CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income:
Investments and cash equivalents	$ 42,144	$ 81,522	$ 55,179
Farmer Mac Guaranteed Securities and USDA Securities	227,691	333,896	290,953
Loans	233,699	229,675	198,152
Total interest income	503,534	645,093	544,284
Total interest expense	312,946	471,958	369,848
Net interest income	190,588	173,135	174,436
Provision for losses	(7,805)	(3,504)	(238)
Net interest income after provision for losses	182,783	169,631	174,198
Non-interest income/(expense):
Guarantee and commitment fees	12,549	13,666	13,976
(Losses)/gains on financial derivatives	(246)	5,282	(3,687)
Gains on trading securities	50	326	81
Losses on sale of available-for-sale investment securities	0	(236)	0
Gains/(losses) on sale of real estate owned	463	0	(7)
(Provision)/release of reserve for losses	(250)	3	(97)
Other income	3,487	1,904	1,377
Non-interest income/(expense)	16,053	20,945	11,643
Operating expenses:
Compensation and employee benefits	36,502	28,762	27,534
General and administrative	21,976	20,311	19,707
Regulatory fees	2,925	2,788	2,562
Real estate owned operating costs, net	0	64	16
Operating expenses	61,403	51,925	49,819
Income before income taxes	137,433	138,651	136,022
Income tax expense	28,785	29,105	27,942
Net income	108,648	109,546	108,080
Preferred stock dividends	(17,805)	(13,940)	(13,182)
Loss on retirement of preferred stock	(1,667)	(1,956)	0
Net income attributable to common stockholders	$ 89,176	$ 93,650	$ 94,898
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 8.31	$ 8.76	$ 8.91
Diluted earnings per common share (in dollars per share)	$ 8.27	$ 8.69	$ 8.83