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Farmer Mac Guaranteed Securities and USDA Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Farmer Mac Guaranteed Securities and USDA Securities
The following tables set forth information about Farmer Mac's investment securities as of December 31, 2020 and December 31, 2019:
 
Table 4.1
 As of December 31, 2020
Amount OutstandingUnamortized Premium/(Discount)
Amortized
Cost(1)
Allowance for losses(2)
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 $(36)$— $(493)$19,171 
Floating rate asset-backed securities6,232 — 6,232 — — (1)6,231 
Floating rate Government/GSE guaranteed mortgage-backed securities2,350,963 (44)2,350,919 — 12,150 (3,043)2,360,026 
Fixed rate GSE guaranteed mortgage-backed securities279 — 279 — 34 — 313 
Fixed rate U.S. Treasuries1,449,408 17,128 1,466,536 — 1,458 (43)1,467,951 
Total available-for-sale3,826,582 17,084 3,843,666 (36)13,642 (3,580)3,853,692 
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)
45,032 — 45,032 — 1,201 — 46,233 
Total investment securities$3,871,614 $17,084 $3,888,698 $(36)$14,843 $(3,580)$3,899,925 
(1)Amounts presented exclude $9.0 million of accrued interest receivable on investment securities as of December 31, 2020.
(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.
(3)The held-to-maturity investment securities had a weighted average yield of 1.5% as of December 31, 2020.
 As of December 31, 2019
Amount OutstandingUnamortized 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 $— $(788)$18,912 
Floating rate asset-backed securities11,092 — 11,092 — (7)11,085 
Floating rate Government/GSE guaranteed mortgage-backed securities1,633,731 1,174 1,634,905 2,414 (4,736)1,632,583 
Fixed rate GSE guaranteed mortgage-backed securities315 — 315 25 — 340 
Fixed rate U.S. Treasuries1,295,210 208 1,295,418 1,520 (15)1,296,923 
Total available-for-sale2,960,048 1,382 2,961,430 3,959 (5,546)2,959,843 
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(1)
45,032 — 45,032 953 — 45,985 
Total investment securities$3,005,080 $1,382 $3,006,462 $4,912 $(5,546)$3,005,828 
(1)The held-to-maturity investment securities had a weighted average yield of 3.3% as of December 31, 2019.
The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2020 and December 31, 2019:

Table 5.1
 As of December 31, 2020
Unpaid Principal BalanceUnamortized Premium/(Discount)
Amortized
Cost(1)
Allowance for losses(2)
Unrealized
Gains		Unrealized
Losses		Fair Value
 (in thousands)
Held-to-maturity:
AgVantage$1,141,430 $(55)$1,141,375 $(120)$23,986 $(61)$1,165,180 
Farmer Mac Guaranteed USDA Securities34,456 81 34,537 — 1,273 — 35,810 
Total Farmer Mac Guaranteed Securities1,175,886 26 1,175,912 (120)25,259 (61)1,200,990 
USDA Securities2,446,550 27,076 2,473,626 — 157,748 (560)2,630,814 
Total held-to-maturity$3,622,436 $27,102 $3,649,538 $(120)$183,007 $(621)$3,831,804 
Available-for-sale:    
AgVantage$6,593,518 $1,474 $6,594,992 $(310)$368,257 $(15,238)$6,947,701 
Trading:    
USDA Securities(3)
$6,413 $198 $6,611 $— $84 $— $6,695 
(1)Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020.
(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.
(3)The trading USDA securities had a weighted average yield of 5.05% as of December 31, 2020.

 As of December 31, 2019
Unpaid Principal BalanceUnamortized Premium/(Discount)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
 (in thousands)
Held-to-maturity:
AgVantage$1,415,584 $(174)$1,415,410 $15,300 $(164)$1,430,546 
Farmer Mac Guaranteed USDA Securities31,887 154 32,041 839 — 32,880 
Total Farmer Mac Guaranteed Securities1,447,471 (20)1,447,451 16,139 (164)1,463,426 
USDA Securities2,190,671 41,489 2,232,160 54,356 (758)2,285,758 
Total held-to-maturity$3,638,142 $41,469 $3,679,611 $70,495 $(922)$3,749,184 
Available-for-sale:    
AgVantage$7,017,095 $(124)$7,016,971 $161,316 $(35,262)$7,143,025 
Trading:    
USDA Securities(1)
$8,400 $479 $8,879 $61 $(27)$8,913 
(1)The trading USDA securities had a weighted average yield of 5.20% as of December 31, 2019.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities
As of December 31, 2020 and December 31, 2019, unrealized losses on available-for-sale investment securities were as follows:

Table 4.2
 As of December 31, 2020
 Available-for-Sale Securities
Unrealized loss position for
less than 12 months		Unrealized loss position for
more than 12 months
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
 (dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,171 $(493)
Floating rate asset-backed securities— — 6,231 (1)
Floating rate Government/GSE guaranteed mortgage-backed securities172,842 (593)324,423 (2,450)
Fixed rate U.S. Treasuries364,320 (43)— — 
Total$537,162 $(636)$349,825 $(2,944)
Number of securities in loss position27 62 
 As of December 31, 2019
 Available-for-Sale Securities
Unrealized loss position for
less than 12 months		Unrealized loss position for
more than 12 months
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
 (dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $18,912 $(788)
Floating rate asset-backed securities2,583 (1)8,502 (6)
Floating rate Government/GSE guaranteed mortgage-backed securities841,993 (2,244)436,621 (2,492)
Fixed rate U.S. Treasuries35,107 (15)— — 
Total$879,683 $(2,260)$464,035 $(3,286)
Number of securities in loss position57 62 
As of December 31, 2020 and December 31, 2019, 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
As of December 31, 2020
 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 ValueUnrealized
Loss		Fair ValueUnrealized
Loss
 (in thousands)
Held-to-maturity:
AgVantage$49,939 $(61)$— $— 
Farmer Mac Guaranteed USDA Securities— — — — 
USDA Securities— — 21,061 (560)
Total held-to-maturity$49,939 $(61)$21,061 $(560)
Available-for-sale:
AgVantage$133,703 $(231)$981,757 $(15,007)


As of December 31, 2019
 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 ValueUnrealized
Loss		Fair ValueUnrealized
Loss
 (in thousands)
Held-to-maturity:
AgVantage$— $— $301,836 $(164)
USDA Securities— — 27,089 (758)
Total held-to-maturity$— $— $328,925 $(922)
Available-for-sale:
AgVantage$225,239 $(2,203)$1,394,802 $(33,059)
Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities
The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2020 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
As of December 31, 2020
Available-for-Sale Securities
Amortized
Cost		Fair ValueWeighted-
Average
Yield
 (dollars in thousands)
Due within one year$1,192,119 $1,193,525 1.97%
Due after one year through five years622,016 622,930 1.30%
Due after five years through ten years1,157,692 1,165,188 0.64%
Due after ten years871,839 872,049 0.68%
Total$3,843,666 $3,853,692 1.17%
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, 2020 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, 2020
Available-for-Sale Securities
Amortized
Cost(1)
Fair ValueWeighted-
Average
Yield
 (dollars in thousands)
Due within one year$1,212,051 $1,216,431 1.52 %
Due after one year through five years2,861,186 2,971,603 2.41 %
Due after five years through ten years1,016,527 1,092,170 2.36 %
Due after ten years1,505,228 1,667,497 2.55 %
Total$6,594,992 $6,947,701 2.27 %
(1)Amounts presented exclude $32.3 million of accrued interest receivable.


As of December 31, 2020
Held-to-Maturity Securities
Amortized
Cost(1)
Fair ValueWeighted-
Average
Yield
 (dollars in thousands)
Due within one year$526,374 $529,401 2.79 %
Due after one year through five years683,135 706,287 3.12 %
Due after five years through ten years255,180 269,945 2.89 %
Due after ten years2,184,849 2,326,171 3.19 %
Total$3,649,538 $3,831,804 3.07 %
(1)Amounts presented exclude $44.7 million of accrued interest receivable.