CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Interest income:
Loans	$ 30,461	$ 32,142	$ 59,571	$ 65,560
Total interest income	66,852	57,327	130,924	118,059
Total interest expense	37,640	35,719	74,693	72,834
Net interest income	29,212	21,608	56,231	45,225
(Provision for)/release of loan losses	(160)	1,870	(1,441)	(980)
Net interest income after (provision for)/recovery of loan losses	29,052	23,478	54,790	44,245
Non-interest (loss)/income:
Guarantee and commitment fees	6,320	5,710	12,707	11,629
Losses on financial derivatives	(17,806)	(15,840)	(13,801)	(21,644)
Gains on trading assets	1,968	5,058	3,279	8,425
Gains on sale of available-for-sale investment securities	38	0	195	240
Gains on sale of real estate owned	627	0	724	0
Lower of cost or fair value adjustment on loans held for sale	(156)	90	(964)	(2,184)
Other income	1,124	211	5,022	1,040
Non-interest (loss)/ income	(7,885)	(4,771)	7,162	(2,494)
Non-interest expense:
Compensation and employee benefits	4,666	3,907	9,163	7,418
General and administrative	2,656	2,051	4,912	4,554
Regulatory fees	573	562	1,164	1,125
Real estate owned operating costs, net	231	298	599	308
(Release of)/provision for losses	(935)	3,043	(2,869)	1,575
Other expense	0	0	900	0
Non-interest expense	7,191	9,861	13,869	14,980
Income before income taxes	13,976	8,846	48,083	26,771
Income tax expense	2,539	756	12,056	5,092
Net income	11,437	8,090	36,027	21,679
Less: Net income attributable to non-controlling interest - preferred stock dividends	(5,547)	(5,546)	(11,094)	(9,614)
Net income attributable to Farmer Mac	5,890	2,544	24,933	12,065
Preferred stock dividends	(720)	(720)	(1,440)	(2,690)
Loss on retirement of preferred stock	0	0	0	(5,784)
Net income available to common stockholders	5,170	1,824	23,493	3,591
Earnings per common share and dividends:
Basic earnings per common share	$ 0.50	$ 0.18	$ 2.28	$ 0.35
Diluted earnings per common share	$ 0.48	$ 0.17	$ 2.20	$ 0.34
Common stock dividends per common share	$ 0.05	$ 0.05	$ 0.10	$ 0.10
Investments and Cash Equivalents
Interest income:
Interest and dividend income, securities	7,033	6,390	14,220	12,873
Farmer Mac and USDA Guaranteed Securities
Interest income:
Interest and dividend income, securities	$ 29,358	$ 18,795	$ 57,133	$ 39,626