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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Investments and cash equivalents $ 18,660 $ 42,144 $ 81,522
Farmer Mac Guaranteed Securities and USDA Securities 163,547 227,691 333,896
Loans 242,582 233,699 229,675
Total interest income 424,789 503,534 645,093
Total interest expense 204,014 312,946 471,958
Net interest income 220,775 190,588 173,135
Release of/(provision for) losses 860 (7,805) (3,504)
Net interest income after release of/(provision for) losses 221,635 182,783 169,631
Non-interest income/(expense):      
Guarantee and commitment fees 12,669 12,549 13,666
(Losses)/gains on financial derivatives (3,348) (246) 5,282
Gain on sale of mortgage loans 6,539 0 0
(Losses)/gains on trading securities (115) 50 326
Gains/(losses) on sale of available-for-sale investment securities 253 0 (236)
Gains on sale of real estate owned 0 463 0
Release of/(provision for) reserve for losses 1,327 (250) 3
Other income 2,069 3,487 1,904
Non-interest income 19,394 16,053 20,945
Operating expenses:      
Compensation and employee benefits 42,847 36,502 28,762
General and administrative 27,507 21,976 20,311
Regulatory fees 3,062 2,925 2,788
Real estate owned operating costs, net 0 0 64
Operating expenses 73,416 61,403 51,925
Income before income taxes 167,613 137,433 138,651
Income tax expense 35,353 28,785 29,105
Net income 132,260 108,648 109,546
Preferred stock dividends (24,677) (17,805) (13,940)
Loss on retirement of preferred stock 0 (1,667) (1,956)
Net income attributable to common stockholders $ 107,583 $ 89,176 $ 93,650
Earnings per common share:      
Basic earnings per common share (in dollars per share) $ 10.00 $ 8.31 $ 8.76
Diluted earnings per common share (in dollars per share) $ 9.92 $ 8.27 $ 8.69