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 25,465 | $ 16,364 | $ 12,006 | $ 10,317 | $ 15,032 | $ 8,359 | $ 22,162 | $ 1,818 | $ 64,152 | $ 47,371 | $ 38,251 |
Weighted Average Number of Shares Outstanding, Basic | 10,477 | 10,949 | 10,920 | ||||||||
Basic earnings per common share | $ 2.42 | $ 1.56 | $ 1.15 | $ 0.99 | $ 1.39 | $ 0.76 | $ 2.01 | $ 0.17 | $ 6.12 | $ 4.33 | $ 3.50 |
Accounting Policies - Earnings Per Share Anti-Dilutive (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 25,465 | $ 16,364 | $ 12,006 | $ 10,317 | $ 15,032 | $ 8,359 | $ 22,162 | $ 1,818 | $ 64,152 | $ 47,371 | $ 38,251 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 64,152 | $ 47,371 | $ 38,251 | ||||||||
Stock options, SARs and restricted stock | 269,000 | 360,000 | 447,000 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 10,477,000 | 10,949,000 | 10,920,000 | ||||||||
Basic earnings per common share | $ 2.42 | $ 1.56 | $ 1.15 | $ 0.99 | $ 1.39 | $ 0.76 | $ 2.01 | $ 0.17 | $ 6.12 | $ 4.33 | $ 3.50 |
Earnings Per Share, On Incremental Common Shares Attributable to Share-based Payment Arrangements | $ (0.15) | $ (0.14) | $ (0.13) | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 10,746,000 | 11,309,000 | 11,367,000 | ||||||||
Diluted earnings per common share | $ 2.38 | $ 1.54 | $ 1.13 | $ 0.94 | $ 1.35 | $ 0.74 | $ 1.94 | $ 0.16 | $ 5.97000 | $ 4.19000 | $ 3.37000 |
Stock Options and SARs [Members] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from earnings per share (shares) | 86,907 | 304,132 | 109,143 | ||||||||
Performance Shares [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from earnings per share (shares) | 37,284 | 46,303 | 36,784 |
Accounting Policies - Changes in Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 8,433 | $ (9,270) | $ 59,887 | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
AOCI Beginning Balance | (11,019) | 15,533 | (16,202) | |||||||||||
Other comprehensive income/(loss) before reclassifications | 55,062 | (7,181) | 53,065 | |||||||||||
Amounts reclassified from AOCI | (10,285) | (19,371) | (21,330) | |||||||||||
Net other comprehensive income/(loss) | 44,777 | (26,552) | 31,735 | |||||||||||
AOCI Ending Balance | 33,758 | (11,019) | 15,533 | |||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 2,952 | (3,244) | 20,960 | |||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 5,481 | (6,026) | 38,927 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,000 | 1,200 | 200 | |||||||||||
Other Comprehensive Income (Loss), before Tax | 68,889 | (40,850) | 48,823 | |||||||||||
Other Comprehensive Income (Loss), Tax | 24,112 | (14,298) | 17,088 | |||||||||||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Available-for-sale Securities [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
AOCI Beginning Balance | (10,035) | 9,716 | (16,272) | |||||||||||
Other comprehensive income/(loss) before reclassifications | 5,481 | (6,026) | 38,927 | |||||||||||
Amounts reclassified from AOCI | (9,833) | (13,725) | (12,939) | |||||||||||
Net other comprehensive income/(loss) | (4,352) | (19,751) | 25,988 | |||||||||||
AOCI Ending Balance | (14,387) | (10,035) | 9,716 | |||||||||||
Other Comprehensive Income (Loss), before Tax | (6,694) | (30,387) | 39,980 | |||||||||||
Other Comprehensive Income (Loss), Tax | (2,342) | (10,636) | 13,992 | |||||||||||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Held-to-maturity Securities [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
AOCI Beginning Balance | (476) | 5,973 | 0 | |||||||||||
Other comprehensive income/(loss) before reclassifications | [1] | 47,993 | 0 | 14,502 | ||||||||||
Amounts reclassified from AOCI | (1,765) | (6,449) | (8,529) | |||||||||||
Net other comprehensive income/(loss) | 46,228 | (6,449) | 5,973 | |||||||||||
AOCI Ending Balance | 45,752 | (476) | 5,973 | |||||||||||
Other Comprehensive Income (Loss), before Tax | 71,120 | (9,922) | 9,190 | |||||||||||
Other Comprehensive Income (Loss), Tax | 24,892 | (3,473) | 3,217 | |||||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 73,835 | 0 | 22,311 | ||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | 25,842 | 0 | 7,809 | ||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
AOCI Beginning Balance | (508) | (156) | 70 | |||||||||||
Other comprehensive income/(loss) before reclassifications | 1,588 | (1,155) | (364) | |||||||||||
Amounts reclassified from AOCI | 1,313 | 803 | 138 | |||||||||||
Net other comprehensive income/(loss) | 2,901 | (352) | (226) | |||||||||||
AOCI Ending Balance | 2,393 | (508) | (156) | |||||||||||
Other Comprehensive Income (Loss), before Tax | 4,463 | (541) | (347) | |||||||||||
Other Comprehensive Income (Loss), Tax | 1,562 | (189) | (121) | |||||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,443 | (1,776) | (559) | |||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 855 | (621) | (195) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Derivative Instruments [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Available-for-sale Securities [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
Amounts reclassified from AOCI | [2] | (9,994) | (13,081) | (12,488) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (15,375) | (20,125) | (19,213) | |||||||||||
Reclassification from AOCI, Current Period, Tax | (5,381) | (7,044) | (6,725) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Income [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Available-for-sale Securities [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
Amounts reclassified from AOCI | [3] | 155 | (638) | (606) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 239 | (982) | (933) | |||||||||||
Reclassification from AOCI, Current Period, Tax | 84 | (344) | (327) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Income [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Held-to-maturity Securities [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
Amounts reclassified from AOCI | [4] | (1,765) | (6,449) | (8,529) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,715) | (9,922) | (13,121) | |||||||||||
Reclassification from AOCI, Current Period, Tax | (950) | (3,473) | (4,592) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Expense [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||||
Amounts reclassified from AOCI | [5] | 1,313 | 803 | 138 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [5] | 2,020 | 1,235 | 212 | ||||||||||
Reclassification from AOCI, Current Period, Tax | [5] | $ 707 | $ 432 | $ 74 | ||||||||||
|
Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounting Policies [Abstract] | |||
Allocated Share-based Compensation Expense | $ 3.3 | $ 3.3 | $ 2.9 |
Accounting Policies - Components of Other Comprehensive Income Loss and Related Tax Impact (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | $ 8,433 | $ (9,270) | $ 59,887 | |||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 2,952 | (3,244) | 20,960 | |||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 5,481 | (6,026) | 38,927 | |||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 55,062 | (7,181) | 53,065 | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,000 | 1,200 | 200 | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10,285) | (19,371) | (21,330) | |||||||||||||
Other Comprehensive Income (Loss), before Tax | 68,889 | (40,850) | 48,823 | |||||||||||||
Other Comprehensive Income (Loss), Tax | 24,112 | (14,298) | 17,088 | |||||||||||||
Other comprehensive income, net of tax | 44,777 | (26,552) | 31,735 | |||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,443 | (1,776) | (559) | |||||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 855 | (621) | (195) | |||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,588 | (1,155) | (364) | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,313 | 803 | 138 | |||||||||||||
Other Comprehensive Income (Loss), before Tax | 4,463 | (541) | (347) | |||||||||||||
Other Comprehensive Income (Loss), Tax | 1,562 | (189) | (121) | |||||||||||||
Other comprehensive income, net of tax | 2,901 | (352) | (226) | |||||||||||||
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5,481 | (6,026) | 38,927 | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (9,833) | (13,725) | (12,939) | |||||||||||||
Other Comprehensive Income (Loss), before Tax | (6,694) | (30,387) | 39,980 | |||||||||||||
Other Comprehensive Income (Loss), Tax | (2,342) | (10,636) | 13,992 | |||||||||||||
Other comprehensive income, net of tax | (4,352) | (19,751) | 25,988 | |||||||||||||
Held-to-maturity Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 73,835 | 0 | 22,311 | ||||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | [1] | 25,842 | 0 | 7,809 | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | 47,993 | 0 | 14,502 | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,765) | (6,449) | (8,529) | |||||||||||||
Other Comprehensive Income (Loss), before Tax | 71,120 | (9,922) | 9,190 | |||||||||||||
Other Comprehensive Income (Loss), Tax | 24,892 | (3,473) | 3,217 | |||||||||||||
Other comprehensive income, net of tax | 46,228 | (6,449) | 5,973 | |||||||||||||
Gain (Loss) on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (15,375) | (20,125) | (19,213) | |||||||||||||
Reclassification from AOCI, Current Period, Tax | (5,381) | (7,044) | (6,725) | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (9,994) | (13,081) | (12,488) | ||||||||||||
Gain (Loss) on Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 9 | (10) | 239 | |||||||||||||
Reclassification from AOCI, Current Period, Tax | 3 | (4) | 84 | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [3] | 6 | (6) | 155 | ||||||||||||
Other Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 239 | (982) | (933) | |||||||||||||
Reclassification from AOCI, Current Period, Tax | 84 | (344) | (327) | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [4] | 155 | (638) | (606) | ||||||||||||
Interest Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Held-to-maturity Securities [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,715) | (9,922) | (13,121) | |||||||||||||
Reclassification from AOCI, Current Period, Tax | (950) | (3,473) | (4,592) | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [5] | (1,765) | (6,449) | (8,529) | ||||||||||||
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [6] | 2,020 | 1,235 | 212 | ||||||||||||
Reclassification from AOCI, Current Period, Tax | [6] | 707 | 432 | 74 | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [6] | $ 1,313 | $ 803 | $ 138 | ||||||||||||
|
Accounting Policies - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | $ 1,132,966 | $ 708,111 |
Debt securities of consolidated trusts held by third parties | 1,142,704 | 713,536 |
Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Other Liabilities | 9,700 | 5,400 |
USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized Premium/(Discount) | 400 | (200) |
Institutional Credit [Member] | ||
Variable Interest Entity [Line Items] | ||
Fair Value Adjustment | 300 | 1,400 |
On-balance sheet [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,132,966 | 708,111 |
Debt securities of consolidated trusts held by third parties | 1,142,704 | 713,536 |
On-balance sheet [Member] | Farm & Ranch [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 1,132,966 | 708,111 |
Debt securities of consolidated trusts held by third parties | 1,142,704 | 713,536 |
On-balance sheet [Member] | USDA Guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
On-balance sheet [Member] | Rural Utilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
On-balance sheet [Member] | Institutional Credit [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
On-balance sheet [Member] | Corporate Segment [Member] | ||
Variable Interest Entity [Line Items] | ||
Loans held for investment in consolidated trusts, at amortized cost | 0 | 0 |
Debt securities of consolidated trusts held by third parties | 0 | 0 |
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 | 1,489,417 | 1,494,323 |
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 | 415,441 | 514,051 |
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 | 103,976 | 10,272 |
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 | 0 |
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 | 970,000 |
Off-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 66,389 | 62,760 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 65,599 | 61,553 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 36,042 | 31,360 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 35,599 | 31,553 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 30,347 | 31,400 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 30,000 | 30,000 |
Farmer Mac Guaranteed Securities: | On-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
Investment Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Unamortized Premium/(Discount) | 5,672 | 5,936 |
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 | 827,874 | 917,292 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 825,909 | 918,121 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
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 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
Investment Securities [Member] | On-balance sheet [Member] | Corporate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 827,874 | 917,292 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 825,909 | $ 918,121 |
Related Party Transactions - Zions (Details) - Zions First National Bank [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Related Party Transaction [Line Items] | |||
Related Party's percent of Farmer Mac Total Outstanding Book of Business | 5.30% | 5.70% | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 9,900 | $ 9,300 | $ 8,400 |
Medium-term Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 0 | 0 | 5,000 |
Sale of Farmer Mac Guaranteed Securities [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 273,586 | $ 255,338 | $ 147,234 |
Farm & Ranch [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's Percent of Total Program Loans | 15.90% | 23.90% | 22.30% |
Related Party Transaction, Related Party's percent of total Program | 11.20% | 15.20% | 14.60% |
USDA Guarantee [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 3.40% | 3.60% | 12.40% |
Mortgages [Member] | Farm & Ranch [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 153,140 | $ 178,890 | $ 155,808 |
USDA Securities [Member] | USDA Guarantee [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 16,600 | 13,718 | 42,637 |
On-balance sheet [Member] | Farmer Mac Guaranteed Securities [Member] | Institutional Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 0 | $ 0 | $ 50,237 |
Common Class A, Voting [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 31.20% |
Related Party Transactions - National Rural Utilities Cooperative Financial Corporation (Details) - CFC [Member] - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 16.70% | 40.60% | 32.70% |
Related Party Transaction, Purchases from Related Party | $ 741,895,000 | $ 1,310,599,000 | $ 903,465,000 |
Related Party's percent of Farmer Mac Total Outstanding Book of Business | 25.70% | 24.60% | |
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 100,000 | $ 81,954 | 84,260 |
Due from Related Parties | 3,200,000 | 1,800,000 | |
Interest Income, Related Party | 27,600,000 | 15,900,000 | 15,800,000 |
Accounts Receivable, Related Parties, Current | 200,000 | 100,000 | |
Revenue from Related Parties | 2,000,000 | 500,000 | 0 |
Related Party Transaction, Expenses from Transactions with Related Party | $ 3,300,000 | $ 3,300,000 | $ 3,400,000 |
Institutional Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 11.90% | 65.20% | 64.70% |
Rural Utilities [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Related Party's percent of total Program | 100.00% | ||
Rural Utilities [Member] | Real Estate Loan [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 50,491,000 | $ 108,337,000 | $ 75,500,000 |
Guarantee Obligations [Member] | Rural Utilities [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 250,000,000 | 380,000,000 | 820,775,000 |
Off-balance sheet [Member] | Revolving Credit Facility [Member] | Institutional Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 441,404,000 | 522,262,000 | 0 |
Off-balance sheet [Member] | Farmer Mac Guaranteed Securities [Member] | Institutional Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 0 | 300,000,000 | 0 |
On-balance sheet [Member] | Farmer Mac Guaranteed Securities [Member] | Institutional Credit [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 0 | $ 0 | $ 7,190,000 |
Common Class A, Voting [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 7.90% |
Related Party Transactions - AgFirst Farm Credit Bank (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Zions First National Bank [Member] | Medium-term Notes [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 5,000,000 |
AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 1,100,000 | 1,200,000 | 1,300,000 |
Accounts Receivable, Related Parties, Current | 100,000 | 100,000 | |
Related Party Transaction, Other Revenues from Transactions with Related Party | 0 | 100,000 | 100,000 |
CFC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 741,895,000 | 1,310,599,000 | 903,465,000 |
Revenue from Related Parties | 2,000,000 | 500,000 | 0 |
Accounts Receivable, Related Parties, Current | 200,000 | 100,000 | |
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 100,000 | $ 81,954 | 84,260 |
Common Class B, Voting [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 16.80% | ||
Common Class B, Voting [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 32.60% | ||
Guarantee Obligations [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 36,400,000 | $ 28,500,000 | $ 19,700,000 |
Related Party Transactions, Outstanding Balance | 331,300,000 | 320,700,000 | |
Performance Guarantee [Member] | AgFirst Farm Credit Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transactions, Outstanding Balance | 19,700,000 | 24,600,000 | |
Floating Interest Rate [Member] | Subordinated Debt [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Notes Receivable, Related Parties | $ 70,000,000 | $ 70,000,000 |
Related Party Transactions - Farm Credit Bank of Texas (Details) - Farm Credit Bank of Texas [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 1.1 | $ 0.7 | $ 0.6 |
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.3 | 0.3 | $ 0.4 |
Common Class B, Voting [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 7.70% | ||
Guarantee Obligations [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transactions, Outstanding Balance | $ 237.9 | $ 253.0 |
Related Party Transactions - Other Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,100 | $ 1,000 | $ 800 |
AgGeorgia [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 100 | ||
Mortgages [Member] | Farm & Ranch [Member] | First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 24,700 | 21,100 | 35,100 |
Guarantee Obligations [Member] | First Dakota Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 0 | 7,800 | 0 |
Guarantee Obligations [Member] | AgGeorgia [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 20,200 | ||
USDA Securities [Member] | USDA Guarantee [Member] | Bath State Bank [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 1,300 | 2,100 | $ 4,500 |
Floating Interest Rate [Member] | Subordinated Debt [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Notes Receivable, Related Parties | $ 70,000 | $ 70,000 | |
Common Class B, Voting [Member] | CoBank, ACB [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock Ownership Percentage by a Related Party | 32.60% |
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|
Available-for-sale Securities [Abstract] | ||||||||
Derivative, Notional Amount | $ 8,429,964 | $ 8,100,257 | ||||||
Investment Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 2,773,111 | 2,513,294 | ||||||
Unamortized Premium/(Discount) | 5,936 | 5,672 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 2,779,047 | 2,518,966 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 6,891 | 6,362 | ||||||
Available-for-sale Securities, Unrealized Losses | (10,913) | (9,477) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 2,775,025 | 2,515,851 | ||||||
Trading Securities [Abstract] | ||||||||
Trading, at fair value | 491 | 0 | ||||||
Marketable Securities [Abstract] | ||||||||
Marketable Securities Unpaid Principal Balance | 2,775,322 | 2,513,294 | ||||||
Marketable Securities, Amortized Cost | 2,781,258 | 2,518,966 | ||||||
Marketable Securities, Unrealized Gains | 6,891 | 6,362 | ||||||
Marketable Securities, Unrealized Losses | (12,633) | (9,477) | ||||||
Marketable Securities | 2,775,516 | 2,515,851 | ||||||
USDA Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-sale Securities, Fair Value Disclosure | 1,888,344 | 0 | ||||||
Trading Securities [Abstract] | ||||||||
Trading, at fair value | 28,975 | 20,388 | ||||||
Marketable Securities [Abstract] | ||||||||
Marketable Securities | 1,917,319 | 2,029,613 | ||||||
Available-for-sale Securities [Member] | Investment Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | 5,936 | 5,672 | ||||||
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 | 46,500 | 19,700 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 46,500 | 19,700 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||||||
Available-for-sale Securities, Unrealized Losses | (1,576) | (1,970) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 44,924 | 17,730 | ||||||
Floating Interest Rate [Member] | Asset-backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 74,744 | 44,442 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 74,491 | 44,240 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 14 | 1 | ||||||
Available-for-sale Securities, Unrealized Losses | (776) | (390) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 73,729 | 43,851 | ||||||
Trading Securities [Abstract] | ||||||||
Trading Securities - Amount Outstanding | 2,211 | |||||||
Trading Securities, Debt, Amortized Cost | 2,211 | 0 | ||||||
Trading Securities, Unrealized Gains | 0 | |||||||
Trading Securities, Unrealized Losses | (1,720) | |||||||
Trading, at fair value | 491 | 0 | ||||||
Floating Interest Rate [Member] | Corporate Debt Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 10,000 | 10,000 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 10,000 | 10,000 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 41 | ||||||
Available-for-sale Securities, Unrealized Losses | (9) | 0 | ||||||
Available-for-sale Securities, Fair Value Disclosure | 9,991 | 10,041 | ||||||
Floating Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 1,353,495 | 1,359,700 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 1,357,010 | 1,362,527 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,768 | 1,768 | ||||||
Available-for-sale Securities, Unrealized Losses | (4,319) | (3,266) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 1,355,459 | 1,361,029 | ||||||
Floating Interest Rate [Member] | Subordinated Debt [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 70,000 | 70,000 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 70,000 | 70,000 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||||||
Available-for-sale Securities, Unrealized Losses | (3,751) | (3,047) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 66,249 | 66,953 | ||||||
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 | ||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | (253) | (202) | ||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | 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) | 3,515 | 2,827 | ||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Subordinated Debt [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | 0 | 0 | ||||||
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | 0 | |||||||
Fixed Interest Rate [Member] | Corporate Debt Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 10,000 | |||||||
Available-for-sale Securities, Amortized Cost Basis | 9,999 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||||||
Available-for-sale Securities, Unrealized Losses | (5) | |||||||
Available-for-sale Securities, Fair Value Disclosure | 9,994 | |||||||
Fixed Interest Rate [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 692 | [1] | 538 | |||||
Available-for-sale Securities, Amortized Cost Basis | 3,809 | [1] | 3,120 | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,095 | [1] | 4,505 | |||||
Available-for-sale Securities, Unrealized Losses | 0 | [1] | 0 | |||||
Available-for-sale Securities, Fair Value Disclosure | 7,904 | [1] | 7,625 | [2] | ||||
Derivative, Notional Amount | 148,500 | 146,100 | ||||||
Fixed Interest Rate [Member] | USDA Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 214,000 | 187,295 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 213,975 | 187,401 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 12 | 0 | ||||||
Available-for-sale Securities, Unrealized Losses | 0 | (268) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 213,987 | 187,133 | ||||||
Fixed Interest Rate [Member] | US Treasury Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Available-for-Sale Securities Unpaid Principal Balance | 993,680 | 821,619 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 993,263 | 821,978 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2 | 47 | ||||||
Available-for-sale Securities, Unrealized Losses | (477) | (536) | ||||||
Available-for-sale Securities, Fair Value Disclosure | 992,788 | 821,489 | ||||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | (1) | |||||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Government/GSE Guaranteed Mortgage Backed Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | 3,117 | [1] | 2,582 | |||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | USDA Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | (25) | 106 | ||||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | US Treasury Securities [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | (417) | 359 | ||||||
Fixed Interest Rate [Member] | Available-for-sale Securities [Member] | Interest-Only-Strip [Member] | ||||||||
Available-for-sale Securities [Abstract] | ||||||||
Unamortized Premium/(Discount) | $ 7,200 | $ 7,000 | ||||||
|
Investment Securities - Narrative (Details) - Investment Securities [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sale of available-for-sale investment securities | $ 0 | $ 186,769 | $ 83,735 | $ 770,149 |
Available-for-sale Securities, Gross Realized Gains | 0 | 100 | $ 100 | 600 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 100 | $ 800 |
Investment Securities - Unrealized Loss Position (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
position
|
Dec. 31, 2015
USD ($)
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 | $ 1,308,744 | $ 1,799,338 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 564,801 | 194,540 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,844) | (4,363) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ (7,633) | $ (6,550) |
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 | 97 | 69 |
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 | 99.00% | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 36 | 17 |
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 | 1 | 3 |
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 | 17,730 | 18,124 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,970) | (1,576) |
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 | 4,654 | 44,552 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 38,077 | 9,975 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10) | (464) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (380) | (312) |
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 | 4,991 | |
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 Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | |
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 | 384,586 | 794,959 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 442,041 | 100,192 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,030) | (3,408) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2,236) | (911) |
Floating Interest Rate [Member] | 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 | 66,953 | 66,249 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,047) | (3,751) |
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 | 9,994 | |
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 Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5) | |
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 | 732,371 | 944,842 |
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 Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (536) | (477) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | $ 0 |
Fixed Interest Rate [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 | 187,133 | |
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 Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (268) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 0 |
Investment Securities - Trading Securities (Details) - Floating Interest Rate [Member] - Asset-backed Securities [Member] - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Debt, Amortized Cost | $ 0 | $ 2,211 |
Trading, at fair value | $ 0 | $ 491 |
Trading Securities, Weighted-Average Yield | 0.00% | 4.41% |
Investment Securities - Debt Maturities (Details) - Investment Securities [Member] - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Due within one year, Amortized Cost | $ 879,669 | |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 370,435 | |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 424,882 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 843,980 | |
Available-for-sale Securities, Amortized Cost Basis | 2,518,966 | $ 2,779,047 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Fair Value | 879,137 | |
Available-for-sale Securities, Due after one year through five years, Fair Value | 370,089 | |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 426,270 | |
Available-for-sale Securities, Due after ten years, Fair Value | 840,355 | |
Available-for-sale securities | $ 2,515,851 | $ 2,775,025 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 0.76% | |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 1.11% | |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 1.39% | |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 1.19% | |
Available-for-sale Securities, Total Weighted-Average Yield | 1.06% |
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Farmer Mac Guaranteed Securities and USDA Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Oct. 01, 2016 |
Jan. 02, 2014 |
|||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Transfer of USDA Guaranteed Securities- Available-for-sale to Held-to-maturity; Unrealized holding gains | $ 73,100 | ||||||||||||||
Trading Securities [Abstract] | |||||||||||||||
Transfer of Farmer Mac Guaranteed Securities - Available-for-sale to Held-to-maturity; Unrealized holding gains | 700 | $ 22,300 | |||||||||||||
Transfer of Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Available-for-sale to Held-to-maturity; Unrealized holding gains | $ 73,800 | ||||||||||||||
Farmer Mac Guaranteed Securities and USDA Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Unamortized Premium/(Discount) | $ 71,952 | $ 71,952 | |||||||||||||
Held-to-Maturity Securities [Abstract] | |||||||||||||||
Held-to-Maturity Unpaid Principal Balance | 3,086,504 | 3,086,504 | |||||||||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,158,456 | 3,158,456 | |||||||||||||
Held to Maturity; Unrealized Holding Gains | 7,192 | 7,192 | |||||||||||||
Held to Maturity - Unrealized Holding Loss | (99,004) | (99,004) | |||||||||||||
Held-to-maturity Securities, Fair Value | 3,066,644 | 3,066,644 | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-Sale Securities Unpaid Principal Balance | $ 6,045,828 | $ 6,045,828 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 4,888,904 | 6,047,385 | 4,888,904 | 6,047,385 | |||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 64,131 | 64,131 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 70,567 | 70,567 | |||||||||||||
Available-for-sale, at fair value | 4,853,685 | 6,040,949 | 4,853,685 | 6,040,949 | |||||||||||
Farmer Mac Guaranteed Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Unamortized Premium/(Discount) | (1,833) | (1,833) | |||||||||||||
Held-to-Maturity Securities [Abstract] | |||||||||||||||
Held-to-Maturity Unpaid Principal Balance | 1,151,064 | 1,151,064 | |||||||||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,149,231 | 1,149,231 | |||||||||||||
Held to Maturity; Unrealized Holding Gains | 7,192 | 7,192 | |||||||||||||
Held to Maturity - Unrealized Holding Loss | (3,414) | (3,414) | |||||||||||||
Held-to-maturity Securities, Fair Value | 1,153,009 | 1,153,009 | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-Sale Securities Unpaid Principal Balance | 4,196,506 | 4,196,506 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 4,196,173 | 4,196,173 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 26,971 | 26,971 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 70,539 | 70,539 | |||||||||||||
Available-for-sale, at fair value | 4,152,605 | 4,152,605 | |||||||||||||
USDA Securities [Member] | |||||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-sale, at fair value | 0 | 1,888,344 | 0 | 1,888,344 | |||||||||||
Trading Securities [Abstract] | |||||||||||||||
Trading, at fair value | 20,388 | 28,975 | 20,388 | 28,975 | |||||||||||
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) | 1,557 | 1,557 | |||||||||||||
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) | (333) | (333) | |||||||||||||
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||||||||||||||
Held-to-Maturity Securities [Abstract] | |||||||||||||||
Held-to-Maturity Unpaid Principal Balance | 1,115,465 | 1,274,431 | 1,115,465 | 1,274,431 | |||||||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,113,189 | 1,274,016 | 1,113,189 | 1,274,016 | |||||||||||
Held to Maturity; Unrealized Holding Gains | 7,187 | 7,801 | 7,187 | 7,801 | |||||||||||
Held to Maturity - Unrealized Holding Loss | (3,175) | 0 | (3,175) | 0 | |||||||||||
Held-to-maturity Securities, Fair Value | 1,117,201 | 1,281,817 | 1,117,201 | 1,281,817 | |||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-Sale Securities Unpaid Principal Balance | 4,889,007 | 4,164,952 | 4,889,007 | 4,164,952 | |||||||||||
Available-for-sale Securities, Amortized Cost Basis | 4,888,904 | 4,164,952 | 4,888,904 | 4,164,952 | |||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 28,715 | 26,831 | 28,715 | 26,831 | |||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 63,934 | 70,539 | 63,934 | 70,539 | |||||||||||
Available-for-sale, at fair value | 4,853,685 | 4,121,244 | 4,853,685 | 4,121,244 | |||||||||||
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) | (2,276) | (415) | (2,276) | (415) | |||||||||||
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) | (103) | 0 | (103) | 0 | |||||||||||
USDA Guarantees [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Unamortized Premium/(Discount) | 400 | (200) | 400 | (200) | |||||||||||
USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | |||||||||||||||
Held-to-Maturity Securities [Abstract] | |||||||||||||||
Held-to-Maturity Unpaid Principal Balance | 35,599 | 35,599 | |||||||||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 36,042 | 36,042 | |||||||||||||
Held to Maturity; Unrealized Holding Gains | 5 | 5 | |||||||||||||
Held to Maturity - Unrealized Holding Loss | (239) | (239) | |||||||||||||
Held-to-maturity Securities, Fair Value | 35,808 | 35,808 | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-Sale Securities Unpaid Principal Balance | 31,554 | 31,554 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 31,221 | 31,221 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 140 | 140 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |||||||||||||
Available-for-sale, at fair value | 31,361 | 31,361 | |||||||||||||
USDA Guarantees [Member] | USDA Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Unamortized Premium/(Discount) | 73,785 | 73,785 | |||||||||||||
Held-to-Maturity Securities [Abstract] | |||||||||||||||
Held-to-Maturity Unpaid Principal Balance | 1,935,440 | 1,935,440 | |||||||||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,009,225 | 2,009,225 | |||||||||||||
Held to Maturity; Unrealized Holding Gains | 0 | 0 | |||||||||||||
Held to Maturity - Unrealized Holding Loss | (95,590) | (95,590) | |||||||||||||
Held-to-maturity Securities, Fair Value | 1,913,635 | 1,913,635 | |||||||||||||
Available-for-sale Securities [Abstract] | |||||||||||||||
Available-for-Sale Securities Unpaid Principal Balance | 1,849,322 | 1,849,322 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 1,851,212 | 1,851,212 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 37,160 | 37,160 | |||||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 28 | 28 | |||||||||||||
Available-for-sale, at fair value | 1,888,344 | 1,888,344 | |||||||||||||
Trading Securities [Abstract] | |||||||||||||||
Trading Securities Unpaid Principal Balance | 19,360 | 27,129 | 19,360 | 27,129 | |||||||||||
Trading Securities, Debt, Amortized Cost | 20,737 | 29,063 | 20,737 | 29,063 | |||||||||||
Trading Securities, Unrealized Gains | 41 | 125 | |||||||||||||
Trading Securities, Unrealized Holding Loss | 390 | 213 | |||||||||||||
Trading, at fair value | 20,388 | 28,975 | 20,388 | 28,975 | |||||||||||
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) | 443 | (333) | 443 | (333) | |||||||||||
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) | 1,890 | 1,890 | |||||||||||||
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) | $ 1,377 | $ 1,934 | 1,377 | 1,934 | |||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2,013,151 | $ 1,632,786 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 32,824 | $ 0 | 1,632,786 | ||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | USDA Guarantee [Member] | Available-for-sale Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2,000,000 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Farmer Mac Guaranteed Securities [Member] | Available-for-sale Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 32,800 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | Institutional Credit [Member] | Available-for-sale Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | $ 1,600,000 | 0 | 1,632,786 | [1] | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Farmer Mac Guaranteed Securities [Member] | USDA Guarantees [Member] | Available-for-sale Securities [Member] | |||||||||||||||
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 32,824 | [2] | $ 0 | ||||||||||||
|
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Unrealized Loss Position (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
position
|
Dec. 31, 2015
USD ($)
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 | $ 1,308,744 | $ 1,799,338 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 564,801 | 194,540 |
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 | (1,844) | (4,363) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (7,633) | $ (6,550) |
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 | 97 | 69 |
Farmer Mac Guaranteed Securities and USDA 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 | $ 2,205,516 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 97,270 | |
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 | (98,996) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (8) | |
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 | $ 1,193,866 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,207,991 | |
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 | (41,835) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (28,732) | |
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 | 358,575 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
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 | (3,175) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
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 | 982,538 | 1,193,866 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,131,930 | 1,104,981 |
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 | (18,482) | (41,835) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (45,452) | $ (28,704) |
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 | 22 | 22 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | position | 10 | 8 |
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 | 7 | 0 |
USDA Guarantees [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 | $ 30,575 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
USDA Guarantees [Member] | USDA 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 | 1,816,366 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 97,270 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (8) | |
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 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 103,010 | |
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 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (28) | |
Available-for-sale Securities [Member] | USDA Guarantees [Member] | Farmer Mac Guaranteed Securities [Member] | ||
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 | (239) | |
Available-for-sale Securities [Member] | USDA Guarantees [Member] | USDA Securities [Member] | ||
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 | $ (95,582) |
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 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Due within one year, Amortized Cost | $ 300,000 | |
Available-for-sale Securities, Due after one year through five years, Amortized Cost | 2,902,108 | |
Available-for-sale Securities, Due after five years through ten years, Amortized Cost | 894,854 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 791,942 | |
Available-for-sale Securities, Amortized Cost Basis | 4,888,904 | $ 6,047,385 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Fair Value | 300,151 | |
Available-for-sale Securities, Due after one year through five years, Fair Value | 2,913,881 | |
Available-for-sale Securities, Due after five years through ten years, Fair Value | 891,773 | |
Available-for-sale Securities, Due after ten years, Fair Value | 747,880 | |
Available-for-sale, at fair value | $ 4,853,685 | $ 6,040,949 |
Available-for-sale Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | ||
Available-for-sale Securities, Due within one year, Weighted-Average Yield | 1.44% | |
Available-for-sale Securities, Due after one year through five years, Weighted-Average Yield | 1.84% | |
Available-for-sale Securities, Due after five years through ten years, Weighted-Average Yield | 2.16% | |
Available-for-sale Securities, Due after ten years, Weighted-Average Yield | 1.43% | |
Available-for-sale Securities, Total Weighted-Average Yield | 1.81% |
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Schedule of Held-to-maturity Securities (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Farmer Mac Guaranteed Securities and USDA Securities [Member] | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 3,158,456 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | |
Held-to-maturity Securities, Fair Value | $ 3,066,644 |
Held-to-Maturity Securities, Debt Maturities, Weighted Average Yield, Single Maturity Date [Abstract] | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Weighted Average Yield | 2.90% |
Held-to-Maturity Securities, Debt Maturities, After Ten Years, Weighted-Average Yield | 3.25% |
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 | $ 281,312 |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 902,648 |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 170,400 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,149,231 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract] | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 281,722 |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 903,580 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 163,138 |
Held-to-maturity Securities, Fair Value | $ 1,153,009 |
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 | 2.25% |
Held-to-Maturity Securities, Debt Maturities, Year Two Through Five, Weighted-Average Yield | 2.07% |
Held-to-Maturity Securities, Debt Maturities, Weighted-Average Yield | 2.79% |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | $ 1,804,096 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | $ 1,718,204 |
Farmer Mac Guaranteed Securities and USDA Guaranteed Securities - Trading Securities (Details) - USDA Securities [Member] - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading, at fair value | $ 20,388 | $ 28,975 |
USDA Guarantees [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading Securities, Debt, Amortized Cost | 20,737 | 29,063 |
Trading, at fair value | $ 20,388 | $ 28,975 |
Trading Securities, Weighted-Average Yield | 5.44% | 5.53% |
Financial Derivatives - Hedging Description (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (16,400) | $ (22,800) | $ (19,700) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,000 | 1,200 | 200 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,500 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net of Tax | 1,000 | ||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 0 |
Financial Derivatives - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 8,100,257 | $ 8,429,964 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 23,182 | 3,816 |
Financial derivatives, at fair value | (58,152) | (77,199) |
Derivative Credit Risk Valuation Adjustment, Derivative Assets | 100 | 200 |
Derivative, Collateral [Abstract] | ||
Collateral Pledged | 25,643 | 37,986 |
Derivative Asset | 23,182 | 3,816 |
Derivative Liability | 32,509 | 39,213 |
Cash [Member] | ||
Derivative, Collateral [Abstract] | ||
Obligation to Return Securities Received as Collateral | 0 | 0 |
Collateral Pledged | 1,000 | 38,000 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 1,642,609 | 1,276,285 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 18,508 | 949 |
Financial derivatives, at fair value | $ (18,909) | $ (26,703) |
Derivative, Average Fixed Interest Rate | 1.73% | 2.35% |
Derivative, Average Variable Interest Rate | 0.90% | 0.37% |
Derivative, Average Remaining Maturity | 4 years 8 months 13 days | 4 years 1 month 28 days |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 207,000 | $ 119,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 3,706 | 8 |
Financial derivatives, at fair value | $ (955) | $ (1,381) |
Derivative, Average Fixed Interest Rate | 2.18% | 2.25% |
Derivative, Average Variable Interest Rate | 1.11% | 0.64% |
Derivative, Average Remaining Maturity | 7 years 3 months 10 days | 7 years 11 days |
Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | $ 14 | $ 5 |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | 158 | 170 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Pay Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | 435,827 | 454,041 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 339 | 229 |
Financial derivatives, at fair value | $ (32,951) | $ (44,528) |
Derivative, Average Fixed Interest Rate | 4.06% | 3.73% |
Derivative, Average Variable Interest Rate | 0.89% | 0.33% |
Derivative, Average Remaining Maturity | 5 years 10 months 24 days | 6 years 7 days |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Non-Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 4,991,821 | $ 5,590,638 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 607 | 2,384 |
Financial derivatives, at fair value | $ (5,064) | $ (4,205) |
Derivative, Average Fixed Interest Rate | 0.75% | 0.47% |
Derivative, Average Variable Interest Rate | 0.74% | 0.31% |
Derivative, Average Remaining Maturity | 7 months 5 days | 6 months 25 days |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, Receive Fixed Callable [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 30,000 | $ 230,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 0 |
Financial derivatives, at fair value | $ (33) | $ (421) |
Derivative, Average Fixed Interest Rate | 0.58% | 0.91% |
Derivative, Average Variable Interest Rate | 0.82% | 0.41% |
Derivative, Average Remaining Maturity | 4 months | 2 years 3 months 4 days |
Not Designated as Hedging Instrument [Member] | Basis Swap [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 765,000 | $ 725,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 36 | 232 |
Financial derivatives, at fair value | $ (243) | $ (131) |
Derivative, Average Variable Interest Rate | 0.78% | 0.22% |
Derivative, Variable Interest Rate | 0.78% | 0.38% |
Derivative, Average Remaining Maturity | 10 months 15 days | 2 years 3 months 29 days |
Not Designated as Hedging Instrument [Member] | Future [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, Notional Amount | $ 28,000 | $ 35,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Financial derivatives, at fair value | 0 | 19 |
Financial derivatives, at fair value | $ (155) | $ 0 |
Derivative, Weighted-Average Forward Price | $ 123.73 | $ 125.96 |
Financial Derivatives - Schedule of Derivative Instruments, Impact on Results of Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (16,400) | $ (22,800) | $ (19,700) | ||
Gains/(losses) on financial derivatives and hedging activities | 2,311 | 2,531 | (21,646) | ||
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 | (20,322) | 3,100 | 14,520 | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 5,043 | 9,065 | 11,791 | ||
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains/(losses) on financial derivatives and hedging activities | (2,379) | (5,983) | (33,427) | ||
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 | 5,200 | 9,200 | 11,600 | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 200 | 100 | (200) | ||
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 | [1] | 25,365 | 5,965 | (2,729) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | (353) | (551) | (10) | ||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | (353) | (551) | (10) | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains/(losses) on financial derivatives and hedging activities | (1,991) | (3,204) | (31,101) | ||
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains/(losses) on financial derivatives and hedging activities | (226) | (2,440) | (1,842) | ||
Future [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains/(losses) on financial derivatives and hedging activities | $ (162) | $ (339) | $ (484) | ||
|
Financial Derivatives - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative [Line Items] | |||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 0 |
Securities Purchased under Agreements to Resell | 0 | 0 | |
Financial derivatives, at fair value | 58,152 | 77,199 | |
Derivative, Collateral [Abstract] | |||
Collateral Pledged | 25,643 | 37,986 | |
Additional Collateral, Aggregate Fair Value | 15,800 | 45,200 | |
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 8,100,257 | 8,429,964 | |
Uncollateralized [Member] | |||
Derivative [Line Items] | |||
Credit exposure to interest rate swap counterparties | 200 | 0 | |
Cash [Member] | |||
Derivative, Collateral [Abstract] | |||
Collateral Received | 0 | 0 | |
Collateral Pledged | 1,000 | 38,000 | |
Securities Pledged as Collateral [Member] | |||
Derivative, Collateral [Abstract] | |||
Collateral Pledged | 24,600 | 0 | |
Exchange Cleared [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 6,900,000 | 6,200,000 | |
Interest Rate Swap [Member] | |||
Notional Disclosures [Abstract] | |||
Derivative, Notional Amount | 8,100,000 | 8,400,000 | |
ERROR in label resolution. | Excluding netting [Member] | |||
Derivative [Line Items] | |||
Credit exposure to interest rate swap counterparties | 24,500 | 6,400 | |
Financial derivatives, at fair value | 65,700 | 90,100 | |
ERROR in label resolution. | Netting [Member] | |||
Derivative [Line Items] | |||
Credit exposure to interest rate swap counterparties | 200 | 0 | |
Financial derivatives, at fair value | $ 41,400 | $ 83,200 |
Notes Payable - Borrowings (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||
Due within one year | $ 8,440,123 | $ 9,111,461 |
Short-term Debt, Weighted Average Interest Rate | 0.70% | 0.48% |
Long-term Debt, Current Maturities | $ 2,155,784 | $ 1,872,910 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 1,733,121 | $ 1,200,558 |
Long-term Debt, Weighted Average Interest Rate | 1.68% | 1.59% |
Long-term Debt, Excluding Current Maturities | $ 5,222,977 | $ 4,967,036 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,108,854 | 1,177,363 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 602,037 | 529,567 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 495,096 | 520,284 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,283,869 | 1,539,264 |
Total notes payable | $ 13,663,100 | $ 14,078,497 |
Debt, Weighted Average Interest Rate | 1.07% | 0.87% |
Debt Instrument, Redemption, Period Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.08% | 1.02% |
Debt Instrument, Redemption, Period Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.32% | 0.85% |
Debt Instrument, Redemption, Period Four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.50% | 1.73% |
Debt Instrument, Redemption, Period Five [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.83% | 1.68% |
Debt Instrument, Redemption, After Period Five [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 3.01% | 3.05% |
Discount Notes [Member] | ||
Debt Instrument [Line Items] | ||
Due within one year | $ 3,789,137 | $ 6,642,560 |
Short-term Debt, Weighted Average Interest Rate | 0.59% | 0.32% |
Short-term Debt, Average Outstanding Amount | $ 5,753,425 | $ 5,251,081 |
Debt Instrument, Interest Rate During Period | 0.50% | 0.22% |
Short-term Debt, Maximum Month-end Outstanding Amount | $ 6,900,000 | $ 6,700,000 |
Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Due within one year | $ 2,495,202 | $ 595,991 |
Short-term Debt, Weighted Average Interest Rate | 0.70% | 0.38% |
Short-term Debt, Average Outstanding Amount | $ 1,551,094 | $ 761,998 |
Debt Instrument, Interest Rate During Period | 0.57% | 0.25% |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 0.90% | 1.05% |
Notes Payable - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 1,733,121 | $ 1,200,558 |
Long-term Debt, Weighted Average Interest Rate | 1.68% | 1.59% |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 1,283,869 | $ 1,539,264 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 495,096 | 520,284 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 602,037 | 529,567 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,108,854 | 1,177,363 |
Due after one year | 5,222,977 | $ 4,967,036 |
Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 9,991 | |
Long-term Debt, Weighted Average Interest Rate | 1.90% | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 61,922 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 30,961 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 148,726 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 91,714 | |
Due after one year | $ 343,314 | |
Due year two [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.24% | |
Due year three [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.31% | |
Due year four [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.83% | |
Due year five [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 1.72% | |
Due after five years [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate | 2.69% |
Notes Payable - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||
Due within one year | $ 8,440,123 | $ 9,111,461 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,733,121 | 1,200,558 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,283,869 | 1,539,264 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 495,096 | 520,284 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 602,037 | 529,567 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,108,854 | 1,177,363 |
Total notes payable | $ 13,663,100 | $ 14,078,497 |
Short-term Debt, Weighted Average Interest Rate | 0.70% | 0.48% |
Long-term Debt, Weighted Average Interest Rate | 1.68% | 1.59% |
Debt, Weighted Average Interest Rate | 1.07% | 0.87% |
Meduim Term Notes Called During the Period | $ 1,300,000 | $ 2,400,000 |
Due within one year [Member] | ||
Debt Instrument [Line Items] | ||
Due within one year | $ 9,416,805 | |
Short-term Debt, Weighted Average Interest Rate | 0.73% | |
Due year two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 1,488,131 | |
Long-term Debt, Weighted Average Interest Rate | 1.12% | |
Due year three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 919,021 | |
Long-term Debt, Weighted Average Interest Rate | 1.47% | |
Due year four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 329,181 | |
Long-term Debt, Weighted Average Interest Rate | 1.77% | |
Due year five [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 547,078 | |
Long-term Debt, Weighted Average Interest Rate | 1.91% | |
Due after five years [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 962,884 | |
Long-term Debt, Weighted Average Interest Rate | 3.27% |
Notes Payable - Authority to Borrow from U.S. Treasury (Details) $ in Billions |
Dec. 31, 2016
USD ($)
|
---|---|
Notes Payable [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1.5 |
Notes Payable - Gains on Repurchase of Outstanding Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Notes Payable [Abstract] | |||
Extinguishment of Debt, Amount | $ 0 | $ 0 | $ 0 |
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Losses and Concentrations of Credit Risk - Loan (Details) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Recovery | $ 45,000 | |||||
Loans and Leases Receivable, Gross | $ 3,379,884,000 | $ 3,258,413,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | 5,415,000 | 4,480,000 | ||||
Loans and Leases Receivable, Net Amount | 4,507,435,000 | 3,962,044,000 | ||||
Real Estate Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | [1] | 4,513,966,000 | 3,966,101,000 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,116,000) | 423,000 | ||||
Loans and Leases Receivable, Gross | 4,512,850,000 | 3,966,524,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | 5,415,000 | 4,480,000 | ||||
Loans and Leases Receivable, Net Amount | 4,507,435,000 | 3,962,044,000 | ||||
Real Estate Loan [Member] | Farm & Ranch [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | 3,514,454,000 | 2,957,975,000 | ||||
Real Estate Loan [Member] | Rural Utilities [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | 999,512,000 | 1,008,126,000 | ||||
Unsecuritized [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | [1] | 3,381,000,000 | 3,257,990,000 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,116,000) | 423,000 | ||||
Loans and Leases Receivable, Gross | 3,379,884,000 | 3,258,413,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | 4,437,000 | 3,736,000 | ||||
Loans and Leases Receivable, Net Amount | 3,375,447,000 | 3,254,677,000 | ||||
Unsecuritized [Member] | Farm & Ranch [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | 2,381,488,000 | 2,249,864,000 | ||||
Unsecuritized [Member] | Rural Utilities [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | 999,512,000 | 1,008,126,000 | ||||
In Consolidated Trusts [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | [1] | 1,132,966,000 | 708,111,000 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 0 | 0 | ||||
Loans and Leases Receivable, Gross | 1,132,966,000 | 708,111,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | 978,000 | 744,000 | ||||
Loans and Leases Receivable, Net Amount | 1,131,988,000 | 707,367,000 | ||||
In Consolidated Trusts [Member] | Farm & Ranch [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | 1,132,966,000 | 708,111,000 | ||||
In Consolidated Trusts [Member] | Rural Utilities [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Lease Receivable Unpaid Principal Balance | $ 0 | $ 0 | ||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Credit Losses Roll Forward (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased | [1] | $ 100,000 | $ 0 | $ 100,000 | $ 0 | ||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Allowance for Loan Losses | $ 4,480,000 | 4,480,000 | |||||||||||
Beginning Balance - Reserve for Losses | 2,083,000 | 2,083,000 | |||||||||||
Beginning Balance - Total Allowance for Losses | 6,563,000 | $ 10,127,000 | 6,563,000 | 10,127,000 | $ 13,334,000 | ||||||||
(Provision for)/release of loan losses | (461,000) | $ (191,000) | $ (364,000) | (49,000) | (3,366,000) | $ 1,164,000 | $ (110,000) | (76,000) | (1,065,000) | (2,388,000) | 961,000 | ||
Release of reserve for losses | (63,000) | (2,180,000) | (2,205,000) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | (130,000) | (3,772,000) | (86,000) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 45,000 | ||||||||||||
Total (release of)/provision for losses | 1,002,000 | 208,000 | (3,166,000) | ||||||||||
Ending Balance - Allowance for Loan Losses | 5,415,000 | 4,480,000 | 5,415,000 | 4,480,000 | |||||||||
Ending Balance - Reserve for Losses | 2,020,000 | 2,083,000 | 2,020,000 | 2,083,000 | |||||||||
Ending Balance - Total Allowance for Losses | 7,435,000 | 6,563,000 | 7,435,000 | 6,563,000 | 10,127,000 | ||||||||
Crops [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 2,791,000 | 2,519,000 | 2,791,000 | 2,519,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||||
Total (release of)/provision for losses | 574,000 | 272,000 | |||||||||||
Ending Balance - Total Allowance for Losses | 3,365,000 | 2,791,000 | 3,365,000 | 2,791,000 | 2,519,000 | ||||||||
Permanent Plantings [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 931,000 | 2,159,000 | 931,000 | 2,159,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||||
Total (release of)/provision for losses | 792,000 | (1,228,000) | |||||||||||
Ending Balance - Total Allowance for Losses | 1,723,000 | 931,000 | 1,723,000 | 931,000 | 2,159,000 | ||||||||
Livestock [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 1,781,000 | 1,423,000 | 1,781,000 | 1,423,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||||
Total (release of)/provision for losses | (406,000) | 358,000 | |||||||||||
Ending Balance - Total Allowance for Losses | 1,375,000 | 1,781,000 | 1,375,000 | 1,781,000 | 1,423,000 | ||||||||
Part-Time Farm [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 408,000 | 467,000 | 408,000 | 467,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | (130,000) | (111,000) | |||||||||||
Total (release of)/provision for losses | 127,000 | 52,000 | |||||||||||
Ending Balance - Total Allowance for Losses | 405,000 | 408,000 | 405,000 | 408,000 | 467,000 | ||||||||
Agriculture Storage and Processing [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 649,000 | 3,552,000 | 649,000 | 3,552,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (3,661,000) | |||||||||||
Total (release of)/provision for losses | (116,000) | 758,000 | |||||||||||
Ending Balance - Total Allowance for Losses | 533,000 | 649,000 | 533,000 | 649,000 | 3,552,000 | ||||||||
Other Commodity [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Total Allowance for Losses | 3,000 | 7,000 | 3,000 | 7,000 | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||||||
Total (release of)/provision for losses | 31,000 | (4,000) | |||||||||||
Ending Balance - Total Allowance for Losses | 34,000 | 3,000 | 34,000 | 3,000 | 7,000 | ||||||||
Allowance for Loan and Lease Losses [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Allowance for Loan Losses | 4,480,000 | 5,864,000 | 4,480,000 | 5,864,000 | 6,866,000 | ||||||||
(Provision for)/release of loan losses | (1,065,000) | (2,388,000) | 961,000 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | (86,000) | ||||||||||||
Ending Balance - Allowance for Loan Losses | 5,415,000 | 4,480,000 | 5,415,000 | 4,480,000 | 5,864,000 | ||||||||
Reserve for Off-balance Sheet Activities [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning Balance - Reserve for Losses | $ 2,083,000 | $ 4,263,000 | 2,083,000 | 4,263,000 | 6,468,000 | ||||||||
Release of reserve for losses | (63,000) | (2,180,000) | (2,205,000) | ||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | ||||||||||||
Ending Balance - Reserve for Losses | $ 2,020,000 | $ 2,083,000 | $ 2,020,000 | $ 2,083,000 | $ 4,263,000 | ||||||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Allowance for Losses by Impairment Method and Commodity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | $ 6,031,565 | $ 5,649,604 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 107,739 | 75,695 | |||||||
Financing Receivable, Gross | [1],[2] | 6,139,304 | 5,725,299 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,143 | 4,713 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,292 | 1,850 | |||||||
Financing Receivable, Allowance for Credit Losses | 7,435 | 6,563 | $ 10,127 | $ 13,334 | |||||
Total (release of)/provision for losses | 1,002 | 208 | (3,166) | ||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | (130) | (3,772) | (86) | ||||||
Crops [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 3,357,301 | 3,224,911 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 53,197 | 18,740 | |||||||
Financing Receivable, Gross | [1] | 3,410,498 | 3,243,651 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,420 | 2,315 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 945 | 476 | |||||||
Financing Receivable, Allowance for Credit Losses | 3,365 | 2,791 | 2,519 | ||||||
Total (release of)/provision for losses | 574 | 272 | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||
Permanent Plantings [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,006,935 | 917,127 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 30,505 | 24,284 | |||||||
Financing Receivable, Gross | [1] | 1,037,440 | 941,411 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 933 | 571 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 790 | 360 | |||||||
Financing Receivable, Allowance for Credit Losses | 1,723 | 931 | 2,159 | ||||||
Total (release of)/provision for losses | 792 | (1,228) | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||
Livestock [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,290,332 | 1,221,983 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 15,512 | 14,798 | |||||||
Financing Receivable, Gross | [1] | 1,305,844 | 1,236,781 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 976 | 994 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 399 | 787 | |||||||
Financing Receivable, Allowance for Credit Losses | 1,375 | 1,781 | 1,423 | ||||||
Total (release of)/provision for losses | (406) | 358 | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||
Part-Time Farm [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 315,549 | 203,090 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 8,525 | 8,035 | |||||||
Financing Receivable, Gross | [1] | 324,074 | 211,125 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 247 | 181 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 158 | 227 | |||||||
Financing Receivable, Allowance for Credit Losses | 405 | 408 | 467 | ||||||
Total (release of)/provision for losses | 127 | 52 | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | (130) | (111) | |||||||
Agriculture Storage and Processing [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 48,051 | 72,152 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 9,838 | |||||||
Financing Receivable, Gross | [1] | 48,051 | 81,990 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 533 | 649 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | 533 | 649 | 3,552 | ||||||
Total (release of)/provision for losses | (116) | 758 | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | (3,661) | |||||||
Other Commodity [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 13,397 | 10,341 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Gross | [1] | 13,397 | 10,341 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 34 | 3 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | 34 | 3 | 7 | ||||||
Total (release of)/provision for losses | 31 | (4) | |||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | |||||||
On-balance sheet [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 3,426,768 | 2,900,868 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 87,686 | 57,107 | |||||||
Financing Receivable, Gross | [1] | 3,514,454 | 2,957,975 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,630 | 3,387 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,785 | 1,093 | |||||||
Financing Receivable, Allowance for Credit Losses | 5,415 | 4,480 | |||||||
On-balance sheet [Member] | Crops [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,115,450 | 1,911,039 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 41,648 | 12,803 | |||||||
Financing Receivable, Gross | [1] | 2,157,098 | 1,923,842 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,000 | 1,968 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 613 | 290 | |||||||
Financing Receivable, Allowance for Credit Losses | 2,613 | 2,258 | |||||||
On-balance sheet [Member] | Permanent Plantings [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 569,360 | 433,654 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 27,770 | 21,247 | |||||||
Financing Receivable, Gross | [1] | 597,130 | 454,901 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 652 | 434 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 770 | 218 | |||||||
Financing Receivable, Allowance for Credit Losses | 1,422 | 652 | |||||||
On-balance sheet [Member] | Livestock [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 537,859 | 444,320 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 10,658 | 5,958 | |||||||
Financing Receivable, Gross | [1] | 548,517 | 450,278 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 735 | 702 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 270 | 384 | |||||||
Financing Receivable, Allowance for Credit Losses | 1,005 | 1,086 | |||||||
On-balance sheet [Member] | Part-Time Farm [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 183,660 | 92,712 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 7,610 | 7,261 | |||||||
Financing Receivable, Gross | [1] | 191,270 | 99,973 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 193 | 116 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 132 | 201 | |||||||
Financing Receivable, Allowance for Credit Losses | 325 | 317 | |||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 11,545 | 15,944 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 9,838 | |||||||
Financing Receivable, Gross | [1] | 11,545 | 25,782 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 22 | 167 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | 22 | 167 | |||||||
On-balance sheet [Member] | Other Commodity [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 8,894 | 3,199 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Gross | [1] | 8,894 | 3,199 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 28 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | 28 | 0 | |||||||
Off-balance sheet [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,604,797 | 2,748,736 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 20,053 | 18,588 | |||||||
Financing Receivable, Gross | [1] | 2,624,850 | 2,767,324 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,513 | 1,326 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 507 | 757 | |||||||
Financing Receivable, Allowance for Credit Losses | 2,020 | 2,083 | |||||||
Off-balance sheet [Member] | Crops [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,241,851 | 1,313,872 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 11,549 | 5,937 | |||||||
Financing Receivable, Gross | [1] | 1,253,400 | 1,319,809 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 420 | 347 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 332 | 186 | |||||||
Financing Receivable, Allowance for Credit Losses | 752 | 533 | |||||||
Off-balance sheet [Member] | Permanent Plantings [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 437,575 | 483,473 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 2,735 | 3,037 | |||||||
Financing Receivable, Gross | [1] | 440,310 | 486,510 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 281 | 137 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20 | 142 | |||||||
Financing Receivable, Allowance for Credit Losses | 301 | 279 | |||||||
Off-balance sheet [Member] | Livestock [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 752,473 | 777,663 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 4,854 | 8,840 | |||||||
Financing Receivable, Gross | [1] | 757,327 | 786,503 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 241 | 292 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 129 | 403 | |||||||
Financing Receivable, Allowance for Credit Losses | 370 | 695 | |||||||
Off-balance sheet [Member] | Part-Time Farm [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 131,889 | 110,378 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 915 | 774 | |||||||
Financing Receivable, Gross | [1] | 132,804 | 111,152 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 54 | 65 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 26 | 26 | |||||||
Financing Receivable, Allowance for Credit Losses | 80 | 91 | |||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 36,506 | 56,208 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Gross | [1] | 36,506 | 56,208 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 511 | 482 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | 511 | 482 | |||||||
Off-balance sheet [Member] | Other Commodity [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | 4,503 | 7,142 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Gross | [1] | 4,503 | 7,142 | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6 | 3 | |||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Losses | $ 6 | $ 3 | |||||||
Allowance for Loan and Lease Losses [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ (86) | ||||||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Impaired Financing Receivables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Net credit losses (recoveries) | $ 154 | $ 3,853 | $ (6) | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 27,468 | 23,607 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 27,534 | 23,562 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 79,931 | [1] | 52,115 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 80,205 | 52,133 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 107,399 | 75,722 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 107,739 | 75,695 | |||||||||||
Impaired Financing Receivable, Related Allowance | 2,292 | 1,850 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 32,142 | [3] | 41,672 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 82,803 | 90,691 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,569 | 1,514 | |||||||||||
Crops [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 20,761 | 3,772 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 20,816 | 3,720 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 32,326 | [1] | 15,103 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 32,381 | 15,020 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 53,087 | 18,875 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 53,197 | 18,740 | |||||||||||
Impaired Financing Receivable, Related Allowance | 945 | 476 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,405 | [3] | 5,105 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 33,252 | 22,315 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 136 | 381 | |||||||||||
Permanent Plantings [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,683 | 12,340 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,688 | 12,346 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 26,748 | [1] | 11,939 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 26,817 | 11,938 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 30,431 | 24,279 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 30,505 | 24,284 | |||||||||||
Impaired Financing Receivable, Related Allowance | 790 | 360 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,785 | [3] | 16,546 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 24,737 | 36,326 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 866 | 472 | |||||||||||
Livestock [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,054 | 5,644 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,055 | 5,645 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,322 | [1] | 9,050 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 14,457 | 9,153 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 15,376 | 14,694 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 15,512 | 14,798 | |||||||||||
Impaired Financing Receivable, Related Allowance | 399 | 787 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,696 | [3] | 4,313 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 14,450 | 14,077 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 238 | 353 | |||||||||||
Part-Time Farm [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,970 | 1,851 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,975 | 1,851 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,535 | [1] | 6,185 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,550 | 6,184 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 8,505 | 8,036 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 8,525 | 8,035 | |||||||||||
Impaired Financing Receivable, Related Allowance | 158 | 227 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,256 | [3] | 5,870 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 8,396 | 10,605 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 329 | 308 | |||||||||||
Agriculture Storage and Processing [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 9,838 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 9,838 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 0 | 9,838 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 9,838 | |||||||||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [3] | 9,838 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 1,968 | 7,368 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | |||||||||||
Other Commodity [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 0 | [2] | |||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |||||||||||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | |||||||||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [3] | 0 | [4] | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | |||||||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | |||||||||||
Collateral Dependent Not Individually Analyzed [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 76,500 | 46,400 | |||||||||||
Impaired Financing Receivable, Related Allowance | $ 1,600 | $ 1,000 | |||||||||||
Impaired Financing Receivable, Impairment analysis performed percent | 71.00% | 61.00% | |||||||||||
Less than 90 days past due [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 12,400 | [3] | $ 14,700 | [4] | |||||||||
Off-balance sheet [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Net credit losses (recoveries) | 0 | 0 | 0 | ||||||||||
On-balance sheet [Member] | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Net credit losses (recoveries) | $ 154 | $ 3,853 | $ (6) | ||||||||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Troubled Debt Restructurings (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Receivables [Abstract] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 1,100,000 | $ 5,300,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 1,100,000 | $ 6,000,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | 0 |
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired in Transfer (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
defaulted_loan
|
Dec. 31, 2015
USD ($)
defaulted_loan
|
Dec. 31, 2014
USD ($)
defaulted_loan
|
|
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 | 8 | 6 | 2 |
Payments to Acquire Other Loans and Leases Held-for-investment | $ 2,516 | $ 16,907 | $ 705 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition, During the Period | 2,544 | 17,036 | 705 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 208 | 3,772 | 69 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 67 | 1,019 | 233 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 14,669 | 36,195 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 13,069 | 34,015 | |
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, UPB at acquisition | 2,118 | 13,500 | 705 |
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, UPB at acquisition | $ 398 | $ 3,407 | $ 0 |
Loans and Allowance for Losses and Concentrations of Credit Risk - Certain Loans Acquired Delinquencies and Net Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | $ 21,038 | [1] | $ 32,136 | [3] | |||||||
Net credit losses (recoveries) | 154 | 3,853 | $ (6) | |||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Subject To Be Purchased | [2] | 100 | 0 | |||||||||
On-balance sheet [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 19,757 | [1] | 26,935 | [3] | |||||||
Net credit losses (recoveries) | 154 | 3,853 | (6) | |||||||||
Off-balance sheet [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 1,281 | [1] | 5,201 | [3] | |||||||
Net credit losses (recoveries) | $ 0 | $ 0 | $ 0 | |||||||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[2] | $ 6,139,304 | $ 5,725,299 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 21,038 | [1] | 32,136 | [4] | ||||||||||||
Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 5,845,308 | 5,509,463 | ||||||||||||||
Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 128,803 | 111,336 | ||||||||||||||
Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 165,193 | 104,500 | ||||||||||||||
Crops [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 3,410,498 | 3,243,651 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 13,822 | [1] | 5,167 | [4] | |||||||||||||
Crops [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 3,281,371 | 3,168,216 | ||||||||||||||
Crops [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 55,645 | 46,677 | ||||||||||||||
Crops [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 73,482 | 28,758 | ||||||||||||||
Permanent Plantings [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 1,037,440 | 941,411 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 3,652 | [1] | 7,405 | [4] | |||||||||||||
Permanent Plantings [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 971,477 | 904,373 | ||||||||||||||
Permanent Plantings [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 18,020 | 9,842 | ||||||||||||||
Permanent Plantings [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 47,943 | 27,196 | ||||||||||||||
Livestock [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 1,305,844 | 1,236,781 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 707 | [1] | 7,059 | [4] | |||||||||||||
Livestock [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 1,228,840 | 1,162,475 | ||||||||||||||
Livestock [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 48,416 | 48,438 | ||||||||||||||
Livestock [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 28,588 | 25,868 | ||||||||||||||
Part-Time Farm [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 324,074 | 211,125 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 2,857 | [1] | 2,667 | [4] | |||||||||||||
Part-Time Farm [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 304,728 | 192,531 | ||||||||||||||
Part-Time Farm [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 6,716 | 5,856 | ||||||||||||||
Part-Time Farm [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 12,630 | 12,738 | ||||||||||||||
Agriculture Storage and Processing [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 48,051 | 81,990 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 9,838 | [4] | |||||||||||||
Agriculture Storage and Processing [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 46,082 | 72,152 | ||||||||||||||
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] | 1,969 | 9,838 | ||||||||||||||
Other Commodity [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 13,397 | 10,341 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 0 | [4] | |||||||||||||
Other Commodity [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 12,810 | 9,716 | ||||||||||||||
Other Commodity [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 6 | 523 | ||||||||||||||
Other Commodity [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 581 | 102 | ||||||||||||||
On-balance sheet [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 3,514,454 | 2,957,975 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 19,757 | [1] | 26,935 | [4] | ||||||||||||
On-balance sheet [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 3,352,959 | 2,837,487 | ||||||||||||||
On-balance sheet [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 73,809 | 63,106 | ||||||||||||||
On-balance sheet [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 87,686 | 57,382 | ||||||||||||||
On-balance sheet [Member] | Crops [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 2,157,098 | 1,923,842 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 13,449 | [1] | 4,656 | [4] | |||||||||||||
On-balance sheet [Member] | Crops [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 2,080,227 | 1,888,762 | ||||||||||||||
On-balance sheet [Member] | Crops [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 35,223 | 22,255 | ||||||||||||||
On-balance sheet [Member] | Crops [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 41,648 | 12,825 | ||||||||||||||
On-balance sheet [Member] | Permanent Plantings [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 597,130 | 454,901 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 3,245 | [1] | 7,405 | [4] | |||||||||||||
On-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 568,221 | 431,038 | ||||||||||||||
On-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 1,139 | 2,616 | ||||||||||||||
On-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 27,770 | 21,247 | ||||||||||||||
On-balance sheet [Member] | Livestock [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 548,517 | 450,278 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 669 | [1] | 2,517 | [4] | |||||||||||||
On-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 504,784 | 409,003 | ||||||||||||||
On-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 33,075 | 35,317 | ||||||||||||||
On-balance sheet [Member] | Livestock [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 10,658 | 5,958 | ||||||||||||||
On-balance sheet [Member] | Part-Time Farm [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 191,270 | 99,973 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 2,394 | [1] | 2,519 | [4] | |||||||||||||
On-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 179,288 | 89,541 | ||||||||||||||
On-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 4,372 | 2,918 | ||||||||||||||
On-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 7,610 | 7,514 | ||||||||||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 11,545 | 25,782 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 9,838 | [4] | |||||||||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 11,545 | 15,944 | ||||||||||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 0 | 0 | ||||||||||||||
On-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 0 | 9,838 | ||||||||||||||
On-balance sheet [Member] | Other Commodity [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 8,894 | 3,199 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 0 | [4] | |||||||||||||
On-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 8,894 | 3,199 | ||||||||||||||
On-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 0 | 0 | ||||||||||||||
On-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 0 | 0 | ||||||||||||||
Off-balance sheet [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 2,624,850 | 2,767,324 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | [3] | 1,281 | [1] | 5,201 | [4] | ||||||||||||
Off-balance sheet [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 2,492,349 | 2,671,976 | ||||||||||||||
Off-balance sheet [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 54,994 | 48,230 | ||||||||||||||
Off-balance sheet [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 77,507 | 47,118 | ||||||||||||||
Off-balance sheet [Member] | Crops [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 1,253,400 | 1,319,809 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 373 | [1] | 511 | [4] | |||||||||||||
Off-balance sheet [Member] | Crops [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 1,201,144 | 1,279,454 | ||||||||||||||
Off-balance sheet [Member] | Crops [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 20,422 | 24,422 | ||||||||||||||
Off-balance sheet [Member] | Crops [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 31,834 | 15,933 | ||||||||||||||
Off-balance sheet [Member] | Permanent Plantings [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 440,310 | 486,510 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 407 | [1] | 0 | [4] | |||||||||||||
Off-balance sheet [Member] | Permanent Plantings [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 403,256 | 473,335 | ||||||||||||||
Off-balance sheet [Member] | Permanent Plantings [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 16,881 | 7,226 | ||||||||||||||
Off-balance sheet [Member] | Permanent Plantings [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 20,173 | 5,949 | ||||||||||||||
Off-balance sheet [Member] | Livestock [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 757,327 | 786,503 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 38 | [1] | 4,542 | [4] | |||||||||||||
Off-balance sheet [Member] | Livestock [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 724,056 | 753,472 | ||||||||||||||
Off-balance sheet [Member] | Livestock [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 15,341 | 13,121 | ||||||||||||||
Off-balance sheet [Member] | Livestock [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 17,930 | 19,910 | ||||||||||||||
Off-balance sheet [Member] | Part-Time Farm [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 132,804 | 111,152 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 463 | [1] | 148 | [4] | |||||||||||||
Off-balance sheet [Member] | Part-Time Farm [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 125,440 | 102,990 | ||||||||||||||
Off-balance sheet [Member] | Part-Time Farm [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 2,344 | 2,938 | ||||||||||||||
Off-balance sheet [Member] | Part-Time Farm [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 5,020 | 5,224 | ||||||||||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 36,506 | 56,208 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 0 | [4] | |||||||||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 34,537 | 56,208 | ||||||||||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 0 | 0 | ||||||||||||||
Off-balance sheet [Member] | Agriculture Storage and Processing [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | 1,969 | 0 | ||||||||||||||
Off-balance sheet [Member] | Other Commodity [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 4,503 | 7,142 | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | [1] | 0 | [4] | |||||||||||||
Off-balance sheet [Member] | Other Commodity [Member] | Acceptable [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1] | 3,916 | 6,517 | ||||||||||||||
Off-balance sheet [Member] | Other Commodity [Member] | Special Mention [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[5] | 6 | 523 | ||||||||||||||
Off-balance sheet [Member] | Other Commodity [Member] | Substandard [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Financing Receivable, Gross | [1],[6] | $ 581 | $ 102 | ||||||||||||||
|
Loans and Allowance for Losses and Concentrations of Credit Risk - Concentrations of Credit Risk (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1],[2] | $ 6,139,304 | $ 5,725,299 | ||||
Financing Receivables, Original Loan-To-Value Ratio, Range One [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | $ 1,740,792 | 1,594,818 | |||||
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 | $ 1,401,630 | 1,279,321 | |||||
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 | $ 1,706,099 | 1,593,025 | |||||
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 | $ 1,086,295 | 1,107,710 | |||||
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 | $ 180,142 | 126,860 | |||||
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 | $ 24,346 | 23,565 | |||||
Financing Receivables, Loan-To-Value Ratio Range, Lower Range Limit | 80.01% | ||||||
Financing Receivables, Loan-To-Value Ratio Range, Upper Range Limit | 90.00% | ||||||
Northwest [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | $ 657,403 | 582,127 | ||||
Southwest [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | 1,791,745 | 1,726,927 | ||||
Mid-North [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | 2,104,867 | 2,009,654 | ||||
Mid-South [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | 837,121 | 769,831 | ||||
Northeast [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | 229,679 | 215,883 | ||||
Southeast [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [2] | 518,489 | 420,877 | ||||
Crops [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | 3,410,498 | 3,243,651 | ||||
Permanent Plantings [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | 1,037,440 | 941,411 | ||||
Livestock [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | 1,305,844 | 1,236,781 | ||||
Part-Time Farm [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | 324,074 | 211,125 | ||||
Agriculture Storage and Processing [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | 48,051 | 81,990 | ||||
Other Commodity [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Gross | [1] | $ 13,397 | $ 10,341 | ||||
|
Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2016 |
Sep. 08, 2015 |
|
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.26 | $ 0.16 | $ 0.14 | ||
Common Class C, Non-Voting [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 25.0 | ||||
Repurchase of Class C Common Stock | 668,000 | ||||
Stock Repurchased and Retired During Period, Value | $ 19.6 | $ 19.6 |
Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 3,000,000 | 3,000,000 |
Preferred stock, par value | $ 25 | $ 25 |
Payments of Stock Issuance Costs | $ 1.6 | |
Preferred Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 3,000,000 | 3,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.875% | |
Preferred stock, par value | $ 25 | $ 25 |
Payments of Stock Issuance Costs | $ 1.9 | |
Preferred Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 2,400,000 | 2,400,000 |
Preferred Stock, Dividend Rate, Percentage | 5.875% | |
Preferred stock, par value | $ 25 | $ 25 |
Preferred Stock, Liquidation Preference Per Share | $ 25 | |
Payments of Stock Issuance Costs | $ 1.7 | |
Preferred Stock, Shares Outstanding | 2,400,000 | 2,400,000 |
July 17, 2024, thereafter [Member] | Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Variable Rate, Percentage | 3.26% | |
Up to but excluding July 17, 2024 [Member] | Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Equity - Non-Controlling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 25, 2010 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Class of Stock [Line Items] | ||||||||
Redemption of Farmer Mac II LLC preferred stock | $ (244,000) | $ (6,000) | ||||||
Issuance Costs on the retirement of Farmer Mac II LLC Preferred Stock | $ 0 | $ 0 | $ 0 | $ 8,147 | $ 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 | |||||||
Private Placement [Member] | Farmer Mac II LLC [Member] | Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 250,000 |
Equity - Equity-Based Incentive Compensation Plans (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 35.75 | $ 28.17 | $ 29.37 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 32.39 | $ 35.60 |
Equity - Schedule of Stock Options, SARS, and Non-vested Restricted Stock (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity [Abstract] | ||||
Outstanding, Beginning number of Stock Options and SARS | 747,573 | 718,143 | 664,245 | |
Outstanding, Beginning Stock Options and SARS - Weighted Average Exercise Price | $ 30.18 | $ 26.68 | $ 25.12 | |
Granted, Stock Options and SARS | 51,975 | 119,110 | 87,600 | |
Granted Stock Options and SARS, Weighted Average Exercise Price | $ 35.75 | $ 32.25 | $ 34.92 | |
Exercised, Stock Options and SARs | 431,346 | 86,680 | 23,035 | |
Exercised Stock Options and SARs, Weighted Average Exercise Price | $ 24.77 | $ 21.32 | $ 20.83 | |
Canceled Stock Options and SARs | 667 | 3,000 | 10,667 | |
Canceled Stock Options and SARs, Weighted Average Exercise Price | $ 35.60 | $ 30.05 | $ 31.16 | |
Outstanding, Ending number of Stock Options and SARS | 367,535 | 747,573 | 718,143 | |
Outstanding, Ending Stock Options and SARS - Weighted Average Exercise Price | $ 26.68 | $ 25.12 | $ 23.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 208,274 | 543,698 | 548,180 | |
Exercisable Stock Options and SARS, End of Year, Weighted Average Exercise Price | $ 27.41 | $ 24.34 | $ 23.12 | |
Outstanding, Ending Number of Non-Vested RSU | 132,651 | 103,772 | 98,285 | |
Outstanding, Beginning Number of Non-Vested RSU | 138,497 | 132,651 | 103,772 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 34.63 | $ 32.12 | $ 31.24 | $ 27.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,617 | 76,616 | 57,590 | |
Restricted Stock Awarded, Weighted Average Grant Date Fair Value | $ 36.33 | $ 32.14 | $ 33.88 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,360 | 0 | 8,360 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 35.75 | $ 0.00 | $ 21.72 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 69,411 | 47,737 | 43,743 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 31.69 | $ 30.25 | $ 28.48 |
Equity - Share-Based Compensation Narrative (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
|
Class of Stock [Line Items] | |||
Proceeds from Stock Options Exercised | $ 500,000 | $ 1,700,000 | $ 200,000 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 3,600,000 | 800,000 | 600,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | $ (3,100,000) | $ (600,000) | $ (300,000) |
Stock Issued During Period, Shares, Other | shares | 1,130 | 491 | 604 |
Stock Issued During Period, Value, Other | $ 41,000 | $ 14,000 | $ 20,000 |
Common Class C, Non-Voting [Member] | |||
Class of Stock [Line Items] | |||
Number of Board of Directors | 4 | 4 | 5 |
Equity - Schedule of Share Based Compensation Activity (Details) - shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 367,535 | 747,573 | 718,143 | 664,245 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 208,274 | 543,698 | 548,180 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 361,821 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 5 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 138,497 | 132,651 | 103,772 | 98,285 |
$5.00 to $9.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 8 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months 6 days | |||
$10.00 to $14.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 8 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 8 months 24 days | |||
$15.00 - $19.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | |||
$20.00 to $24.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 2 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 27,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 2 months 24 days | |||
$25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 23,509 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 19,509 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 5 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 23,309 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 6 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 6,778 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 1 month 12 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 1 year 1 month 12 days | |||
$30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 189,713 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 103,767 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 7 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 184,893 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,140 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 2 months 12 days | |||
$35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 86,313 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 16,998 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 85,619 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 110,204 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 1 year 6 months | |||
$40.00 to $44.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,375 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 3 months 18 days | |||
Share-Based Compensation Arrangement by Share-based payment award,Other than Options,Vested and Expected to Vest,Outstanding,Weighted Average Contractual Life Term | 2 years 3 months 18 days | |||
Expected to Vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 133,315 | |||
Expected to Vest [Member] | $25.00 to $29.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 6,439 | |||
Expected to Vest [Member] | $30.00 to $34.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 17,233 | |||
Expected to Vest [Member] | $35.00 to $39.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 106,481 | |||
Expected to Vest [Member] | $40.00 to $44.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,162 |
Equity - Share-Based Compensation Activity and Schedule of Share-Based Compensation Valuation Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 361,821 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 30.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 17.4 | $ 8.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 7.6 | $ 0.9 | $ 0.3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 5 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.11 | $ 17.97 | $ 21.11 |
Allocated Share-based Compensation Expense | $ 3.3 | $ 3.3 | $ 2.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 1.20% | 1.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 4 years | 4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 34.70% | 38.00% | 49.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.90% | 2.00% | 1.60% |
Restricted Stock Awarded, Weighted Average Grant Date Fair Value | $ 36.33 | $ 32.14 | $ 33.88 |
Equity - Capital Requirements (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Equity [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 | $ 466.5 | $ 462.1 |
Capital | 609.7 | 564.5 |
Excess Capital | $ 143.2 | $ 102.4 |
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Current Income Tax Expense (Benefit) | $ 37,954 | $ 30,247 | $ 9,803 | ||||||||
Deferred income taxes | 4,103 | 3,992 | (6,979) | ||||||||
Income tax expense | $ 15,793 | $ 10,529 | $ 8,400 | $ 7,335 | $ 9,912 | $ 6,327 | $ 13,769 | $ 4,231 | $ 42,057 | $ 34,239 | $ 2,824 |
Income Taxes - Statutory Federal Tax Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rate | $ 41,775 | $ 37,827 | $ 25,587 | ||||||||
Non-taxable dividend income | 0 | 0 | (1,587) | ||||||||
Income from non-controlling interest | 0 | (1,901) | 0 | ||||||||
Loss on retirement of preferred stock | 0 | (1,874) | (7,766) | ||||||||
Valuation allowance | 21 | 33 | (13,542) | ||||||||
Other | 261 | 154 | 132 | ||||||||
Income tax expense | $ 15,793 | $ 10,529 | $ 8,400 | $ 7,335 | $ 9,912 | $ 6,327 | $ 13,769 | $ 4,231 | $ 42,057 | $ 34,239 | $ 2,824 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Income Taxes - Deferred Taxes and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Valuation Allowance [Line Items] | ||
Basis differences related to financial derivatives | $ 15,917 | $ 28,395 |
Basis differences related to hedged items | 9,307 | 2,866 |
Unrealized losses on available-for-sale securities | 0 | 5,660 |
Allowance for losses | 2,602 | 2,297 |
Stock-based compensation | 1,648 | 2,833 |
Capital loss carryforwards and other than temporary impairment | 56 | 2,099 |
Other | 1,247 | 1,444 |
Total deferred tax assets | 30,721 | 43,495 |
Unrealized gains on available-for-sale securities | 16,889 | 0 |
Basis difference in subsidiary | 23 | 300 |
Other | 1,518 | 279 |
Total deferred tax liability | 18,430 | 579 |
Deferred tax asset, net | 12,291 | 42,916 |
Capital Loss Carryforward [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ (56) | $ (2,099) |
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ (21) | $ (33) | $ 13,542 |
Tax Credit Carryforward, Amount | 200 | ||
Capital loss carryforwards and other than temporary impairment | 56 | 2,099 | |
Capital Loss Carryforward [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 56 | 2,099 | |
Expired Capital Loss Carryforward [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Amount | 5,900 | 100 | |
Capital loss carryforwards and other than temporary impairment | $ 2,100 | $ 0 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 0 | $ 0 | $ 0 |
Decreases based on tax positions related to prior years | 0 | 0 | (1,148) |
Increases based on tax positions related to current year | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 1,148 |
Employee Benefits - Employee Benefits (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan Wage Base | $ 265,000 | $ 265,000 | $ 260,000 |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | ||
Defined Contribution Plan, Cost Recognized | $ 1,300,000 | $ 1,200,000 | $ 1,200,000 |
Base Percentage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 13.20% | ||
Excess Percentage for amounts above Social Security taxable wage base] [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution percentage to retirement plan | 5.70% |
Guarantees and Long Term Standby Purchase Commitments - Schedule of Guarantee and Commitment Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Loss Contingencies [Line Items] | ||||||
Guarantee and commitment obligation | $ 37,282 | $ 38,609 | $ 37,925 | $ 39,667 | ||
Term of Guarantees Minimum | 1 year | |||||
Term of Guarantees Maximum | 30 years | |||||
Additions to guarantee and commitment obligations | [1] | $ 6,725 | 8,207 | 4,966 | ||
Amortization of the Guarantee and Commitment Obligation | (8,052) | (7,523) | $ (6,708) | |||
Guarantee obligations issued after January 1, 2003 [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 4,900,000 | 4,500,000 | ||||
Guarantee obligations issued prior to January 1, 2003 [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 40,100 | $ 56,200 | ||||
|
Guarantees and Long Term Standby Purchase Commitments - Off-Balance Sheet Guaranteed Securities (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,802,631 | $ 1,809,194 | ||
Farm & Ranch [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 415,441 | 514,051 | ||
USDA Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 103,976 | 10,272 | ||
Institutional Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 983,214 | 984,871 | ||
Revolving Credit Facility [Member] | Institutional Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 300,000 | $ 300,000 | |
|
Guarantees and Long Term Standby Purchase Commitments - Cash Flows from Off-balance sheet Guaranteed Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Guarantor Obligations [Line Items] | |||
Proceeds from sale of Farmer Mac Guaranteed Securities | $ 609,347 | $ 336,913 | $ 175,754 |
Proceeds from Fees Received | 3,552 | 4,028 | 4,612 |
Payments to Acquire Loans and Leases Held-for-investment | $ (2,118) | $ (3,407) | $ 0 |
Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 10 years 8 months 18 days | 11 years 3 months 18 days | |
Farmer Mac Guaranteed Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $ 5,500 | $ 8,300 | |
Institutional Credit [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Guarantor Obligations [Line Items] | |||
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 8 months 8 days | 1 year 8 months 8 days |
Guarantees and Long Term Standby Purchase Commitments - Long Term Standby Purchase Commitments (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Long-Term Standby Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,100.0 | $ 2,800.0 |
Weighted average remaining maturity, Loans underlying guarantees not held by transferor | 15 years 1 month 10 days | 14 years 7 months 10 days |
Guarantee obligations issued after January 1, 2003 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 4,900.0 | $ 4,500.0 |
Guarantee obligations issued after January 1, 2003 [Member] | Long-Term Standby Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 31.8 | 30.3 |
Farm & Ranch Loans and USDA Guarantees [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 114.5 | 60.9 |
Rural Utilities Loans [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 0.0 | $ 4.0 |
Guarantees and Long Term Standby Purchase Commitments - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Off-Balance Sheet Guarantees [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 1,300 | $ 1,300 | $ 1,300 |
Contractual Obligation, Due in Next Fiscal Year | 1,455 | 1,063 | |
Contractual Obligation, Due in Second Year | 1,447 | 481 | |
Contractual Obligation, Due in Third Year | 1,439 | 488 | |
Contractual Obligation, Due in Fourth Year | 1,427 | 498 | |
Contractual Obligation, Due in Fifth Year | 1,459 | 193 | |
Contractual Obligation, Due after Fifth Year | 4,069 | 0 | |
Contractual Obligation | $ 11,296 | $ 2,723 |
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | $ 0.1 | $ 0.2 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets and Liabilities, Fair Value Disclosure | $ 4,900.0 | $ 6,100.0 |
Fair Value, Assets and Liabilities Fair Value as Percent of Total Assets | 31.00% | 39.00% |
Fair Value, Assets and Liabilities, Fair Value as Percent of Total Financial Instruments Measured at Fair Value | 65.00% | 69.00% |
Fair Value Disclosures - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 23,182 | $ 3,816 |
Derivative Liability | 32,509 | 39,213 |
Loans and Leases Receivable, Net Amount | 4,507,435 | 3,962,044 |
Real estate owned, at lower of cost or fair value | 1,528 | 1,369 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,182 | 3,816 |
Assets, Fair Value Disclosure | 7,413,106 | 8,849,256 |
Derivative Liability | 58,152 | 77,199 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 58,152 | 77,199 |
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 | 19 |
Assets, Fair Value Disclosure | 821,489 | 992,807 |
Derivative Liability | 155 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 155 | 0 |
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 | 23,182 | 3,797 |
Assets, Fair Value Disclosure | 1,699,814 | 1,741,110 |
Derivative Liability | 57,997 | 77,199 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 57,997 | 77,199 |
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 | 4,891,803 | 6,115,339 |
Derivative Liability | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 3,148 | 11,831 |
Loans and Leases Receivable, Net Amount | 2,799 | 11,443 |
Real estate owned, at lower of cost or fair value | 349 | 388 |
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 |
Real estate owned, at lower of cost or fair value | 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 |
Real estate owned, at lower of cost or fair value | 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 | 3,148 | 11,831 |
Loans and Leases Receivable, Net Amount | 2,799 | 11,443 |
Real estate owned, at lower of cost or fair value | 349 | 388 |
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 | 4,853,685 | 4,121,244 |
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 | 4,853,685 | 4,121,244 |
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 | 31,361 | |
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 | |
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 | |
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 | 31,361 | |
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 | 4,853,685 | 4,152,605 |
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 | 4,853,685 | 4,152,605 |
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 | 2,775,516 | |
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 | 992,788 | |
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 | 1,737,313 | |
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 | 45,415 | |
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 | 2,515,851 | 2,775,025 |
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 | 821,489 | 992,788 |
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 | 1,676,632 | 1,737,313 |
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 | 17,730 | 44,924 |
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 | 491 | |
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 | |
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 | |
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 | 491 | |
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 | 20,388 | 1,917,319 |
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 | 20,388 | 1,917,319 |
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 | 1,888,344 | |
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 | |
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 | |
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 | 1,888,344 | |
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 | 20,388 | 28,975 |
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 | 20,388 | 28,975 |
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 | 17,730 | 44,924 |
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 | 17,730 | 44,924 |
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 | 43,851 | 73,729 |
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 | 43,851 | 73,729 |
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 | 491 | |
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 | |
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 | |
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 | 491 | |
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 | 10,041 | 9,991 |
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 | 10,041 | 9,991 |
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 | 1,361,029 | 1,355,459 |
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 | 1,361,029 | 1,355,459 |
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] | 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 | 66,953 | 66,249 |
Floating Interest Rate [Member] | 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] | 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 | 66,953 | 66,249 |
Floating Interest Rate [Member] | 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 | 187,133 | 213,987 |
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 | 187,133 | 213,987 |
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 |
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 | 9,994 | |
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 | |
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 | 9,994 | |
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 | |
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 | 7,625 | 7,904 |
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 | 7,625 | 7,904 |
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 | 821,489 | 992,788 |
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 | 821,489 | 992,788 |
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 |
Fair Value Disclosures - Unobservable Input Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2014 |
Mar. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | $ 235 | $ 0 | $ 235 | |||||||||||||||||||||
Purchases | 0 | |||||||||||||||||||||||
Sales | 0 | |||||||||||||||||||||||
Settlements | 0 | |||||||||||||||||||||||
Realized and Unrealized Gains Included in Income | 235 | |||||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehensive Income | 0 | |||||||||||||||||||||||
Transfers Out | 0 | |||||||||||||||||||||||
Ending Balance | $ 0 | 0 | ||||||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 6,770,031 | $ 6,115,339 | 5,472,078 | 6,770,031 | ||||||||||||||||||||
Purchases | 1,825,732 | 1,055,501 | 1,434,461 | |||||||||||||||||||||
Sales | (124,760) | 0 | (26,675) | |||||||||||||||||||||
Settlements | (957,486) | (394,307) | (1,153,191) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | (19,478) | 4,210 | 15,292 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 65,607 | (22,143) | 64,946 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2,013,151 | 1,632,786 | ||||||||||||||||||||||
Ending Balance | 5,472,078 | 4,891,803 | 6,115,339 | 5,472,078 | ||||||||||||||||||||
Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 66,418 | 45,415 | 41,265 | 66,418 | ||||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | (26,806) | 0 | (26,675) | |||||||||||||||||||||
Settlements | (2,213) | (657) | (890) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 1,728 | 359 | (379) | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (394) | 4,448 | 2,791 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 41,265 | 17,730 | 45,415 | 41,265 | ||||||||||||||||||||
USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||
Trading Securities, Unrealized Gains | $ 300 | 1,800 | 900 | |||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 1,612,013 | 1,917,319 | 1,771,532 | 1,612,013 | ||||||||||||||||||||
Purchases | 391,240 | 363,621 | 335,359 | |||||||||||||||||||||
Sales | (97,954) | 0 | 0 | |||||||||||||||||||||
Settlements | (245,587) | (245,481) | (228,585) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | (262) | 761 | 1,151 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 35,959 | 26,886 | 51,594 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 1,980,327 | 0 | ||||||||||||||||||||||
Ending Balance | 1,771,532 | 20,388 | 1,917,319 | 1,771,532 | ||||||||||||||||||||
Available-for-sale Securities [Member] | Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 65,490 | 44,924 | 40,576 | 65,490 | ||||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | (26,806) | 0 | (26,675) | |||||||||||||||||||||
Settlements | 0 | 0 | (205) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 6 | (100) | (825) | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (394) | 4,448 | 2,791 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 40,576 | 17,730 | 44,924 | 40,576 | ||||||||||||||||||||
Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 5,091,600 | 4,152,605 | 3,659,281 | 5,091,600 | ||||||||||||||||||||
Purchases | 1,434,492 | 691,880 | 1,099,102 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (709,686) | (148,169) | (923,716) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | (20,944) | 3,090 | 14,520 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 30,042 | (53,477) | 10,561 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 32,824 | 0 | 1,632,786 | |||||||||||||||||||||
Ending Balance | 3,659,281 | 4,853,685 | 4,152,605 | 3,659,281 | ||||||||||||||||||||
Available-for-sale Securities [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 1,553,669 | 1,888,344 | 1,731,222 | 1,553,669 | ||||||||||||||||||||
Purchases | 391,240 | 363,621 | 335,359 | |||||||||||||||||||||
Sales | (97,954) | 0 | 0 | |||||||||||||||||||||
Settlements | (237,262) | (233,385) | (209,400) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | 0 | 0 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 35,959 | 26,886 | 51,594 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [1] | 1,980,327 | 0 | 0 | ||||||||||||||||||||
Ending Balance | 1,731,222 | 0 | 1,888,344 | 1,731,222 | ||||||||||||||||||||
Trading Securities [Member] | Investment Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 928 | 491 | 689 | 928 | ||||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (2,213) | (657) | (685) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 1,722 | 459 | 446 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 689 | 0 | 491 | 689 | ||||||||||||||||||||
Trading Securities [Member] | USDA Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 58,344 | 28,975 | 40,310 | [2] | 58,344 | |||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (8,325) | (12,096) | (19,185) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | (262) | [2] | 761 | [3] | 1,151 | [4] | ||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 40,310 | [2] | 20,388 | [2] | 28,975 | 40,310 | [2] | |||||||||||||||||
Institutional Credit [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 5,070,366 | 4,121,244 | 3,631,662 | [2] | 5,070,366 | |||||||||||||||||||
Purchases | 1,430,392 | 678,566 | 1,091,475 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (706,446) | (138,687) | (922,908) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | (20,944) | 3,090 | 14,520 | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 29,439 | (53,387) | 10,995 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 1,600,000 | 0 | 1,632,786 | [4] | |||||||||||||||||||
Ending Balance | 3,631,662 | [2] | 4,853,685 | [2] | 4,121,244 | 3,631,662 | [2] | |||||||||||||||||
USDA Guarantees [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 21,234 | 31,361 | 27,619 | 21,234 | ||||||||||||||||||||
Purchases | 4,100 | 13,314 | 7,627 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (3,240) | (9,482) | (808) | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | 0 | ||||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 603 | (90) | (434) | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 32,824 | [1] | 0 | |||||||||||||||||||||
Ending Balance | 27,619 | 0 | 31,361 | 27,619 | ||||||||||||||||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 65,285 | 44,924 | 40,576 | 65,285 | ||||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | (26,806) | 0 | (26,675) | |||||||||||||||||||||
Settlements | 0 | 0 | 0 | |||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 6 | (100) | (825) | |||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | (394) | 4,448 | 2,791 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 40,576 | 17,730 | 44,924 | 40,576 | ||||||||||||||||||||
Floating Interest Rate [Member] | Available-for-sale Securities [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | 205 | 0 | 205 | |||||||||||||||||||||
Purchases | 0 | |||||||||||||||||||||||
Sales | 0 | |||||||||||||||||||||||
Settlements | (205) | |||||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 0 | |||||||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | |||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||||||||||||||||||||
Ending Balance | 0 | 0 | ||||||||||||||||||||||
Floating Interest Rate [Member] | Trading Securities [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||||||
Beginning Balance | $ 928 | 491 | 689 | [5] | 928 | |||||||||||||||||||
Purchases | 0 | 0 | 0 | |||||||||||||||||||||
Sales | 0 | 0 | 0 | |||||||||||||||||||||
Settlements | (2,213) | (657) | [6] | (685) | ||||||||||||||||||||
Realized and Unrealized Gains/(Losses) included in Income | 1,722 | [5] | 459 | 446 | [7] | |||||||||||||||||||
Unrealized Gains/(Losses) included in Other Comprehen-sive Income | 0 | 0 | 0 | |||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | $ 689 | [5] | $ 0 | [5] | $ 491 | $ 689 | [5] | |||||||||||||||||
|
Fair Value Disclosures - Quantitative Information (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
|
Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Available-for-sale, at fair value | $ 4,121,244 | $ 4,853,685 | |
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Available-for-sale, at fair value | 31,361 | ||
USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Marketable Securities | 1,917,319 | 20,388 | |
Floating Interest Rate [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Available-for-sale, at fair value | 44,924 | $ 17,730 | |
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Trading, at fair value | $ 491 | ||
Floating Interest Rate [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Prepayment Rate | 0.00% | 10.00% | |
Minimum [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Range of Offered Quotes | 89.30% | 92.00% | |
Minimum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | 18.30% | |
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.40% | 1.10% | |
Minimum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.30% | 1.00% | |
Fair Value Inputs, Prepayment Rate | 9.00% | 9.00% | |
Minimum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.80% | 1.30% | |
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, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Range of Offered Quotes | 89.30% | 99.60% | |
Maximum [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | 23.90% | |
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 2.60% | 3.30% | |
Maximum [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 4.30% | 3.90% | |
Fair Value Inputs, Prepayment Rate | 23.00% | 20.00% | |
Maximum [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 5.10% | 5.10% | |
Fair Value Inputs, Prepayment Rate | 22.00% | 19.00% | |
Weighted Average [Member] | Market Approach Valuation Technique [Member] | Floating rate auction-rate certificates backed by Government guaranteed student loans | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Range of Offered Quotes | 89.90% | 96.60% | |
Weighted Average [Member] | Cost Approach Valuation Technique [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | 21.50% | |
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | Farmer Mac Guaranteed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.70% | 1.80% | |
Weighted Average [Member] | Institutional Credit [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 1.80% | 1.80% | |
Fair Value Inputs, Prepayment Rate | 12.00% | 10.00% | |
Weighted Average [Member] | USDA Guarantees [Member] | Cost Approach Valuation Technique [Member] | USDA Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 3.00% | 3.10% | |
Fair Value Inputs, Prepayment Rate | 10.00% | 7.00% |
Fair Value Disclosures - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial derivatives | $ 23,182 | $ 3,816 | ||
Guarantee and commitment fees receivable: | 38,871 | 40,189 | ||
Derivative Liability | 32,509 | 39,213 | ||
Guarantee and commitment obligation | 37,282 | 38,609 | $ 37,925 | $ 39,667 |
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 265,229 | 1,210,084 | ||
Loans | 4,507,435 | 3,962,044 | ||
Financial derivatives | 23,182 | 3,816 | ||
Debt securities of consolidated trusts held by third parties | 1,142,704 | 713,536 | ||
Derivative Liability | 58,152 | 77,199 | ||
Reported Value Measurement [Member] | Investment Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 2,515,851 | 2,775,516 | ||
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 6,002,916 | 5,426,621 | ||
Reported Value Measurement [Member] | USDA Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 2,029,613 | 1,917,319 | ||
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: | 32,656 | 31,240 | ||
Guarantee and commitment obligation | 31,796 | 30,301 | ||
Reported Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Guarantee and commitment fees receivable: | 6,215 | 8,949 | ||
Guarantee and commitment obligation | 5,486 | 8,308 | ||
Reported Value Measurement [Member] | Due within one year [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 8,440,123 | 9,111,461 | ||
Reported Value Measurement [Member] | Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 5,222,977 | 4,967,036 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 265,229 | 1,210,084 | ||
Loans | 4,481,019 | 4,027,660 | ||
Financial derivatives | 23,182 | 3,816 | ||
Debt securities of consolidated trusts held by third parties | 1,107,513 | 713,316 | ||
Derivative Liability | 58,152 | 77,199 | ||
Estimate of Fair Value Measurement [Member] | Investment Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 2,515,851 | 2,775,516 | ||
Estimate of Fair Value Measurement [Member] | Farmer Mac Guaranteed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 6,006,694 | 5,434,422 | ||
Estimate of Fair Value Measurement [Member] | USDA Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Marketable Securities | 1,934,023 | 1,917,319 | ||
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: | 34,720 | 31,953 | ||
Guarantee and commitment obligation | 33,860 | 31,015 | ||
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: | 6,197 | 8,872 | ||
Guarantee and commitment obligation | 5,467 | 8,230 | ||
Estimate of Fair Value Measurement [Member] | Due within one year [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | 8,439,515 | 9,108,468 | ||
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes payable: | $ 5,260,497 | $ 5,009,310 |
Business Segment Reporting - Business Segment Reporting Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 4 |
Business Segment Reporting - Core Earnings - Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ 36,713 | $ 35,563 | $ 34,358 | $ 33,640 | $ 30,971 | $ 32,183 | $ 31,864 | $ 30,789 | $ 140,274 | $ 125,807 | $ 70,347 | |||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | 0 | [1],[2],[3] | 0 | [4],[5],[6] | 0 | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 3,789 | 3,798 | 3,655 | 3,626 | 3,780 | 3,532 | 3,388 | 3,377 | 14,868 | [3] | 14,077 | [6] | 14,694 | [9] | ||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 5,600 | [2],[11] | 6,064 | [5],[12] | 18,596 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 19,307 | 4,101 | (234) | (2,706) | 6,440 | (4,981) | 18,207 | 475 | 20,468 | 20,141 | 33,290 | |||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | (461) | (191) | (364) | (49) | (3,366) | 1,164 | (110) | (76) | (1,065) | (2,388) | 961 | |||||||||||||||||||||||||||||||||||||||
Provision for losses | 63 | 2,180 | 2,205 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (40,383) | (37,662) | (33,697) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (10,977) | (9,303) | (10,074) | (9,966) | (5,865) | (10,421) | (10,853) | (8,343) | (40,320) | [14] | (35,482) | [15] | (31,492) | [16] | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 44,582 | 30,170 | 23,686 | 20,919 | 28,180 | 17,945 | 39,108 | 22,845 | 119,357 | 108,078 | 73,106 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | (15,793) | (10,529) | (8,400) | (7,335) | (9,912) | (6,327) | (13,769) | (4,231) | (42,057) | (34,239) | (2,824) | |||||||||||||||||||||||||||||||||||||||
Net income | 28,789 | 19,641 | 15,286 | 13,584 | 18,268 | 11,618 | 25,339 | 18,614 | 77,300 | 73,839 | 70,282 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | (3,296) | (3,295) | (3,296) | (3,295) | (3,296) | (3,295) | (3,296) | (3,295) | (13,182) | (13,182) | (9,839) | |||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | (28) | 18 | 16 | 28 | 60 | 36 | 119 | (5,354) | 34 | (5,139) | (22,192) | |||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | 0 | 0 | (8,147) | 0 | (8,147) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 25,465 | $ 16,364 | $ 12,006 | $ 10,317 | 15,032 | $ 8,359 | $ 22,162 | $ 1,818 | 64,152 | 47,371 | 38,251 | |||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 15,606,020 | 15,540,354 | 15,606,020 | 15,540,354 | 14,287,821 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 17,399,475 | 15,898,820 | 17,399,475 | 15,898,820 | 14,597,758 | |||||||||||||||||||||||||||||||||||||||||||||
Farm & Ranch [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 47,219 | 43,270 | 36,373 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (6,831) | [1],[2],[3] | (4,466) | [4],[5],[6] | (4,550) | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 40,388 | 38,804 | 31,823 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 15,542 | [3] | 15,076 | [6] | 15,107 | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 539 | [2],[11] | 1,040 | [5],[12] | 762 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 16,081 | 16,116 | 15,869 | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | (1,065) | (2,388) | 961 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 63 | 2,180 | 2,205 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (16,206) | (16,876) | (15,180) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (16,143) | [14] | (14,696) | [15] | (12,975) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | 39,261 | 37,836 | 35,678 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (13,743) | (13,188) | (12,486) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 25,518 | 24,648 | 23,192 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | 25,518 | 24,648 | 23,192 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 3,582,098 | 3,041,386 | 3,582,098 | 3,041,386 | 2,611,401 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 6,139,304 | 5,725,299 | 6,139,304 | 5,725,299 | 5,417,174 | |||||||||||||||||||||||||||||||||||||||||||||
USDA Guarantees [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 21,865 | 17,751 | 17,362 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (2,446) | [1],[2],[3] | 88 | [4],[5],[6] | 904 | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 19,419 | 17,839 | 18,266 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 101 | [3] | 17 | [6] | 134 | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 222 | [2],[11] | 100 | [5],[12] | 63 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 323 | 117 | 197 | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (4,200) | (3,449) | (2,955) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (4,200) | [14] | (3,449) | [15] | (2,955) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | 15,542 | 14,507 | 15,508 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (5,439) | (5,176) | (5,430) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 10,103 | 9,331 | 10,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | 10,103 | 9,331 | 10,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 2,096,503 | 1,977,609 | 2,096,503 | 1,977,609 | 1,825,210 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 2,094,375 | 1,918,277 | 2,094,375 | 1,918,277 | 1,798,034 | |||||||||||||||||||||||||||||||||||||||||||||
Rural Utilities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 11,739 | 11,729 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (1,373) | [1],[2],[3] | (335) | [4],[5],[6] | 10,696 | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 10,366 | 11,394 | 10,741 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 1,694 | [3] | 397 | [6] | 0 | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 2 | [2],[11] | 25 | [5],[12] | 9 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 1,696 | 422 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (2,856) | (3,364) | (3,130) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (2,856) | [14] | (3,364) | [15] | (3,130) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | 9,206 | 8,452 | 7,620 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (3,223) | (2,947) | (2,668) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 5,983 | 5,505 | 4,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | 5,983 | 5,505 | 4,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 1,012,014 | 1,019,279 | 1,012,014 | 1,019,279 | 995,082 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 1,878,110 | 1,530,990 | 1,878,110 | 1,530,990 | 985,609 | |||||||||||||||||||||||||||||||||||||||||||||
Institutional Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 48,756 | 44,970 | 41,870 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (3,205) | [1],[2],[3] | (1,515) | [4],[5],[6] | (2,814) | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 45,551 | 43,455 | 39,056 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 1,833 | [3] | 1,665 | [6] | 1,539 | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 0 | [2],[11] | 0 | [5],[12] | 0 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 1,833 | 1,665 | 1,539 | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (3,786) | (2,109) | (1,891) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (3,786) | [14] | (2,109) | [15] | (1,891) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | 43,598 | 43,011 | 38,704 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (15,258) | (15,054) | (13,548) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 28,340 | 27,957 | 25,156 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | 28,340 | 27,957 | 25,156 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 6,008,574 | 5,420,195 | 6,008,574 | 5,420,195 | 5,459,296 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | 7,287,686 | 6,724,254 | 7,287,686 | 6,724,254 | 6,396,941 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Segment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 10,695 | 8,087 | (25,303) | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | (1,317) | [1],[2],[3] | (199) | [4],[5],[6] | 39,110 | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 9,378 | 7,888 | 13,807 | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | 0 | [3] | 0 | [6] | 0 | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | (231) | [2],[11] | (1,972) | [5],[12] | (4,913) | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | (231) | (1,972) | (4,913) | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | (13,335) | (11,864) | (10,541) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | (13,335) | [14] | (11,864) | [15] | (10,541) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | (4,188) | (5,948) | (1,647) | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 1,185 | 3,803 | 23,347 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | (3,003) | (2,145) | 21,700 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | (13,182) | (13,182) | (9,839) | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 34 | (5,139) | (22,192) | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | (16,151) | (20,466) | (10,331) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 2,906,831 | 4,081,885 | 2,906,831 | 4,081,885 | 3,396,832 | |||||||||||||||||||||||||||||||||||||||||||||
Segment Reconciling Items [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: reconciling adjustments(1)(2)(3) | 15,172 | [1],[2],[3] | 6,427 | [4],[5],[6] | (43,346) | [7],[8],[9],[10] | ||||||||||||||||||||||||||||||||||||||||||||
Net Effective Spread | 15,172 | 6,427 | (43,346) | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee and commitment fees | (4,302) | [3] | (3,078) | [6] | (2,086) | [9] | ||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense)(3)(4) | 5,068 | [2],[11] | 6,871 | [5],[12] | 22,675 | [8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 766 | 3,793 | 20,589 | |||||||||||||||||||||||||||||||||||||||||||||||
(Provision for)/release of loan losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense, Excluding Loan, Lease and Other Losses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 0 | [14] | 0 | [15] | 0 | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before income taxes | 15,938 | [17] | 10,220 | [18] | (22,757) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (5,579) | (1,677) | 7,961 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings before preferred stock dividends and attibution of income to non-controlling interest - preferred stock dividends | 10,359 | [17] | 8,543 | [18] | (14,796) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of preferred stock | (8,147) | |||||||||||||||||||||||||||||||||||||||||||||||||
Segment core earnings | 10,359 | [17] | 396 | [18] | (14,796) | [16] | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
On and Off Balance Sheet Program Assets, At Principal Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||
|
Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Interest and Dividend Income, Operating | $ 81,241 | $ 79,532 | $ 77,236 | $ 73,891 | $ 67,562 | $ 66,918 | $ 66,392 | $ 63,951 | $ 311,900 | $ 264,823 | $ 241,067 | |||||||||||||||
Total interest expense | 44,528 | 43,969 | 42,878 | 40,251 | 36,591 | 34,735 | 34,528 | 33,162 | 171,626 | 139,016 | 170,720 | |||||||||||||||
Net interest income | 36,713 | 35,563 | 34,358 | 33,640 | 30,971 | 32,183 | 31,864 | 30,789 | 140,274 | 125,807 | 70,347 | |||||||||||||||
(Provision for)/release of loan losses | (461) | (191) | (364) | (49) | (3,366) | 1,164 | (110) | (76) | (1,065) | (2,388) | 961 | |||||||||||||||
Interest Income (Expense), after Provision for Loan Loss | 36,252 | 35,372 | 33,994 | 33,591 | 27,605 | 33,347 | 31,754 | 30,713 | 139,209 | 123,419 | 71,308 | |||||||||||||||
Guarantee and commitment fees | 3,789 | 3,798 | 3,655 | 3,626 | 3,780 | 3,532 | 3,388 | 3,377 | 14,868 | [1] | 14,077 | [2] | 14,694 | [3] | ||||||||||||
Gain (loss) on derivatives instruments and hedging activity net pretax | 15,390 | (1,601) | (4,696) | (6,782) | 1,592 | (9,568) | 14,389 | (3,882) | ||||||||||||||||||
Gains on trading securities | (474) | 1,182 | 394 | 358 | 696 | (8) | 170 | 362 | 1,460 | 1,220 | 38,629 | |||||||||||||||
(Losses)/gains on sale of available-for-sale investment securities | 0 | 0 | 0 | (9) | 0 | 3 | 0 | 6 | (9) | 9 | (238) | |||||||||||||||
Gains/(losses) on sale of real estate owned | 0 | 15 | 0 | 0 | 0 | 0 | (1) | 15 | (1) | 137 | ||||||||||||||||
Other income | 602 | 707 | 413 | 101 | 372 | 1,060 | 260 | 613 | 1,823 | 2,305 | 1,714 | |||||||||||||||
Noninterest Income | 19,307 | 4,101 | (234) | (2,706) | 6,440 | (4,981) | 18,207 | 475 | 20,468 | 20,141 | 33,290 | |||||||||||||||
Noninterest Expense | 10,977 | 9,303 | 10,074 | 9,966 | 5,865 | 10,421 | 10,853 | 8,343 | 40,320 | [4] | 35,482 | [5] | 31,492 | [6] | ||||||||||||
Income before income taxes | 44,582 | 30,170 | 23,686 | 20,919 | 28,180 | 17,945 | 39,108 | 22,845 | 119,357 | 108,078 | 73,106 | |||||||||||||||
Income tax expense | 15,793 | 10,529 | 8,400 | 7,335 | 9,912 | 6,327 | 13,769 | 4,231 | 42,057 | 34,239 | 2,824 | |||||||||||||||
Net income | 28,789 | 19,641 | 15,286 | 13,584 | 18,268 | 11,618 | 25,339 | 18,614 | 77,300 | 73,839 | 70,282 | |||||||||||||||
Less: Net loss/(income) attributable to non-controlling interest | (28) | 18 | 16 | 28 | 60 | 36 | 119 | (5,354) | 34 | (5,139) | (22,192) | |||||||||||||||
Net Income (Loss) Attributable to Parent | 28,761 | 19,659 | 15,302 | 13,612 | 18,328 | 11,654 | 25,458 | 13,260 | 77,334 | 68,700 | 48,090 | |||||||||||||||
Preferred Stock Dividends, Income Statement Impact | (3,296) | (3,295) | (3,296) | (3,295) | (3,296) | (3,295) | (3,296) | (3,295) | (13,182) | (13,182) | (9,839) | |||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 25,465 | $ 16,364 | $ 12,006 | $ 10,317 | $ 15,032 | $ 8,359 | $ 22,162 | $ 1,818 | $ 64,152 | $ 47,371 | $ 38,251 | |||||||||||||||
Basic earnings per common share | $ 2.42 | $ 1.56 | $ 1.15 | $ 0.99 | $ 1.39 | $ 0.76 | $ 2.01 | $ 0.17 | $ 6.12 | $ 4.33 | $ 3.50 | |||||||||||||||
Diluted earnings per common share | $ 2.38 | $ 1.54 | $ 1.13 | $ 0.94 | $ 1.35 | $ 0.74 | $ 1.94 | $ 0.16 | $ 5.97000 | $ 4.19000 | $ 3.37000 | |||||||||||||||
Loss on retirement of preferred stock | $ 0 | $ 0 | $ 0 | $ (8,147) | $ 0 | $ (8,147) | $ 0 | |||||||||||||||||||
|
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