XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 3 Months Ended
--- | ---
Mar. 31, 2017
Farmer Mac Guaranteed Securities and USDA Securities [Member] |
Schedule of Held-to-Maturity, Available-for-sale, and Trading Securities [Line Items] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2017 and December 31, 2016: Table 3.1
| As of March 31, 2017
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 1,035,587 |  |  | $ | (2,031 | ) |  | $ | 1,033,556 |  |  | $ | 6,290 |  |  | $ | (3,115 | ) |  | $ | 1,036,731 |
Farmer Mac Guaranteed USDA Securities | 40,734 |  |  | 396 |  |  | 41,130 |  |  | 293 |  |  | (5 | ) |  | 41,418 |
Total Farmer Mac Guaranteed Securities | 1,076,321 |  |  | (1,635 | ) |  | 1,074,686 |  |  | 6,583 |  |  | (3,120 | ) |  | 1,078,149 |
USDA Securities | 1,955,868 |  |  | 69,954 |  |  | 2,025,822 |  |  | 1 |  |  | (66,210 | ) |  | 1,959,613 |
Total held-to-maturity | $ | 3,032,189 |  |  | $ | 68,319 |  |  | $ | 3,100,508 |  |  | $ | 6,584 |  |  | $ | (69,330 | ) |  | $ | 3,037,762 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 5,266,782 |  |  | $ | (258 | ) |  | $ | 5,266,524 |  |  | $ | 33,450 |  |  | $ | (56,928 | ) |  | $ | 5,243,046 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities | $ | 17,760 |  |  | $ | 1,274 |  |  | $ | 19,034 |  |  | $ | 56 |  |  | $ | (488 | ) |  | $ | 18,602 |
| As of December 31, 2016
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 1,115,465 |  |  | $ | (2,276 | ) |  | $ | 1,113,189 |  |  | $ | 7,187 |  |  | $ | (3,175 | ) |  | $ | 1,117,201 |
Farmer Mac Guaranteed USDA Securities | 35,599 |  |  | 443 |  |  | 36,042 |  |  | 5 |  |  | (239 | ) |  | 35,808 |
Total Farmer Mac Guaranteed Securities | 1,151,064 |  |  | (1,833 | ) |  | 1,149,231 |  |  | 7,192 |  |  | (3,414 | ) |  | 1,153,009 |
USDA Securities | 1,935,440 |  |  | 73,785 |  |  | 2,009,225 |  |  | — |  |  | (95,590 | ) |  | 1,913,635 |
Total held-to-maturity | $ | 3,086,504 |  |  | $ | 71,952 |  |  | $ | 3,158,456 |  |  | $ | 7,192 |  |  | $ | (99,004 | ) |  | $ | 3,066,644 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 4,889,007 |  |  | $ | (103 | ) |  | $ | 4,888,904 |  |  | $ | 28,715 |  |  | $ | (63,934 | ) |  | $ | 4,853,685 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities | $ | 19,360 |  |  | $ | 1,377 |  |  | $ | 20,737 |  |  | $ | 41 |  |  | $ | (390 | ) |  | $ | 20,388 |
On October 1, 2016, Farmer Mac transferred $2.0 billion of USDA Securities and $32.8 million of Farmer Mac Guaranteed USDA Securities from available-for-sale to held-to-maturity to reflect Farmer Mac’s positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized appreciation in the amount of $73.1 million for the USDA Securities and $0.7 million for the Farmer Mac Guaranteed USDA Securities. The accumulated unrealized appreciation was retained in accumulated other comprehensive income in the amount of $73.8 million, pre-tax. Farmer Mac accounts for held-to-maturity securities at amortized cost. Both the cost basis adjustment and accumulated unrealized appreciation will be amortized as an adjustment to the yield on the held-to-maturity USDA Securities over the remaining term of the transferred securities. As of March 31, 2017 and December 31, 2016, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2
| As of March 31, 2017
| Held-to-Maturity and Available-for-Sale Securities
| Unrealized loss position for less than 12 months |  | Unrealized loss position for more than 12 months
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |
AgVantage | $ | 358,636 |  |  | $ | (3,115 | ) |  | $ | — |  |  | $ | — |
Farmer Mac Guaranteed USDA Securities | 279 |  |  | (5 | ) |  | — |  |  | — |
USDA Securities | 1,865,182 |  |  | (66,194 | ) |  | 93,978 |  |  | (16 | )
Total held-to-maturity | $ | 2,224,097 |  |  | $ | (69,314 | ) |  | $ | 93,978 |  |  | $ | (16 | )
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 1,149,984 |  |  | $ | (26,036 | ) |  | $ | 1,020,572 |  |  | $ | (30,892 | )
| As of December 31, 2016
| Available-for-Sale Securities
| Unrealized loss position for less than 12 months |  | Unrealized loss position for more than 12 months
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |
AgVantage | $ | 358,575 |  |  | $ | (3,175 | ) |  | $ | — |  |  | $ | — |
Farmer Mac Guaranteed USDA Securities | 30,575 |  |  | (239 | ) |  | — |  |  | — |
USDA Securities | 1,816,366 |  |  | (95,582 | ) |  | 97,270 |  |  | (8 | )
Total held-to-maturity | $ | 2,205,516 |  |  | $ | (98,996 | ) |  | $ | 97,270 |  |  | $ | (8 | )
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 982,538 |  |  | $ | (18,482 | ) |  | $ | 1,131,930 |  |  | $ | (45,452 | )
The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to March 31, 2017 and December 31, 2016, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of December 31, 2016 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016, as described above. The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States. The unrealized losses from AgVantage securities were on 21 available-for-sale securities as of March 31, 2017. There were 7 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2017. The unrealized losses from AgVantage securities were on 22 available-for-sale securities as of December 31, 2016. There were 7 unrealized losses from held-to-maturity securities as of December 31, 2016. As of March 31, 2017, 8 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $30.9 million. As of December 31, 2016, 10 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $45.5 million. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impairment as of either March 31, 2017 or December 31, 2016. Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis. During the three months ended March 31, 2017 and 2016, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities. The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of March 31, 2017 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3
| As of March 31, 2017
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 541,181 |  |  | $ | 542,582 |  |  | 1.65 | %
Due after one year through five years | 2,852,298 |  |  | 2,866,585 |  |  | 1.95 | %
Due after five years through ten years | 838,374 |  |  | 839,129 |  |  | 2.61 | %
Due after ten years | 1,034,671 |  |  | 994,750 |  |  | 1.66 | %
Total | $ | 5,266,524 |  |  | $ | 5,243,046 |  |  | 1.97 | %
| As of March 31, 2017
| Held-to-Maturity Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 275,696 |  |  | $ | 276,572 |  |  | 2.21 | %
Due after one year through five years | 829,335 |  |  | 829,694 |  |  | 2.16 | %
Due after five years through ten years | 179,240 |  |  | 174,029 |  |  | 2.97 | %
Due after ten years | 1,816,237 |  |  | 1,757,467 |  |  | 3.29 | %
Total | $ | 3,100,508 |  |  | $ | 3,037,762 |  |  | 2.86 | %
As of March 31, 2017, Farmer Mac owned trading USDA Securities with an amortized cost of $19.0 million, a fair value of $18.6 million, and a weighted-average yield of 5.40 percent. As of December 31, 2016, Farmer Mac owned trading USDA Securities with an amortized cost of $20.7 million, a fair value of $20.4 million, and a weighted-average yield of 5.44 percent. In April 2017, Farmer Mac purchased and retained $1.0 billion of AgVantage securities that refinanced an AgVantage security of the same amount that matured in April 2017. Previously, Farmer Mac held $30.0 million of the $1.0 billion AgVantage security that matured in April 2017 in its on-balance sheet portfolio. The remaining $970.0 million of the $1.0 billion AgVantage security that matured in April 2017 had previously been sold to third parties and accounted for as off-balance sheet commitment. Farmer Mac holds the newly purchased $1.0 billion in AgVantage securities entirely within its on-balance sheet portfolio.

X
- Definition [Line Items] for Schedule of held to maturity, available for sale, and trading securities which includes, but is not limited to changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis and other related disclosures + References No definition available. + Details
Name: | agm_ScheduleofHeldtoMaturityAvailableforsaleandTradingSecuritiesLineItems
Namespace Prefix: | agm_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_USTreasuryAndGovernmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |