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Equity (Tables)

12 Months Ended

Dec. 31, 2022

The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2022:

Table 9.1


Name	Issuance Date	Issuance Cost		Shares Issued	Annual Dividend Rate(3)		Liquidation Value		Redemption Date(4)
Series C(1)	June 20, 2014	$	1,618,583	3,000,000	6.000	%	$	25.00	July 18, 2024
Series D(2)	May 13, 2019	$	3,340,456	4,000,000	5.700	%	$	25.00	July 17, 2024
Series E	May 20, 2020	$	2,496,750	3,180,000	5.750	%	$	25.00	July 17, 2025
Series F	August 20, 2020	$	3,839,902	4,800,000	5.250	%	$	25.00	October 17, 2025
Series G	May 27, 2021	$	3,661,677	5,000,000	4.875	%	$	25.00	July 17, 2026

(1)The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%.

(2)Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024.

(3)Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period.

(4)Farmer Mac has the right but not the obligation to redeem.

Quarterly Dividends Paid by Farmers MAC

The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2022, 2021, and 2020:

Table 9.2


	2022
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	$	0.3750	$	0.3750	$	0.3750	$	0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	0.3594		0.3594		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	0.3281		0.3281		0.3281		0.3281
4.875% Non-Cumulative Preferred Stock, Series G	0.3047		0.3047		0.3047		0.3047


	2021
	1st Quarter		2nd Quarter(1)		3rd Quarter		4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	$	0.3750	$	0.3750	$	0.3750	$	0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	0.3594		0.3594		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	0.3281		0.3281		0.3281		0.3281
4.875% Non-Cumulative Preferred Stock, Series G	—		0.1693		0.3047		0.3047

(1)For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021.


	2020
	1st Quarter		2nd Quarter(1)		3rd Quarter(2)(3)		4th Quarter
5.875% Non-Cumulative Preferred Stock, Series A	$	0.3672	$	0.3672	$	0.2530	$	—
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	0.3750		0.3750		0.3750		0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	—		0.2276		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	—		—		0.2078		0.3281

(1)For second quarter 2020, dividend payment includes $0.2276 per share on the Series E Preferred Stock for the period from but not including May 20, 2020 (issuance date) to and including July 17, 2020.

(2)For third quarter 2020 dividend payment includes $0.2530 per share on the Series A Preferred Stock for the period from but not including July 17, 2020 to and including the September 19, 2020 redemption date.

(3)For third quarter 2020, dividend payment includes $0.2078 per share on the Series F Preferred Stock for the period from but not including August 20, 2020 (issuance date) to and including October 17, 2020.

Share-based Payment Arrangement, Option, Activity

The following tables summarize SARs and non-vested restricted stock activity for the years ended December 31, 2022, 2021, and 2020:

Table 9.3


	For the Years Ended December 31,
	2022			2021			2020
	SARs	Weighted- Average Exercise Price		SARs	Weighted- Average Exercise Price		SARs	Weighted- Average Exercise Price
Outstanding, beginning of year	130,409	$	66.10	116,417	$	57.16	98,836	$	46.47
Granted	18,432	120.38		28,575	88.68		34,881	74.80
Exercised	(16,678)	49.04		(14,583)	38.99		(15,912)	26.93
Canceled	—	—		—	—		(1,388)	86.15
Outstanding, end of year	132,163	75.82		130,409	66.10		116,417	57.16
Exercisable at end of year	83,054	63.12		72,106	52.85		66,602	42.08

	For the Years Ended December 31,
	2022			2021			2020
	Non-vested Restricted Stock	Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock	Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock	Weighted- Average Grant Date Fair Value
Outstanding, beginning of year	103,891	$	78.55	83,956	$	71.76	62,597	$	75.81
Granted	38,668	120.14		53,358	88.92		53,471	66.02
Canceled	(2,711)	97.44		(1,184)	79.82		(4,042)	69.66
Vested and issued	(39,823)	84.25		(32,239)	77.98		(28,070)	70.13
Outstanding, end of year	100,025	91.84		103,891	78.55		83,956	71.76

Share-based Payment Arrangement, Option, Exercise Price Range

The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2022:

Table 9.4


SARs:
	Outstanding		Exercisable		Vested or Expected to Vest
Range of Exercise Prices	SARs	Weighted- Average Remaining Contractual Life	SARs	Weighted- Average Remaining Contractual Life	SARs	Weighted- Average Remaining Contractual Life

$25.00 - 39.99	30,492	2.0 years	30,492	2.0 years	30,492	2.0 years
40.00 - 54.99	—	0.0 years	—	0.0 years	—	0.0 years
55.00 - 69.99	3,381	4.3 years	3,381	4.3 years	3,381	4.3 years
70.00 - 84.99	46,739	6.8 years	35,112	6.7 years	46,739	6.8 years
85.00 - 99.99	33,119	7.6 years	14,069	6.9 years	33,119	7.6 years
100.00 - 114.99	—	0.0 years	—	0.0 years	—	0.0 years
115.00 - 129.99	18,432	9.2 years	—	0.0 years	18,432	9.2 years
	132,163		83,054		132,163

Non-vested Restricted Stock:
	Outstanding		Expected to Vest
Weighted- Average Grant-Date Fair Value	Non-vested Restricted Stock	Weighted-Average Remaining Contractual Life	Non-vested Restricted Stock	Weighted-Average Remaining Contractual Life

$50.00 - $64.99	18,100	0.3 years	18,100	0.3 years
65.00 - 79.99	10,744	0.2 years	10,744	0.2 years
80.00 - 94.99	35,101	1.3 years	35,101	1.3 years
95.00 - 109.99	915	0.8 years	915	0.8 years
110.00 - 124.99	35,165	1.9 years	35,165	1.9 years
	100,025		100,025

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions:

Table 9.5


	For the Year Ended December 31,
	2022	2021	2020
Risk-free interest rate	1.9%	0.9%	0.9%
Expected years until exercise	6 years	6 years	6 years
Expected stock volatility	37.4%	39.1%	34.3%
Dividend yield	3.2%	4.0%	4.2%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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