CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
Investments and cash equivalents	$ 5,716	$ 5,529
Farmer Mac Guaranteed Securities and USDA Securities	39,257	42,404
Loans	67,247	59,494
Total interest income	112,220	107,427
Total interest expense	50,345	54,176
Net interest income	61,875	53,251
Provision for losses	(56)	(913)
Net interest income after provision for losses	61,819	52,338
Non-interest income/(expense):
Guarantee and commitment fees	3,695	3,030
Gains on financial derivatives	16,074	4,293
Losses on trading securities	(63)	(13)
Release of reserve for losses	110	944
Other income	675	583
Non-interest income	20,491	8,837
Operating expenses:
Compensation and employee benefits	13,298	11,795
General and administrative	7,278	6,336
Regulatory fees	812	750
Operating expenses	21,388	18,881
Income before income taxes	60,922	42,294
Income tax expense	13,085	9,067
Net income	47,837	33,227
Preferred stock dividends	(6,791)	(5,269)
Net income attributable to common stockholders	$ 41,046	$ 27,958
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 3.81	$ 2.60
Diluted earnings per common share (in dollars per share)	$ 3.77	$ 2.58