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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income:        
Investments and cash equivalents $ 8,368 $ 6,560 $ 15,611 $ 13,241
Farmer Mac Guaranteed Securities and USDA Securities 50,106 37,299 92,628 72,809
Loans 39,573 33,377 76,425 65,077
Total interest income 98,047 77,236 184,664 151,127
Total interest expense 58,316 42,878 107,862 83,129
Net interest income 39,731 34,358 76,802 67,998
Provision for loan losses (327) (364) (964) (413)
Net interest income after provision for loan losses 39,404 33,994 75,838 67,585
Non-interest income/(loss):        
Guarantee and commitment fees 3,472 [1] 3,655 [2] 7,316 [3] 7,281 [4]
(Losses)/gains on financial derivatives and hedging activities (617) (4,696) 1,869 (11,478)
(Losses)/gains on trading securities (2) 394 (84) 752
Losses on sale of available-for-sale investment securities 0 0 0 (9)
Gains on sale of real estate owned 757 0 752 0
Other income 134 413 687 514
Non-interest income/(loss) 3,744 (234) 10,540 (2,940)
Non-interest expense:        
Compensation and employee benefits 6,682 5,611 12,999 11,385
General and administrative 3,921 3,757 7,721 7,283
Regulatory fees 625 612 1,250 1,225
Real estate owned operating costs, net 23 0 23 39
Provision for/(release of) reserve for losses 139 94 (54) 108
Non-interest expense 11,390 [5] 10,074 [6] 21,939 [7] 20,040 [8]
Income before income taxes 31,758 23,686 64,439 44,605
Income tax expense 11,124 8,400 21,910 15,735
Net income 20,634 15,286 42,529 28,870
Less: Net loss attributable to non-controlling interest 150 16 165 44
Net income attributable to Farmer Mac 20,784 15,302 42,694 28,914
Preferred stock dividends (3,296) (3,296) (6,591) (6,591)
Net income attributable to common stockholders $ 17,488 $ 12,006 $ 36,103 $ 22,323
Earnings per common share and dividends:        
Basic earnings per common share $ 1.65 [9] $ 1.15 $ 3.41 [10] $ 2.13
Diluted earnings per common share 1.62000 [9] 1.13000 3.35000 [10] 2.07000
Common Stock, Dividends, Per Share, Cash Paid $ 0.36 $ 0.26 $ 0.72 $ 0.52
[1] 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.
[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 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.
[4] 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.
[5] Includes directly attributable costs and an allocation of indirectly attributable costs based on staffing.
[6] Includes directly attributable costs and an allocation of indirectly attributable costs based on staffing.
[7] Includes directly attributable costs and an allocation of indirectly attributable costs based on staffing.
[8] Includes directly attributable costs and an allocation of indirectly attributable costs based on staffing.
[9] For the effect of the adoption of the new Accounting Standard Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," on Basic and Diluted EPS, see Note 1(d) "New Accounting Standards."
[10] For the effect of the adoption of the new Accounting Standard Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," on Basic and Diluted EPS, see Note 1(d) "New Accounting Standards."