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Accounting Policies - Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2018
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 1.1
 
Consolidation of Variable Interest Entities
 
As of March 31, 2018
 
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
$
1,441,718

 
$

 
$

 
$

 
$

 
$
1,441,718

Debt securities of consolidated trusts held by third parties (1)
1,463,653

 

 

 

 

 
1,463,653

   Unconsolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
   Farmer Mac Guaranteed Securities:
 
 
 
 
 
 
 
 
 
 
 
      Carrying value (2)

 
29,900

 

 

 

 
29,900

      Maximum exposure to loss (3)

 
29,596

 

 

 

 
29,596

   Investment securities:
 
 
 
 
 
 
 
 
 
 
 
        Carrying value (4)

 

 

 

 
837,840

 
837,840

        Maximum exposure to loss (3) (4)

 

 

 

 
835,202

 
835,202

Off-Balance Sheet:
 
 
 
 
 
 
 
 
 
 
 
 Unconsolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
   Farmer Mac Guaranteed Securities:
 
 
 
 
 
 
 
 
 
 
 
      Maximum exposure to loss (3) (5)
314,497

 
284,435

 

 

 

 
598,932

(1) 
Includes borrower remittances of $21.9 million. The borrower remittances had not been passed through to third party investors as of March 31, 2018.
(2) 
Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business.
(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, 2017
 
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
$
1,399,827

 
$

 
$

 
$

 
$

 
$
1,399,827

Debt securities of consolidated trusts held by third parties (1)
1,404,945

 

 

 

 

 
1,404,945

   Unconsolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
   Farmer Mac Guaranteed Securities:
 
 
 
 
 
 
 
 
 
 
 
      Carrying value (2)

 
30,300

 

 

 

 
30,300

      Maximum exposure to loss (3)

 
29,980

 

 

 

 
29,980

   Investment securities:
 
 
 
 
 
 
 
 
 
 
 
        Carrying value (4)

 

 

 

 
783,964

 
783,964

        Maximum exposure to loss (3) (4)

 

 

 

 
783,916

 
783,916

Off-Balance Sheet:
 
 
 
 
 
 
 
 
 
 
 
 Unconsolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
   Farmer Mac Guaranteed Securities:
 
 
 
 
 
 
 
 
 
 
 
      Maximum exposure to loss (3) (5)
333,511

 
254,217

 

 

 

 
587,728

(1) 
Includes borrower remittances of $5.1 million, which have not been passed through to third party investors as of December 31, 2017.
(2) 
Includes $0.3 million of unamortized premiums and discounts and fair value adjustments related to the USDA Guarantees line of business.
(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.
Schedule of Cash Flow, Supplemental Disclosures
The following table sets forth information regarding certain cash and non-cash transactions for the three months ended March 31, 2018 and 2017:


Table 1.2

 
For the Three Months Ended
 
March 31, 2018
 
March 31, 2017
 
(in thousands)
Non-cash activity:
 
 
 
Real estate owned acquired through loan liquidation

 
4,630

Loans acquired and securitized as Farmer Mac Guaranteed Securities
131,202

 
149,607

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
96,909

 
117,018

Purchases of securities - traded not yet settled
5,640

 

Earnings Per Common Share
The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2018 and 2017:

Table 1.3
 
For the Three Months Ended
 
March 31, 2018
 
March 31, 2017
 
Net
Income
 
Weighted-Average Shares
 
$ per
Share
 
Net
Income
 
Weighted-Average Shares
 
$ per
Share
 
(in thousands, except per share amounts)
Basic EPS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
22,524

 
10,622

 
$
2.12

 
$
18,615

 
10,551

 
$
1.76

Effect of dilutive securities(1)
 

 
 

 
 
 
 

 
 

 
 
Stock options, SARs and restricted stock

 
119

 
(0.02
)
 

 
231

 
(0.03
)
Diluted EPS
$
22,524

 
10,741

 
$
2.10

 
$
18,615

 
10,782

 
$
1.73

(1) 
For the three months ended March 31, 2018, 25,062 SARs were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive, compared to 50,757 stock options and SARs for the three months ended March 31, 2017. For the three months ended March 31, 2018 and 2017, contingent shares of non-vested restricted stock of 13,138 and 32,892, 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.
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Table 1.4

 
As of March 31, 2018
 
As of March 31, 2017
 
Available-for-Sale Securities
 
Held-to-Maturity Securities
 
Cash Flow Hedges
 
Total
 
Available-for-Sale Securities
 
Held-to-Maturity Securities
 
Cash Flow Hedges
 
Total
 
(in thousands)
For the Three Months Ended:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
$
(1,676
)
 
$
48,236

 
$
4,525

 
$
51,085

 
$
(14,387
)
 
$
45,752

 
$
2,393

 
$
33,758

Cumulative effect from change in hedge accounting

 

 
27

 
27

 

 

 

 

Balance as of January 1, 2018
(1,676
)
 
48,236

 
4,552

 
51,112

 
(14,387
)
 
45,752

 
2,393

 
33,758

Other comprehensive income before reclassifications
18,187

 

 
5,053

 
23,240

 
12,223

 

 
76

 
12,299

Amounts reclassified from AOCI
(1,417
)
 
(1,035
)
 
211

 
(2,241
)
 
(2,578
)
 
(2,267
)
 
332

 
(4,513
)
Net comprehensive income/(loss)
16,770

 
(1,035
)
 
5,264

 
20,999

 
9,645

 
(2,267
)
 
408

 
7,786

Ending Balance
$
15,094

 
$
47,201

 
$
9,816

 
$
72,111

 
$
(4,742
)
 
$
43,485

 
$
2,801

 
$
41,544

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 three months ended March 31, 2018 and 2017:

Table 1.5

 
For the Three Months Ended
 
March 31, 2018
 
March 31, 2017
 
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
$
23,022

 
$
4,835

 
$
18,187

 
$
18,804

 
$
6,581

 
$
12,223

Less reclassification adjustments included in:
 
 
 
 
 
 

 
 
 
 
Net Interest Income(1)
(1,787
)
 
(375
)
 
(1,412
)
 

 

 

Gains/(losses) on financial derivatives and hedging activities(1)

 

 

 
(3,959
)
 
(1,386
)
 
(2,573
)
 
 
 
 
 
 
 
 
 
 
 
 
Other income(2)
(7
)
 
(2
)
 
(5
)
 
(7
)
 
(2
)
 
(5
)
Total
$
21,228

 
$
4,458

 
$
16,770

 
$
14,838

 
$
5,193

 
$
9,645

Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Less reclassification adjustments included in:
 
 
 
 
 
 
 
 
 
 
 
Net interest income(3)
(1,310
)
 
(275
)
 
(1,035
)
 
(3,487
)
 
(1,220
)
 
(2,267
)
Total
$
(1,310
)
 
$
(275
)
 
$
(1,035
)
 
$
(3,487
)
 
$
(1,220
)
 
$
(2,267
)
Cash flow hedges
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses) on cash flow hedges
$
6,396

 
$
1,343

 
$
5,053

 
$
117

 
$
41

 
$
76

Less reclassification adjustments included in:
 
 
 
 
 
 
 
 
 
 
 
Net interest income(4)
267

 
56

 
211

 
512

 
180

 
332

Total
$
6,663

 
$
1,399

 
$
5,264

 
$
629

 
$
221

 
$
408

Other comprehensive income/(loss)
$
26,581

 
$
5,582

 
$
20,999

 
$
11,980

 
$
4,194

 
$
7,786

(1) 
Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting.
(2) 
Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.
(3) 
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.
(4) 
Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.