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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest income:      
Investments and cash equivalents $ 34,586 $ 27,042 $ 13,338
Farmer Mac Guaranteed Securities and USDA Securities 203,796 150,281 134,443
Loans 162,150 134,577 117,042
Total interest income 400,532 311,900 264,823
Total interest expense 242,885 171,626 139,016
Net interest income 157,647 140,274 125,807
Provision for loan losses (1,708) (1,065) (2,388)
Net interest income after provision for loan losses 155,939 139,209 123,419
Non-interest income:      
Guarantee and commitment fees 14,114 14,868 14,077
Gains on financial derivatives and hedging activities 753 2,311 2,531
(Losses)/gains on trading securities (24) 1,460 1,220
Gains/(losses) on sale of available-for-sale investment securities 89 (9) 9
Gains/(losses) on sale of real estate owned 1,748 15 (1)
Other income 832 1,823 2,305
Non-interest income 17,512 20,468 20,141
Non-interest expense:      
Compensation and employee benefits 24,233 22,772 22,047
General and administrative 15,959 15,109 13,111
Regulatory fees 2,500 2,463 2,413
Real estate owned operating costs, net 23 39 91
Provision for/(release of) reserve for losses 50 (63) (2,180)
Non-interest expense 42,765 40,320 35,482
Income before income taxes 130,686 119,357 108,078
Income tax expense 46,369 42,057 34,239
Net income 84,317 77,300 73,839
Less: Net loss/(income) attributable to non-controlling interest 165 34 (5,139)
Net income attributable to Farmer Mac 84,482 77,334 68,700
Preferred stock dividends (13,182) (13,182) (13,182)
Preferred Stock Redemption Premium 0 0 (8,147)
Net income attributable to common stockholders $ 71,300 $ 64,152 $ 47,371
Earnings per common share and dividends:      
Basic earnings per common share $ 6.73 $ 6.12 $ 4.33
Diluted earnings per common share $ 6.6000 $ 5.97000 $ 4.19000