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Investment Securities | 9 Months Ended
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Sep. 30, 2017
Investment Securities [Member] |
Schedule of Available-for-sale and Trading Securities [Line Items] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's investment securities as of September 30, 2017 and December 31, 2016: Table 2.1
| As of September 30, 2017
| Amount Outstanding |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 |  |  | $ | — |  |  | $ | 19,700 |  |  | $ | — |  |  | $ | (1,182 | ) |  | $ | 18,518 |
Floating rate asset-backed securities | 35,870 |  |  | (165 | ) |  | 35,705 |  |  | 20 |  |  | (123 | ) |  | 35,602 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,308,236 |  |  | 2,386 |  |  | 1,310,622 |  |  | 2,858 |  |  | (1,276 | ) |  | 1,312,204 |
Fixed rate GSE guaranteed mortgage-backed securities(1) | 468 |  |  | 2,247 |  |  | 2,715 |  |  | 2,250 |  |  | — |  |  | 4,965 |
Fixed rate senior agency debt | 100,000 |  |  | (8 | ) |  | 99,992 |  |  | — |  |  | (121 | ) |  | 99,871 |
Fixed rate U.S. Treasuries | 765,318 |  |  | (1,054 | ) |  | 764,264 |  |  | — |  |  | (458 | ) |  | 763,806 |
Total available-for-sale | 2,229,592 |  |  | 3,406 |  |  | 2,232,998 |  |  | 5,128 |  |  | (3,160 | ) |  | 2,234,966 |
Total investment securities | $ | 2,229,592 |  |  | $ | 3,406 |  |  | $ | 2,232,998 |  |  | $ | 5,128 |  |  | $ | (3,160 | ) |  | $ | 2,234,966 |
(1) | Fair value includes $4.5 million of an interest-only security with a notional amount of $144.3 million.
| As of December 31, 2016
| Amount Outstanding |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,700 |  |  | $ | — |  |  | $ | 19,700 |  |  | $ | — |  |  | $ | (1,970 | ) |  | $ | 17,730 |
Floating rate asset-backed securities | 44,442 |  |  | (202 | ) |  | 44,240 |  |  | 1 |  |  | (390 | ) |  | 43,851 |
Floating rate corporate debt securities | 10,000 |  |  | — |  |  | 10,000 |  |  | 41 |  |  | — |  |  | 10,041 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,359,700 |  |  | 2,827 |  |  | 1,362,527 |  |  | 1,768 |  |  | (3,266 | ) |  | 1,361,029 |
Fixed rate GSE guaranteed mortgage-backed securities(1) | 538 |  |  | 2,582 |  |  | 3,120 |  |  | 4,505 |  |  | — |  |  | 7,625 |
Floating rate GSE subordinated debt | 70,000 |  |  | — |  |  | 70,000 |  |  | — |  |  | (3,047 | ) |  | 66,953 |
Fixed rate senior agency debt | 187,295 |  |  | 106 |  |  | 187,401 |  |  | — |  |  | (268 | ) |  | 187,133 |
Fixed rate U.S. Treasuries | 821,619 |  |  | 359 |  |  | 821,978 |  |  | 47 |  |  | (536 | ) |  | 821,489 |
Total available-for-sale | 2,513,294 |  |  | 5,672 |  |  | 2,518,966 |  |  | 6,362 |  |  | (9,477 | ) |  | 2,515,851 |
Total investment securities | $ | 2,513,294 |  |  | $ | 5,672 |  |  | $ | 2,518,966 |  |  | $ | 6,362 |  |  | $ | (9,477 | ) |  | $ | 2,515,851 |
(1) | Fair value includes $7.0 million of an interest-only security with a notional amount of $146.1 million.
During the three months ended September 30, 2017, Farmer Mac received proceeds of $5.1 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended September 30, 2016. During the nine months ended September 30, 2017, Farmer Mac received proceeds of $5.1 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million, compared to proceeds of $186.8 million for the same period in 2016, resulting in gross realized gains of $0.1 million and gross realized losses of $0.1 million. As of September 30, 2017 and December 31, 2016, unrealized losses on available-for-sale investment securities were as follows: Table 2.2
| As of September 30, 2017
| 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)
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 18,518 |  |  | $ | (1,182 | )
Floating rate asset-backed securities | — |  |  | — |  |  | 24,089 |  |  | (123 | )
Floating rate Government/GSE guaranteed mortgage-backed securities | 131,772 |  |  | (220 | ) |  | 277,196 |  |  | (1,056 | )
Fixed rate U.S. Treasuries | 738,815 |  |  | (431 | ) |  | 24,991 |  |  | (27 | )
Fixed rate senior agency debt | 49,929 |  |  | (73 | ) |  | 49,943 |  |  | (48 | )
Total | $ | 920,516 |  |  | $ | (724 | ) |  | $ | 394,737 |  |  | $ | (2,436 | )
| 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)
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 17,730 |  |  | $ | (1,970 | )
Floating rate asset-backed securities | 4,654 |  |  | (10 | ) |  | 38,077 |  |  | (380 | )
Floating rate Government/GSE guaranteed mortgage-backed securities | 384,586 |  |  | (1,030 | ) |  | 442,041 |  |  | (2,236 | )
Floating rate GSE subordinated debt | — |  |  | — |  |  | 66,953 |  |  | (3,047 | )
Fixed rate U.S. Treasuries | 732,371 |  |  | (536 | ) |  | — |  |  | — |
Fixed rate senior agency debt | 187,133 |  |  | (268 | ) |  | — |  |  | — |
Total | $ | 1,308,744 |  |  | $ | (1,844 | ) |  | $ | 564,801 |  |  | $ | (7,633 | )
The unrealized losses presented above are principally due to a general widening of market spreads and an increase in the levels of interest rates from the dates of acquisition to September 30, 2017 and December 31, 2016, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of September 30, 2017, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+." As of December 31, 2016, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." The unrealized losses were on 81 and 97 individual investment securities as of September 30, 2017 and December 31, 2016, respectively. As of September 30, 2017, 44 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $2.4 million. As of December 31, 2016, 36 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $7.6 million. Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2017 that is, on average, approximately 99 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of September 30, 2017 and December 31, 2016. Farmer Mac did not own any held-to-maturity or trading investment securities as of September 30, 2017 and December 31, 2016. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2017 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 2.3
| As of September 30, 2017
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 798,153 |  |  | $ | 797,630 |  |  | 0.92%
Due after one year through five years | 363,861 |  |  | 364,132 |  |  | 1.62%
Due after five years through ten years | 279,192 |  |  | 281,792 |  |  | 1.75%
Due after ten years | 791,792 |  |  | 791,412 |  |  | 1.86%
Total | $ | 2,232,998 |  |  | $ | 2,234,966 |  |  | 1.47%

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