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Investment Securities | 12 Months Ended
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Dec. 31, 2018
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] |
4. | INVESTMENT SECURITIES
The following tables set forth information about Farmer Mac's investment securities as of December 31, 2018 and 2017: Table 4.1
| As of December 31, 2018
| 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 |  |  | $ | — |  |  | $ | (985 | ) |  | $ | 18,715 |
Floating rate asset-backed securities | 28,940 |  |  | (136 | ) |  | 28,804 |  |  | 2 |  |  | (128 | ) |  | 28,678 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,379,472 |  |  | 1,528 |  |  | 1,381,000 |  |  | 721 |  |  | (4,267 | ) |  | 1,377,454 |
Fixed rate GSE guaranteed mortgage-backed securities(1) | 384 |  |  | 1 |  |  | 385 |  |  | 18 |  |  | — |  |  | 403 |
Fixed rate U.S. Treasuries | 797,913 |  |  | (4,882 | ) |  | 793,031 |  |  | 119 |  |  | (548 | ) |  | 792,602 |
Total available-for-sale | 2,226,409 |  |  | (3,489 | ) |  | 2,222,920 |  |  | 860 |  |  | (5,928 | ) |  | 2,217,852 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Fixed rate Government/GSE guaranteed mortgage-backed securities | 45,032 |  |  | — |  |  | 45,032 |  |  | 562 |  |  | — |  |  | 45,594 |
Total investment securities | $ | 2,271,441 |  |  | $ | (3,489 | ) |  | $ | 2,267,952 |  |  | $ | 1,422 |  |  | $ | (5,928 | ) |  | $ | 2,263,446 |
(1) | During second quarter 2018, the remaining premium of an interest-only security was fully amortized because the issuer called the security upon full prepayment of the underlying mortgage loan that collateralized the security.
| As of December 31, 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 |  |  | $ | — |  |  | $ | (886 | ) |  | $ | 18,814 |
Floating rate asset-backed securities | 34,462 |  |  | (154 | ) |  | 34,308 |  |  | 22 |  |  | (120 | ) |  | 34,210 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,289,123 |  |  | 2,217 |  |  | 1,291,340 |  |  | 2,215 |  |  | (3,368 | ) |  | 1,290,187 |
Fixed rate GSE guaranteed mortgage-backed securities(1) | 451 |  |  | 2,138 |  |  | 2,589 |  |  | 2,230 |  |  | — |  |  | 4,819 |
Fixed rate senior agency debt | 100,000 |  |  | — |  |  | 100,000 |  |  | — |  |  | (49 | ) |  | 99,951 |
Fixed rate U.S. Treasuries | 770,852 |  |  | (1,836 | ) |  | 769,016 |  |  | — |  |  | (1,592 | ) |  | 767,424 |
Total available-for-sale | 2,214,588 |  |  | 2,365 |  |  | 2,216,953 |  |  | 4,467 |  |  | (6,015 | ) |  | 2,215,405 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Fixed rate Government/GSE guaranteed mortgage-backed securities | 45,032 |  |  | — |  |  | 45,032 |  |  | 532 |  |  | — |  |  | 45,564 |
Total investment securities | $ | 2,259,620 |  |  | $ | 2,365 |  |  | $ | 2,261,985 |  |  | $ | 4,999 |  |  | $ | (6,015 | ) |  | $ | 2,260,969 |
(1) | Fair value includes $4.3 million of an interest-only security with a notional amount of $143.7 million.
Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the year ended December 31, 2018. During the year ended December 31, 2017, Farmer Mac received proceeds of $10.2 million from the sale of securities from its available-for-sale portfolio, resulting in gross realized gains of $0.1 million. During the year ended December 31, 2016, Farmer Mac received proceeds of $186.8 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million and gross realized losses of $0.1 million. As of December 31, 2018 and 2017, unrealized losses on available-for-sale investment securities were as follows: Table 4.2
| As of December 31, 2018
| 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
| (dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 18,715 |  |  | $ | (985 | )
Floating rate asset-backed securities | 6,456 |  |  | (38 | ) |  | 19,058 |  |  | (90 | )
Floating rate Government/GSE guaranteed mortgage-backed securities | 927,416 |  |  | (2,907 | ) |  | 196,416 |  |  | (1,360 | )
Fixed rate U.S. Treasuries | 499,581 |  |  | (336 | ) |  | 81,597 |  |  | (212 | )
Total | $ | 1,433,453 |  |  | $ | (3,281 | ) |  | $ | 315,786 |  |  | $ | (2,647 | )
Number of securities in loss position |  |  | 72 |  |  |  | 48
| As of December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 18,814 |  |  | $ | (886 | )
Floating rate asset-backed securities | — |  |  | — |  |  | 23,145 |  |  | (120 | )
Floating rate Government/GSE guaranteed mortgage-backed securities | 292,522 |  |  | (2,337 | ) |  | 221,641 |  |  | (1,031 | )
Fixed rate U.S. Treasuries | 742,442 |  |  | (1,572 | ) |  | 24,983 |  |  | (20 | )
Fixed rate senior agency debt | — |  |  | — |  |  | 99,951 |  |  | (49 | )
Total | $ | 1,034,964 |  |  | $ | (3,909 | ) |  | $ | 388,534 |  |  | $ | (2,106 | )
Number of securities in loss position |  |  | 40 |  |  |  | 51
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 December 31, 2018 and 2017, 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 December 31, 2018 and 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+." Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2018 that is, on average, approximately 99.2% 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 December 31, 2018 and 2017. As of December 31, 2018, Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $45.6 million and a weighted average yield of 3.5%. As of December 31, 2017, Farmer Mac owned $45.0 million of held-to-maturity investment securities at amortized cost with a fair value of $45.6 million and a weighted average yield of 2.5%. Farmer Mac did not own any trading investment securities as of December 31, 2018 and 2017. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2018 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 4.3
| As of December 31, 2018
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 767,989 |  |  | $ | 767,536 |  |  | 1.29%
Due after one year through five years | 217,450 |  |  | 217,443 |  |  | 2.76%
Due after five years through ten years | 646,531 |  |  | 644,361 |  |  | 2.72%
Due after ten years | 590,950 |  |  | 588,512 |  |  | 2.92%
Total | $ | 2,222,920 |  |  | $ | 2,217,852 |  |  | 2.28%

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