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Farmer Mac Guaranteed Securities and USDA Guaranteed Securities | 9 Months Ended
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Sep. 30, 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 September 30, 2017 and December 31, 2016: Table 3.1
| As of September 30, 2017
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 2,128,974 |  |  | $ | (1,166 | ) |  | $ | 2,127,808 |  |  | $ | 5,091 |  |  | $ | (6,073 | ) |  | $ | 2,126,826 |
Farmer Mac Guaranteed USDA Securities | 30,688 |  |  | 314 |  |  | 31,002 |  |  | 86 |  |  | (284 | ) |  | 30,804 |
Total Farmer Mac Guaranteed Securities | 2,159,662 |  |  | (852 | ) |  | 2,158,810 |  |  | 5,177 |  |  | (6,357 | ) |  | 2,157,630 |
USDA Securities | 2,027,261 |  |  | 65,024 |  |  | 2,092,285 |  |  | — |  |  | (64,741 | ) |  | 2,027,544 |
Total held-to-maturity | $ | 4,186,923 |  |  | $ | 64,172 |  |  | $ | 4,251,095 |  |  | $ | 5,177 |  |  | $ | (71,098 | ) |  | $ | 4,185,174 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 5,459,655 |  |  | $ | (141 | ) |  | $ | 5,459,514 |  |  | $ | 30,811 |  |  | $ | (46,579 | ) |  | $ | 5,443,746 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities | $ | 14,204 |  |  | $ | 1,092 |  |  | $ | 15,296 |  |  | $ | 31 |  |  | $ | (463 | ) |  | $ | 14,864 |
| 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, before 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 September 30, 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 September 30, 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 | $ | 1,249,774 |  |  | $ | (3,888 | ) |  | $ | 247,815 |  |  | $ | (2,185 | )
Farmer Mac Guaranteed USDA Securities | 25,201 |  |  | (284 | ) |  | — |  |  | — |
USDA Securities | 1,940,984 |  |  | (64,696 | ) |  | 86,619 |  |  | (45 | )
Total held-to-maturity | $ | 3,215,959 |  |  | $ | (68,868 | ) |  | $ | 334,434 |  |  | $ | (2,230 | )
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 1,293,478 |  |  | $ | (14,376 | ) |  | $ | 1,424,602 |  |  | $ | (32,203 | )
| 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 September 30, 2017 and December 31, 2016, as applicable. In addition, the unrealized losses on the held-to-maturity USDA Securities as of both September 30, 2017 and 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 30 available-for-sale securities as of September 30, 2017. There were 18 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 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 September 30, 2017, 12 available-for-sale AgVantage securities had been in a loss position for more than 12 months with a total unrealized loss of $32.2 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 September 30, 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 and nine months ended September 30, 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 September 30, 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 September 30, 2017
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 1,000,000 |  |  | $ | 1,001,537 |  |  | 1.90 | %
Due after one year through five years | 2,696,001 |  |  | 2,706,480 |  |  | 2.14 | %
Due after five years through ten years | 745,701 |  |  | 750,299 |  |  | 2.87 | %
Due after ten years | 1,017,812 |  |  | 985,430 |  |  | 1.98 | %
Total | $ | 5,459,514 |  |  | $ | 5,443,746 |  |  | 2.17 | %
| As of September 30, 2017
| Held-to-Maturity Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 926,747 |  |  | $ | 925,935 |  |  | 1.78 | %
Due after one year through five years | 1,260,842 |  |  | 1,258,848 |  |  | 2.27 | %
Due after five years through ten years | 208,034 |  |  | 201,899 |  |  | 3.07 | %
Due after ten years | 1,855,472 |  |  | 1,798,492 |  |  | 3.35 | %
Total | $ | 4,251,095 |  |  | $ | 4,185,174 |  |  | 2.66 | %
As of September 30, 2017, Farmer Mac owned trading USDA Securities with an amortized cost of $15.3 million, a fair value of $14.9 million, and a weighted-average yield of 5.36 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.

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