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BUSINESS SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT REPORTING BUSINESS SEGMENT REPORTING
The following table presents Farmer Mac's seven segments:

Agricultural FinanceRural Infrastructure FinanceTreasury
Farm & RanchCorporate AgFinanceRural UtilitiesRenewable EnergyFundingInvestmentsCorporate

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level.

The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three and nine months ended September 30, 2024 and 2023.
Table 10.1
Core Earnings by Business Segment
For the Three Months Ended September 30, 2024
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$36,816 $6,397 $7,608 $3,810 $31,217 $943 $— $—  $86,791 
Less: reconciling adjustments(1)(2)(3)
(1,061)— (29)— (305)— — 1,395 — 
Net effective spread35,755 6,397 7,579 3,810 30,912 943 — 1,395 — 
Guarantee and commitment fees4,304 168 338 187 — — — (982)4,015 
Gain on sale of investment securities
— — — — — — — — — 
Loss on sale of mortgage loan
— — — — — — — — — 
Other income/(expense)(3)
1,091 40 — — — 10 (8)(1,649)(516)
Total revenues41,150 6,605 7,917 3,997 30,912 953 (8)(1,236)90,290 
Provision for of losses
(116)(1,779)(1,195)(337)— (1)— —  (3,428)
Release of reserve for losses
126 — 44 — — — — — 170 
Operating expenses(196)— — — — — (24,587)—  (24,783)
Total non-interest expense(70)— 44 — — — (24,587)—  (24,613)
Core earnings before income taxes40,964 4,826 6,766 3,660 30,912 952 (24,595)(1,236)
(4)
62,249 
Income tax (expense)/benefit(8,602)(1,013)(1,421)(768)(6,492)(201)5,816 260 (12,421)
Core earnings before preferred stock dividends 32,362 3,813 5,345 2,892 24,420 751 (18,779)(976)
(4)
49,828 
Preferred stock dividends— — — — — — (5,897)—  (5,897)
Loss on retirement of preferred stock— — — — — — — (1,619)(1,619)
Segment core earnings/(losses)$32,362 $3,813 $5,345 $2,892 $24,420 $751 $(24,676)$(2,595)
(4)
$42,312 
Total Assets$14,562,142 $1,662,687 $6,952,605 $985,435 $— $6,389,160 $63,192 $—  $30,615,221 
Total on- and off-balance sheet program assets at principal balance$18,090,374 $1,842,780 $7,440,141 $1,095,008 $— $— $— $—  $28,468,303 
(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)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, 2023
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$33,735 $8,250 $6,393 $1,150 $37,642 $473 $— $—  $87,643 
Less: reconciling adjustments(1)(2)(3)
(1,017)— (31)— (3,230)59 — 4,219 — 
Net effective spread32,718 8,250 6,362 1,150 34,412 532 — 4,219 — 
Guarantee and commitment fees4,447 78 279 24 — — — 692 5,520 
Other income/(expense)(3)
807 — — — 3 6 240 2,884 3,940 
Total revenues37,972 8,328 6,641 1,174 34,415 538 240 7,795 97,103 
Release of/(provision
for) losses		13 3,694 (3,504)(66)— (1)— —  136 
Release of/(provision
for) reserve for losses		58 — (13)— — — — — 45 
Operating expenses— — — — — (24,034)—  (24,034)
Total non-interest expense58 — (13)— — — (24,034)—  (23,989)
Core earnings before income taxes38,043 12,022 3,124 1,108 34,415 537 (23,794)7,795 
(4)
73,250 
Income tax (expense)/benefit(7,989)(2,525)(656)(233)(7,226)(113)5,267 (1,638)(15,113)
Core earnings before preferred stock dividends 30,054 9,497 2,468 875 27,189 424 (18,527)6,157 
(4)
58,137 
Preferred stock dividends— — — — — — (6,792)—  (6,792)
Segment core earnings/(losses)$30,054 $9,497 $2,468 $875 $27,189 $424 $(25,319)$6,157 
(4)
$51,345 
Total Assets$14,660,371 $1,619,664 $6,648,693 $320,572 $— $4,866,969 $195,112 $—  $28,311,381 
Total on- and off-balance sheet program assets at principal balance$18,461,835 $1,741,306 $7,118,295 $330,575 $— $— $— $—  $27,652,011 
(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)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, 2024
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$106,227 $22,234 $22,545 $8,858 $98,556 $2,079 $— $—  $260,499 
Less: reconciling adjustments(1)(2)(3)
(3,473)— (88)— (4,902)— — 8,463 — 
Net effective spread102,754 22,234 22,457 8,858 93,654 2,079 — 8,463 — 
Guarantee and commitment fees13,400 382 988 465 — — — (3,506)11,729 
Gain on sale of investment securities— — — — — 1,052 — — 1,052 
Loss on sale of mortgage loan— (1,147)— — — — — — (1,147)
Other income/(expense)(3)
2,603 47 — — — 21 20 (1,004)1,687 
Total revenues118,757 21,516 23,445 9,323 93,654 3,152 20 3,953 273,820 
(Provision for)/release of losses
(888)(6,755)2,324 (2,488)— 1 — —  (7,806)
Release of reserve for losses
154 — 34 — — — — — 188 
Operating expenses(196)— — — — — (76,293)—  (76,489)
Total non-interest expense(42)— 34 — — — (76,293)—  (76,301)
Core earnings before income taxes117,827 14,761 25,803 6,835 93,654 3,153 (76,273)3,953 
(4)
189,713 
Income tax (expense)/benefit(24,743)(3,099)(5,419)(1,435)(19,666)(664)16,822 (830)(39,034)
Core earnings before preferred stock dividends 93,084 11,662 20,384 5,400 73,988 2,489 (59,451)3,123 
(4)
150,679 
Preferred stock dividends— — — — — — (19,480)—  (19,480)
Loss on retirement of preferred stock— — — — — — — (1,619)(1,619)
Segment core earnings/(losses)$93,084 $11,662 $20,384 $5,400 $73,988 $2,489 $(78,931)$1,504 
(4)
$129,580 
Total Assets$14,562,142 $1,662,687 $6,952,605 $985,435 $— $6,389,160 $63,192 $—  $30,615,221 
Total on- and off-balance sheet program assets at principal balance$18,090,374 $1,842,780 $7,440,141 $1,095,008 $— $— $— $—  $28,468,303 
(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)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, 2023
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$102,671 $22,842 $17,772 $3,108 $98,588 $397 $— $—  $245,378 
Less: reconciling adjustments(1)(2)(3)
(3,100)— (95)— 60 186 — 2,949 — 
Net effective spread99,571 22,842 17,677 3,108 98,648 583 — 2,949 — 
Guarantee and commitment fees12,960 193 841 69 — — — (1,121)12,942 
Other income/(expense)(3)
2,216 12 — — 3 17 284 5,484 8,016 
Total revenues114,747 23,047 18,518 3,177 98,651 600 284 7,312 266,336 
Release of/(provision for) losses136 (934)(652)(38)— 4 — —  (1,484)
(Provision for)/release of reserve for losses(594)— 367 — — — — — (227)
Operating expenses— — — — — — (71,935)—  (71,935)
Total non-interest expense(594)— 367 — — — (71,935)—  (72,162)
Core earnings before income taxes114,289 22,113 18,233 3,139 98,651 604 (71,651)7,312 
(4)
192,690 
Income tax (expense)/benefit(24,001)(4,644)(3,829)(659)(20,716)(127)15,206 (1,536)(40,306)
Core earnings before preferred stock dividends 90,288 17,469 14,404 2,480 77,935 477 (56,445)5,776 
(4)
152,384 
Preferred stock dividends— — — — — — (20,374)—  (20,374)
Segment core earnings/(losses)$90,288 $17,469 $14,404 $2,480 $77,935 $477 $(76,819)$5,776 
(4)
$132,010 
Total Assets$14,660,371 $1,619,664 $6,648,693 $320,572 $— $4,866,969 $195,112 $—  $28,311,381 
Total on- and off-balance sheet program assets at principal balance$18,461,835 $1,741,306 $7,118,295 $330,575 $— $— $— $—  $27,652,011 
(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)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.