CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income:
Investments and cash equivalents	$ 17,741	$ 18,707
Farmer Mac Guaranteed Securities and USDA Securities	71,517	85,411
Loans	60,596	51,397
Total interest income	149,854	155,515
Total interest expense	108,542	114,916
Net interest income	41,312	40,599
(Provision for)/release of losses	(3,438)	264
Net interest income after (provision for)/release of losses	37,874	40,863
Non-interest (expense)/income:
Guarantee and commitment fees	3,196	3,513
Losses on financial derivatives	(9,298)	(360)
Gains on trading securities	106	44
Gains on sale of real estate owned	485	0
(Provision for)/release of reserve for losses	(393)	129
Other income	816	493
Non-interest (expense)/income	(5,088)	3,819
Operating expenses:
Compensation and employee benefits	10,127	7,606
General and administrative	5,363	4,596
Regulatory fees	725	688
Operating expenses	16,215	12,890
Income before income taxes	16,571	31,792
Income tax expense	3,741	6,622
Net income attributable to Farmer Mac	12,830	25,170
Preferred stock dividends	(3,431)	(3,296)
Net income attributable to common stockholders	$ 9,399	$ 21,874
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.88	$ 2.05
Diluted earnings per common share (in dollars per share)	$ 0.87	$ 2.03