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Business Segment Reporting
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020:

Table 10.1
Core Earnings by Business Segment
For the Three Months Ended June 30, 2021
Farm & RanchUSDA Guarantees
Rural 
Utilities
Institutional CreditCorporateReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$24,057 $6,089 $5,328 $16,894 $2,761 $—  $55,129 
Less: reconciling adjustments(1)(2)(3)
(79)893 1,287 (763)84 (1,422)— 
Net effective spread23,978 6,982 6,615 16,131 2,845 (1,422)— 
Guarantee and commitment fees(2)
3,839 173 317 5 — (1,337)2,997 
Other income/(expense)(3)
309 120 — — (128)(2,994)(2,693)
Non-interest income/(loss)4,148 293 317 5 (128)(4,331)304 
Release of/(provision for) losses626 — 181 (49)3 —  761 
Release of reserve for losses172 — 50 — — —  222 
Other non-interest expense(5,855)(2,263)(1,838)(2,316)(4,606)—  (16,878)
Non-interest expense(4)
(5,683)(2,263)(1,788)(2,316)(4,606)—  (16,656)
Core earnings before income taxes23,069 5,012 5,325 13,771 (1,886)(5,753)
(5)
39,538 
Income tax (expense)/benefit(4,844)(1,053)(1,118)(2,892)444 1,211 (8,252)
Core earnings before preferred stock dividends 18,225 3,959 4,207 10,879 (1,442)(4,542)
(5)
31,286 
Preferred stock dividends— — — — (5,842)—  (5,842)
Segment core earnings/(losses)$18,225 $3,959 $4,207 $10,879 $(7,284)$(4,542)
(5)
$25,444 
Total assets at carrying value$6,716,880 $2,506,410 $2,272,425 $7,926,520 $4,759,010 $—  $24,181,245 
Total on- and off-balance sheet program assets at principal balance$9,056,152 $2,726,909 $2,780,027 $7,634,073 $— $—  $22,197,161 
(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 "(Losses)/gains 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 June 30, 2020
Farm & RanchUSDA GuaranteesRural 
Utilities		Institutional CreditCorporate
Reconciling
Adjustments
Consolidated Net Income
 (in thousands)
Net interest income$19,310 $5,403 $2,322 $20,084 $1,229 $—  $48,348 
Less: reconciling adjustments(1)(2)(3)
(2,577)(714)3,194 (1,302)(480)1,879 — 
Net effective spread16,733 4,689 5,516 18,782 749 1,879 — 
Guarantee and commitment fees(2)
4,394 210 332 7 — (1,803)3,140 
Other income/(expense)(3)
585 617 5 — (159)6,683 7,731 
Non-interest income/(loss)4,979 827 337 7 (159)4,880 10,871 
Provision for loan losses920 — (1,397)41 (15)—  (451)
Provision for reserve for losses370 — 30 — — —  400 
Other non-interest expense(5,254)(1,584)(1,386)(2,083)(3,800)—  (14,107)
Non-interest expense(4)
(4,884)(1,584)(1,356)(2,083)(3,800)—  (13,707)
Core earnings before income taxes17,748 3,932 3,100 16,747 (3,225)6,759 
(5)
45,061 
Income tax (expense)/benefit(3,727)(826)(651)(3,517)705 (1,419)(9,435)
Core earnings before preferred stock dividends14,021 3,106 2,449 13,230 (2,520)5,340 
(5)
35,626 
Preferred stock dividends— — — — (3,939)—  (3,939)
Segment core earnings/(losses)$14,021 $3,106 $2,449 $13,230 $(6,459)$5,340 
(5)
$31,687 
Total assets at carrying value$5,746,556 $2,408,713 $2,281,490 $9,049,393 $4,446,504 $—  $23,932,656 
Total on- and off-balance sheet program assets at principal balance$8,017,850 $2,677,807 $2,691,621 $8,654,830 $— $—  $22,042,108 
(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 "(Losses)/gains 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 Six Months Ended June 30, 2021
Farm & RanchUSDA Guarantees
Rural 
Utilities
Institutional CreditCorporateReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$45,912 $11,778 $12,977 $32,417 $5,296 $—  $108,380 
Less: reconciling adjustments(1)(2)(3)
(480)1,571 312 387 240 (2,030)— 
Net effective spread45,432 13,349 13,289 32,804 5,536 (2,030)— 
Guarantee and commitment fees(2)
7,572 356 636 10 — (2,547)6,027 
Other income/(expense)(3)
713 289 1 — (251)1,418 2,170 
Non-interest income/(loss)8,285 645 637 10 (251)(1,129)8,197 
Release of/(provision for) losses653 — (821)38 (22)—  (152)
Release of reserve for losses903 — 263 — — —  1,166 
Other non-interest expense(12,404)(4,796)(3,895)(4,906)(9,758)—  (35,759)
Non-interest expense(4)
(11,501)(4,796)(3,632)(4,906)(9,758)—  (34,593)
Core earnings before income taxes42,869 9,198 9,473 27,946 (4,495)(3,159)
(5)
81,832 
Income tax (expense)/benefit(9,002)(1,932)(1,989)(5,869)809 664 (17,319)
Core earnings before preferred stock dividends 33,867 7,266 7,484 22,077 (3,686)(2,495)
(5)
64,513 
Preferred stock dividends— — — — (11,111)—  (11,111)
Loss on retirement of preferred stock— — — — — — — 
Segment core earnings/(losses)$33,867 $7,266 $7,484 $22,077 $(14,797)$(2,495)
(5)
$53,402 
Total assets at carrying value$6,716,880 $2,506,410 $2,272,425 $7,926,520 $4,759,010 $—  $24,181,245 
Total on- and off-balance sheet program assets at principal balance$9,056,152 $2,726,909 $2,780,027 $7,634,073 $— $—  $22,197,161 
(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 "(Losses)/gains 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 Six Months Ended June 30, 2020
Farm & RanchUSDA GuaranteesRural 
Utilities		Institutional CreditCorporate
Reconciling
Adjustments
Consolidated Net Income
 (in thousands)
Net interest income$35,675 $9,944 $7,069 $33,888 $3,084 $—  $89,660 
Less: reconciling adjustments(1)(2)(3)
(4,004)(630)3,367 2,596 (357)(972)— 
Net effective spread31,671 9,314 10,436 36,484 2,727 (972)— 
Guarantee and commitment fees(2)
8,711 445 667 16 — (3,503)6,336 
Other income/(expense)(3)
1,754 729 12 — (288)(2,367)(160)
Non-interest income/(loss)10,465 1,174 679 16 (288)(5,870)6,176 
Provision for loan losses112 — (3,522)(450)(29)—  (3,889)
Provision for reserve for losses366 — (359)— — —  7 
Other non-interest expense(11,251)(3,402)(2,990)(4,446)(8,233)—  (30,322)
Non-interest expense(4)
(10,885)(3,402)(3,349)(4,446)(8,233)—  (30,315)
Core earnings before income taxes31,363 7,086 4,244 31,604 (5,823)(6,842)
(5)
61,632 
Income tax (expense)/benefit(6,586)(1,488)(891)(6,637)988 1,438 (13,176)
Core earnings before preferred stock dividends24,777 5,598 3,353 24,967 (4,835)(5,404)
(5)
48,456 
Preferred stock dividends— — — — (7,370)—  (7,370)
Segment core earnings/(losses)$24,777 $5,598 $3,353 $24,967 $(12,205)$(5,404)
(5)
$41,086 
Total assets at carrying value$5,746,556 $2,408,713 $2,281,490 $9,049,393 $4,446,504 $—  $23,932,656 
Total on- and off-balance sheet program assets at principal balance$8,017,850 $2,677,807 $2,691,621 $8,654,830 $— $—  $22,042,108 
(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 "(Losses)/gains 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.