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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Farmer Mac Investment Securities | The following tables set forth information about Farmer Mac's investment securities as of September 30, 2019 and December 31, 2018: Table 2.1
| As of September 30, 2019
| 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 |  |  | $ | — |  |  | $ | (492 | ) |  | $ | 19,208 |
Floating rate asset-backed securities | 24,860 |  |  | (116 | ) |  | 24,744 |  |  | — |  |  | (175 | ) |  | 24,569 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 1,621,660 |  |  | 1,271 |  |  | 1,622,931 |  |  | 2,807 |  |  | (3,500 | ) |  | 1,622,238 |
Fixed rate GSE guaranteed mortgage-backed securities | 325 |  |  | — |  |  | 325 |  |  | 27 |  |  | — |  |  | 352 |
Fixed rate U.S. Treasuries | 1,447,197 |  |  | (3,551 | ) |  | 1,443,646 |  |  | 1,701 |  |  | (82 | ) |  | 1,445,265 |
Total available-for-sale | 3,113,742 |  |  | (2,396 | ) |  | 3,111,346 |  |  | 4,535 |  |  | (4,249 | ) |  | 3,111,632 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Floating rate Government/GSE guaranteed mortgage-backed securities(1) | 45,032 |  |  | — |  |  | 45,032 |  |  | 499 |  |  | — |  |  | 45,531 |
Total investment securities | $ | 3,158,774 |  |  | $ | (2,396 | ) |  | $ | 3,156,378 |  |  | $ | 5,034 |  |  | $ | (4,249 | ) |  | $ | 3,157,163 |
(1) | The held-to-maturity investment securities had a weighted average yield of 3.8% as of September 30, 2019.
| 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 | 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: |  |  |  |  |  |  |  |  |  |  |
Floating rate Government/GSE guaranteed mortgage-backed securities(1) | 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) | The held-to-maturity investment securities had a weighted average yield of 3.5% as of December 31, 2018.
The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2019 and December 31, 2018: Table 3.1
| As of September 30, 2019
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 1,420,020 |  |  | $ | (220 | ) |  | $ | 1,419,800 |  |  | $ | 16,019 |  |  | $ | (660 | ) |  | $ | 1,435,159 |
Farmer Mac Guaranteed USDA Securities | 32,645 |  |  | 171 |  |  | 32,816 |  |  | 626 |  |  | (57 | ) |  | 33,385 |
Total Farmer Mac Guaranteed Securities | 1,452,665 |  |  | (49 | ) |  | 1,452,616 |  |  | 16,645 |  |  | (717 | ) |  | 1,468,544 |
USDA Securities | 2,122,505 |  |  | 41,559 |  |  | 2,164,064 |  |  | 20,283 |  |  | (1,273 | ) |  | 2,183,074 |
Total held-to-maturity | $ | 3,575,170 |  |  | $ | 41,510 |  |  | $ | 3,616,680 |  |  | $ | 36,928 |  |  | $ | (1,990 | ) |  | $ | 3,651,618 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 7,009,022 |  |  | $ | (137 | ) |  | $ | 7,008,885 |  |  | $ | 211,878 |  |  | $ | (38,222 | ) |  | $ | 7,182,541 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities(1) | $ | 8,561 |  |  | $ | 521 |  |  | $ | 9,082 |  |  | $ | 14 |  |  | $ | (153 | ) |  | $ | 8,943 |
(1) | The trading USDA securities had a weighted average yield of 5.21% as of September 30, 2019.
| As of December 31, 2018
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 2,069,185 |  |  | $ | (194 | ) |  | $ | 2,068,991 |  |  | $ | 2,637 |  |  | $ | (11,948 | ) |  | $ | 2,059,680 |
Farmer Mac Guaranteed USDA Securities | 27,383 |  |  | 244 |  |  | 27,627 |  |  | 98 |  |  | — |  |  | 27,725 |
Total Farmer Mac Guaranteed Securities | 2,096,568 |  |  | 50 |  |  | 2,096,618 |  |  | 2,735 |  |  | (11,948 | ) |  | 2,087,405 |
USDA Securities | 2,110,963 |  |  | 55,211 |  |  | 2,166,174 |  |  | — |  |  | (62,227 | ) |  | 2,103,947 |
Total held-to-maturity | $ | 4,207,531 |  |  | $ | 55,261 |  |  | $ | 4,262,792 |  |  | $ | 2,735 |  |  | $ | (74,175 | ) |  | $ | 4,191,352 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 6,003,733 |  |  | $ | (204 | ) |  | $ | 6,003,529 |  |  | $ | 22,335 |  |  | $ | (51,367 | ) |  | $ | 5,974,497 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities(1) | $ | 9,591 |  |  | $ | 701 |  |  | $ | 10,292 |  |  | $ | 20 |  |  | $ | (313 | ) |  | $ | 9,999 |
(1) | The trading USDA securities had a weighted average yield of 5.21% as of December 31, 2018.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of September 30, 2019 and December 31, 2018, unrealized losses on available-for-sale investment securities were as follows: Table 2.2
| As of September 30, 2019
| 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 | $ | — |  |  | $ | — |  |  | $ | 19,208 |  |  | $ | (492 | )
Floating rate asset-backed securities | 8,755 |  |  | (48 | ) |  | 15,814 |  |  | (127 | )
Floating rate Government/GSE guaranteed mortgage-backed securities | 938,135 |  |  | (1,461 | ) |  | 308,027 |  |  | (2,039 | )
Fixed rate U.S. Treasuries | 91,411 |  |  | (82 | ) |  | — |  |  | — |
Total | $ | 1,038,301 |  |  | $ | (1,591 | ) |  | $ | 343,049 |  |  | $ | (2,658 | )
Number of securities in loss position |  |  | 61 |  |  |  |  | 50 |
| 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 September 30, 2019 and December 31, 2018, 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, 2019
| 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 | $ | — |  |  | $ | — |  |  | $ | 316,340 |  |  | $ | (660 | )
Farmer Mac Guaranteed USDA Securities | 17,081 |  |  | (57 | ) |  | — |  |  | — |
USDA Securities | — |  |  | — |  |  | 280,206 |  |  | (1,273 | )
Total held-to-maturity | $ | 17,081 |  |  | $ | (57 | ) |  | $ | 596,546 |  |  | $ | (1,933 | )
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 507,482 |  |  | $ | (1,107 | ) |  | $ | 1,623,361 |  |  | $ | (37,115 | )
| As of December 31, 2018
| 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 | $ | 669,610 |  |  | $ | (1,760 | ) |  | $ | 976,318 |  |  | $ | (10,188 | )
USDA Securities | 38,203 |  |  | (696 | ) |  | 2,065,743 |  |  | (61,531 | )
Total held-to-maturity | $ | 707,813 |  |  | $ | (2,456 | ) |  | $ | 3,042,061 |  |  | $ | (71,719 | )
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 1,480,423 |  |  | $ | (9,364 | ) |  | $ | 1,599,679 |  |  | $ | (42,003 | )
Schedule of Available-for-Sale Securities Maturities | The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2019 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, 2019
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 1,386,034 |  |  | $ | 1,387,726 |  |  | 1.37%
Due after one year through five years | 255,262 |  |  | 254,904 |  |  | 2.49%
Due after five years through ten years | 774,103 |  |  | 772,428 |  |  | 2.51%
Due after ten years | 695,947 |  |  | 696,574 |  |  | 2.75%
Total | $ | 3,111,346 |  |  | $ | 3,111,632 |  |  | 2.06%
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, 2019 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, 2019
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 560,697 |  |  | $ | 559,763 |  |  | 2.47 | %
Due after one year through five years | 3,637,536 |  |  | 3,690,151 |  |  | 3.01 | %
Due after five years through ten years | 1,262,707 |  |  | 1,308,724 |  |  | 3.10 | %
Due after ten years | 1,547,945 |  |  | 1,623,903 |  |  | 3.40 | %
Total | $ | 7,008,885 |  |  | $ | 7,182,541 |  |  | 3.07 | %
| As of September 30, 2019
| Held-to-Maturity Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 461,295 |  |  | $ | 461,085 |  |  | 2.55 | %
Due after one year through five years | 1,043,619 |  |  | 1,059,512 |  |  | 3.23 | %
Due after five years through ten years | 201,354 |  |  | 202,753 |  |  | 3.44 | %
Due after ten years | 1,910,412 |  |  | 1,928,268 |  |  | 3.61 | %
Total | $ | 3,616,680 |  |  | $ | 3,651,618 |  |  | 3.36 | %

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