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Business Segment Reporting
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
BUSINESS SEGMENT REPORTING BUSINESS SEGMENT REPORTING
The following tables present core earnings for Farmer Mac's operating segments and a reconciliation to consolidated net income for the three months ended March 31, 2021 and 2020:

Table 10.1

Core Earnings by Business Segment
For the Three Months Ended March 31, 2021
Farm & RanchUSDA Guarantees
Rural 
Utilities
Institutional CreditCorporateReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$21,855 $5,689 $7,649 $15,523 $2,535 $—  $53,251 
Less: reconciling adjustments(1)(2)(3)
(401)678 (975)1,150 156 (608)— 
Net effective spread21,454 6,367 6,674 16,673 2,691 (608)— 
Guarantee and commitment fees(2)
3,733 183 319 5 — (1,210)3,030 
Other income/(expense)(3)
404 169 1 — (123)4,412 4,863 
Non-interest income/(loss)4,137 352 320 5 (123)3,202 7,893 
Release of/(provision for) losses27 — (1,002)87 (25)—  (913)
Release of reserve for losses731 — 213 — — —  944 
Other non-interest expense(6,549)(2,533)(2,057)(2,590)(5,152)—  (18,881)
Non-interest expense(4)
(5,818)(2,533)(1,844)(2,590)(5,152)—  (17,937)
Core earnings before income taxes19,800 4,186 4,148 14,175 (2,609)2,594 
(5)
42,294 
Income tax (expense)/benefit(4,158)(879)(871)(2,977)365 (547)(9,067)
Core earnings before preferred stock dividends 15,642 3,307 3,277 11,198 (2,244)2,047 
(5)
33,227 
Preferred stock dividends— — — — (5,269)—  (5,269)
Segment core earnings/(losses)$15,642 $3,307 $3,277 $11,198 $(7,513)$2,047 
(5)
$27,958 
Total assets at carrying value$6,395,438 $2,557,412 $2,207,810 $7,929,662 $4,923,589 $—  $24,013,911 
Total on- and off-balance sheet program assets at principal balance$8,629,352 $2,787,065 $2,804,437 $7,641,677 $— $—  $21,862,531 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
(3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.
(4)Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount.
(5)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.
Core Earnings by Business Segment
For the Three Months Ended March 31, 2020
Farm & RanchUSDA GuaranteesRural 
Utilities		Institutional CreditCorporate
Reconciling
Adjustments
Consolidated Net Income
 (in thousands)
Net interest income$16,365 $4,541 $4,747 $13,804 $1,855 $—  $41,312 
Less: reconciling adjustments(1)(2)(3)
(1,427)84 173 3,898 123 (2,851)— 
Net effective spread14,938 4,625 4,920 17,702 1,978 (2,851)— 
Guarantee and commitment fees(2)
4,317 235 335 9 — (1,700)3,196 
Other income/(expense)(3)
1,169 112 7 — (129)(9,050)(7,891)
Non-interest income/(loss)5,486 347 342 9 (129)(10,750)(4,695)
Provision for loan losses(808)— (2,125)(491)(14)—  (3,438)
Provision for reserve for losses(4)— (389)— — —  (393)
Other non-interest expense(5,997)(1,818)(1,604)(2,363)(4,433)—  (16,215)
Non-interest expense(4)
(6,001)(1,818)(1,993)(2,363)(4,433)—  (16,608)
Core earnings before income taxes13,615 3,154 1,144 14,857 (2,598)(13,601)
(5)
16,571 
Income tax (expense)/benefit(2,859)(662)(240)(3,120)283 2,857 (3,741)
Core earnings before preferred stock dividends10,756 2,492 904 11,737 (2,315)(10,744)
(5)
12,830 
Preferred stock dividends— — — — (3,431)—  (3,431)
Segment core earnings/(losses)$10,756 $2,492 $904 $11,737 $(5,746)$(10,744)
(5)
$9,399 
Total assets at carrying value$5,457,134 $2,341,698 $1,964,901 $9,049,154 $4,367,223 $—  $23,180,110 
Total on- and off-balance sheet program assets at principal balance$7,811,594 $2,646,206 $2,385,411 $8,696,101 $— $—  $21,539,312 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
(3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.
(4)Includes directly attributable costs and an allocation of indirectly attributable costs based on employee headcount.
(5)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.