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Business Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020:

Table 10.1
Core Earnings by Business Segment
For the Three Months Ended September 30, 2021
Farm & RanchUSDA Guarantees
Rural 
Utilities
Institutional CreditCorporateReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$24,893 $6,449 $7,018 $13,707 $2,938 $—  $55,005 
Less: reconciling adjustments(1)(2)(3)
(526)398 (554)1,652 (50)(920)— 
Net effective spread24,367 6,847 6,464 15,359 2,888 (920)— 
Guarantee and commitment fees(2)
3,831 166 320 5 — (1,167)3,155 
Other income/(expense)(3)
405 152 2 — 128 (2,162)(1,475)
Non-interest income/(loss)4,236 318 322 5 128 (3,329)1,680 
(Provision for)/release of losses(414)— 120 (78)6 —  (366)
Release of reserve for losses91 — 20 — — —  111 
Other non-interest expense(6,275)(2,284)(1,889)(2,514)(4,145)—  (17,107)
Non-interest expense(4)
(6,184)(2,284)(1,869)(2,514)(4,145)—  (16,996)
Core earnings before income taxes22,005 4,881 5,037 12,772 (1,123)(4,249)
(5)
39,323 
Income tax (expense)/benefit(4,621)(1,025)(1,058)(2,682)234 892 (8,260)
Core earnings before preferred stock dividends 17,384 3,856 3,979 10,090 (889)(3,357)
(5)
31,063 
Preferred stock dividends— — — — (6,774)—  (6,774)
Segment core earnings/(losses)$17,384 $3,856 $3,979 $10,090 $(7,663)$(3,357)
(5)
$24,289 
Total assets at carrying value$6,883,879 $2,522,382 $2,249,071 $8,395,286 $4,693,750 $—  $24,744,368 
Total on- and off-balance sheet program assets at principal balance$9,445,359 $2,722,702 $2,817,427 $8,133,303 $— $—  $23,118,791 
(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 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 September 30, 2020
Farm & RanchUSDA GuaranteesRural 
Utilities		Institutional CreditCorporate
Reconciling
Adjustments
Consolidated Net Income
 (in thousands)
Net interest income$18,093 $4,747 $5,709 $14,171 $1,941 $—  $44,661 
Less: reconciling adjustments(1)(2)(3)
(68)1,118 1,230 4,430 431 (7,141)— 
Net effective spread18,025 5,865 6,939 18,601 2,372 (7,141)— 
Guarantee and commitment fees(2)
4,111 213 328 7 — (1,500)3,159 
Other income/(expense)(3)
443 135 — — (125)(681)(228)
Non-interest income/(loss)4,554 348 328 7 (125)(2,181)2,931 
Release of/(provision for) losses300 — (1,182)228 1 —  (653)
(Provision for)/release of reserve for losses(628)— 81 — — —  (547)
Other non-interest expense(5,381)(1,643)(1,438)(2,160)(3,938)—  (14,560)
Non-interest expense(4)
(6,009)(1,643)(1,357)(2,160)(3,938)—  (15,107)
Core earnings before income taxes16,870 4,570 4,728 16,676 (1,690)(9,322)
(5)
31,832 
Income tax (expense)/benefit(3,543)(960)(993)(3,502)701 1,957 (6,340)
Core earnings before preferred stock dividends13,327 3,610 3,735 13,174 (989)(7,365)
(5)
25,492 
Preferred stock dividends— — — — (5,166)—  (5,166)
Loss on retirement of preferred stock— — — — — (1,667)(1,667)
Segment core earnings/(losses)$13,327 $3,610 $3,735 $13,174 $(6,155)$(9,032)
(5)
$18,659 
Total assets at carrying value$5,961,307 $2,487,687 $2,256,011 $8,716,923 $4,576,909 $—  $23,998,837 
Total on- and off-balance sheet program assets at principal balance$8,249,349 $2,735,128 $2,685,309 $8,319,502 $— $—  $21,989,288 
(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 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 Nine Months Ended September 30, 2021
Farm & RanchUSDA Guarantees
Rural 
Utilities
Institutional CreditCorporateReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$70,805 $18,227 $19,995 $46,124 $8,234 $—  $163,385 
Less: reconciling adjustments(1)(2)(3)
(1,006)1,969 (242)2,039 190 (2,950)— 
Net effective spread69,799 20,196 19,753 48,163 8,424 (2,950)— 
Guarantee and commitment fees(2)
11,403 522 956 15 — (3,714)9,182 
Other income/(expense)(3)
1,118 441 3 — (123)(744)695 
Non-interest income/(loss)12,521 963 959 15 (123)(4,458)9,877 
Release of/(provision for) losses239 — (701)(40)(16)—  (518)
Release of reserve for losses994 — 283 — — —  1,277 
Other non-interest expense(18,679)(7,080)(5,784)(7,420)(13,903)—  (52,866)
Non-interest expense(4)
(17,685)(7,080)(5,501)(7,420)(13,903)—  (51,589)
Core earnings before income taxes64,874 14,079 14,510 40,718 (5,618)(7,408)
(5)
121,155 
Income tax (expense)/benefit(13,623)(2,957)(3,047)(8,551)1,043 1,556 (25,579)
Core earnings before preferred stock dividends 51,251 11,122 11,463 32,167 (4,575)(5,852)
(5)
95,576 
Preferred stock dividends— — — — (17,885)—  (17,885)
Segment core earnings/(losses)$51,251 $11,122 $11,463 $32,167 $(22,460)$(5,852)
(5)
$77,691 
Total assets at carrying value$6,883,879 $2,522,382 $2,249,071 $8,395,286 $4,693,750 $—  $24,744,368 
Total on- and off-balance sheet program assets at principal balance$9,445,359 $2,722,702 $2,817,427 $8,133,303 $— $—  $23,118,791 
(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 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 Nine Months Ended September 30, 2020
Farm & RanchUSDA GuaranteesRural 
Utilities		Institutional CreditCorporate
Reconciling
Adjustments
Consolidated Net Income
 (in thousands)
Net interest income$53,768 $14,691 $12,778 $48,059 $5,025 $—  $134,321 
Less: reconciling adjustments(1)(2)(3)
(4,072)488 4,597 7,026 74 (8,113)— 
Net effective spread49,696 15,179 17,375 55,085 5,099 (8,113)— 
Guarantee and commitment fees(2)
12,822 658 995 23 — (5,003)9,495 
Other income/(expense)(3)
2,197 864 12 — (413)(3,048)(388)
Non-interest income/(loss)15,019 1,522 1,007 23 (413)(8,051)9,107 
Release of/(provision for) losses412 — (4,704)(222)(28)—  (4,542)
Provision for reserve for losses(262)— (278)— — —  (540)
Other non-interest expense(16,632)(5,045)(4,428)(6,606)(12,171)—  (44,882)
Non-interest expense(4)
(16,894)(5,045)(4,706)(6,606)(12,171)—  (45,422)
Core earnings before income taxes48,233 11,656 8,972 48,280 (7,513)(16,164)
(5)
93,464 
Income tax (expense)/benefit(10,129)(2,448)(1,884)(10,139)1,689 3,395 (19,516)
Core earnings before preferred stock dividends38,104 9,208 7,088 38,141 (5,824)(12,769)
(5)
73,948 
Preferred stock dividends— — — — (12,536)—  (12,536)
Loss on retirement of preferred stock— — — — — (1,667)(1,667)
Segment core earnings/(losses)$38,104 $9,208 $7,088 $38,141 $(18,360)$(14,436)
(5)
$59,745 
Total assets at carrying value$5,961,307 $2,487,687 $2,256,011 $8,716,923 $4,576,909 $—  $23,998,837 
Total on- and off-balance sheet program assets at principal balance$8,249,349 $2,735,128 $2,685,309 $8,319,502 $— $—  $21,989,288 
(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 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.